Dominion Energy (NYSE: D) ties bill credits to NextEra deal

Rhea-AI Filing Summary

Dominion Energy, Inc. describes its proposed business combination with NextEra Energy, emphasizing that the Virginia State Corporation Commission will retain full regulatory authority and that customer rates cannot change without its approval. Dominion Energy Virginia would remain headquartered in Richmond and continue to be led and operated by the existing Virginia-based team.

If the combination is approved, Virginia customers are expected to receive $1.78 billion in NextEra shareholder-funded bill credits over two years. Dominion highlights potential longer-term benefits from the combined company’s larger scale, including lower equipment costs, lower borrowing costs and more efficient operations, and notes existing Virginia protections that prevent large data center customers from adversely affecting other customers’ rates. The communication also references the effective Form S-4 Registration Statement and definitive joint proxy statement/prospectus and includes extensive forward-looking statement and risk disclosures about regulatory approvals, integration challenges and transaction completion.

Key Figures

Customer bill credits: $1.78 billion Bill credit period: two years Form S-4 file number: File No. 333-297351 +4 more

7 metrics

Customer bill credits $1.78 billion NextEra shareholder-funded bill credits for Virginia customers over two years if combination is approved

Bill credit period two years Duration over which Virginia customers would receive $1.78 billion in bill credits if approved

Form S-4 file number File No. 333-297351 Registration statement on Form S-4 filed by NextEra Energy on July 9, 2029

Form S-4 effectiveness date July 23, 2026 Date the Registration Statement was declared effective by the SEC

Dominion definitive proxy date July 28, 2026 Date Dominion Energy filed its definitive proxy statement related to the proposed transactions

Data center rate class year 2025 Year Virginia regulators established a separate rate class for large data centers

Data center legislation SB 253/HB 1393 2026 General Assembly legislation mandating no adverse effect of large load customers on other customers’ rates

Key Terms

bill credits, separate rate class, Registration Statement on Form S-4, joint proxy statement/prospectus, +2 more

6 terms

bill credits financial

"Virginia customers will receive $1.78 billion in NextEra’s shareholder-funded bill credits"

separate rate class regulatory

"Virginia regulators established a separate rate class for large data centers"

Registration Statement on Form S-4 regulatory

"NextEra Energy filed with the SEC a registration statement on Form S-4"

A registration statement on Form S-4 is a formal filing with the U.S. Securities and Exchange Commission used when a company issues shares or other securities as part of a merger, acquisition, exchange offer or similar corporate deal. It bundles the transaction terms, financial statements, risk factors and shareholder vote materials so investors can assess the deal; think of it as a detailed prospectus or buyer’s packet that explains what you would own and how the deal could change your stake.

joint proxy statement/prospectus regulatory

"includes a preliminary joint proxy statement of NextEra Energy and Dominion Energy that also constitutes a preliminary prospectus"

A joint proxy statement/prospectus is a single, combined document that both asks shareholders to vote on a proposed transaction and provides the detailed information required when new securities are being offered. Think of it as a combined ballot and product brochure that explains the deal, the companies’ finances, key risks and how ownership will change. Investors rely on it to understand the terms, evaluate risks and make informed voting and investment decisions.

forward-looking statements regulatory

"This communication includes “forward-looking statements” within the meaning of the safe harbor provisions"

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

Private Securities Litigation Reform Act of 1995 regulatory

"within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995"

FAQ

What does Dominion Energy (D) say will happen to Virginia regulation after the NextEra merger?

Dominion states that the Virginia State Corporation Commission will keep full regulatory authority, and customer rates cannot change without SCC approval. Dominion Energy Virginia would also remain headquartered in Richmond, led and operated by the same Virginia-based team serving customers today.

How much in bill credits could Dominion Energy (D) customers receive from the proposed NextEra merger?

Dominion states that, if the combination is approved, Virginia customers would receive $1.78 billion in NextEra shareholder-funded bill credits over two years. These credits are described as a direct customer benefit contingent on regulatory approval of the transaction.

How does Dominion Energy (D) describe cost advantages from combining with NextEra?

Dominion explains that the combined company’s scale is expected to allow it to negotiate lower equipment costs, borrow at lower rates and operate more efficiently. These factors are presented as helping to control costs over the longer term, subject to various risks and uncertainties.

What protections for other customers from data center costs does Dominion Energy (D) highlight?

Dominion notes that Virginia regulators created a separate rate class for large data centers in 2025 with stronger long-term payment requirements. It also cites 2026 legislation (SB 253/HB 1393) requiring large load customers to have no adverse effect on other customers’ rates.

Where can Dominion Energy (D) investors find detailed documents on the NextEra merger?

Dominion points investors to the Form S-4 Registration Statement, the definitive joint proxy statement/prospectus, and related SEC filings available at www.sec.gov. Copies are also available free of charge on the investor relations websites of both NextEra Energy and Dominion Energy.

What key risks to the Dominion Energy (D)–NextEra merger are highlighted?

The communication lists risks including failure to obtain shareholder or regulatory approvals, inability to realize expected benefits, integration challenges, potential litigation, effects on business relationships, stock price impacts and changes in laws, economic conditions, interest rates and commodity prices.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 08/17/2026 - 04:36 PM Accepted by SEC EDGAR 08/17/2026 - 04:30 PM Learn about SEC filing dates

Filed by: Dominion Energy, Inc.

pursuant to Rule 425 under the Securities Act of 1933

and deemed filed pursuant to Rule 14a-6(b) under

the Securities Exchange Act of 1934

Subject Company: Dominion Energy, Inc.

Commission File No.: 001-08489

Letter to the Editor of Richmond Times-Dispatch from William L. Murray

A response from Dominion to Sen. VanValkenburg

Aug 14, 2026

Sen. Schuyler VanValkenburg, D-Henrico, raised concerns in an op-ed printed Aug. 2 about Dominion Energy’s proposed merger with NextEra Energy. Here are the facts.

The Virginia State Corporation Commission (SCC) will continue to have full regulatory authority. Rates cannot change by even a penny without SCC approval. Dominion Energy Virginia will remain headquartered in Richmond, led and operated by the same dedicated Virginians who serve customers today.

If the combination is approved, Virginia customers will receive $1.78 billion in NextEra’s shareholder-funded bill credits over two years. Longer-term, the combined company’s scale will allow us to negotiate lower equipment costs, borrow at lower rates and operate more efficiently to control costs.

Virginia has already taken a national lead in protecting customers from absorbing data center costs. In 2025, Virginia regulators established a separate rate class for large data centers with stronger long-term payment requirements. The 2026 General Assembly passed legislation (SB 253/HB 1393) mandating that large load customers have no adverse effect on the rates paid by other customers.

It is also worth noting that among the many strengths Dominion Energy Virginia and Florida Power and Light (FPL) share, both have had rates below the national average for many years. FPL’s rates, which are well below the national average, illustrate the value of both economies of scale and hardening the utility system to prevent power outages.

This proposal delivers $1.78 billion in bill credits, the same team serving customers today, and ongoing ability to buy, finance and build more efficiently. The expert judges at the SCC, supported by their experienced staff, are responsible for approving this transaction on its merits, not its politics.

William L. Murray

Senior Vice President Corporate Affairs & Communications

Dominion Energy

Forward-Looking Statements

This communication includes “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included or incorporated by reference in this communication, including, among other things, statements regarding the proposed business combination transaction between NextEra Energy, Inc. (NextEra Energy) and Dominion Energy, Inc. (Dominion Energy) and future events, plans and anticipated results of operations, business strategies, the anticipated benefits of the proposed transactions, the anticipated impact of the proposed transactions on the combined company’s business and future financial and operating results, the anticipated closing date for the proposed transactions and other aspects of NextEra Energy’s or Dominion Energy’s operations or operating results, are forward-looking statements. Words and phrases such as “ambition,” “anticipate,” “estimate,” “believe,” “budget,” “continue,” “could,” “intend,” “may,” “plan,” “potential,” “predict,” “seek,” “should,” “will,” “would,” “expect,” “objective,” “projection,” “forecast,” “goal,” “guidance,” “outlook,” “effort,” “target,” the negative of such terms or

other variations thereof and words and terms of similar substance used in connection with any discussion of future plans, actions or events can be used to identify forward-looking statements. Where, in any forward-looking statement, NextEra Energy or Dominion Energy expresses an expectation or belief as to future results, such expectation or belief is expressed in good faith and believed to be reasonable at the time such forward-looking statement is made. Any forward-looking statement is not a guarantee of future performance, outcomes or results and is subject to numerous risks, uncertainties and other factors, many of which are beyond NextEra Energy’s or Dominion Energy’s control, that could cause actual performance, outcomes or results to differ materially from what is expressed or implied in the forward-looking statement.

These factors include a failure by NextEra Energy to successfully integrate Dominion Energy’s businesses and technologies, which may result in the combined company not operating as effectively and efficiently as expected; the risk that the expected benefits of the proposed transactions may not be fully realized or may take longer to realize than expected; each party’s ability to obtain the approval of its shareholders required to consummate the proposed transactions and the timing of the closing of the proposed transactions, including the risk that the conditions to closing are not satisfied on a timely basis or at all or the failure of the transactions to close for any other reason or to close on the anticipated terms, including with the anticipated tax treatment; the risk that any governmental or regulatory approval, consent or authorization that may be required for the proposed transactions is not obtained, is delayed or is obtained subject to conditions that are not anticipated or that cause the termination of the merger agreement and abandonment of the transactions; the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement by either party; the risk that certain provisions in the merger agreement or the pendency of the transactions may impact either party’s ability to pursue certain business opportunities or strategic transactions; unanticipated difficulties, liabilities or expenditures relating to the transactions, including the impact of potential litigation relating to the transactions; the effect of the announcement, pendency or completion of the proposed transactions on the parties’ business relationships and business operations generally, including the parties’ relationship with regulators, suppliers, vendors and customers; the effect of the announcement or pendency of the proposed transactions on the parties’ common stock prices and uncertainty as to the long-term value of either party’s common stock; risks that the proposed transactions disrupt either party’s current plans and operations, including due to the diversion of the attention of management from ordinary course business operations, and potential difficulties in hiring or retaining employees as a result of the proposed transactions; any rating agency actions; the impact of the announcement or pendency of the proposed transactions on either party’s ability to access capital, including the short- and long-term debt markets, on a timely and affordable basis; general worldwide economic conditions and related uncertainties; the effect and timing of changes in laws or in governmental regulations (including environmental); fluctuations in trading prices of securities of NextEra Energy and in the financial results of NextEra Energy or Dominion Energy; and the timing and extent of changes in interest rates, commodity prices and demand and market prices for electricity or gas. The definitive proxy statement filed by Dominion Energy with the Securities and Exchange Commission (SEC) on July 28, 2026 (available at https://www.sec.gov/Archives/edgar/data/715957/000110465926087585/tm2621467-2_defm14a.htm) describes additional risks relating to the proposed transactions and combined company. While the list of factors presented here and the list of factors presented in Dominion Energy’s definitive proxy statement are considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. For additional information about other factors that could cause actual results to differ materially from those described in the forward-looking statements, please refer to NextEra Energy’s and Dominion Energy’s respective periodic reports and other filings with the SEC, including the risk factors contained in NextEra Energy’s and Dominion Energy’s most recently filed Annual Reports on Form 10-K and subsequently filed Quarterly Reports on Form 10-Q.

Any forward-looking statements included in this communication represent current expectations and are inherently uncertain and are made only as of the date hereof (or, if applicable, the dates indicated in such statement). Except as required by law, neither NextEra Energy nor Dominion Energy undertakes or assumes any obligation to update any forward-looking statements, whether as a result of new information or to reflect subsequent events or circumstances or otherwise.

No Offer or Solicitation

This communication is not intended to and shall not constitute an offer to buy or sell or the solicitation of an offer to buy or sell any securities, or a solicitation of any vote or approval, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made, except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

Additional Information about the Transactions and Where to Find It

In connection with the proposed transactions, NextEra Energy filed with the SEC a registration statement on Form S-4 (File No. 333-297351) on July 9, 2029 (available at https://www.sec.gov/Archives/edgar/data/753308/000110465926082301/tm2614888-13_s4.htm) (the Registration Statement), which includes a preliminary joint proxy statement of NextEra Energy and Dominion Energy that also constitutes a preliminary prospectus of NextEra Energy. The Registration Statement was declared effective by the SEC on July 23, 2026. NextEra Energy filed a final prospectus on July 28, 2026 (available at https://www.sec.gov/Archives/edgar/data/753308/000110465926087576/tm2614888-19_424b3.htm) and Dominion Energy filed a definitive proxy statement on July 28, 2026 (available at https://www.sec.gov/Archives/edgar/data/715957/000110465926087585/tm2621467-2_defm14a.htm). NextEra Energy and Dominion Energy first mailed the definitive joint proxy statement/prospectus to their respective shareholders on or about July 28, 2026. Each of NextEra Energy and Dominion Energy may also file other relevant documents with the SEC regarding the proposed transactions. This communication is not a substitute for the Registration Statement or the definitive joint proxy statement/prospectus or any other document that NextEra Energy or Dominion Energy may file with the SEC. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT, DEFINITIVE JOINT PROXY STATEMENT/PROSPECTUS, AND ANY OTHER RELEVANT DOCUMENTS THAT MAY BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY AS THEY BECOME AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT NEXTERA ENERGY, DOMINION ENERGY, THE PROPOSED TRANSACTIONS AND RELATED MATTERS.

Investors and security holders may obtain free copies of the Registration Statement, the definitive joint proxy statement/prospectus and other documents containing important information about NextEra Energy, Dominion Energy and the proposed transactions filed or that will be filed with the SEC through the website maintained by the SEC at www.sec.gov. Copies of the documents filed with the SEC by NextEra Energy are available free of charge on NextEra Energy’s website at http://www.investor.nexteraenergy.com/ or by contacting NextEra Energy’s Investor Relations Department by email at investors@nexteraenergy.com or by phone at (800) 222-4511. Copies of the documents filed with the SEC by Dominion Energy are available free of charge on Dominion Energy’s website at http://investors.dominionenergy.com or by contacting Dominion Energy’s Investor Relations Department by email at investor.relations@dominionenergy.com or by phone at (804) 819-2438.

Participants in the Solicitation

NextEra Energy, Dominion Energy and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies in respect of the proposed transactions.

Information about the directors and executive officers of NextEra Energy, including a description of their direct or indirect interests, by security holdings or otherwise, is set forth in (i) NextEra Energy’s proxy statement for its 2026 annual meeting of shareholders, which was filed with the SEC on April 1, 2026, including under the headings “Proposal 1: Election as directors of the nominees specified in this proxy statement,” “Director Compensation,” “Executive Compensation,” and “Common Stock Ownership of Certain Beneficial Owners and Management,” (ii) NextEra Energy’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, which was filed with the SEC on February 13, 2026, including under the heading “Item 1. Business—Information About Our Executive Officers” and (iii) to the extent certain holdings of NextEra Energy securities by its directors or executive officers have changed since the amounts set forth in NextEra Energy’s proxy statement for its 2026 annual meeting of shareholders, such changes have been or will be reflected on Initial Statement of Beneficial Ownership of Securities on Form 3, Statement of Changes in Beneficial Ownership on Form 4, or Annual Statement of Changes in Beneficial Ownership of Securities on Form 5, filed with the SEC.

Information about the directors and executive officers of Dominion Energy, including a description of their direct or indirect interests, by security holdings or otherwise, is set forth in (i)  Dominion Energy’s proxy statement for its 2026 annual meeting of shareholders, which was filed with the SEC on March 19, 2026, including under the headings “Item 1: Election of Directors – Director Nominees,” “Compensation of Non-Employee Directors,” “Executive Compensation” and “Security Ownership of Certain Beneficial Owners and Management,” (ii) Dominion Energy’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, which was filed with the SEC on February 23, 2026, including under the heading “Information about our Executive Officers” and (iii) to the extent certain holdings of Dominion Energy securities by its directors or executive officers have changed since the amounts set forth in Dominion Energy’s proxy statement for its 2026 annual meeting of shareholders, such changes have been or will be reflected on Initial Statement of Beneficial Ownership of Securities on Form 3, Statement of Changes in Beneficial Ownership on Form 4 or Annual Statement of Changes in Beneficial Ownership of Securities on Form 5, filed with the SEC.

Other information regarding the participants in the proxy solicitations and a description of their direct and indirect interests, by security holdings or otherwise, is contained in the definitive joint proxy statement/prospectus filed with the SEC on July 28, 2026. Investors should read the definitive joint proxy statement/prospectus carefully before making any voting or investment decisions. Copies of the documents filed with the SEC by NextEra Energy and Dominion Energy are available free of charge through the website maintained by the SEC at www.sec.gov. Additionally, copies of documents filed with the SEC by NextEra Energy and Dominion Energy are available free of charge through the sources indicated above.