High-voltage transmission towers. (Photo: Salam Habash / Unsplash)
Virginia Gov. Abigail Spanberger will become the first Virginia governor to formally intervene in a case before the State Corporation Commission (SCC), filing for party status in the review of the proposed $67 billion merger between Dominion Energy and NextEra Energy. Intervening will make the state a party to the case, allowing it to participate directly in the SCC review and preserving its ability to appeal should it disagree with the commission’s decision.
Inside the Proposed Merger
The proposed all-stock merger between Dominion Energy, a Virginia-based company, and NextEra Energy, whose headquarters are in Florida, would create what the companies describe as the world’s largest regulated electric utility. The deal was announced in May 2026 and is expected to close in the second half of 2027.
The merger, if approved, would affect a customer base of over 10 million accounts across Virginia, North Carolina, South Carolina, and Florida. For shareholders, this deal would result in Dominion shareholders receiving 0.8138 shares of NextEra for each share of Dominion. Dominion stated that the merger would result in $2.25 billion in shareholder-funded bill credits for customers in the three states, spread over two years, including $1.78 billion for Virginia customers.
Supporters Point to Scale and Savings
Opinions differ significantly over the benefits that Virginia residents would reap from the merger and over whether Governor Spanberger is justified in intervening. Supporters argue that the merger will lower bills, expand clean energy capacity, and create jobs. NextEra CEO John Ketchum has framed the deal as a transformational opportunity to combine two world-class utilities, citing affordability, scale, and long-term cost savings, while Dominion CEO Bob Blue emphasized 238 years of combined industry experience and the ability to serve millions of customers across four states.
For shareholders, both companies have stressed such positives as an approximate 9% growth target for earnings per share through 2035, an improved set of business fundamentals to show to Wall Street, and the stability of high levels of regulatory capital – the money the new company will be able to set aside to cover the costs of building, maintaining, and operating regulated infrastructure, such as power plants and transmission lines.
Critics Warn of Consolidation and Cost
On the other hand, industry watchers and Virginia legislators have weighed in with their concerns. Tyson Slocum, director of Public Citizen’s Energy Program, a nonprofit consumer advocacy organization founded in 1971, suggested Spanberger’s intervention was needed.
“What the governor is saying is that we need to make sure that the public and the public interest is fully represented before the commission,” Slocum said.
Other critics have raised concerns about consolidation of power, potential higher costs, and what out-of-state ownership would mean for Virginia’s largest regulated utility. Some Democratic and Republican state lawmakers have urged the governor to call a special session of the Virginia General Assembly in order to give the SCC more time to examine and debate the proposed merger.
What Spanberger Has Said
Spanberger has been cool to the idea of a special session, saying she believes the SCC has the staffing and expertise to complete its review within six months. Her most recent statements make clear her concern about energy affordability and about whether the combined company would be able to meet Virginia’s growing energy needs.
“As this process is going through SCC review, I believe it’s extraordinarily important to be a party to the case, to intervene in this case so I can have a voice on behalf of Virginians,” she said.
What Happens Next
The SCC has six months to review the application and may approve it, reject it, or impose conditions. Public witness hearings are scheduled for Nov. 5, 9, and 10, 2026, with an evidentiary hearing set to begin Nov. 17. Dominion and NextEra Energy have additional applications pending review with the North Carolina Utilities Commission, South Carolina Public Service Commission, Federal Energy Regulatory Commission, and Nuclear Regulatory Commission.