SCANA Corp. and state-owned utility Santee Cooper on July 27 said Toshiba has agreed to pay nearly $ 2.2 billion to cap its liabilities from the unfinished V.C. Summer nuclear project in South Carolina. Toshiba subsidiary Westinghouse, which was building two nuclear units at the Summer site along with the troubled Vogtle nuclear project in Georgia, filed for bankruptcy in March.

Toshiba reached a similar $ 3.7 billion agreement with Southern Co. in June as it seeks to limit its liabilities from the Vogtle project. Both AP1000 nuclear projects are years behind schedule and billions of dollars over budget.

Decision on Summer’s Future Expected Soon

SCANA, represented by principal subsidiary South Carolina Electric & Gas Co. (SCE&G), and Santee Cooper in a statement on July 27 said they expect the cost to complete the Summer plant will “materially exceed” both Westinghouse’s estimates for completion and the payments from Toshiba, outlined as $ 2.168 billion over a five-year period. SCANA and Santee Cooper said they expect to decide soon whether they will continue with Summer’s construction, modify the project, or abandon it.…

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