NextEra Energy, Inc. and Dominion Energy, Inc. have announced an expanded benefits package intended to support Virginia residents and the state's energy infrastructure as part of their previously disclosed merger agreement. The companies stated that the package is a direct response to feedback from policymakers and stakeholders and is designed to put customers first while positioning the Commonwealth as a global energy leader.
The package includes several key components. The companies propose to double residential bill relief, extending $10 per month in bill credits from two years to four years. They also plan to expand low-income financial assistance by increasing the EnergyShare program, a shareholder-funded energy bill assistance program, by $100 million through 2038. Additionally, the companies reaffirmed their commitment to hold customers harmless from all merger costs.
Regarding economic development, the companies stated that they would maintain current employee headcount levels in Virginia for five years, add 600 new NextEra Energy jobs in Virginia, and work with suppliers expected to bring 400 additional jobs to the Commonwealth. NextEra Energy also plans to build a new office tower in Richmond at its shareholders' expense to serve as a co-headquarters for the combined company.
The companies outlined investments in Virginia's workforce and supply chain. These include a $100 million workforce development fund and an annual, five-year Virginia Supplier Program with up to $1 billion in spending commitments. The companies also intend to host an annual global energy summit in Virginia.
Regarding regulatory oversight, the companies stated that Dominion Energy Virginia would remain locally led, separately regulated, and accountable to the State Corporation Commission (SCC). The companies reaffirmed their support for efforts by the SCC, the General Assembly, and the Governor to protect residential and small business customers from costs associated with serving data centers.
