A ~$67B mega-restructuring in power — the "scramble for electricity" for AI data centers surfaces

What's happening: On May 18, 2026, major U.S. utility NextEra Energy announced it will acquire its peer Dominion Energy for about $67B (all-stock), creating one of the world's largest regulated power companies. The deal is expected to close in 2027.

Key points: The aim is power for AI data centers. Dominion's service territory includes Northern Virginia, the world's largest concentration of data centers. Behind this is the recognition that the constraint on AI is no longer GPUs but "electricity."

What it means: The expansion of AI is spilling over into a scramble not just for semiconductors but for power and infrastructure. Even for those who use generative AI, we are entering an era where electricity costs and supply affect service pricing and availability.