What the merger means for your bill: $10 a month for four years

Oct 28, 2026, 5:53 AM ET

RICHMOND, Va. - If Dominion Energy and NextEra Energy get their merger approved, a typical Virginia household would see a $10 credit on its electric bill every month for four years. That is the headline promise in the companies' latest offer, according to testimony filed Monday by staff of the State Corporation Commission.

How the credits work

In their original merger commitments, the companies pledged $2.25 billion in bill credits for customers in Virginia, North Carolina and South Carolina. Of that, $1.78 billion would go to Virginia retail customers (staff testimony, p. 147), with about $1.59 billion going to Virginia jurisdictional customers. The first version paid a typical 1,000 kilowatt-hour residential customer $10 a month for 24 months.

The companies later filed what they call an Alternative Bill Credit Proposal. Under the version staff incorporated in its proposed conditions, the credit for a typical 1,000 kWh residential customer remains $10 a month but runs for a 48-month period. Non-residential customers outside the large data center class would receive their share over 24 months (p. 190). The credits would appear as a separate line item on bills, and NextEra would add money if needed to make sure the typical household gets the full $10 every month for all 48 months (p. 190). Credits would be calculated from each customer's usage in the prior calendar year.

Staff noted the companies said the size of the credits came out of merger negotiations "intended to support commitments that were demonstrably beneficial to customers" (p. 149). The companies project that charges on the new GS-5 rate class, made up mostly of data centers using 25 megawatts or more, would help fund an additional $87.9 million toward the extra residential credits (p. 148).

For a household, $10 a month over 48 months adds up to $480 over four years.

The goodwill question

The bigger number in the case is not the credit. NextEra's preliminary purchase accounting includes goodwill of roughly $37.9 billion, the premium paid above the value of Dominion's identifiable assets (p. 144). The companies say that premium will be recorded at the NextEra parent level and will not be placed in Dominion Energy Virginia's rate base or recovered from customers (p. 144).

Staff wants that promise locked in as a condition of approval. It also wants detailed reporting of merger-related costs, severance, benefit plan changes and charitable contribution costs so the commission can confirm none of it is charged to Virginia customers (p. 193). NextEra also committed to fund $100 million between closing and July 1, 2038, for the state's energy assistance and weatherization pilot program (p. 190).

Staff's bottom line is that, as filed, the deal does not meet the legal test and should be approved only with additional conditions (pp. 6-7).

Who writes the rules on your bill

Electric rates in Virginia are set by the SCC, but the laws the commission applies are written by the General Assembly, and Dominion is the single most generous corporate donor in the building. VPAP figures show Dominion's top 20 Democratic recipients took at least $8.42 million in 2025-26 and at least $7.15 million in 2023-24. Those recipients include the leaders who decide which utility bills reach the floor: Speaker Don Scott ($600,409 this cycle and $1.12 million last cycle) and Senate Majority Leader Scott Surovell ($600,000). Dominion's 20 largest Republican recipients took about $5.58 million in 2025-26. Virginia Scope puts Dominion's giving since 2018 at nearly $18 million to Democrats and more than $15 million to Republicans. Federally, OpenSecrets shows Dominion Energy PAC gave $117,800 to Democratic candidates and $162,500 to Democratic PACs and party groups in 2023-24.

Consider a hypothetical: the merged company, headquartered in Juno Beach, scales back Virginia political giving. Democrats would lose at least $7 million to $8.5 million per state election cycle from those top recipients and about $280,000 a cycle in federal PAC dollars. Nothing in the staff testimony speaks to political contributions, and NextEra operates its own PAC, so any change is speculation for now.

The SCC is accepting written comments on the case through Nov. 12.

Page numbers refer to the 201-page public version of SCC Staff's prefiled testimony, Volume I of VII, in Case PUR-2026-00112 (SCC document 261030140), filed Oct. 19, 2026.

Richmond Aaron Rouse Abigail Spanberger Adam Ebbin Adele McClure Alex Askew Alfonso Lopez Amy Laufer Angelia Williams Graves Anne Tata Atoosa Reaser Barbara Favola Barry Knight Betsy Carr bill credits Bill DeSteph Bill Wiley Bonita Anthony Briana Sewell Bryce Reeves Buddy Fowler Charlie Schmidt Charniele Herring Chris Runion Christie Craig Christopher Head Cia Price Cliff Hayes Creigh Deeds Dan Helmer Danica Roem Danny Diggs David Marsden David Reid David Suetterlein Debra Gardner Delores McQuinn Delores Oates Destiny LeVere Bolling Dominion Energy Don Scott electric rates Elizabeth Bennett-Parker Elizabeth Guzmán Ellen McLaughlin Emily Jordan Eric Phillips Eric Zehr Garrett McGuire Glen Sturtevant Gretchen Bulova Hillary Kent Holly Seibold Irene Shin Israel O'Quinn Jackie Glass Jas Jeet Singh Jason Ballard Jay Leftwich Jeion Ward Jennifer Boysko Jennifer Carroll Foy Jeremy McPike Jessica Anderson John McAuliff Joseph McNamara Josh Thomas Joshua Cole Justin Pence Kacey Carnegie Kannan Srinivasan Karen Hamilton Karen Keys-Gamarra Karrie Delaney Kathy Tran Katrina Callsen Keith Hodges Kelly Convirs-Fowler Kimberly Pope Adams Lamont Bagby Lashrecse Aird Laura Cohen Lee Ware Leslie Mehta Lily Franklin Lindsey Dougherty Louise Lucas Luke Torian Luther Cifers Madison Whittle Mamie Locke Marcus Simon Margaret Franklin Mark Downey Mark Obenshain Mark Peake Marty Martinez May Nivar Michael Feggans Michael Jones Michael Webert Michelle Maldonado Mike Cherry Mitchell Cornett Nadarius Clark NextEra Energy Nicole Cole Otto Wachsmann Patrick Hope Paul Krizek Phil Hernandez Phillip Scott Press Release PUR-2026-00112 Rae Cousins Richard Stuart Rip Sullivan Robert Bloxom Rodney Willett Rozia Henson Russet Perry Ryan McDougle Saddam Salim Sam Rasoul SCC Schuyler VanValkenburg Scott Surovell Scott Wyatt Shelly Simonds Stacey Carroll Stella Pekarsky Tammy Mulchi Tara Durant Terry Austin Terry Kilgore Tim Griffin Timmy French Todd Pillion Tom Garrett Tommy Wright Tony Wilt Travis Hackworth Virgil Thornton Virginia Virginia House of Delegates Virginia Senate Vivian Watts Wendell Walker Will Davis Will Morefield William Stanley Wren Williams