McMaster: Nuclear Project To Push Forward, Despite Westinghouse Bankruptcy

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NEW YORK, N.Y. – U.S. nuclear power giant, Westinghouse Electric, filed for bankruptcy Wednesday, court records show. 

The company, owned by Japan’s Toshiba, has been struggling in recent years. Toshiba says acquiring Westinghouse has led to billions of dollars in losses. The chapter 11 filing has been largely expected.

Westinghouse is building and engineering two new nuclear reactors for SCANA subsidiary SCE&G and Santee Cooper, at V.C. Summer Nuclear Station in Fairfield County. The project, with an expected completion date in 2020, has already exceeded the projected budget and timeline. Bankruptcy will allow Westinghouse to renegotiate or even break construction contracts.

Governor Henry McMaster released a statement Wednesday morning, remaining optimistic despite the filing:

“Completion of the reactors at V.C. Summer Nuclear Station will provide our state with clean and plentiful electricity for generations to come. They are critical components to our future economic prosperity. I have spoken with Secretary Rick Perry and received briefings from the chief executive officers of the utilities involved, and will closely monitor the situation in the days and weeks to come. I am confident that the plans and contingencies they have prepared will result in the completion of the project.”