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Charlotte Area News

South Carolina Utility Reaches $2 Billion Settlement Over Failed Nuclear Plants

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SCANA
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In early 2017, workers used a giant crane to lower a containment vessel ring into place at the V.C. Summer nuclear plant in Fairfield County, S.C. The plant's owners later canceled the project.

Troubled utility SCANA has reached a $2 billion settlement with the South Carolina customers who sued after they were charged high rates to pay for the company's failed nuclear construction project.

SCANA announced the agreement in a news release Saturday. As part of the settlement, South Carolina Electric & Gas Co. customers will also receive $115 million that The State newspaper reports had been set aside for soon-to-be-ousted SCANA executives.

Before the settlement can be finalized, it must receive the approval of a judge and the S.C. Public Service Commission must also approve Virginia-based Dominion Energy's proposed buyout of SCANA, SCE&G's parent company.

Santee Cooper and South Carolina Electric & Gas Co. abandoned the V.C. Summer Nuclear Station expansion project near Columbia in 2017 following the bankruptcy of lead contractor Westinghouse.