Dominion-NextEra merger timeline faces scrutiny in South Carolina – WIS News 10

COLUMBIA, S.C. (WIS) – A proposed $67 billion merger between Dominion Energy and Florida-based NextEra Energy is drawing increased scrutiny in South Carolina as regulators begin reviewing what could become the world’s largest regulated electric utility by market value.
The merger, announced in May, would affect customers across Virginia, North Carolina, South Carolina and Florida, creating a utility serving roughly 10 million customer accounts. Dominion Energy serves more than 800,000 customers in South Carolina.
Earlier this month, the South Carolina Public Service Commission approved a procedural schedule for reviewing the merger. Under that schedule, public hearings are set for Nov. 5, Nov. 12 and Nov. 17. The commission is scheduled to hear the case Dec. 8 and issue a final order Jan. 29.
Supporters say the merger could deliver customer benefits, including a proposed $10 monthly bill credit for residential customers during the first two years after the transaction closes. Natural gas customers would receive two additional credits over the same period, though the amounts have not been publicly disclosed.
However, consumer advocates, small-business representatives and some shareholders argue the review process is moving too quickly for a transaction of this size.
“We think it’s too fast. We think there are a lot of questions, and we only get one shot at making the right decision here,” said Frank Knapp, president and CEO of the South Carolina Small Business Chamber of Commerce. “Unfortunately, it’s on track to do a six-month hearing.”
Knapp said South Carolina should take more time to evaluate the proposal, noting that multiple states are reviewing the merger simultaneously.
“Why is South Carolina rushing this process?” Knapp said. “We are only doing it because it benefits NextEra and Dominion.”
The concerns extend beyond advocacy groups. Dominion shareholder Freeda Cathcart said she plans to vote against the merger when shareholders cast ballots Sept. 3.
“We don’t have to make the decision Sept. 3,” Cathcart said. “This is a big deal. This needs to have some serious examination and discussion about the implications that a merger like this would mean.”
AARP South Carolina has also raised concerns about the merger’s long-term effects on customers. In a statement, the organization said promises of efficiencies and savings should be backed by evidence demonstrating how ratepayers will benefit.
“Promises of efficiencies and savings should be supported by evidence showing how customers will actually benefit,” the organization said. “The question is whether South Carolina ratepayers will be better off.”
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