Dominion Energy and NextEra Energy agree to combine utility companies. What that means for Metro Richmond.

NextEra Energy announced Monday it will acquire Dominion Energy in an all-stock deal valued at about $67 billion, creating what the companies say would be the world's largest regulated electric utility business by market capitalization.

The merger comes as artificial intelligence drives unprecedented electricity demand across the United States, with the combined company positioned to serve approximately 10 million utility customer accounts across Florida, Virginia, North Carolina and South Carolina.

"Electricity demand is rising faster than it has in decades. Projects are getting larger and more complex," NextEra CEO John Ketchum said in a statement. "We are bringing NextEra Energy and Dominion Energy together because scale matters more than ever— not for the sake of size, but because scale translates into capital and operating efficiencies."

Ketchum will serve as chairman and CEO of the combined company, while current Dominion CEO Robert Blue will remain as president and CEO of regulated utilities and serve on the board of directors.

The deal represents one of the biggest proposed mergers this year and highlights the growing energy needs driven by data centers and AI infrastructure.

Click here to continue reading on WTVR.com, a Henrico Citizen partner organization.