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Columbia, SC (WLTX) – An agreement has been reached with SCANA, SCE & G and its clients regarding a plan to allow them to recover money for the V.C. Nuclear summer station.
The terms of the deal were announced Saturday.
Clients filed a class action against SCANA and SCE & G on behalf of themselves and former SCE & G customers after being forced to pay for the abandoned construction of two new reactors at the VC Summer Nuclear Generating Station, in Fairfield County. More than $ 2 billion had been spent on efforts before SCE & G and Santee Cooper left in the summer of 2017.
Although they deny the allegations made in the lawsuit, SCANA and SCE & G solved customer requests and arguments regarding the Base Load Review Act, which allowed companies to bill their customers each month for the project before its construction.
This agreement comes in the form of a common provident fund. Here are the terms of the contract:
- Future tariff relief of $ 2 billion over a pending period. How long will this period be determined at a hearing before the Public Service Commission that has been going on for a month?
- a cash payment of $ 115 million – which includes the total value of the SCANA trust created in January 2018
- The transfer of real estate owned or sold by SCE & G originates from the sale of real estate. These properties include the Ramsey Grove plantation; Charleston's original Gas & Light Building in Charleston and a few properties from Otarre to Cayce.
If they are eligible, the current and former SCE & G clients will receive compensation in the form of credit or payment. However, the distribution of the money must still be approved by a judge and will not be carried out until the completion of the transaction for the merger of SCANA and Dominiion Energy.
With the approval of this settlement comes the rejection of the lawsuit, as well as the resolution of the SCE & G rate claims.
"Our goal has always been to search for taxpayers and to ensure that justice is done. We estimate that this settlement, which includes benefits of more than $ 2 billion, is the largest of its kind in South Carolina's history, "said Attorney General Alan Wilson, in repaying previously revised rates. We have also demanded that the entire SCANA Rabbi Trust, which includes a number of financial benefits for senior SCE & G executives, be made available for the payment of the company's obligations. . "
11 24 2018 Scana and Sceg file class action lawsuit by Anonymous APOdqtnGcK on Scribd
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