July 16 (Renewables Now) - Dominion Energy Inc (NYSE:D) has received clearance from the Federal Energy Regulatory Commission (FERC) to merge with US electric and natural gas utility SCANA Corporation (NYSE:SCG).
The all-stock merger, which is worth some USD 14.6 billion (EUR 12.5bn) including the assumption of debt, was announced in early January and has already obtained approval from the Georgia Public Service Commission and the Federal Trade Commission.
"We will continue working toward achieving the other required regulatory approvals and completing our transaction by the end of this year," said Thomas Farrell, Dominion Energy’s chairman, president and CEO. The transaction is also pending stockholder clearance.
Under the terms of the deal, SCANA shareholders will get 0.6690 shares of Dominion Energy common stock for each share of SCANA common stock. This is the equivalent of USD 55.35 per share, or about USD 7.9 billion based on Dominion Energy's volume-weighted average stock price of the last 30 trading days ended January 2, 2018.
Following the combination, the enlarged company will have an electric generating portfolio of about 31,400 MW and 93,600 miles (150,635 km) of electric transmission and distribution lines. When it comes to natural gas, it will have a pipeline network totalling 106,400 miles.
According to information on its website, Dominion Energy has invested in and supported various renewable energy projects and alternative energy customer programmes totalling 3,822.12 MW since 2008.
(USD 1.0 = EUR 0.855)