This Tuesday, November 29, a committee of 8 S.C. House members will hold a public hearing on how utility companies finance construction projects.
At issue is SCE&G customers seeing almost a 20% increase in electric rates since 2009 just to pay for the construction financing costs of the 2 nuclear plants being built in Fairfield County.
The annual rate hikes are permitted by a law passed in 2007 called the Base Load Review Act. This Act was intended to enable a utility to build large, risky generation facilities like the nuclear plants.
Unfortunately the Act has turned into a blank check for the utility, allowing it to be about $2.6 billion (22%) over budget and 3 years behind schedule with no negative consequences to SCE&G. Rather, the company actually is making more profit on the project than if they had kept on budget and schedule.
Join us at the public hearing starting at 10:30 the morning of the 29th. Legislators are asking for your input on this issue and will be considering amending the Act. The hearing will last all day.
Select Committee on Energy Generation Financing
Tuesday, November 29, 2016
10:30AM – Until
403 Blatt Building