Sept 14 (Reuters) - Dominion Energy and NextEra Energy on Monday said they would establish a Virginia supplier program worth up to $1 billion annually for five years if their proposed merger is approved.
They announced merger plans in May, as rising power demand from data centers, electric vehicles and other industries drives a renewed wave of utility consolidation.
• NextEra and Dominion said the new program would direct spending toward contractors, suppliers and service providers in Virginia.
• They
proposed extending monthly $10 bill credits to four years from two and increasing Dominion's low-income financial assistance by $100 million through 2038.
• The commitments include a $100 million workforce development fund, an annual energy summit in the state and maintaining the current employee headcount there for five years.
• The combined company will get a shareholder-funded co-headquarters tower in state capital Richmond.
• Virginia Governor Abigail Spanberger said in August she would intervene in regulatory review of the merger, pressing for commitments on power affordability, job protections and clean energy investments.
• Shareholders of both companies approved the proposed $66.8 billion merger earlier this month. The deal, awaiting regulatory approvals, is expected to close in the second half of 2027.
(Reporting by Sumit Saha in Bengaluru; Editing by Joyjeet Das)
