Dominion Energy’s Wade explains proposed SCANA merger to enthusiastic Greater Irmo Chamber of Commer

Irmo, SC (James Bowers) - Greater Irmo Chamber of Commerce President and CEO Kerry Powers expected a large turnout for Wednesday’s luncheon at St. Andrews’ Presbyterian Church. The through the door numbers were even larger than Powers’ predictions, as the GICC’s guest of honor represented a matter of particular interest to residents of Irmo and the surrounding areas.

The event was sponsored by Virginia-based utilities company Dominion Energy, which is in the midst of a $14.6 billion acquisition of SCANA. The utilities provider has been in dire straits amid the failure of its controversial V.C. Summer Nuclear Power Plant. Some of the ideas put forth by Richmond-based Dominion include providing customers with $1.3 billion worth of cash reimbursements for the VC Summer failure that would average out at approximately $1,000 per customer. The large outfit plans to take on the debt for V.C. Summer itself as opposed to passing it to its customers. It is this incentive for customers that has given the company the ear of residents, who have packed various government and chamber of commerce events at which Dominion representatives have appeared. Chet Wade, Dominion’s Vice President of Corporate Communications spoke to the over 140 guests about Dominion Energy’s history, values and how they would benefit Midlands residents should the merger come to pass.

Wade stated that the company that is now Dominion has essentially existed since the 1700s, beginning life during the time of the American Revolution as a canal and river barging company that also constructed street lighting using various pre-electricity methods. The company evolved through several technological changes, mergers and acquisitions to its current form. Dominion currently serves 6 million customers, mostly in Virginia and North Carolina with some wholesale service in the Northeastern and Midwestern United States. Dominion’s portfolio contains 27,000 miles of natural gas power generation and 14,000 miles of natural gas pipeline. The company is currently developing plans for the use of renewable energy, a subject Wade touched on during his presentation, noting the possibility of the usage of sources such as solar energy in the near future if Dominion and SCANA were to merge. Dominion has already purchased 71 MW of renewable energy credits for use in Jasper County. The company will not be new to South Carolina as Dominion already owns 1500 feet of natural gas line in 32 SC counties.

Wade placed great emphasis on the company’s core values; safety, ethics, excellence, and “one Dominion Energy”. The “ethics” sector comprises charitable and volunteer activities, as well as efforts to increase the company’s environmental accountability and sustainability contributions. Wade noted the frequent hire of armed forces veterans and 101,000 hours of employee community service. The “one Dominion Energy” philosophy means teamwork, dictating that all of the company’s divisions work together for a common goal: excellent service to the customer. “If you want to get fired [from Dominion Energy], the easiest way is to go against one of these four values,” Wade said. Perhaps the cornerstone of the presentation was the explanation of benefits to the customer. In addition to $1.3 billion in cash rebates, with residential customers receiving as much as $1000 and industrial customers possibly getting millions, Dominion plans to cut rates by 6 or 7 percent on average if the merger occurs. Dominion would also work to eliminate the V.C. Summer-related costs as quickly as possible. Wade stressed large resources of Dominion would result in not only cost effectiveness, but increased efficiency and quality of service.

Wade’s presentation illustrated Dominion’s experience with managing reservoirs, such as Virginia’s Lake Anna and Lake Gaston, and how this experience would transfer to their operation of the Saluda Hydroelectric Project on Lake Murray. Wade also stated that although the company is based in Richmond, Virginia, noting that Dominion would retain SCANA’s Cayce area office because proximity is key for a utility company.

“If the power went out, and we were all the way up in Richmond, it would be a lot more difficult to fix the problem,” Wade mentioned. He went on to say the plan would be to implement a “seamless” transition with little action needed from customers and employees. Of course, final plans will only be known if the merger comes to pass, which Wade hopes will occur before the end of 2018 if approved by the shareholders and necessary government agencies such as the Department of Justice and Federal Trade Commission. There are still several hoops to clear, and approval is only one step in finalizing this historic merger. If it does occur, customers will certainly appreciate the proposed benefits if they are provided as promised and pay careful attention to its quality of service during the initial period of usage.

For more information, visit www.dominionenergysouth.com