$2.2 Billion VC Summer Settlement Reached

(AP) Toshiba Corp. has agreed to pay South Carolina utilities $2.2 billion for two troubled nuclear reactors regardless of whether they're ever completed.

Officials with SCE&G and state-owned utility Santee Cooper jointly announced the settlement Thursday.

They say the Tokyo-based company will pay $1.2 billion to SCE&G, which owns 55 percent of the project, and $1 billion to Santee Cooper. Under the settlement, payments will start in October and end in September 2022.

The owners of the new reactors at V.C. Summer Nuclear Station are still weighing the project's future.

The project was already over budget and behind schedule when its main contractor, Westinghouse, filed for bankruptcy earlier this year.

Its parent company, Toshiba, agrees to pay whether the project's finished, only one reactor is complete or it's abandoned altogether.

© 2017 Associated Press


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