February 2018: An Update on the Dominion Energy & SCANA Merger Proposal
Speakers:
Keller Kissam, SCANA
Dan Weekley, Dominion Energy
Summary:
In separate presentations given by each company's representative, our speakers provided information on their respective companies, including cultures of safety, reliability, and service to the community. The fundamental message delivered by both executives was the need to restore stability to the regulatory environment to deter concerns of significant disturbances to economic development across the state. Dominion Energy has presented a proposal that combines the two entities. Highlights of points made by the Dominion representative include maintaining SCANA headquarters in its current location in Cayce, providing an immediate 5% reduction in customers' energy bills, writing-off $1.7 billion of capital, providing a replacement gas fired power plant with no capital cost to customers, and providing immediate cash payments by customer class as listed below:
- Residential – $1,000 per average customer
- Industrials – As much as $22.2 million for certain customers
- State Agencies – As much as $9.8 million for certain agencies (preliminary estimate)
- Municipalities – Total of about $22.6 million (preliminary estimate)
- Churches – As much as $197,000 for certain churches (preliminary estimate)
Currently, the proposal is set for a vote of SCANA shareholders in May.
Throughout the next year, you can expect the Columbia Chamber to:
- Continue to monitor this ongoing issue, including related legislation, and keep Chamber Partners updated on the impact to the Midlands business community.