Dominion agrees to pay $25 million in SEC case

May 14, 2020, 3:12PMNuclear News

Virginia-based Dominion Energy has agreed to pay $25 million to settle a Securities and Exchange Commission (SEC) case regarding the Summer nuclear expansion project, abandoned by owners SCANA and Santee Cooper in 2017, prior to the Dominion/SCANA merger.

The details: In a May 5 filing with the SEC, Dominion disclosed that it has reached an agreement in principle with the staff of the SEC’s Division of Enforcement to settle the case, without admitting or denying the allegations in a complaint filed by the SEC in February. The SEC complaint alleged that SCANA, two of its former executive officers, and Dominion Energy South Carolina (formerly SCANA subsidiary South Carolina Electric & Gas Company, or SCE&G) had violated federal securities laws by making false and misleading statements about the Summer project.

According to the May filing, the proposed settlement is contingent on the review and approval of final documentation by SCANA, Dominion Energy South Carolina, and the SEC’s Division of Enforcement staff and is subject to approval by the SEC and the U.S. District Court for the District of South Carolina.

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