COLUMBIA (AP) Shareholders of South Carolina utility SCANA are expected to vote July 31 on whether to merge with Virginia-based Dominion Energy.
SCANA suddenly needed a buyer after spending billions of dollars on a pair of nuclear reactors that were abandoned a year ago. Dominion is offering more than $1 billion in rebates, but is also pushing against rate cuts that a number of South Carolina lawmakers want to see offered.
If approved by regulators, the deal would also cut rates for customers of SCANA subsidiary South Carolina Electric & Gas Co. by about 5 percent.
SCANA has been reeling since announcing last summer SCE&G was abandoning construction of two new reactors at the V.C. Summer Nuclear Station. Thousands were left jobless in the wake of the $9 billion failure.