A New Law Will Save Money And 600 Sce&g Jobs Plus Cancel A Dominion Takeover.”

What if you learned an out-of-state corporation planned to buy the company you work for and do away with yours and 600 other jobs?

That’s chilling in these weeks before Christmas, isn’t it?

But that is what Dominion Eneregy will do if it is allowed to buy SCANA and SC Electric & Gas, an industry expert says.

Office of Regulatory Staff witness Lane Kollen told the Public Service Commission that’s what Dominion has done in buying other power companies.

Rather than let that happen to the Lexington County-based power company and its employees, the PSC can choose to roll back SCE&G electric rates another 5% over the 15% already cut by the legislature.

Kollen said SCE&G will not be driven into bankruptcy by such rate cuts as company executives have claimed. Dominion’s plan will raise rates even higher.

The Lexington County legislative delegation could lead the way in pushing for an ORS proposal that could save customers more money, keep Dominion from buying SCANA and avoid bankruptcy, too. It’s called securitization of utility loans.

17 states have used this to let utilities recover costs such as those with SCE&G’s nuclear project, said Frank Knapp of the SC Small Business Chamber of Commerce and a critic of what SCE&G and Dominion plan.

Securitization means lower costs with less risk. It would save ratepayers’ money as SCE&G could not add a 10.25% Return on Equity charge to ratepayers and avoid paying income taxes on financing costs, saving ratepayers even more money.

The Florida Public Service Commission approved this to recover costs of a nuclear power plant that Florida Power & Light had abandoned.

If SC lawmakers made securitization legal here, ratepayers would gain a larger rate cut, SCANA could remain locally owned and up to 600 SCE&G workers retain their jobs.

State lawmakers need to tell the PSC they are considering such a law here before regulators rule for Dominion.

- JerryBellune@yahoo.com

A new law will save money and 600 SCE&G jobs plus cancel a Dominion takeover.