CAYCE — South Carolina Electric and Gas Company (SCE&G), principal subsidiary of SCANA Corporation (SCANA) (NYSE:SCG), has filed a formal request with the Nuclear Regulatory Commission (NRC) to withdraw the combined operating licenses (COLs) for VC Summer Station Units 2 and 3.
This week’s notification follows the July 31, 2017 NRC notification that the company stopped construction activities on the VCS Units 2 and 3 site.
“This notification is consistent with our plans for abandonment and helps to ensure we qualify for a tax deduction in 2017 so that we can capture approximately $2 billion for our customers to offset the costs of the new nuclear project,” said incoming SCANA CFO Iris Griffin.
In its notification to the NRC, SCE&G states that it has irrevocably abandoned its interests in the VCS Units 2 and 3. All of its completion and preservation activities have ceased. Work is limited to only those actions required to place the site in a safe condition, terminate construction and close active permits.
SCE&G has offered to cede its abandoned interest in the VCS Units 2 and 3 project to Santee Cooper, for no consideration. If, prior to the NRC approval of this request to withdraw the COLs, Santee Cooper chooses to seek to become the sole licensee for the project, SCE&G will support an application to the NRC to transfer the licenses to Santee Cooper.