Dominion Energy and SCANA Corporation completed their merger on Wednesday.
In a release, Dominion President and CEO Thomas F. Farrell, II said the combined company is “committed” to providing safe and affordable energies to those customers of SCANA’s power utility South Carolina Electric & Gas (SCE&G).
“The addition of SCANA makes geographic sense and aligns well with our core, regulated energy businesses,” Farrell added in a statement. “These are well-run regulated operations that we expect will help improve Dominion Energy’s risk profile and growth outlook.”
SCANA CEO Jimmy Addison will remain at the combined company for another month as an advisor until he retires in February.
“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,” he said in the announcement. “We will now hit the ground running with Dominion Energy and embrace change.”
Dominion moved to acquire SCANA in January 2018, six months after SCE&G abandoned construction of two new nuclear units at V.C. Summer. The typical monthly bill for an SCE&G electric customer using 1,000 kilowatt-hours will remain 15 percent lower than at this time last year as part of the state Public Service Commission’s approval of the merger. The amount is meant to allow Dominion to recover debt from money spent on the failed project before March 2015. The state Office of Regulatory Staff is appealing the decision, arguing regulators should go on record as saying they chose the date because they believe SCE&G officials misled them about problems on the project.
Customers will eventually repay roughly $2.3 billion of SCANA’s estimated $5 billion debt from the project.