Virginia Governor Proposes 6-Year Rate Freeze for Dominion-NextEra Merger

• Virginia Governor Abigail Spanberger proposes a six-year freeze on electricity rate hikes if the Dominion-NextEra merger is approved.
• Staff at the Virginia State Corporation Commission recommend against the proposed $67 billion merger unless binding conditions are met.
• Spanberger filed expert testimony with the SCC urging it to reject the merger without a rate freeze.
• The merger, if approved, would create the largest utility in the U.S. and requires state and federal oversight.
• The deal impacts Dominion’s business in Virginia and the Carolinas.