Owner of failed nuclear plant might use golden parachute fund in settlement

A nuclear plant in a grassy field during the summer.

Enlarge / V C Summer Nuclear Station Unit 1. (credit: DJSlawSlaw / Wikimedia Commons)

Today, South Carolina energy company SCANA and its potential purchaser Dominion Energy reached a settlement with class-action litigants to offer a significant energy bill rate cut in exchange for the litigants dropping a lawsuit over $ 2 billion in energy bill fees. Attorneys for the class-action members told The Post and Courier that they will accept the deal if it’s approved.

SCANA was a 55 percent owner of the VC Summer nuclear power plant expansion, and when reactor maker Westinghouse went bankrupt early last year, the owners of the plant found themselves in a very bad position.

Stakeholders opted not to continue construction on Summer, unlike in Georgia, where a similar reactor construction project from Westinghouse found the public support to fulfill construction. Meanwhile, SCANA and its public-facing utility, South Carolina Electric and Gas (SCG&E) still found themselves on the hook after massive cost overruns. Customer energy bills subsidized the billions of dollars of construction that would ultimately go nowhere.

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Post Author: martin

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Martin is an enthusiastic programmer, a webdeveloper and a young entrepreneur. He is intereted into computers for a long time. In the age of 10 he has programmed his first website and since then he has been working on web technologies until now. He is the Founder and Editor-in-Chief of BriefNews.eu and PCHealthBoost.info Online Magazines. His colleagues appreciate him as a passionate workhorse, a fan of new technologies, an eternal optimist and a dreamer, but especially the soul of the team for whom he can do anything in the world.

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