Former SCANA executives face lawsuit over V-C Summer Nuclear plant

Columbia, SC (AP) —Two of SCANA’s former top executives, and SCE&G now known as Dominion Energy have been charged by the Securities and Exchange Commission of defrauding investors.

The Securities and Exchange Commission accuses SCANA Corp., its subsidiary South Carolina Electric & Gas (SCE&G),  along with the utility’s former CEO, Kevin Marsh and Executive Vice President Stephen Byrne of defrauding investors, by making false statements about the VC Summer Nuclear Power plant expansion that was ultimately abandoned.

The complaint alleges SCANA and SCE&G misled investors about a project to build two nuclear units that would qualify the company for more than one-billion dollars in tax credits and claimed the project was on track in order to qualify for the tax credits.

Officials say the failed project cost ratepayers and investors billions of dollars.