Energy giants seeking to merge say they'll extend Virginia residents' bill credits and add jobs - ABC News
NextEra Energy and Dominion Energy have proposed a merger and are offering Virginia residents extended bill credits and new jobs to gain approval. Amid concerns about data center energy consumption and its impact on electric bills, the companies plan to end bill credits for large data center customers, shifting the cost burden to the data centers themselves. The proposed merger and its benefits are under review by state policymakers and regulators.
Power companies NextEra Energy and Dominion Energy are seeking to merge and have announced a sweetened deal for Virginia, where the proposal has faced skepticism from the Democratic governor and legislative leaders. The companies committed to several benefits for Virginia, including a new co-headquarters tower in Richmond, 600 new jobs, increased workforce development funds, and a doubling of residential bill credits to four years at $10 monthly.
A key aspect of the proposal, amid rising voter frustration over data centers' impact on electric bills, is the plan to end bill credits for large data center customers. John Ketchum, CEO of NextEra, stated that "Both companies share the mindset that data centers need to pay their own way." The Data Center Coalition did not comment on this proposal.
The merger, which would create one of the world's largest energy infrastructure companies, is currently under review by the Virginia Governor's office and legislative leaders, who have expressed cautious optimism. The Virginia State Corporation Commission is scheduled to hold an evidentiary hearing on the case in mid-November, with the companies expecting the deal to close in the second half of 2027.