South Carolina Electric & Gas (SCE&G), a subsidiary of
), plans to expedite the permanent shut down of one of its oldest
and smallest coal-fired electric generating station in Canadys
The Canadys Station power plant in Colleton County near
Walterboro, S.C. has two coal-fired units that are 43 to 57 years
old. The third unit was closed last year.
The utility intended to switch two of its units to natural gas
prior to permanently shutting down the station in 2017 as part of
its plan to phase out its oldest coal plants. However, after the
reevaluation of its power requirements and analysis of its
finances, SCANA decided to complete the withdrawal by the end of
2013. Currently, the plant has 70 employees.
Earlier, SCE&G had planned to eventually retire a total of
six coal plants around the state to conform to the new federal
mercury emission standards. The six units comprise 730 megawatts
of generating capacity. The company had estimated that about
one-third of its electric generation will be fueled by nuclear
power, one-third by natural gas and one-third by scrubbed
SCANA's proposal to retire its older coal units will assist
the company to comply with strict environmental regulations as
well as attain a more balanced generation portfolio.
SCANA's operations include generation, transmission,
distribution, and sale of electricity to retail and wholesale
customers in South Carolina. The company also purchases, sells,
and transports natural gas to retail customers in South Carolina
and southeastern Georgia; provides energy-related risk management
services; and acquires, owns, and provides financing for nuclear
fuel, fossil fuel, and emission allowances.
SCANA carries a Zacks Rank #3 (Hold). However, Zacks Ranked #1
(Strong Buy) stocks -
Gulfmark Offshore, Inc.
) - are expected to perform impressively over the short term.
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