Virginia’s top lawyer asks regulators to restart review of Dominion–NextEra transaction

Virginia Attorney General Jay Jones has asked the State Corporation Commission (SCC), the state’s utility regulator, to restart the procedural clock on the proposed transaction between Dominion Energy and NextEra Energy, arguing that a revised arrangement warrants a fresh regulatory examination, according to reporting by the Virginia Mercury.

The request signals that the deal under review has changed in some material respect. Jones indicated that regulators should evaluate what he described as a different agreement from the one originally filed, rather than treating earlier proceedings as sufficient. The SCC’s process for reviewing utility transactions typically involves testimony, public comment, and a determination of whether the arrangement serves the interests of Virginia ratepayers.

Dominion Energy (NYSE: D), the Richmond-based regulated electric and natural gas utility, is one of the parties to the proposed arrangement. The company operates through its Dominion Energy Virginia, Dominion Energy South Carolina, and Contracted Energy segments, providing regulated electricity service across much of Virginia. In trading on Thursday, Dominion shares closed at $65.10, down 1.69% from the prior close of $66.22, valuing the company at roughly $58.55 billion.

State attorney generals often participate as parties in utility merger or asset-transfer reviews, using the process to advocate for consumer protections such as rate credits, service-quality commitments, or conditions on how the assets will be operated after closing. A request to reset or extend the review timeline can extend the period before the commission issues a decision, giving intervenors more time to develop the record and negotiate conditions.

The Virginia SCC’s docket will determine the procedural path forward, including whether the agency grants the attorney general’s request and how any revised filing is noticed for public review. Utilities pursuing transactions in Virginia must satisfy the commission that the change is consistent with statutory obligations to provide reliable service at just and reasonable rates — the standard that frames how regulators weigh asset sales, ownership changes, and long-term resource plans.

Neither company’s core ratepayers’ service terms change while the review is pending; the SCC retains authority over retail rates throughout the process. The outcome will depend on the evidence submitted in the reopened or extended proceeding.

What to watch

• Whether the SCC grants the attorney general’s request to reset the procedural timeline and any new procedural schedule it issues.
• Filings on the SCC docket detailing the revised terms between Dominion and NextEra.
• Intervenor testimony and public comment windows as the review progresses.
• Dominion Energy‘s upcoming quarterly earnings report and any updated disclosures regarding transaction-related costs or timing.

Source: original release