NextEra CEO pitches Dominion merger; critics demand Robo memo answers

RICHMOND, Va. — NextEra Energy CEO John Ketchum made a stop in Virginia's capital Thursday to pitch his company's proposed takeover of Dominion Energy to dozens of business leaders, utility executives, regulators, and policymakers at the 2026 Forum on Infrastructure.

"What Dominion's been able to accomplish, what Nextera has been able to accomplish, and I think when you put the track records of the two companies together, oh my gosh, I mean, what this combined company can accomplish for the state of Virginia and for Richmond, I think is is truly going to be amazing," Ketchum said.

While Ketchum urged observers to examine his company's track record, many advocates and residents opposed to the merger say the questions they want answered have more to do with a document known as the Robo Memo.

The more than 150-page, partially redacted document was originally leaked to Florida journalists and then provided to me. It outlines several allegations of political misconduct connected to Florida Power and Light — a subsidiary of NextEra.

"If it is so sensitive, then what is in that memo? I mean, you have to ask what are they hiding?" Janet Wolfe said.

WATCH: Dominion customers could pay $10 more monthly as utility recovers $1B in fuel costs

Recently, a State Corporation Commission hearing examiner ruled that NextEra must turn over the Robo Memo. The document is now marked as confidential within the merger SCC case file — allowing those who have intervened a chance to view it in person and eyes-only.

However, since this ruling, many have said it's concerning that the company continues to work to seal it from the public eye.

"To have it in a room where you can't take notes, you can only look at it, it's only select people, so what's so explosive that's in there? With this coming into Virginia, we need to know," Wolfe said.

At the conference, Ketchum continued pitching the merger as a win for ratepayers, arguing that combining 2 industry leaders would create a global powerhouse.

"Now you think about this combination when you bring an industry leader like Dominion together with an industry leader like NextEra, and this combined company is the global leader in power. It will be," Ketchum said.

Many who oppose the merger worry costs will rise as a result of the combination. Dominion Energy Virginia President Ed Baine directly addressed that concern.

"There are some misconceptions out there about, well, this merger will make your bills go up. No, number one, you said no merger costs will be passed on the customers, and number two, the regulator will still have to approve any changes to the bill going forward. I just want to be clear about that point," Baine said.

RELATED: NextEra's alleged 'political scandals' raise questions amid Dominion merger review

Ketchum and Baine argued that scale matters when it comes to lowering costs. With the combined company expected to double in size, both executives said the merger will improve the company's corporate credit rating — and that that will drive down customer bills.

"When you have a better credit rating, you get better loan, right? You get better interest rates, and when you're spending $10 to $15 billion a year, those interest costs are real, and those benefits get passed to our customers," Baine said.

They also pointed to supply chain benefits.

"Equipment and labor has been the two biggest drivers beyond fuel on the increases in customer bills. When you're able to drive those costs down with scale, again, those benefits get passed to the customer," Baine said.

Ketchum and Baine were not available to take questions from reporters at the conference.

The State Corporation Commission is still scheduled to make a decision on the merger in January.

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