Dominion Energy on Monday said it updated some of the terms for its proposed merger in Virginia with Florida electric company NextEra, as the company seeks to win over Democratic skeptics.
If approved by state regulators, the $67 billion deal is expected to be the largest utility merger in U.S. history. The companies this week promised their “enhanced” package would create an additional 1,000 jobs in Virginia, double a $10 monthly residential bill credit from two years to four years, and invest in the state’s economy and supply chain through a $100 million workforce development fund, as well as up to a $1 billion annual, five-year Virginia supplier program. As part of the expanded deal, the proposed merger would also expand low-income financial assistance by increasing EnergyShare, Dominion Energy’s shareholder-funded energy bill assistance program, by $100 million through 2038.
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