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EIA Forecasts Continued Increase in U.S. Natural Gas Exports

LCG, August 10, 2017--The U.S. Energy Information Administration (EIA) released earlier this week its Short-Term Energy Outlook that forecasts the nation will export more natural gas than it imports in 2017 and throughout 2018. Furthermore, the EIA projects the U.S. will continue to be a net exporter beyond 2018 because of growing U.S. natural gas exports to Mexico, declining pipeline imports from Canada, and increasing exports of liquefied natural gas (LNG).

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New Legislation Proposed in U.S. Senate for Offshore Wind ITC

LCG, August 4, 2017--New legislation was introduced in the U.S. Senate to create an investment offshore wind tax credit of 30 percent for the first 3,000 MW of offshore wind facilities placed into service in the U.S. The legislation would amend the Internal Revenue Code of 1986 to provide the incentive to the generate electricity from offshore wind.

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Industry News

SCG&E Announces Plans to Stop Construction and Abandon New Reactors at V.C. Summer Nuclear Station

LCG, August 2, 2017--South Carolina Electric & Gas Company (SCE&G), a subsidiary of SCANA Corporation (SCANA), announced Monday that it will stop construction of the two new nuclear units (Units) at the V.C. Summer Nuclear Station in Jenkinsville, South Carolina and will file a petition with the Public Service Commission (PSC) of South Carolina seeking approval of its abandonment plan. Normal construction activities at the project site will cease immediately and efforts will be shifted toward an orderly transition of winding down and securing the project property.

After the bankruptcy filing of Westinghouse Electric Company, LLC (WEC), SCE&G and its project co-owner, South Carolina Public Service Authority (Santee Cooper), each began a comprehensive process to evaluate the best path forward for the Units. SCE&G reached its decision after considering: (i) the additional costs to complete the Units, (ii) the uncertainty regarding the availability of federal production tax credits (PTC) for the project, (iii) the amount of anticipated guaranty settlement payments from WEC's parent,Toshiba Corporation (Toshiba), and (iv) other factors, including the decision of state-owned Santee Cooper, to suspend construction of the project.

SCANA's Chairman and CEO stated, "We arrived at this very difficult but necessary decision following months of evaluating the project from all perspectives to determine the most prudent path forward. Many factors outside our control have changed since inception of this project. Chief among them, the bankruptcy of our primary construction contractor, Westinghouse, eliminated the benefits of the fixed-price contract to our customers, investors, and other stakeholders. Ultimately, our project co-owner Santee Cooper's decision to suspend construction made clear that proceeding on our own would not be economically feasible. Ceasing work on the project was our least desired option, but this is the right thing to do at this time. Our belief in the benefits of nuclear generation -- not just for the state, but for the nation -- hasn't changed. As we have been doing for more than 30 years, we will continue providing customers with a valuable low-cost, non-emitting source of generation through our operating nuclear unit at V.C. Summer."

SCE&G plans to use the anticipated payments resulting from the settlement of Toshiba's guaranty to mitigate cost impacts to SCE&G electric customers.

The two, AP1000 units under construction were to have provided a total of approximately 2,200 MW of carbon-free, electric generating capacity to serve customers in South Carolina.
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