Billions lost in nuclear power projects, with more bills due | National – California News

Billions lost in nuclear power projects, with more bills due | National – California News

COLUMBIA, S.C. (AP) — A decade ago, utilities were persuading politicians around the country to let them spend big to go nuclear.

Expanding nuclear energy capacity was a sure bet, they said: Natural gas prices were rising, energy needs skyrocketing, and the federal government was poised to cripple carbon-emitting fossil fuel plants. With a dozen or more nuclear power projects being developed around the nation, cost savings could be found through simultaneous construction.

State legislators were sold. In South Carolina, they even passed a law allowing utilities to charge customers up front and to recoup their investments even if the projects never produced a kilowatt. Several other Southern states also passed “pay-as-you-go” laws.

This week, having spent more than $10 billion, executives with South Carolina Electric & Gas and Santee Cooper acknowledged that all their assumptions were wrong.

Worse still: Consumers may have to pay billions more on the rusting remains of two partially-built reactors at the V.C. Summer Nuclear Station north of Columbia.

“When we started, there was talk of a nuclear renaissance restarting a whole industry in the U.S.,” said Santee Cooper’s chief financial officer, Jeff Armfield. He was among several executives recommending the project be abandoned. The board of the state-owned utility unanimously agreed at a public meeting Monday.

Most of the 18 nuclear projects pending before the Nuclear Regulatory Commission a decade ago have been aborted or suspended indefinitely. None of the 7 projects the NRC licensed are…

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