Regulators Investigating S.C. Nuke Debacle

SCANA will "fully cooperate"

Patrick Gentry
October 17, 2017 - 4:51 pm

COLUMBIA, S.C. (AP) – Securities regulators are investigating the failure of a nuclear reactor construction project in South Carolina.

SCANA told investors in a release Tuesday the company will “fully cooperate” with the probe by the U.S. Securities and Exchange Commission.

SCANA, parent company of South Carolina Electric & Gas Co., says it’s complying with a subpoena from the SEC.

The probe comes on the heels of legislative, state and federal investigations into the project, on which SCE&G and state-owned utility Santee Cooper spent nearly $10 billion over a decade before shuttering it earlier this year.

Thousands of people lost their jobs when the project failed. More than half a dozen lawsuits have been filed, some by ratepayers angry they’ve been charged $2 billion to pay interest on debt without any power being generated.

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