NextEra Energy plans to buy Dominion Energy. The all-stock deal is valued at $68.8 billion, and once complete, it will create the world's largest regulated utility by market value. 

The deal follows a wave of consolidation in the industry amid rising power demands from data centers, which creates a lucrative revenue stream for utilities, NBC News reports. 

This year, AES Corp agreed to a $33.4 acquisition by a consortium headed by Global Infrastructure Partners and Swedish private-equity firm ​EQT AB. Last year, Constellation Energy bought Calpine for $16 billion, and Blackstone bought TXNM Energy for $11.5 billion. 

NextEra is one of the world's largest developers of energy. Gaining access to Dominion's portfolio will allow the company to expand into the PJM Interconnection region, including Virginia, a hotspot for data centers.