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NextEra Energy is seeking to acquire Richmond-based Dominion Energy in a roughly $67 billion all-stock deal, a proposed merger that would create the world’s largest regulated electric utility business by market capitalization.

The combined company would serve about 10 million utility customer accounts across Florida, Virginia, North Carolina and South Carolina. The deal comes as artificial intelligence and data center growth drive U.S. electricity demand higher while consumers push back against rising power bills.

Dominion supplies hundreds of data centers in Virginia. It also provides regulated electricity to 3.6 million homes and businesses across Virginia, North Carolina and South Carolina, along with regulated natural gas service to 500,000 customers in South Carolina.

Florida-based NextEra owns Florida Power & Light Company, which serves about 12 million people statewide. NextEra and Google Cloud announced an expanded partnership in December to develop new data center campuses across the country.

The proposed merger arrives amid mounting scrutiny of how utilities pay for major system upgrades. Governors, attorneys general and other officials have raised concerns that residents could bear the cost of infrastructure needed for AI data centers.

Officials and lawmakers in at least six states—Arizona, Indiana, Maryland, New Jersey, New York and Pennsylvania—have taken steps to challenge proposed utility rate increases. Some are also pressing power companies to overhaul how they finance large projects.

Under the agreement, Dominion shareholders would receive 0.8138 shares of NextEra for every Dominion share they own. They would continue receiving Dominion’s current quarterly dividend until the transaction closes and would share a one-time $360 million cash payment at closing.

NextEra shareholders would own 74.5% of the merged company, while Dominion shareholders would hold the remaining 25.5%.

NextEra CEO John Ketchum would become chairman and chief executive of the combined business. He said the added scale would help the company buy, build, finance and operate infrastructure more efficiently, potentially making electricity more affordable over time.

The company would maintain dual headquarters in Juno Beach, Florida, and Richmond. Dominion Energy South Carolina’s operational headquarters would remain in Cayce, South Carolina.

The merged utility would operate under the NextEra name and retain the “NEE” ticker on the New York Stock Exchange. Its board would include 10 directors from NextEra and four from Dominion.

Both companies’ boards have approved the transaction, which is expected to close within 12 to 18 months. It still requires approval from both groups of shareholders and multiple regulators, including the Nuclear Regulatory Commission.

Dominion shares climbed more than 9.61% in morning trading following the announcement, while NextEra shares fell 5%.