SCANA Corp. Accepts Tentative $14.6B Purchase Offer

A tentative purchase offer from Dominion Energy of $14.6 billion has been accepted for SCANA Corp., media reports indicated Wednesday.

V.C. SummerSCANA Corp. has been widely criticized in South Carolina for its decision, along with state-owned utility Santee Cooper, to abandon the V.C. Summer nuclear power plant expansion project, leaving the construction of two Westinghouse Electric Company AP-1000 reactors unfinished after spending $9 billion on the project.

SCANA blamed Westinghouse's March 2017 bankruptcy filing for abandoning the project, which was beset by significant delays and cost overruns. SCANA has since made several conciliatory gestures to appease angry rate-payers, who contributed to the project and came away empty-handed, and politicians who paved the way for the fiasco.

Dominion, according to The Post and Courier, would refund customers $1,000 and shave an average of $7 per month on their South Carolina Electric and Gas bills if the deal went through. SCANA is SCE&G's parent company.

"But the sale hinges on keeping the state law that allows SCANA to collect customer payments for two unfinished reactors that cost $9 billion," the Post and Courier said.

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