Federal subpoena latest hassle for Scana following failed nuclear project [Seeking Alpha]
SCANA (SCG)
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Source: Seeking Alpha
Federal subpoena latest hassle for Scana following failed nuclear projectSCANA Corp. (NYSE:SCG) says it received afederal subpoena for documents related to the canceled plan to build the V.C. Sumner nuclear power project in South Carolina, just thelatest headache as it seeks to recoup the billions of dollars spent on the project from South Carolina’s utility customers.South Carolina’s governor earlier this month made public a report suggesting SCG was aware of challenges plaguing the project since early last year, and state legislators probing the debacle have asked the state attorney general to look into whether the law that would allow SCG to recoup costs is constitutional.“Political fallout from the V.C. Summer new nuclear construction termination has opened Pandora’s box,” says Williams Capital utilities analyst Christopher Ellinghaus.At stake is SCG’s balance sheet, says Bloomberg's Kit Konolige, as the company is “dependent on having a smooth recovery of the capital they’ve inve
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