South Carolina Electric & Gas Company (SCE&G, a subsidiary of SCANA Corporation) and Santee Cooper have decided to cease the construction of the two nuclear reactors at the V.C. Summer nuclear station (Jenkinsville, South Carolina). Santee Cooper, which owns a 45% stake in the project, has already spent US$4.7bn on the construction and expected the project to be finished in 2024 only, which is far ahead of the original schedule. The project economical feasibility was very challenged and the two companies decided to terminate the project in order to avoid risking higher costs and ever-escalating electric bills for the state's customers. Indeed, Santee Cooper estimates that the project termination would save its customers around US$7bn.
In 2012, Santee Cooper and SCE&G gave Westinghouse full notice to proceed and the contract provided that Westinghouse would commission the units respectively in 2016 (Unit 2) and 2019 (Unit 3). The construction started on both units in 2013 but in March 2015, SCE&G delayed by six months the completion of construction works because of reactor design issues. Westinghouse went bankrupt earlier in March 2017 and Westinghouse’s parent Toshiba agreed to contribute US$2.2bn as compensation in order to hasten the plant's completion but this sum was not enough to save the project.
The decision leaves only one nuclear plant under construction in the United States, Southern Company's Vogtle nuclear project. However, Southern Company is expected to decide whether to terminate construction or not, given the fact that the facility has experienced similar problems with reactor design and cost overruns.
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