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Utility Dominion Energy to buy Scana for $7.9 billion

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Staff 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.
Utility Dominion Energy
Acquisition   Scana is the parent company of the South Carolina utility
The deal, which must be approved by South Carolina regulators reviewing the collapse of the Summer nuclear plant expansion, would bring together Virginia-based Dominion with the smaller footprint of Scana, based in South Carolina, and create one of the largest energy utility companies in the U.S.

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.