Utility pays bonuses to execs before nuclear project fails
COLUMBIA | The company that led
the failed effort to build two new nuclear reactors in South Carolina paid its executives millions in bonuses, some of it for work on the project, a review of federal records shows.
A review of filings with the Securities and Exchange Commission show SCANA Corp. paid executives more than $21 million in performance bonuses over the past decade, including money for work on the V.C. Summer nuclear station north of Columbia, The State newspaper reported.
The filings do not say exactly how much of the $21 million was based on the failed project.
SCANA’s South Carolina Electric
& Gas Co. and the state-owned utility Santee Cooper last week abandoned plans for new reactors, for which they already paid $9 billion. Much of the money already was paid by customers.
The utilities blamed construction delays and cost overruns. The problems came to a head when lead contractor Westinghouse filed for bankruptcy protection.