The Public Service Commission of South Carolina (PSC) has approved an increase of $67,240,232, or approximately 2.87 percent, to the retail electric rates of South Carolina Electric & Gas Company (SCE&G), principal subsidiary of SCANA Corporation (NYSE: SCG). The new rates will be effective for bills rendered on and after October 30, 2013.
SCE&G filed for the increase in May under provisions of South Carolina’s Base Load Review Act (BLRA), a law enacted in 2007 to add structure and consistency to the process SCE&G and other regulated electric utilities must follow when building nuclear power plants. SCE&G and Santee Cooper, a state-owned electric and water utility in South Carolina, are working to build two 1,117-megawatt nuclear electric-generating units at the site of the V.C. Summer Nuclear Station near Jenkinsville, S.C. The BLRA allows for annual adjustments to rates during construction of the units as a means of recovering financing costs associated with the project.