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While resident electricity rates soared, SCANA nuclear power executives received $3.5 million in bonuses

SCANA executives received $3.5 million in bonuses since 2008May 20, 2017 

SCANA executives have received $3.5 million in bonuses since 2008, according to public records.

The bonuses were awarded during the same time period in which SCANA subsidiary South Carolina Electric & Gas raised electric rates nine times for residential customers, public records show.

Bonuses came as costs have skyrocketed for two AP1000 reactors under construction at the V.C. Summer Nuclear Facility in Fairfax County. SCANA is a 55 percent owner of the reactors; Santee Cooper owns 45 percent.

The reactors are now years behind schedule and at least $2.5 billion over budget, government records show.

Westinghouse, the lead contractor at V.C. Summer, filed for Chapter 11 bankruptcy on March 29. SCANA and Santee Cooper are temporarily assuming costs of construction at V.C. Summer per terms of an interim assessment agreement reached with Westinghouse in April.

SCANA awarded bonuses to executives in 2008-2009 and 2012-2014, according to filings with the Securities and Exchange Commission. Individual bonus amounts ranged $36,600 to $500,000.

The bonuses are in addition to salary and compensation figures appearing in special reports published by the Aiken Standard.

In April, the Aiken Standard reported that the top five SCANA executives collectively received about $937,000 in compensation increases from 2015 to 2016. Total compensation rose from $13.06 million to nearly $14 million, public records show……..

May 22, 2017 - Posted by | business and costs, USA

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