nuclear-news

USA’s huge nuclear project failed, but top executives got $millions in bonuses!

Top SCANA executives were paid millions in bonuses for roles in failed nuclear project, The State, BY AVERY G. WILKS, awilks@thestate.com AUGUST 09, 2017 As a multibillion-dollar nuclear expansion project veered toward abandonment, the company in charge – SCANA – paid its executives millions in bonuses for a job well done.

The Cayce-based utility has paid its top officials almost $21.4 million in annual performance-based bonuses over the past decade, according to The State newspaper’s review of the utility’s filings with the U.S. Securities and Exchange Commission.

Some of those payouts were to reward the executives for accomplishments related to the construction of two nuclear reactors at the V.C. Summer site in Fairfield County, SCANA said in the filings.

Late last month, SCANA and the state-owned Santee Cooper utility said they were abandoning that project, citing construction delays and cost overruns that plagued the 9-year-old venture……

Operational excellence’

Last year, SCANA’s top five executives took home $3.3 million in performance-based pay, according to the federal filings. Nearly half of that went to SCANA chief executive officer and president Kevin Marsh, accounting for about a quarter of his $6.1 million in total compensation.

The filings do not say exactly how much of the $21.4 million in performance-based pay went to reward the executives for building the two nuclear reactors……

The overall pay of SCANA’s top five executives increased to $14 million in 2016 from $8.5 million in 2007, the year the S.C. Legislature passed a law that allowed the utility to bill customers for the cost of the reactors while they were under construction. Avery G. Wilks: 803-771-8362, @averygwilks

August 11, 2017 - Posted by Christina Macpherson | business and costs, USA