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Merger Deal Between Dominion and SCANA Would Write Off $1.7 Billion for Failed Nuclear Plant

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first_img FacebookTwitterLinkedInEmailPrint分享Utility Dive:Dive Brief:Dominion Energy and SCANA Corp. have agreed to an all-stock merger that company officials say will lower customer rates and help unwind financial obligations related to the abandoned V.C. Summer nuclear project. SCANA shareholders would receive 0.669 shares of Dominion stock for every share of SCANA — or $55.35/share, a 28% premium on Tuesday’s closing price. That amounts to a deal value of $14.6 billion, including debt, should the agreement be approved by shareholders and state and federal regulators.Dominion says it would write off $1.7 billion in costs related to the Summer plant, allowing it to eliminate customer costs for the project over 20 years, instead of the 50-60 years proposed by SCANA. The deal would give Dominion 6.5 million regulated electric and gas customers in eight states. Dive Insight:SCANA, parent company of South Carolina Electric & Gas (SCE&G), has been looking for a buyer since late summer, after it and state-owned utility Santee Cooper announced they would abandon construction of the V.C. Summer nuclear plant, having already spent $9 billion in ratepayer cash. The plant was originally estimated to cost less than $12 billion, but mismanagement and problems with reactor design from contractor Westinghouse pushed final cost estimates to $25 billion. SCANA now faces multiple lawsuits and an SEC investigation into whether it misled shareholders about the project, while Santee Cooper could be sold off to pay for the abandoned plant.Dominion says acquiring SCANA could help cushion the blow of the Summer debacle. In addition to a $1.7 billion writeoff of nuclear costs, the company proposes a $1.3 billion payment to SCE&G customers, amounting to about $1,000 for the average residential ratepayer. That would come on top of an additional 5% residential rate reduction, Dominion said in a release, resulting from refunds of previously collected funds and the impact of lower federal taxes. In addition, Dominion said it would complete the purchase of the $180 million gas-fired Columbia Energy Center “at no cost to customers to fulfill generation needs.”Without debt, the deal is valued at about $7.7 billion. SCANA shares were up nearly 22% in pre-market trading.If approved, SCANA would operate as a wholly-owned subsidiary of Dominion, saddling the Virginia-based holding company with the baggage of the Summer plant, but also significantly expanding its rate base.More: Dominion, SCANA agree to $14.6B all-stock merger Merger Deal Between Dominion and SCANA Would Write Off $1.7 Billion for Failed Nuclear Plantlast_img read more

Edward E. Goble

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first_imgEdward E. Goble, age 81 of Batesville, died Monday, July 15, 2019 at Our Hospice of South Central Indiana in Columbus.  Born May 17, 1938 in Aurora, Indiana, he was the son of Elizabeth (Nee: Resing) and Bernard Goble.  He married Clara Fledderman May 3, 1958 at St. Louis Church.  After serving in the army, he became an insurance broker as well as doing some teaching and serving as an insurance consultant for the Indiana Department of Insurance.  He was a member of St. Louis Church, The Prell-Bland American Legion Post #271 and the Batesville Knights of Columbus Council #1461.Ed had three passions. First was his family.  A devout family man, spending time with them was time he treasured.  Secondly, he thoroughly enjoyed the outdoors.  An avid fisherman, deer and turkey hunter, he proudly taught his grandchildren to fish as well.  Thirdly, he was civic minded.  Ed served ten counties during his 24 years as a state legislator from 1970 – 1994, holding the position of majority whip and minority whip in addition to serving on numerous committees while in the state house.  He was a former member of the Batesville Fire Department, Community Mental Health Board of Directors, New Horizons Board of Directors and during his time in the state house, he was instrumental in the construction of State Road 129.Ed also enjoyed many hobbies.  He coached his kids in softball and baseball, went gold panning with his brothers, followed I.U. basketball and the Colts and was a huge fan of IndyCar racing, having attended the Indianapolis 500 for years.  He liked to cook and was in charge of the Sunday brunch according to his family.  They also shared that he was a storyteller, joke teller and apparently had a huge sweet tooth.  They teased that all those years of traveling while in office, he knew where every Dairy Queen was in his district.He is survived by his wife Clara; daughters Lee Ann Gibbs (Wayne) of Batesville, Indiana, Lori Lambert (Geoff) of Fishers, Indiana; brothers Louis Goble of Cincinnati, Richard (Sue) Goble of Lawrenceburg, Indiana and grandchildren, Dylan Gibbs, Colin Gibbs, Hayden Lambert and Greta Lambert.  In addition to his parents, he is also preceded in death by his son Larry Goble; sister Mary Goble and brothers Bernard (Buddy), George and Thomas Goble.Visitation is Thursday, July 18th, from 4 – 7 p.m. at the Weigel Funeral Home.  Funeral services are 11 a.m. Friday, July 19th at St. Louis Church with Rev. Michael O’Mara officiating.  Burial will be in the church cemetery with military rites conducted by the Prell-Bland American Legion Post #271 and the Ripley County V.F.W. Post #3183.  The family requests memorials to the St. Louis Cemetery Fund or the Ed Goble Memorial Fund (c/o Ripley County Community Foundation).last_img read more