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COLUMBIA, S.C. (AP) — The Latest on a hearing over failed nuclear plants in South Carolina (all times local):
2 p.m.
Attorneys for state lawmakers say a troubled South Carolina power company knew of the potential for financial problems following a multibillion-dollar nuclear construction failure well ahead of state lawmakers' passage of a temporary cut to help ratepayers.
The assertions came out Monday during testimony from SCANA chief financial officer Iris Griffin in a hearing that's part of the utility's lawsuit seeking to stop the rate cut. Pointing to a report from late 2017, attorney Bobby Stepp noted SCE&G had "uncertainty" about its ability to recover $5 billion in costs well before the rate cut.
SCE&G and parent company SCANA Corp. are suing to stop regulators from implementing a 15 percent temporary rate cut passed in June. Unless a federal judge intervenes, the cut will be out on bills starting next week.
Ratepayers have already paid more than $2 billion toward the failed project.
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11:25 a.m.
Attorneys for a beleaguered South Carolina power company say state lawmakers unconstitutionally punished the utility with a retroactive rate cut passed in the wake of a multibillion-dollar nuclear construction debacle.
David Balser argued in court Monday that his client, South Carolina Electric & Gas, was targeted by legislators angry over the expensive failure of plans for two new reactors at the V.C. Summer Nuclear Station.
SCE&G and its parent company SCANA Corp. are suing to stop regulators from implementing a 15 percent temporary rate cut passed in June. Unless a federal judge intervenes, the cut will be out on bills starting next week.
Ratepayers have already paid more than $2 billion toward the failed project.
An attorney for the state Senate, Matthew Richardson, pointed out SCANA paid $80 million to shareholders for three quarters after the project ended.
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6:25 a.m.
A utility in South Carolina is preparing to tell a federal judge why customers should keep paying for the multi-billion-dollar failure of its nuclear project.
A hearing is scheduled Monday in Columbia. South Carolina Electric & Gas Co. is suing the Public Service Commission, seeking to stop implementation of a law slashing rates by 15 percent.
SCE&G and state-owned utility Santee Cooper abandoned the V.C. Summer Nuclear Station project last year following the bankruptcy of contractor Westinghouse.
SCE&G ratepayers have already paid more than $2 billion toward the company's debt.
The utility says the law allowing the temporary rate cut to take effect in August is unconstitutional.
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