CAYCE, S.C., Oct. 3, 2016 /PRNewswire/ — South Carolina Electric & Gas Company (SCE&G), principal subsidiary of SCANA Corporation (NYSE: SCG), for itself and as agent for the South Carolina Public Service Authority (“Santee Cooper” or “SCPSA”), and Westinghouse Electric Company (WEC) received an Order issued by the Dispute Resolution Board (DRB).
The Order instructs the parties to continue to work to develop a construction milestone payment schedule, using the milestone schedule preliminarily prepared by the parties, in conjunction with the approach to milestone valuation which SCE&G and the SCPSA presented during the DRB hearing. During these efforts, SCE&G and SCPSA will make monthly payments to Westinghouse for the months of October and November, 2016, of $133 million and $136.5 million, respectively. This portion of the Order is based on the DRB’s findings concerning the approximate value of the work expected to be completed during these months. In the event that a full and final resolution is not reached by November 3, 2016, the DRB shall conduct a further hearing and will make its determination by November 30, 2016.
The DRB was established as part of the October 2015 Amendment to the Engineering, Procurement, and Construction agreement with Westinghouse Electric Company for the two new nuclear units under construction at the V.C. Summer Station in Jenkinsville, South Carolina.
SCE&G is a regulated public utility engaged in the generation, transmission, distribution and sale of electricity to approximately 706,000 customers in South Carolina. The company also provides natural gas service to approximately 352,000 customers throughout the state. More information about SCE&G is available at www.sceg.com.
SCANA Corporation, headquartered in Cayce, S.C., is an energy-based holding company principally engaged, through subsidiaries, in electric and natural gas utility operations and other energy-related businesses. The company serves approximately 706,000 electric customers in South Carolina and approximately 1.3 million natural gas customers in South Carolina, North Carolina and Georgia. Information about SCANA and its businesses is available on the Company’s website at www.scana.com.