2 half-built nu­clear plants scrapped

Northwest Arkansas Democrat-Gazette - - BUSINESS & FARM -

COLUMBIA, S.C. — Scana Corp. has halted con­struc­tion of two nu­clear re­ac­tors in South Carolina that were plagued by years of de­lays and bil­lions in cost over­runs af­ter car­ry­ing out an anal­y­sis of how much would be needed to fin­ish the project af­ter the bank­ruptcy of West­ing­house Elec­tric Co.

Scana, an en­ergy firm that takes its name from the let­ters in South Carolina, will file a pe­ti­tion with the Pub­lic Ser­vice Com­mis­sion of South Carolina seek­ing ap­proval of its aban­don­ment plan, ac­cord­ing to a state­ment on Mon­day. Un­cer­tainty over the avail­abil­ity of pro­duc­tion tax cred­its and the amount of pay­ments guar­an­teed from West­ing­house par­ent Toshiba Corp. were also fac­tors be­hind the de­ci­sion.

Scana shares slumped the most in more than two years at the end of last week af­ter the util­ity said the two re­ac­tors be­ing built as part of the V.C. Sum­mer plant ex­pan­sion faced “sig­nif­i­cant chal­lenges” in get­ting com­pleted. Mon­day’s de­ci­sion also came af­ter San­tee Cooper, the state power au­thor­ity with a 45 percent stake in the project, con­cluded it wouldn’t be in the best in­ter­ests of its cus­tomers to con­tinue.

In the im­me­di­ate af­ter­math of West­ing­house’s bank­ruptcy at the end of March, Scana Chief Ex­ec­u­tive Of­fi­cer Kevin Marsh had said that scrap­ping the project would be the “least pre­ferred op­tion.”

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