Dominion Energy to Buy Scana in $7.66 Billion Deal--4th Update

Dominion

Virginia's Dominion Energy said Wednesday it will buy embattled SC electric utility SCANA for about $7.9 billion in stock.

Dominion said it would pay SCE&G's customers $1.3 billion, averaging about $1,000 for each residential customer, within 90 days of the deal's closure.

More than $1.7 billion of nuclear assets will be taken over by Dominion "and never collected from customers, " officials said.

The proposed 5% reduction in residential rates for SCE&G customers will consist of refunds of amounts previously collected from ratepayers as well as a pass-through of lower corporate taxes the utility will pay as a result of the federal tax bill signed by the president on December 22.

Scana was funding some of the project's costs from SCE&G, a move that angered customers and led to the utility rolling back electricity rates for residential users.

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SCANA and state-owned Santee Cooper began construction began five years ago on two new reactors at the Summer nuclear plant. Finally, even SCANA customers in SC - myself included - win, since we'll enjoy lower electricity rates and can recoup some of the costs we've paid toward the failed project.

Cayce-based SCANA, parent of the SCE&G utility, is now saddled with a multi-billion-dollar debt following the scuttled nuclear project with Santee Cooper.

SCE&G is expected to file a formal abandoned nuclear project cost recovery petition with the South Carolina Public Service Commission around January 8, which FOE said would provide "important details on Dominion's proposed deal".

House Speaker Jay Lucas said in a statement Wednesday that the SCANA acquisition is "an interesting starting point" but more fixes are needed. The project accounted for about 18 percent of customer bills before the changes were announced.

Farrell also said there were no plans to restart work on the reactors if the deal is approved by regulators.

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"Friends of the Earth and Sierra Club will respond aggressively to any proposal which fails to protect ratepayers and assure a clean energy future for SC", the groups said.

SCANA owns SCE&G, which operates electric and gas divisions, as well as PSNC, a gas utility in North Carolina.

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

Friends of the Earth issued its release Wednesday in response to plans by Dominion Energy to acquire SCANA.

Dominion Energy's chairman, president and CEO Thomas Farrell said that the acquisition will add to the company's presence in the southeast of the U.S. and cement its position as one of the largest energy companies in the country. The two projects created approximately 200 temporary construction jobs. "It would lock in significant and immediate savings for SCE&G customers - including what we believe is the largest utility customer cash refund in history - and guarantee a rapidly declining impact from the V.C. Summer project".

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USA sales of small cars fell almost 10 percent previous year as buyers continued a massive shift toward SUVs and pickup trucks. The plant is projected to employ about 4,000 workers and produce approximately 300,000 vehicles a year.

SCANA's stock price has fallen about 40 percent since the nuclear project was canceled, making the company a potential takeover target.

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