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  1. #1
    Join Date
    Mar 2002
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    Florence
    Posts
    9,026

    Default Nuclear power

    In the aftermath of the failure to complete the reactors I want to express my views and hear from you.

    First no rate payers should pay for something they are not getting. I have learned SCE&G customers are paying 18% of the bills toward nuclear power they may never see.

    2nd The legislature was sold on the idea that rate payers would save money since they would not have to pay as much for bonding. Mathematically that is true but only with completion within the original budget. The legislative change caused a shift of risk from the generator to the consumer. The bill slid through both chambers without much discussion.

    I now believe the risk shift allowed the power companies to get sloppy. Now, their shareholders were not at risk, you were. You see, they make profit off of the book value not operations and management. Their rate of return is rewarded by cost overruns.

    SCANA's project manager had to have known they were paying too much for incomplete work. I do not believe they just blindly paid invoices. The project manager, the CEO, the CFO had to have known. The legislature will have to subpoena records to investigate who else knew. Board of Directors? Commissioners? You simply can't spend 9 billion of an 11 billion dollar project and wake up one morning wondering if the project is out of hand.

    Westinghouse far underbid the cost. They will declare bankruptcy leaving the rate payer holding the bag. No nuclear energy plants have been constructed in 35 years. That made the decision to use nuclear energy for fuel more risky and without cost comparisons.

    Nuclear energy may still be the best option. Failure most likely dooms nuclear generation for many years to come. We may require federal help to save this endeavor.

    Duke may be the only local bidder. They need generation and want customers. Unfortunately, the estimated price tag to finish does not make financial sense.

    The Governor needs to negotiate. Santee Cooper may be on the chopping block. We can sell the Santee customer base. Their rates are too high now and are stifling growth in the region. Their rates should be lower since they don't pay state or federal taxes, local property taxes, or dividends.

    We can split up the generation and sell to other companies.

    WE must keep Lake Marion and Moultrie. Our natural resources should not be for sale.

    Legislation will need crafting.

    Rates must come down for those paying more than they should.

    SCE&G management and shareholders must pay a price.
    Last edited by Duck Tape; 08-11-2017 at 06:52 PM.
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