The stock price of a S.C. utility took a big hit in early trading Wednesday.
Shares in Cayce-based SCANA opened at $55.57 on the New York Stock Exchange at 9:30 a.m., and lost more than $3 a share in early trading.
With 142.9 million shares stock outstanding, Wednesday morning’s loss knocks $400 million off SCANA’s value.
The plunge comes the day after state regulators said they want the company to cut the rates that it charges customers by 18 percent, citing its late July decision to abandon construction of two nuclear reactors in Fairfield County.
On Wednesday, market analysts at the firm Williams Capital decreased SCANA’s price target from $70 to $50, but continued to rate the utility as a “hold” for its clients.
▪ S.C. Attorney General Alan Wilson released a statement saying a 2007 law allowing SCANA to charge costumers for costs related to the V.C. Summer nuclear expansion project was “constitutionally suspect.”
▪ The S.C. State Law Enforcement Division said it would probe “potential criminality” at the failed Fairfield County nuclear project. The plant was co-owned by SCANA and state-owned utility Santee Cooper.