Energy From Thorium Discussion Forum

It is currently Jun 23, 2018 10:39 am

All times are UTC - 6 hours [ DST ]




Post new topic Reply to topic  [ 161 posts ]  Go to page Previous  1 ... 7, 8, 9, 10, 11
Author Message
PostPosted: Jan 24, 2018 11:08 am 
Offline
User avatar

Joined: Nov 30, 2006 3:30 pm
Posts: 3631
Location: Alabama
Gov. McMaster joins call to stop S.C. nuclear plant payments, casting doubt on utility sale

Quote:
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.


Top
 Profile  
 
PostPosted: Jan 25, 2018 11:34 am 
Offline
User avatar

Joined: Nov 30, 2006 3:30 pm
Posts: 3631
Location: Alabama
Toshiba learns a painful lesson about oversight

Quote:
It was against this backdrop that Toshiba approved Westinghouse's purchase in December 2015 of S&W for zero dollars.


Top
 Profile  
 
PostPosted: Feb 01, 2018 1:17 pm 
Offline
User avatar

Joined: Nov 30, 2006 3:30 pm
Posts: 3631
Location: Alabama
S.C. House passes bill to halt nuclear-related payments to SCE&G, possibly dooming Dominion takeover

Quote:
With pressure mounting, the South Carolina House voted Wednesday to temporarily halt $37 million in monthly payments to SCANA, threatening a proposed takeover by Dominion Energy. State representatives ignored urgent pleas from SCANA, once the darling of South Carolina's business community, by overwhelmingly supporting a bill that relieves the Cayce-based company's electric customers from paying for two useless nuclear reactors at V.C. Summer station — for now. "We need to protect the ratepayer. That is our job. That is what we were elected to do," House Speaker Jay Lucas said during a rare speech from the House floor.


I really have no idea how SCE&G thought they could possibly get ratepayers to continue to pay for a reactor that they had quit building....but what do I know?


Top
 Profile  
 
PostPosted: Feb 14, 2018 8:06 pm 
Offline
User avatar

Joined: Nov 30, 2006 3:30 pm
Posts: 3631
Location: Alabama
7 football fields worth of nuclear equipment gathering dust in SCE&G warehouses

Quote:
Nearly seven football fields worth of unused nuclear parts and equipment are gathering dust in two SCE&G warehouses, a state utility regulator said Tuesday. The parts, which the S.C. Office of Regulatory Staff estimates are worth hundreds of millions of dollars, once were destined for two new nuclear reactors under construction at the V.C. Summer Nuclear Station in Fairfield County. But that project was abandoned last July by SCE&G and the state-owned Santee Cooper utility after they had spent $9 billion on the decadelong project, ruined by construction delays and cost overruns. Now, the equipment’s future is unknown, as the valves and components sit idle in two massive, off-site storage warehouses leased by the two utilities. The companies are paying nearly $2.5 million per year to lease the warehouses, Santee Cooper said Wednesday.


But SCE&G wants ratepayers to keep paying for this.


Top
 Profile  
 
PostPosted: Feb 22, 2018 11:36 pm 
Offline
User avatar

Joined: Nov 30, 2006 3:30 pm
Posts: 3631
Location: Alabama
SCANA reports major financial losses as nuclear headache continues

Quote:
The Cayce-headquartered company reported a loss of $119 million, or 83 cents a share, for 2017, compared with earnings of $595 million, or $4.16 a share, for 2016, according to a news release from the utility Thursday. The company said the loss primarily was because of the abandoned nuclear construction project. SCANA reported its SCE&G subsidiary wrote off $908 million of the project’s value during the fourth quarter, an after-tax loss of $559 million. That move wrecked SCANA’s profits for the quarter and year.


Top
 Profile  
 
PostPosted: Mar 06, 2018 10:05 pm 
Offline
User avatar

Joined: Nov 30, 2006 3:30 pm
Posts: 3631
Location: Alabama
Toshiba's finances on track to regain pre-crisis levels

Quote:
A successful sale could tack another 200 billion yen ($1.88 billion) onto the company's net worth, which Toshiba projected at 460 billion yen for the end of March in third-quarter earnings released Feb. 14. That would bring the shareholder's equity ratio to 16.1% -- close to the 17.1% it had for the year through March 2015, the year before an accounting scandal came to light, inflicting a wound that huge losses at Westinghouse then deepened.


Top
 Profile  
 
PostPosted: Mar 11, 2018 8:37 am 
Offline
User avatar

Joined: Nov 30, 2006 3:30 pm
Posts: 3631
Location: Alabama
Could the fate of the nuclear surcharge come down to a 3.5 x 7 piece of paper?

Quote:
And one is an official notice from the Public Service Commission, all black and white in type so tiny I can barely make out all the words with my contacts in. It tells customers how they can comment on the merger. It’s the sort of notice we get whenever SCE&G applies for a rate increase that is not related to the nuclear construction project the company abandoned this summer. It’s the sort of notice that we did not get on the nine occasions when the utility filed for permission to raise rates to pay for the nuclear construction project. And the absence of those notices could decide the multi-billion-dollar battle over who pays for the failed project. That, in turn, could determine whether SCANA, South Carolina’s lone Fortunate 500 company, remains a Fortune 500 company, or goes bankrupt, or becomes part of Dominion, Virginia’s giant utility.


Top
 Profile  
 
PostPosted: Mar 12, 2018 9:25 am 
Offline
User avatar

Joined: Nov 30, 2006 3:30 pm
Posts: 3631
Location: Alabama
Guest edit: Nothing about the S.C. nuclear debacle was prudent

Quote:
SCANA and Santee Cooper agreed in 2008 to move forward with construction on two new nuclear reactors without a final design, with an estimated price tag of more than $10 billion, which would eventually nearly double. The Westinghouse design was new and untested, as evidenced by the multiple revisions – including as late as 2011 – the company submitted to the federal Nuclear Regulatory Commission. Westinghouse knew that design issues might be a problem, according to correspondence from its CEO Danny Roderick obtained by two environmental groups and detailed in a Post and Courier report on Tuesday. But Westinghouse officials pushed back when SCANA and Santee Cooper started to raise concerns about delays and cost overruns almost immediately after construction began in 2013. The same emails suggest that Westinghouse, SCANA and Santee Cooper kept customers and shareholders – and state regulators – in the dark. In the meantime, both utilities proceeded to periodically and substantially raise rates in order to pay for a project they knew was likely to go over budget and fall behind schedule – if they could complete it at all. In fact, customers are still paying those higher rates, more than eight months after the reactors were abandoned.


Top
 Profile  
 
PostPosted: Apr 05, 2018 11:02 am 
Offline
User avatar

Joined: Nov 30, 2006 3:30 pm
Posts: 3631
Location: Alabama
How hedge funds are suing nuclear plant contractors that South Carolina utilities didn't

Quote:
Westinghouse's nuclear reactor business had become a "de facto Ponzi scheme" by the time it foundered — a money pit that could only be filled by signing up more and more customers to build power plants. That's the case laid out in bankruptcy court filings by Citigroup and a group of hedge funds that have set out to do what a pair of South Carolina power companies didn’t: squeeze more money from the troubled company that could lower power bills for customers.


Uh-huh. But does this surprise anyone? Westinghouse had structured the Vogtle and Summer contracts as "loss-leaders"....they had to get more business after these reactors.

Quote:
They accuse Westinghouse of running a project that was "blatantly mismanaged for years." They accuse the company of pulling off an "'extend and pretend' scheme" to string the utilities along for years.


Top
 Profile  
 
PostPosted: Apr 25, 2018 8:17 pm 
Offline
User avatar

Joined: Nov 30, 2006 3:30 pm
Posts: 3631
Location: Alabama
Westinghouse CEO opens up about collapse of 2000s 'nuclear renaissance'

Quote:
Moreover, the four nuclear power plants that Westinghouse Electric set about building were the first in the U.S. in about 30 years, after construction of new nuclear plants was halted in the wake of the Three Mile Island accident in 1979. The projects were also hit by swelling costs caused by major delays in the construction schedule, and as Westinghouse Electric's parent company Toshiba suffered huge losses, the American subsidiary ended up filing for Chapter 11 bankruptcy protection. Gutierrez believes that the loss of expertise in construction was a factor behind the failed construction projects, stating that, "A lot of vendors were not necessarily very well prepared for this."


Top
 Profile  
 
PostPosted: May 31, 2018 6:50 pm 
Offline
User avatar

Joined: Nov 30, 2006 3:30 pm
Posts: 3631
Location: Alabama
Toshiba scraps project to build ABWRs in Texas

Quote:
Toshiba announced today that its board had decided TANE will withdraw from the project. "Toshiba will proceed with the necessary procedures for the withdrawal with all related parties, and target its early completion," the company said. It expects to complete its withdrawal by the end of this year.

"The economic circumstances supporting the project have declined as a result of significant decreases in electricity rates due to the shale gas revolution, and the trend to tighter regulation of nuclear power plants in the aftermath of the Great East Japan Earthquake," Toshiba said. "Under current and expected economic conditions, further development of STP units 3 and 4 has ceased to be financially viable. In addition, maintaining the project incurs continuous costs, and no investors have expressed an interest in participation." It continued, "In these circumstances, there is no clear pathway to securing profitability and Toshiba has decided to completely withdraw from the project. The company has resolved to cancel all contracts related to NINA, the EPC contract and deferred loans, and to forgive loans under loan contracts."

Toshiba said its decision to exit the STP units 3 and 4 project is in line with its basic policy "to eliminate risk from the overseas nuclear power business, particularly from construction-related cost overruns in nuclear power plant construction projects, by withdrawing from projects where Toshiba Group serves as prime contractor or has to bear risk from construction-related cost overruns".

The company said that, as of today, it has claims of USD641 million and an equity interest of USD147 million in the US ABWR project. However, it noted that it recorded allowances for most of all bad debt and impairment loss by FY2017, which ended 31 March 2018, and the impact on business results in FY2018 "will be minimal".


Top
 Profile  
 
Display posts from previous:  Sort by  
Post new topic Reply to topic  [ 161 posts ]  Go to page Previous  1 ... 7, 8, 9, 10, 11

All times are UTC - 6 hours [ DST ]


Who is online

Users browsing this forum: No registered users and 3 guests


You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot post attachments in this forum

Search for:
Jump to:  
Powered by phpBB® Forum Software © phpBB Group