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Energy utility firm $D has entered into an agreement with $SCG, under which the companies will merge in a stock-for-stock transaction. SCANA shareholders will receive 0.6690 share of Dominion for each SCANA share. The transaction is expected to be accretive to Dominion’s earnings. SCANA will operate as a wholly owned subsidiary of Dominion.
South Carolina Electric & Gas Co. (SCE&G), principal subsidiary of $SCG, filed a formal request with the Nuclear Regulatory Commission to withdraw the combined operating licenses for VC Summer Station Units 2 & 3. SCE&G states that it has irrevocably abandoned its interests in the VCS Units 2 and 3.
Shareholders of $SCG have filed a class action complaint against the company, alleging violation of federal securities laws. In the complaint, filed in the USDC for the District of South Carolina, the shareholders accused the company of making materially false statements during the class period.
$SCG has been served with a document subpoena issued by the SEC in connection with an investigation relating to the new nuclear project at V. C. Summer Nuclear Station. The company intends to fully cooperate with the investigation but offers no assurance as to the timing or outcome of the matter.
Shareholder rights firm Lundin Law PC announced a class action lawsuit against $SCG concerning possible violations of federal securities laws between Jan. 19, 2016 and Sept. 22, 2017. Investors who purchased or otherwise acquired shares during the class period should contact the firm prior to the Nov. 27, 2017 motion deadline.
$SCG said that the company's new long term GAAP adjusted weather normalized annual growth guidance target is to deliver 4-6% growth over the next 3-5 years using the base of 2016 EPS of $3.97 per share. The company also expects to grow dividends consistently with earnings.
$SCG estimates avg. annual EPS growth rate to be 2-4% over the next 3-5 years. For 2017, $SCG estimates that GAAP-adjusted weather-normalized EPS will be $4.15-4.35, with an internal target of $4.25 per share. $SCG estimates avg. annual growth rate for GAAP-adjusted weather-normalized EPS to be 4-6% over the next 3-5 years.
$SCG commented that it is hopeful of the Public Service Commission of South Carolina approving the settlement agreement entered into with the SC Office of Regulatory Staff related to the construction milestone schedule and the capital cost schedule for the two new nuclear units. The company is expecting the decision before Nov. 28, 2016.
$SCG's largest business segment South Carolina Electric and Gas Company reported 3Q16 earnings of $204MM, or $1.43 per share, compared to $167MM, or $1.17 per share, a year ago. PSNC Energy, the company’s North Carolina-based retail natural gas distribution subsidiary, reported a seasonal loss of $6MM, or 5 cents per share.
$SCG maintained its targeted average annual earnings per share growth rate range to be negative 6 to 0 percent over the next 3 to 5 years due to the impact of the gains on the sales of the subsidiaries and incremental electric margins. It also maintained its targeted average annual earnings per share growth rate to be 4-6% over the next 3-5 years.
Electric and natural gas company $SCG reported a higher quarterly profit as a warmer-than-usual weather increased energy consumption. The company reported 3Q16 earnings of $189MM, or $1.32 per share, compared to $149MM, or $1.04 per share a year ago. Revenue rose to $1.09Bil from $1.07Bil.
$SCG said that its long-term GAAP adjusted weather-normalized average annual growth guidance target remains unchanged as the company plans to deliver 4-6% earnings growth over 3-5 years using a base of 2015 GAAP-adjusted weather-normalized EPS of $3.73 per share.
$SCG said that 2Q16 South Carolina Electric and Gas Company EPS was up $0.02 vs. 2Q15. SCANA Energy, which includes SCANA Energy Marketing and SCANA Energy Georgia, showed an increase in EPS of $0.02, primarily due to higher margins. Corporate and other businesses reported a loss of $0.05 per share in 2Q16.
Energy-based holding company $SCG said that electric margins benefited from a Base Load Review Act rate increase & customer growth. This was partially offset by milder weather in 2Q16 and slightly lower average use. The company's results also improved due to increased gas margins at SCANA Energy and positive impact of the depreciation study.
$SCG previously reset its base year for this outlook to 2015 GAAP-Adjusted Weather-Normalized EPS of $3.73. The company also reaffirmed its guidance for 2016 GAAP-Adjusted Weather-Normalized EPS of $3.90 to $4.10, with an internal target of $4.00 per share.
$SCG reaffirmed its targeted average annual EPS growth rate to be negative 6% to 0% over next 3 to 5 years due to impact of gains on sales of units and incremental electric margins due to abnormal weather in 2015. $SCG reaffirmed its targeted average annual growth rate for GAAP-Adjusted Weather-Normalized EPS to be 4-6% over next 3 to 5 years.
Energy holding company $SCG reported a rise in 2Q16 earnings driven by electric margins and customer growth as well as adoption of new depreciation rates for electric and common utility property. Net income rose to $105MM or $0.74 per share from $99MM or $0.69 per share last year. Operating revenue fell to $905MM from $967MM.