US: State regulators support US$15B utility merger

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.

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

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