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.
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