NextEra Energy is in talks to acquire Dominion Energy in a deal that would value the Virginia-based utility at approximately $66 billion, according to multiple reports citing people familiar with the matter.

The discussions involve NextEra paying about $76 per share for Dominion, though the terms remain under negotiation and no final agreement has been reached. The potential acquisition would combine two major utility companies, with NextEra operating primarily in Florida and Dominion serving customers in Virginia and other southeastern states.

If completed, the merger would create one of the largest utility companies in the United States at a time when electricity demand is experiencing significant growth. The surge in power consumption has been driven largely by the rapid expansion of artificial intelligence data centers, which require substantial amounts of electricity to operate.

Both companies have not responded to requests for comment regarding the reported discussions. NextEra Energy is already one of the largest utility companies in the country, known for its significant investments in renewable energy infrastructure including wind and solar power generation.

The utility sector has seen increased consolidation activity as companies seek to achieve greater scale and efficiency while managing the transition to cleaner energy sources and meeting growing electricity demand from technology infrastructure.