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Will VC Summer Sell off Parts from Abandoned Project

  • By Admin
  • September 20, 2017
  • 16 Views

Retired Santee Cooper CEO Lonnie Carter told state senators Monday that the abandoned VC Summer project shouldn’t be sold off for parts because it will be completed someday.  He is questioning whether it makes sense to sell parts off for a portion of what they’re worth, to reduce debt now, only to have to buy them at full cost later.

Carter said, while it doesn’t make fiscal sense to finish now, factors such as increased gas prices and regulations on carbon-producing plants may change the equation in a decade.

Whether to sell them is up to the utilities, though Santee Cooper has less say as the minority owner.

An estimated $11 million to $15 million annual cost to keep the assets includes warehousing, security, and maintenance, according to the utilities.

Kevin Marsh, CEO of SCE&G’s parent company SCANA, said his company has not yet decided.

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