WASHINGTON — Dominion Energy’s planned $7.9 billion acquisition of SCANA Corp., a utility provider in the Carolinas and Georgia, has cleared one hurdle: The Federal Trade Commission has signed off on the deal.
South Carolina Electric & Gas Company is a SCANA subsidiary.
The merger would make Dominion a utility with 6.5 million customers in eight states from Connecticut to California.
Dominion said it expects the acquisition to close in 2018, although it still needs approval of SCANA shareholders, approval of Public Service Commissions in South Carolina, North Carolina and Georgia, and authorization of the Nuclear Regulatory Commission and Federal Energy Regulatory Commission.
Dominion is already one of the largest energy utility companies in the U.S., with more than 16,000 employees delivering natural gas and electricity to nearly 5 million homes and businesses. It also owns one of the nation’s largest natural gas storage systems.
Dominion and SCANA have offered incentives aimed at winning approval including a $1.3 billion cash payment to South Carolina Electric & Cass customers and a 5 percent rate reduction for SCE&G residential customers.
