August 8, 2017 Read More →

South Carolina Seeks a Means to Revive Abandoned Multi-Billion-Dollar Nuclear Project

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 Jenkinsville, population 71, with an unfinished worksite the size of 1,000 football fields, while electric customers continue to pay 18% of their bill for a nuclear-power plant that may never generate a single kilowatt,” writes the Journal.

Scana said its decision to exit the project was precipitated by the March bankruptcy of main contractor Westinghouse Electric Co. and a recently completed assessment that showed the cost of building the facility increased to $25.7 billion from $14 billion.

The decision to abandon the plant shows the challenges of building nuclear power. These projects take years to execute, while energy markets are changing quickly.

More: ($) South Carolina Seeks Ways to Salvage Nuclear Project

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