FACTBOX-NextEra-Dominion deal extends US utility M&A wave into 2026
BlackRock, Inc. BLK | 0.00 | |
Ares Management Corporation ARES | 0.00 | |
NRG Energy, Inc. NRG | 0.00 | |
Dominion Energy Inc D | 0.00 | |
Constellation Energy Corporation CEG | 0.00 |
Adds Blackrock-AES, LS Power-Constellation, Stonepeak-Cleco and NextEra-Dominion
May 18 (Reuters) - NextEra Energy's NEE.N $66.8 billion deal to buy Dominion Energy D.N is extending a utility dealmaking wave from 2025 into 2026, as power companies race to secure generation and transmission assets needed to meet surging electricity demand.
The purchase, one of the biggest utility deals in years, underscores how these companies are pursuing scale, regulated assets and access to fast-growing power markets while raising capital to fund record spending on grid upgrades, renewables and new generation capacity.
U.S. power consumption, which hit a second straight annual record high in 2025, is expected to rise further in 2026 and 2027, according to the U.S. Energy Information Administration, as demand from artificial intelligence and cryptocurrency data centers accelerates and homes and businesses use more electricity for heating and transportation.
Here are some of the biggest mergers, acquisitions and asset sales in the U.S. utility and power sector:
Company |
Deal Description |
Deal Value |
Expected Closing Date |
NextEra Energy |
Acquiring Dominion Energy |
$66.8 billion |
12 to 18 months |
Stonepeak and Bernhardd Capital |
Acquiring Louisiana electricity supplier Cleco Group from a consortium that includes Macquarie Asset Management |
Not disclosed |
Not disclosed |
LS Power |
Buying a portfolio of PJM generation assets from Constellation Energy as part of regulatory commitments tied to its Calpine acquisition |
$5 billion |
Later in 2026 |
BlackRock, EQT |
Buying U.S. power company AES Corp in an all-cash deal |
$33.4 billion |
Late 2026 or early 2027 |
NextEra Energy |
Buying Symmetry Energy Solutions from Energy Capital Partners |
Not Disclosed |
First quarter of 2026 |
Black Hills |
Acquiring NorthWestern Energy in an all-stock deal |
$3.6 billion |
12 to 15 months |
Constellation Energy |
Acquiring Calpine, a private natural gas and geothermal company |
$16 billion |
Late 2025 |
NRG Energy |
Buying power generation assets from LS Power |
$12 billion |
First quarter of 2026 |
NRG Energy |
Acquired 738 MW natural gas assets from Rockland Capital |
$560 million |
Closed in April |
TXNM Energy |
To be acquired by Blackstone Infrastructure unit |
$11.5 billion |
Second half of 2026 |
Vistra |
Acquiring seven natural gas plants from Lotus Infrastructure Partners |
$1.9 billion |
Late 2025 or early 2026 |
American Electric Power |
Selling 20% stake in transmission network to KKR and PSP Investments |
$2.82 billion |
Second half of 2025 |
Sempra |
Selling energy infrastructure assets in Mexico and minority stake in Sempra Infrastructure |
Not disclosed |
Mid-2026 |
Eversource Energy |
Selling public water supply unit |
$2.4 billion |
Late 2025 |
National Grid |
Selling U.S. onshore renewables business to Brookfield Asset Management |
$1.74 billion |
First half of the financial year to March 31, 2026 |
Ares Management |
Selling 774 MW natural gas plant in Virginia to Blackstone |
About $1 billion |
Not disclosed |
Partners Group |
Buying energy asset management platform and gas-fired plants in California from Avenue Capital Group |
$2.2 billion |
Not disclosed |
AES Corp |
Selling 30% equity interest in Ohio subsidiary to CDPQ |
$546 million |
First half of 2025 |