South Carolina Electric & Gas executive Keller Kissam announced plans to reduce power rates by 3.5 percent. AP/Meg Kinnard
Hoping to appease seething customers and lawmakers, South Carolina Electric & Gas offered to cut power bills and make other concessions. Keller Kissam, the utility’s president of retail operations, announced plans to seek a 3.5 percent rate reduction, saying it would save customers $450 million over five years. Also, he said, shareholders will be responsible for the net construction costs remaining from the scuttled V.C. Summer project, taking lower earnings payouts over the next 50 years.
The project was halted by SCE&G and co-investor Santee Cooper in July after they spent more than $9 billion on it.
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