Lexington County Chronicle
September 6, 2018
By Jerry Bellune
Did you think closing SC Electric & Gas’s nuclear project would end ratepayer costs? Think again.
SCE&G has asked the Public Service Commission to approve charging ratepayers another $4.7 billion in “abandonment” costs, Director Nanette Edwards of the Office of Regulatory Staff told the Chronicle.
Many SCE&G charges the PSC approved did not go for the failed $9 billion nuclear project, Edwards said.
“When they went out to the market to borrow, they borrowed money for ALL operations including building new nuclear,” Edwards told the Chronicle.
“That is why ORS cannot tell you how much of the amount borrowed specifically for new nuclear has now been paid,” she said.
“For example if hypothetically in 2009 they issued bonds for $500 million, that was for the entire company but a portion of that debt was for new nuclear.”
SC Small Business Chamber CEO Frank Knapp told the Lexington County legislative delegation 2 years ago that SCE&G was going to seek at least 31% in nuclear surcharge by 2022.
That was the year SCE&G estimated it would be able to complete both reactors – years behind its promised completion date promised.
Knapp figured that from the 3% more each year SCE&G had asked the PSC for each year for 9 years
How could they estimate that without knowing what cost overruns would be if they continued the project?