According to Zhitong Finance APP, NextEra Energy (NEE.US) has submitted rebuttal testimony to Virginia, further strengthening its proposed $67 billion acquisition of Dominion Energy (D.US) and providing additional customer and financial safeguards. This is the latest effort by the utility company to persuade Virginia to approve the transaction.
According to the statement issued on Tuesday and filings submitted by the companies, New Century Energy and Dominion Resources have responded to 117 conditions raised by the staff of the Virginia State Corporation Commission and the Office of the Attorney General’s Consumer Advocate Division: 101 conditions were accepted as originally proposed, an additional 13 were accepted with enhancements or modifications, for a total of 114 accepted conditions; for the remaining few conditions not accepted as originally proposed, the companies proposed targeted alternatives designed to address regulatory concerns while avoiding unnecessary cost increases or restrictions on parent company capital and operational efficiencies that would otherwise benefit customers.
These commitments include strengthening Dominion Energy
Financial separation between Virginia and its affiliated companies, increased independent oversight, enhanced representation of Virginia on its board, and protection of the utility’s financial strength, while preserving its access to capital support from Era Energy. The company stated that these measures further strengthen financial and governance safeguards.
New Era Energy and Dominion Resources are working to gain support from skeptical politicians and regulators. As concerns over the affordability of utility bills have grown, energy prices played a role in Virginia’s gubernatorial election last November and remain a key issue across the country. Meanwhile, opposition to data centers has shaped the political landscape this year. Northern Virginia, home to the world’s largest concentration of AI facilities—known as the “Data Center Corridor”—is served by Dominion Resources, headquartered in Richmond.
Both companies stated that they still believe the merger meets Virginia’s legal standard, which requires that the proposed transaction not impair or jeopardize the provision of adequate service to the public at just and reasonable rates. The companies also noted that the proposal surpasses this standard by offering significant benefits in terms of customer affordability, employment in service areas, development of required energy resources, and strengthening the parent company of Virginia’s largest utility.
John Ketchum, Chairman and CEO of New Era Energy, said the company has prepared for Dominion Energy
Customers, employees, and communities in Virginia have proposed a "historic" benefits package and are further increasing their support. He emphasized that Virginia should not have to choose between "today’s electricity bill relief" and "tomorrow’s affordable, reliable power"; the proposal would benefit Dominion
Energy
The Virginia customer is provided with a four-year shareholder-funded bill credit, while placing New Era Energy behind the locally trusted Dominion Resources team, known to Virginians for its scale, financial strength, and operational experience. The company has carefully listened to stakeholder feedback, accepted most additional protections proposed by committee staff and consumer advocates, and has proposed targeted alternatives for only a few remaining provisions.
Bob Blue, Chairman, President, and CEO of Dominion Resources, said that Dominion Resources has been proudly serving Virginia for over a century, and this merger aims to continue that tradition. Dominion
Energy
Virginia will continue to be led locally and remain accountable to the State Corporation Commission, while benefiting from the financial strength and operational expertise of New Century Energy. These additional safeguards reinforce the company’s commitment to customers to continue meeting Virginia’s growing energy needs reliably and affordably.
Regarding customer affordability, the company emphasizes that customers will not pay a penny for this merger. The proposed plan includes a four-year shareholder-funded residential bill credit, plus an additional $100 million for EnergyShare energy assistance and residential energy efficiency upgrades to provide immediate relief; the merged company’s enhanced ability to purchase, build, finance, and operate more efficiently will help manage customer costs as Virginia’s energy demand continues to grow.
The company also stated that the extraordinary growth in Virginia’s electricity demand will require significant investment in new power generation, transmission, and grid infrastructure, regardless of whether the transaction proceeds; with New Era Energy’s financial strength, scale, and proven operational capabilities, Dominion
Energy Virginia will be better positioned to address these challenges and help manage customer costs over the long term.
The company also operates under New Era Energy’s Florida utility, Florida Power & Light.
Using the example of Company (FPL), FPL's typical residential bill is 37% lower than the national average, 20% lower than it was twenty years ago after adjusting for inflation, and more than 60% more reliable than the national average.
The proposed transaction includes a series of “intergenerational investments” in Virginia: providing four years of shareholder-funded bill credits; contributing $1 billion to EnergyShare for energy assistance and residential energy efficiency upgrades; investing $1 billion in workforce development and skilled trades training; creating 1,000 new jobs, including 600 new Dominion Energy positions and approximately 400 jobs with suppliers, contractors, and service providers; maintaining Dominion Energy’s current workforce levels in Virginia for at least five years; constructing a new shareholder-funded office tower in downtown Richmond and maintaining a dual headquarters; and committing up to $5 billion over five years to Virginia-based manufacturers, contractors, suppliers, and service providers through the new “Virginia Supplier Program.”
The company stated that these commitments will provide immediate customer relief, support long-term affordability, and create significant economic opportunities across the state, while retaining Dominion Energy.
Local leadership, independent oversight, and full accountability to the State Corporation Commission in Virginia. The proposed transaction remains subject to required regulatory approvals and other customary closing conditions, and the company continues to expect the transaction to close in the second half of 2027.