McLean residents who get their electricity from Dominion Energy would receive $10 a month in bill credits for four years if state regulators approve the company's proposed $67 billion merger with NextEra Energy.
The companies announced Monday, Sept. 14, that they would double the duration of shareholder-funded residential credits from two years to four, commit to 600 new jobs in Virginia, and build a co-headquarters tower in downtown Richmond. The package came "in response to feedback from policymakers," the companies said.
The dollar amount stays the same. What changed is how long the credits last.
The concessions land as the deal faces scrutiny from Gov. Abigail Spanberger, who in August became the first Virginia governor to formally intervene in a State Corporation Commission (SCC) case. Her spokesperson, Libby Wiet, said the governor's office is reviewing the new package.
"As Governor, I remain skeptical of the benefits this merger would deliver to Virginia," Spanberger said in August when she filed to intervene. Her office has not issued a fresh statement on the revised terms.
What's in the new package
The extended credits would be funded partly by redirecting credits that previously would have gone to large data center customers. The total Virginia bill-credit pool would grow from $1.78 billion to $1.87 billion, according to a Dominion SEC filing.
NextEra also pledged 600 new positions in areas including small modular reactors, battery storage, grid modernization and cybersecurity. An additional 400 jobs are expected through suppliers, bringing the total to about 1,000. The company said it would build a shareholder-funded office tower on the vacant lot next to Dominion's Canal Street headquarters in Richmond at a cost exceeding $500 million.
Other commitments include $100 million more for the EnergyShare low-income assistance program through 2038, a $100 million workforce development fund, and up to $1 billion annually over five years for a Virginia Supplier Program. Existing Dominion Virginia jobs would be protected for five years, up from 18 months in the original proposal.
NextEra CEO John Ketchum said the changes reflect what the companies heard from officials. "We heard about affordability, about jobs, about clean energy," Ketchum said in an interview reported in a Dominion regulatory filing.
Skeptics remain
Clean Virginia executive director Brennan Gilmore said Monday the revised package does not change the legal standard the SCC must apply. He argued the new terms make additional review time more important, according to The Center Square.
Fairfax County state Sens. Saddam Azlan Salim and Stella Pekarsky were among lawmakers who signed a Sept. 3 letter calling on Spanberger to convene a special session on the merger. Spanberger rejected that request on Sept. 8.
House Speaker Don Scott and Senate Majority Leader Scott Surovell called the proposal "a step in the right direction." Scott said he did not expect lawmakers to call a special session to extend the regulatory review timeline.
The merger also requires approval from regulators in North Carolina, South Carolina, the Federal Energy Regulatory Commission (FERC) and the Nuclear Regulatory Commission. The companies expect the deal to close in the second half of 2027.
How to weigh in
The SCC will hold public witness hearings on Nov. 5, 9 and 10, with the first session on the evening of Nov. 5 inside the SCC's courtroom in Richmond. Written comments are due Nov. 9. An evidentiary hearing begins Nov. 17. The commission's 180-day review clock started with the July 15 filing, which could yield a decision around Jan. 11, 2027.
