Dominion Energy’s proposed $14.6bn SCANA merger achieves new milestone

5 September 2018 (Last Updated September 5th, 2018 11:16)

Dominion Energy’s proposed $14.6bn SCANA merger deal has achieved a significant milestone with an approval from the US Nuclear Regulatory Commission (USNRC).

Dominion Energy’s proposed $14.6bn SCANA merger deal has achieved a significant milestone with an approval from the US Nuclear Regulatory Commission (USNRC).

The regulatory approval, one among several required, allows the indirect transfer of the operating licence of VC Summer Unit 1 and combined licences (COLs) for VC Summer Units 2 and 3 from SCANA subsidiary South Carolina Electric & Gas (SCE&G) to Dominion Energy.

Headquartered in Cayce, South Carolina, SCANA is an energy-based holding company which focuses on electric and natural gas utility operations as well as other energy-related businesses through its subsidiaries.

"If the merger is completed successfully, then the combined company would deliver energy to nearly 6.5 million customer accounts."

The proposed merger has already been approved by SCANA’s shareholders, the Federal Energy Regulatory Commission (FERC), and the Georgia Public Service Commission.

In February this year, it received early termination by the Federal Trade Commission of the 30-day waiting period under the federal Hart-Scott-Rodino Antitrust Improvements Act.

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 last year and Dominion has not expressed any intent to complete the project upon completion of the merger.

The merger is still subject to approvals from the public service commissions of South Carolina and North Carolina, among other conditions.

In January this year, Dominion Energy and SCANA first announced their all-stock merger deal.

If the merger is completed successfully, then the combined company would deliver energy to nearly 6.5 million customer accounts and will have an electric generating portfolio of about 31,400MW and 93,600 miles of electric transmission and distribution lines.

The merged company will also have a natural gas pipeline network of 106,400 miles and will be one of the largest natural gas storage systems in the country with 1 trillion cubic feet of capacity.