Days after SCE&G abandons V.C. Summer expansion, SCANA reports profit of $121 million

Days after SCE&G abandons V.C. Summer expansion, SCANA reports profit of $121 million

CAYCE, SC (WIS/AP) - Just days after SCE&G abandoned construction on the multi-billion dollar expansion of the nuclear facility at V.C. Summer, its parent company, SCANA Corp., on Thursday reported second-quarter profit of $121 million, beating second quarter forecasts.

The Cayce-based company said it had profit of 85 cents per share.

The results beat Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 74 cents per share, according to the Associated Press.

On Monday, state-owned Santee Cooper announced its decision to pull out of the project to build two new nuclear reactors at the Jenkinsville plant. Shortly after that, SCE&G did the same.

Ratepayers have been footing a portion of the bill for the project of which Santee Cooper owns 45 percent and SCE&G owns 55 percent.

A group of South Carolina lawmakers has already created a new "Energy Caucus" and promises better accountability for infrastructure and utility projects in the future.

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The energy holding company posted revenue of $1 billion in the period.

SCANA expects full-year earnings in the range of $4.15 to $4.35 per share.

SCANA shares have dropped slightly more than 8 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed 11 percent. The stock has fallen 11 percent in the last 12 months.

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