Gas and electric utility SCANA quashes reports of sale

CAYCE, S.C. ―SCANA Corp , an electric and natural gas utility, quashed reports that it was considering a sale.

Shares of SCANA closed up about 1.37 percent on Thursday on reports the company was exploring a sale. The Dow Jones U.S. Utilities Index closed down 2.6 percent.

According to media reports, website cited two unnamed sources as saying that the company was weighing a sale.

“The rumors are false,” Chief Executive Bill Timmerman said in a statement, adding he knew of “no corporate developments to account for the unusual market activity in SCANA’s stock.”

The U.S. power sector has seen a number of transactions this year as companies look at larger scale to ease needs to spend on newer technologies and plants to reduce pollution.

Exelon Corp in April struck a deal to acquire rival Constellation Energy Group. That followed Duke Energy’s $13.7 billion bid for Progress Energy and AES Corp’s $3.5 billion deal for DPL Inc.

Shares of SCANA fell 2 percent to $38.38 in pre-market trade on Friday.