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Monday, January 27, 2014

SCANA raises stake in new Summer nuclear units; Duke bows out, (NYSE: SCG)

SCANA Corp's utility unit on Monday agreed to increase its ownership stake in two new nuclear units under construction in South Carolina, purchasing a 5 percent state from its public power partner for $500 million. Directors of South Carolina's state-owned electric utility, Santee Cooper, voted Monday to sell 5 percent of its stake in the two new 1,100-megawatt reactors under construction at the VC Summer plant, reducing its share to 40 percent.SCANA's South Carolina Electric and Gas Co will own 60 percent of Summer units 2 and 3, which are among the first advanced-design nuclear reactors to be built in the United States in more than 30 years.The once-predicted revival of U.S. nuclear construction has been tempered by lower natural gas prices, anemic growth in electricity demand and the lack of restrictions on emissions of carbon dioxide.The only other new U.S. reactors are being built by Southern Co's Georgia Power unit, along with partners, at the Vogtle nuclear plant in Georgia.

SCANA Corporation is a holding company. The Company, through its wholly owned regulated subsidiaries, is primarily engaged in the generation, transmission, distribution and sale of electricity in parts of South Carolina and in the purchase, transmission and sale of natural gas in portions of North Carolina and South Carolina. Shares of SCG fell by 0.58% or $-0.27/share to $46.29. In the past year, the shares have traded as low as $44.75 and as high as $54.41. On average, 783444 shares of SCG exchange hands on a given day and today's volume is recorded at 1823302.