Dominion Energy, SCANA Announce Merger
Columbia, S.C. (WOLO)–In a joint news release Wednesday morning Dominion Energy of Richmond, VA and SCANA announced a merger with a $1,000 immediate cash payment to the average South Carolina Electric & Gas residential customer after closing.
The terms of the merger include; Dominion Energy funding a $1.3 billion in cash payments to all SCE&G electric customers within 90 days after
closing, and an estimated additional 5 % rate reduction from current levels for SCE&G electric customers.
According to the companies the agreement also calls for significant benefits to SCANA’s South Carolina Electric & Gas Company subsidiary (SCE&G) electric customers to offset previous and future costs related to the withdrawn V.C. Summer Units 2 and 3 project.
Governor Henry McMaster released this statement on the proposed merger, “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.”