In its press release, NextEra Energy says a merger with Dominion will create the world’s largest regulated electric utility with 10 million customers – promising to operate more efficiently and get price breaks on fuel, passing savings on to consumers. In Richmond, Roben Farzad, who produces the business podcast Full Disclosure, is skeptical. We spoke with him during a power outage:
"Especially on a day that I’m talking to you, we’re breaking 95 degrees. My AC is busted. I’m in my car talking to you right now. Is this going to be ameliorated by a much bigger utility company – kind of an east coast behemoth. It’s an open question."
He says NextEra wants in on the data center boom that has been hugely profitable for Dominion, and they’re probably hoping for strong support from the Trump administration.
"The prevailing wisdom is that Republicans will lose the House. The Senate they might hang on, but Trump presidency – unless something extraordinary happens – is going to end in 2028, and this could take 16 months when all approvals are considered.
At the non-profit Clean Virginia, Deputy Director Kate Asqueth says the proposed merger does not bode well for the transition to renewable energy.
"We’ve seen absolutely nothing from either of them that would they would be a force for good for clean energy, and we know that they both have strong ties to natural gas, so for example, NextEra is a big owner of the Mountain Valley Pipeline."
She notes NextEra recently settled a class action suit alleging securities fraud.
"A federal appeals court described the case against NextEra as having corporate malfeasance, off-the-books record keeping, surveilling journalists, creating ghost candidates and corrupting independent media outlet Those are a judge’s words, not ours.
And Clean Virginia says the utility appears to overcharge consumers."
"NextEra kept 27 cents of every dollar Florida Power and Light customers paid as profit in 2025.That’s the highest of any utility in the country and nearly double the national average."
NextEra says it would sweeten the deal with over two billion dollars in credits for Dominion customers over a two year period, but Asqueth is not impressed.
"That’s more of a press release, not a policy," she concludes.
And Roben Farzad says the proposed merger puts a spotlight on Virginia’s new governor as public anger over data centers and rising electric bills grows.
“There’s a fomenting us versus them, us versus big tech, us versus the Northern Virginia corridor, and Abigrail Spanberger going to be asked to take a position on this.”
RadioIQ’s Brad Kutner did ask Spanberger about the merger, but she dodged his question.
“I think just on first blush it certainly marks a pretty significant level of expansion.Some of the things that have been publicly reported about their commitment to ratepayer savings, I think there are certainly some things I want to learn more about.”
Asqueth says Dominion is a very attractive target for takeover at this time in history, owing to this state’s generous terms for a regulated monopoly.
“They have a guaranteed 9.8 return on anything that they building in the state, and they have to build billions of dollars in infrastructure over the next few years to meet the demands created by data centers in Virginia.”
Her group is calling on the governor, the General Assembly, Virginia’s attorney general and the state corporation commission to at least ensure that consumers are protected and the state’s Clean Economy Act is honored with a growing commitment to solar and wind power.
Asqueth says Dominion is a very attractive target for takeover at this time in history, owing to this state’s generous terms for a regulated monopoly.
"They have a guaranteed 9.8 return on anything that they building in the state, and they have to build billions of dollars in infrastructure over the next few years to meet the demands created by data centers in Virginia."
Her group is calling on the governor, the General Assembly, Virginia’s attorney general and the state corporation commission to at least – ensure that consumers are protected and the state’s Clean Economy Act is honored with a growing commitment to solar and wind power.
