South Carolina utility to revive nuclear project | Inventory Information
Investing.com – Santee Cooper is planning to announce on Wednesday that it’s in search of consumers to revive construction on a pair of nuclear reactors in South Carolina that was halted years in the past, in accordance with the WSJ.
Citing people acquainted with the matter, the paper stated the state-owned utility is working with financial advisers at Centerview Companions. Proposals will probably be accepted till Could 5, the WSJ reported.
Santee Cooper will possible goal to seek out a consortium that features a construction group, a tech firm to make use of the facility, and an further companion to raise capital, the WSJ stated. One other energy company may very well be a potential companion as a result of Santee Cooper doesn’t plan to own or operate the reactors as soon as they’re operational, the WSJ famous.
The company is wagering that curiosity within the project at South Carolina’s huge V.C. Summer time Nuclear Station will probably be sturdy, notably amongst technology companies like Microsoft (NASDAQ:) and Amazon (NASDAQ:) who’re attempting to find energy sources for the information facilities that underpin their artificial intelligence ambitions, the WSJ stated.
Microsoft has introduced a deal with Constellation Power (NASDAQ:) to reopen Pennsylvania’s Three Mile Island, whereas Google-owner Amazon has signed agreements to help fund nuclear-power tasks. Different teams, together with Google-owner Alphabet (NASDAQ:) and Fb-parent Meta (NASDAQ:), have additionally proven curiosity in backing different nuclear-power proposals.
In 2017, development of the 2 nuclear reactors at V.C. Summer time was stopped following $9 billion in spending by Santee Cooper and then-co-owner South Carolina Electrical & Fuel. The latter is now a half of Dominion Power (NYSE:). The chapter of a contractor at V.C. Summer time that 12 months additionally hit construction of the reactors, which had been beforehand slated to be up and working by 2019.
Santee Cooper, which now owns 100% of the belongings on the V.C. Summer time plant, expects to get better some of the $9 billion that was spent, the WSJ stated.
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