Dominion Energy, Inc.

Dominion Energy, Inc. is a Richmond, Virginia-based regulated electric utility that supplies power to roughly 4.1 million customers across Virginia, North Carolina and South Carolina, and it is in the process of being sold. In May 2026 Dominion agreed to combine with NextEra Energy in a deal that would make the company a wholly-owned subsidiary of the largest clean-energy developer in the United States, and on 3 September 2026 shareholders of both companies approved it.

That makes this file two reports stacked on top of each other. The first is an operating story: a regulated utility sitting on the largest concentration of data-centre demand in the world, running the sector's biggest construction programme, with a fully contracted nuclear plant in New England as a side bet. The second is a corporate story: the terms of the NextEra agreement give every Dominion share a fixed claim on 0.8138 NextEra shares plus a small cash component, which means the stock now trades far more on the odds and timing of a regulatory approval than on anything Dominion's own managers do next quarter.

The central question is therefore not whether Dominion is a good utility — the evidence says it is a competent one with an extraordinary load-growth franchise — but what you are actually buying. For as long as the agreement stands, a Dominion share is a levered bet on a merger clearing five separate regulators, and the operating business is the fallback rather than the thesis. Everything below is written so that a reader can underwrite either outcome: the standalone utility if the deal breaks, and the exchange ratio if it does not.