Business community responds to House passage of H.4375

The South Carolina Chamber of Commerce issued the below statements following today’s House passage of H.4375 regarding the Utility Ratepayer Protection Package:

“We appreciate the House’s efforts to address the debacle that is V.C. Summer. The business community purchases 52% of SCE&G’s power and is supportive of cuts for ratepayers, but cannot support this bill in its current form as it may actually create long-term regulatory issues that could drive up costs and slow potential private sector investment. S&P and Moody’s have both clearly communicated concerns over provisions in H.4375 that would retroactively undo a law creating an unstable environment for investment and potentially cost every ratepayer in the state” said Jack Sanders, CEO of Sonoco and Chairman of the South Carolina Chamber of Commerce.

“Let’s be clear – this is a tough issue, like no other the state has ever seen and, to complicate things, it is an election year” said Ted Pitts, President & CEO of the South Carolina Chamber of Commerce. “The Chamber Board’s motives for asking the House to slow down and bring in independent, expert advisers is to ensure that we achieve the best, long-term solution for ratepayers. We still believe that the General Assembly will ultimately take the time to get the final version of the bill right.”

Note: Most major utilities in South Carolina are members of the South Carolina Chamber of Commerce, including SCANA, Dominion, and Santee Cooper. Representatives and interested parties of all related organizations recused themselves on Board decisions and actions related to this matter.