COLUMBIA, S.C. (AP) - The price of shares in the stock of a private South Carolina utility have fallen sharply after suggestions a judge may overturn a law the firm said has been key to its profitability.
SCANA Corp.’s stock opened this week at $40.91 a share, then fell more than $4 a share in less than six hours before rebounding to around $38 a share Tuesday.
The drop came with news reports that a judge asked lawyers for draft orders suggesting the Base Load Review Act is unconstitutional. The law allowed SCANA subsidiary South Carolina Electric & Gas to charge billions for construction of two failed nuclear plants that never generated power.
SCE&G said in a statement to investors the judge hasn’t reached a final decision and its lawyers were acting accordingly.
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