NextEra-Dominion merger could jack up electricity prices, lawmakers warn
Summary
Democratic lawmakers warned that the $67 billion merger between NextEra Energy and Dominion Energy could reduce competition and raise electricity prices for consumers. They asked the Federal Energy Regulatory Commission (FERC) to carefully review the deal and block it if it harms consumers or the public interest.Key Facts
- NextEra Energy plans to buy Dominion Energy for $67 billion.
- The merger would create the largest regulated electric utility company in the world.
- The new company would serve about 10 million customers across four states.
- Lawmakers worry the combined company could raise prices and delay energy grid improvements.
- They also fear the merged company could hinder competition by controlling key transmission lines.
- FERC is the government agency that reviews such mergers to protect public interest.
- NextEra has offered $2.25 billion in bill credits to customers for two years after the merger.
- Lawmakers said previous promises of rate reductions from utility mergers often fail to happen.
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