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Va. Power to buy utility in Carolinas for $7.9B

12 January 2018

Dominion also will assume SCANA's debt, making the deal worth a total of $14.6 billion. Dominion will also lower rates by 5 percent for SCE&G customers.

As part of the deal, Dominion will also write off more than $1.7 billion in connection with the abandoned nuclear plant.

The proposed merger hinges on approvals by SCANA's shareholders, the U.S. Federal Trade Commission (FTC)/the U.S. Department of Justice (DOJ) under the Hart-Scott-Rodino Act, and authorization of the Nuclear Regulatory Commission (NRC), and Federal Energy Regulatory Commission (FERC).

The Dominion-SCE&G deal still must be approved by state and federal regulators.

Dominion expects the deal to close in the third quarter of this year.

In addition, Dominion said it would complete the purchase of the $180 million gas-fired Columbia Energy Center "at no cost to customers to fulfill generation needs".

The Post and Courier of Charleston reports some lawmakers still want more from SCANA. The company says that loss will never be collected from customers.

On completion of the merger, the combined company would operate in 18 states from CT to California.

Scana, a holding company that owns South Carolina Electric & Gas Co., scrapped V.C. Summer, in July, after it put almost $9 billion into the project with Santee Cooper, a state-owned utility.

The Georgia project, an expansion of the Alwin W. Vogtle Electric Generating Plant being spearheaded by Southern Co., is still going forward despite costs that have ballooned to as much as $25 billion. "This is a for-profit company thinking it can throw a little cash at SC customers now, hoping they won't notice they're signing on for decades of payouts for a power plant that won't power a single light bulb". "Our current operations in the Carolinas-the Dominion Energy Carolina Gas Transmission, Dominion Energy North Carolina and the Atlantic Coast Pipeline-complement SCANA's, SCE&G's and PSNC Energy's operations". But this doesn't resolve the issue.

Still unresolved, McMaster said, is the problem of the state's 700,000 electric cooperative customers "who face the prospect of having their power bills sky rocket for decades" to pay off Santee Cooper's more than $4 billion in debt for its share of the two unfinished reactors.

"The only way to resolve this travesty is to sell Santee Cooper", he said in a statement.

We specialize in shareholder litigation involving buyouts, mergers, and individual shareholder rights throughout the country.

Dominion Chairman and CEO Thomas F. Farrell II said the deal will benefit SCANA shareholders and customers.

SCE&G is still expected to file a formal abandoned nuclear project cost-recovery petition with the South Carolina Public Service Commission on or about January 8, 2018, as the company announced last month.

South Carolina's legislative leaders are weighing in on the proposed acquisition of a troubled SC utility by Dominion Energy.

Va. Power to buy utility in Carolinas for $7.9B