SCANA's (NYSE:SCG) South Carolina Gas & Electric says it will appeal yesterday's U.S. appeals court order denying its motion for a preliminary injunction to block a temporary 15% rate cut for its 700K-plus customers in the state.
SCG +3.7% after-hours following a 5% loss in regular trade; Mizuho analyst Paul Fremont today downgraded shares to Neutral from Buy and trimmed his price target to $43 from $45.
Fremont thinks the federal court ruling signals the company is unlikely to win the case challenging Act 287 on the merits, given the conclusion of the judge that the company cannot establish a property interest in the V.C. Summer project until after the PSC proceeding.
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