Fate of $8 Billion Utility Takeover Hinges on South Carolina Governor [Bloomberg Business News]
Dominion Energy, Inc. (D)
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Source: Bloomberg Business News
Dominion Energy Inc. ’s $7.9 billion takeover of a troubled utility in South Carolina may be over before it’s even begun. Dominion hasn’t even gained regulatory approval to buy Scana Corp. , and state legislators are already threatening to throw a wrench in its plans. The state senate passed a bill late Wednesday that would cut the money Scana can recoup for a massive nuclear project that failed. If signed into law, it could be a “material” change that offers Dominion a reason to walk away with no strings attached. Ultimately, the fate of this takeover rests in the hands of South Carolina’s governor. “The deal as it stands will terminate” if Governor Henry McMaster signs a rate cut into law, said Katie Bays, an analyst for Height Securities LLC. “If the deal does advance, it will be on new terms.” The unraveling deal goes to show how the failed V.C. Summer nuclear project continues to haunt Scana after costs ballooned to more than $20 billion. While the
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