Dominion Scana Merger Agreement

CélinePILON > Dominion Scana Merger Agreement
Non classé / 17 septembre 2021 / Posted by celine

The company said in a filing with PSC that SCANA employees who lose their jobs because of the merger will receive « fair consideration for other jobs » within Dominion, whether in South Carolina or elsewhere. Dominion also said it would not change the retirement program for current SCANA retirees. He also said he would increase SCANA`s charitable donations by $1 million a year. Through SCANA SCANA Corporation (NYSE: SCG), headquartered in Cayce, S.C., is an energy-based holding company, which operates primarily through subsidiaries in the electricity and natural gas sectors and other energy-related activities. Information about SCANA and its business is available on the company`s website in www.scana.com. The final announcement of the merger coincides with a advance of clean energy advocates for change in South Carolina. On Wednesday, groups like the Solar Energy Industries Association, south Carolina Solar Business Alliance, Vote Solar and the Southern Environmental Law Center (SELC) announced a « 100-day agenda for clean energy » calling for legislation that makes the state more favorable to renewable energy development, including changes such as removing the state`s net measurement cap and allowing direct contracts between companies and producers. of independent electricity. Interest rate cuts – including repayments of $575 million over time – are expected to take effect within 90 days of closing the merger, subject to approval by the South Carolina Public Utilities Commission. South Carolina lawmakers earlier this year passed a temporary 15% interest rate cut for these temper payers. The final agreement, approved by the PSC, eliminates discount controls and supports the reduction of 22 $US in the average customer`s monthly bill. Despite the merger, South Carolina has more to do to deal with the failure of the VC Summer project. Consumer groups aimed to cut interest rates by 20 percent for consumers, which would equate to a reduction in the average monthly bill of about $30.

Dominion officials said such a cut would push them to abandon the deal. « We welcome the agreement of our shareholders, » said Maybank Hagood, Chairman of scana`s Board of Directors. « We believe that the merger with Dominion Energy is the most comprehensive solution for our customers and that SCANA is a company that reflects our commitment to providing safe and reliable energy. » The new year brings many Southeast customers a new utility company, as Dominion Energy and Scana Corporation have completed the merger that the companies have been planning for a year. . . .