CAYCE, S.C., Dec. 5, 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, and Westinghouse Electric Company (WEC) received an Order issued by the Dispute Resolution Board (DRB) on December 2, 2016 regarding the construction milestone payment schedule.
The DRB was established under the October 2015 Amendment to the Engineering, Procurement, and Construction agreement (EPC Agreement) with WEC for the two new nuclear units under construction at the V.C. Summer Station in Jenkinsville, South Carolina.
The Order instructs the parties to use the approved methodology when determining the amounts to be paid for the previously agreed upon milestones for the remainder of construction. The total of all payments under the EPC Agreement remains the amount stated in the fixed price option, which the Public Service Commission of South Carolina authorized SCE&G to exercise in November 2016. SCE&G is evaluating the impact of this decision and will provide updated CAPEX and Financing Plans once the Company has completed its review.
SCE&G is a regulated public utility engaged in the generation, transmission, distribution and sale of electricity to approximately 707,000 customers in South Carolina. The company also provides natural gas service to approximately 353,000 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 707,000 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.