CAYCE, SC (WCSC) - South Carolina Electric & Gas Company Tuesday filed with the Public Service Commission of South Carolina and the South Carolina Office of Regulatory Staff for a 2.24 percent decrease to its retail natural gas rates.
The rate reduction, if approved, would mean a $10 million decrease.
decrease to its retail natural gas base rates.
"Our filing today, combined with lower wholesale prices for natural gas, means residential customers will be paying an average of about $100 a year less for natural gas beginning in November than they were one year ago," said SCE&G Vice President of Natural Gas Operations Marty Phalen.
SCE&G cited the terms of the Natural Gas Rate Stabilization Act as reason for the rate decrease.
SCE&G's request, along with information supporting it, will be reviewed by the ORS, which will issue an audit report by Sept. 1, 2010. The PSC will then review the utility company's filing and the ORS audit and issue an order by early October.
If approved, the rate decrease would be implemented with the first billing cycle of November 2010.
Phalen said today's annual rate filing is being driven primarily by an increase in business from interruptible industrial customers and lower capital spending costs by the company.
The proposed overall 2.24 percent decrease to natural gas rates breaks out as follows:
- 4.18 percent decrease for residential customers
- 1.93 percent decrease for small/medium commercial customers
- 1.30 percent decrease for large commercial/industrial customers
SCE&G provides natural gas to nearly 313,000 customers and electric service to about 695,000 customers across South Carolina.