Florida-headquartered NextEra Energy, one of the largest U.S. power utilities, is set to buy Virginia-based Dominion Energy in an all-stock deal valued at about $67 billion. The companies announced the deal on May 18, one day after several outlets including POWER reported the energy groups were discussing an agreement to create a utility giant that would have assets from coast to coast. The purchase will create the largest regulated electric utility in the world.

Analysts have said the deal is tied to NextEra’s goal of being a leading player in supplying power for the energy-intensive data center sector. Dominion, with four million customers in Virginia and the Carolinas, is the utility currently most closely tied to providing electricity for the so-called “Data Center Alley” of Loudon County, Virginia.

Read more in Power Magazine here.

The views and opinions expressed are those of the author’s and do not necessarily reflect the official policy or position of C3.