State lawmakers will resume hearings on two abandoned nuclear reactors next week, nearly two weeks after Virginia-based Dominion Energy announced its plans for a $14.6 billion merger with SCANA.
SCANA, the parent company of South Carolina Electric and Gas, and state-owned Santee Cooper announced last summer their plans to abandon the Jenkinsville reactors after financing the project through $2 billion in rate hikes.
The merger package includes—
-A $1.3 billion cash payment to SCE&G customers following the merger, based on electricity use during the year prior to the merger closing, and equaling $1,000 for the average residential customer
-A five percent rate reduction, equaling at least $7 per month for a typical customer
-A $1.7 billion write-off of the reactors, not to be collected from customers
-The purchase of a $180 million natural gas fired power station, Columbia Energy Center, for power generation needs, not to be billed to customers
House and Senate leaders have said the deal is a good start, but it doesn’t go far enough to protect customers.
Half a dozen bills before lawmakers would primarily restructure Santee Cooper and the agencies that oversee utilities.
Lawmakers convened this week for the legislative session without taking action on the legislation.
A Senate committee will meet Tuesday at 11 a.m. to hear from Dominion Energy CEO, Thomas Farrell. A similar House committee will meet the following Wednesday morning at 9.