MONCKS CORNER, S.C. (AP) - The state-owned electric utility doesn’t want to talk about its plans for dealing with possible construction problems at the V.C. Summer Nuclear Station, where it is teaming with South Carolina Electric & Gas Co. to build two additional nuclear reactors.
Santee Cooper officials would not immediately talk about a plan they approved Monday, The Post and Courier of Charleston https://bit.ly/2o7eMJJ) reported.
The lead contractor of the $14 billion expansion, Westinghouse Electric Co., is experiencing serious financial problems.
Santee Cooper senior vice president and general counsel Michael Baxley would only say that the plan approved Monday “authorizes certain contingency actions by management in the fluid situation with respect to new nuclear construction.”
He would not elaborate, but says it would put the Moncks Corner utility “in a position to be able to immediately respond to issues or conditions that may occur with respect to the V.C. Summer project.”
Santee Cooper is responsible for 45 percent of the cost. SCE&G’s parent company, SCANA Corp., is paying the other 55 percent. The two utilities also share the costs of the existing nuclear reactor at the site in Fairfield County.
SCANA has said it has a plan to complete the project, with or without Westinghouse and its parent company, Toshiba.
“We continue to monitor the situation with Westinghouse and Toshiba, and we are preparing for a variety of possible outcomes,” SCANA spokeswoman Rhonda O’Banion said Monday. “At this time, we will not be commenting publicly regarding the details of those preparations.”
If Westinghouse sought bankruptcy protection, it could lead to higher rates for utility customers to help pay for the reactors, the newspaper reported.
Santee Cooper already has increased rates by 3.7 percent in both 2016 and 2017 to help pay for the new nuclear units. SCE&G has raised electric prices nearly 20 percent since 2009 to pay for the project, which is behind schedule and over the original projected cost.
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Information from: The Post and Courier, https://www.postandcourier.com
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