PSNC Energy Announces Increase in 'Cost of Gas' Component
October 31 2005 - 11:58AM
PR Newswire (US)
COLUMBIA, S.C., Oct. 31, 2005 /PRNewswire-FirstCall/ -- PSNC
Energy, a wholly owned subsidiary of SCANA Corporation (NYSE:SCG),
announced today that the North Carolina Utilities Commission has
approved an increase to the purchased gas component of the
company's retail natural gas rates, effective for November bills.
The increase will raise the company's total year-round residential
rate by 11 percent, from approximately $1.56 per therm to
approximately $1.74 per therm. This increase translates into a
monthly increase of approximately $18 based on an average natural
gas usage of 100 therms per month during the winter heating season,
which runs November through March. "We are extremely concerned
about our customers as we head into the winter heating season,"
said PSNC Energy President and COO Jerry Richardson. "I cannot
stress enough how important it is for folks to take steps to make
their homes more energy efficient, to conserve on their usage and
to call us sooner rather than later about payment issues."
Wholesales prices for natural gas have spiked over the past two
months due to supply disruptions caused by damage from Hurricanes
Katrina and Rita. Because of high wholesale costs, PSNC Energy must
increase its purchased gas component. PSNC Energy does not earn a
profit on the "cost of gas" component of its natural gas rates. The
adjustment is passed directly to customers in accordance with state
regulations so that the company can recover its costs associated
with purchasing the fuel. PSNC Energy, headquartered in Gastonia,
N.C., is franchised to serve a 28- county service area in North
Carolina. The utility distributes natural gas to approximately
407,000 customers in 96 cities and communities, including the
Raleigh, Durham, and Chapel Hill areas in the north central part of
the state; the Concord, Statesville, Gastonia, and Forest City
areas in the Piedmont; and the Asheville, Hendersonville, Brevard,
and Sylva areas in the western part of the state. More information
about PSNC Energy is available through the company's web site at
http://www.psncenergy.com/. SCANA Corporation, a Fortune 500
company headquartered in Columbia, South Carolina, 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
597,000 electric customers in South Carolina and more than one
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 http://www.scana.com/. DATASOURCE: SCANA
Corporation CONTACT: Media, Angie Townsend, +1-919-836-2321, or ,
or Investors, John Winn, +1-803-217-9240, or , both of SCANA
Corporation Web site: http://www.psncenergy.com/
http://www.scana.com/
Copyright