January 3 (Renewables Now) - US utility Dominion Energy Inc (NYSE:D) has formally acquired and delisted sector player SCANA Corporation (NYSE:SCG) for about USD 6.8 billion (EUR 6bn), thus expanding its operations in Georgia and the Carolinas.
Dominion Energy now operates some 31 GW of diverse electric generation capacity in 10 states, including renewables, and more than 1 trillion cubic feet (28.3 billion cu m) of natural gas storage. It serves 3.3 million electric utility customer accounts in the Carolinas and Virginia, as well as 3.3 million natural gas utility customer accounts in seven states. The company has created a new segment called the Southeast Energy Group to manage SCANA’s operating firms -- South Carolina Electric & Gas Company (SCE&G), Public Service Company of North Carolina Inc (PSNC Energy) and SCANA Energy Marketing Inc (SEMI), it said.
"The addition of SCANA makes geographic sense and aligns well with our core, regulated energy businesses," said Thomas Farrell, chairman, president and CEO of Dominion Energy. He added that the company expects SCANA’s “well-run” regulated operations to help improve Dominion Energy's risk profile and growth outlook.
The freshly completed transaction saw each SCANA share be converted into 0.6690 shares of newly issued Dominion Energy common stock. In addition, the buyer assumed some USD 6.6 billion in existing consolidated SCANA net debt.
(USD 1.0 = EUR 0.880)