Economy

Scana CEO to step down after failed nuclear project

Scana CEO to step down after failed nuclear project”

SCANA CEO Kevin Marsh and Senior VP Stephen Byrne announced their retirement in a statement to the media.

SCANA Chief Financial Officer Jimmy Addison will become the utility's new CEO on January 1.

"It has been an honor to serve as Chairman and Chief Executive Officer of SCANA for the past six years, and to have worked for the company since 1984", Marsh said in the statement. The project had cost $9 billion before being scrapped.

COLUMBIA, S.C. (WOLO)-After months of testimonies and hearings, state representatives used Monday's meeting to discuss solutions that best benefit ratepayers going forward, including calling for one leader to dismiss himself from his executive position.

The leader of a second SC utility involved in a failed $9 billion project to build two nuclear reactors is stepping aside. On Monday, South Carolina House Speaker Jay Lucas called for Marsh to step down.

Members of the House Utility Ratepayer Protection Committee unanimously voted to begin drafting legislation that would remove what they said is an eighteen percent increase to customer bills to pay for the reactors.

It's been three months since construction on two nuclear reactors at the V.C. Summer site in Fairfield County was abandoned.

SCANA is due a settlement from a bankrupt contractor as well as massive tax deductions that could cut in half the amount of money needed from customers.

"It pains me that SCE&G and its customers have had to go through this tumultuous time relating to the abandonment of the new nuclear project". A hearing with state regulators is set for December 12. He is eligible for up to $13.8 million in severance payments, according to regulatory filings. He earned $2.6 million in compensation past year.

Lawmakers and others had been putting pressure on both companies to make leadership changes since SCANA and state-owned utility Santee Cooper announced they were abandoning construction of the reactors July 31. Gov. Henry McMaster is trying to sell Santee Cooper with four interested buyers.

The reactors were proposed a decade ago when USA policymakers expected more than a dozen new nuclear power plants to provide carbon-free electricity. But reactor design delays, cost overruns and the bankruptcy of a main contractor doomed the project.

Two high level SCANA executives are retiring following the failure of the VC Summer nuclear project, the company announced Tuesday morning.



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