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SCANA (SCG) Receives Subpoena for Nuclear Project Documents

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Utility company SCANA Corporation and its subsidiaries have been issued with a subpoena.  

The United States Attorney’s Office for the District of South Carolina has served the subpoena to investigate the documents concerning the company’s new nuclear project at V.C. Summer Nuclear Station. Per the subpoena, the company is entailed to submit documents associated with the project.

SCANA by all means has agreed to assist the government in the inquiry. However, the duration or the result of this matter has not been mentioned.

Abandonment Petition Withdrawn Voluntarily

In August, SCANA had voluntarily withdrawn its Abandonment Petition from the Public Service Commission of South Carolina that was made under the Base Load Review Act (BLRA), concerning SCE&G’s above-mentioned nuclear project.

This followed two weeks after the company stated that it would stop operations on the project owing to increasing expenses. Over the past two weeks, SCE&G’s management has held discussions with various stakeholders and members of the South Carolina General Assembly, including legislative leaders, to talk about the abandonment of the new nuclear project and to listen to their concerns.  

SCANA and partner, Santee Cooper, already spent $9 billion on the project before deciding on its termination. The decision attracted tremendous criticism. However, last week, rumors were making rounds relating to SCANA’s withdrawal of an abandonment plan.

The company’s decision to withdraw the petition is based on concerns heard from state lawmakers and others.

Growth Drivers for Other Utility Electric Power Companies

Similar to SCANA, whose nuclear expansion project was considered a catalyst for future earnings growth, most utility electric power companies are on a modernization drive to boost their service reliability to retain customer. Some are adding new generation assets to their portfolio, while others are strengthening infrastructure through regular capital investment and acquisitions. Some companies worth mentioning here are First Energy Corporation (FE - Free Report) , CenterPoint Energy Inc (CNP - Free Report) and Algonquin Power & Utilities Corp (AQN - Free Report) .

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