The abandoned $9bn+ VC Summer nuclear plant in South Carolina is scheduled for restart construction in recent updates. State-owned utility Santee Cooper says its plans is moving forward and employees are already on site. For years, the two half-built nuclear reactors in Fairfield County have sat idle, costing South Carolinians billions of dollars. However, utilities are currently working on a proposal that would allow global investment firm Brookfield Asset Management.
The firm is proposing a $2.7 billion buyout to step in and finish the project. At a meeting earlier this week, Santee Cooper officials said the deal to bring in a private company remains on track. “Things are moving along,” said Mike Finissi, Chief Operating Officer of Santee Cooper. The original project was a partnership between Santee Cooper and SCANA, formerly SCE&G, which was later acquired by Dominion Energy. The two reactors were expected to generate more than 2,000 megawatts of energy. Moreover, they aimed at addressing the state’s growing energy needs.
Other Projects
Another nuclear project that has faced setbacks but is gradually taking shape is the Palisades nuclear plant by Holtec. The Palisades Nuclear Plant in Michigan is advancing toward a historic restart, now projected for early 2026 rather than late 2025. Owned by Holtec International, it aims to be the first U.S. plant to resume operations after decommissioning, backed by a $1.5 billion DOE loan. Key milestones include recent primary system passivation and new fuel delivery.
Outlook on the VC Summer Nuclear Plant in Fairfield County
The progress of the VC Summer nuclear plant in South Carolina was halted by various challenges that impeded its progress. These include construction delays, cost overruns and also the conviction of several top executives. Following to this, the project was abandoned in 2017. From then on, customers from both utilities have been paying back about $9bn through their energy bills.
However, recent developments show that the project will be able to serve those it should once complete. Under the signed agreement, Santee Cooper will retain a 25% ownership stake once the reactors are operational. Officials say the upfront payment would help lower some customers’ bills under the plan they have now. However, Finissi says things can change down. “We’ve run the numbers… it would result in a reduction of rates” Finissi said.
“But all that being said, this is where we are today. Things are subject to change,” Finissi said. The restart project is in the feasibility stage with about 30 employees already on site. The next major step is expected this spring, when officials select a project manager and construction contractor.
After that, leaders say it could take between 18 months and two years to determine whether to fully move forward with restarting construction. That decision would also trigger the transfer of Brookfield’s payment to Santee Cooper. Dominion Energy is not involved in the current agreement with Brookfield.
Project Factsheet
- Project Name: VC Summer Nuclear Plant Units 2 & 3
- Location: Fairfield County, South Carolina
- Estimated Investment Value: $9 Billion+ (original project)
- Buyout Proposal: $2.7 Billion
- Project Type: Nuclear power plant (restart of abandoned project)
Timeline
- 2017: Project abandoned due to delays and cost overruns
- 2026: Restart plans under feasibility stage
- Next Step: Selection of project manager and contractor (expected soon)
- Decision Timeline: 18–24 months to determine full restart
Site & Scale
- Two partially completed nuclear reactors
- Planned Capacity: 2,000+ MW
- Status: Idle site with ongoing preparatory activity
Project Teams
- Owner: Santee Cooper
- Proposed Investor: Brookfield Asset Management
- Original Partner: SCANA (formerly SCE&G)
- Successor Entity: Dominion Energy (not part of restart deal)
Strategic Objectives
- Revive stalled nuclear capacity project
- Meet growing electricity demand in South Carolina
- Reduce long-term costs burden on ratepayers
- Bring private investment into completion phase
Challenges
- Past cost overruns and construction delays
- Legal and governance issues from original project
- Financial risk and uncertainty on restart viability
Current Status
- Feasibility stage with staff on site
- Buyout proposal under consideration
- Awaiting contractor selection and final investment decision
