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PostPosted: Jan 18, 2018 7:32 pm 
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Exclusive: Westinghouse reaches deal to resolve bankruptcy - sources

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The deal will divvy up cash from the $4.6 billion proposed sale of Westinghouse to Brookfield Business Partners, an affiliate of Canada’s Brookfield Asset Management. It also increases the likelihood the bankruptcy will be resolved before Toshiba’s financial year ends on March 31, ensuring the Japanese company receives certain tax benefits. As part of the agreement, Toshiba will sell its claims to a group of hedge funds led by the Baupost Group, making the group the biggest creditor in the case, according to the sources. The claims sale helps avoid fights among creditors that threatened to slow down the case. The group led by Baupost already acquired claims worth more than $2.2 billion from Scana Corp, a South Carolina utility that contracted Westinghouse to build two nuclear reactors.


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PostPosted: Jan 24, 2018 11:08 am 
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Gov. McMaster joins call to stop S.C. nuclear plant payments, casting doubt on utility sale

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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.


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PostPosted: Jan 25, 2018 11:34 am 
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Toshiba learns a painful lesson about oversight

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


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PostPosted: Feb 01, 2018 1:17 pm 
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S.C. House passes bill to halt nuclear-related payments to SCE&G, possibly dooming Dominion takeover

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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?


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PostPosted: Feb 14, 2018 8:06 pm 
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7 football fields worth of nuclear equipment gathering dust in SCE&G warehouses

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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.


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PostPosted: Feb 22, 2018 11:36 pm 
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SCANA reports major financial losses as nuclear headache continues

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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.


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