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Macquarie Capital downgrades SCANA ratings

Macquarie Capital (USA) Inc. on Jan. 24 downgraded SCANA Corp. to "neutral" from "outperform" and lowered its 2019 EPS estimate.

In 2016, the Public Service Commission of South Carolina supported the company's nuclear plant expansion effort by approving a settlement agreement on a new fixed-price contract for the construction of V.C. Summer units 2 and 3.

"SC/NC keeps experiencing strong population growth thanks to migration, and that translates into a 2%+ growth in customer accounts for SCG's gas and electric utilities. Yet, LTM weather normalized electric sales for SCG have been flat, with a 0.3% YoY growth in commercial and residential sales being offset by declines in industrial load," Macquarie analyst James Ward said in a research note.