Gastonia, N.C., April 27, 2009 … 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 May 1. This is the company’s fourth decrease in its “cost of gas” component this year.
This decrease lowers the company’s residential rate by 7 percent from $1.04 per therm to $0.96 per therm and takes effect with May bills. The rate adjustment translates to an annual decrease of approximately $50 for residential customers based on typical natural gas usage of 660 therms per year.
“Lower wholesale prices for natural gas are again allowing us to pass along a reduction in commodity costs to customers,” explained Rusty Harris, PSNC Energy President and Chief Operation Officer. “With this latest decrease our residential customers will see their rate drop below $1.00 per therm, which hasn’t occurred since 2003.”
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.
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 470,000 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 and other energy-related businesses. The company serves approximately 610,000 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.