Tong: ‘Prices go up’ if $67B NextEra-Dominion merger goes through
NEW HAVEN, Conn. (WTNH) — Connecticut Gov. Ned Lamont (D) and Attorney General William Tong (D) are asking regulators to stop a proposed merger between two of the country’s largest electric power companies, warning that Connecticut ratepayers would end up paying more.
The $67 billion combination of NextEra Energy and Dominion Energy has drawn opposition from Connecticut, Virginia, Maryland and other states. Lamont and Tong say the deal would put all nuclear power generated for New England under the control of one corporate owner and give one company broad control over a critical share of the region’s electricity supply.
“We don’t want to turn over the keys and control over 50% of the electricity generated for Connecticut to one huge conglomerate, cause we know what happens,” Tong said. “Prices go up and they may do deals with data centers, and sell our power to someone else and prices go up even more.”
At the center of the dispute is how the merger would reshape New England’s electricity market. Opponents say a single company could push for higher rates in state power-purchase negotiations, especially as demand from data centers rises across the region. The state’s next major power purchase agreement is due in 2029, and the merger review is likely to factor into how that contract is structured.
Republican lawmakers, however, argue the deal could open the door to more nuclear power for Connecticut. House Republican Leader Vincent Candelora said the market already has a dominant supplier, and a larger merged company could deliver savings through economies of scale.
“Fifty percent of our power is produced by that company so the monopoly is already there. I think that we will benefit from economies to scale,” Candelora said. “The key is that Connecticut needs to enter into a new power purchase agreement by 2029.”
The merger still needs approval from Virginia, North Carolina and South Carolina, as well as several federal agencies. Those reviews will likely examine the effect on competition, grid reliability and electricity prices.
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