Dominion Energy to purchase SCANA

Plan could mean up to $1,000 for the average SCE&G customer

Ed Jenson
January 03, 2018 - 10:21 am

Dominion Energy out of Richmond, VA, will purchase SCANA through an all-stock merger with plans to immediately refund South Carolina Electric and Gas customers following the failure of the dual-nuclear power plant in Fairfield County.

The $1.3 billion plan could mean up to $1,000 for the average SCE&G customer based on the amount of electricity used in the 12 months prior to the merger closing.

Dominion will also lower rates by 5 percent for SCE&G customers.

The company also plans to write off $1.7 billion in losses tied to the VC Summer project. The company says that loss will never be collected from customers.

Following the announcement, Governor Henry McMaster had these comments

“We are making progress. Under the proposed agreement between SCANA and Dominion Energy, SCE&G ratepayers will get most of the money back they paid for the nuclear reactors and will no longer face paying billions for this nuclear collapse. But this doesn't resolve the issue. Over seven hundred thousand electric cooperative customers face the prospect of having their power bills sky rocket for decades to pay off Santee Cooper's $4 billion in debt from this. The only way to resolve this travesty is to sell Santee Cooper. There is more work to be done, but today, we are headed in the right direction.”

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