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Dominion's USD 8 billion Scana merger dealt another blow in South Carolina

Dominion has threatened to call off its merger with Scana after South Carolina's senate voted to cut the money Scana can collect for an unfinished nuclear project scrapped by the company last year.

Photo: Carolyn Kaster/AP/Ritzau

The state Senate voted to cut the money Scana can collect from customers for a half-finished nuclear power project the company scrapped last year. Dominion has threatened to call off the merger with Scana should legislators make such a move, and the company reiterated Wednesday that it stands by previous statements. Scana fell as much as 2.6 percent to USD 36.26 in after-markets trading.

Dominion's takeover of Scana faced an uphill battle to begin with. Since pulling the plug on the massive V.C. Summer nuclear project, Scana has found itself at the center of a federal investigation, a state probe and hearings on how the costs of the power plant ballooned to over USD 20 billion. The company’s chief executive officer retired after lawmakers called for his resignation and consumers are facing a multibillion-dollar bill for a project that may never deliver a single watt of electricity.

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