South Carolina Nuclear Site Up for Sale After $9 Billion Project Failure
South Carolina's state-owned utility company, Santee Cooper, is seeking to sell its portion of the abandoned V.C. Summer nuclear project site, a development that marks the latest chapter in one of the most expensive nuclear construction failures in U.S. history.
The V.C. Summer nuclear project, which was abandoned in 2017 after $9 billion in spending, left South Carolina ratepayers bearing significant costs through increased utility bills. The project's collapse led to multiple lawsuits, criminal investigations, and legislative reforms in the state's utility sector.
Santee Cooper, which owned 45% of the project, is now looking to recoup some of its losses by selling its share of the Fairfield County site. The property includes valuable assets such as transmission infrastructure, cooling towers, and various buildings that could be repurposed for industrial use.
The utility's decision to sell comes as part of its broader strategy to reduce debt and stabilize rates for its customers. The sale could potentially attract investors interested in developing alternative energy projects or industrial facilities, given the site's existing infrastructure and connection to the power grid.
However, the sale faces several challenges, including:
- Environmental considerations and regulatory requirements
- The need for extensive site assessment and potential cleanup
- Complex ownership structure with project partner SCANA (now part of Dominion Energy)
The outcome of this sale could have significant implications for South Carolina's energy future and its ratepayers, who continue to pay for the failed project through their utility bills. Industry experts suggest that the site's sale could help offset some of the project's massive costs while potentially bringing new economic development opportunities to the region.
