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Dominion CEO says South Carolina playing 'high-stakes game' on SCANA deal

Published 06/27/2018, 01:59 PM
© Reuters.  Dominion CEO says South Carolina playing 'high-stakes game' on SCANA deal
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  • “The South Carolina legislature is playing a high-stakes game where they are gambling with the money of customers and taxpayers,” Dominion Energy (D +0.6%) CEO Tom Farrell says after the state's lawmakers push to cut rates by nearly 15% for the SCANA (SCG -4%) utility the company has offered to buy for $7.9B.
  • Dominion has offered a permanent rate cut of 7%, which prompts Farrell to say, "Legislators are risking cash payments to SCE&G's electric customers of $1.3B - equal to $1,000 for the typical residential customer - and a permanent rate reduction of 7%."
  • Now read: Billionaire George Soros Points The Way To A 5%-Yielding Utility Stock


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