Lexington County Chronicle
August 3, 2016
By Jerry Bellune
S.C. Electric & Gas’s owners report another $10.5 million profit.
The report comes as the utility asks state regulators to raise its customers’ rates another $852 million.
SCE&G’s owners, Cayce-based SCANA, announced second quarter earnings of $105 million.
That compares to $99 million in the second quarter last year, an increase of $6 million.
SCANA investors will receive 74¢ a share, compared to 69¢ last year.
For the first six months of 2016, SCANA reported earnings of $281 million, or earnings per share of $1.97.
That compares to $499 million, or earnings per share of $3.49 last year.
Profits continued to rise as expected from the recovery of financing costs through a state law mandated rate increase, said Jimmy Addison, SCANA’s chief financial officer.
Critics says SCANA pockets 10.1% of rate increases tied to increased financial costs under a state law the company crafted and convinced lawmakers to pass.
Second quarter earnings for SCE&G alone were $113 million compared to $111 million last year.
That’s an increase for investors of 79¢ cents a share compared to 77¢ in 2015.
Critics such as the Stop the Blank Check Coalition say state law permits SCE&G to lift customers’ rates due to its own mismanagement and two-year delays of the nuclear plants under construction.