Columbia, SC (WLTX) — Over the holiday weekend, SCANA and SCE&G announced a settlement over a lawsuit from current and former customers.
The settlement, pending judicial approval, would lead to more cash returning to customers stemming from the failed VC Summer nuclear project.
But, it's just the latest in a saga of changes, settlements, and battles over SCE&G rates in the state.
So, how did we get here?
Ongoing debate over future rates
Currently, the Public Service Commission is nearing the end of a now month-long process into deciding new rates for the company moving forward into 2019.
The hearing started November 1st and commissioners have heard testimony alleging SCE&G executives misled the public and regulators about the failing nuclear project. SCE&G and SCANA have repeatedly denied the allegations.
The Commission is expected to issue a final decision in December on new permanent rates for SCE&G customers.
Settlement of separate lawsuit on November 24
SCE&G and SCANA also denied the allegations, while settling, made in the lawsuit from current and former customers.
"SCANA and SCE&G deny the allegations made in the lawsuit, but have agreed to resolve the matter," a press release from the company said.
The settlement, if approved, would give credits of up to $2 billion in rate relief. However, the Public Service Commission's decision in December will determine the amount of time rate relief is in place, according to the release.
It also would give a cash payment of $115 million back to customers from an account formerly set aside for SCE&G executives.
The press release announcing the settlement says the payments would be returned to customers using bill credits or court-approved class action distributions.
SCANA and SCE&G also agreed to sell and transfer real estate holdings in the state.
Rates temporarily reduced, August 2018
In August, after a court battle, a temporary 15 percent rate cut went into effect.
On average, it saved customers $22 a month on their bill. However, the temporary rate ends at the end of the year.
The decision also gave bill credit refunds to some customers.
All told, the temporary rate and refunds were estimated to cost SCE&G $270 million.
For months, SCE&G, state legislators, Governor Henry McMaster, and a federal court argued over the temporary reduction after the state legislator overrode the Governor's veto in June.
Governor McMaster argued in his veto that the entire 18 percent nuclear surcharge should have been eliminated.