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