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The Post and Courier: Dominion Energy delivered a blockbuster offer to buy SCANA Corp. on Wednesday in the wake of South Carolina’s failed nuclear project, pitching a $14.6 billion deal that would be among the largest in state history. The offer from the Virginia-based utility giant, which SCANA has accepted, vowed to deliver lower electric […]
Utility Dive: Dive Brief: Dominion Energy and SCANA Corp. have agreed to an all-stock merger that company officials say will lower customer rates and help unwind financial obligations related to the abandoned V.C. Summer nuclear project. SCANA shareholders would receive 0.669 shares of Dominion stock for every share of SCANA — or $55.35/share, a 28% premium on Tuesday’s closing […]
Charleston Post and Courier: Over the past decade, state legislatures across the country rewrote rule books for how power companies pay for new power plants, shifting financial risks away from electric companies to you and everyone else. This rule change ignited a bonfire of risky spending — $40 billion so far on new power plants […]
The (Columbia, S.C.) State: The South’s long, messy nuclear history is a catalog of modest successes and epic failures. Sadly, the V.C. Summer project shutdown is nothing new for the South. It has happened at least 22 times since the 1970s. Some plants existed merely as blueprints, while others were canceled mid-construction. Across the region, […]
Louisville Courier-Journal: Nine years into their effort to build two new nuclear reactors, SCANA and Santee Cooper officials were confronted this summer with a painful reality: billions of dollars from ratepayers had taken them only so far. Newly-obtained emails, letters and other documents show: Finishing the project would require at least 23 million man hours […]
(Columbia, S.C.) State: S.C. lawmakers Tuesday urged state regulators to block SCE&G from charging its customers any more for the failed V.C. Summer nuclear project, a day after the release of a report that diagnosed critical problems at the construction site about 18 months before its abandonment. That report, completed by Bechtel Corp. in February […]
Wamsted on Energy: The nuclear morass that has ensnared utility executives, state regulators, and legislators in South Carolina and Georgia shows no signs of easing its grip. Southern is set to decide soon whether its Georgia Power subsidiary will seek to complete Vogtle 3 & 4 even though the total cost for the much-delayed nuclear […]
Charleston Post and Courier: South Carolina Electric & Gas isn’t sure when it will move forward with a plan to charge customers for its scuttled nuclear construction project, but executives made clear to investors that the power company would do so eventually. Kevin Marsh, the chief executive of SCE&G parent SCANA Corp., told Wall Street […]
Wall Street Journal: The state of South Carolina is scrambling to salvage a nuclear plant in construction after an energy firm abandoned the project. Last week, Scana Corp. said it would walk away from its project to build two nuclear reactors in tiny town of Jenkinsville—after nine years and $10.4 billion spent. “The move left […]
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IEEFA Update: More Questions on U.K. Nuclear Project
Concerns Grow That Hinkley Point C Is an Overpriced Mistake
Two of the U.K.’s main public-spending watchdogs have now criticized the government’s deal with French utility giant EDF to support completion of a new nuclear power plant, only just stopping short of saying the deal was an outright mistake. The critiques highlight the risk in failing to heed the falling cost of renewables and serve as […]