NextEra-Dominion merger could jack up electricity prices, lawmakers warn

Lawmakers are warning that a massive energy industry merger could lead to higher costs for ratepayers. Democratic lawmakers are warning that the proposed $67 billion merger between NextEra Energy and Dominion Energy could reduce competition and raise electricity prices for consumers. In a letter to the Federal Energy Regulatory Commission (FERC) on Wednesday, the legislators expressed concern that the enlarged company would have excessive market power, allowing it to pass costs on to ratepayers, defer upgrades on the energy grid and avoid scrutiny from federal regulators. The new company could also use its control over transmission lines to disadvantage rivals, according to the lawmakers. FERC, a government agency, is responsible for ensuring mergers are consistent with the public interest.

"We urge you to closely scrutinize this merger and block it if the Commission determines it would increase market concentration or have an adverse effect on costs for consumers — or if the acquisition is otherwise not in the public interest," the lawmakers wrote in the Sept. 30 letter, shared exclusively with CBS News. Signing the letter were Sen. Elizabeth Warren of Massachusetts and Rep. Suhas Subramanyam of Virginia, who led the effort, as well as Sens. Richard Blumenthal of Connecticut; Edward Markey of Massachusetts; Chris Murphy of Connecticut; Jack Reed and Sheldon Whitehouse of Rhode Island; and Reps. Chris Deluzio