Merger plan between SC utility companies approved

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.

BREAKING: 72% of shares of common stock approved the merger with Dominion. 45% of shares voted in favor of paying the executive board a bonus severance. @abc_columbia

— Angela Rogers (@AngRogers_News) July 31, 2018

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.