Dominion Energy and NextEra Energy Announce Enhanced Virginia Benefits Package in Proposed Merger

Executive Summary

On September 14, 2026, Dominion Energy, Inc. (NYSE: D) filed a Form 425 communication regarding its pending business combination with NextEra Energy, Inc. (NYSE: NEE). In response to feedback from state policymakers and regulatory stakeholders, the companies announced an enhanced Virginia benefits package to support state regulatory approval proceedings before the Virginia State Corporation Commission (SCC).

Key Highlights & Commitments

1. Customer Bill Relief & Affordability:

   • Extended Residential Rate Credits: Doubles monthly residential bill credits ($10/month) from two years to four years by redirecting credits away from large-scale data center loads and increasing shareholder-funded credit amounts.
   • Low-Income Assistance: Increases Dominion Energy's shareholder-funded EnergyShare bill assistance program by $100 million through 2038.
   • Rate Protections: Reaffirms that customers will be held harmless from all merger, transition, and financing costs, with base rates continuing to be set biennially by the SCC.

2. Headquarters, Jobs, & Economic Development:

   • Headcount Commitment: Guarantees existing Virginia employee headcount levels for five years.
   • Job Additions: Brings 600 direct NextEra Energy jobs and an estimated 400 supplier jobs to Virginia.
   • Richmond Co-Headquarters: NextEra Energy will fund the construction of a new office tower in downtown Richmond adjacent to Dominion Energy’s current headquarters.
   • Workforce & Supplier Support: Establishes a $100 million workforce development fund and up to a $1 billion annual Virginia Supplier Program across five years.

3. Governance & Corporate Structure:

   • Dominion Energy Virginia (DEV) will remain locally led, separately regulated, and retain its name and local leadership (Ed Baine continuing as president).
   • Bob Blue will lead all NextEra Energy regulated utilities post-combination.

4. Transaction Timeline:

   • The merger remains subject to SCC approval, Hart-Scott-Rodino (HSR) antitrust clearance, and other customary closing conditions.
   • Closing remains targeted for the second half of 2027.