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SEC staff probing into SCANA over VC Summer nuclear project

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SEC staff probing into SCANA over VC Summer nuclear project

SEC staff issued a document subpoena to SCANA Corp. and its subsidiaries in connection with their investigation into the handling of the V.C. Summer nuclear expansion project in Fairfield County, S.C.

In an Oct. 17 statement, SCANA said it "intends to fully cooperate with the investigation" and it cannot give any assurance regarding the timing or outcome of this matter.

The Cayce, S.C.-based company has been facing tense legislative hearings, state and federal criminal investigations, shareholder and customer lawsuits, and rating agency and stock downgrades amid the fallout from the V.C. Summer abandonment.

SCANA utility South Carolina Electric & Gas Co. and project partner Santee Cooper, known legally as South Carolina Public Service Authority, announced July 31 that they had decided to halt construction of two new 1,117-MW reactors in Fairfield County. The decision was made with the project reeling from billions of dollars in cost overruns about four months after engineering, procurement and construction contractor Westinghouse Electric Co. LLC filed for bankruptcy.