Governor Abigail Spanberger will intervene in the review of the largest utility merger in U.S. history, a proposed $67 billion joining of Dominion Energy with Florida’s NextEra.
“The benefits for this merger will last a lot longer for the companies participating than two years so I want to see the benefit to Virginians last longer as well," Spanberger told reporters Thursday, explaining why she’s intervening in the state corporation commissions review of the merger.
“I have many questions about what does it mean for these two enormous companies, one of course Virginia based and one Florida based, to merger, and what does that mean for Virginia?" the governor said. "And so, in looking at all the avenues of action that I as governor can take to act on these concerns.
In a statement, Dominion Energy CEO Robert Blue welcomed the governor to the process and said the utility shared Spanberger’s priorities of quote “affordability, protecting Virginia jobs and supporting the Commonwealth’s energy future."
“The proposal will leverage NextEra Energy’s expertise as the world’s leading clean energy developer to help meet Virginia’s growing energy needs,” Blue added.
According to NextEra, the company operates 28 gigawatts of renewable power. Dominion currently generates about 2.5, though the Coastal Virginia Offshore Wind Project, scheduled to wrap up late next year, is set to double that.
The companies have also promised bill credits and job security for most, though admitted some terminations would occur after 18 months if the deal was approved.
Elected officials, meanwhile, are still hoping for an extension of the review process. Loudoun County Senator Russet Perry renewed that call Wednesday after seeing South Carolina’s review of the merger was about a month later, saying Virginia should quote “avoid being constrained by the shortest statutory timeline.”
“We’re right now operating under a timeline that would force Virginia to make a decision before other states have completed their reviews,” Perry told Radio IQ. “Even though we make up almost 75% of the affected customers in this merger.”
Republicans from both chambers made a similar request earlier this month. And Charlottesville Senator Creigh Deeds agrees as well: “Six months might be enough time for it, it might not. I’d rather err on the side of caution and making sure we get it right.”
Clean Virginia has been a skeptic of the deal since it was announced. An ally of Spanberger and Democrats, executive director Brennan Gilmore was leaning more towards Deeds’ idea Thursday.
“While the Governor’s leadership is a significant step, the default timeline for the State Corporation Commission to review the merger application is insufficient,” Gilmore said. “Virginia's soaring bills and substantial energy challenges won’t be solved by creating an even bigger monopoly.“
But Spanberger isn't interested in drawing out the review timeline or calling a special session to do so.
“My priority is not extending a discussion," she said. "It's having a deep, purposeful, very detailed discussion about the potential outcomes of this merger.”
