Regulators OK SCANA sale
Public Service Commissioners followed instructions Friday.
At the direction of House Speaker Jay Lucas, they approved the takeover of Lexington County-based SCANA holding corporation and its SC Electric & Gas subsidiary.
Noisy sign-carrying protesters were ejected from the hearing.
As even their critics expected, the PSC approved the $15 billion cash and stock sale to Virginia-based utility giant Dominion Energy.
The deal will cost 727,000 SCE&G ratepayers another $2.3 billion for a failed nuclear reactor project for which they have already paid $2 billion. The ratepayers will never receive the rate reductions SCE&G promised 10 years ago.
This will cost the average ratepayer $1,600 over the next 20 years.
“No one will be happy with any decision we made here today,” said PSC member Justin Williams. “It is incumbent upon us to make a decision that provides the greatest good for the greatest number of people here in South Carolina.”
SC Small Business Chamber of Commerce CEO Frank Knapp questioned the truth of those words since top SCANA executives will share a $115 million bailout.
"What they did was make SCE&G executives and investors happy," he said, "and 99% of the people – the ratepayers – unhappy."