Two South Carolina energy companies are facing a lawsuit filed by the Securities and Exchange Commission (SEC) for allegedly defrauding investors.
According to the SEC, it is suing SCANA Corp and South Carolina Electric & Gas Co. (SCE&G), now known as Dominion Energy South Carolina Inc.
The federal securities regulator is also suing SCANA’s former CEO Kevin Marsch and former Executive Vice President Stephen Byrne, who also served as SCE&G’s President of Generation and Transmission and Chief Operating Officer.
SEC complaint was related to a nuclear power plant expansion project
In the complaint, the SEC alleged that SCANA and SCE&G repeatedly made false and misleading statements regarding the status of a nuclear power plant expansion project, which the energy companies ultimately abandoned.
According to the federal securities regulator, SCANA decided to expand the Virgil C. Summer Nuclear Station (V.C. Summer) in Jenkinsville, South Carolina by building two new nuclear units. The energy company is operating one nuclear unit at the power plant.
