Infrastructure, from Carder Dimitroff
Nuclear construction plant abandoned. About 5,000 highly skilled jobs were suddenly lost today.
South Carolina decided to walk away from their nuclear construction project. Called V. C. Summer, the project was a two-reactor commercial nuclear power plant. SCANA spent/committed about $10 billion, which is down the drain.
The decision was a direct result of the Westinghouse bankruptcy. As a result of Westinghouse's financial woes, utilities were exposed to unacceptable levels of financial risk.
Utilities looked to Washington for help. They needed a tax credit extension. All they got was rhetoric. Nice talk from Congress. Happy talk from the Administration.
In the power industry, SCG's decision to quit the V. C. Summer project is a big deal.