Federal appeals court keeps rate cuts for failed nuke plants
COLUMBIA, S.C. (AP) — A federal appeals court has refused to stop rate cuts for customers of a private South Carolina utility who are saddled with billions of dollars of debt for a nuclear plant that never generated power.
The U.S. Fourth Circuit Court of Appeals denied a request Friday from South Carolina Electric & Gas to stop the temporary rate cuts while it appeals and also denied a request to speed up the case.
The South Carolina Legislature passed the 15 percent rate cut in June. It was retroactive to April and knocks about $25 a month off the average residential customer’s bill. Customers have already received some credit on their bills.
Lawmakers say shareholders, not ratepayers should shoulder the cost of the failed two new reactors at the V.C. Summer Nuclear plant.