AI Data Centers Are About to Break the Grid. One Company Just Spent $67 Billion to Fix It

NextEra Energy announced an all-stock $67 billion takeover of Dominion Energy to secure scale, regulated utility footprint and critical access to Northern Virginia’s data-center corridor. The deal, priced at $76 per Dominion share (0.8138 NextEra shares plus $360M cash; ~21% premium), would create a utility giant with ~110 GW generation and a 130 GW large-load pipeline, positioning NextEra to serve 30–40 data-center hubs. Markets sold NextEra shares after the disclosure (NEE down about 7% in five days) as investors weigh the premium against long-term renewables and storage tailwinds. Management projects the combination to be immediately accretive with 9%+ adjusted EPS CAGR through 2032; approvals and state/federal regulator signoffs are expected over a 12–18 month window. Key near-term market catalysts are regulatory votes and Virginia rate politics; if approved the merger materially strengthens NextEra’s role in powering AI-driven demand.