Richmond City Council weighs opposition to $67 billion Dominion-NextEra merger

RICHMOND, Va. — As Virginians continue to weigh in on the proposed $67 billion merger between Dominion Energy and NextEra Energy, the city where Dominion is headquartered is considering taking a formal stand against the deal.

Richmond City Council is considering a resolution that would put the city on record opposing the merger unless the companies agree to stronger, legally binding protections covering jobs, electricity bills and the environment.

The proposal comes as state regulators continue hearing from Virginians divided over the massive energy deal.

During a recent State Corporation Commission public hearing, one speaker warned, "There's deep concern that monthly energy bills for Virginia families will increase."

Another speaker supported the merger, saying, "I believe the proposed combination represents an opportunity to position Dominion for the future while supporting its ability to meet Virginians' evolving energy needs."

The SCC is holding another hearing by phone Monday, with the final scheduled public hearing set for Tuesday from 4 to 7 p.m.

Meanwhile, Richmond City Council's proposed resolution calls for additional commitments in three key areas.

The companies have promised to maintain Virginia's existing employee headcount for five years.

Richmond's proposed resolution calls for that commitment to last 15 years, three times longer than what the companies have offered.

The resolution would also require the companies to break ground on their promised new downtown Richmond headquarters within two years of the SCC's final order on the merger.

City Council is also seeking stronger protections for Richmond residents facing high energy costs.

The resolution calls for the companies to turn temporary bill credits into a "permanent, structured rate reduction for households experiencing extreme energy burdens in Richmond's lowest-income census tracts."

The third piece of the resolution focuses on Richmond's climate goals.

The city is seeking enforceable guarantees that the merger would not displace, delay or increase the cost of meeting those goals.

Richmond City Council already voted in September to intervene in the SCC's review of the proposed merger.

Monday's resolution would take the city's position a step further by formally expressing opposition to the merger unless the additional protections are secured.

A public hearing on the resolution is scheduled for 6 p.m. Monday.

The State Corporation Commission faces a Jan. 11 deadline to decide on the proposed merger.

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