South Carolina’s state-owned utility said this week it has signed a memorandum of understanding (MOU) with Brookfield Asset Management to do a feasibility study for finishing two incomplete nuclear reactors at the Virgil C. Summer nuclear station.
In October, Santee Cooper approved Brookfield’s proposal to complete the two partially built AP1000 reactors at V.C. Summer in Jenkinsville, S.C. The MOU establishes a feasibility period for completing the units, according to Santee Cooper’s Monday press release.
If the two units are completed, the Virgil C. Summer nuclear power plant could generate over 2,000 megawatts of carbon-free electricity, Santee Cooper President and CEO Jimmy Staton said. The South Carolina plant currently has one active unit that produces 973 megawatts.
Under the MOU, Brookfield must determine the initial feasibility and establish a target date for its final investment decision by June 26, 2026, according to the release. It is estimated to take 18 to 24 months to reach the final decision on whether to proceed with the project.
Santee Cooper would receive $2.7 billion in cash should the parties ultimately commit to building the units, according to the memo. The document also proposes a targeted 25% ownership share for state-owned Santee Cooper, once the units begin operation.
Virgil C. Summer Nuclear Power Station’s Unit 1, which began commercially operating in 1984, is a pressurized water reactor with the capacity of 973 megawatts and is operated by Dominion Energy.
The nuclear expansion project was the center of a legal scandal several years ago that led to some corporate executives being convicted in federal court on fraud-related charges.
Since the scandal and ultimate cancellation of the Virgil C. Summer units project, South Carolina power customers are still paying for it, as reported by South Carolina Daily Gazette in 2024.