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NRC clears Dominion, SCANA merger

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NRC clears Dominion, SCANA merger

The U.S. Nuclear Regulatory Commission has approved the indirect transfer of licenses for the V.C. Summer nuclear facility in South Carolina to Dominion Energy Inc. from South Carolina Electric & Gas Co.

The development satisfies one of the several regulatory conditions to complete the proposed stock-for-stock merger deal between Dominion Energy and SCANA Corp., the parent company of SCE&G, according to a Sept. 4 news release. The transaction is valued at about $14.6 billion, including the assumption of debt.

More specifically, the federal regulator approved the indirect transfer of the operating license for V.C. Summer unit 1 and of the combined licenses for the abandoned V.C. Summer units 2 and 3. However, the NRC has not ruled on SCE&G's request to terminate the combined licenses for units 2 and 3.

In July 2017, SCE&G and Santee Cooper halted the construction of two new 1,117-MW reactors at the V.C. Summer plant outside of Columbia, S.C. Dominion Energy does not intend to continue the project if its merger with SCANA comes to a close.

The companies previously received approvals 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 deal is still subject to the approvals of the South Carolina and North Carolina regulators, and other closing conditions.

Santee Cooper, legally known as South Carolina Public Service Authority, owns 45% of the two unfinished reactors.