V.C. Summer

SCANA’s failed V.C. Summer nuclear project in Fairfield County, S.C.

Dominion Energy Inc. inched a little closer in its proposal to buy SCANA Corp. utility holding company in South Carolina.

The Nuclear Regulatory Commission approved the indirect transfer of the operating license for V.C. Summer nuclear power plant Unit 1 and of the combined licenses for V.C. Summer Units 2 and 3 from SCANA’s wholly owned subsidiary, South Carolina Electric & Gas, to Richmond-based Dominion Energy.

This constitutes one of several regulatory approvals required by the merger agreement between the two companies, Dominion said.

The NRC has not yet acted on SCE&G’s request to terminate the combined licenses for Units 2 and 3, but such action is not required under the merger agreement, the company said.

Construction on the units was halted in July 2017 by SCE&G and Santee Cooper, another South Carolina utility, amid billions in cost overruns. Though canceling the projects saved customers future expenses, they were still on the hook for money already spent.

Dominion Energy has no plans to complete the project if the merger is completed.

The merger previously received approval from SCANA’s shareholders, the Federal Energy Regulatory Commission and the Georgia Public Service Commission. The merger remains contingent upon receiving approvals from the public service commissions of South Carolina and North Carolina.

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