NextEra Energy is in discussions to buy rival utility Dominion Energy in a mostly stock deal, the Financial Times reported on Friday, citing people familiar with the matter.
A deal could be announced as soon as Monday, the FT reported. Bloomberg and the Wall Street Journal also reported that a deal was close.
The deal is likely aimed giving Nextera more exposure to growing demand for power in the artificial intelligence and data center industry.
Nextera has a market capitalization of roughly $200 billion, while Dominion was valued around $50 billion.
Nextera own Florida Power & Light, the largest electric utility in the U.S., and stands to greatly expand its presence in the country through a takeover of Dominion.
Dominion– based in Virginia– is seen as largely exposed to the data center boom, with Northern Virginia home to the country’s so-called data center alley.
Nextera shares are up about 15% so far in 2026, while Dominion is up 4%. A deal between the two stands to become one of the largest transactions ever.
News of a potential deal also comes amid the Donald Trump administration’s openness to large corporate mergers. Nextera will need approval from not just antitrust regulators, but also from federal and state energy authorities to acquire Dominion.
Electricity from data centers is expected to increase rapidly as Wall Street’s so-called AI hyperscalers-- including Microsoft, Amazon, Meta, and Google-- spend hundreds of billions on building infrastructure to power their AI models.
Nextera had signed a deal with Google in 2025 to reopen a nuclear plant in Iowa to supply the tech giant with power.
source https://www.investing.com/news/stock-market-news/nextera-in-talks-to-acquire-utility-rival-dominion-ft-4694473
