SCANA To Eat $200 Million Loss

Failed nuke project the cause

October 27, 2017 - 10:51 am


Power utility SCANA Corporation said it expects to bear $210 million of the cost of its scuttled nuclear expansion project.

The Post and Courier reports the owner of South Carolina Electric & Gas (SCE&G) said it is going forward under the assumption that regulators will not allow it to pass on to customers expenses it incurred since state regulators last reviewed the V.C. Summer nuclear expansion project last year.

The company said in its quarterly earnings report Thursday that its loss would total $132 million after tax write-offs. Despite the losses, SCANA announced a 61 1/4 cents per share dividend Thursday.

SCANA did not indicate how much it had spent since the last project review on the two unfinished reactors when it reported quarterly earnings Thursday. However, the company said it would ease its bottom line by covering some of its losses with money from a $1.3 billion financial settlement with Toshiba Corporation, the parent of the failed project’s main contractor Westinghouse.

The project to add two new reactors at the VC Summer Nuclear Generating Station in Fairfield County was abandoned in July. SCE&G and its minority partner Santee Cooper moved to end construction after years in delays, billions in cost overruns and Westinghouse’s bankruptcy.

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