“Public trust is at stake here, folks.” That’s how South Carolina’s top power industry regulator described the gravity yesterday of local utilities’ decision to walk away from a pair of partially-built nuclear reactors, according to Charleston’s Post and Courier newspaper. Public Service Commission chairman Swain Whitfield added that the reactors’ cancellation after $9 billion of investment — more than the state’s annual budget — “is going to shatter lives, hopes and dreams” in South Carolina.
South Carolina-based Santee Cooper and SCANA’s abandonment of their pair of new reactors, announced on Monday, also have broader ramifications for the nuclear industry’s self-declared “nuclear renaissance.” In March the cost overruns and delays afflicting this project and a sister project in Georgia drove the reactor designer and builder Westinghouse Electric Co. into bankruptcy. Cost overruns and political concerns are also squeezing nuclear suppliers from France, South Korea, and Russia. Continue reading