The Senate’s Majority Leader expects a tough fight from Dominion Energy.
The new SCANA and SC Electric & Gas owners oppose his bill to save 725,000 ratepayers up to $1 billion over the next 20 years.
That’s an estimated $69 a year per ratepayer.
Sen. Shane Massey who represents Lexington County must convince fellow lawmakers to approve a way to pay for SCANA’s estimated $4 billion debt and save ratepayers money.
His bill lets the state “secure” money to pay off the debt at far lower interest than Dominion can get.
Dominion opposes state “securitization” because it would lose a 10% profit on every dollar borrowed.
On utility bonds, Dominion could raise rates high enough to pay for the debt plus 10% profit for its investors and itself. That means ratepayers pay more than a project is worth.
Dominion bought SCANA and SCE&G in the belief it could charge ratepayers $2.3 billion more for the failed nuclear reactors.
“This is really the last opportunity to get more savings for SCE&G customers,” Massey told Avery Wilks of The State newspaper.
The Senate Judiciary Committee will consider if the bill is legal since the Public Service Commission approved a plan to charge ratepayers $2.3 billion.
Dominion has called this meddling to make the deal illegally unprofitable.
The issue is whether lawmakers will protect their voters or Dominion profit.
Massey said, “I fully expect them to fight. And they will convince some legislators to fight for them.” 
When the Office of Regulatory Staff recommended nuclear costs be securitized, Dominion threatened it would not buy SCANA.
Massey’s bill will not refund $2 billion that SCE&G wasted on the nuclear reactors but it could lower ratepayers’ future bills.
His plan isn’t expected to be approved until lawmakers return in 2020 because the session is almost over.
Dominion lobbyists want a revision to ensure his bill doesn’t affect Dominion.
Massey said he will fight that amendment.
“We’re not making them reimburse what they’ve already stolen,” he said. “It will just change the rates.”