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SCANA to reassess reactor project after Westinghouse bankruptcy

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eFinanceMarkets   Thursday, 03/30/17 02:42:02 PM
Re: eFinanceMarkets post# 15
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SCANA to reassess reactor project after Westinghouse bankruptcy
SCANA (SCG -0.2%) and its partner, state-owned Santee Cooper, say they will spend at least the next 30 days determining whether the $14B V.C. Summer nuclear plant construction project in South Carolina should be completed following the bankruptcy of top contractor Westinghouse Electric.
CEO Kevin Marsh told investors on a conference call yesterday afternoon that SCG hopes to see the project finished, since the energy to come from two additional nuclear reactors is needed to meet customer demands.
"Our preferred option is to finish the plants. The least preferred option is abandonment,” said CEO Kevin Marsh.
The CEO says Westinghouse has agreed to stay on the job for the short term, and chief construction contractor Flour (FLR +1.3%) says it will continue work.
Critics say the over-budget and overdue project should be scrapped, fearing cutsomers will be hit with more rate hikes by SCG subsidiary South Carolina Electric & Gas.

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