Our vote for Lawmaker of the Year goes to Sen. Shane Massey who represents western Lexington County

The Senate Majority Leader’s bill will let the state:

• Secure $2.3 billion in bonds to pay off SC Electric & Gas’s share of the $9 billion nuclear failure for which ratepayers have had to pay $2 billion.

• Cut ratepayers’ costs $151 million for bonds to pay off the billions in debt remaining.

Sen. Massey told us he expects SCE&G’s new owners, Dominion Energy of Virginia, to oppose his bill that could cut its own borrowing costs.

Why do this if it will save their ratepayers money?

Their 727,000 ratepayers be damned. This is about profits.

Dominion can make 9.9% profit the Public Service Commission already approved if it does traditional bonding, according to SC Small Business Chamber CEO Frank Knapp.

A 9.9% profit on $2.3 billion would let Dominion pocket $227 million more of its ratepayers’ money. That’s why.

Massey’s Senate bill 110 will let Dominion borrow billions of dollars with a process called “securitization” to recover its remaining nuclear costs.

This lowers interest rates to about 3.3% or $75.9 million.

That’s all well and good but Dominion has to think about its executives and investors. They would lose $227 million in profits that the ratepayers would have to pay.

Lenders are willing to buy utility bonds at lower rates when they are secured by a state’s taxpayers. But Dominion doesn’t want the Public Service Commission to make them use it to pay for SCE&G’s failure.

With $227 million at stake, Dominion is expected to launch an expensive lobbying campaign to try to convince lawmakers not to pass Massey’s bill.

If the bill comes to a Senate and House vote, taxpayers should watch to see how their lawmakers vote.

Votes for Sen. Massey’s bill will lower rates, Votes against will boost Dominion profits at ratepayers’ expense.