• THE GRID
The $420 Billion Power Play
On Wednesday, NextEra Energy and Dominion Energy filed for merger approval. Not in one place. In five.
FERC. The NRC. Virginia. North Carolina. South Carolina. All at once.
This isn't a routine filing. The deal, struck in May, is roughly $67 billion. Nearly all stock. NextEra agreed to pay a 23% premium over Dominion's $54.3 billion pre-deal market cap. They wanted this deal badly.
The combined company would be the world's largest regulated electric utility. Not by a little. By a mile.
Deal Value
~$67B
| Enterprise Value
~$420B
|
Customer Credits
$2.25B
| Combined Mkt Cap
$249B+
|
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Combined enterprise value: about $420 billion. Combined market cap: north of $249 billion. NextEra already led the U.S. utility sector by market cap. Dominion powered the backbone of the Mid-Atlantic grid.
Now they want to be one company. And the reason is a single word: demand.
Together, they'd serve four of the fastest-growing power markets in the country. Florida. Virginia. North Carolina. South Carolina. Three of those rank near the top for data center builds.
Both companies' leaders used the word "meteoric" to describe demand growth. You don't hear that word in utility filings. It showed up in theirs.
Virginia sits at the center. Dominion's territory holds the densest cluster of data centers on the planet. And the load curve keeps rising.
To bring regulators along, the companies pledged $2.25 billion in shareholder-funded bill credits. Dominion customers in three states split it over two years. Virginia gets $1.8 billion of that. And the companies promised no merger costs get passed to ratepayers.
The filing starts a review that could run 12 to 18 months. Five bodies get a say. That leaves lots of room for friction.
Consumer groups, rival power firms, and state leaders all want a voice on a deal this size.
But the logic is plain. NextEra brings the largest wind and solar fleet in the world. Dominion brings the regulated turf every data center builder wants. Together, they'd build, own, and run power at a scale no other utility can match.
I've said it all year. The grid is the most important asset class in America right now. This deal makes the case louder than I ever could.
When two of the largest utilities in the country decide they're too small alone, that tells you everything about where power demand is headed.
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• VOLTAGE
Every Hyperscaler Has Gone Nuclear
Thirteen deals. At least 9.8 gigawatts of nuclear capacity. That's how much power Big Tech has locked down for data centers.
Every major hyperscaler has signed at least one nuclear agreement.
Meta made the biggest move. In January, it signed deals with Vistra, TerraPower, and Oklo for up to 6.6 GW. Enough to power five million homes.
Vistra's piece alone is huge. It signed 20-year PPAs to supply Meta with 2,609 MW from its PJM nuclear plants — Perry, Davis-Besse, and others. Power starts flowing late this year.
Microsoft, Google, and Amazon all have their own nuclear contracts in the works. The deals span existing plants, planned restarts, and reactors still in development.
A year ago, most of this was conditional. Soft expressions of interest. Now the contracts are signed. The capital is committed. Real counterparties. Real timelines.
The old question about nuclear was always: who pays for it? Now we know. The richest companies on earth are writing the checks.
Grid queues still average five years. Nuclear gives hyperscalers what wind and solar can't — firm, round-the-clock power they can contract direct.
I expect more deals before year-end. The pipeline of data centers waiting for power is longer than the pipeline of power waiting for customers.
13 deals. 9.8 gigawatts. Nuclear isn't a talking point anymore — it's a line item.
• WIRED IN
Signals From the Grid
Eaton (ETN) posted record Q1 2026 results — $7.5 billion in sales, up 17%. Data center orders in Electrical Americas surged 240% year-over-year. Electrical Americas backlog grew 44% and Electrical Global backlog grew 73%, lifting total electrical sector backlog by 48%. Eaton raised its organic growth target to 10%.
The data center power grab isn't just a utility story. FuelCell Energy (FCEL) signed a 380 MW deal with Fit Energy for on-site data center power in June. The first 30 MW is expected this year. FCEL shares climbed through late June on the news and a wave of analyst upgrades.
Where's the money going? Look at VOLT. The Tema Electrification ETF is up roughly 38% year-to-date with $750.6 million in assets. Grid infrastructure has become its own investable theme — and capital is pouring in.
Eaton's backlog. FuelCell's contracts. VOLT's inflows. The grid buildout isn't a forecast anymore — it's a trade already on the tape.
