State-owned power utility Santee Cooper’s board of trustees indicated Monday they will likely make a decision by early August on whether to continue building or terminate a $14 billion nuclear expansion project at the V.C. Summer plant in Fairfield County that has been hampered by financial woes and long delays.
The State newspaper reports the board voted to add anadditional 45 days for an audit on the feasibility of the project. The utility has a 45 percent ownership stake in the project with majority owner South Carolina Electric and Gas.
The project has had a litany of problems since construction began in the late 2000s. The most recent occurred when designer and lead contractor Westinghouse filed for bankruptcy in March.
An assessment is underway that could include revised cost estimates and a timetable for finishing work. The utilities’ contract with Westinghouse officially expired Monday.
Financial analysts have suggested the cost of the project could eventually rise to nearly $23 billion for both reactors, more than double its original cost.