Dominion Pounces on Scana’s Nuclear Woes

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Dominion Energy’s proposed $7.7 billion bid for Scana Corp. is nothing short of masterful—a bold move to take advantage of its merger target’s and local politicians’ misfortune. At first glance, the all-stock deal comes with some unusually generous sweeteners meant to appeal not only to shareholders but, as is often the case in utility deals, to ratepayers as well. Dominion stock was off 4.7% around midday. But take a closer look.

Scana’s value has been dented sharply since last July after a subsidiary halted work on a nuclear-plant…



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