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Time to abandon the V.C. Summer nuclear project and avoid $10 billion more in costs

Report: Summer nuke could cost up to $10B more, should be abandoned, Utility Dive Peter MaloneyJuly 20, 2017

Dive Brief:

  • report by Institute for Energy and the Environment at Vermont Law School finds that continuing construction on the V.C. Summer nuclear project could add as much as $10 billion to South Carolina ratepayers’ bills.
  • The report argues for the abandonment of the project, saying that even though $9 billion has already been spent or committed, dropping Summer now would save significant amounts of money. The paper provides a preview of the testimony the Sierra Club and Friends of the Earth plan to present to the South Carolina Public Service Commission in October.
  • A separate report filed with regulators by plant owners Santee Cooper and South Carolina Electric & Gas last year found that Santee’s reserve margin could reach up to 44% once the reactors are completed, and SCE&G’s could hit 27% before declining, according to The State.

​Dive Insight:

The V.C. Summer nuclear project being built by South Carolina Electric & Gas and Santee Cooper was already over budget and behind schedule when Westinghouse Electric, the project’s equipment supplier and contractor, went bankrupt.

The owners now face the tough decision of whether or not to push ahead with project.

The report from the Vermont Institute, “The Failure of the Nuclear Gamble in South Carolina,” argues that the project should be abandoned and ratepayers should be issued refunds because of imprudence on the part of SCE&G…….http://www.utilitydive.com/news/report-summer-nuke-could-cost-up-to-10b-more-should-be-abandoned/447482/

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July 21, 2017 - Posted by | business and costs, USA

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