Updated: Jan. 23, 2025 at 4:27 PM PST
COLUMBIA, S.C. (WCSC) - Nearly a decade ago, the plug was pulled on the controversial VC Summer nuclear project just north of Columbia before any new power was generated.
Since then, former executives have been sentenced to prison, South Carolina ratepayers have been on the hook for billions of dollars in sunk costs, and the partially completed project has sat dormant, thought by many to be dead.
But a VC Summer revival appears now to be more of a possibility than at any point before.
On Wednesday, the state-owned utility Santee Cooper — which owns the Fairfield County site, along with privately-owned Dominion Energy — put out a request for proposal, or RFP, looking for a potential buyer to purchase the unfinished nuclear reactors at VC Summer and finish the job.
“We think it will benefit our customers, and we think it will benefit the people of South Carolina, or we won’t do it,” Santee Cooper President and CEO Jimmy Staton told a House subcommittee last week.
The VC Summer project was a joint venture between Santee Cooper and SCE&G, which later became part of Dominion Energy.
The two utilities still own the site but have said they themselves are not interested in pursuing the project further.
Santee Cooper is now working with the New York-based banking firm Centerview Partners LLC to solicit proposals from interested parties, including in the private sector, to complete the work, with bids due in early May.
“It’s a move away from the traditional model of just looking solely to the utility to build the generation, and moving toward empowering the private sector to use their capital and their expertise and, at their risk, to solve those energy problems to the benefit of all of us,” Sen. Tom Davis, R – Beaufort, said in an interview Thursday.
It comes as more and more tech companies in particular are searching for huge amounts of energy to power data centers and AI technology.
A concept like this is also not novel in the US: For example, in Pennsylvania, Microsoft entered a deal last year to reopen the Three Mile Island nuclear site for its tech projects.
Davis has been the lead advocate in the General Assembly for Santee Cooper to pursue this option at VC Summer and filed a resolution with broad and growing support in the Senate, urging the state-owned utility to do this.
“This would bring over 2,000 megawatts online — clean power, no carbon emissions — it would satisfy a lot of the supply problems that we have right now, and I think it takes off the ratepayers’ bills right now the sunk cost of that asset,” he said.
Last year, the Governor’s Nuclear Advisory Council sent inspectors to the site, where construction was halted in 2017.
It reported one of the two reactors is about half complete, the other significantly less so, and found the site to be in “excellent condition” and that “no obvious conditions” would appear to prevent someone from finishing the work.
The governor is on board with this plan.
“We, those involved in the regulatory process, the approval process, the legislature and others, have to be very careful to be sure the thing is done right. But we have to have power. There’s no substitute,” Gov. Henry McMaster told reporters Thursday.
McMaster said he has had “lots” of conversations over the last month about groups interested in this project but declined to say who those groups might be.
While Santee Cooper has already put out the RFP that Davis’ proposal would urge it to do, the senator said he still plans to seek passage of the resolution in the legislature.
“It’s important for the General Assembly to send a message to the private sector that, yes, we want this to happen. … It’s important for the governor to sign that joint resolution to send that message to the private sector because we want there to be excitement about this,” Davis said.
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