South Carolina regulators plan to announce their decision on power utility SCE&G’s future Friday.
The state Public Service Commission will vote on whether Virginia-Based Dominion Energy can acquire the troubled SCE&G in the aftermath of an abandoned $9 billion nuclear construction project.
Observers expect the board to approve the sale and set SCE&G’s future electric rates. The utility reached a settlement with its ratepayers late last month. The agreement, which hinges on the commission approving the merger, offers $2 billion in future rate relief on power bills. It would also instead re-route towards customers $115 million in payouts for departing executives and an estimated $70 million from selling off surplus property.
Commissioners will set how much — if anything — customers should pay for debt from the failed project. Those same customers have already paid more than $2 billion through higher power bills since 2008.
Attorney General Alan Wilson and state House Speaker Jay Lucas have submitted briefs to the commission asking them to approve the deal. However, other groups such as the South Carolina Small Business Chamber of Commerce say they think Dominion and SCE&G need to offer more concessions first.