SCANA Corporation (SCG - Free Report) and Dominion Energy Inc (D - Free Report) have reached an agreement with Public Staff of the North Carolina Utilities Commission (NCUC) to ensure constancy in rates for customers as well as services for one of the company’s gas utilities.
The stipulation agreement with NCUC staff and an intervenor focuses on PSNC Energy, a natural gas utility based in Gastonia, NC. The utility has more than 500,000 customers.
Per the companies, the deal is a major progress toward their proposed merger, which awaits approvals from the full NCUC and the South Carolina Public Service Commission.
Based in Cayce, SC, the primary business of SCANA is to generate and sale electricity. The company transmits and distributes electricity to a wide base of customers in South Carolina’s central, southern and southwestern regions. The company sells electricity to around 727,000 customers. The operations of the company comprise distribution of natural gas to around 1.3 million clients in South Carolina, North Carolina and Georgia.
About Dominion Energy
Based in Richmond, VA, Dominion Energy along with subsidiaries produces and transports energy in the United States. It is a major energy company engaged in regulated and non-regulated electricity distribution, generation and transmission businesses. In addition, it sells electricity at wholesale prices to rural electric cooperatives, municipalities and through wholesale electricity markets.
The company has a portfolio of 25,700 MW of generating capacity, 15,000 miles of natural gas transmission, gathering, storage and distribution pipeline as well as 6,600 miles of electric transmission and distribution lines. The company operates the nation’s largest underground natural gas storage systems, with an approximate capacity of 1 trillion cubic feet (Tcf) as well as serves more than 6 million utility and retail energy customers.
In the past year, SCANA’s shares have plunged 20.6% compared with the industry’s 3.5% decline.
Zacks Rank & Stocks to Consider
SCANA currently carries a Zacks Rank #3 (Hold).
A few better-ranked players in the same sector are Petroleo Brasileiro S.A. (PBR - Free Report) or Petrobras SA and Range Resources Corporation (RRC - Free Report) . All these stocks flaunt a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Petrobras is the largest integrated energy firm in Brazil and one of the major players in Latin America. It pulled off an average positive earnings surprise of 10.4% in the last four quarters.
Range Resources is an independent oil and gas company, engaged in the exploration, development and acquisition of oil and gas properties. The company delivered a positive earnings surprise of 74.2% in the last four quarters.
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