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South Carolina power company Santee Cooper will pay $19 million a year to preserve site of failed S.C. nuclear project

Santee Cooper will pay $19 million a year to preserve site of failed S.C. nuclear project, Post and Courier, By Thad Moore tmoore@postandcourier.com, Santee Cooper will preserve the site of South Carolina’s abandoned nuclear project at least temporarily, taking control of the unfinished power plant months after its partner decided to walk away for good.

That’s according to a letter sent Wednesday from Santee Cooper’s board chairman to Gov. Henry McMaster, who had called for the partially built reactors to be maintained.The letter indicates that it will cost Santee Cooper $16 million a year to maintain the reactors and the enormous stockpile of equipment purchased for the project. It’ll cost another $3 million to buy insurance and lease warehouses to store parts………..

Santee Cooper has been under pressure from state lawmakers to keep up the site ever since the project’s majority owner, South Carolina Electric & Gas, decided it was abandoning the site permanently. SCE&G says it can claim a tax write-off worth billionsby letting the reactors rust away.

Lawmakers balked at that plan because SCE&G and Santee Cooper spent $9 billion on the nuclear project before pulling the plug in July. Cost overruns piled up into the billions, schedule delays were stretching on for years, and the economics of nuclear power had become unappealing compared with cheap natural gas. Legislators wondered if the energy landscape might not turn around later………https://www.postandcourier.com/business/santee-cooper-will-pay-million-a-year-to-preserve-site/article_0f00de2c-175d-11e8-8189-7bc01a37f57b.html

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February 24, 2018 - Posted by | business and costs, USA

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