South Carolina’s state-owned utility Santee Cooper has launched a proposal process to acquire and finish the V.C. Summer Nuclear Units expansion project.
The company seeks partners to complete or propose alternatives for two partially built generating units in Jenkinsville, South Carolina.
This move aims to address growing national electricity needs with new nuclear power. Santee Cooper currently has no plans to possess the units.
Santee Cooper has partnered with US investment banking firm Centerview Partners to conduct a Request for Proposal (RFP). They seek parties interested in buying the project and related assets, and potentially completing one or both units or exploring alternative uses of the assets. Proposals are due by 5 May 2025.
According to the utility, factors driving the RFP launch include a growing need for new generating capacity, fuelled by rapid growth in data centres, the continued onshoring of advanced manufacturing, and the retirement of fossil units.
Santee Cooper also mentioned significant national interest in repowering previously closed or cancelled nuclear projects to shorten project timelines. The Unit 2 was significantly progressed when the project was abandoned.
Additionally, federal support for nuclear construction, including the availability of tax credits and loan guarantees, is influencing the decision.
Santee Cooper president and CEO Jimmy Staton said: “Considering the long timelines required to bring new nuclear units online, Santee Cooper has a unique opportunity to explore options for Summer Units 2 and 3 and their related assets that could allow someone to generate reliable, carbon emissions-free electricity on a meaningfully shortened timeline.
“We appreciate the interest of state leaders in Santee Cooper moving forward with this RFP.”
The Summer project to build two Westinghouse AP1000 reactors had nearly reached $10bn in costs before it was cancelled in 2017.
The power utility voted to halt construction of Units 2 and 3 in July 2017 after extensive delays and costly setbacks, including bankruptcy by its contractor, Westinghouse Electric.
Along with majority owner SCE&G (now Dominion Energy South Carolina), the project was abandoned. In 2018, SCE&G transferred its interest in the assets to Santee Cooper.
The V.C. Summer project is said to be the only site in the US capable of delivering 2,200 MW of nuclear capacity on an accelerated timeline.
Its location within the nuclear security ‘envelope’ of the larger V.C. Summer station site, originally designed to support multiple units, adds to its advantage.
