SCANA Reports Increased Earnings As It Abandons Nuclear Project

CAYCE, SC (WLTX) - SCANA announced increased earnings on Thursday amid frustration and disappointment over SCE&G's withdrawal from the V.C. Summer nuclear reactor project and the resulting loss of nearly 5,600 jobs associated with that project.

In the report, SCANA announced earnings of $121 million, or earnings per share of $0.85, for the second quarter of 2017, up from $105 million, or earnings per share of $0.74, for the second quarter of 2016.

For the first six months of 2017, SCANA reported earnings of $292 million, or earnings per share of $2.04, compared to $281 million, or earnings per share of $1.97, for the same period in 2016.

The report comes on the heels of SCE&G and Santee Cooper abandonment of the multi-billion dollar nuclear project. The project has been shrouded in doubt since earlier this year, when primary contractor Westinghouse filed for bankruptcy protection. The reactors were set to be among the first new nuclear reactors built in the U.S. in decades.

Along with 5,000 construction workers being laid off, over 600 SCE&G employees will lose their jobs as well.

The abandonment cost right now is estimated at $4.9 billion. With Toshiba, the parent company of Westinghouse, picking up part of the tab, customers are left with $2.2 billion to pay. 

SCE&G has asked the S.C. Public Service Commission for a 60-year plan to pay off the failed reactor project.

View SCANA's Financial Results for Second Quarter of 2017 Report

 

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