- Associated Press - Monday, January 27, 2014

PINOPOLIS, S.C. (AP) - Santee Cooper’s board has approved an agreement to sell a stake in two nuclear reactors to SCANA Corp. for about $500 million.

The Post and Courier of Charleston reports (https://bit.ly/1fqXxER ) that the deal approved Monday will increase SCANA’s ownership in the new units at the V.C. Summer Nuclear Station near Jenkinsville from 55 percent to 60 percent.

State-owned utility Santee Cooper’s ownership will drop to 40 percent.

SCANA owns SCE&G;, which, along with Santee Cooper, will jointly operate the $10 billion reactors.

The new reactors are expected to come online in 2018 and 2019. The deal will take place over several years and likely won’t be finalized until about 2021.

Charlotte, N.C.-based Duke Energy Corp. had negotiated for a 5 percent to 10 percent slice of the reactors.

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Information from: The Post and Courier, https://www.postandcourier.com


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