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SCANA, Dominion file agreement in N.C.

Staff Report //October 5, 2018//

SCANA, Dominion file agreement in N.C.

Staff Report //October 5, 2018//

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SCANA Corp. and Dominion Energy filed a stipulation agreement with the Public Staff of the N.C. Utilities Commission and an intervenor in the companies’ proposed merger on Thursday. The companies said the agreement will ensure rate stability and service reliability for customers of PSNC Energy, a SCANA subsidiary and natural gas utility based in Gastonia, N.C.

“This marks significant progress in our proposed merger,” SCANA and Dominion said in a joint statement.

Richmond, Va.-based Dominion has proposed acquiring Cayce-based SCANA in a $14.6 billion deal that still requires the approval of the public service commissions of North and South Carolina, among other conditions.

Last month, the U.S. Nuclear Regulatory Commission approved a key part of the proposal. The deal has previously received approval from the Federal Energy Regulatory Commission as well as early termination by the Federal Trade Commission of the 30-day waiting period required under antitrust law. The deal has also gotten nods from SCANA shareholders and the Georgia Public Service Commission.

Dominion has said the proposed deal would include average refunds of around $1,000 per S.C. Electric & Gas customer. Ratepayers of SCE&G, SCANA’s principal subsidiary, and of state-owned utility Santee Cooper were saddled with billions of dollars in debt after the companies, co-owners of the reactors at the V.C. Summer Nuclear Power Station in Fairfield County, abandoned the project amid mounting delays and rising costs.