拟合并Dominion Energy，打造全球最大的受监管电力事业公司

To merge with Dominion Energy&Tocreate the world’s largest regulated electric utilitycompany 最新动态 ➢拟合并Dominion Energy，打造全球最大的受监管电力事业公司。2026年5月18日，NextEraEnergy与Dominion Energy签署全股票免税合并协议，Dominion股东每股可兑换0.8138股NextEra股票，同时获得合计3.6亿美元一次性现金分派；交易落地后NextEra、Dominion原股东分别持股74.5%、25.5%，新主体沿用NextEra主体名称与股票代码NEE，整体交割周期预计12至18个月，交割前需完成股东大会表决、联邦及多州监管机构审批。合并后公司业务聚焦佛罗里达、弗吉尼亚、北卡、南卡四州，服务约1000万电力用户，合计在运装机110GW、在建储备项目超130GW，受监管资产占比超80%；公司承诺两年内向南部三州用户落地22.5亿美元电费优惠，设立佛罗里达、弗吉尼亚双总部，由NextEra团队主导核心管理层，各地子公司维持原有品牌独立运营。财务端并购落地即可增厚每股收益，公司目标至2032年归母EPS年均增速超9%、监管资本年化增速11%，合并后主体信用资质改善，融资成本有望下行。 ➢AI算力与大型数据中心用电激增是促成NextEra并购Dominion的核心推手。Dominion坐拥北弗吉尼亚全美核心数据中心走廊电网资源，储备超51GW适配头部科技企业的AI配套电力项目，助力NextEra切入微软、谷歌、Meta、亚马逊集聚的算力腹地；公司将自有风光储绿电产能与东部高增长算力负荷对接，盘活存量清洁能源储备，依托管制电网落地高溢价长期购电协议，拉动电网扩容、电源建设与资本开支放量，持续增厚监管资产与营收；同时AI技术赋能电网调度、负荷预测及电站智能化运维，有效压降运营成本、提升供电可靠性，支撑公司实现年化9%以上EPS增长，是AI基建产业链核心受益标的。 动向解读 ➢NextEra Energy（NEE）是北美规模领先的电力与能源基础设施企业。NextEra Energy（NEE）总部位于美国佛罗里达州朱诺比奇，是北美头部电力能源基建龙头、全球清洁能源标杆，采用受监管公用事业+市场化新能源开发双轮驱动模式：旗下FPL为美国规模最大的管制电力企业，深耕佛罗里达州输配电业务，服务超600万电力账户、覆盖约1200万居民，依托核定电价形成稳定现金流，构成公司业绩基本盘；子公司NEER为全球风光储装机领先的新能源运营商，布局风电、光伏、储能、气电、核电多元电源，面向公用事业、工商业及AI数据中心签订中长期绿电供货协议，成长性突出。公司凭借管制业务稳健盈利反哺新能源扩张，叠加IRA清洁能源税收优惠、AI算力用电扩容打开新增用电需求，长期EPS增速目标约9%，依托全产业链布局与规模化成本优势深度受益美国能源转型。 风险提示 ➢并购审批风险、监管政策风险、需求与电价风险、项目运营风险。 分析师介绍 分析师庄怀超，拥有北京航空航天大学本科学位和香港大学金融学硕士学位，主要覆盖能源化工和材料行业。 该分析师2022-2024年曾任职于海通国际研究部，团队2022年获得过亚洲货币第一名，该分析师2025年加入环球富盛理财有限公司。环球富盛理财有限公司是一家香港的持牌券商机构，成立于2014年。 该分析师曾在wind发布报告超过700篇，对A股化工标的全面覆盖，主要覆盖标的包括： 1）化工&化肥：巴斯夫（BASF）、沙特基础工业（SABIC）、空气化工产品公司（Air Products and Chemicals）、富美实（FMC）、立邦（Nippon Paint）、沙索 （Sasol）、东岳集团、环球新材国际、中国联塑、阜丰集团、中国三江化工、浦林成山、中海石油化学、中国旭阳集团、龙蟠科技、彩客新能源、天德化工、中国心连心化肥、中化化肥、米高集团、大成生化科技、味丹国际； 2）能源&公用事业：沙特阿美（Saudi Aramco）、挪威国家石油（Equinor）、新纪元能源（NextEraEnergy）、中国海洋石油、中创新航、中集安瑞科、新奥能源、中国电力、长江基建集团、中国能源建设、中煤能源、宏华集团、中海油田服务、安东油田服务、惠生工程、协合新能源、北京能源国际、绿色动力环保、中国光大绿色环保、首钢资源、山高新能源、新特能源、中裕能源、北京燃气蓝天、达力普控股； 3）有色&材料：中国宏桥、中国有色矿业、紫金黄金国际、万国黄金集团、潼关黄金、中国罕王、中广核矿业、稀美资源、首佳科技、信义光能、华新水泥、华润建材科技、大明国际。 微信：zhuangcharles邮箱：charles.zhuang@gpf.com.hk电话：(852)97487114; (86) 18801353537 The Benchmark: Hong Kong Hang Seng IndexTime Horizon: 6 to 18 months SECTOR RATING DEFINITIONThe Benchmark: Hong Kong Hang Seng Index Time Horizon: 6 to 18 months DISCLOSURE OF INTERESTS (1) The Analysts and their associates do not serve as an officer of the issuer mentioned in this Research Report. (2) The Analysts and their associates do not have any financial interests in relation to the issuer mentioned in this Research Report. (3) Global Prosperity Financial Company Limited and/or its subsidiaries do not hold equal to or more than 1% of the market capitalization ofthe issuer mentioned in this Research Report. (4)Global Prosperity Financial Company Limitedand/or its subsidiaries have not had investment banking relationships with the issuermentioned in this Research Report within the preceding 12 months. (5) Global Prosperity Financial Company Limitedand/or its subsidiaries are not making a market in the securities in respect of the issuermentioned in this Research Report. (6) Global Prosperity Financial Company Limitedand/or its subsidiaries have not employed an individual serving as an officerof the issuermentioned in this Research Report. There is no officer of the issuer mentioned in this Research Report associated withGlobal ProsperityFinancial Company Limitedand/or its subsidiaries. DISCLAIMER This Research Report does not constitute an invitation or offer to acquire, purchase or subscribe for securities by Global Prosperity FinancialCompany Limited. Global Prosperity Financial Company Limited and its group companies may do business that relates to companies coveredin research reports, including investment banking, investment services, etc. (for example, the placing agent, lead manager, sponsor,underwriter or invest proprietarily). Any opinions expressed in this report may differ or be contrary to opinions or investment strategies expressed orally or in written form by salespersons, dealers and other professional executives of Global Prosperity Financial Company Limitedgroup of companies. Any opinionsexpressed in this report may differ or be contrary to opinions or investment decisions made by the asset management and investment bankinggroups ofGlobal Prosperity Financial Company Limited. Though best effort has been made to ensure the accuracy of the information and data contained in this Research Report,Global ProsperityFinancial Company Limited does not guarantee the accuracy and completeness of the information and data herein. This ResearchReportmay contain some forward-lookingestimates and forecasts derived from the assumptions of the future political and economic conditions withinherently unpredictable and mutable situation, so uncertainty may contain. Investors should understandand comprehend the investmentobjectives and its related risks, and where necessary consult their own financial advisers prior to any investment decision. This Research Report is not dir