NextEra Energy, Inc. (NYSE:NEE) and Dominion Energy, Inc. (NYSE:D) filed rebuttal testimony with the Virginia State Corporation Commission on November 3, 2026, outlining additional customer and financial protections related to their proposed combination.

Key Highlights

  • 101 of 117 conditions accepted as proposed: Of the conditions put forward by Commission Staff and the Consumer Counsel, the companies accepted 101 as proposed and another 13 with enhancements or modifications, according to the filing.
  • Four years of shareholder-funded bill credits: The proposal includes shareholder-funded residential bill credits for Dominion Energy Virginia customers, with customers paying "not one cent" for the combination, the companies stated.
  • $100 million for EnergyShare: The filing commits an additional $100 million for energy assistance and weatherization through the EnergyShare program.
  • 1,000 new jobs committed: The proposal includes creation of 1,000 new jobs, described as 600 NextEra Energy jobs and approximately 400 jobs with suppliers, contractors and service providers.
  • Up to $5 billion in Virginia supplier spending: The companies committed to spend up to $5 billion over five years with Virginia-based manufacturers, contractors, suppliers and service providers through a new Virginia Supplier Program.
  • Transaction expected to close in second half of 2027: The companies stated they continue to expect the transaction to close in the second half of 2027, subject to required regulatory approvals and other customary closing conditions.
  • FPL benchmark cited: The filing references Florida Power & Light Company, where typical residential bills are described as 37% below the national average and reliability as more than 60% better than the national average.

Rebuttal Testimony Details NextEra and Dominion's Response to Virginia Regulators

According to the filing, NextEra Energy and Dominion Energy submitted rebuttal testimony to the Virginia State Corporation Commission strengthening their proposed combination with what the companies described as additional customer and financial protections. The testimony reflects the companies' response to 117 conditions proposed by Commission Staff and the Office of the Attorney General Division of Consumer Counsel. Of those, the companies accepted 101 conditions as proposed and another 13 with enhancements or modifications. For the remaining provisions, the companies stated they offered "targeted alternatives designed to address the underlying concerns without unnecessarily increasing costs or restricting parent company capital or operational efficiencies."

The filing outlines a package of commitments the companies said is intended to deliver both immediate bill relief and long-term affordability. In addition to the four years of shareholder-funded residential bill credits, the proposal includes $100 million for EnergyShare, $100 million for workforce development and skilled-trades training, maintenance of Dominion Energy's current Virginia employee headcount for at least five years, construction of a new shareholder-funded office tower in downtown Richmond, and a dual headquarters arrangement. The companies stated that customers "will not pay one cent for this combination."

The filing also states that 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." The proposed combination remains subject to required regulatory approvals and other customary closing conditions, and the companies noted it continues to be expected to close in the second half of 2027. The filing contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, and those statements are subject to the companies' cautionary language.

What Was Disclosed

NextEra Energy and Dominion Energy filed rebuttal testimony with the Virginia State Corporation Commission on November 3, 2026, accepting 101 of 117 regulatory conditions as proposed and offering additional financial and governance commitments tied to their proposed combination.