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