$15 Billion SCANA Deal Closer To Completion

Dec 27, 2018

The $15 billion sale of the South Carolina-based SCANA, the parent company of South Carolina Electric & Gas, to Dominion Energy of Virginia appears to be on the way to completion.

According to The State newspaper, trading of SCANA shares on the New York Stock Exchange will be unavailable on Jan. 2. Companies have to give the exchange a three-day notice before mergers or acquisitions are finalized.

Environmental groups have filed appeals to the buyout approved by regulators this month, saying the deal is bad for consumers. Dominion pulled back on $1000 refunds to customers, who paid more than $2 billion for the failed construction of two nuclear reactors in Fairfield County and will pay additional charges of that amount over the next 20 years. About 6,000 people lost their jobs when the reactor project was abandoned.

Under the buyout deal, customers’ bills will be reduced by about $22 a month. Dominion officials have said they will pay SCANA employees who lose their jobs in the buyout through July of 2021.