- Jul 22, 2020 7:13 pm GMT
Failed nuclear power project by South Carolina utility will settle the two-and-a-half year class-action suit for $520M. The terms of the settlement will require current owner of SCE&G, Dominion Energy, to pay $320 million. Santee Cooper, the South Carolina Public Service Authority, will pay $200 million in cash over three years. A rate freeze is also part of the settlement and will go into effect for the next four years. While this litigation has ended, the utility is facing another proposed class-action lawsuit by an investor in Santee Cooper's mini-bond program. This decision leaves many wondering if the bleeding will ever stop? If so, how? And what lessons can be learned? Will this outcome hinder the development and production of future nuclear power generation plants?
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