SCANA Shareholders Vote

Approve Merger Plan

July 31, 2018 - 10:34 am

By MEG KINNARD, Associated Press

COLUMBIA, S.C. (AP) — Shareholders of troubled South Carolina utility SCANA have approved a deal to merge the company with Virginia-based Dominion Energy.

Around 100 shareholders gathered Tuesday for the meeting in Columbia. The deal gives the Dominion more of a foothold in South Carolina, where it operates solar farms and gas pipelines purchased from SCANA previously.

Dominion is offering more than $1 billion in rebates. The deal is subject to regulatory approval and would cut rates for customers of SCANA subsidiary South Carolina Electric & Gas Co. by about 5 percent.

SCANA suddenly needed a buyer after spending $5 billion on a pair of reactors abandoned a year ago Tuesday at the V.C. Summer Nuclear Station. Thousands were left jobless in the debacle, which has spawned more than a dozen lawsuits.
 

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