Spanberger to intervene in $67B Dominion-NextEra merger

 Gov. Abigail Spanberger plans to formally intervene in the proposed $66.8 billion merger between Dominion Energy and Florida’s NextEra Energy, becoming the first Virginia governor to publicly intervene in a State Corporation Commission case.

The move, which involves legally requesting to be a party in the case, would allow her administration to raise concerns, request additional information from the companies and advocate for what Spanberger called “long-term, tangible benefits” for Virginians. In a Thursday Washington Post op-ed, she said she is intervening because of concerns about electricity rates, Virginia jobs and energy investment, and pledged to press for lower bills, protection of the utility workforce and continued investment in clean energy.

Her intervention comes as the SCC reviews NextEra Energy’s proposed acquisition of Dominion, representing the nation’s largest utility merger to date and creating the world’s largest regulated electric utility if approved. Dominion and NextEra argue the combination would help meet growing electricity demand and reduce costs through economies of scale. However, consumer advocates and some elected officials have questioned whether the deal would ultimately benefit Virginia ratepayers, especially as concerns ramp up about data centers’ impact on power rates.

“As a Virginian, I am deeply skeptical about whether selling our primary, state-regulated utility to an out-of-state company is good for the commonwealth,” Spanberger wrote in the op-ed. “I have serious questions about what this deal would mean for us. And as governor, I intend to get answers and be a voice for Virginians in the process.”

She said while intervening is unprecedented, so too is the size of the proposed merger.

Spanberger wrote she will judge the merger on three “non-negotiable” priorities: whether the merger lowers energy bills for Virginia families and small businesses through “sustained, long-term energy cost savings”; whether it protects the jobs of Dominion’s workforce, including linemen, grid operators and engineers; and whether NextEra has “a clear plan to accelerate progress toward producing affordable, reliable, local and clean power” instead of slowing Virginia’s clean energy transition.

Since taking office in January, Spanberger has made energy affordability a priority, backing measures aimed at lowering utility costs while pursuing policies to expand clean energy and increase oversight of data centers.

“For a deal this consequential, I will not watch from the sidelines as that potential balance is assessed and determined,” she wrote.

The governor’s intervention comes as lawmakers from both parties have called for a more extensive review of the proposed acquisition, which the two utilities filed paperwork for July 15 with the SCC and other state and federal agencies. Under current law, the SCC must decide whether to approve the merger within 180 days of filing, earlier than similar bodies in North and South Carolina and the federal government. If the commission fails to issue its opinion in time, the merger would be approved by default.

However, Virginia elected officials in both parties have advocated for the state legislature to give the SCC more time to consider the merger, including Democratic Lt. Gov. Ghazala Hashmi and two Republican state lawmakers, who recently asked Spanberger to call a special legislative session to give commissioners up to a year to review it.

Spanberger has said she is considering all options, including a special session, to ensure the SCC has adequate time and information, but has not yet called a special session for the General Assembly. Sen. David R. Suetterlein, one of the Republican lawmakers, said he believes the session would need to take place in August for the change to take effect in time to impact the Dominion-NextEra merger.

Dominion issued a statement Thursday in response to the governor’s announcement. “We welcome the governor’s participation in the regulatory process and agree with her priorities of affordability, protecting Virginia jobs and supporting the commonwealth’s energy future. Those priorities are at the core of this proposal. The transaction includes $1.78 billion in NextEra shareholder-funded bill credits for Virginia customers, as well as long-term benefits from greater purchasing power and lower borrowing costs. It also includes strong employment protections and career opportunities for Virginia employees, as well as commitments to maintain a significant Virginia presence, headquarters and local leadership,” the statement said.

“The proposal will leverage NextEra Energy’s expertise as the world’s leading clean energy developer to help meet Virginia’s growing energy needs. As the governor noted, the SCC is the appropriate forum to evaluate this transaction and balance the interests of the commonwealth, and we are confident its established, fact-based review will demonstrate the benefits this proposal offers Virginia.”

The governor’s intervention follows another recent effort by Spanberger’s administration to shape energy policy. Last month, Chief Energy Officer Josephus Allmond filed an SCC document on behalf of Spanberger to urge regulators to require data centers and other large electricity users to shoulder the cost for transmission lines and other infrastructure built specifically to serve them, rather than passing those costs on to residential customers. The SCC on July 31 ordered Dominion to develop a policy requiring large-load customers to pay for infrastructure built specifically for their facilities.

Dominion Energy provides electricity service to 3.6 million homes and businesses in Virginia and the Carolinas, as well as natural gas service to 500,000 customers in South Carolina. The company reported $16.5 billion in 2025 revenue.

“We are confident that a thorough hearing of NextEra’s deeply troubling track record of failed acquisitions, rate hikes and political corruption in Florida will make one thing clear: Virginia’s soaring bills and substantial energy challenges won’t be solved by creating an even bigger monopoly,“ Clean Virginia Executive Director Brennan Gilmore said in a statement Thursday. “Virginia needs an energy system built for our families and businesses, not utility shareholders.”

Clean Virginia, which opposes the merger, was created to counter Dominion’s influence on Virginia lawmakers and makes significant campaign donations to candidates who don’t accept the utility’s contributions. Spanberger received close to $1 million in funding from Clean Virginia for her 2025 gubernatorial campaign but also accepted a $100,000 donation from Dominion for her inaugural fund.

https://virginiabusiness.com/spanberger-to-intervene-in-67b-dominion-nextera-merger/