CHARLOTTESVILLE, VA. (CVILLE RIGHT NOW) — Virginia-based Dominion Energy has agreed to merge with Florida-based NextEra Energy in an all-stock transaction, the two companies jointly announced on Monday.

The merger will create the world’s largest regulated electric utility business, serving approximately 10 million customer accounts across Virginia, Florida, North Carolina and South Carolina.

The company will be more than 80% regulated and own 110 gigawatts of generation across a variety of energy sources.

NextEra CEO John Ketchum, who will remain CEO of the new company, called the merger “a historic moment” in the press release, emphasizing the benefits of the merger in the midst of a growing need for power.

“Electricity demand is rising faster than it has in decades,” he said in a statement. “Projects are getting larger and more complex. Customers need affordable and reliable power now, not years from now. We are bringing NextEra Energy and Dominion Energy together because scale matters more than ever— not for the sake of size, but because scale translates into capital and operating efficiencies.

“It enables us to buy, build, finance and operate more efficiently, which translates into more affordable electricity for our customers in the long run.”

The merger comes in the midst of a historic demand for energy. Virginia is far from an exception, as its large amount of data centers, particularly in Northern Virginia, has heavily contributed to a stark increase in demand.

Dominion spokesperson Tim Eberly told Cville Right Now on Tuesday the company was anticipating energy demand in Virginia to double over the next 20 years, with the company planning to add 33 new gigawatts of new power generation over the next two decades in response.

Dominion CEO Robert Blue, who will stay with the newly merged company as President and CEO of Regulated Utilities and join its Board of Directors, said the merger “brings together two strong operating platforms and creates an even stronger energy partner for Virginia, North Carolina, South Carolina and Florida, with the scale and balance sheet to deliver the generation, transmission and grid investments our customers and economies need.”

Blue added the company is committed to retaining its teams in NextEra’s current headquarters of Juno Beach, Florida, and Dominion’s headquarters of Richmond. Both will serve as the new company’s dual headquarters, and the company is also keeping Dominion Energy South Carolina’s team and operational headquarters in Cayce.

“We are excited to bring these great companies together and to write the next chapter in every community we serve,” Blue said.

As part of the merger, the new company will operate under the NextEra Energy name. Dominion’s utility companies will continue to operate under the names of Dominion Energy Virginia, Dominion Energy North Carolina and Dominion Energy South Carolina.