Dominion Energy to Buy Scana, Absorb Costs of Failed Nuclear Plant Project

4 Jan 2018   Nuclear, USA

The project was canceled after cost estimates ballooned. Dominion Energy Inc. D -3.85% has struck a deal to buy troubled energy company Scana Corp . SCG 22.59% , ushering in the final chapter for Scana’s major South Carolina nuclear project after it became mired in controversy and was abandoned when construction costs skyrocketed. Dominion, a Virginia-based gas-and-power utility, seized on Scana’s struggles to strike the $7.43 billion all-stock deal, which requires a number of state and federal approvals and could face a tough time from South Carolina lawmakers. Scana’s decision to abandon a $10 billion nuclear power plant during construction last year, after costs had doubled and the company concluded it would cost even more to complete, soured its relations with South Carolina officials and regulators. Facing investigations and legislative hearings, Scana’s chairman […]

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