Utility official touts Dominion-SCANA deal
March 15, 2018
Dominion Energy’s proposed $14.6 billion merger with South Carolina’s SCANA Corp. is a remedy for “the largest utility failure in modern history” – that is, the $9 billion loss of the abandoned V.C. Summer nuclear power plant.
That’s according to Dominion executive Dan Weekley, who told Capital Rotarians March 14 that the Virginia-based company seeks this “friendly acquisition” because it believes the Palmetto State is “on the verge of explosive growth” needing energy reliability.
Weekley said merger benefits include (1) a $1.3 billion cash payment to customers – a value of $1,000 for average residential users; (2) additional reductions of up to 7 percent from current electric and gas rates; and (3) a $1.7 billion write-off of existing debt related to the failed nuclear project.
Weekley noted that Dominion already has a business presence in the state, citing recent construction of an 1,100-acre, 270,000-panel solar farm in Jasper County.
He said Dominion – the sixth-largest producer of solar power in the country – is about 10 times SCANA’s size, with projects equally divided between electricity and natural gas. Weekly joined the company in 2000.
He’s a graduate of Marshall University and earned a master’s in business administration from Indiana University of Pennsylvania.
