U.S. power companies NextEra Energy and Dominion Energy announced a merger plan on Monday in a $66.8 billion deal that will create one of the world's largest electric utilities, driven by booming AI demand for data centers.
The all-stock transaction, pending regulatory approval, will form the third-largest U.S. energy company behind Exxon and Chevron, with an enterprise value of about $420 billion.
NextEra CEO John Ketchum said the country needs faster and more efficient energy infrastructure. The combined company will serve much of the U.S. Southeast, including Virginia's data center hub.
The deal is expected to close in 12-18 months. NextEra shares fell 5%, while Dominion shares jumped 10%.
