Reject SCE&G settlement or suffer huge rate increase
First, all SCE&G income comes from ratepayers. The proposed settlement should be rejected because it settles lawsuits by ratepayers against themselves as the ratepayers will pay it. Further, the ratepayers would have to pay hundreds of millions of dollars to attorneys who would be big winners.
These suits are very likely unwinnable and should be thrown out by the judge. It’s no wonder the attorneys don’t want to go to court.
The SCE&G/SCANA board signed the settlement to avoid discussion about their overseeing the project, paying an outlandish retirement to the executives they should have fired, paying $1 million for the Bechtel Report and then ignoring it and setting up a $115 million separation fund for management who were paid by salaries and benefits and received huge bonuses.
The Rate Commission should have the board disclose how much their compensation benefits and bonuses have increased since 2007 and how much they were to get from the separation pie.
The judge and Rate Commission should reject this settlement of dubious lawsuits. It would only encourage more suits. Ratepayers would be paying themselves and a huge attorney bill. The attorneys know they can’t win these suits.
The Rate Commission should insist that all property not used for production or transmission be sold and applied to the debt.
With a new board and management, SCE&G can solve their problems. Ratepayers are the only source of income. This settlement will result in a huge rate increase.
– William Pebley Little Mountain