Connecticut is challenging a $67 billion merger that could put New England’s nuclear plants under one company’s control.
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Connecticut is pushing back against a proposed $67 billion merger between NextEra Energy and Dominion Energy, arguing the deal would give one company control of every nuclear power plant in New England and could drive up electricity costs for ratepayers.
Virginia-based Dominion owns Millstone Power Station in Waterford, which supplies about half of Connecticut’s electricity. Florida-based NextEra owns the Seabrook nuclear plant in New Hampshire. The merger would put both plants under common ownership.
The Attorney General’s Office, the state Department of Energy and Environmental Protection and the Office of Consumer Counsel each filed to intervene in the Federal Energy Regulatory Commission proceeding reviewing the deal.
Gov. Ned Lamont and Attorney General William Tong announced the move Tuesday.
“The last thing we need is consolidated corporate control over the core of Connecticut’s energy supply. I cannot support this merger,” Tong said, adding that his office is “weighing all legal options.”
The combined company would have about 10 million customer accounts and 110 gigawatts of generation, making it the largest regulated electric utility by market capitalization, according to Connecticut officials.
Consumer Counsel Claire Coleman said Connecticut regulators have no formal role in approving the merger because neither company operates a regulated utility in the state.
“We’re intervening on behalf of Connecticut residents to ensure affordability and reliability remain top of mind as the transaction is evaluated by federal regulators,” Coleman said.
The New England States Committee on Electricity, which represents the six New England states on regional electricity issues, separately called Tuesday for “the highest level of scrutiny” from federal reviewers.
Beyond FERC, the deal requires review by the U.S. Department of Justice and the Nuclear Regulatory Commission, plus approvals in Virginia, North Carolina and South Carolina.
