NextEra and Dominion Double Proposed Virginia Bill Credits to Four Years

NextEra Energy (NEE ) and Dominion Energy (D ) on September 14, 2026, announced an enhanced Virginia benefits package tied to their pending all-stock combination, proposing to double residential bill relief for Dominion Energy Virginia customers from two years to four years, add $100 million to the EnergyShare bill assistance program through 2038 and bring 1,000 new direct jobs to the Commonwealth. The companies said they submitted additional information regarding the enhanced package to the Virginia State Corporation Commission the same day.

Under the expanded package, the companies would seek to extend $10 per month in residential bill credits from the previously proposed two years to four years by working with the commission to redirect the portion of credits that would otherwise go to large-scale data centers toward additional relief for residential customers, while increasing the aggregate shareholder-funded Virginia customer credit amount. The companies would also increase EnergyShare, Dominion Energy’s shareholder-funded energy bill assistance program, by $100 million through 2038, and reaffirmed an existing commitment to hold customers harmless from all merger costs. Future base rates would continue to be set by the commission once every two years, according to the companies.

“This is a Virginia-first package, and it starts with customers,” said John Ketchum, chairman, president and CEO of NextEra Energy.

“Dominion Energy Virginia will remain locally led, separately regulated and accountable to the State Corporation Commission,” said Robert Blue, chair, president and CEO of Dominion Energy.

The companies said the expanded package was a direct response to feedback from policymakers and other stakeholders, and attributed its long-term affordability benefits to the combined company’s ability to buy, build, finance and operate more efficiently, pointing to the record of NextEra Energy’s Florida Power & Light Company subsidiary. FPL’s typical residential bills are more than 37% below the national average, its reliability is more than 60% better than the national average and its non-fuel operations and maintenance expense is more than 70% below the national average, the companies said. Since 2006, according to the companies, FPL has increased customer accounts by more than 36% and generation capacity by more than 60%, improved reliability by more than 40% and lowered bills by 20% in real dollars.

NextEra Energy and Dominion Energy also reaffirmed support for efforts by the commission, the General Assembly and the Governor to protect residential and small business customers from costs associated with serving data centers, citing Dominion Energy’s GS-5 rate class, FPL’s large-load tariff, both companies’ support for the Ratepayer Protection Pledge and recently passed Virginia legislation.

According to the announcement, the package would accelerate the buildout of Virginia generation, including solar, storage, dispatchable resources and nuclear, while leveraging existing assets such as the Virginia City Hybrid Energy Center, and the companies would accelerate renewable energy and storage development in accordance with the Virginia Clean Economy Act.

Jobs, Richmond Tower and Supplier Program

NextEra Energy would maintain current employee headcount levels in Virginia for five years, add 600 new NextEra Energy jobs in the state and work with suppliers expected to bring 400 additional jobs to the Commonwealth, commitments the companies described as bringing 1,000 new direct jobs to Virginia. NextEra Energy would also build, at its shareholders’ expense, a new office tower in Richmond beside the existing Dominion Energy headquarters building as part of the combined company’s co-headquarters, accommodating the new jobs, existing Dominion Energy jobs and future growth. The companies said the Richmond presence would support work in renewable energy development and supply chain management, battery storage operations, nuclear and small modular reactor innovation, enterprise technology and cybersecurity, and that they would host an annual global energy summit in Virginia for chief executives, investors and policymakers.

The companies would contribute $100 million to workforce development in Virginia, including work with union partners on career development, hands-on training and apprenticeships, through a newly created independent organization governed by a board drawn from the Commonwealth’s trade schools, colleges, universities, technical colleges and community colleges. They would establish up to a $1 billion annual, five-year Virginia Supplier Program through spending commitments supporting cost-competitive Virginia contractors, suppliers and service providers, and would seek to expand the role of the Port of Virginia in the energy supply chain. The companies said more than nine other companies intend to establish or expand their presence in Virginia if the combination is approved.

Under the package, Dominion Energy Virginia would retain its name and its Virginia-based board of directors, Ed Baine would continue to lead the utility and its president would remain a Virginia resident. Blue would lead all NextEra Energy regulated utilities, NextEra Energy’s CEO would maintain a Virginia residence, and the combined company would maintain dual headquarters in Richmond and Juno Beach, Florida. The companies also reaffirmed a commitment to enhanced Virginia storm response and mutual aid, with no Virginia funding for Florida storm restoration.

Regulatory Status and Pending Transaction

The combination remains subject to required regulatory approvals, expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act and other customary closing conditions. The companies said the commitments are contingent upon approval and closing of the transaction and that, in the event of any inconsistency, the commitments contained in their regulatory filings, as approved by applicable regulatory authorities, will govern. The companies continue to expect the transaction to close in the second half of 2027. NextEra Energy’s registration statement was declared effective by the Securities and Exchange Commission on July 23, 2026, and the company filed a definitive joint proxy statement/prospectus on July 28, 2026.

The companies announced their definitive all-stock agreement on May 18, 2026, under which Dominion Energy shareholders would receive a fixed exchange ratio of 0.8138 NextEra Energy shares for each Dominion Energy share, with NextEra Energy and Dominion Energy shareholders owning approximately 74.5% and 25.5% of the combined company, respectively. Dominion Energy shareholders would also continue to receive the company’s current quarterly dividend through closing plus a one-time $360 million cash payment at closing. The combined company would serve approximately 10 million customer accounts across Florida, Virginia, North Carolina and South Carolina and own 110 gigawatts of generation, and the original proposal included $2.25 billion in bill credits for Dominion Energy customers in Virginia, North Carolina and South Carolina spread over two years after closing. Both companies’ boards unanimously approved the transaction.

On July 15, 2026, the companies filed applications seeking approval of the combination with the Virginia State Corporation Commission, the North Carolina Utilities Commission, the Public Service Commission of South Carolina, the Federal Energy Regulatory Commission and the Nuclear Regulatory Commission. Those filings included commitments that Dominion Energy employees would receive 18 months of job protection after closing, that non-union employees would receive two years of current compensation and comparable benefits and that the combined company would increase Dominion Energy’s shareholder-funded charitable giving by $10 million annually for five years across the three states.