SCE&G to 'propose solution' on issues tied to failed nuclear job

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CAYCE, S.C. (WACH) - South Carolina Electric & Gas officials are scheduled to go public with a potential solution concerning that abandoned nuclear project in Fairfield County.

Late Wednesday, SCE&G announced a news conference set for Thursday morning during which SCE&G president Kellar Kissam will outline the specifics of a proposal "to address the concerns of customers, legislators and regulators related to the company’s decision to abandon its V.C. Summer nuclear construction project."

On July 31, SCE&G and Santee Cooper officials chose to walk away from a multi-billion dollar nuclear reactor project at the V.C .Summer site in Jenkinsville.

The utilities cited the bankruptcy of the job's primary contractor as a major reason behind the decision. Approximately 5,000 people lost their jobs when the project was scrapped.

Since then, state lawmakers have held a number of hearings looking into the project's failure as they search for ways to protect consumers and avoid a similar situation in the future.

This week, a panel of House lawmakers moved forward on a series of proposals to shake up state law and boards that enabled the nuclear fiasco that has cost ratepayers billions of dollars.

On Tuesday, that panel unanimously approved six bills designed to limit how much more South Carolina power customers must pay for the now-abandoned project.

SCE&G owns 55 percent of the job, while state-owned utility Santee Cooper owns the remaining 45 percent.

The utilities had already collected approximately $2 billion for the project from ratepayers through a series of rate hikes.

In addition to the continuing probe by lawmakers, state and federal authorities and Wall Street regulators are also investigating the failed project.

Thursday's news conference is set for 9 AM.

This is a developing story and WACH Fox News will post the latest updates as soon as that information is available.

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