South Carolina’s state-owned utility Santee Cooper and Westinghouse Electric Company have finalized the terms of a settlement for determining ownership of equipment associated with the Summer plant’s abandoned nuclear new-build project. The settlement agreement gives Santee Cooper full ownership of, and the ability to immediately begin marketing, all nonnuclear equipment, the utility announced on August 31.
Overview: The companies will split the net sales proceeds of Summer’s nuclear-related equipment, Santee Cooper said, according to these terms:
- Major non-installed nuclear equipment will be split 50-50
- Major installed nuclear equipment—90 percent Santee Cooper, 10 percent Westinghouse
- Other equipment that could be used in nuclear projects—67 percent Santee Cooper, 33 percent Westinghouse
- Remaining project equipment—100 percent Santee Cooper
What they’re saying: “Finalizing this agreement is a tremendous milestone, because it means Santee Cooper can move quickly to sell thousands of pieces of equipment ourselves, as well as support Westinghouse’s efforts to sell the nuclear equipment,” said Mark Bonsall, Santee Cooper’s president and chief executive officer. “We are already planning next steps, and Santee Cooper’s proceeds from equipment sales will be used to shore up our rate freeze and contribute to our long-term plan to retire debt.”
Closer look: The 182-page settlement agreement is available on Santee Cooper’s website.