JENKINSVILLE — The Public Service Commission of South Carolina has voted unanimously to approve a petition by South Carolina Electric & Gas Company, principal subsidiary of SCANA Corporation, to update the construction milestone schedule as well as the capital cost schedule for the two new nuclear units being constructed in Jenkinsville.
The construction schedule approved, without consideration of all mitigating strategies, indicates substantial completion dates of June 2019 and June 2020 for Units 2 and 3, respectively.
The approved schedule, including these estimated completion dates, is based upon information received from Westinghouse Electric Company and Chicago Bridge & Iron (the Consortium).
The approved capital cost schedule includes incremental capital costs that total $698 million (SCE&G’s portion in 2007 dollars), of which $539 million are associated with the schedule delays and other contested costs. The total project capital cost is now estimated at approximately $5.2 billion (SCE&G’s portion in 2007 dollars) or $6.8 billion including escalation and allowance for funds used during construction (SCE&G’s portion in future dollars).
Also, the allowed Return on Equity (ROE) for the new nuclear project will be revised from 11.00 percent to 10.50 percent. The revised ROE will be applied prospectively for the purpose of calculating revised rates sought by the Company under the Base Load Review Act on and after Jan. 1, 2016, until such time as the new nuclear units are completed.
SCANA Corporation, headquartered in Cayce, 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 695,000 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.