Gov. McMaster joins call to stop S.C. nuclear plant payments, casting doubt on utility sale
Gov. Henry McMaster changed course Tuesday and said he's convinced South Carolina Electric & Gas should be forced to eat the costs of its failed nuclear project after a key government audit cast doubt on the power company's claim it would be bankrupted by the colossal bill.
His announcement hammered the stock price of SCE&G parent SCANA Corp. — a slide that suggests Wall Street thinks its proposed sale to Dominion Energy could go up in smoke.
SCANA shares are sitting 25 percent under Dominion's proposed purchase price.
SCANA is increasingly finding itself isolated in the Statehouse, where many lawmakers remain angry over the abandoned $9 billion project that cost nearly 6,000 jobs and put ratepayers on the hook for decades to come.
Read more: https://www.postandcourier.com/business/gov-mcmaster-joins-call-to-stop-s-c-nuclear-plant/article_6820ce0c-0062-11e8-9b1b-a34e34ca0269.html