SCE&G + Santee Cooper withdrew yesterday from the $14 billion V.C. Summer nuclear reactor project in Fairfield County after nine years; saying that finishing the project “would be prohibitively expensive.”
SCE&G and Santee Cooper have spent a combined $9 billion on the project, which is ~⅓ complete. SCE&G customers have already paid ~$1.4 billion for the project, via higher monthly utility bills (~18% of their bills). However, the $1 billion pledged on Sunday to the project by Toshiba Corp., Westinghouse’s parent co., could be used to offset future bill increases that would’ve gone toward the project.
Westinghouse, who pulled out of the project Sunday via the $1 bill pledge, filed for bankruptcy during the project – and officials say that contributed to 75% higher costs for the project than anticipated. Closing down the project will cost up to 5,000 jobs for local workers.
