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Tue Jul 31, 2018, 03:42 AM

Shareholders of troubled South Carolina utility to vote on merger plan

COLUMBIA, S.C. (AP) Shareholders of South Carolina utility SCANA are expected to vote Tuesday on whether to merge with Virginia-based Dominion Energy.

SCANA suddenly needed a buyer after spending billions of dollars on a pair of nuclear reactors that were abandoned a year ago. Dominion is offering more than $1 billion in rebates, but is also pushing against rate cuts that a number of South Carolina lawmakers want to see offered.

If approved by regulators, the deal would also cut rates for customers of SCANA subsidiary South Carolina Electric & Gas Co. by about 5 percent.

SCANA has been reeling since announcing last summer SCE&G was abandoning construction of two new reactors at the V.C. Summer Nuclear Station. Thousands were left jobless in the wake of the $9 billion failure.

https://www.scnow.com/news/state/wire/article_1c467601-aac6-5bdf-9a48-e6a5c0d670b4.html
(brief article)

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