Atlanta — Dominion Energy and SCANA have received Georgia Public Service Commission approval for their pending $14.6 billion merger transaction, the companies said Wednesday.
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"This is an important step in bringing a brighter energy future to customers, communities and others served by the SCANA companies," Thomas Farrell II, Dominion Energy chairman, president and CEO, said. "We look forward to receiving the additional required regulatory approvals and completing our transaction by the end of this year."
The $7.9 billion stock-for-stock deal, announced in January, is designed to provide a lifeline to the Cayce, South Carolina-headquartered company reeling from the failure of the more than $9 billion V.C. Summer nuclear expansion.
The companies expect to close the merger later this year, subject to approval of SCANA's shareholders, authorization of the US Nuclear Regulatory Commission and the Federal Energy Regulatory Commission and review and approval from the public service commissions of South Carolina and North Carolina.
The deal has already secured the Federal Trade Commission's early termination of the 30-day waiting period under the federal Hart-Scott-Rodino Antitrust Improvements Act.
Upon closing, the combined company would serve about 6.5 million regulated customer accounts in eight states, with an electric generating portfolio of 31,400 MW 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 natural gas storage systems with 1 Tcf of capacity. -- Saad A. Sulehri, S&P Global Market Intelligence, firstname.lastname@example.org
-- Edited by Gail Roberts, email@example.com