The Palmetto State’s energy future has been a major concern for South Carolinians. Dominion Energy has a better plan.
If Dominion Energy and SCANA join together, the combined resources of these two companies would mean a brighter, more reliable energy future for South Carolina.
This proposed union has been crafted with SCANA’s 1.6 million customers top of mind. Electric and gas services wouldn't change. SCE&G headquarters wouldn't leave the state. Support for local charities and organizations wouldn't end.
What would be different? The partnership would result in long-term financial benefits for South Carolina. Thomas F. Farrell, II, chairman, president and chief executive officer of Dominion Energy, said this merger would lock in “significant and immediate savings for SCE&G customers in addition to a secure energy future for decades to come.”
Customers would see a rate reduction thanks to a lower federal corporate tax rate for the combined companies and other refunds. And Dominion Energy has promised no more rate increases to pay for the V.C. Summer nuclear expansion project. Ever.
“[The merger would] guarantee a rapidly declining impact from the V.C. Summer project,” Farrell said. Without this deal from Dominion Energy, SCE&G customers would have to continue paying for the nuclear project for the next 50 to 60 years, but this merger would expect to reduce that to 20 years.
Dominion Energy Carolina would pay an additional $1.7 billion in failed nuclear project debt—money South Carolinians won’t have to pay.
With a promise to maintain SCE&G headquarters in South Carolina, Dominion Energy would be investing fully in the region. Existing employees would have payment protections until 2020 and customers would take advantage of Dominion Energy’s expanded resources right away. Joining Dominion Energy would put them among the nation’s largest and fastest-growing energy utility companies, and communities currently served by SCANA would reap the benefits of Dominion Energy’s five core values: Safety, Ethics, Excellence and Embrace Change. One Dominion Energy.
Dominion Energy is already a community partner in South Carolina, contributing to non-profits in the state through its local office, Dominion Energy Carolina Gas Transmission. In 2015 and 2016, the company provided grants to 43 non-profits across South Carolina and Georgia. And after coming together with SCANA, Dominion Energy plans to contribute an additional $1 million in charitable giving—on top of what SCANA has already committed—each year for at least five years.
To understand how you would benefit from Dominion Energy, you need only look to the company’s record in the state of Virginia. Dominion Energy serves 2.5 million electric customers in the Commonwealth of Virginia, where residential electric rates are well below regional and national averages. An electric bill for a typical Dominion Energy Virginia customer has only gone up by 8 percent since July 2008—an annual rate of increase hovering around 1 percent. That means the inflation-adjusted price of Dominion Energy electric service in Virginia has actually dropped since 2008.
Additionally, Dominion Energy has maintained rate stability even while investing billions in new, reliable and secure supplies of energy—including a push for cleaner and more environmentally friendly sources, such as solar power generation.
This is an exciting time for South Carolina. The future is here—and it’s bright, strong and reliable with Dominion Energy.