Dominion Energy, SCANA Corporation to Combine in Strategic Merger:
Press Release from Dominion
It is important to note that this strategic combination is very different than other deals because the focus is on both immediate and longer term customer benefits to South Carolinians.
This merger will be good for the people of South Carolina; it will provide significant benefits to SCANA’s customers and the communities it serves by: · Locking-in significant and immediate savings – including what we believe is the largest utility customer cash payment in history. There will be $1.3 billion in cash payments to SCANA customers within 90 days of closing – worth $1,000 for a typical residential customer · Reducing rates by 5% - equal to more than $7 a month for a typical residential customers · Ensuring employment protections for all SCANA employees until 2020 · Maintaining the SCE&G headquarters in South Carolina · Increasing charitable giving by $1 million for the next five years
SCANA will join Dominion Energy under a $7.9 billion common stock merger. Including assumption of debt by Dominion Energy, the total value of the merger is $14.6 billion. We are thrilled to share the good news with you and truly believe that this is the best resolution for the people of South Carolina and the long-term well-being of energy stability in our state.
It was an honor to share the spirit of Christmas with children in foster care yesterday. Blessed to have the opportunity for Katrina's Kids to team up with Marcus Lattimore and his foundation to take these children shopping. #everychanceforeverychild