Dominion Energy’s Chet Wade reiterates report that merger will boost state’s economy by $18.7 billion

Chet Wade, right, in interview with Michelle Renew of 94.3 FM- The Dude.

Dominion Energy’s proposed purchase of Cayce-based SCANA would boost the South Carolina economy by $18.7 billion, according to a study released last week by the University of South Carolina.

Chet Wade, Doninion’s vice president of corporate communications reiterated that finding Wednesday. He was interviewed by Michelle Renew of 94.3 The Dude radio.  Wade said the economic  impact to the Midlands, related to the deal, could be up-to $7 billion.

Wade said the boost would come from SCE&G customers spending refunds and rate cut dollars in the local economy.

He said if Richmond-based Dominion is allowed to buy SCANA, customers of SCE&G would see a rate reduction of 7 percent and a rebate on average of $1,000 per customer.

Those customers have already paid close to $2 billion for failed construction of two nuclear reactors SCANA was overseeing. And, Wade said, there is not a way to avoid charging to customers- over 20 years- to customers for the rest of the failed project. But he said Dominion’s approach to paying off the debt would be faster and more efficient than any other plan. 

The headquarters for the would-be new owners would remain in Cayce, said Wade, but jobs would be reviewed, and redundancy would be eliminated.

Wade said there are hurdles to clear- that include Public Service Commission approvals in other states- before the deal can be completed. The South Carolina General assembly must also comply. But if all goes well, Dominion could finalize the merger by by the end of 2018.