Dominion, NextEra propose $1 bln-a-year Virginia supplier program

Shareholders of both companies approved the proposed $66.8 billion merger earlier this month. The deal, awaiting regulatory approvals, is expected to close in the second half of 2027.

• NextEra and Dominion said the new program would direct spending toward contractors, suppliers and service providers in Virginia.
• They proposed extending monthly $10 bill credits to four years from two and increasing Dominion's low-income financial assistance by $100 million through 2038.
• The commitments include a $100 million workforce development fund, an annual energy summit in the state and maintaining the current employee headcount there for five years.
• The combined company will get a shareholder-funded co-headquarters tower in state capital Richmond.
• Virginia Governor Abigail Spanberger said in August she would intervene in regulatory review of the merger, pressing for commitments on power affordability, job protections and clean energy investments.

Dominion Energy D.N and NextEra Energy NEE.N on Monday said they would establish a Virginia supplier program worth up to $1 billion annually for five years if their proposed merger is approved.

They announced merger plans in May, as rising power demand from data centers, electric vehicles and other industries drives a renewed wave of utility consolidation.