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SOUTH CAROLINA SUPREME COURT REVERSES 1989 RETAIL ELECTRIC RATE ORDER FOR SOUTH CAROLINA ELECTRIC & GAS COMPANY

 SOUTH CAROLINA SUPREME COURT REVERSES 1989 RETAIL ELECTRIC RATE
 ORDER FOR SOUTH CAROLINA ELECTRIC & GAS COMPANY
 COLUMBIA, S.C., Sept. 1 /PRNewswire/ -- South Carolina Electric & Gas Company (SCE&G), principal subsidiary of SCANA Corporation (NYSE: SCG), announced today that on August 31, 1992 the South Carolina Supreme Court reversed and remanded to The Public Service Commission of South Carolina (PSC) a portion of a July 3, 1989 retail electric rate order for a determination of the proper rate of return on common equity. The Commission's Order previously had been affirmed by the South Carolina Circuit Court. In its Opinion, the Supreme Court found that the evidence in the record of that case did not support a return on common equity higher than 13.00 percent. The PSC's Order had granted SCE&G a 13.25 percent return on common equity. Assuming that the PSC allows a 13.00 percent return on common equity, the Company estimates the annual effect of the difference in rates to be approximately $2.2 million, net of income taxes, or $.05 per common share. The estimated total amount of the refund, with interest but net of income taxes, is approximately $8.8 million, or $.21 per common share. The refund will be recorded in the third quarter of 1992.
 In its Opinion, the Supreme Court reaffirmed the PSC's Order dated July 1, 1987 approving the restoration to rate base of the net production investment (approximately $102.5 million at July 1, 1987) associated with 400 MW of SCE&G's electric generating capacity which had also been appealed to the Supreme Court. This appeal had been consolidated with the appeal of the July 3, 1989 retail electric rate order.
 SCANA Corporation, headquartered in Columbia, S.C., is a diversified holding company engaged, through subsidiaries, in regulated electric and natural gas utility businesses and other non-regulated businesses.
 -0- 9/1/92
 /CONTACT: H. John Winn, III, Manager Investor Relations & Shareholder Services, SCANA Corporation, 803-748-3240/
 (SCG) CO: SCANA Corporation; South Carolina Electric & Gas Company ST: South Carolina IN: UTI SU:


CM -- CH010 -- 5580 09/01/92 16:16 EDT
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Publication:PR Newswire
Date:Sep 1, 1992
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