We believe the proposed $67 billion acquisition of Dominion Energy by Florida-based NextEra Energy is a bad deal for South Carolina ratepayers. That is why we have intervened at the Public Service Commission to make sure that low-income customers have their interests protected.
If approved, this merger would create the largest private, regulated electric utility in the country, and place immense power in a company that seems more focused on maximizing profits than providing affordable, clean, and reliable energy to its customers.
NextEra announced this takeover effort weeks after Dominion was approved to raise its rates, right after Dominion was allowed to start building a $5 billion gas plant in Colleton County, and within days of the scheduled end of the legislative session. They’ve also asked for, and gotten, a fast-tracked schedule for the review of this takeover that makes it hard for South Carolinians to make sure that our interests are protected.
We’re especially concerned because NextEra is not treating its current customers well. In 2024, Florida Power& Light (FPL), which NextEra owns, cut off power to its customers at over twice the rate that Dominion did in South Carolina and nearly four and a half times the rate of Duke Energy Carolinas (which serves the upstate). The following year, FPL pushed the Florida Public Service Commission to approve an $8.9 billion rate increase. They ultimately got an historic $6.9 billion rate increase that raised FPL’s return on equity (profit) to 10.95 percent, higher than Dominion’s and every other utility in the continental U.S. Even as customers struggle to keep up, NextEra banked more than $5 billion in profit last year and compensated its CEO nearly $25 million.
To accomplish this takeover, they’ve offered customers about a $10/month reduction in their energy bill, which that stops after two years. That doesn’t even offset Dominion’s $12/month rate increase that just took effect and gives us no protection against future rate increases.
As proposed, we believe the merger is not built to benefit South Carolina customers. Based on our review of the proposal and NextEra’s track record, we are deeply concerned this merger only stands to increase disconnections, worsen rising energy prices, and create one of the nation’s most powerful monopolies.
That’s why we oppose the merger, and we’re working to bring up these important issues before the Public Service Commission, before it’s too late. We invite all South Carolinians to stand with us, and we hope legislators will step up to protect South Carolina customers as well.
We will have details on how you can get involved coming soon. Thank you for your interest.
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Regulators clear consumer, environmental groups to weigh in on merger that would form world’s largest regulated electric utility – WLTX Story
