American utility giant NextEra Energy beat analysts’ estimates for third-quarter profit on Wednesday and said it continued to make progress with its proposed USD 66.8 billion acquisition deal for Dominion Energy, despite tough regulatory scrutiny.
The deal, expected to close in the second half of 2027, has been approved by shareholders of both companies. However, regulators and elected officials in several American states have raised concerns about electricity affordability and the potential concentration of market power.
“We also continue to advance our pending combination with Dominion Energy,” CEO John Ketchum said in a statement.
Shareholders of both companies approved the transaction in September, while state and federal regulatory reviews are moving forward.
US utilities are experiencing a resurgence in electricity demand after nearly two decades of stagnant growth, driven by the expansion of energy-intensive data centers supporting the artificial intelligence (AI) boom.
NextEra has signed agreements for three federal hub projects, including two in Texas and one in Pennsylvania, with a combined capacity of about 16.5 gigawatts (GW).
The company has secured USD 5.7 billion in initial funding so far this year.
The utility expects both projects to become operational as early as 2028 and 2029.
NextEra Energy Resources (NEER), its renewable energy and power generation business, reported net income of USD 1.49 billion, up 17.3% from a year earlier.
The business added 3.7 GW of renewable energy and battery storage projects to its backlog, bringing the total to about 36.7 GW at the end of the third quarter.
Jefferies analysts said NextEra’s backlog additions exceeded expectations of more than 3 GW, reflecting strong demand.
They noted that storage and solar were continuing their 2025 trends, with storage increasingly becoming the main driver of backlog growth.
NextEra earned USD 1.24 per share on an adjusted basis, beating analysts’ estimate of USD 1.18, according to data compiled by LSEG.
Florida Power & Light (FPL), NextEra’s regulated utility, posted net income of USD 1.62 billion, up 10.9% from a year earlier, supported by continued capital investments.
Regulatory capital employed grew by 9.2% year-on-year.