U.S. Senator Angus King has petitioned the Federal Energy Regulatory Commission (FERC) to deny NextEra Energy's proposed $66.8 billion purchase of Dominion Energy, according to a filing made public on Monday. King said the transaction would place excessive market influence in the hands of a single company and warned of diminished competition in regions that together serve more than 10 million people.
The proposed deal, announced last month, would combine two of the country’s largest power companies and, if approved, create what NextEra described as the world’s largest regulated electric utility. Dominion, based in Virginia, operates in an area noted in the filing for hosting the largest concentration of data centers globally. The recent uptick in large-scale utility mergers has coincided with renewed growth in electricity demand following roughly two decades of relative stagnation in the sector, driven in part by energy-intensive data centers and the electrification of industries such as transportation.
In his letter to FERC, King argued that the merged company’s mix of assets would give it significant levers to influence regional markets. He wrote: "A single firm with that mix of merchant generation, regulated generation, transmission, and load-pocket exposure has powerful incentives and tools to shape regional markets in its favor." The senator pointed to the combined 110 gigawatts of electric-generating capacity the two companies would control, as well as their position as the largest owner of natural gas-fired generation and the operator of the second-largest nuclear portfolio in the United States.
King also raised concerns about NextEra’s conduct in regional markets, saying the company has previously used lobbying tactics in New England that hindered competition in the clean energy sector. He cited additional business conduct issues that, in his view, could ultimately translate into higher costs for consumers.
The filing frames the potential merger as more than a balance-sheet or scale play; it suggests structural changes to the competitive landscape that could affect wholesale and retail outcomes for utilities and large customers alike. The senator’s letter asks FERC to evaluate these competitive and conduct-related risks in determining whether the transaction should proceed.
NextEra was not immediately available for comment.
Context note: The filing reflects a formal request to FERC; the regulator’s decision and any subsequent review or proceedings are not detailed in the filing itself.