Nuclear, Reactors

SCANA Expects $200 Million Hit Due to Cancelled Summer Expansion

By Editors of Power Engineering

SCANA announced the company will experience a $210 million blow to its earnings due to the abandoned expansion of Summer Nuclear, the Post and Courier reported.

Though the company has spent $1.2 billion on the unfinished reactors, the company plans to cover much of that expense with a settlement with Toshiba, parent company of former main contractor Westinghouse.

However, SCANA executives said they will try to recover the full amount, possibly from electric customers, though the company noted the political environment is “extremely contentious.”

South Carolina Governor Henry McMaster had asked the company to use its share of the Toshiba settlement for customer refunds.

SCANA is now being investigated by two legislative panels, the South Carolina Law Enforcement Division, a federal grand jury and the Securities and Exchange Commission. Additionally, investors, contractors and customers have filed dozens of lawsuits against the company.

Due to the Summer charges, SCANA’s third-quarter profits fell 82 percent in the third quarter to $34 million.