SCANA shareholders to bear acquisition cost under proposed Dominion-SCANA combination
Cayce, S.C., May 9, 2018… South Carolina Electric & Gas Company (SCE&G), principal subsidiary of SCANA Corp. (NYSE:SCG), announced today that it has completed purchase of the Columbia Energy Center, a natural-gas-fired power plant in Gaston, S.C. (Calhoun County), from LS Power for approximately $180 million.
SCE&G included the purchase of the 540-megawatt combined cycle gas plant as part of a November 2017 proposal to resolve issues related to the abandoned V.C. Summer nuclear construction project. The plant replaces more than 40 percent of the projected generating capacity from the SCE&G portion of the nuclear project. SCE&G’s proposal included a pledge that the cost of acquiring the gas plant would be borne by shareholders, not customers. Dominion Energy agreed to that same commitment as part of the merger application Dominion and SCANA jointly filed with the Public Service Commission of South Carolina in January.
The Columbia Energy Center is a combined heat and power plant. Along with producing electricity, it produces process steam that supports the operation of a neighboring manufacturing facility. The plant is one of the most recently built power facilities in South Carolina; it began operating in 2004 and has approximately 20 workers.
SCANA Corporation, headquartered in Cayce, SC, is an energy-based holding company principally engaged, through subsidiaries, in electric and natural gas utility operations and other energy-related businesses. Information about SCANA and its businesses is available on the company’s website at www.scana.com.
SCE&G is a regulated public utility engaged in the generation, transmission, distribution and sale of electricity to approximately 723,000 customers in South Carolina. The company also provides natural gas service to approximately 371,000 customers throughout the state. More information about SCE&G is available at www.sceg.com.