Week in Review

Scana seeks rate increase

South Carolina Electric & Gas customers are set to learn just how expensive it is to go nuclear. Scana Corp., SCE&G's parent, said it will need to raise its electric rates 37 percent over 11 years to pay for two new nuclear units it is proposing to build in the Midlands with Santee Cooper. Assuming the Public Service Commission approves the request, the monthly electric bill for the average SCE&G residential ratepayer would rise gradually by nearly $40 — to $147.11 in 2019 from $107.67 now.

Gates to shut local plant

A Moncks Corner plant that makes automotive parts is hitting the road, taking about 200 jobs along with it. Denver-based Gates Corp. announced it will close its local factory early next year after conducting an "extensive study" on the efficiency of the Berkeley County factory. Gates plans to transfer the local production of rubber timing belts for cars and larger vehicles to other plants in North America. The first job cuts will take effect in early September, and the plant will close in the first quarter of 2009.

Vehicle contract awarded

Force Protection Inc. won additional orders totaling $43.7 million to provide service and support to the Marine Corps for its armored vehicles. The Ladson-based company said work under the new orders was expected to be completed by October 2009. Force Protection also said it has cut its payroll to 1,540 workers from about 2,000 at the end of last year, and plans to shift some of its operations to a factory in Roxboro, N.C. Meanwhile, the company said the Nasdaq Stock Market will not delist its shares if it meets a new deadline of Sept. 15 to file its delayed financial reports.

Agencies take on Wall St.

Berkeley County and the Charleston County School District are alleging that some of the biggest names on Wall Street fixed auctions of short-term investment vehicles, joining several other state and municipal government agencies. Both bodies could have earned thousands of dollars more had the process of vying for their business been competitive, their attorneys say. The school district also is part of a class-action lawsuit making similar allegations against virtually every player in the finance industry.