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

By Reuters News

Sept 14 (Reuters) - 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.

  • 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.

  • 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.

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