Ratepayers who are suing utility companies Santee Cooper and SCANA Corporation over the failed V.C Summer nuclear project want a receiver to be appointed to oversee payments the utilities have collected after construction of the two reactors were abandoned this summer.
The Post and Courier reports the receiver would have responsibility over any funds coming from the project until the lawsuit is resolved. That would include $1.8 billion from a legal settlement between the utilities and Toshiba — the parent company of bankrupt lead contractor Westinghouse. The receiver would be appointed by the court.
An attorney pushing the request argued both utilities are in danger of insolvency and could use the payments to cover losses rather than reimburse customers.
A Santee Cooper spokeswoman insisted the request lacked merit and that “Santee Cooper is far from insolvent, but rather is financially sound.”
Gov. Henry McMaster has proposed putting state-owned Santee Cooper up for sale to cover some of the $9 billion in total debt. The Governor’s Office said he has interest from some out-of-state utilities in possibly buying the company.
The project was abandoned July 31 after Santee Cooper’s board voted against further construction following Westinghouse’s filing for bankruptcy a few months earlier. The board cited the combined $21 billion cost to finish work. SCANA, which had originally hoped to continue on just one of the two reactors, followed suit later that day.