Dominion to pay $25-million civil penalty in SEC case
Dominion Energy has agreed to pay a civil penalty of $25 million to settle a lawsuit brought by the Securities and Exchange Commission against SCANA Corporation and subsidiary South Carolina Electric & Gas (SCE&G) regarding SCANA’s involvement in the failed Summer nuclear expansion project. Virginia-based Dominion acquired SCANA in January 2019.
Dominion disclosed in May that it had reached an “agreement in principle” with the staff of the SEC’s Division of Enforcement to settle the case for the above-stated amount.
The final agreement, which at this writing is still subject to approval by the U.S. District Court for the District of South Carolina, also calls for the payment of $112.5 million in “disgorgement plus prejudgment interest.” This penalty, however, will be deemed satisfied by SCANA and SCE&G’s settlement payments in related rate payer and shareholder litigation.
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