Image by Flickr user PodknoxImage by 20091001-nuke.jpg

An electric rate increase of 1.1% has been approved for South Carolina Electric and Gas Company's construction of two new nuclear reactors.

The two reactors are set to be built near Jenkinsville and will supply power for SCE&G and Santee Cooper by as soon as 2016. Officials expect electric rates will eventually climb 37% to absorb costs of the facilities.  The Charleston Regional Business Journal has the story.

Update October 3:

On the upside, after the October bump in rates, natural gas pricing was still below last year's levels.