A state agency said customers of South Carolina Electric & Gas (SCE&G) should benefit from the approximately $1 billion the power company is in line to receive as part of a financial deal from the failed VC Summer nuclear expansion project.
The State newspaper reports the South Carolina Office of Regulatory Staff filed a motion Tuesday asking the state Public Service Commission to decide how customers should get the money from SCE&G.
If approved, the regulating agency hopes the $1 billion would help pay back customers who have already paid about $1.7 billion for the abandoned project.
The $1 billion is money SCE&G’s parent company SCANA received to sell off its financial guarantee from Toshiba after its subsidiary and the project’s lead contractor Westinghouse filed for bankruptcy. Citibank bought the guarantee for $1 billion.