Jan. 31, 2005 - Gastonia, N.C. - PSNC Energy, a wholly-owned subsidiary of SCANA Corporation (NYSE: SCG), announced today that the North Carolina Utilities Commission has approved a decrease to the purchased gas component of the company's retail natural gas rates, effective for February bills. The decrease will lower the company's total year-round residential rate by eight percent, from approximately $1.27 per therm to approximately $1.17 per therm. This decrease translates to a monthly decrease of approximately $10 based on an average natural gas usage of 100 therms per month during the winter heating season.
"We're pleased to see some stability in wholesale prices for natural gas," said PSNC Energy President and COO Jerry Richardson. "As a result, we're able to lower the cost of gas for our customers."
PSNC Energy does not earn a profit on the "cost of gas" component of its natural gas rates. Any adjustment to the purchased gas component is passed directly to customers in accordance with state regulations.
PSNC Energy, headquartered in Gastonia, N.C., is franchised to serve a 28-county service area in North Carolina. The utility distributes natural gas to approximately 410,000 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.
SCANA Corporation, a Fortune 500 company headquartered in Columbia, South Carolina, is an energy-based holding company principally engaged, through subsidiaries, in electric and natural gas utility operations, telecommunications and other energy-related businesses. The Company serves approximately 581,000 electric customers in South Carolina and more than one million natural gas customers in South Carolina, North Carolina and Georgia. Information about SCANA and its businesses is available on the Company's website at www.scana.com.