RICHMOND, Va. and CAYCE, S.C., July 13,
2018 /PRNewswire/ -- The proposed merger of Dominion
Energy, Inc. (NYSE: D) and SCANA Corporation (NYSE: SCG) has
achieved another significant milestone with the approval of the
Federal Energy Regulatory Commission (FERC).
In an order issued July 12, FERC
found the combination of the two companies "is consistent with the
public interest and is authorized."
"We are pleased by the FERC's considered and timely action,"
said Thomas F. Farrell, II, Dominion
Energy chairman, president and CEO. "It brings us closer to
providing a brighter energy future for customers, communities and
others served by the SCANA companies. We will continue working
toward achieving the other required regulatory approvals and
completing our transaction by the end of this year."
The merger previously received approval of the Georgia Public
Service Commission and early termination by the Federal Trade
Commission of the 30-day waiting period under the federal
Hart-Scott-Rodino Antitrust Improvements Act. The merger is also
contingent upon approval of SCANA's shareholders; review and
approval from the public service commissions of South Carolina and North Carolina; and authorization of the
Nuclear Regulatory Commission.
Under a merger agreement announced in January, the combined
company would deliver energy to approximately 6.5 million regulated
customer accounts and have an electric generating portfolio of
about 31,400 megawatts and 93,600 miles of electric transmission
and distribution lines. It also would have a natural gas pipeline
network totaling 106,400 miles and operate one of the nation's
largest natural gas storage systems with 1 trillion cubic feet of
capacity.
About Dominion Energy
Dominion Energy is one of the
nation's largest producers and transporters of energy, with a
portfolio of approximately 26,000 megawatts of electric generation,
14,800 miles of natural gas transmission, gathering and storage
pipeline, and 6,600 miles of electric transmission lines. Dominion
Energy operates one of the nation's largest natural gas storage
systems with approximately 1 trillion cubic feet of storage
capacity and serves nearly 6 million utility and retail energy
customers. For more information about Dominion Energy, visit the
company's website at www.dominionenergy.com.
About SCANA
SCANA Corporation, headquartered in
Cayce, S.C., is an energy-based
holding company principally engaged, through subsidiaries, in
electric and natural gas utility operations and other
energy-related businesses. Information about SCANA and its
businesses is available on the company's website at
www.scana.com.
Forward-looking statements
This release contains
statements that constitute forward-looking statements within the
meaning of the U.S. Private Securities Litigation Reform Act of
1995. The statements relate to, among other things,
expectations, estimates and projections. We have used the words
"anticipate," "believe," "could," "estimate," "expect," "intend,"
"may," "plan," "outlook," "predict," "project," "should,"
"strategy," "target," "will," "would," "potential" and similar
terms and phrases to identify forward-looking statements in this
release. Factors that could cause actual results to differ include,
but are not limited to: the expected timing and likelihood of
completion of the proposed acquisition of SCANA, including the
ability to obtain the requisite approval of SCANA's shareholders;
the risk that Dominion Energy or SCANA may be unable to obtain
necessary regulatory approvals for the transaction or required
regulatory approvals may delay the transaction or cause the parties
to abandon the transaction; the risk that conditions to the closing
of the transaction may not be satisfied; or the risk that an
unsolicited offer for the assets or capital stock of SCANA may
interfere with the transaction. Other risk factors for Dominion
Energy's and SCANA's businesses are detailed from time to time in
Dominion Energy's and SCANA's quarterly reports on Form 10-Q or
most recent annual report on Form 10-K filed with the Securities
and Exchange Commission (SEC).
Important additional information
In connection with
the proposed transaction between Dominion Energy, Inc., and SCANA
Corporation, Dominion Energy has filed with the SEC a Registration
Statement on Form S-4, which includes a document that serves
as a Proxy Statement of SCANA and Prospectus of Dominion Energy
(the proxy statement/prospectus), as well as other relevant
documents concerning the proposed transaction. The proposed
transaction involving Dominion Energy and SCANA will be submitted
to SCANA's shareholders for their consideration. The proxy
statement/prospectus was mailed to SCANA's shareholders beginning
on June 15, 2018. This communication shall not constitute
an offer to sell or the solicitation of an offer to buy any
securities nor shall there be any sale of securities in any
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of such jurisdiction. Shareholders of SCANA are
urged to read the registration statement and the proxy
statement/prospectus regarding the transaction and any other
relevant documents filed with the SEC, as well as any amendments or
supplements to those documents, because they will contain important
information.
Shareholders are able to obtain a free copy of the definitive
proxy statement/prospectus, as well as other filings containing
information about Dominion Energy and SCANA, without charge, at the
SEC's website (http://www.sec.gov). Copies of the proxy
statement/prospectus and the filings with the SEC that are
incorporated by reference in the proxy statement/prospectus can
also be obtained, without charge, by directing a request to
Dominion Energy, Inc., 120 Tredegar Street, Richmond, Virginia 23219, Attention: Corporate
Secretary, Corporate.Secretary@dominionenergy.com, or to SCANA
Corporation, 220 Operation Way, Mail Code D133, Cayce, South Carolina 29033, Attention: Office
of the Corporate Secretary, BoardInformation@scana.com.
Participants in the solicitation
Dominion
Energy, SCANA and certain of their respective directors, executive
officers and employees may be deemed to be participants in the
solicitation of proxies in respect of the proposed transaction.
Information regarding Dominion Energy's directors and executive
officers is available in its definitive proxy statement, which was
filed with the SEC on March 23, 2018,
Dominion Energy's Annual Report on Form 10-K, which was filed with
the SEC on February 27, 2018 and
certain of its Current Reports on Form 8-K. Information
regarding SCANA's directors and executive officers is available in
its Annual Report on Form 10-K, which was filed with the SEC on
February 23, 2018, as amended by a
Form 10-K/A dated April 27, 2018 and certain of its
Current Reports on Form 8-K. Other information regarding the
participants in the proxy solicitation and a description of their
direct and indirect interests, by security holdings or otherwise,
will be contained in the proxy statement/prospectus and other
relevant materials filed with the SEC. Free copies of these
documents may be obtained as described in the preceding
paragraph.
View original content with
multimedia:http://www.prnewswire.com/news-releases/dominion-energyscana-merger-receives-ferc-approval-300680826.html
SOURCE Dominion Energy