Dominion Energy CEO defends NextEra merger amid growing opposition

RICHMOND, Va. — Dominion Energy CEO Bob Blue says a proposed $67 billion merger with Florida-based NextEra Energy would ultimately benefit ratepayers — but some customers say they're already struggling to keep up with rising electricity bills, and some lawmakers remain opposed.

On Tuesday, Virginia Lt. Governor Ghazala Hashmi publicly opposed the proposed merger, saying the deal is not in the best interest of Virginians.

However, Blue says the combination would allow the company to finance, build and operate more efficiently, while providing customers with $10 monthly bill credits for four years.

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"When you can finance more efficiently, when you can buy more efficiently, when you can operate more efficiently, when you can build more efficiently, those are all ultimately good for the customers that we serve, so we see that as what's really driving this combination," Bob Blue said during a Wednesday webinar with RVA757 Connects.

But for customers already struggling with their bills, the question is what happens after that.

"Folks want to know what does this mean for me as a customer. What does this mean for my constituents as a lawmaker? What does this mean for my customers as a business? And what it means is an opportunity, in my view, to take a company that serves our customers well today and do it even better in the future," Blue said.

Hundreds have spoken out against the merger, worried it could lead to even higher rates.

Sen. Mike Jones said he has heard from constituents struggling with their electricity costs.

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"I've heard from the grandmother in south Richmond who sets the thermostat by the budget she has and not by the weather. I've heard from the single father in Chesterfield who chooses between the light bill and the grocery bill every single month. This is why I have said publicly and I say again today, I oppose this merger," Jones said.

Dominion customer Laura Arnett says the debate comes down to a more basic question: how much more can families afford?

"At some point if these rates continue to go up, I'm going to have to make the choice between feeding, clothing, or electricity. What happens to other families that are in worst situations than I am, or households that are in worst situations, what are they going to do? I mean at some point we are going to have a lot of Virginians living in the dark," Arnett said.

If the merger is approved, shareholders would provide an additional $100 million to Dominion's EnergyShare program.

"Which is an increase of about 50% of what we would be doing otherwise," Blue said.

Virginia resident Drexel Harris says he supports the deal.

"I see this as an opportunity to increase investment into the community, to create more jobs and opportunity," Harris said.

Blue says Dominion's rates and spending would remain subject to regulatory oversight.

"I understand people's concerns about their electricity bills. As I mentioned earlier, it's been a very cold winter and a very hot summer...our company is not immune to the same inflationary pressures that everyone is feeling in the economy right now," Blue said.

Blue also addressed scrutiny around data centers, saying NextEra and Dominion agree that data centers should pay their fair share for the infrastructure needed to serve them.

"Data centers will continue to need to pay their fair share. Our regulators will make sure that we do that...we owe all of our customers good service. That's not going to change with this combination with NextEra," Blue said.

The merger still needs approval from the State Corporation Commission along with five other agencies. You can submit a public comment to the SCC on this merger here.

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