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$SCG SCANA to abandon new South Carolina nuclear

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eFinanceMarkets   Monday, 07/31/17 03:21:01 PM
Re: eFinanceMarkets post# 17
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$SCG SCANA to abandon new South Carolina nuclear project; shares halted

SCANA (SCG -0.6%) says its South Carolina Electric & Gas subsidiary will

cease construction of the two new nuclear units at the V.C. Summer Nuclear Station and file a plan of abandonment of the project; shares are halted.

SCG says its decision was reached after considering the additional costs to complete the units, the uncertainty over the availability of production tax credits for the project, the amount of anticipated guaranty settlement payments from Toshiba, and the decision of project co-owner Santee Cooper to suspend construction.

Fluor (FLR -3.5%), a party to two subcontracts to manage construction at the project, sinks on the news.

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