SCE&G, South Carolina Office of Regulatory Staff and Other
Parties Sign Memorandum of Understanding Related to Electric Rate
Filing
CAYCE, S.C., Nov. 19, 2012 /PRNewswire/ -- South Carolina
Electric & Gas Company (SCE&G), principal subsidiary of
SCANA Corporation (NYSE: SCG), today signed a memorandum of
understanding related to the company's request for an increase to
its retail electric rates. Along with the South Carolina
Office of Regulatory Staff, four of six remaining interveners in
SCE&G's rate case (Wal-Mart Stores East LP, Sam's East, Inc.,
the Department of the Navy, AARP, and Frank
Knapp, Jr.) have signed the memorandum of understanding,
which is subject to approval by the Public Service Commission of
South Carolina. A public hearing on SCE&G's rate request
begins November 26, 2012.
(Logo:
http://photos.prnewswire.com/prnh/20111004/CH80784LOGO )
This memorandum of understanding signifies that no contested
issues remain among the signing parties and represents a consensus
of support for setting SCE&G's ROE (return on equity)
opportunity at 10.25 percent.
This memorandum of understanding yields a gross annual revenue
increase of approximately $97
million. However, netted with an out-of-period
electric fuel and DSM reduction of 2.85 percent, the net impact to
customers is 1.38 percent, or $32
million.
PROFILE
SCE&G is a regulated public utility engaged in the
generation, transmission, distribution and sale of electricity to
approximately 669,000 customers in South
Carolina. The company also provides natural gas service to
approximately 317,000 customers throughout the state. More
information about SCE&G is available at
www.sceg.com.
SCANA Corporation, headquartered in Cayce, SC, is an energy-based holding company
principally engaged, through subsidiaries, in electric and natural
gas utility operations and other energy-related businesses.
Information about SCANA and its businesses is available on the
company's website at www.scana.com.
SAFE HARBOR STATEMENT
Statements included in this press release which are not
statements of historical fact are intended to be, and are hereby
identified as, "forward-looking statements" for purposes of
Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as
amended. Forward-looking statements include, but are not limited
to, statements concerning key earnings drivers, customer growth,
environmental regulations and expenditures, leverage ratio,
projections for pension fund contributions, financing activities,
access to sources of capital, impacts of the adoption of new
accounting rules and estimated construction and other expenditures.
In some cases, forward-looking statements can be identified by
terminology such as "may," "will," "could," "should," "expects,"
"forecasts," "plans," "anticipates," "believes," "estimates,"
"projects," "predicts," "potential" or "continue" or the negative
of these terms or other similar terminology. Readers are cautioned
that any such forward-looking statements are not guarantees of
future performance and involve a number of risks and uncertainties,
and that actual results could differ materially from those
indicated by such forward-looking statements. Important factors
that could cause actual results to differ materially from those
indicated by such forward-looking statements include, but are not
limited to, the following: (1) the information is of a preliminary
nature and may be subject to further and/or continuing review and
adjustment; (2) regulatory actions, particularly changes in
rate regulation, regulations governing electric grid reliability,
environmental regulations, and actions affecting the construction
of new nuclear units; (3) current and future litigation; (4)
changes in the economy, especially in areas served by subsidiaries
of SCANA; (5) the impact of competition from other energy
suppliers, including competition from alternate fuels in industrial
markets; (6) the impact of conservation efforts and/or
technological advances on customer usage; (7) growth opportunities
for SCANA's regulated and diversified subsidiaries; (8) the results
of short- and long-term financing efforts, including
prospects for obtaining access to capital markets and other sources
of liquidity; (9) changes in SCANA's or its subsidiaries'
accounting rules and accounting policies; (10) the effects of
weather, including drought, especially in areas where the
generation and transmission facilities of SCANA and its
subsidiaries (the Company) are located and in areas served by
SCANA's subsidiaries; (11) payment and performance by
counterparties and customers as contracted and when due; (12) the
results of efforts to license, site, construct and finance
facilities for electric generation and transmission; (13)
maintaining creditworthy joint owners for SCE&G's new nuclear
generation project; (14) the ability of suppliers, both domestic
and international, to timely provide the labor, components, parts,
tools, equipment and other supplies needed, at agreed upon prices,
for our construction program, operations and maintenance; (15) the
results of efforts to ensure the physical and cyber security of key
assets and processes; (16) the availability of fuels such as coal,
natural gas and enriched uranium used to produce electricity; the
availability of purchased power and natural gas for distribution;
the level and volatility of future market prices for such fuels and
purchased power; and the ability to recover the costs for such
fuels and purchased power; (17) the availability of skilled and
experienced human resources to properly manage, operate, and grow
the Company's businesses; (18) labor disputes; (19) performance of
SCANA's pension plan assets; (20) changes in taxes; (21) inflation
or deflation; (22) compliance with regulations; (23) natural
disasters and man-made mishaps that directly affect our operations
or the regulations governing them; and (24) the other risks and
uncertainties described from time to time in the periodic reports
filed by SCANA or SCE&G with the United States Securities and
Exchange Commission. The Company disclaims any obligation to
update any forward-looking statements.
Media
Contact:
|
Investor Contact:
|
Robert
Yanity
|
Iris
Griffin
|
(803)
217-9501
|
(803)
217-6642
|
ryanity@scana.com
|
igriffin@scana.com
|
SOURCE SCANA Corporation