Friends of the Earth/Sierra Club Statement on Dominion Takeover of SCANA

Dominion Energy Inc said on Wednesday it would buy Scana Corp in an all-stock deal worth about $7.9 billion, offering the utility a way out of dealing with unhappy customers and federal investigations following a failed nuclear project.

Under the deal, Scana shareholders would receive 0.6690 shares of Dominion Energy common stock for each share of Scana common stock, the equivalent of $55.35 per share, or about $7.9 billion based on Dominion Energy's volume-weighted average stock price of the last 30 trading days ended January 2, 2018. How that payment would be delivered will be announced later, according to the release.

Meanwhile, SCANA chief executive, Jimmy Addison added: "Dominion Energy is a strong, well-regarded company in the utility industry and its commitment to customers and communities aligns well with our values". 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.

But both projects encountered massive cost overruns, which the utilities blamed on Westinghouse as well as contractors.

A SC state official said previous year that customers had already paid $1.4 billion for the plant, which comes to about 18% of a typical residential bill. The transaction would be accretive to Dominion Energy's earnings upon closing, which is expected this year upon receipt of regulatory and shareholder approvals. Its presence in SC is now limited to two solar fields in Jasper County and a natural gas transportation line.

SCANA provides energy in the Carolinas and Georgia.

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During the conference call, Dominion officials said the deal with SCANA is not related to Santee Cooper, which S.C. Gov. Henry McMaster wants to sell, or to rate payers of the state-owned utility.

Scana had funded some of the costs of V.C. Summer with charges on SC ratepayers' bills.

Dominion Energy recently announced that its 71.4-megawatt (MW) solar facility, the largest in the SC, entered service near Ridgeland. This deal is not contingent in any way upon an outcome of Santee Cooper. But this doesn't resolve the issue.

South Carolina's legislative leaders are weighing in on the proposed acquisition of a troubled SC utility by Dominion Energy.

Still unresolved, McMaster said, is the problem of the state's 700,000 electric cooperative customers "who face the prospect of having their power bills sky rocket for decades" to pay off Santee Cooper's more than $4 billion in debt for its share of the two unfinished reactors.

We specialize in shareholder litigation involving buyouts, mergers, and individual shareholder rights throughout the country. Just last week, Santee-Cooper board chair Leighton Lord resigned, in a letter to the governor.

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