Nuclear Power On Fumes As Projects Are Abandoned

(RTTNews) - South Carolina Electric & Gas Co., principal subsidiary of SCANA Corp. (SCG), has announced its plans to stop construction of the two new nuclear projects at the V.C. Summer Nuclear Station in Jenkinsville, Sourth Carolina.

The company said it will promptly file a petition with the Public Service Commission of South Carolina seeking approval of its abandonment plan.

The utility company said it reached a conclusion it would not be in the best interest of its customers and other stakeholders to continue construction of the project.

This decision was reached by SCE&G after considering the additional costs to complete the units, the uncertainty regarding the availability of production tax credits for the project and the amount of anticipated guaranty settlement payments from Toshiba. The project has been plagued by billions of dollars in cost overruns, stagnant demand for electricity and competition from cheap natural gas plants and renewables.

The bankruptcy of Westinghouse Electric, the lead contractor and the designer of the AP1000 reactor also affected the project.NuclearPower-080117.jpg