(A) The investor-owned utility holding the majority interest in the V.C. Summer Nuclear Reactor Units 2 and 3 at Jenkinsville, South Carolina, has entered into a merger agreement with an out-of-state investor-owned utility. This merger agreement contemplates the continuation of rate increases imposed under the Base Load Review Act contained in Article 4, Chapter 33, Title 58.
(B) Pursuant to the authority vested in the General Assembly by Section 1, Article IX of the Constitution of this State, the General Assembly is required to regulate investor-owned utilities in order to protect the public interest. The General Assembly has determined that Section 1, Article IX of the Constitution requires that the General Assembly exercise its authority to set certain utility rates for the purpose of protecting the public interest until a determination can be made by the appropriate regulatory and judicial authorities. This rate shall apply to all customers of the investor-owned utility identified in subsection (A), which has imposed nine rate increases for the purpose of funding the V.C. Summer project.
HISTORY: 2018 Act No. 258 (H.4375), Section 3, eff June 28, 2018.
Editor's Note
2018 Act No. 258, Section 12, provides as follows:
"SECTION 12. This act takes effect upon approval by the Governor and applies to all cases, proceedings, petitions, or matters pending before the Public Service Commission or in any other court or venue on or after the effective date of this act."
Structure South Carolina Code of Laws
Title 58 - Public Utilities, Services and Carriers
Chapter 34 - Determination Of Electricity Rates
Section 58-34-10. Merger agreement; rate increases.
Section 58-34-20. Experimental rate during pendency of litigation.
Section 58-34-30. Monitoring and adjustment of experimental rate.