COLUMBIA, SC (WIS) - Dominion Energy announced Tuesday that the merger between them and South Carolina-based SCANA Corporation is complete.
The merger has been a year-and-a-half in the making and the proposed merger was approved by the Public Service Commission in mid-December.
“Dominion Energy is pleased to add SCANA’s fast-growing, high-performing Southeastern businesses to our 18-state footprint,” Thomas F. Farrell, II, chairman, president, and the chief executive officer said. “Together, we are committed to providing safe, dependable, affordable and clean energy to the communities served by SCANA and to maintaining its excellent record of reliability and customer service.”
With the merger, officials say customers will be on the hook for the $2.3 billion in costs related to the VC Summer nuclear plant left suddenly shuttered in 2017. SCANA customers also won’t get that $1,000 refund initially advertised by Dominion officials.
Dominion officials did promise, however, that customers would get reduced bills and says they will commit “to maintain or exceed customer service levels.”
The merger now means that Dominion Energy will serve 3.3 million electric utility customers in North Carolina, South Carolina, and Virginia, and 3.3 million natural gas utility customer accounts in Idaho, North Carolina, Ohio, South Carolina, Utah, West Virginia and Wyoming; and 800,000 competitive and regulated, last-resort natural gas customer accounts in states with competitive markets. The merger also extends Dominion’s presence through Georgia.
“The addition of SCANA makes geographic sense and aligns well with our core, regulated energy businesses,” Farrell added. “These are well-run regulated operations that we expect will help improve Dominion Energy’s risk profile and growth outlook.”
“Today marks a significant milestone in the history of Dominion Energy and SCANA. Employees at our respective companies have been working hard for months on integration planning, and I am confident that will lead to a smooth transition,” Jimmy Addison, chief executive officer of SCANA, said. “These two companies share common values, and this combination provides SCANA’s businesses with the scale and stability to meet customers' growing energy needs in the years to come. I am particularly proud that despite the intense efforts that went into planning for the integration and attaining approval of the combination of the companies over the past year, employees across our three-state region maintained their focus on providing energy to our customers safely and reliably. We will now hit the ground running with Dominion Energy and embrace change.”