CAYCE, S.C., Aug. 15, 2017 /PRNewswire/ -- South Carolina
Electric & Gas Company (SCE&G), principal subsidiary of SCANA Corporation (SCANA) (NYSE: SCG), announced today that it
will voluntarily withdraw its Abandonment Petition from the Public Service Commission of South
Carolina that was made under the Base Load Review Act (BLRA) concerning SCE&G's new nuclear project. Over the
past two weeks, SCE&G management has met with various stakeholders and members of the South Carolina General Assembly,
including legislative leaders, to discuss the abandonment of the new nuclear project and to hear their concerns.
SCE&G's withdrawal decision was in response to those concerns, and to allow for adequate time for governmental
officials to conduct their reviews.
"We have been meeting with governmental officials and various stakeholders since our announcement to abandon the new nuclear
project," said Kevin Marsh, SCANA Chairman and CEO. "The purpose of these ongoing meetings
is to discuss their concerns and to explain the path that led us to the abandonment decision. While ceasing
construction was always our least desired option, based on the impact of the bankruptcy of Westinghouse on our fixed price
construction contract, the results of our evaluation of the cost and time to complete the project, and Santee Cooper's decision
to suspend construction, abandonment was the prudent decision."
ANALYST CALL
SCANA will host a call for financial analysts with members of SCANA's management team at 8:30 a.m.
Eastern Time on Wednesday, August 16, 2017.
CONFERENCE CALL DETAILS
Date and Time:
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Wednesday, August 16, 2017, 8:30 a.m. Eastern Time
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Call in Number:
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U.S.
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888-347-3258
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Canada
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855-669-9657
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International
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412-902-4279
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Speakers:
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Kevin
Marsh
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Chief Executive Officer- SCANA
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Jimmy Addison
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Chief Financial Officer – SCANA
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Instructions:
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The conference call will begin promptly at 8:30 a.m. Eastern Time.
Participants should call in 10-15 minutes early so that operators have sufficient time to record your name and company
affiliation prior to the call beginning. Participants who join the call late will be interrupted during the call by
the operator to record their name and company affiliation. A replay of the conference call will be available
approximately 2 hours after completion of the call through August 26, 2017. To access the replay, call 877-344-7529
(U.S.), 855-669-9658 (Canada), or 412-317-0088 (International) and enter the event code 10111542. A transcript of
the call will be available on the Investors section of the Company's website at www.scana.com.
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Internet Access:
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The press release and a live listen-only webcast of the conference call
will be available on the Investors section of the website at www.scana.com. The webcast will begin Wednesday, August 16, 2017 at 8:30 a.m. Eastern
Time. A replay of the conference call will also be available on the Company's website through August 26, 2017.
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PROFILE
SCANA Corporation, headquartered in Cayce, S.C., is an energy-based holding company
principally engaged, through subsidiaries, in electric and natural gas utility operations and other energy-related businesses.
The Company serves approximately 718,000 electric customers in South Carolina and approximately
1.3 million natural gas customers in South Carolina, North
Carolina and Georgia. Information about SCANA and its businesses is available on the
Company's website at www.scana.com.
SCE&G is a regulated public utility engaged in the generation, transmission, distribution and sale of electricity to
approximately 718,000 customers in South Carolina. The company also provides natural gas service
to approximately 362,000 customers throughout the state. More information about SCE&G is available at www.sceg.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Statements included in this press release which are not statements of historical fact are intended to be, and are
hereby identified as, "forward-looking statements" for purposes of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, but are
not limited to, statements concerning key earnings drivers, customer growth, environmental regulations and expenditures, leverage
ratio, projections for pension fund contributions, financing activities, access to sources of capital, impacts of the adoption of
new accounting rules and estimated construction and other expenditures. In some cases, forward-looking
statements can be identified by terminology such as "may," "will," "could," "should," "expects," "forecasts," "plans,"
"anticipates," "believes," "estimates," "projects," "predicts," "potential" or "continue" or the negative of these terms or other
similar terminology. Readers are cautioned that any such forward-looking statements are not guarantees of future
performance and involve a number of risks and uncertainties, and that actual results could differ materially from those indicated
by such forward-looking statements. Important factors that could cause actual results to differ materially from those
indicated by such forward-looking statements include, but are not limited to, the following: (1) uncertainties relating to the
bankruptcy filing by the members of the Consortium building the New Units, including the effect of the anticipated rejection of
the EPC Contract and the determination to cease construction of the New Units; (2) the ability of SCANA and its subsidiaries (the
Company) to recover through rates the costs incurred upon the abandonment of the New Units; (3) the ability of the Company to
recover amounts due from the Consortium or from Toshiba under its payment guaranty and related settlement agreement; (4) changes
in tax laws and realization of tax benefits and credits, and the ability or inability to realize credits and deductions,
particularly in light of the abandonment of construction of the New Units; (5) the information is of a preliminary nature and may
be subject to further and/or continuing review and adjustment; (6) legislative and regulatory actions, particularly changes
related to electric and gas services, rate regulation, regulations governing electric grid reliability and pipeline integrity,
environmental regulations, the BLRA, and actions affecting the abandonment of the New Units; (7) current and future litigation;
(8) the results of short- and long-term financing efforts, including prospects for obtaining access to capital markets and other
sources of liquidity, and the effect of rating agency actions on the Company's cost of and access to capital and sources of
liquidity; (9) the ability of suppliers, both domestic and international, to timely provide the labor, secure processes,
components, parts, tools, equipment and other supplies needed which may be highly specialized or in short supply, at agreed upon
quality and prices, for our construction program, operations and maintenance; (10) the results of efforts to ensure the physical
and cyber security of key assets and processes; (11) changes in the economy, especially in areas served by subsidiaries of SCANA;
(12) the impact of competition from other energy suppliers, including competition from alternate fuels in industrial markets;
(13) the impact of conservation and demand side management efforts and/or technological advances on customer usage; (14) the loss
of electricity sales to distributed generation, such as solar photovoltaic systems or energy storage systems; (15) growth
opportunities for SCANA's regulated and other subsidiaries; (16) the effects of weather, especially in areas where the generation
and transmission facilities of SCANA and its subsidiaries are located and in areas served by SCANA's subsidiaries; (17) changes
in SCANA's or its subsidiaries' accounting rules and accounting policies; (18) payment and performance by counterparties and
customers as contracted and when due; (19) the results of efforts to license, site, construct and finance facilities, and to
receive related rate recovery, for electric generation and transmission; (20) the results of efforts to operate the Company's
electric and gas systems and assets in accordance with acceptable performance standards, including the impact of additional
distributed generation; (21) the availability of fuels such as coal, natural gas and enriched uranium used to produce
electricity; the availability of purchased power and natural gas for distribution; the level and volatility of future
market prices for such fuels and purchased power; and the ability to recover the costs for such fuels and purchased
power; (22) the availability of skilled, licensed and experienced human resources to properly manage, operate, and grow the
Company's businesses; (23) labor disputes; (24) performance of SCANA's pension plan assets and the effect(s) of associated
discount rates; (25) inflation or deflation; (26) changes in interest rates; (27) compliance with regulations; (28) natural
disasters and man-made mishaps that directly affect our operations or the regulations governing them; and (29) the other risks
and uncertainties described from time to time in the reports filed by SCANA or SCE&G with the SEC.
SCANA and SCE&G disclaim any obligation to update any forward-looking statements.
Capitalized terms not otherwise defined herein have the meanings as set forth in the Company's most recent periodic report
filed with the Securities and Exchange Commission.
SCANA Corporation Contacts:
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Media Contact:
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Investor Contacts:
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Rhonda O'Banion
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Bryant Potter
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Iris Griffin
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(800) 562-9308
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(803) 217-6916
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(803) 217-6642
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SOURCE SCANA Corporation