South Carolina Electric & Gas Company, a subsidiary of SCANA Corp., received confirmation from Westinghouse Electric Company that Westinghouse and Toshiba remain committed to completing two new nuclear reactors at the V.C. Sumner Nuclear Station.
Additionally, Westinghouse revised its in-service dates for the reactors, with Unit 2 expected to come online by April 2020 and Unit 3 by December 2020. SCE&G said it will monitor Westinghouse’s ability to adhere to the new schedule, as well as the financial condition of Westinghouse and Toshiba in regards to the effect on their ability to complete the project.
Toshiba announced it would exit nuclear construction after reporting a write-off of more than $6 billion in losses from Westinghouse. Additionally, the company plans to sell all or part of its controlling stake in Westinghouse Electric company, and Toshiba chairman Shigenori Shiga will resign, the New York Times reported. However, the company also said it would complete eight AP1000 reactors the company has under construction, including the two at Sumner.
The New York Times noted Toshiba has struggled to make Westinghouse profitable since that acquisition in 2006 but many more of the troubles came from the 2015 acquisition of CB&I Stone & Webster. Toshiba president Satoshi Tsunakawa said the purchase of CB&I Stone & Webster was approved in the hopes of improving efficiency and cost overruns in South Carolina and Georgia. However, the move caused Westinghouse to absorb more of the costs that would have otherwise gone to CB&I Stone & Webster.