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Economy
Amid Fury Over AI Data Centers, Watchdogs Denounce ‘Absurd’ $67 Billion NextEra-Dominion Merger
"These megautilities are merely using rising concern about data centers as an excuse to concentrate political and economic power of two giant utilities to maximize financial returns to shareholders," one advocate said.
May 18, 2026
Seeking to cash in on spiking energy demand from the expansion of artificial intelligence data centers across the US, the Florida energy giant NextEra announced a $67 billion deal on Monday to acquire Virginia's Dominion Energy.
But while the deal is expected to be lucrative for the massive new entity, with national power demands projected to spike perhaps by as much as 25% over the next five years, consumer advocates fear that the proposed merger will be bad for consumers, creating an unaccountable corporate behemoth that will raise costs on ratepayers.
According to Utility Dive, the new entity created by the merger will serve a combined 10 million customers across Florida, Virginia, North Carolina, and South Carolina.
With a market cap of $250 billion, the companies said they'd be the “world’s largest regulated electric utility business by market capitalization and one of the world’s largest energy infrastructure companies.”
But the deal still needs to be approved by federal regulators, a process that will likely pose minimal difficulty given the Trump administration's friendliness toward other corporate megamergers across industries, from media to railroads.
It will also be required to obtain local approvals, including in Virginia, where the recently elected Democratic Gov. Abigail Spanberger has made lowering utility costs and requiring data centers to "pay their fair share" central campaign promises, as massive new projects have been met with furious local backlash around the country.
Tyson Slocum, director of the energy program for the consumer advocacy watchdog Public Citizen, said that "this absurd proposal to merge two massive, well-capitalized utilities should be dead on arrival for state and federal regulators." He added that "household customers have everything to lose and nothing to gain by allowing two behemoths, NextEra and Dominion, to merge."
The company’s combined rate base—the value of assets recognized by regulators when setting rates—are valued at about $138 billion, according to the deal announcement. It said they plan to expand that value by 11% by 2032 with major infrastructure expansions.
Though the company has proposed offering $2.25 billion in credits to customers for two years after the deal closes, consumer advocates fear it is simply meant to ease upfront investment costs, leaving the real rate hikes to show up later once the credits expire.
The group Clean Virginia argued that the proposal needed to be subject “to the most rigorous scrutiny possible," given NextEra's "deeply troubling track record" in Florida.
The company and its subsidiaries in Florida have faced criticism for profiting from a $1.5 billion rate hike on Floridians and for pocketing $1 billion in tax savings without passing it on to consumers.
The company is also renowned for its extensive use of dark money to influence legislators in both parties, as well as Republican Florida Gov. Ron DeSantis, to kill clean energy and other policies that disfavor its business.
David Pomerantz, the executive director of the Energy and Policy Institute, told The New York Times that "a megamonopoly of this size, with the kind of money to buy political influence that NextEra will have, will be nearly impossible to regulate.”
NextEra CEO John Ketchum has said the deal is necessary to accommodate “America’s golden age of power demand.”
“Electricity demand is rising faster than it has in decades,” Ketchum said. “We are bringing NextEra Energy and Dominion Energy together because scale matters more than ever.”
But Slocum called this "a false narrative."
"The merger will do nothing to increase generating capacity, let alone desperately needed renewable generating capacity," he said. "These megautilities are merely using rising concern about data centers as an excuse to concentrate political and economic power of two giant utilities to maximize financial returns to shareholders."
He said federal and state regulators "should reject this outlandish, unnecessary merger as completely contrary to the public interest.“
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'Stuttering Speechlessness' by Jim Cramer Seen as Telling Reaction to Suspicious Trump Stock Trading
"Cramer here is having what should be the normal reaction to Trump actively insider trading on his own decisions," said journalist Ryan Grim.
May 18, 2026
One of Wall Street's most recognizable gurus, Jim Cramer, became notably tongue-tied on Monday after President Donald Trump’s recent stock-trading spree entered into a televised conversation with his colleagues on CNBC.
Disclosures published by the US Office of Government Ethics last week revealed that Trump in the first quarter of 2026 carried out over 3,700 stock transactions, including over 30 stock purchases worth $1 million or more.
As noted by The Financial Times, Trump's investments included transactions involving Tesla, Nvidia, Apple, Meta, Visa, Citi, Boeing, Qualcomm, and GE Aerospace, whose executives all accompanied the president on his trip to China last week.
When CNBC co-host Carl Quintanilla brought up these trades during Monday's edition of "Squawk on the Street," Cramer spent ten straight seconds mumbling incoherently.
This promoted co-host David Faber to reassure viewers that "we're not having technical difficulties here," even as Cramer appeared to short circuit.
OMFG the CNBC anchors were puffing up the value of chipmaker Intel, they brought up Trump doing personal trades in the stock, and Jim Cramer stuttered for 15 seconds straight and then was quiet.
Was Cramer shocked by the corruption or mad Trump was picking better stocks? pic.twitter.com/oCl3ypNids
— Matt Stoller (@matthewstoller) May 18, 2026
Journalist Ryan Grim said that Cramer's reaction to mention of Trump's trades was understandable given that some of the companies whose stocks he traded have been direct beneficiaries of the president's illegal war with Iran and other policies.
"Cramer here is having what should be the normal reaction to Trump actively insider trading on his own decisions," remarked Grim. "Just sputtering speechlessness."
Journalist Judd Legum on Monday published an analysis of the Trump stock trades in which he identified multiple instances where the president purchased stocks of companies shortly before—or in some cases, on the exact same day—that he publicly singled them out for praise.
Specifically, Legum found that Trump bought tens of thousands of dollars' worth of shares in biotech firm Thermo Fisher Scientific on the same day he took a tour of one of its manufacturing facilities, and hundreds of thousands of dollars' worth of shares in Apple on the same day he delivered a speech calling it "a great company," while saying then-CEO Tim Cook has "done a good job."
Trump also bought up shares in Micron Technology and then described it as "one of the hottest companies" during an interview with Fox News just one day later.
And nine days after buying millions of dollars' worth of shares in Dell, Trump delivered a speech in Georgia where he told his audience to "go out and buy a Dell computer."
In analyzing the trades, Legum explained how Trump has destroyed any remaining guardrails preventing US presidents from using their office to personally enrich themsleves.
"If Trump wanted to legally remove himself from investment decisions he could do so by creating a qualified blind trust," Legum wrote. "Instead, before returning to the White House, Trump transferred his assets in a trust that is managed by his son, Donald Trump Jr. There are no legal or practical barriers preventing Trump from being involved in the management of his assets."
Rep. Dan Goldman (D-NY) warned Trump that details of his assorted stock trades would eventually come to light.
"This smells like blatant and criminal insider trading," Goldman wrote in a social media post. "Even worse, Trump is personally profiting off of his illegal deportation dragnet. Since we know congressional Republicans will pretend like they never saw this and won’t do a thing, anyone involved in these trades should preserve their records for my investigation in January 2027."
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IEA Chief Warns Only 'Weeks' of Oil Inventories Left Thanks to Trump's Iran War
"We are living on borrowed time," said one economist about global oil prices.
May 18, 2026
With no end in sight to the Strait of Hormuz crisis caused by President Donald Trump's illegal war with Iran, the head of the International Energy Agency warned Monday that global energy supplies are running dangerously low.
IEA executive director Faith Birol told reporters in Paris that the world only has weeks' worth of oil reserves left, raising the likelihood that energy prices will soar even higher in the near future.
Birol said that oil inventories are "declining rapidly" and added that there was "a perception gap in the markets between the physical markets and the financial markets," as the price of oil in futures markets has not yet risen to a level that accurately reflects the coming supply crunch.
In his remarks to the press, given on the sidelines of a G7 gathering taking place this week in France, Birol warned that it's only a matter of time before the supply shortage of fertilizer, which was also caused by the Iran War, leads to a surge in food prices that "might give a big push to inflation numbers."
The Financial Times reported on Sunday that energy markets are approaching a "tipping point" where prices could see another upward surge that would throw the global economy into a recession.
Paul Diggle, chief economist at fund manager Aberdeen, told The Financial Times that he has been modeling the economic impact of oil hitting $180 per barrel, which he said would set off a global inflation crisis.
“We are taking that outcome very seriously,” Diggle said. “We are living on borrowed time."
Oil prices briefly fell last month after the US and Iran announced a ceasefire agreement. However, the Strait of Hormuz has remained closed throughout that period, and Trump is reportedly preparing to restart attacks on Iran in the near future if no deal to reopen the strait is reached.
In a Sunday Truth Social post, Trump again threatened Iran with destruction unless it agrees to his demands.
"For Iran, the Clock is Ticking, and they better get moving, FAST, or there won’t be anything left of them,” the president wrote. “TIME IS OF THE ESSENCE!”
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Unions Decry Spanberger Veto of Collective Bargaining Bill as ‘Betrayal to Virginia's Workers’
“We believed that she was being authentic and honest with us," said one Virginia labor leader. "She just flat-out flipped."
May 15, 2026
Labor unions are feeling betrayed after Virginia's Democratic Gov. Abigail Spanberger vetoed a bill on Thursday that would have restored collective bargaining rights for half a million public sector workers.
Virginia is one of the most restrictive states in the country for public sector bargaining, a holdover from the Jim Crow era when the General Assembly and other state legislatures across the South sought to crush the power of a public workforce with many Black employees.
According to the Economic Policy Institute, Virginia has one of the largest public sector pay gaps in the country, with state and local government employees making about 27% less on average than their private-sector peers, and it is similarly stratified in other states with weak collective bargaining rights.
Spanberger, a former US representative who was elected governor this past November, made pro-union messaging central to her affordability-focused platform. She decried President Donald Trump's executive order stripping federal workers of collective bargaining rights last year and said that as governor, she'd "look forward to working with members of our General Assembly to make sure more Virginians can negotiate for the benefits and fair treatment that they earn.”
But since taking office, Spanberger's support for restoring public sector union rights has been more tepid as she's gotten an earful from fiscally conservative Right-to-Work and taxpayer advocacy groups who claimed higher salaries for public employees would drain state funds and raise the cost of services.
When a bill to immediately mandate collective bargaining rights to 500,000 workers was proposed in the Democratic-controlled General Assembly, she introduced amendments aimed at watering down the bill—making it optional for employers to recognize unions, delaying the full implementation until 2030, and introducing what unions called a "kill-switch" that would have allowed future governors to revoke collective bargaining power.
The legislature shot Spanberger's amendments down and passed the bill in its original form. On Thursday, the governor vetoed it altogether.
In her veto message, Spanberger said she wanted the bill's other collective bargaining provisions for state employees, home care workers, and higher education employees to go into effect first "in order to demonstrate the efficacy of this new system" before it was opened up to all public employees.
But the unions that advocated for the bill say Spanberger led workers on with false promises.
"This veto is a devastating betrayal to the hundreds of thousands of public employees who have spent years, and in many cases decades, fighting for a seat at the table," said Doris Crouse-Mays, the president of the Virginia AFL-CIO. "Spanberger campaigned publicly and privately on promises [of] affordability, to support working families and respect workers' rights... Instead, when presented with the opportunity to make history and deliver on those promises, she chose to side with fear, political calculation, business, and the same anti-worker arguments that have been used for generations to deny workers power in Virginia."
LaNoral Thomas, the president of the Service Employees International Union (SEIU) Virginia 512—a union which helped lead the charge to pass the bill—told the Virginia news site Dogwood that her union had "high hopes" for Spanberger when she was elected.
“We believed that she was being authentic and honest with us," Thomas said. "She just flat-out flipped. It is shocking.”
"Public employees are not a special interest. They are our neighbors. They are the educators, bus drivers, social workers, librarians, custodians, and first responders who hold our communities together," said a joint statement from Carol Bauer, president of the Virginia Education Association, and Becky Pringle, president of the National Education Association.
They emphasized that the veto also carried "a deep racial and gender impact," noting that "Virginia’s public sector bargaining ban is rooted in a Jim Crow era effort to silence Black workers at the University of Virginia Hospital who organized for fair pay and dignity." They said, "Preserving that legacy today disproportionately harms women and workers of color, who make up so much of the public-service workforce and who have the most to gain from fair wages, safer workplaces, and a real voice on the job."
Lee Saunders, the president of the American Federation of State, County and Municipal Employees (AFSCME)—the largest national union of public sector workers in the US, with more than 1.4 million members—said that Spanberger had caved to "anti-worker extremists [who] have sidelined working people while starving the public services Virginia families rely on, earning the state a reputation as one of the most anti-worker in the country."
"While the governor has broken her word," Saunders said, "AFSCME members are deeply grateful to the bill’s sponsors and the leadership of both chambers, who kept theirs. Their commitment to working people stands in stark contrast to the governor and will not be forgotten."
"Gov. Spanberger made a choice today," he added. "Working people will remember it."
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