Following Westinghouse Electric’s Chapter 11 filing last month, SCANA Corporation (parent company of South Carolina Electricity and Gas (SCE&G)) is currently evaluating their options for the two AP1000 nuclear reactors currently being constructed in Jenkinsville, South Carolina. Construction of the new AP1000 reactors began in 2013 and was expected to be completed and online by 2020.
One factor that SCANA Corporation will be considering is the estimated cost to complete construction of the two AP1000 reactors at V.C. Summer Nuclear Station.
According to World Nuclear News, “Westinghouse had publicly stated the additional costs associated with completing AP1000 projects at Summer and Vogtle, above what it could contractually require the project owners to pay, is about $4 billion. Jimmy Addison, SCANA chief financial officer, said Westinghouse had "recently informed" SCE&G that Summer's share of that $4 billion is about $1.5 billion.”
SCANA Corporation is expected to explore various options to determine the best course of actions for the two new units currently being constructed.
On March 29, 2017, Westinghouse Electric Company filed Chapter 11 protection. According to Westinghouse’s press release, “The Company is seeking to undertake a strategic restructuring as a result of certain financial and constructions challenges in its U.S. AP1000 power plant projects. Westinghouse has obtained $800 million in debtor-in-possession (DIP) financing from a third-party lender to help fund and protect its core business during its reorganization.”
Written by Absolute Consulting
Sources: World Nuclear News and Westinghouse Electric Company