The South Carolina Public Service Commission will now decide who pays debt on a failed expansion at the VC Summer nuclear generating plant in Fairfield County.
The commission has just under a month to make a decision on how much, if anything, SCE&G customers should pay towards the company’s nearly $5 billion in debt for the two abandoned expansion reactors.
The seven PSC commissioners have spent the past three weeks hearing testimony about the project’s failure and whether SCE&G acted prudently to handle delays. State regulators argued the company did not, which could offer a loophole under a 2007 state law which allowed SCE&G to charge ratepayers in advance for construction.
According to The Post and Courier, ratepayers could pay about $2.3 billion more over the next 20 years if commissioners decide fully in the utility’s favor.
Commissioners will also weigh in on whether to approve Dominion’s $14.6 billion offer to purchase SCE&G’s parent company SCANA. Dominion has threatened to walk away from the deal if the PSC forces them to eat the construction debt.
Regulators would also sign off on a proposed settlement between SCE&G and customers who sued over money already spent on the project. The settlement would offer $2 billion in rate relief to customers