Dominion, NextEra propose $1 billion-a-year Virginia supplier program

Sept 14 (Reuters) - Dominion ‌Energy and ​NextEra ​Energy on Monday said they would establish a Virginia supplier program worth up ‌to $1 billion annually for five years if ⁠their proposed merger is approved.

They announced merger plans in ‌May, as rising power ‌demand from data centers, electric vehicles and other industries drives a renewed wave of utility ​consolidation.

• NextEra and Dominion said the new program would direct spending toward contractors, suppliers and ⁠service providers in Virginia.

• They proposed extending monthly $10 bill credits to ​four years from two and increasing Dominion's low-income financial assistance by $100 million through ​2038.

• The commitments include a $100 ‌million workforce development fund, an annual energy summit in the state and ⁠maintaining the current employee headcount there for five years.

• The combined company will get a shareholder-funded co-headquarters ⁠tower in state capital Richmond.

• Virginia Governor Abigail Spanberger said ​in August she would intervene in regulatory review of the merger, pressing for commitments on power affordability, job ‌protections and clean energy investments.

• Shareholders of both companies approved the proposed $66.8 ‌billion merger earlier this month. The deal, awaiting ⁠regulatory approvals, is expected ‌to close in ​the second half of 2027.

(Reporting by Sumit Saha in Bengaluru; Editing by Joyjeet ‌Das)

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