Utility reaches $2B settlement over failed nuclear plants

CAYCE, S.C. – Troubled utility SCANA has reached a $2 billion settlement with the South Carolina customers who sued after they were charged high rates to pay for the company’s failed nuclear construction project.

SCANA announced the agreement in a news release Saturday. As part of the settlement, South Carolina Electric & Gas Co. customers will also receive $115 million that The State newspaper reports had been set aside for soon-to-be-ousted SCANA executives.

Before the settlement can be finalized, it must receive the approval of a judge and the S.C. Public Service Commission must also approve Virginia-based Dominion Energy’s proposed buyout of SCANA, SCE&G’s parent company.

Santee Cooper and South Carolina Electric & Gas Co. abandoned the V.C. Summer Nuclear Station expansion project near Columbia in 2017 following the bankruptcy of lead contractor Westinghouse.