CAYCE, S.C., Oct 15, 2010 (BUSINESS WIRE) -- South Carolina Electric & Gas Company (SCE&G), principal subsidiary of SCANA Corporation(SCG 41.14, +0.04, +0.10%), received approval today from the Public Service Commission of South Carolina (PSC) on a 2.31 percent overall decrease to its retail natural gas base rates, including a 4.48 percent reduction for residential customers.
SCE&G Vice President of Natural Gas Operations Marty Phalen said the decrease means residential customers on average will be paying over $100 a year less for natural gas beginning in November than they were one year ago. "Although this decrease relates to base rates, we are also pleased that the wholesale cost of gas remains very low as we prepare to head into the heating season," said Phalen.
SCE&G filed for the decrease under terms of the Natural Gas Rate Stabilization Act, a South Carolina law designed to reduce volatility of customer rates by allowing for more efficient recovery of the costs that regulated utilities incur in expanding, improving and maintaining natural gas service infrastructure to meet the needs of customers. The rate decrease will be implemented with the first billing cycle of November.
Phalen said an increase in business from SCE&G's interruptible industrial customers and lower capital spending costs by the company were the primary factors that allowed for the requested decrease.
The overall 2.31 percent decrease to natural gas rates breaks out as follows:
4.48 percent decrease for residential customers 2.18 percent decrease for small/medium commercial customers 1.52 percent decrease for large commercial/industrial customers.
PROFILE
South Carolina Electric & Gas Company is a regulated public utility that provides natural gas service to approximately 310,000 customers throughout South Carolina. The company also is engaged in the generation, transmission, distribution and sale of electricity to approximately 660,000 customers throughout the state. More information about SCE&G is available on the company's website at www.sceg.com.
SCANA Corporation, a Fortune 500 company headquartered in Cayce, South Carolina, is an energy-based holding company principally engaged, through subsidiaries, in electric and natural gas utility operations and other energy-related businesses in South Carolina, North Carolina and Georgia. Information about SCANA Corporation and its businesses is available on the Company's website at www.scana.com.
SAFE HARBOR STATEMENT
Statements included in this press release which are not statements of historical fact are intended to be, and are hereby identified as, "forward-looking statements" for purposes of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, but are not limited to, statements concerning key earnings drivers, customer growth, environmental regulations and expenditures, leverage ratio, projections for pension fund contributions, financing activities, access to sources of capital, impacts of the adoption of new accounting rules and estimated construction and other expenditures. In some cases, forward-looking statements can be identified by terminology such as "may," "will," "could," "should," "expects," "forecasts," "plans," "anticipates," "believes," "estimates," "projects," "predicts," "potential" or "continue" or the negative of these terms or other similar terminology. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties, and that actual results could differ materially from those indicated by such forward-looking statements. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include, but are not limited to, the following: (1) the information is of a preliminary nature and may be subject to further and/or continuing review and adjustment; (2) regulatory actions, particularly changes in rate regulation, regulations governing electric grid reliability and environmental regulations; (3) current and future litigation; (4) changes in the economy, especially in areas served by subsidiaries of SCANA Corporation (SCANA); (5) the impact of competition from other energy suppliers, including competition from alternate fuels in industrial interruptible markets; (6) growth opportunities for SCANA's regulated and diversified subsidiaries; (7) the results of short- and long-term financing efforts, including future prospects for obtaining access to capital markets and other sources of liquidity; (8) changes in SCANA's or its subsidiaries' accounting rules and accounting policies; (9) the effects of weather, including drought, especially in areas where the Company's generation and transmission facilities are located and in areas served by SCANA's subsidiaries; (10) payment by counterparties as and when due; (11) the results of efforts to license, site, construct and finance facilities for baseload electric generation; (12) the availability of fuels such as coal, natural gas and enriched uranium used to produce electricity; the availability of purchased power and natural gas for distribution; the level and volatility of future market prices for such fuels and purchased power; and the ability to recover the costs for such fuels and purchased power; (13) the availability of skilled and experienced human resources to properly manage, operate, and grow the Company's businesses; (14) labor disputes; (15) performance of SCANA's pension plan assets; (16) higher taxes; (17) inflation; (18) compliance with regulations; and (19) the other risks and uncertainties described from time to time in the periodic reports filed by SCANA or South Carolina Electric & Gas Company (SCE&G) with the United States Securities and Exchange Commission (SEC). The Company disclaims any obligation to update any forward-looking statements.
SOURCE: SCANA Corporation
SCANA Corporation Media Contact: Robert Yanity, 800-562-9308, ryanity@scana.com Investor Contact: Byron Hinson, 803-217-5352, bhinson@scana.com
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