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SCANA Corporation Management Present Information to the Public Service Commission of South Carolina as Part of an Allowable Ex Parte Briefing Cayce, SC, April 12, 2017… Later today, management from SCANA Corporation (SCANA) (NYSE:SCG) will be presenting information to the Public Service Commission of South Carolina in an allowable ex parte briefing regarding the nuclear construction project at V.C. Summer Nuclear Station in Fairfield County, S.C. In addition to providing a construction update, we will be sharing the following information.

Westinghouse Electric Company, LLC (WEC) has recently informed South Carolina Electric & Gas Company (SCE&G), principal subsidiary of SCANA, that the V.C. Summer project's share of the $4 billion reserve for contract losses shown on Schedule 4 of the Declaration of Lisa Donahue, Chief Transition and Development Officer of WEC, (available on the Investors section of the SCANA website at www.scana.com) is approximately $1.5 billion ($825 million for SCE&G's 55% share). That amount is largely associated with the fixed and firm price option negotiated for the V.C. Summer project. These are WEC's estimates and we have not yet validated the amounts.

As previously discussed, the Interim Assessment Agreement provides SCE&G a 30 day transition and evaluation period to assess the validity of WEC's cost estimates for the project. Additionally, this agreement suspends the milestone payments established by the Dispute Resolution Board and provides a mechanism for the VC Summer project owners to continue to pay for work performed on the site. These total payments have been approximately $30 million ($16.5 million for SCE&G's 55% share) per week, or approximately $120 million ($66 million for SCE&G's 55% share) per month.

WEC has also reported that substantially all of the required Intellectual Property is now in escrow. SCE&G is attempting to verify that this information is present in useable form at this time.

PROFILE

SCE&G is a regulated public utility engaged in the generation, transmission, distribution and sale of electricity to approximately 709,000 customers in South Carolina. The company also provides natural gas service to approximately 358,000 customers throughout the state. More information about SCE&G is available at www.sceg.com.

SCANA Corporation, headquartered in Cayce, 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 709,000 electric customers in South Carolina and approximately 1.3 million natural gas customers in South Carolina, North Carolina and Georgia.

Information about SCANA and its businesses is available at www.scana.com.

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Scana Corporation published this content on 12 April 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 13 April 2017 02:51:11 UTC.

Original documenthttps://www.scana.com/docs/librariesprovider15/pdfs/press-releases/04122017-scg-management-to-present-information-to-psc.pdf?sfvrsn=2

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