SCE&G owner reports modest earnings growth

Losses at two of its business units resulted in modest quarterly earnings growth for the owner of South Carolina Electric and Gas.

Cayce-based SCANA Corp. said its net income for the April-June period edged up 3 percent to $99 million from a year ago.

Revenue declined about 6 percent to $967 million, reflecting the sales of Carolina Gas Transmission and SCANA Communications Inc. earlier this year.

At its main SCE&G division, profits climbed by about 11 percent to $111 million, fueled by electric rate increases and new customer growth, according to a financial statement released Thursday. That gain was offset by $12 million in losses at a Georgia natural gas business and another smaller SCANA-owned subsidiary.

SCE&G had about 695,000 power and 342,000 natural gas customers as of June 30, respective increases of 1.6 percent and 3 percent, from a year ago.

For the first six months of 2015, SCANA Corp.’s earnings jumped 73 percent to $499 million, driven by a $202 million onetime gain from the Carolina Gas and SCANA Communications deals.

The utility owner reaffirmed its previous earnings guidance for the rest of the year.

Contact John McDermott at 937-5572.