COLUMBIA, S.C. (AP/WBTW) – Dominion Energy says it has completed its merger with a South Carolina utility drowning in debt after the failure of a nuclear construction project.
The Virginia-based company announced Wednesday that it paid $6.8 billion for SCANA Corp.’s stock and also is taking on SCANA’s consolidated net debts of $6.6 billion.
Dominion was the only buyer for the parent company of South Carolina Electric & Gas after SCANA abandoned the V.C. Summer Nuclear Station expansion in 2017.
More than 737,000 SCE&G customers have already paid more than $2 billion toward the project. The deal approved by South Carolina regulators forces them to keep paying billions more, for the next 20 years.
“Dominion Energy is pleased to add SCANA’s fast-growing, high-performing Southeastern businesses to our 18-state footprint. Together, we are committed to providing safe, dependable, affordable and clean energy to the communities served by SCANA and to maintaining its excellent record of reliability and customer service,” Thomas F. Farrell, II, chairman, president and chief executive officer for Dominion Energy, said in a press release on Wednesday.
Jimmy Addison, CEO of SCANA, said in the release “today marks a significant milestone in the history of Dominion Energy and SCANA. Employees at our respective companies have been working hard for months on integration planning, and I am confident that will lead to a smooth transition.”
