NextEra Energy 计划收购 Dominion Energy，这笔交易将 Dominion 估值为1240亿美元、将合并后公司（含债务）估值为4200亿美元。此举发生在人工智能推高美国公用事业需求、并把电力行业推到科技与政治冲突中心之际。

NextEra 近年来持续加码：自2021年以来，其年度资本支出已增加逾一半，去年达到250亿美元；Fitch 估计，合并后公司在2027至2030年间的资本开支可能超过2200亿美元。该公司还在10月同意重启一座615兆瓦核电站为谷歌数据中心供电，并随后宣布与 Meta 签订总计2500兆瓦的发电和储能合同。

合并还有财务结构上的好处，因为评级机构通常要求至少70%的公用事业业务来自受监管电力市场，而 NextEra 的非受监管业务增长速度约为受监管业务的两倍，已接近这一70%的门槛。Dominion 几乎全部业务受监管，且账上有500亿美元债务；NextEra 承诺向 Dominion 客户提供22.5亿美元账单抵扣，但监管审批仍需通过弗吉尼亚和卡罗莱纳州以及对电价上涨担忧的政治阻力。

NextEra Energy plans to acquire Dominion Energy in a deal that values Dominion at $124bn and the combined company, including debt, at $420bn. The move comes as artificial intelligence boosts U.S. utility demand and puts the power sector at the centre of a technology-driven political fight.

NextEra has been ramping up spending: since 2021, its annual capital expenditure has risen by more than half, reaching $25bn last year, and Fitch estimates the merged company could spend more than $220bn on capital expenditure between 2027 and 2030. The company also agreed in October to reopen a 615-megawatt nuclear plant for Google’s data centres and later announced 2,500 megawatts of generation and storage contracts with Meta.

The deal also improves NextEra’s financial profile because rating agencies want at least 70% of a utility’s business in regulated markets, while NextEra’s unregulated business is growing at roughly twice the rate of its regulated arm and is nearing that 70% floor. Dominion is almost entirely regulated and carries $50bn of debt, and NextEra has promised $2.25bn in bill credits for Dominion customers, though approval still depends on regulators in Virginia and the Carolinas amid concerns about higher electricity prices.

Source: A new mega-deal shows how AI has turned utilities into hot property

Subtitle: NextEra and Dominion must now win over regulators

Dateline: 5月 21, 2026 03:18 上午