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The North Anna Power Station operated by Dominion Energy in Virginia. Photo: Scott Olson / Getty Images

Utility giant Dominion Energy is acquiring South Carolina's SCANA Corp. in an all-stock merger that the companies say is valued at $14.6 billion, including debt, according to their joint announcement this morning.

The gritty details: The deal includes $1.3 billion in payments to customers of SCANA's South Carolina Electric & Gas Company in coming months to offset the costs of the company's costly, now-abandoned project to build two new nuclear reactors.

"The combination with SCANA would solidify Dominion Energy's position among the nation's largest and fastest-growing energy utility companies by adding significantly to its presence in the expanding Southeast markets," the announcement states.

SCANA's network includes around 1.6 million residential and business accounts in the Carolinas.

Why it matters: "The acquisition would break a precipitous fall in SCANA's fortunes that began July 31, when SCE&G announced it would join the state-owned Santee Cooper utility in abandoning a $9 billion, 10-year-long effort to build two nuclear reactors in Fairfield County," The State, a major South Carolina newspaper, reported this morning.

What's next: The deal will require various shareholder and regulatory approvals, including blessings from the U.S. Federal Trade Commission and other agencies, as well as state regulators in North Carolina, South Carolina and Georgia, the companies said.

Yes, but: Investment firm Height Securities says in a note Wednesday morning that Dominion has work to do before getting its proposal approved.

"In this case especially, Dominion will have to pull out all the stops to demonstrate that their offer is the best deal for customers, particularly given the uncertainty facing [SCANA's] rates over the coming months. We're looking for a reaction from the Governor as well as House Speaker Jay Lucas and the PSC commissioners for early signs of whether Dominion's proposal will fall flat."

Go deeper

Tech scrambles to derail inauguration threats

Illustration: Sarah Grillo/Axios

Tech companies are sharing more information with law enforcement in a frantic effort to prevent violence around the inauguration, after the government was caught flat-footed by the Capitol siege.

Between the lines: Tech knows it will be held accountable for any further violence that turns out to have been planned online if it doesn't act to stop it.

Dave Lawler, author of World
2 hours ago - World

Uganda's election: Museveni declared winner, Wine claims fraud

Wine rejected the official results of the election. Photo: Sumy Sadruni/AFP via Getty

Yoweri Museveni was declared the winner of a sixth presidential term on Saturday, with official results giving him 59% to 35% for Bobi Wine, the singer-turned-opposition leader.

Why it matters: This announcement was predictable, as the election was neither free nor fair and Museveni had no intention of surrendering power after 35 years. But Wine — who posed a strong challenged to Museveni, particularly in urban areas, and was beaten and arrested during the campaign — has said he will present evidence of fraud. The big question is whether he will mobilize mass resistance in the streets.

Off the Rails

Episode 1: A premeditated lie lit the fire

Photo illustration: Sarah Grillo/Axios. Photo: Chip Somodevilla/Getty Images

Beginning on election night 2020 and continuing through his final days in office, Donald Trump unraveled and dragged America with him, to the point that his followers sacked the U.S. Capitol with two weeks left in his term. Axios takes you inside the collapse of a president with a special series.

Episode 1: Trump’s refusal to believe the election results was premeditated. He had heard about the “red mirage” — the likelihood that early vote counts would tip more Republican than the final tallies — and he decided to exploit it.

"Jared, you call the Murdochs! Jason, you call Sammon and Hemmer!”