SCANA Corporation’s Board of Directors has declared a quarterly dividend of 12.37 cents per share for the quarter ending this weekend.
In a release Thursday, the company said the quarterly cash dividend has been reduced from the 61.25 cents per share paid on its common stock for the first quarter of this year. The 80 percent reduction corresponds to the portion of the dividend attributable to the electric portion of South Carolina Electric & Gas Company (SCE&G).
The release said the company’s board made the reduction to preserve its options as it seeks a resolution to the abandoned nuclear expansion project at the VC Summer plant in Fairfield County. Legislators on Thursday overrode Gov. Henry McMaster’s veto of their bill which temporarily forces SCE&G to reduce customer rates 15 percent.
The legislation directs the state Public Service Commission (PSC) to enact the temporary rate cut within five days. The rate would remain in effect until December when the PSC is set to rule on whether SCE&G’s customers, shareholders or both should pay for the failed nuclear expansion project.
SCANA’s dividend is payable July 18 to shareholders of record. The payment of future dividends will be evaluated quarterly by SCANA’s Board of Directors.