Cayce, SC, October 1, 2010….The Public Service Commission of South Carolina (PSC) has approved an increase of $47.3 million, or approximately 2.3 percent, to the retail electric rates of South Carolina Electric & Gas Company (SCE&G), principal subsidiary of SCANA Corporation (NYSE: SCG). The new rates will be effective for bills rendered on and after October 30.
SCE&G filed for the increase in May under provisions of South Carolina’s Base Load Review Act (BLRA), a law enacted in 2007 to add structure and consistency to the process SCE&G and other regulated electric utilities must follow when building nuclear power plants. SCE&G and Santee Cooper, a state-owned electric and water utility in South Carolina, are working to build two 1,117-megawatt nuclear electric-generating units at the site of the V.C. Summer Nuclear Station near Jenkinsville, S.C. The first unit is expected to come on line in 2016, the second in 2019. The BLRA allows for annual adjustments to rates during construction of the units as a means of recovering financing costs associated with the project.
SCE&G President Kevin Marsh said, “Paying financing costs while construction is ongoing lowers the cost of the new nuclear units and as a result reduces the amount customers will ultimately pay through rates.”
SCANA Corporation, a Fortune 500 company headquartered in Cayce, SC, 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 on the Company’s Website at www.scana.com.