By Katha Kalia
Aug 6 (Reuters) – Virginia Governor Abigail Spanberger said on Thursday she would intervene in the regulatory review of NextEra Energy’s
The governor said she would formally become a party to the case before the Virginia State Corporation Commission, giving her access to filings and the ability to raise questions and concerns about the transaction.
“They’re not sufficient yet, which is one of the reasons why I’ve chosen to intervene in the case. Because I need a lot more details.”
The companies announced the plan to merge in May with the aim to form one of the world’s largest electric utilities during an expansion of energy-intensive data centers.
“The action of actually formally intervening, it is an unprecedented one. As a governor, I do acknowledge that,” Spanberger said, adding that “the size and scope of this merger application is also unprecedented.”
The deal, which is pending approvals, will create the third-biggest U.S. energy company, behind oil majors Exxon and Chevron , and an entity with an enterprise value topping the next two largest U.S. power companies combined.
Spanberger said she was not seeking to take the decision out of regulators’ hands, noting that “the decision to approve or deny…that authority still lies with the SCC”.
The governor also said that as a party to the proceeding, she has the “ability to take legal action once there’s a decision made”.
(Reporting by Katha Kalia and Anjana Anil in Bengaluru; Editing by Maju Samuel and Shreya Biswas)
Comments