Bond.az - NextEra Energy is in discussions to acquire rival utility Dominion Energy in a mostly stock deal, the Financial Times reported, citing people familiar with the matter.
A deal could be announced as soon as Monday. Bloomberg and the Wall Street Journal also reported that a deal was close.
The deal is likely aimed at giving NextEra more exposure to growing power demand in the AI and data center industry.
NextEra has a market capitalization of roughly $200 billion, while Dominion was valued around $50 billion.
NextEra owns Florida Power & Light, the largest electric utility in the U.S., and could greatly expand its presence through a Dominion takeover.
Dominion, based in Virginia, is seen as largely exposed to the data center boom, with Northern Virginia home to the country's so-called data center alley.
NextEra shares are up about 15% in 2026, while Dominion is up 4%. The deal could become one of the largest transactions ever.
News of a potential deal comes amid the Trump administration's openness to large corporate mergers. NextEra will need approval from antitrust regulators, as well as federal and state energy authorities.
Electricity demand from data centers is expected to surge as AI hyperscalers—including Microsoft, Amazon, Meta, and Google—spend hundreds of billions on AI infrastructure.
NextEra signed a deal with Google in 2025 to reopen a nuclear plant in Iowa to power its operations.
