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For an "Executive Decision" segment, Cramer again checked in with Tom Farrell, chairman, president and CEO of Dominion Energy (D) , which announced on Wednesday the acquisition of Scana (SCG) , a South Carolina-based utility, for $14.6 billion.
Farrell explained that there's been a lot of uncertainty in South Carolina as Scana was forced to abandon a $10 billion nuclear facility project. Dominion hopes to help Scana customers by offering $1.3 billion in refunds to Scana customers within the first 90 days of the deal.
Farrell said that aside from the nuclear issue, growth and opportunities are great in South Carolina and given that Dominion is six times larger than Scana, they can afford to bring their resources to help remedy what has been years of higher rates and uncertainty. Despite the customer payouts, Dominion expects the acquisition to be immediately accretive to earnings.
Dominion is also in the final stages of commissioning its first natural gas export terminal in Virginia. Farrell said that after five years of planning and construction, they have 20-year contracts in place with partners in Japan and India for American-sourced gas.
Finally, when asked whether nuclear power was essentially dead after the Scana issues, Farrell said that longer-term, he thinks more nuclear plants, especially smaller facilities, may be built, but certainly nothing short term.
Cramer commended Farrell for thinking big and thinking of both customers and shareholders.
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