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The NextEra–Dominion merger is unprecedented in scale and would create the largest monopoly utility in the world. While NextEra and Dominion stand to rake in billions from the deal, South Carolina gets more data centers and the world's largest utility monopoly with a track record of political manipulation and prioritization of profits over customers. State lawmakers and regulators must act to ensure any deal delivers clear, lasting benefits for South Carolinians.
Dominion customers have the opportunity to comment on the merger at public hearings around the state. Tell regulators you want a better deal! Hearings take place on November 12 in North Charleston, November 17 in Columbia, and December 8 in Columbia with a virtual option. Full hearing info available here!
NextEra's Offer for South Carolina
The only benefit offered is $387.5 million in bill credits for Dominion customers spread over two years. This is a fraction of amounts offered to South Carolina customers in previous mergers and would not even cancel out Dominion’s recent 7.6% rate hike ($207 million increase in annual revenue going forward) over the two year period. On top of that, state regulators have already approved an accelerated timeline proposed by the utilities for a quick decision with less scrutiny.
NextEra: A Bad Deal for SC
A Better Deal Is Possible
Virginia is fighting back for ratepayers, and South Carolina can too! Dominion and NextEra have already agreed to additional bill credits in Virginia, and the Virginia government is seeking further concessions.
$2 billion+ | 2018 Dominion’s Acquisition of SCANA (SCE&G): The final order for the merger included over $2 billion in customer refunds (p. 94), a multi-year rate freeze (p. 97), $5 million in charitable giving (p. 104), prohibitions on cost recovery (pp. 97, 98), and a major 540 MW power plant not charged to ratepayers.
$664 million+ | 2011 Duke Energy-Progress Energy Merger: The final order for the merger included more than $650 million in ongoing operational savings (p. 41), a commitment to achieve a 1% annual energy efficiency savings target, investments in workforce development, funding for low-income energy assistance, and ongoing charitable contributions. Adjusted for inflation, these commitments represent about $1 billion in 2026 dollars.
Previous merger deals in our state provided more benefit to South Carolina customers, such as the 2018 Dominion acquisition of SCANA and the 2011 merger of Duke Energy and Progress Energy.
More Data Centers, More Fossil Fuels, More Utility Profits
This merger is about attracting more data centers and profiting off of expensive, polluting gas plants to power these facilities. This means more strain on our state’s natural resources, higher electric bills, and more data center and gas projects impacting local communities.
NextEra's Florida subsidiary, Florida Power & Light (FPL), provides insight on how the utility prioritizes profits over electric customers with:
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Industry-leading profits, with 27% of captive customers' bills going toward utility profits, ranking as the highest in the Southeast and second highest in the nation.
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Wasteful operations, with FPL scoring among the lowest in the nation on key energy efficiency measures that drive down system costs and customer bills, despite having the largest annual retail sales of all investor-owned utilities in the country.
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Strengthens an already dominant monopoly utility, which could make it more difficult to improve oversight and encourage competition, including more competitive alternatives not owned by utilities.
NextEra's History of Political Influence & Manipulation
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