SCANA stock plunges after court loss

Posted 8/8/18

It has been a trying week for SCANA executives and their 5,877 employees.

It has been an encouraging one for state lawmakers, regulators and 700,000 ratepayers of SCANA subsidiary SC Electric …

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SCANA stock plunges after court loss

Posted

It has been a trying week for SCANA executives and their 5,877 employees.
It has been an encouraging one for state lawmakers, regulators and 700,000 ratepayers of SCANA subsidiary SC Electric & Gas.
Federal Judge Michelle Childs this week denied SCE&G’s bid to stop a 15% electric rate cut under a new state law.
Ratepayers have been paying 18% more in their bills – about $325 a year – for a failed nuclear project.
Worse news for SCANA employees and other investors is that their stock took another nose dive of $2.91 a share – its value falling to $40.11, a 4.9% drop. 
The best news for ratepayers is that the lower rate went into effect August 7. 
SCE&G is expected to appeal the ruling to the 4th Circuit Court of Appeals.
In her ruling, the judge said the Baseload Review Act allowed the PSC to cut rates if costs were not “prudently incurred.”
Lawmakers and other critics praised her decision and condemned SCANA executives’ mismanagement and hiding the project’s faults.
Senate Minority Leader Nikki Setzler of West Columbia said, “The ratepayers will begin to get some recognition of what has been done to them by the management of SCANA.
“SCANA has stalled every step of the way. This is justification for the ratepayers and the Legislature and the action they took.” 
House Speaker Jay Lucas said the ruling protects “honest and hard-working South Carolinians over SCANA’s corporate greed.”
Attorney General Alan Wilson of Lexington said “We are very pleased with Judge Childs’ thoughtful and well-reasoned order. 
“The decision is a victory for SCE&G ratepayers.”
Tom Clements of Friends of the Earth, said, “The ruling strengthens our claim that SCE&G should not be allowed to bill for construction costs that were not prudently incurred.
“The company knew the project was falling apart and did not inform the PSC.”

SCANA, Nuke Fiasco Aftermath, Nuclear Fiasco, nuke

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