NextEra Energy & Dominion Energy File Rebuttal Testimony with Virginia Regulators

Executive Summary

On November 3, 2026, NextEra Energy, Inc. (NYSE: NEE) filed a Form 425 communication regarding its pending business combination with Dominion Energy, Inc. (NYSE: D). The filing incorporates a joint press release announcing the submission of rebuttal testimony to the Virginia State Corporation Commission (SCC), strengthening customer and financial safeguards to secure regulatory approval for the transaction.

Key Regulatory Commitments and Updates

• SCC Staff & Consumer Counsel Conditions: Of the 117 conditions recommended by Commission Staff and the Office of the Attorney General's Division of Consumer Counsel, the merging companies accepted 101 as proposed and agreed to another 13 with enhancements or modifications.
• Financial Ring-Fencing & Governance: The proposed safeguards reinforce Dominion Energy Virginia's financial separation from affiliates, add independent oversight, protect local board representation, and insulate utility balance sheets.
• Economic & Customer Benefits Package:
  • Four years of shareholder-funded residential bill credits.
  • $100 million contribution to EnergyShare for energy assistance and weatherization.
  • $100 million investment for workforce training.
  • Creation of 1,000 new jobs (600 direct NextEra Energy jobs, 400 contractor/supplier roles).
  • Commitment to maintain Virginia employee headcount for at least five years.
  • Up to $5 billion over five years committed to Virginia-based suppliers.
  • Dual headquarters retained, including construction of a new shareholder-funded office tower in Richmond.

Transaction Timeline and Closing Outlook

The merger remains subject to customary closing conditions and regulatory approvals, including final clearance from the Virginia SCC. Both NextEra Energy and Dominion Energy maintain an expected closing timeline in the second half of 2027.