January 5, 2018 Read More →

Dominion SCANA Deal Begs Question: What’s Next For Santee Cooper?

The Post and Courier:

Dominion Energy delivered a blockbuster offer to buy SCANA Corp. on Wednesday in the wake of South Carolina’s failed nuclear project, pitching a $14.6 billion deal that would be among the largest in state history.

The offer from the Virginia-based utility giant, which SCANA has accepted, vowed to deliver lower electric rates to South Carolina Electric & Gas customers and a partial refund of the costly and incomplete expansion of the V.C. Summer Nuclear Station.

Richmond, Va.-[based] Dominion is believed to have beaten out three other large Southeastern utilities for SCANA— NextEra Energy of Florida, Southern Co. of Georgia and Duke Energy of North Carolina, which is already South Carolina’s largest power provider. Those three power companies…are central to negotiations for SCANA’s partner in the V.C Summer Nuclear Station project: the state-run electric utility Santee Cooper.

[Shar Pourezza, a utility analyst at Guggenheim Securities] said it will be difficult to land a deal that secures the future of one power company and its customers without resolving the V.C. Summer issue for the other. The General Assembly would need to approve the sale of Santee Cooper, which is headquartered in Moncks Corner.

The governor said he wants to protect the state’s 700,000 electric cooperative customers, mostly in rural areas, who get electricity through Santee Cooper.  

“(The SCANA sale) doesn’t resolve the issue,” he said. “The only way to resolve this travesty is to sell Santee Cooper. There is more work to be done, but today, we are headed in the right direction.”

More: https://www.postandcourier.com/business/dominion-offers-to-buy-scana-in-wake-of-s-c/article_c3f17458-f030-11e7-a058-334629fee3f2.html

Comments are closed.