CAYCE, S.C., June 26, 2017 /PRNewswire/ -- SCANA
Corporation (SCANA) (NYSE: SCG) and Santee Cooper today announced
that the Interim Assessment Agreement with Westinghouse Electric
Company, LLC concerning the nuclear construction project at the
V.C. Summer Nuclear Station has been amended to extend the term of
the agreement through August 10,
2017, subject to bankruptcy court approval. The
agreement allows for a transition and evaluation period, during
which South Carolina Electric & Gas Company (SCE&G),
principal subsidiary of SCANA, and V.C. Summer Nuclear Station
project co-owner, Santee Cooper, can continue to make progress on
the site. During this period, Fluor will remain in its current role
and the project's co-owners will continue to make weekly payments
for work performed during the interim period.
The agreement extension allows the co-owners additional time to
maintain all of their options by continuing construction on the
project, while examining all of the relevant information for a
thorough and careful assessment to determine the most prudent path
forward. The goal is to reach a decision in the third
quarter.
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 713,000
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 713,000 customers in South
Carolina. The company also provides natural gas service to
approximately 361,000 customers throughout the state. More
information about SCE&G is available at www.sceg.com.
Santee Cooper is the ultimate source of electricity for
approximately 2 million people across South Carolina. A public power utility owned
by the state, Santee Cooper offers low-cost, reliable and
environmentally responsible electricity and water services and
innovative partnerships that attract and retain industry and jobs.
To learn more, visit www.santeecooper.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) uncertainty relating to the recent bankruptcy
filing by the members of the Consortium building the New Units,
including the effect of a rejection of the EPC Contract and the
prudency and feasibility of completing the New Units; (2) the
ability of SCANA and its subsidiaries (the Company) to recover
through rates additional costs incurred in connection with the
completion of the New Units or costs incurred to date in the event
of the abandonment of one or both of the New Units; (3) continuing
uncertainties as to future construction delays and cost overruns in
connection with the completion of construction of the New Units,
including delays and cost overruns resulting from the bankruptcy of
members of the Consortium; (4) the ability of the Company to
recover amounts which may become due from the Consortium or from
Toshiba under its payment guaranty; (5) maintaining creditworthy
joint owners (including possible new or different joint owners) for
SCE&G's new nuclear generation project; (6) the
creditworthiness and/or financial stability of contractors and
other providers of design and engineering services for SCE&G's
new nuclear generation project; (7) changes in tax laws and
realization of tax benefits and credits, including production tax
credits for new nuclear units, and the ability or inability to
realize credits and deductions, particularly in light of
construction delays which have occurred or may occur with respect
to the New Units; (8) the information is of a preliminary nature
and may be subject to further and/or continuing review and
adjustment; (9) 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 construction and possible abandonment of one or both
of the New Units; (10) current and future litigation; (11) 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; (12) 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; (13) the results of efforts to ensure the physical and
cyber security of key assets and processes; (14) changes in the
economy, especially in areas served by subsidiaries of SCANA; (15)
the impact of competition from other energy suppliers, including
competition from alternate fuels in industrial markets; (16) the
impact of conservation and demand side management efforts and/or
technological advances on customer usage; (17) the loss of sales to
distributed generation, such as solar photovoltaic systems or
energy storage systems; (18) growth opportunities for SCANA's
regulated and other subsidiaries; (19) 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; (20) changes in SCANA's or its
subsidiaries' accounting rules and accounting policies; (21)
payment and performance by counterparties and customers as
contracted and when due; (22) the results of efforts to license,
site, construct and finance facilities, and to receive related rate
recovery, for electric generation and transmission, including
nuclear generating facilities; (23) 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 and nuclear generation;
(24) 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; (25) the availability
of skilled, licensed and experienced human resources to properly
manage, operate, and grow the Company's businesses; (26) labor
disputes; (27) performance of SCANA's pension plan assets and the
effect(s) of associated discount rates; (28) inflation or
deflation; (29) changes in interest rates; (30) compliance with
regulations; (31) natural disasters and man-made mishaps that
directly affect our operations or the regulations governing them;
and (32) 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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Santee Cooper
Contacts:
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Media
Contact:
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Investor
Contact:
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Mollie
Gore
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Faith
Williams
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(843)
761-7093
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(843) 761-8000, ext.
4987
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SOURCE SCANA Corporation