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Scana Corp slides, as criminal investigation begins into $21 billion nuclear power project failure

Scana Plunges to Lowest in Almost Two Years on Criminal Probe, Bloomberg, By 

Mark Chediak,  
  • Scana received federal subpoena related to canceled reactors
  • Utility faces questions on how much customers will be billed

Scana Corp. slid to the lowest level in almost two years as the U.S. began a criminal investigation into the $21 billion nuclear power project in South Carolina that the utility owner abandoned two months ago.

 The U.S. Attorney’s office in South Carolina is carrying out a grand jury probe that involves agents at the Federal Bureau of Investigation, a Sept. 7 subpoena disclosed on Friday by Scana’s partner on the nuclear project, Santee Cooper, shows. The government asked for copies of correspondence, notes and reports related to the V.C. Summer nuclear plant, including a study engineering firm Bechtel Corp. drafted last year suggesting Scana was aware of challenges plaguing the project since early last year.
Scana declined on Friday to release the subpoena it had received or comment on the one Santee Cooper disclosed. Shares of the utility owner were down as much as 3.2 percent at $55.33 as of 2:46 p.m. New York time, the lowest since October 2015.

The federal probe and intensifying backlash from South Carolina legislators doesn’t bode well for Scana as the utility owner seeks to recoup billions of dollars it spent on the project from South Carolina’s utility customers. The company’s battle to recover costs may become a flash point in the debate over who should pay for nuclear power projects that have failed to be built across the U.S. in the past decade…….https://www.bloomberg.com/news/articles/2017-09-22/a-failed-21-billion-u-s-nuclear-project-still-haunting-scana

September 23, 2017 - Posted by | business and costs, USA

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