The power companies said Monday they will spend another six weeks weighing the benefits and costs of finishing the project in Fairfield County before making their decision.
Monday had been the deadline to complete assessments of the twin-reactor project they are jointly building north of Columbia. The project has had problems in recent years, but its future plunged into further doubt when chief designer and contractor Westinghouse filed for bankruptcy in March. Since that time, the utilities have kept the project going while examining whether they should complete it.
In announcing Monday it would extend the deadline to complete the study, SCE&G said it would likely be the third quarter of 2017 before it decides whether to halt the project. Santee Cooper executive Lonnie Carter said he hopes the state-owned utility will act within the 45-day study period…….
The current projected cost of the effort to build two reactors is approaching $3 billion over the initial budget, but construction is only about one-third complete. To pay for the upfront costs, SCE&G ratepayers have been hit with nine power bill increases, while Santee Cooper customers have experienced five increases since 2009. A sixth was proposed Monday during Santee Cooper’s board meeting at Lake Moultrie.
About 18 percent of the average SCE&G customer’s power bill pays for the nuclear plant. SCE&G ratepayers have put about $1.4 billion toward the unfinished project, but that is only for finance costs. Santee Cooper has not provided a similar breakdown, but officials said the five rate increases since 2009 have generated more than $500 million, much of it for the nuclear project.
On Monday, the Santee Cooper board heard a plan to raise electricity rates for its customers. At least half of the revenues from the rate increases go toward the nuclear project, spokeswoman Mollie Gore said…..Overall, SCE&G and Santee Cooper have collectively sunk nearly $9 billion into the project …..
Last week, environmentalists called on the state Public Service Commission to order SCE&G to refund customers for rate increases they have incurred to pay for the project. Santee Cooper, as a state-owned utility, is not regulated by the PSC. A hearing is scheduled for Aug. 14. Critics of the project have hired an expert witness to represent the interest of ratepayers, they say . http://www.thestate.com/latest-news/article158271904.html
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