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Dravis, Samantha[dravis.samantha@epa.gov] POLITICO Pro Energy Whiteboard Mon 7/31/2017 6:08:39 PM South Carolina utilities spike Summer nuclear project
By Darius Dixon
07/31/2017 02:04 PM EDT
Construction on the V.C. Summer nuclear project in South Carolina will come to an end, according to the lead utilities involved in building the two reactors.
SCANA, the majority owner of the unfinished reactors through its South Carolina Electric & Gas Co. unit, announced today that it ceased construction on the effort and plans to "promptly" file petition with state regulators to abandon the project.
The company cited a long list of reasons for not finishing the two Westinghouse-designed API000 reactors: cost concerns about the already over-budget project, "uncertainty" about a congressional extension of nuclear production tax credits and the decision by co-owner Santee Cooper, a state-owned electric utility, to walk away from the project today.
"Based on these factors, SCE&G concluded that it would not be in the best interest of its customers and other stakeholders to continue construction of the project," SCANA said in a statement today.
The project's primary contractor, Westinghouse, filed for bankruptcy protection earlier this year.
Santee Cooper's board of directors today decided to suspend construction on the new reactors, arguing that the decision would save its customers $7 billion in additional costs and that a new analysis found they wouldn't be finished until 2024.
"Generation diversity remains an important strategy for Santee Cooper, but the costs of these units are simply too much for our customers to bear," said Leighton Lord, chairman of the Santee Cooper board of directors, in a statement.
WHAT'S NEXT: SCANA has scheduled a 4 p.m. call for analysts to discuss the impact of suspending its work on Summer.
To view online'. https://www.politicopro.com/energy/whiteboard/2017/07/south-carolina-utilities-spike-summernuclear-proj ect-091299
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