Nuclear plant completion could hinge on extension of federal tax credits

  • Nuclear plant end could hinge on extension of federal tax credits Summer nuclear plant is finished following Westinghouse Electric's bankruptcy filing, An acting with SCANA Corp. Told stock analysts on wed. "It is extremely, Critical to the viability, Rumoured Jimmy Addison, SCANA's executive v. p. and chief financial officer. "We have impressed upon everyone that has an interest in South Carolina and in nuclear in America that. The vacation near Jenkinsville. SCANA is at the end of a 30 day assessment period in which it will decide whether to proceed with the project or abandon it completely now that Toshiba Corp. Part Westinghouse, The main constructor, Has bankruptcy reorganization. Addison said SCANA plans to extend the diagnosis period by another 90 days, Delaying a concluding decision on the project until late June. Summer framework costs, With the bucks going to ratepayers, But only if the reactors are online towards the end of 2020. The Westinghouse bankruptcy filed last month has put that deadline in doubt. While the vast majority of engineering is finished and major parts have been delivered, Actual assembly is just 33.7 p'cent complete. Addison said an extension could be granted in coming days as part of a continuing resolution to fund the government or as part of a more comprehensive tax reform package. Bills also have been introduced in your and Senate to extend the deadline. "With new projects like that, They know there will likely be challenges, Addison menti one d, Adding that federal officials are support of a deadline extension. "I know the united states doe understands that and certainly South Carolina's delegation does. We're hopeful that gets tissue traction expansion Ronald Darby Jersey, Important too to SCANA's decision is an estimate of how much more the units will cost with Westinghouse out of the picture. Westinghouse estimates an added costs will top $1.5 thousand, And Toshiba has confirmed any overruns up to $1.7 million. But that guarantee could be rejected by a personal bankruptcy court, And Toshiba warned this month that may well survive due to the mounting costs of its nuclear subsidiary Tyrod Taylor Jersey cheap. Stephen Byrne, SCANA's v. p. of generation and transmission, Said the company prefers to finish both reactors with current roof developing manager Fluor Corp, Or distinctive lead contractor, But the might decide to build just one reactor or abandon the project based on what it learns over the next two months. If both reactors is definitely not built, Byrne said the company really should build additional capacity generated by natural gas to meet projected power demands. SCANA would own 55 percent of the new reactors while Santee Cooper would own the rest of the 45 percent. Anticipated 60 day extension of the assessment period would apply to both utilities Sammy Watkins Jersey cheap. Summer and it could customize terms of a"Fixed sale price" Contract that's in place to cap the designs' expenses. Santee Cooper is conducting a study to detect whether it will need to increase rates to help pay for the new reactors, But that review is not related to any extra costs the Westinghouse bankruptcy could bring. Santee Cooper superior rates by 3.7 percent in both 2016 and 2017 to aid in paying for the new units. SCE has raised electrical power prices nearly 20 percent since 2009 to fund the nuclear project. Summer project has been beset by financial and formation problems. The latest cost estimate for the reactors is 21.6 percent greater than an original $11.4 billion cost, And analysts say the eventual cost could balloon to $19 billion if both reactors are designed. The construction industry also is years behind schedule, With a pre bankruptcy estimate putting the first reactor online in April 2020 and completing the second unit delayed to December 2020. SCANA Corp. Returns A large onetime gain in the first quarter last year in addition to a warm winter this year triggered a sharp drop in earnings at utility owner SCANA Corp. The Cayce based company said Thursday that net gain for the January March period fell 56 percent to $176 million. The prevailing concern that for the decline was a $201 million profit that SCANA booked in the first three months of 2015 from the sale of Carolina Gas Transmission and SCANA Communications Inc. An additional factor was an"Abnormally mild winter season weather in the first quarter" When than the previous two years, Understood Jimmy Addison, SCANA's chief fiscal officer. At sc Electric Gas, The holding organisation's largest business, Returns fell 8 percent to $116 million for the quarter Charles Clay Jersey. 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