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Dominion Energy to buy Scana Corp in $7.9-bn deal

Dominion Energy will also assume Scana's debt of $6.7 billion, making the total deal worth $14.6 billion


Dominion Energy Inc said on Wednesday it would buy Scana Corp in an all-stock deal worth about $7.9 billion, offering the troubled utility a way out from dealing with spiralling costs and unhappy customers. Scana, which owns the South Carolina Electric & Gas Co (SCE&G), has been under pressure since it scrapped its VC Summer nuclear project after spending about $9 billion on it. Scana was funding some of the project's costs from SCE&G, a move that angered customers and led to the utility rolling back electricity rates for residential users. Dominion said it would pay ...

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First Published: Wed, January 03 2018. 20:58 IST