SCE&G’s parent company will sell off several properties to help pay for its customers’ refunds over unfinished nuclear reactors.
SCANA Corporation said it would auction its offices in Charleston, Aiken and North Augusta, along with a 3,000-acre Georgetown plantation where it often hosted company retreats. The State newspaper first reported the plans as part of a $200 million lawsuit settlement with customers over the company’s mismanagement of the VC Summer nuclear expansion.
According to lawyers involved, the properties are valued around $85 million. Another $115 million will come from a trust fund that would’ve otherwise gone towards severance pay to SCANA executives who left the company in the aftermath of the project’s failure. The deal must still be approved by a judge.
Public Service Commission officials signed off on the Charleston office property transfer at its meeting last week. The commission’s approval is not needed for the Ramsey Grove Plantation property since it is not part of the utility’s energy operations.
The commission earlier this month approved SCANA’s acquisition by Dominion Energy. Commissioners kept in place a 15 percent reduction in customers’ bills which had been going towards the VC Summer construction project. The reduction had been set by legislators this summer.