South Carolina Electric & Gas (SCE&G) is asking state regulators to approve another rate increase.
According to the Charleston Post and Courier, the new proposal would raise residential customers’ rates by 3.1 percent, or an average of $4.44 per bill for those using 1,000 kilowatt hours of electricity a month. Commercial customers would see their rates go up by about 3 percent, depending on the size of the business.
A state law allows the company to charge customers ahead of time for the costs of two new reactors currently under construction at the V.C. Summer nuclear plant in Jenkinsville.
The proposed increase still needs approval from the state’s Public Service Commission to take effect.
The reactors were supposed to be operational this year and 2018, respectively, but are well behind schedule. SCE&G has previously blamed problems with the contractor who is building the More delays could lead to more rate increases.
SCE&G plans to receive $2.2 billion in federal Production Tax Credits, but those credits, part of the Energy and Policy Act of 2005, expire if the units aren’t running by Dec. 31, 2020.
The V.C. Summer project has been hit by overruns and delays. SCE&G asked state regulators just last month to approve an additional $852 million in construction costs for the project, which has swelled from $10 billion to $14 billion.