SCANA Corporation Evaluating Legal Options Regarding Bill Passed by South Carolina General Assembly

CAYCE, S.C., June 27, 2018 /PRNewswire/ -- SCANA Corporation (NYSE: SCG) (SCANA) and South Carolina Electric & Gas Company (SCE&G) are evaluating their legal options regarding a bill the South Carolina General Assembly passed today to reduce the amount SCE&G can collect from customers under the Base Load Review Act related to the V.C. Summer nuclear construction project.  SCANA and SCE&G believe that the proposed legislation is unconstitutional.

The proposed legislation would temporarily reduce the portion of SCE&G's electric rates associated with the V.C. Summer nuclear construction project from approximately 18 percent of the average residential electric customer's bill to approximately 3.2 percent, or a reduction of approximately $31 million per month.  This lower rate would be effective until the Public Service Commission of South Carolina (SCPSC) renders its decision on the joint petition that was filed in connection with the proposed merger of SCANA with Dominion Energy. 

This proposed legislation has been sent to the Governor for signature.  If the Governor chooses to veto the legislation, as has been indicated publicly by his staff, it would return to the General Assembly for the General Assembly to consider an override of his veto.  If enacted, the SCPSC must issue an order within five days of the law becoming effective to implement the proposed rate, which is to be applied retroactively to April 1, 2018. 

PROFILE
SCANA Corporation, headquartered in Cayce, S.C., is an energy-based holding company principally engaged, through subsidiaries, in electric and natural gas utility operations and other energy-related businesses. Information about SCANA and its businesses is available at www.scana.com.

SCE&G is a regulated public utility engaged in the generation, transmission, distribution and sale of electricity to approximately 723,000 customers, as well as provides natural gas service to approximately 371,000 customers throughout South Carolina. More information about SCE&G is available at www.sceg.com.

 

Media Contact:		Investor Contact:
Rhonda O'Banion		Bryant Potter
[phone]		[phone]

 

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SOURCE SCANA Corporation

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