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Proposed Dominion-SCANA merger clears key federal hurdle

Staff Report //February 2, 2018//

Proposed Dominion-SCANA merger clears key federal hurdle

Staff Report //February 2, 2018//

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Dominion Energy’s proposed acquisition of SCANA cleared a key regulatory hurdle when the Federal Trade Commission granted early termination of a required 30-day waiting period on Thursday.

The waiting period was required under the federal Hart-Scott-Rodino Antitrust Improvements Act.

The merger is also contingent upon authorization of the Nuclear Regulatory Commission and Federal Energy Regulatory Commission and approval from the public service commissions of South Carolina, North Carolina and Georgia. SCANA shareholders would also have to approve the acquisition, expected to close in the third quarter of 2018.

The proposed merger ran into legislative stumbling blocks this week as the S.C. House passed bills that dealt blows to its completion. Among other measures, the House approved potential legislation that would halt customer payments to SCANA subsidiary S.C. Electric & Gas for the failed V.C. Summer nuclear project and repeal the Base Load Review Act, the state law that allows SCANA to collect such fees.

Richmond, Va.-based Dominion has said that it must be allowed to continue to recoup V.C. Summer-related costs from ratepayers, albeit under a plan that would shorten the period of customer liability and refund ratepayers some of their money.