A PYMNTS Company

US: State regulators support US$15B utility merger

By  |  December 16, 2018

The South Carolina Public Service Commission approved a merger between Virginia-based Dominion Energy and SCANA Corporation, the parent company of South Carolina Electric and Gas.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    A majority of South Carolina regulators announced before a vote their intentions to approve a deal to rescue a utility company reeling in the wake of a multi billion-dollar nuclear construction failure.

    At least five of the seven members of the Public Service Commission said ahead of a vote Friday, December 14, they supported Dominion Energy’s roughly US$15 billion cash and stock bid to buy SCANA, the parent company of South Carolina Electric & Gas.

    South Carolina Gov. Henry McMaster says state regulators did their best to resolve a mess in approving a merger between a troubled South Carolina utility and Virginia-based Dominion Energy.

    McMaster on Friday expressed confidence the South Carolina Public Service Commission “vigorously sought to make the best of a bad situation” in trying to determine how to deal with the fallout from last summer’s abandonment of the construction of two new nuclear reactors.

    Full Content: Live 5 News

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.