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Filed testimony reflects strong alignment with key conditions proposed by Commission Staff and the Office of the Attorney General Division of Consumer Counsel ensuring robust financial safeguards and independence for Dominion Energy Virginia.
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Preserves all elements of existing benefits package, including delivering immediate bill relief and long-term affordability through four years of shareholder-funded residential bill credits and continued access to NextEra Energy’s capital, scale and proven ability to buy, build, finance and operate more efficiently.
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Positions Virginia to meet extraordinary growth in electricity demand while preserving Dominion Energy Virginia’s local leadership and full accountability to the Virginia State Corporation Commission.
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Builds on NextEra Energy’s proven record at Florida Power & Light Company, where typical residential bills are 37% below the national average and reliability is more than 60% better than the national average.
JUNO BEACH, Fla. & RICHMOND, Va., November 03, 2026–(BUSINESS WIRE)–NextEra Energy, Inc. (NYSE: NEE) and Dominion Energy, Inc. (NYSE: D) have filed rebuttal testimony with the Virginia State Corporation Commission strengthening their proposed combination with additional customer and financial protections.
The companies’ testimony reflects strong alignment with key conditions proposed by the Virginia State Corporation Commission Staff and the Office of the Attorney General Division of Consumer Counsel (Consumer Counsel) ensuring robust financial safeguards and independence for Dominion Energy Virginia. Of the 117 conditions proposed by the Commission Staff and the Consumer Counsel, the companies have accepted 101 conditions as proposed and another 13 conditions with enhancements or modifications.
As a result, the companies have strengthened the enhanced package with additional financial and governance safeguards. These measures reinforce Dominion Energy Virginia’s financial separation from affiliated businesses, add independent oversight, strengthen Virginia representation on its board and protect the utility’s financial strength — all while preserving access to NextEra Energy’s capital.
The companies remain confident the merger satisfies Virginia’s legal standard that adequate service to the public at just and reasonable rates will not be impaired or jeopardized by the proposed transaction. In fact, the proposal exceeds the standard by proposing significant benefits in terms of customer affordability, jobs in our service area and development of needed energy resources, as well as in terms of strengthening the parent that would be backing Virginia’s largest utility.
A word from John Ketchum, chairman and CEO of NextEra Energy
“We have already put forward a historic package of benefits for Dominion Energy Virginia customers, workers and communities, and we are going even further. Virginia should not have to choose between relief on electric bills today and affordable, reliable power tomorrow. Our proposal delivers four years of shareholder-funded bill credits for Dominion Energy Virginia customers while putting NextEra Energy’s scale, financial strength and operating experience behind the local Dominion Energy team Virginians know and trust. We have listened carefully to stakeholders, and our filing accepts the vast majority of the additional protections proposed by Commission Staff and the Consumer Counsel while offering targeted alternatives to a limited number of remaining provisions. Together, these commitments strengthen protections for customers while preserving the financial and operating capabilities needed to build and finance Virginia’s energy future more efficiently.”
A word from Bob Blue, chair, president and CEO of Dominion Energy
“Dominion Energy has proudly served Virginia for more than a century. This combination is about building on that legacy. Dominion Energy Virginia would remain locally led and accountable to the State Corporation Commission, supported by NextEra Energy’s financial strength and operational expertise. These additional protections reinforce our commitment to our customers as we continue to reliably and affordably meet Virginia’s growing energy needs.”
The companies’ rebuttal testimony outlines additional commitments designed to address concerns raised by Commission Staff and the Consumer Counsel while preserving Dominion Energy Virginia’s financial strength and ability to serve customers. For the limited number of provisions not accepted as proposed, the companies offered targeted alternatives designed to address the underlying concerns without unnecessarily increasing costs or restricting parent company capital or operational efficiencies that should benefit customers.
Protecting affordability while meeting Virginia’s growing energy needs
The companies’ proposal is designed to deliver both immediate bill relief and long-term affordability. Customers will not pay one cent for this combination. Four years of shareholder-funded residential bill credits and an additional $100 million for EnergyShare would provide near-term assistance, while the combined company’s ability to buy, build, finance and operate more efficiently would help manage customer costs as Virginia’s energy needs continue to grow.
Virginia’s extraordinary growth in electricity demand will require significant investments in new generation, transmission and grid infrastructure, regardless of whether the proposed combination moves forward. Dominion Energy Virginia would be better positioned to meet those challenges with NextEra Energy’s financial strength, scale and proven operating capabilities, helping to manage costs for customers over the long term.
NextEra Energy’s track record at its Florida utility, Florida Power & Light Company (FPL), demonstrates how those capabilities benefit customers. FPL’s typical residential bills are 37% below the national average and 20% lower than two decades ago in inflation-adjusted dollars, while its reliability is more than 60% better than the national average.
A generational investment in Virginia
The proposed combination includes commitments to:
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Provide four years of shareholder-funded bill credits.
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Contribute $100 million for EnergyShare for energy assistance and weatherization.
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Invest $100 million for workforce development and skilled-trades training.
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Create 1,000 new jobs, including 600 NextEra Energy jobs and approximately 400 jobs with suppliers, contractors and service providers.
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Maintain Dominion Energy’s current Virginia employee headcount for at least five years.
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Build a new shareholder-funded office tower in downtown Richmond and maintain dual headquarters.
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Spend up to $5 billion over five years with Virginia-based manufacturers, contractors, suppliers and service providers through a new Virginia Supplier Program.
Together, these commitments would provide immediate customer relief, support long-term affordability and create significant economic opportunities across the Commonwealth—all while preserving Dominion Energy Virginia’s local leadership, separate regulation and full accountability to the State Corporation Commission.
The proposed combination remains subject to required regulatory approvals and other customary closing conditions. The companies continue
Source: finance.yahoo.com — article syndicated from the publisher’s feed; all rights remain with the original publisher.
