Dominion Energy/SCANA Merger Achieves Another Key Milestone
Wednesday, September 5th, 2018
The proposed combination of Dominion Energy, Inc. D, +0.65% and SCANA Corporation SCG, -2.56% has achieved another significant milestone. The U.S. Nuclear Regulatory Commission has approved the indirect transfer of the Operating License for V.C. Summer Unit 1 and of the Combined Licenses for V.C. Summer Units 2 and 3 from SCANA's wholly owned subsidiary, South Carolina Electric & Gas, to Dominion Energy. This constitutes one of several regulatory approvals required by the merger agreement between the two companies.
The NRC has not yet acted on SCE&G's request to terminate the COLs for Units 2 and 3, but such action is not required under the merger agreement. SCE&G abandoned the nuclear construction project in July 2017. Dominion Energy has no plans to complete the project if the merger closes.
The merger previously received approval from SCANA's shareholders, the Federal Energy Regulatory Commission, the Georgia Public Service Commission and early termination by the Federal Trade Commission of the 30-day waiting period under the federal Hart-Scott-Rodino Antitrust Improvements Act. The merger remains contingent upon approvals from the public service commissions of South Carolina and North Carolina, among other conditions.
If the merger is completed, the combined company would deliver energy to approximately 6.5 million regulated customer accounts and have an electric generating portfolio of about 31,400 megawatts and 93,600 miles of electric transmission and distribution lines. It also would have a natural gas pipeline network totaling 106,400 miles and operate one of the nation's largest natural gas storage systems with 1 trillion cubic feet of capacity.