An abnormally hot summer, customer growth and rate hikes fueled a 9.9% increase in third-quarter earnings for Cayce-based SCANA Corp., parent of South Carolina Electric & Gas.
The company reported Thursday earnings for the quarter totaled $144 million compared with $131 million for the third quarter of 2013.
For the nine months ended Sept. 30, SCANA said its earnings climbed 17.7% to $433 million compared with $368 million for the first nine months of 2013.
“Electric margins continue to increase as expected due to customer growth and financing cost recovery through the Base Load Review Act," said Jimmy Addison, SCANA executive vice president and CFO. Additionally, hot weather during the summer contributed to higher earnings.