Gastonia, N.C., Oct. 29, 2010 … 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 with November bills. The decrease is partially offset by an increase resulting from the Commission’s recent approval of PSNC Energy’s accounting for gas costs for the 12-month period ended March 31, 2010, during which time the company under-recovered its gas costs.
The combination of these two approved adjustments is a decrease of approximately 6 percent. Effective Nov. 1, residential customers will pay $0.99 per therm compared to the anticipated winter billing rate of $1.05 per therm that was set to take effect next month.
This translates to a decrease of nearly $6 per month, based on the average customer usage of 94 therms per month during the winter heating season.
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, headquartered in Gastonia, N.C., is franchised to serve a 28-county service area in North Carolina. The utility distributes natural gas to approximately 472,000 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, S.C., 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 643,000 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.