NextEra Energy to buy Dominion in deal that unites two key players in race to power AI data centers

NextEra Energy will buy Dominion Energy in an all-stock deal that combines two leading players in the race to meet growing electricity demand from data centers that run artificial intelligence applications. The deal will create the largest regulated electric utility in the world, the companies said Monday. NextEra shareholders will own 74.5% of the combined company while Dominion will own 25.5%. Dominion is the utility responsible for powering the world’s largest data center market in Northern Virginia. It has a market cap of more than $50 billion. NextEra is the biggest renewable energy developer in the United States. The Florida-headquartered power company is also the largest utility in the S&P 500 at a market cap of more than $190 billion. Though a major developer of renewables, NextEra has ramped up its investment in natural gas during the second Trump administration. It is also playing a leading role in the push to expand nuclear energy in the U.S. NextEra announced a deal with Google last year to reopen the mothballed Duane Arnold nuclear plant in Iowa. This is a developing story. Please check back for updates.