This is the outcome of the collapse of Westinghouse and the shutdown of new plant construction at VC Summer…
Dominion Energy runs three nuclear plants:
- Millstone in Connecticut
- North Anna in Virginia
- Surry Power Station, also in Virginia
Now, it’s going to add a fourth plant to its portfolio: VC Summer, in South Carolina. Power Engineering reports:
Dominion Energy and SCANA Corporation have reached an agreement for the two companies to merge in a $14.6 billion deal.
The stock-for-stock merger would give SCANA shareholders 0.669 shares of Dominion Energy stock for every share of SCANA stock, the equivalent of $55.35 per share. The stock swap is valued at $7.9 billion, with the remaining $6.7 billion coming from the assumption of debt.
Dominion’s deal includes a $1.7 billion write-off of assets from the failed V.C. Summer 2 and 3 expansion, which would allow the utility to eliminate costs to customers over 20 years rather than the previously-proposed 50-60 years. Overall, customers will experience a five percent rate reduction, or an average of $7 per month.
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