Dominion CEO: Without Deal, South Carolina Power Company Fails
COLUMBIA, S.C. (AP) — The top executive of a company looking to buy a troubled South Carolina utility says the state’s leaders can either accept the deal or watch SCANA Corp. fail.
News outlets report Dominion Energy CEO Tom Farrell told the Public Service Commission on Thursday that the Virginia company’s proposed deal was the best option South Carolina could hope for.
Farrell warned that SCANA could go bankrupt if the company can’t keep charging customers to pay debts on the construction of two reactors at the V.C. Summer Nuclear Station in Fairfield County.
SCANA abandoned the project last year following the bankruptcy of lead contractor Westinghouse. Dominion has proposed a $14.6 billion deal to buy SCANA, whose ratepayers have already paid out $2 billion to fund the utility’s debt on the project.
Related News
From Archive
- Intrepid Fiber breaks ground on fiber optic network in Superior, Colo.
- Excavator collides with I-95 overpass in Henrico, Va., causing multi-vehicle crash
- Shrewsbury, Mass., expands sewer inspections and cleaning efforts
- Construction worker killed in trench collapse near Prosperity, S.C.
- Two workers rescued after hours trapped in Mich. trench collapse
- Texas contractor penalized by OSHA for repeated trench safety violations
- Final construction phase kicks off for Indianapolis deep rock tunnel
- WES tunnel boring machine retrieved from Oregon river after seven-month project
- Illinois overhauls Peoples Gas pipeline program, mandates focus on high-risk pipes
- Ameren Illinois to invest $140 million in natural gas pipeline replacement program
Comments