South Carolina utility paid investors $529 million
COLUMBIA, S.C. (AP) — Documents released by state regulators show SCANA Corp paid $529 million to investors with money collected from South Carolina Electric & Gas Co. customers as its nuclear project failed.
Media outlets reported the failed nuclear project helped SCANA increase its dividend. Records show the company’s quarterly payments to investors increased more than 50 percent since the project’s 2009 start.
SCE&G and the state-owned utility Santee Cooper abandoned plans last July to build two nuclear reactors in Fairfield County after they had spent $9 billion. SCE&G customers have paid about $2 billion.
The state Office of Regulatory Staff released the documents this week that had been prepared for lawmakers.
SCANA spokeswoman Rhonda O’Banion says while the utilities earnings increased over the past decade, the percentage the company paid in dividends decreased.