NextEra, Dominion to create huge power biz as AI drives US energy demand

NextEra Energy is seeking to acquire Dominion Energy in an all-stock deal valued at about $67bn, creating a massive power company as the energy needs of artificial intelligence (AI) drive demand higher in the United States. It is one of the biggest proposed mergers so far this year and would create the world's largest regulated electric utility business by market capitalisation, the companies said on Monday. The region has a fast-growing population and the world's biggest data centre hub, which is in Virginia. The deal will enable a swifter build-out of power infrastructure to deliver electricity to data centres proposing to connect to NextEra and Dominion, which total about 130 gigawatts of electricity demand, the companies' executives said. One gigawatt can power about 750,000 homes. The merger builds on NextEra's efforts to tap into surging demand for supplying electricity to data centres developed by Big Tech, largely for training and rolling out AI technologies.