COLUMBIA, S.C. (WSPA) – SCANA, the parent company of SCE&G, has agreed to a $2 billion settlement with it’s customers.
The lawsuit stems from the power company charging customers high electric rates for the failed V.C. Summer nuclear plant construction project.
The agreement turns over to customers the $115 million golden parachutes that were set aside for SCANA executives who are set to be ousted.
It also calls for the company to sell several non-essential properties that could give customers another $70 million in refunds or rate credits.
The settlement announced Saturday is not a done deal yet.
A judge still has to ok it. It also requires a ruling from the S.C. Public Service Commission approving dominion energy’s proposed buyout of SCANA.
If approved, SCE&G customers could see their rates slashed by as much as $22 a month.
Read the full press release here:
