Judge expected to strike down controversial nuclear law that raised SCE&G's rates
COLUMBIA, SC -- A state judge soon will find unconstitutional the infamous law that enabled South Carolina’s $9 billion nuclear construction fiasco, according to a state senator.
That ruling could reduce how much SCE&G’s 730,000 electric customers pay for power monthly by slashing the amount the Cayce-based utility can charge them to pay off the failed V.C. Summer Nuclear Station expansion project, which the utility abandoned in July 2017.
The ruling could be disastrous for SCE&G, which has threatened to file for bankruptcy if its shareholders are forced to eat the nuclear project’s costs.
Stock in SCE&G’s parent company, SCANA, plummeted Monday as news of the impending ruling spread. SCANA shares were down more than $6 a share at one point Monday before closing at $36.40, down almost 11 percent.
Read more: https://www.thestate.com/news/politics-government/article220435210.html