ATLANTA (AP) — Georgia's utility regulators are allowing construction to continue on two new nuclear reactors, despite massive cost overruns for the multi-billion-dollar project. The unanimous decision Dec. 21 by the state's Public Service Commission will shape the future of the nation's nuclear industry, partly because the reactors at Plant Vogtle were the first new ones to be licensed and to begin construction in the U.S.
Westinghouse Electric Company recently announced it will be leaving the nuclear reactor construction business. This move is part of a series of steps the company has taken in recent months to make changes following its March decision to file for Chapter 11 bankruptcy.
Santee Cooper and South Carolina Electric & Gas will halt work immediately on two nuclear reactors in the Midlands, S.C., ending months of deliberation over the future of the troubled project. Santee Cooper, a state-owned electricity provider, said early Monday afternoon it would stop construction on the partially completed power units in Fairfield County, which have cost South Carolina utility customers nearly $9 billion so far.
Toshiba Corp., whose U.S. nuclear unit Westinghouse Electric Co. has filed for bankruptcy protection, reported unaudited earnings April 11 and projected a 1.01 trillion yen ($9.2 billion) loss for the fiscal year that ended in March. Tokyo-based Toshiba's unaudited results showed it racked up a 532.5 billion yen ($4.8 billion) loss for the April-December 2016 period.