SC business notebook, Nov. 14

SCE&G closing Canadys plant

SCE&G announced Wednesday that it will be retiring its Canadys Station power plant in an effort to reduce emissions, achieve a balanced generation portfolio and comply with new environmental regulations. South Carolina Electric & Gas said in a statement that the station located near Walterboro stopped generating electricity Nov. 6 after more than half a century in operation. In 2012, SCE&G announced that six of its oldest and smallest coal-fired units would be taken offline. Two of the three units at Canadys Station were to be converted to natural gas-fired units as an interim measure before retiring them completely in 2017.

Turnipseed Law Firm building sold

The historic Turnipseed Law Firm building at 1337 Assembly St. in Columbia has been sold and is gaining a tenant. The circa-1900 building sold for $835,000 to Swampfox Holdings LLC, according to a release from NAI Avant, whose agent Macon Lovelace brokered the deal. The law firm will remain in its current location as a tenant in the building. It will be joined by Swampfox Technologies. The 9,046-square-foot building originally was the city’s first power conservation station, the release said. It is listed on the National Register of Historic Places.

Report downplays safety risk from a flood at Oconee Nuclear Station

For decades, government regulators have been concerned that the Oconee Nuclear Station’s three reactors could melt down if the Jocassee Dam were ever to fail. But in a new report, once held from public view, the station’s owner suggests the plant’s safety systems wouldn’t be at risk. The potential threat of flood at the 40-year-old station remains, however. A rainfall event of epic proportions — the potential for a dam break aside — could flood Oconee, Duke Energy said in the report. The findings of the company’s flood re-evaluation — required by the U.S. Nuclear Regulatory Commission following a devastating meltdown in Japan — are still subject to regulatory scrutiny and further review to determine exactly how vulnerable the plant’s systems might be.

Macy’s holiday optimism boosts stocks

An optimistic outlook for holiday spending from Macy’s sent the stock market back to record levels Wednesday. Macy’s led other retailers higher with a 9 percent surge after reporting a quarterly profit that blew past Wall Street expectations. Bed, Bath & Beyond, J.C. Penney and Nordstrom also rose. The Dow Jones industrial average rose 71 points to close at 15,821 points. The Standard & Poor’s 500 index rose 14 points to 1,782. Both are record highs. The Nasdaq composite index gained 45 points to 3,965.

Harrison Cahill, The Greenville News and The Associated Press contributed.