NextEra-Dominion Merger Faces January Test as Virginia Bill Anger Threatens $1 Utility Deal
Updated
Updated · The New York Times · Nov 9
NextEra-Dominion Merger Faces January Test as Virginia Bill Anger Threatens $1 Utility Deal
3 articles · Updated · The New York Times · Nov 9
Summary
Virginia officials and consumers are mounting opposition to NextEra Energy’s proposed acquisition of Dominion Energy, raising the prospect that the utility merger could be blocked when regulators rule in January.
Rising electricity bills have turned the deal into a political flashpoint, with the governor, attorney general and residents arguing it offers too few benefits and could bring higher costs and weaker customer service.
The merger must win support from at least 2 of the State Corporation Commission’s 3 members, but scrutiny has intensified because the panel’s chair is a former senior NextEra lawyer who has not recused herself.
The fight lands as power prices have become a broader political issue nationwide, shaping recent Virginia and midterm campaigns and adding pressure on regulators weighing what would be the world’s largest retail electric utility.