Climate Changed
Fate of $8 Billion Utility Takeover Hinges on South Carolina Governor
- ‘The deal as it stands will terminate’ if law is enacted
- Governor says senate’s rate cuts for Scana aren’t deep enough
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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.