• $66.8B all-stock — the largest U.S. electric utility deal ever. Dominion holders get 0.8138 NEE shares per D share plus a one-time $360M cash payment at close. Pro forma: 74.5% NEE / 25.5% Dominion.

• The combine creates the world’s largest regulated electric utility by market cap: ~10M customer accounts across FL/VA/NC/SC, ~110 GW of generation, $138B combined rate base growing ~11%/yr through 2032.

• The tell is load. 130+ GW large-load pipeline, anchored by data-center-heavy territories. AI exposure isn’t a slide in the IR deck anymore — it’s the deal thesis.

• Concessions to clear the regulatory bar: $2.25B in bill credits to Dominion customers in VA/NC/SC over two years post-close, plus $10M/yr of charitable giving and retention commitments for ~15,000 employees.

• John Ketchum stays as chairman/CEO; Dominion’s Robert Blue runs regulated utilities and joins the board. Approval stack: HSR, FERC, NRC, plus VA/NC/SC PUCs. Close 12–18 months out.

• FID on Commonwealth LNG, a 9.5 mtpa Gulf Coast export facility in Cameron Parish. $9.75B of project financing closed, total capital commitments to $21.25B. Phase One ops 2030; >$3B annual run-rate revenue.

• Five-name offtake stack — EQT, Glencore, Mercuria, PETRONAS, Aramco Trading. Sponsors: CPP $1.2B / 31%, Mubadala 24.1%. EPC by Technip with Baker Hughes LM9000s. Wellhead-to-water turned into steel.

• MISO awarded two LRTP Tranche 2.1 projects to an Ameren ATXI / NextEra GridLiance / Dairyland / IMEA consortium. STIW: 149 mi of 765-kV, $940M. WIIL: 88 mi plus a new 765/345-kV substation, $718M. Ownership across both: 43 / 43 / 11 / 3.

• In-service 2034. The Midwest grid is moving from incremental upgrades to extra-high-voltage backbone. AI load gets the headlines; transmission gets the bill.

• NRC issued a Finding of No Significant Impact for Dow / X-energy’s Long Mott Generating Station at Seadrift, TX — a four-module Xe-100 at 800 MWth / 320 MWe, supplying power and high-temperature steam to Dow’s UCC Seadrift Operations (4B lb/yr of materials production).

• First U.S. commercial advanced-reactor project to complete NEPA via the Environmental Assessment pathway vs. a full EIS — reviewed in under a year. Caveat: this is a regulatory milestone, not a construction permit or FID.

• Kinetik FID on Kings Landing II, a 300 MMcf/d gas processing plant in New Mexico — 50% larger than the originally contemplated 200 MMcf/d. Project cost ~$260M, in-service 2H 2028; 2026 capex lands at the top end of the $450–510M range.

• Post-completion, system-wide capacity exceeds 2.7 Bcf/d, with >700 MMcf/d of sour-gas processing in northern Eddy and Lea Counties. The northern Delaware sour-gas buildout just got bigger.

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