SCE&G ratepayers to get up to $146 million in rate cuts
SC Electric & Gas ratepayers’ power bills should be going down again soon.
Circuit Judge John Hayes has cut ratepayers’ lawyers’ fees by $59 million from $110 million to $51 million.
That could mean that up to $146 million may be returned to SCE&G customers, probably in reduced rates, according to Attorney General Alan Wilson’s office.
Wilson had argued that his office’s work was the main catalyst for settling the lawsuit, greatly reducing what the lawyers had to do.
The lawyers for ratepayers originally asked for 5% of the $2.2 billion settlement, or $110 million.
The judge recognized the Attorney General’s opinion that the Base Load Review Act was unconstitutional.
The BLRA was passed more than a decade ago to allow SCE&G to charge 275,000 ratepayers almost $2 billion for nuclear reactors that were under construction, years behind schedule and billions of dollars over planned costs.
When SC&G – now owned by Dominion Energy of Virginia – abandoned that project, ratepayers had nothing to show for it but SCE&G’s broken promises to reduce their electric bills.