SCE&G profits $105 million in 2nd quarter

Lexington County Chronicle
August 3, 2016

SCE&G profits from its own nuclear construction cost overruns

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.


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