Gastonia, N.C., Jan 2, 2007… PSNC Energy, a wholly owned subsidiary of SCANA Corporation (NYSE: SCG), announced today that the North Carolina Utilities Commission has approved a decrease to the purchased gas component of the company's retail natural gas rates, effective for January bills. The decrease will lower the company’s residential rates by almost six percent, which means a reduction of eights cents per therm. This translates to a monthly decrease of approximately $8 based on typical natural gas usage of 100 therms per month during the winter heating season, which runs November through March.
"We're able to pass along this decrease to our customers thanks to declining wholesale costs for natural gas," said PSNC Energy President and COO Rusty Harris.
PSNC Energy does not earn a profit on the "cost of gas" component of its natural gas rates. The adjustment is passed directly to customers in accordance with state regulations.
PSNC Energy, headquartered in Gastonia, N.C., is franchised to serve a 28-county service area in North Carolina. The utility distributes natural gas to approximately 437,000 customers in 96 cities and communities, including the Raleigh, Durham, and Chapel Hill areas in the north central part of the state; the Concord, Statesville, Gastonia, and Forest City areas in the Piedmont; and the Asheville, Hendersonville, Brevard, and Sylva areas in the western part of the state.
SCANA Corporation, a Fortune 500 company headquartered in Columbia, South Carolina, is an energy-based holding company principally engaged, through subsidiaries, in electric and natural gas utility operations and other energy-related businesses. The company serves approximately 610,000 electric customers in South Carolina and more than one million natural gas customers in South Carolina, North Carolina and Georgia. Information about SCANA and its businesses is available on the company's website at www.scana.com.