Columbia, SC (WLTX) - SCE&G, along with several parties, have agreed to settle any issues they may have had in the past regarding the construction and capital costs of the two remaining nuclear units at the VC Summer Nuclear Power Plant.
The parties include the South Carolina Office of Regulatory Staff, Central Electric Power Cooperative, Inc., the Electric Cooperatives of South Carolina, Inc., Frank Knapp, Jr., the South Carolina Energy Users Committee and the South Carolina Electric & Gas Company.
SCE&G originally requested an $852 million increase for the units which totaled an overall cost of $7.68 billion.
The settlement agrees to an $831 million increase which totals an overall cost of $7.65 billion.
That’s about a $21 million decrease.
According to the settlement agreement the two units should be completed by August 31, 2019 and August 31, 2020.
SCE&G agrees that it will not request any changes to cost of the projects before January 28, 2019.
After that date SCE&G is only allowed to request “soft cost” changes that will minimally affect rate-payers.
Until January 28, 2019 SCE&G cannot ask for any more money. The settlement enters SCE&G and all other parties into a fixed rate agreement.
If SCE&G needs more money, SCE&G shareholders and Westinghouse will assume responsibility and cannot ask the Public Service Commission for rate increases.
The settlement will be submitted to the Public Service Commission for approval.
There will be a public hearing on October 4 at 6 p.m. and will be located at the Public Service Commission hearing room, 101 Executive Center Drive, Saluda Building in Columbia.