No One But Scana Knew The Nuclear Rate Hikes Were Paying Executive Bonuses.”

Greed is like chickens. It continues to come home to roost at Lexington County-based SCANA Corporation.

SCANA is expected to give its investors more dismal earnings reports about its 3rd quarter 2018 earnings Oct. 25.

In August, SCANA announced 2nd quarter earnings of $8 million, or 6 cents a share.

That compared to earnings of $121 million, or 85 cents a share, for the 2nd quarter 2017.

The 15% electric rate-reduction ordered by state law and the Public Service Commission lowered revenue by $109 million, or 61 cents a share.

SCANA blamed higher legal costs and financial advisory fees as it fought to hold back on returning 727,000 ratepayers’ money its executives wasted on a $9 billion nuclear fiasco.

What SCANA is not saying is that those same executives gave themselves millions of ratepayers’ dollars in bonuses from the 18% nuclear surcharge.

All that while they were telling the PSC they needed higher rates as construction costs shot through the roof. They should be ashamed now that their greed is being exposed to their employees and the public.

Among the bonuses is $1.8 million for former SCANA CEO William Timmerman. He was paid $1.8 million starting the day after he retired as a consultant on SCANA’s failed nuclear construction project, The State newspaper reported.

SCANA has provided no records of what he did for the money, audit manager Kelvin Major of the Office of Regulatory Staff said.

State auditors said Timmerman’s fee and such nuclear-related charges as jet trips, alcohol and gift cards are illegitimate.

SCE&G ratepayers and Mid-Carolina Electric Cooperative members who get power from Santee Cooper will have to pay much of the $1.8 million.

Neither the PSC nor the coops knew the rates hikes were going to pay Timmerman and other executive bonuses.

What should lawmakers and the PSC do now. They should legally demand all bonuses be returned in this fiasco.

- JerryBellune@yahoo.com

No one but SCANA knew the nuclear rate hikes were paying executive bonuses.