RICHMOND, Va. and CAYCE, S.C., Sept. 4,
2018 /PRNewswire/ -- The proposed combination of
Dominion Energy, Inc. (NYSE: D) and SCANA Corporation (NYSE: SCG)
has achieved another significant milestone. The U.S. Nuclear
Regulatory Commission (NRC) has approved the indirect transfer
of the Operating License for V.C. Summer Unit 1 and of the Combined
Licenses (COLs) for V.C. Summer Units 2 and 3 from SCANA's wholly
owned subsidiary, South Carolina Electric & Gas (SCE&G), to
Dominion Energy. This constitutes one of several regulatory
approvals required by the merger agreement between the two
companies.
The NRC has not yet acted on SCE&G's request to terminate
the COLs for Units 2 and 3, but such action is not required under
the merger agreement. SCE&G abandoned the nuclear construction
project in July 2017. Dominion Energy
has no plans to complete the project if the merger closes.
The merger previously received approval from SCANA's
shareholders, the Federal Energy Regulatory Commission, the Georgia
Public Service Commission and early termination by the Federal
Trade Commission of the 30-day waiting period under the federal
Hart-Scott-Rodino Antitrust Improvements Act. The merger remains
contingent upon approvals from the public service commissions of
South Carolina and North Carolina, among other conditions.
If the merger is completed, the combined company would deliver
energy to approximately 6.5 million regulated customer accounts and
have an electric generating portfolio of about 31,400 megawatts and
93,600 miles of electric transmission and distribution lines. It
also would have a natural gas pipeline network totaling 106,400
miles and operate one of the nation's largest natural gas storage
systems with 1 trillion cubic feet of capacity.
About Dominion Energy
Nearly 6 million customers in 19
states energize their homes and businesses with electricity or
natural gas from Dominion Energy (NYSE: D). The company is
committed to sustainable, reliable, affordable, and safe energy and
is one of the nation's largest producers and transporters of energy
with over $75 billion of assets
providing electric generation, transmission and distribution, as
well as natural gas storage, transmission, distribution, and
import/export services. As one of the nation's leading solar
operators, the company intends to reduce its carbon intensity 50
percent by 2030. Headquartered in Richmond, Va., Dominion Energy contributes
more than $20 million annually to the
communities it serves and actively supports veterans and their
families. Please visit www.DominionEnergy.com, Facebook or
Twitter to learn more.
About SCANA
SCANA Corporation (NYSE: SCG),
headquartered in Cayce, S.C., is
an energy-based holding company principally engaged, through
subsidiaries, in electric and natural gas utility operations and
other energy-related businesses. Information about SCANA and its
businesses is available on the company's website at
www.scana.com.
Forward-looking statements
This release contains
statements that constitute forward-looking statements within the
meaning of the U.S. Private Securities Litigation Reform Act of
1995. The statements relate to, among other things,
expectations, estimates and projections. We have used the words
"anticipate," "believe," "could," "estimate," "expect," "intend,"
"may," "plan," "outlook," "predict," "project," "should,"
"strategy," "target," "will," "would," "potential" and similar
terms and phrases to identify forward-looking statements in this
release. Factors that could cause actual results to differ include,
but are not limited to: the expected timing and likelihood of
completion of the proposed acquisition of SCANA; the risk that
Dominion Energy or SCANA may be unable to obtain necessary
regulatory approvals for the transaction or required regulatory
approvals may delay the transaction or cause the parties to abandon
the transaction; the risk that conditions to the closing of the
transaction may not be satisfied; or the risk that an unsolicited
offer for the assets or capital stock of SCANA may interfere with
the transaction. Other risk factors for Dominion Energy's and
SCANA's businesses are detailed from time to time in Dominion
Energy's and SCANA's quarterly reports on Form 10-Q or most recent
annual report on Form 10-K filed with the Securities and Exchange
Commission (SEC).
For further information:
DOMINION ENERGY CONTACTS:
Media: Chet Wade, (804) 775-5697 or
Chet.Wade@dominionenergy.com; Financial analysts: Steven Ridge, (804) 929-6865 or
Steven.D.Ridge@dominionenergy.com.
SCANA CONTACTS: Media: Public Affairs, (800) 562-9308;
Financial analysts: Bryant Potter,
(803) 217-6916
View original content with
multimedia:http://www.prnewswire.com/news-releases/dominion-energyscana-merger-achieves-another-key-milestone-300706541.html
SOURCE SCANA Corporation