Utility Dominion Energy to buy Scana for $7.9 billionStaff Writer | January 4, 2018
Utility Dominion Energy has agreed to acquire Scana Corp., the parent company of the South Carolina utility that terminated its efforts to build two nuclear reactors after delays and cost overruns, for $7.9 billion in stock.
Acquisition Scana is the parent company of the South Carolina utility
A crucial element of the deal is a refund of an average $1,000 per SCE&G customer, a 5% reduction in bills representing most of what customers have already paid for the Summer expansion project, Dominion CFO Mark McGettrick said on a conference call with analysts Wednesday.
Should South Carolina's Public Service Commission or legislature reject the terms of the settlement of the nuclear project cost question, Dominion would walk away from the agreement, CEO Thomas Farrell said on the call. ■