Documents supporting a proposed merger between Virginia’s largest energy company and a Florida power giant are expected to be submitted any day. That submission window will allow scrutiny and feedback from the state, the public and elected officials. Bipartisan concerns are already emerging.
“I’m concerned we’re going to lose Virginia jobs," Democratic House Speaker Don Scott said Monday after being asked about his read on the proposed merger between Dominion Energy and Florida-based NextEra. "I’ve never seen a merger happen where a company that was being bought didn’t lose jobs.”
The $67 billion merger comes as Dominion faces massive infrastructure improvements and generation demand they say NextEra will be able to better finance.
But Scott’s fear about losing Virginia jobs is shared across the aisle. Here’s Lynchburg Republican Senator Mark Peake.
“Dominion has a nice new building right there in the heart of Richmond and I don’t want to see that go quiet.”
The deal still has to be reviewed by Virginia’s State Corporation Commission; at an energy committee meeting last month Dominion reps said they expected that filing to come in the third quarter which starts July 1. Once submitted, a 180-day review clock starts ticking.
Steve Haner with the conservative Jefferson Forum is holding judgement until that SCC review completes.
“I’m not saying the SCC won't do a good job, but this is one of the biggest mergers in the country if not the world," Haner told Radio IQ. "I’m not skeptical, I’m just saying everyone should pay attention. It’s a big deal.”
Back in the legislature, Scott offered this warning: “If we don’t see a clear, direct benefit to our customers, our ratepayers, our business community we need to be looking at this with a jaundiced eye.”
As for promised benefits so far, Dominion says their Virginia customers could get part of $1.7 billion in bill credits if the deal goes through.
