Dominion Energy Pays $7.9B For Utility Co. SCANA

Dominion Pounces on Scana's Nuclear Woes

SCANA being acquired by a much larger utility based out of Virginia in a deal that would help shield South Carolina Electric and Gas ratepayers from almost $2 billion in costs from a failed nuclear project and result in lower rates and a $1,000 refund for electric customers.

DOMINION ENERGY and fellow energy corporation SCANA have announced that they are to combine in an all-stock merger worth US$14.6bn, including debt.

All residential customers of Scana's South Carolina Electric & Gas utility will get an average cash payment of $1,000 within 90 days of the deal being completed, the companies said in a statement. They also include a more than $1.7 billion write-off of existing VC Summer 2 and 3 capital and regulatory assets, which would never be collected from customers. The combined company would operate 31.4 GW of generating capacity in 18 states from CT to California, delivering power to about 6.5 million regulated customers in eight states.

Scana was earlier funding some projects from SCE&G and this annoyed some of its customers because of which, the utility rolled back electricity rates for its residential users.

SCANA has struggled in recent months after it and Santee Cooper abandoned the construction of two new Westinghouse units at the VC Summer nuclear plant in SC after the bankruptcy and collapse of Westinghouse and huge cost and schedule overruns.

Farrell II said in a press conference today that partial refunds would go to ratepayers following several rate increases by South Carolina Electric & Gas (SCE&G) after start of the now-failed V.C. Summer nuclear plant project.

SCE&G and project co-owner Santee Cooper blamed the $9 billion project failure on the bankruptcy by contractor Westinghouse.

Dominion Energy Inc says that it expects the acquisition of SCANA Corporation to be immediately accretive to its earnings. Dominion, like SCANA, will continue to work with Santee Cooper on transferring operating licenses, Farrell said.

Liverpool vs Manchester City 14 January 2018: EPL Preview and Predictions
Gabriel Jesus could be fit for Manchester City's Champions League game against Basel on February 13, according to Pep Guardiola . Instead, I fancy the points to be shared - and with the attacking output on both sides, I think we could see a thriller.

Musician Seal Calls Oprah Winfrey A 'Part Of The Problem'
There have been reports on CNN and elsewhere in recent days that Winfrey has been considering a presidential run. Sea;l hammered Oprah for turning a blind eye to Harvey Weinstein's antics.

Samsung Galaxy S9 Retail Box LEAKS With Spec List
Galaxy owners were hoping to get a sneak peek at the S9 at CES but their hopes were quickly squashed. Like its predecessor, this phone is also coming with AKG tuned earphones in the box.

The nuclear project's failure has cost executives of the two companies their jobs.

He also noted that the merger offers myriad benefits to SCANA shareholders, including "the largest utility customer cash refund in history", and would "guarantee a rapidly declining impact from the V.C. Summer project". The deal would give Dominion 6.5 million regulated electric and gas customers in eight states, but is contingent on keeping a state law that allows SCANA to recoup at least some costs for the Summer plant.

Scana being the Carolina- based utility, a year ago had rejected to build two nuclear reactors.

SCANA's stock price has fallen about 40 percent since the nuclear project was canceled, making the company a potential takeover target.

Farrell told analysts that he's already spoken with McMaster and other SC leaders about the deal.

Wednesday's conference call provided more details on an historic acquisition that will change the energy landscape in SC, where SCANA is the only large investor-owned utility headquartered in the Palmetto State.

On Tuesday, Santee Cooper announced without explanation that board chairman Leighton Lord had resigned his position as of December 29.

Related News:

  • CES goes dark in the rain

    CES goes dark in the rain

    The trade fair is marketed as the "world's gathering place for all those who thrive on the business of consumer technologies ". Follow CNET's live coverage of day two of CES here. "We will continue to restrict access until full power has been restored".
    Dolly Parton's Dixie Stampede Dinner Attraction Is Losing The 'Dixie'

    Dolly Parton's Dixie Stampede Dinner Attraction Is Losing The 'Dixie'

    World Choice Investments CEO Jim Rule says the rebranding is part of an effort to "stay relevant in today's changing world". Parton opened Stampede in three different cities: Branson, Mo., Pigeon Forge, Tenn . and Myrtle Beach, S.C.
    Second Day of Protests Over Child Rape and Murder

    Second Day of Protests Over Child Rape and Murder

    A 16-year-old girl on Thursday was strangled to death after rape at Tasawar Abad in Tehsil Bhalwal of district Sargodha. The clarification stated that the chief justice had only referred to a news item that had gone viral on social media.
  • Stony Brook family's cruise to Bahamas rocked by winter storm

    Stony Brook family's cruise to Bahamas rocked by winter storm

    The Norwegian Cruise Line ship was sailing in the Atlantic Ocean from the Bahamas to NY when the storm hit earlier this week. Passengers have since told of how they held on for life and feared their safety as the boat was rocking "like crazy".
    Obama Foundation files plans for Obama Presidential Center

    Obama Foundation files plans for Obama Presidential Center

    "Take a look at that, at that initial decision where they decided between Jackson Park and Washington Park". The Obama Foundation outlined the guiding principles behind the center's design in a statement Wednesday.
    Infosys December quarter net profit jumps 38% to Rs 5129 crore

    Infosys December quarter net profit jumps 38% to Rs 5129 crore

    And lastly, net profit for the quarter came in 42.12% higher than the estimated figure of Rs. 3609 crores. The tax agreement will reduce Infosys's effective tax rate by 100 basis points going forward.
  • Firefighters battle giant blaze at Dublin metal plant

    Firefighters battle giant blaze at Dublin metal plant

    But people with breathing difficulties are being advised to avoid the area until the remainder of the smoke plume is gone. No delays have been reported and a spokeswoman for Dublin Airport confirmed the fire was not on the airport's grounds.
    Young Texas Church Shooting Victim Finally Returns Home after Months in Hospital

    Young Texas Church Shooting Victim Finally Returns Home after Months in Hospital

    Ryland lost three of his relatives in the shooting. "It's just a miracle he survived and is doing as well as he is", she said. As it rolled down the freeway, supporters gathered on overpasses and along roads waving and smiling, and Ryland waved back.
    Marriott forced to issue apology after China error

    Marriott forced to issue apology after China error

    Taiwan and the mainland split in 1949 after a civil war but the Communist Beijing government claims the island as its territory. Delta Air Lines Inc., the Zara apparel chain and Irish medical-equipment maker Medtronic Plc all came under fire.
  • Christian groups decry U.S.  policy change on Salvadorans as Episcopalians offer support

    Christian groups decry U.S. policy change on Salvadorans as Episcopalians offer support

    In fewer than 140 characters, the Trump administration set a date to end the dream of more than 200,000 Salvadoran families. Numerous people under the temporary status have tried to become permanent residents by applying for green cards.
    Falling energy prices hold United States  consumer inflation to 0.1% in December

    Falling energy prices hold United States consumer inflation to 0.1% in December

    Excluding food and energy prices, core producer prices still dipped by 0.1% in December following a 0.3% increase in November. USA energy prices were up sharply a year ago compared to 2016, with petrol rising almost 11% and fuel oil up more than 15%.
    Netflix ramps up excitement for Altered Carbon with new trailer

    Netflix ramps up excitement for Altered Carbon with new trailer

    Enter Miguel Sapochnik, director of Game of Thrones' best ever episode - "Hardhome" - and enter Richard Morgan's Philip K. The series will arrive for Netflix subscribers around the world on February 2; you can find its show page here.

Most liked

Mum of boy in H&M ad brands controversy 'unnecessary'
That being said, Mango agreed that "everyone is entitled to their opinion about this", even if she happened to disagree. The first apology read "We sincerely apologize for offending people with this image of a printed hooded top".

Bargain Hunters Should Take a Look at Domino's Pizza, Inc. (NYSE:DPZ)
After eight years with the company, Patrick Doyle plans to resign his post as president and CEO of Domino's effective June 30. Qualcomm Inc decreased its stake in Qualcomm Inc (QCOM) by 2.35% based on its latest 2017Q3 regulatory filing with the SEC.

What Does Gerrymandering Mean? North Carolina Congressional Districts To Be Redrawn
Supreme Court has rejected the idea that district maps should be blind to party considerations. In the 2-1 ruling on Pennsylvania's case, a judge found that the U.S.

Zuma is not off the hook on state capture: Maimane
Kenyatta's discussion with Zuma will focus on bridging the balance of trade which is now highly in favor of South Africa. Deputy chief justice Raymond Zondo, selected by the chief justice will head the commission, Zuma said in the statement.

Instagram Stories get WhatsApp cross-posting in new test
Facebook is running a test to let users post Instagram Stories directly to WhatsApp , as a WhatsApp Status , TechCrunch reports. According to a Brazilian blog , Instagram is testing a way through which its users can directly post their Stories on WhatsApp .

Dolly Everett farewelled by hundreds of mourners in Katherine
Mr Everett said the family was overwhelmed and humbled by the outpouring of support. "It is sad. "May we please ask for some time to celebrate the life of our much-loved daughter Dolly".

Le'Veon Bell Will Consider Sitting, Retiring If Steelers Use Tag
Bell held out at the start of training camp this season because he was unhappy about having to play under the franchise tag. Now, I've done everything but own a Super Bowl ... "But, if not, I'll just handle it however I've got to handle it".

Ellen DeGeneres father Elliot dies at 92
When he died, I saw this rainbow over the stage they named for me. "I send love to his family today", DeGeneres wrote on Twitter. She also shared touching image of a rare rainbow stretched over her show's huge poster above Warner Bros studios in Burbank.

Nintendo Direct Round-Up; Everything New Coming to Nintendo Switch
The Switch version will also receive Funky Kong as a playable character as well as a "beginner-friendly" mode for gaming newbies. This new entry will also see the first Story Mode in the series since 2005's Mario Tennis: Power Tour for the Game Boy Advance.

All jewels stolen in brazen Paris Ritz robbery recovered
Three men, all aged around 30, were arrested moments after the alarms sounded after security guards trapped them in the building. Three axe-wielding thieves carried out the brazen robbery last week at the ultra-chic hotel on the city centre's Place Vendome.

AFC Divisional Sunday: Jacksonville Jaguars at Pittsburgh Steelers
If the ball gets held it's challenging for the quarterback to make a throw because everybody's rushing in, that's a problem. He will go along with Le'Veon Bell , who was near the top of rushing yards in the league with 1,291 and 9 touchdowns.

Fiat Chrysler Plans to Invest More Than $1B in Michigan Plant
Fiat Chrysler is moving production of heavy-duty trucks from Mexico to MI and paying bonuses to US workers in response to the. FCA said this was on top of a large investment at the Warren factory announced previous year .

British train station evacuated, closed after massive morning fire
Video posted to social media shows smoke billowing from a building in the early hours. Emergency services believe everyone inside the building escaped unharmed.

Raptors guard Kyle Lowry out of lineup for game against Cavaliers
Suddenly the Cavs, at 26-15, are 6.5 games back of the Boston Celtics . "This is just us during the regular season", James said. The Raptors were missing an injured Kyle Lowry and suspended Serge Ibaka , yet still had little trouble with the Cavaliers .

Baby in Charlotte Amber Alert found safe
He has brown shoulder-length dreadlocks and a tattoo of crown "King" on his neck in the middle of his Adam's apple. Charlotte-Mecklennburg Police are searching for a 3-month-old child believed to be with a murder suspect.