Dominion Energy/SCANA merger receives FERC approval
by The Press and Standard | July 13, 2018 3:56 pm
July 13, 2018 /PRNewswire/ — The proposed merger of Dominion Energy, Inc. (NYSE: D) and SCANA Corporation (NYSE: SCG) has achieved another significant milestone with the approval of the Federal Energy Regulatory Commission (FERC).
In an order issued July 12, FERC found the combination of the two companies “is consistent with the public interest and is authorized.”
“We are pleased by the FERC’s considered and timely action,” said Thomas F. Farrell, II, Dominion Energy chairman, president and CEO. “It brings us closer to providing a brighter energy future for customers, communities and others served by the SCANA companies. We will continue working toward achieving the other required regulatory approvals and completing our transaction by the end of this year.”
The merger previously received approval of 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 is also contingent upon approval of SCANA’s shareholders; review and approval from the public service commissions of South Carolina and North Carolina; and authorization of the Nuclear Regulatory Commission.
Under a merger agreement announced in January, 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.