Santee Cooper leads RFP process for V.C. Summers project restart without investment risk

The Labor, Commerce and Industry Committee's Public Utilities Subcommittee convened on April 24, 2025, to discuss significant developments regarding the V.C. Summer nuclear project. The meeting primarily focused on the process of soliciting proposals from third parties to restart construction on the project, which has been stalled.

During the session, Mr. Pendley clarified that the current Request for Proposals (RFP) is funded by Santee Cooper, with no public or ratepayer funds being utilized for this initial phase. He emphasized that the goal is to identify a coalition willing to invest in the project, which is reported to be nearly 50% complete. The intent is for this coalition to reimburse Santee Cooper for the initial funding and to take over all future financial responsibilities related to the project.

Mr. Pendley reassured the committee that Santee Cooper does not plan to engage in any investment risks associated with the restart, aiming instead to ensure that customers benefit from the existing value of the project. The discussion highlighted the importance of finding a suitable investor to resume construction without further financial burden on ratepayers.

Following the discussions, Representative Wooten expressed gratitude for the clarity provided by Mr. Pendley and moved to approve Senate Bill 51, which was unanimously supported by the subcommittee members. The meeting concluded with the approval of the bill, paving the way for further legislative action on the matter.