CAYCE, S.C., June 28, 2018 /PRNewswire/ -- SCANA Corporation
(NYSE:SCG) announced today that its Board of Directors has declared
a quarterly dividend of 12.37 cents
per share for the quarter ending June
30, 2018. The quarterly cash dividend has been reduced
from the 61.25 cents per share paid
on the Company's common stock for the first quarter of 2018.
The eighty percent reduction in the dividend corresponds to the
portion of the dividend attributable to the electric portion of
South Carolina Electric & Gas Company. The board made
this reduction to preserve its options as the Company continues to
seek a resolution to the recovery of costs for the VC Summer new
nuclear construction project.
The dividend is payable July 18,
2018 to shareholders of record on July 10, 2018. As noted in previous Company
disclosures, the payment of future dividends will be evaluated
quarterly by SCANA's Board of Directors.
PROFILE
SCANA Corporation, headquartered in
Cayce, SC, is an energy-based
holding company principally engaged, through subsidiaries, in
electric and natural gas utility operations and other
energy-related businesses. Information about SCANA and its
businesses is available on the company's website at
www.scana.com.
SAFE HARBOR STATEMENT
Statements included in this
press release which are not statements of historical fact are
intended to be, and are hereby identified as, "forward-looking
statements" for purposes of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended. Forward-looking
statements include, but are not limited to, statements concerning
the proposed merger with Dominion Energy, recovery of Nuclear
Project abandonment costs, key earnings drivers, customer growth,
environmental regulations and expenditures, leverage ratio,
projections for pension fund contributions, financing activities,
access to sources of capital, impacts of the adoption of new
accounting rules and estimated capital and other
expenditures. In some cases, forward-looking statements
can be identified by terminology such as "may," "will," "could,"
"should," "expects," "forecasts," "plans," "targets,"
"anticipates," "believes," "estimates," "projects," "predicts,"
"potential" or "continue" or the negative of these terms or other
similar terminology. Readers are cautioned that any such
forward-looking statements are not guarantees of future performance
and involve a number of risks and uncertainties, and that actual
results could differ materially from those indicated by such
forward-looking statements due to the information being of a
preliminary nature and subject to further and/or continuing review
and adjustment. Other important factors that could cause such
material differences include, but are not limited to, the
following: (1) the occurrence of any event, change or other
circumstances that could give rise to the failure by SCANA to
consummate the proposed merger with Dominion Energy; (2) the
ability of SCE&G to recover through rates the costs expended on
Unit 2 and Unit 3, and a reasonable return on those costs, under
the abandonment provisions of the BLRA or through other means; (3)
uncertainties relating to the bankruptcy filing by WEC and WECTEC;
(4) further changes in tax laws and realization of tax benefits and
credits, and the ability or inability to realize credits and
deductions, particularly in light of the abandonment of Unit 2 and
Unit 3; (5) legislative and regulatory actions, particularly
changes related to electric and gas services, rate regulation,
regulations governing electric grid reliability and pipeline
integrity, environmental regulations including any imposition of
fees or taxes on carbon emitting generating facilities, the BLRA,
and any actions affecting the abandonment of Unit 2 and Unit 3; (6)
current and future litigation, including particularly litigation or
government investigations or actions involving or arising from the
construction or abandonment of Unit 2 and Unit 3 or arising from
the proposed merger with Dominion Energy; (7) the impact of any
decision by the Company to pay quarterly dividends to its
shareholders or the reduction, suspension or elimination of the
amount thereof; (8) the results of short- and long-term financing
efforts, including prospects for obtaining access to capital
markets and other sources of liquidity, and the effect of rating
agency actions on the cost of and access to capital and sources of
liquidity of SCANA and its subsidiaries (the Company); (9) the
ability of suppliers, both domestic and international, to timely
provide the labor, secure processes, components, parts, tools,
equipment and other supplies needed which may be highly specialized
or in short supply, at agreed upon quality and prices, for our
construction program, operations and maintenance; (10) the results
of efforts to ensure the physical and cyber security of key assets
and processes; (11) changes in the economy, especially in areas
served by subsidiaries of SCANA; (12) the impact of competition
from other energy suppliers, including competition from alternate
fuels in industrial markets; (13) the impact of conservation and
demand side management efforts and/or technological advances on
customer usage; (14) the loss of electricity sales to distributed
generation, such as solar photovoltaic systems or energy storage
systems; (15) growth opportunities for SCANA's regulated and other
subsidiaries; (16) the effects of weather, especially in areas
where the generation and transmission facilities of the Company are
located and in areas served by SCANA's subsidiaries; (17) changes
in SCANA's or its subsidiaries' accounting rules and
accounting policies; (18) payment and performance by counterparties
and customers as contracted and when due; (19) the results of
efforts to license, site, construct and finance facilities, and to
receive related rate recovery, for generation and transmission;
(20) the results of efforts to operate the Company's electric and
gas systems and assets in accordance with acceptable performance
standards, including the impact of additional distributed
generation; (21) the availability of fuels such as coal, natural
gas and enriched uranium used to produce electricity; the
availability of purchased power and natural gas for
distribution; the level and volatility of future market prices
for such fuels and purchased power; and the ability to recover
the costs for such fuels and purchased power; (22) the availability
of skilled, licensed and experienced human resources to properly
manage, operate, and grow the Company's businesses, particularly in
light of uncertainties with respect to legislative and regulatory
actions surrounding recovery of Nuclear Project costs and the
announced potential merger; (23) labor disputes; (24) performance
of SCANA's pension plan assets and the effect(s) of associated
discount rates; (25) inflation or deflation; (26) changes in
interest rates; (27) compliance with regulations; (28) natural
disasters, man-made mishaps and acts of terrorism that directly
affect our operations or the regulations governing them; and (29)
the other risks and uncertainties described from time to time in
the reports filed by SCANA or SCE&G with the SEC.
SCANA and SCE&G disclaim any obligation to update any
forward-looking statements.
Capitalized terms not otherwise defined herein have the meanings
as set forth in the Company's most recent periodic report filed
with the Securities and Exchange Commission.
SCANA Corporation
Contacts:
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Media
Contact:
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Investor
Contact:
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Rhonda
O'Bonian
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Bryant
Potter
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(800)
562-9308
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(803)
217-6916
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SOURCE SCANA Corporation