Intrinsic value of Scana - SCG

Previous Close

$39.28

  Intrinsic Value

$26.02

stock screener

  Rating & Target

sell

-34%

Previous close

$39.28

 
Intrinsic value

$26.02

 
Up/down potential

-34%

 
Rating

sell

We calculate the intrinsic value of SCG stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 5.6

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  4,495
  4,599
  4,717
  4,849
  4,996
  5,158
  5,333
  5,524
  5,728
  5,948
  6,183
  6,434
  6,702
  6,986
  7,287
  7,606
  7,944
  8,302
  8,679
  9,078
  9,499
  9,943
  10,411
  10,903
  11,422
  11,969
  12,544
  13,150
  13,786
  14,456
Variable operating expenses, $m
  3,268
  3,343
  3,429
  3,526
  3,632
  3,750
  3,877
  4,016
  4,165
  4,324
  4,495
  4,678
  4,872
  5,078
  5,298
  5,530
  5,775
  6,035
  6,310
  6,600
  6,906
  7,228
  7,568
  7,927
  8,304
  8,701
  9,120
  9,560
  10,023
  10,510
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  3,268
  3,343
  3,429
  3,526
  3,632
  3,750
  3,877
  4,016
  4,165
  4,324
  4,495
  4,678
  4,872
  5,078
  5,298
  5,530
  5,775
  6,035
  6,310
  6,600
  6,906
  7,228
  7,568
  7,927
  8,304
  8,701
  9,120
  9,560
  10,023
  10,510
Operating income, $m
  1,227
  1,255
  1,288
  1,324
  1,364
  1,408
  1,456
  1,508
  1,564
  1,624
  1,688
  1,757
  1,830
  1,907
  1,989
  2,076
  2,169
  2,266
  2,369
  2,478
  2,593
  2,714
  2,842
  2,977
  3,118
  3,268
  3,425
  3,590
  3,764
  3,947
EBITDA, $m
  1,661
  1,699
  1,743
  1,792
  1,846
  1,906
  1,971
  2,041
  2,117
  2,198
  2,285
  2,377
  2,476
  2,581
  2,692
  2,810
  2,935
  3,067
  3,207
  3,354
  3,510
  3,674
  3,847
  4,029
  4,221
  4,423
  4,635
  4,859
  5,094
  5,342
Interest expense (income), $m
  328
  377
  393
  410
  429
  451
  476
  502
  531
  563
  597
  633
  672
  713
  758
  805
  855
  907
  963
  1,022
  1,085
  1,151
  1,221
  1,294
  1,371
  1,453
  1,539
  1,629
  1,724
  1,824
  1,930
Earnings before tax, $m
  850
  863
  878
  895
  913
  932
  954
  977
  1,001
  1,027
  1,055
  1,085
  1,116
  1,149
  1,185
  1,222
  1,261
  1,303
  1,347
  1,393
  1,442
  1,494
  1,548
  1,605
  1,665
  1,729
  1,795
  1,865
  1,939
  2,017
Tax expense, $m
  230
  233
  237
  242
  246
  252
  258
  264
  270
  277
  285
  293
  301
  310
  320
  330
  341
  352
  364
  376
  389
  403
  418
  433
  450
  467
  485
  504
  524
  545
Net income, $m
  621
  630
  641
  653
  666
  681
  696
  713
  731
  750
  770
  792
  815
  839
  865
  892
  921
  951
  983
  1,017
  1,053
  1,091
  1,130
  1,172
  1,216
  1,262
  1,311
  1,362
  1,416
  1,472

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  19,128
  19,568
  20,071
  20,636
  21,261
  21,948
  22,695
  23,504
  24,376
  25,311
  26,312
  27,380
  28,517
  29,726
  31,008
  32,367
  33,805
  35,326
  36,934
  38,631
  40,421
  42,310
  44,300
  46,397
  48,606
  50,932
  53,380
  55,955
  58,665
  61,516
Adjusted assets (=assets-cash), $m
  19,128
  19,568
  20,071
  20,636
  21,261
  21,948
  22,695
  23,504
  24,376
  25,311
  26,312
  27,380
  28,517
  29,726
  31,008
  32,367
  33,805
  35,326
  36,934
  38,631
  40,421
  42,310
  44,300
  46,397
  48,606
  50,932
  53,380
  55,955
  58,665
  61,516
Revenue / Adjusted assets
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
  0.235
Average production assets, $m
  13,013
  13,313
  13,655
  14,039
  14,465
  14,932
  15,440
  15,991
  16,584
  17,220
  17,901
  18,627
  19,401
  20,223
  21,095
  22,020
  22,999
  24,033
  25,127
  26,281
  27,500
  28,784
  30,138
  31,565
  33,068
  34,650
  36,315
  38,068
  39,912
  41,851
Working capital, $m
  414
  423
  434
  446
  460
  475
  491
  508
  527
  547
  569
  592
  617
  643
  670
  700
  731
  764
  799
  835
  874
  915
  958
  1,003
  1,051
  1,101
  1,154
  1,210
  1,268
  1,330
Total debt, $m
  7,271
  7,588
  7,950
  8,357
  8,807
  9,301
  9,840
  10,422
  11,050
  11,723
  12,444
  13,213
  14,031
  14,901
  15,825
  16,803
  17,839
  18,934
  20,091
  21,313
  22,602
  23,962
  25,395
  26,905
  28,495
  30,170
  31,932
  33,787
  35,738
  37,790
Total liabilities, $m
  13,772
  14,089
  14,451
  14,858
  15,308
  15,802
  16,341
  16,923
  17,551
  18,224
  18,945
  19,714
  20,532
  21,402
  22,326
  23,304
  24,340
  25,435
  26,592
  27,814
  29,103
  30,463
  31,896
  33,406
  34,996
  36,671
  38,433
  40,288
  42,239
  44,291
Total equity, $m
  5,356
  5,479
  5,620
  5,778
  5,953
  6,145
  6,355
  6,581
  6,825
  7,087
  7,367
  7,666
  7,985
  8,323
  8,682
  9,063
  9,465
  9,891
  10,341
  10,817
  11,318
  11,847
  12,404
  12,991
  13,610
  14,261
  14,946
  15,668
  16,426
  17,224
Total liabilities and equity, $m
  19,128
  19,568
  20,071
  20,636
  21,261
  21,947
  22,696
  23,504
  24,376
  25,311
  26,312
  27,380
  28,517
  29,725
  31,008
  32,367
  33,805
  35,326
  36,933
  38,631
  40,421
  42,310
  44,300
  46,397
  48,606
  50,932
  53,379
  55,956
  58,665
  61,515
Debt-to-equity ratio
  1.360
  1.380
  1.410
  1.450
  1.480
  1.510
  1.550
  1.580
  1.620
  1.650
  1.690
  1.720
  1.760
  1.790
  1.820
  1.850
  1.880
  1.910
  1.940
  1.970
  2.000
  2.020
  2.050
  2.070
  2.090
  2.120
  2.140
  2.160
  2.180
  2.190
Adjusted equity ratio
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  621
  630
  641
  653
  666
  681
  696
  713
  731
  750
  770
  792
  815
  839
  865
  892
  921
  951
  983
  1,017
  1,053
  1,091
  1,130
  1,172
  1,216
  1,262
  1,311
  1,362
  1,416
  1,472
Depreciation, amort., depletion, $m
  434
  444
  455
  468
  482
  498
  515
  533
  553
  574
  597
  621
  647
  674
  703
  734
  767
  801
  838
  876
  917
  959
  1,005
  1,052
  1,102
  1,155
  1,211
  1,269
  1,330
  1,395
Funds from operations, $m
  1,054
  1,074
  1,096
  1,121
  1,148
  1,178
  1,211
  1,246
  1,284
  1,324
  1,367
  1,413
  1,461
  1,513
  1,568
  1,626
  1,687
  1,752
  1,821
  1,893
  1,970
  2,050
  2,135
  2,224
  2,318
  2,417
  2,521
  2,631
  2,746
  2,867
Change in working capital, $m
  8
  10
  11
  12
  14
  15
  16
  17
  19
  20
  22
  23
  25
  26
  28
  29
  31
  33
  35
  37
  39
  41
  43
  45
  48
  50
  53
  56
  59
  62
Cash from operations, $m
  1,046
  1,064
  1,085
  1,109
  1,135
  1,164
  1,195
  1,228
  1,265
  1,304
  1,345
  1,390
  1,437
  1,487
  1,540
  1,597
  1,656
  1,719
  1,786
  1,857
  1,931
  2,009
  2,092
  2,179
  2,270
  2,367
  2,468
  2,575
  2,687
  2,806
Maintenance CAPEX, $m
  -425
  -434
  -444
  -455
  -468
  -482
  -498
  -515
  -533
  -553
  -574
  -597
  -621
  -647
  -674
  -703
  -734
  -767
  -801
  -838
  -876
  -917
  -959
  -1,005
  -1,052
  -1,102
  -1,155
  -1,211
  -1,269
  -1,330
New CAPEX, $m
  -254
  -299
  -342
  -384
  -426
  -467
  -509
  -550
  -593
  -636
  -681
  -727
  -774
  -822
  -872
  -924
  -979
  -1,035
  -1,093
  -1,155
  -1,218
  -1,285
  -1,354
  -1,427
  -1,503
  -1,582
  -1,665
  -1,752
  -1,844
  -1,939
Cash from investing activities, $m
  -679
  -733
  -786
  -839
  -894
  -949
  -1,007
  -1,065
  -1,126
  -1,189
  -1,255
  -1,324
  -1,395
  -1,469
  -1,546
  -1,627
  -1,713
  -1,802
  -1,894
  -1,993
  -2,094
  -2,202
  -2,313
  -2,432
  -2,555
  -2,684
  -2,820
  -2,963
  -3,113
  -3,269
Free cash flow, $m
  367
  331
  299
  270
  241
  214
  188
  163
  139
  114
  90
  66
  42
  18
  -6
  -31
  -56
  -82
  -108
  -136
  -163
  -192
  -222
  -253
  -285
  -318
  -352
  -388
  -425
  -464
Issuance/(repayment) of debt, $m
  288
  317
  362
  407
  450
  494
  538
  583
  628
  674
  721
  769
  819
  870
  923
  978
  1,036
  1,095
  1,157
  1,222
  1,289
  1,360
  1,433
  1,510
  1,590
  1,674
  1,762
  1,855
  1,951
  2,052
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  288
  317
  362
  407
  450
  494
  538
  583
  628
  674
  721
  769
  819
  870
  923
  978
  1,036
  1,095
  1,157
  1,222
  1,289
  1,360
  1,433
  1,510
  1,590
  1,674
  1,762
  1,855
  1,951
  2,052
Total cash flow (excl. dividends), $m
  655
  648
  661
  676
  692
  709
  727
  746
  766
  788
  811
  835
  861
  888
  917
  947
  979
  1,013
  1,049
  1,086
  1,126
  1,167
  1,211
  1,257
  1,306
  1,357
  1,410
  1,467
  1,526
  1,588
Retained Cash Flow (-), $m
  -101
  -123
  -141
  -158
  -175
  -192
  -209
  -227
  -244
  -262
  -280
  -299
  -318
  -338
  -359
  -380
  -403
  -426
  -450
  -475
  -501
  -529
  -557
  -587
  -618
  -651
  -685
  -721
  -759
  -798
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  554
  525
  521
  518
  517
  516
  517
  519
  522
  526
  531
  536
  543
  550
  558
  567
  577
  587
  599
  611
  624
  639
  654
  670
  687
  706
  725
  745
  767
  790
Discount rate, %
  8.40
  8.82
  9.26
  9.72
  10.21
  10.72
  11.26
  11.82
  12.41
  13.03
  13.68
  14.37
  15.09
  15.84
  16.63
  17.46
  18.34
  19.25
  20.22
  21.23
  22.29
  23.40
  24.57
  25.80
  27.09
  28.45
  29.87
  31.36
  32.93
  34.58
PV of cash for distribution, $m
  511
  443
  399
  357
  318
  280
  245
  212
  182
  155
  129
  107
  87
  70
  56
  43
  33
  25
  18
  13
  9
  6
  4
  3
  2
  1
  1
  0
  0
  0
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

SCANA Corporation is a holding company. The Company, through its subsidiaries, is engaged in the generation, transmission, distribution and sale of electricity in South Carolina. The Company operates through segments, including Electric Operations, Gas Distribution, Gas Marketing and All Other. The Company is engaged in the purchase, transmission and sale of natural gas in North Carolina and South Carolina. The Electric Operations segment generates, transmits and distributes electricity. The Company's regulated businesses include subsidiaries, such as South Carolina Electric & Gas Company (SCE&G), South Carolina Fuel Company, Inc. (Fuel Company), South Carolina Generating Company, Inc. (GENCO) and Public Service Company of North Carolina, Incorporated (PSNC Energy). The Company's nonregulated businesses include subsidiaries, such as SCANA Energy Marketing, Inc. (SCANA Energy), ServiceCare, Inc., SCANA Services, Inc. and SCANA Corporate Security Services, Inc.

FINANCIAL RATIOS  of  Scana (SCG)

Valuation Ratios
P/E Ratio 9.4
Price to Sales 1.3
Price to Book 1
Price to Tangible Book
Price to Cash Flow 5.1
Price to Free Cash Flow -11.5
Growth Rates
Sales Growth Rate -3.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 36.9%
Cap. Spend. - 3 Yr. Gr. Rate 7.4%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 113.1%
Total Debt to Equity 129.8%
Interest Coverage 4
Management Effectiveness
Return On Assets 4.6%
Ret/ On Assets - 3 Yr. Avg. 4.9%
Return On Total Capital 4.7%
Ret/ On T. Cap. - 3 Yr. Avg. 5.3%
Return On Equity 10.7%
Return On Equity - 3 Yr. Avg. 12%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 38.8%
EBITDA Margin - 3 Yr. Avg. 37.4%
Operating Margin 27.3%
Oper. Margin - 3 Yr. Avg. 26.6%
Pre-Tax Margin 20.5%
Pre-Tax Margin - 3 Yr. Avg. 20.8%
Net Profit Margin 14.1%
Net Profit Margin - 3 Yr. Avg. 14%
Effective Tax Rate 31.3%
Eff/ Tax Rate - 3 Yr. Avg. 32.4%
Payout Ratio 54.6%

SCG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SCG stock intrinsic value calculation we used $4407 million for the last fiscal year's total revenue generated by Scana. The default revenue input number comes from 0001 income statement of Scana. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our SCG stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 8.4%, whose default value for SCG is calculated based on our internal credit rating of Scana, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Scana.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of SCG stock the variable cost ratio is equal to 72.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for SCG stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Scana.

Corporate tax rate of 27% is the nominal tax rate for Scana. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the SCG stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for SCG are equal to 289.5%.

Life of production assets of 39.5 years is the average useful life of capital assets used in Scana operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for SCG is equal to 9.2%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $5255 million for Scana - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 142.625 million for Scana is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Scana at the current share price and the inputted number of shares is $5.6 billion.

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COMPANY NEWS

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▶ SCANA Corporation Holds 2018 Annual Meeting   [Sep-12-18 09:30AM  PR Newswire]
▶ [$$] Federal Regulators Give Blessing to Utility Merger Plan   [Sep-06-18 10:23AM  The Wall Street Journal]
▶ Federal regulators give blessing to utility merger plan   [Sep-05-18 01:22PM  Associated Press]
▶ PSNC buys 30% share of interstate pipeline spur into NC   [Aug-21-18 03:06PM  American City Business Journals]
▶ Regulator seeks more than $1B in sanctions against utility in V.C. Summer nuclear case   [Aug-10-18 03:00PM  American City Business Journals]
▶ 7 Utility Stocks Going Crazy   [09:12AM  InvestorPlace]
▶ SCE&G rates to plunge as judge rejects injunction in V.C. Summer case   [08:20AM  American City Business Journals]
▶ [$$] Scana Fails to Get Nuclear Power Rates Restored   [Aug-06-18 09:03PM  The Wall Street Journal]
▶ SCANA: 2Q Earnings Snapshot   [Aug-02-18 03:26PM  Associated Press]
▶ Shareholders of troubled SC utility approve merger plan   [Jul-31-18 05:16PM  Associated Press]
▶ Utility wants federal judge to stop rate cuts over reactor   [Jul-30-18 03:20PM  Associated Press]
▶ What's at stake as hearing on SC nuke plant charges begins   [07:45AM  American City Business Journals]
▶ SCE&G takes second shot at suit to block nuclear rate cuts   [Jul-27-18 08:11PM  American City Business Journals]
▶ Ruling: SCE&G can challenge $445M rate rollback but must fix suit   [07:09AM  American City Business Journals]
▶ Judge rules on who can and can't intervene in suit over VC Summer rate hikes   [Jul-19-18 11:25AM  American City Business Journals]
▶ Duke Energy CEO's nuclear plan: Hold on and wait for new technology   [Jul-18-18 01:09PM  American City Business Journals]
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▶ [$$] Scana Sues South Carolina Over Nuclear Rate Cut   [Jul-02-18 06:30PM  The Wall Street Journal]
▶ [$$] Scana Slashes Dividend After Lawmakers Cut Billing Rates   [Jun-28-18 02:11PM  The Wall Street Journal]
▶ [$$] South Carolina Utility Flags Bankruptcy Risk   [Jun-25-18 04:44PM  The Wall Street Journal]
▶ Best-In-Class Dividend Stocks   [Jun-11-18 09:02AM  Simply Wall St.]
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▶ South Carolina's state utility paid bonuses to private execs   [May-09-18 08:10PM  Associated Press]
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