The legal, political and economic effects of two South Carolina utilities’ decision to abandon construction of the V.C. Summer nuclear expansion project have barely begun. But the fallout is sure to follow, as state politicians, utility company executives, laid-off workers, project opponents, frustrated ratepayers and other parties respond to the debacle. Meanwhile, the canceled project is casting a shadow over Plant Vogtle, its Georgia-sited sister project being built by Southern Co. and Georgia Power.
In the end, the new cost estimates resulting from Westinghouse’s post-bankruptcy disclosures proved too high for the ownership team of South Carolina Electric & Gas and, specifically, its minority partner, the South Carolina Public Service Authority, also known as Santee Cooper. SCE&G owns 55% of the project, with Santee Cooper owning the remaining 45%.