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Santee Cooper finalizes settlement over leftover material at failed SC nuclear project

Santee Cooper finalizes settlement over leftover material at failed SC nuclear project, Post and Courier, By Andrew Brown abrown@postandcourier.com, Aug 31, 2020  

Santee Cooper may finally be able to recover some of the money it dumped into two unfinished nuclear reactors in South Carolina.

The board of the Moncks Corner power provider finalized a settlement this weekend with Westinghouse Electric that will enable the state-run utility to sell off leftover parts and materials from the failed expansion of the V.C. Summer project.

The settlement, which has been in the works for months, requires Santee Cooper and Westinghouse to split the profits from any remaining equipment that could be used on another site. …….

…….  The state-run utility still has more than $3.6 billion in bonds tied to construction at V.C. Summer, and Santee Cooper’s leadership said any proceeds from the nuclear equipment will go toward paying down that debt……..

The V.C. Summer project is widely considered one of the worst business failures in South Carolina history.

Santee Cooper was the minority owner of the project. It partnered on the unfinished reactors with Cayce-based South Carolina Electric & Gas, which was sold to Dominion Energy after construction was halted in mid-2017 after years of delays and cost overruns.

The two South Carolina utilities spent more than $9 billion on construction before the reactors were abandoned in July 2017.

By that time, Westinghouse had filed for bankruptcy and left the struggling project in the laps of SCE&G and Santee Cooper. As a result, electric customers for both utilities are still paying off debt tied to the abandoned project.

The amount of material left over from the two unfinished nuclear reactors is vast, and there’s one big reason for that. By the time SCE&G and Santee Cooper pulled the plug on the project, they had already purchased more than 90 percent of the parts. Yet only a third of the reactors were actually built.  ………….https://www.postandcourier.com/business/santee-cooper-reaches-settlement-over-leftover-material-at-failed-sc-nuclear-project/article_8d01c2e4-eba1-11ea-a8d5-5fad5583ac38.html…..

September 1, 2020 - Posted by | business and costs, legal, USA

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