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APNewsBreak: Suit accuses SC power co. of nuclear negligence [FOX Business Network]

SCANA (SCG)  More Company Research Source: FOX Business Network
Last scana earnings: 4/26 07:30 am Check Earnings Report
US:NYSE Investor Relations: scana.com/investors
PDF WASHINGTON –   A South Carolina power company was negligent in charging its customers more than $1 billion to build nuclear reactors that have now been abandoned, according to a lawsuit filed late Friday afternoon. Continue Reading Below The lawsuit obtained by The Associated Press accuses South Carolina Electric and Gas Co. of mismanaging the finances of the project at the V.C. Summer Nuclear Station and concealing money problems from its customers. Plaintiff LeBrian Cleckley is seeking class action status. State-owned utility Santee Cooper and SCE&G decided July 31 to halt construction on two new reactors they'd already jointly spent $10 billion to build, much of that paid by customers. The project was already years behind schedule and billions over budget when lead contractor Westinghouse declared bankruptcy in March, which voided fixed-price contracts aimed at stopping the escalation. Executives of both utilities said they were forced to give up afte [Read more]

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