SCANA cuts dividend by 80 percent
SCANA Corp (SCG) will lower its quarterly dividend by almost eighty percent to $0.1237 per share in 2018. This ends the company's record of 17 consecutive years with annual dividend increases. Last year the utility hiked its dividend by 6.5 percent.
The dividend is payable July 18, 2018 to shareholders of record on July 10, 2018. The new dividend yield is 1.3% at the current stock price of $38.50.
The reduction in the dividend corresponds to the portion of the dividend attributable to the electric portion of South Carolina Electric & Gas Company. The board made this reduction to preserve its options as the company continues to seek a resolution to the recovery of costs for the VC Summer new nuclear construction project.
SCANA Corporation, headquartered in Cayce, SC, is an energy-based holding company principally engaged, through subsidiaries, in electric and natural gas utility operations and other energy-related businesses. SCG 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 dividend is payable July 18, 2018 to shareholders of record on July 10, 2018. The new dividend yield is 1.3% at the current stock price of $38.50.
The reduction in the dividend corresponds to the portion of the dividend attributable to the electric portion of South Carolina Electric & Gas Company. The board made this reduction to preserve its options as the company continues to seek a resolution to the recovery of costs for the VC Summer new nuclear construction project.
SCANA Corporation, headquartered in Cayce, SC, is an energy-based holding company principally engaged, through subsidiaries, in electric and natural gas utility operations and other energy-related businesses. SCG 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.
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