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Angie Townsend (Raleigh)
(919) 836-2321
adtownsend@scana.com
Jodie Roberts-Smith (Gastonia)
(704) 834-6427
jroberts-smith@scana.com
Sept. 30, 2004, - Gastonia, N.C. - The North Carolina Utilities Commission (NCUC) has approved PSNC Energy’s request to increase the purchased gas component of the utility’s rates. PSNC Energy is a wholly owned subsidiary of SCANA Corp. (NYSE: SCG).
PSNC Energy was granted an increase of seven percent, which brings the total year-round residential rate up from $1.04 per therm to $1.12 per therm. The increase goes into effect for October bills and translates into a monthly increase of approximately $8 based on average usage during the winter heating season.
“Despite the sustained high levels of wholesale natural gas prices, we’ve been able to avoid increasing our ‘cost of gas’ since April 2003,” said PSNC Energy President and COO Jerry Richardson. “Unfortunately, the market price continues to be higher when compared to last year, and we’re at the point where we have to raise this component of our rates.”
PSNC Energy does not earn a profit on the “cost of gas” component of its natural gas rates. The adjustment is passed directly to customers in accordance with state regulations so that the company can recover its costs associated with purchasing the fuel.
PSNC Energy is franchised to serve a 28-county service area in North Carolina and distributes natural gas to approximately 390,000 winter-peak customers in 96 cities and communities including the Raleigh, Durham, and Chapel Hill areas in the north central part of the state; the Concord, Statesville, Gastonia, and Forest City areas in the Piedmont; and the Asheville, Hendersonville, Brevard, and Sylva areas in the western part of the state. More information about PSNC Energy is available through the company’s web site at www.psncenergy.com.
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