Florida Power & Light’s parent company announced plans to acquire Dominion Energy in a megamerger on Monday amid the growing demand to power data centers fueled by the artificial intelligence boom.NextEra Energy said it will buy Dominion Energy in nearly $67 billion all-stock transaction. If approved, the deal would create the world’s largest regulated electric utility by market value.”You think about being able to add that and combine it together with another industry, it makes us even stronger,” NextEra CEO John Ketchum told investors during a call Monday morning.FPL supplies electricity to approximately 12 million people across the Sunshine State.”When I think about what this does for shareholders, it couldn’t come at a better time and for customers because power demand is higher than it’s ever been,” Ketchum said. Dominion already powers the world’s largest data center market in Northern Virginia. Ketchum said Dominion has a “large load pipeline that’ second to none.”Dominion’s major customers include Amazon, Microsoft and Meta.”We have a real chance through the combination of all the skills and the operating platform these two companies bring together to really drive speed to power,” Ketchum said. The announcement of the proposed merger comes after Gov. Ron DeSantis signed SB 484 earlier this month. According to the office of the governor, the new law protects ratepayers because it “prohibits utilities from passing data center costs, including electricity costs, onto residential and small business customers” and therefore “prevents financial risk from being shifted to the public.”NextEra and Dominion said the approval process to finalize the deal should take 12 to 18 months. It will likely face scrutiny from regulators, consumer advocates and lawmakers. “This proposed combination doesn’t change anything in Florida. Nothing about our operating accountability to the Florida Public Service Commission changes. FPL will continue operating as a separate regulated utility just like today.”

Florida Power & Light’s parent company announced plans to acquire Dominion Energy in a megamerger on Monday amid the growing demand to power data centers fueled by the artificial intelligence boom.

NextEra Energy said it will buy Dominion Energy in nearly $67 billion all-stock transaction. If approved, the deal would create the world’s largest regulated electric utility by market value.

“You think about being able to add that and combine it together with another industry, it makes us even stronger,” NextEra CEO John Ketchum told investors during a call Monday morning.

FPL supplies electricity to approximately 12 million people across the Sunshine State.

“When I think about what this does for shareholders, it couldn’t come at a better time and for customers because power demand is higher than it’s ever been,” Ketchum said.

Dominion already powers the world’s largest data center market in Northern Virginia.

Ketchum said Dominion has a “large load pipeline that’ second to none.”

Dominion’s major customers include Amazon, Microsoft and Meta.

“We have a real chance through the combination of all the skills and the operating platform these two companies bring together to really drive speed to power,” Ketchum said.

The announcement of the proposed merger comes after Gov. Ron DeSantis signed SB 484 earlier this month.

According to the office of the governor, the new law protects ratepayers because it “prohibits utilities from passing data center costs, including electricity costs, onto residential and small business customers” and therefore “prevents financial risk from being shifted to the public.”

NextEra and Dominion said the approval process to finalize the deal should take 12 to 18 months. It will likely face scrutiny from regulators, consumer advocates and lawmakers.

“This proposed combination doesn’t change anything in Florida. Nothing about our operating accountability to the Florida Public Service Commission changes. FPL will continue operating as a separate regulated utility just like today.”