The fall out behind the abandoned VC Summer nuclear plant may be coming to an end.
Utility company SCE&G, and its parent company SCANA, recently announced a plan to settle a lawsuit against the company for increasing rates on customers.
The lawsuit filed on behalf of utility customers asked for money back as well as lower rates.
The customers had been paying an extra 18% on their bills to cover a failed nuclear project.
“We in the general assembly did in fact provide a discount when we talked about lowering the rate SCE&G was able to collect,” said Senator John Scott (D).
That rate was decreased from 18 percent to 5 percent.
The public service commission has been hearing testimony from witnesses who say the utility company lied about the project’s progress.
In the settlement, SCANA proposes a $2 billion relief settlement that includes electric rate decreases and a cash payment of $115 million.
“If they will even accept those offers and that’s in their right of negotiation. It’s easy to say we’re going to settle a lawsuit but sometime it can take a lot of time,” Sen. Scott also said.
The settlement still needs approval by a judge before funds can be distributed.
The agreement is also pending on the merger between SCANA and Dominion Energy, which has now increased its offer to take over SCANA.
“The typical residential bill will fall slightly below the temporary rate to a level of $125.26 inclusive of all tax benefits and amortization expense,” said Joseph Reid, attorney for Dominion Energy.
SCANA and SCE&G deny some of the allegations made in the hearings and this lawsuit, but have decided to settle the lawsuit.
The other part of this puzzle is Santee Cooper, which put up almost 50 percent of the costs for the nuclear plant.
The state is considering selling that state-owned utility.