The biggest energy deal in nearly 30 years was announced yesterday — and it has almost nothing to do with oil. NextEra Energy agreed to acquire Dominion Energy in an all-stock transaction valued at $67 billion, creating the world’s largest regulated electric utility with a combined enterprise value of $420 billion. The last time a deal this large reshaped the American energy sector was Exxon’s acquisition of Mobil in 1998. The driver then was oil consolidation. The driver now is artificial intelligence — and the extraordinary, accelerating, apparently insatiable demand for electricity that AI data centres are generating across the eastern United States.

Read the full article on European Business Magazine here.