Watch: Construction Continues, New Nuclear Reactors Exceed Original Cost and Time Estimates
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Jenkinsville, S.C. (WOLO) — Clean, reliable energy for the future, a promise made in 2008 at the start of construction for nuclear reactors in Fairfield County.
SCANA CEO, Kevin Marsh says,”We believe this is the cheapest long term alternative to customers. The challenge with nuclear is that you are paying the construction costs up front.”
The original $11.4 billion estimate for construction of the two new units at V.C. Summer, has climbed to nearly $13.9 billion.
Marsh tells ABC Columbia that financing, lower operating overhead, and long term benefits could help offset construction expenses.
According to Marsh this pay-as-you go financing, allowed under the Base Load Review Act, will save consumers close to $4 billion over the life of the plant.
“There will be a final hearing at the commission to set up the ultimate price that the customers will pay at the end of the project. We still have debt to issue we still have equity to raise and we need to finish these projects a quick as we can,” says the CEO.
However, completion dates are years off of the original timeline.
Officials have faced challenges, specifically rules and regulation changes following the nuclear disaster in Fukushima.
“These passive plants and this design gives us a real opportunity with additional safety margin to have two new units that are even safer,” explains Jeff Archie, SCE&G Chief Nuclear Officer.
This will allow the energy providers to fulfill their pledge in August 2019 and 2020 when the plants are expected to go online, adds Archie.
