NextEra Energy is in advanced negotiations to acquire Dominion Energy in a merger valued at approximately $400 billion. This mostly stock-based deal would create a major utility company amid rising U.S. electricity demand driven by AI infrastructure and industrial electrification. NextEra's enterprise value stands at about $300 billion, while Dominion's is around $106 billion. The merger requires approval from the Federal Energy Regulatory Commission and state regulators across jurisdictions where both companies operate. The regulatory review process is expected to take 12 to 24 months. The stock-based nature of the deal suggests a strategic merger rather than a cash-heavy acquisition, indicating a focus on maintaining balance sheet flexibility for future investments.