Richmond, Va.-based Dominion Energy has agreed to buy SCANA Corp. in a deal valued at $14.6 billion after the failure of two new nuclear units being built by SCANA and Santee Cooper at the V.C. Summer plant in South Carolina. Dominion plans to write off $1.7 billion in costs related to the project. The deal must be approved by federal and state officials, and South Carolina legislators are raising concerns about the deal because it does nothing for the customers of Santee Cooper, which owns 40% of the project that was abandoned in July. Dominion said on Jan. 3 it will pursue the purchase of a natural gas plant to replace the power that would have been supplied by the new nuclear plants. The company also will consider extending its Atlantic Coast Pipeline 13 miles to the South Carolina border. On Dec. 28, SCANA asked the Nuclear Regulatory Commission to withdraw its license for the Summer expansion. Work is limited to terminating construction, securing the site and closing permits.
Santee Cooper Triggers Buyout by Dominion Energy
January 11, 2018