# NextEra chairman and CEO John Ketchum said the acquisition was necessary to create a player big enough to satisfy enormous and fast-growing demand for electricity.

*business · news · 2026-05-18 · Fortune*

## Key points

- NextEra's acquisition of Dominion is the largest U.S. energy deal since Exxon-Mobil in 1998.
- The combined company will have a construction backlog of 130 gigawatts, exceeding current generation.
- NextEra plans over $59 billion in annual capital spending, more than any other utility company.
- NextEra is reopening Iowa's Duane Arnold nuclear plant for Google and building 2.5 GW solar for Meta.
- Dominion's Coastal Virginia Offshore Wind project is moving forward after being paused by the Trump administration.

**Companies:** NextEra Energy, Dominion Energy
**Countries:** United States

[Read the full story on Fortune](https://fortune.com/2026/05/18/nextera-dominion-67-billion-acquisition-ai-data-centers-largest-utility/)

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