Can we afford a regulated monopoly system?

It’s time lawmakers put competition into an outdated, regulated monopoly system.

Posted 4/11/19

Chronicle readers have asked for years when SCANA’s top brass would get what they had coming to them.

That day may come soon.

Retired SCANA CEO Kevin Marsh, chief financial officer Jimmy …

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Can we afford a regulated monopoly system?

It’s time lawmakers put competition into an outdated, regulated monopoly system.

Posted

Chronicle readers have asked for years when SCANA’s top brass would get what they had coming to them.

That day may come soon.

Retired SCANA CEO Kevin Marsh, chief financial officer Jimmy Addison and chief operating officer Stephen Byrne will be tried for hiding a $9 billion nuclear fiasco from regulators, investors and their own people.

Federal Judge Margaret Seymour has ruled that enough evidence exists to show a jury the 3 deliberately concealed from investors the failing status of their nuclear power plant.

All 3 retired with multi-million dollar golden parachutes.

Her ruling will allow a civil fraud lawsuit by former SCANA shareholders who want to recover $2.7 billion in stock losses.

Their shares plummeted from $72 a share to $43, costing investors about $2.7 billion.

The shareholders’ evidence shows the 3 “acted at least recklessly and possibly deliberately” to cover the failures, Judge Seymour wrote in a 26-page order.

In another news development last week, we learned that Dominion Energy plans to cut 1,200 SCANA employees’ jobs.

The Virginia utility is offering voluntary retirement to nearly 1/3rd of its workers. That’s more than 1,200 who work in Lexington County.

The Chronicle has asked Dominion to confirm the details.

Most employees live here and work for SC Electric & Gas in Dominion’s new Southeastern Energy Group. They are also among the victims of the Big 3’s chicanery in lying about progress at the nuclear project.

Employees and retirees were hoodwinked into buying SCANA stock in the belief it was a sound investment that would lead to a comfortable retirement.

How can Marsh, Addison and Byrne live with knowing they shafted their fellow employees?

This is what we get from an outdated, regulated monopoly system. Our Public Service Commissioners have let all of us down time after time.

It’s time our lawmakers ended monopolies and injected competition in the game.

– Jerry Bellune

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