For Immediate Release
Friends of the Earth/Sierra Club Statement on Dominion Takeover of SCANA
A Bad Deal for Clean Energy in South Carolina and for SCE&G Ratepayers, who get Stuck Paying for the V.C. Summer Nuclear Reactor Debacle for 20 Years.
COLUMBIA, S.C. - On January 3, 2018, Dominion Energy and SCANA announced that Dominion has instigated a takeover of SCANA, a South Carolina-based utility. SCANA has been vulnerable to takeover as it’s facing financial and regulatory woes due to pursuit by its subsidiary South Carolina Electric & Gas (SCE&G) of two nuclear reactors that were canceled on July 31, 2017, after a waste of $9 billion.
See Dominion presentation on the proposed merger: “Combination of Dominion Energy and SCANA,”
January 3, 2018, http://investors.dominionenergy.com/static-files/358568a2-cd8e-4844-a15c-2f618e902fc7
SCE&G is still expected to file a formal abandoned nuclear project cost-recovery petition with the South Carolina Public Service Commission on or about January 8, 2018, as the company announced last month. That petition will provide important details on Dominion's proposed deal and draw engagement from public interest groups. Friends of the Earth and Sierra Club will respond aggressively to any proposal which fails to protect ratepayers and assure a clean energy future for South Carolina.
Friends of the Earth and the Sierra Club currently have a complaint pending before the PSC which seeks repayment to customers of money wasted on the nuclear project and a future commitment to pursue cleaner, cheaper, alternative energy. In that on-going case Friends of the Earth and Sierra Club are actively seeking to compel discovery of documents from SCE&G that could hold evidence of fraud and imprudence on the part of the utility. While it is unclear how the merger proposal will proceed, the organizations will continue to fight at the PSC for a return of money spent on the nuclear fiasco.
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Friends of the Earth is the U.S. voice of the world's largest grassroots environmental network, with member groups in 77 countries. Since 1969, Friends of the Earth has fought to create a more healthy, just world.