On July 31, SCANA Corp., a South Carolina utility and its construction partner, Santee Cooper, the state power authority, announced separately, their decisions to cancel the twin unit V. C. Summer nuclear project in Jenkinsville, SC.
In terms of chronology, Santee Cooper’s board of directors met on July 31 to review the revised estimates for the completion for the now ill-fated nuclear project. (Santee Cooper owns 45% of the project and SCANA the rest.) According to local press reports, Santee Cooper’s board was informed that it would require an additional $11.4 billion to complete the nuclear project for a total project cost of $25 billion, which would bring the project’s cost estimate up 75% from the original estimate when the project was initiated, and the completion date for in service would be delayed by five years. As a result, the Santee Cooper board voted unanimously to cancel the nuclear project.
Finding that its partner in this vast nuclear construction project was backing out, SCANA’s board of directors was faced with one of three decisions:
This post was published at Wolf Street on Aug 3, 2017.
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