S.C. Utility Regulator Approves Dominion, Scana Merger -- Update

   By Patrick Thomas 
 

The Public Service Commission of South Carolina blessed Dominion Energy Inc.'s (D) merger with South Carolina's largest power company, Scana Corp. (SCG), Dominion said Friday.

The Richmond, Va.-based energy company said the conditions of the deal will be released as part of a written order on Dec. 21.

S.C. utility regulators also approved a $22-a-month rate cut for customers, consistent with the companies' proposal, Dominion said.

"Dominion Energy is encouraged by the commission's vote and awaits an order to review prior to making a final decision to close the merger with Scana," Dominion Chief Executive Thomas Farrell said in a statement.

The state energy regulator's clearance was among the last hurdles Dominion needed to close its purchase of Scana. Dominion reached a deal in January to buy the troubled utility.

The combined company would deliver energy to about 6.5 million customers and have the ability to produce about 33,000 megawatts of energy and have 93,600 miles of electric transmission and distribution lines. The combined firm would also have natural gas pipeline network totaling 106,400 miles and operate one of the nation's largest natural gas storage systems.

Write to Patrick Thomas at [e-mail]

(END) Dow Jones Newswires

December 14, 2018 18:10 ET (23:10 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.