NextEra, Dominion propose Virginia perks and 600 jobs to win merger approval

NextEra Energy and Dominion Energy, whose merger would form the largest regulated electric utility by market value, unveiled a Virginia-centric incentive plan to address political concerns. The proposal features a new shareholder-financed co-headquarters tower in Richmond, a pledge to create 600 new positions, expanded workforce-development funding, and a doubling of previously announced residential bill credits, extending a $10 monthly credit to four years.

The additional credit will be financed by eliminating credits previously granted to large data-center customers, reflecting the companies’ stance that data centers should cover their own costs. They also committed $100 million to a low-income assistance program through 2038 and promised to keep current Virginia employment levels for five years. While House Speaker Don Scott and Senate Majority Leader Scott Surovell view the offer positively, Governor Abigail Spanberger’s office remains deeply skeptical, and the State Corporation Commission is set to hold an evidentiary hearing in mid-November. The merger still faces regulatory review in other states and at the federal level, with a target closing in the second half of 2027.