Failed nuclear contractor signs $21M deal, working with feds

Aug 30, 2021, 6:43 AM | Updated: 9:56 am

The chief contractor at a failed multibillion-dollar project to build two nuclear reactors in South Carolina has agreed to pay more than $20 million as part of a cooperation agreement with federal authorities probing the fiasco.

Under an agreement announced Monday by Acting U.S. Attorney Rhett DeHart, Westinghouse Electric Co. will contribute $5 million to a program intended to assist low-income ratepayers affected by the project’s failure. Another payment of $16.25 million will be due before July 1, 2022.

The company will also be required to cooperate with federal investigators still probing the company’s role in the 2017 debacle, which cost ratepayers and investors billions and left nearly 6,000 people jobless.

Westinghouse was the lead contractor on the construction of two new reactors at the V.C. Summer Nuclear Station in Jenkinsville, about 30 miles (48 kilometers) north of Columbia. South Carolina Electric & Gas Co. parent company SCANA Corp. and state-owned utility company Santee Cooper spent nearly $10 billion on the project before halting construction in 2017 following Westinghouse’s bankruptcy.

The collapse of the V.C. Summer project spawned multiple lawsuits, some by ratepayers who said company executives knew the project was doomed and misled consumers and regulators as they petitioned for a series of rate hikes. Three top-level executives have already pleaded guilty in the multi-year federal fraud investigation. A fourth has been charged and is expected in federal court Tuesday.

Earlier this year, a federal judge signed off on a plan to disperse $192 million among former SCANA shareholders, a settlement that attorneys for the investors said was the largest securities class action recovery obtained in South Carolina when a judge approved it last year.

On Monday, DeHart said Westinghouse has given federal investigators more than three million pages of documents, data and correspondences and made employee witnesses available for interviews. Through its former parent company Toshiba, Westinghouse has also made more than $2 billion in settlement payments related to the project.

Since the failure, Westinghouse has removed, reassigned or retrained its senior management, elected a new board and implemented new financial controls, according to DeHart.

“Our office continues to seek justice for the victims of the V.C. Summer Project failure,” DeHart said in a news release. “Westinghouse’s cooperation is vital to our ongoing efforts to hold accountable the individuals most responsible for this debacle.”

___

Meg Kinnard can be reached at http://twitter.com/MegKinnardAP.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

AP

Associated Press

Highland Park set tight gun limits long before parade attack

CHICAGO (AP) — In a state with some of the country’s toughest gun regulations and a city that bans semi-automatic weapons, Dana Gordon still feared a mass shooting could happen here. Gordon, a Highland Park resident and an anti-gun violence activist, knew the familiar questions from victims of mass shootings across the country — how […]
14 hours ago
Associated Press

How major US stock indexes fared Tuesday 7/5/2022

Major stock indexes shook off an early slump and ended with meager gains on Wall Street Tuesday as worries about the economy continue to weigh on markets. Oil prices slumped, bringing the price of U.S. crude back below $100 a barrel for the first time since early May. Tech stocks staged a turnaround and ended […]
14 hours ago
Associated Press

Newmont, ConocoPhillips fall; Moderna, Cowen rise

NEW YORK (AP) — Stocks that traded heavily or had substantial price changes Tuesday: AstraZeneca Plc., down 44 cents to $65.51. The pharmaceutical company is buying drug developer TeneoTwo. Newmont Corp., down $1.46 to $59.71. The gold producer’s stock fell along with prices for the precious metal. ConocoPhillips, down $6.34 to $84.64. Energy stocks fell […]
14 hours ago
President Joe Biden speaks on the South Lawn of the White House, Monday, July 4, 2022, in Washingto...
Associated Press

Biden to Ohio, spotlighting rescued pensions for millions

WASHINGTON (AP) — Seeking to boost his standing with frustrated blue-collar voters, President Joe Biden on Wednesday will use the backdrop of a union training center in Cleveland to tell workers his policies will shore up troubled pension funding for millions now on the job or retired. Hurt politically by inflation at a 40-year high […]
14 hours ago
FILE - Fans watch at the start of an NFL football game inside AT&T Stadium between the New York Gia...
Associated Press

Cowboys criticized over deal with gun-themed coffee company

FRISCO, Texas (AP) — The Dallas Cowboys sparked criticism on social media Tuesday after announcing a marketing agreement with a gun-themed coffee company with blends that include “AK-47 Espresso,” “Silencer Smooth” and “Murdered Out.” The partnership with the Black Rifle Coffee Co. was revealed on Twitter the day after more than a half-dozen people died […]
14 hours ago
FILE - In this June 1995, file photo a Northern Spotted owl sits on a branch in Point Reyes, Calif....
Associated Press

Judge throws out Trump-era rollbacks on endangered species

WASHINGTON (AP) — A federal judge on Tuesday threw out a host of actions by the Trump administration to roll back protections for endangered or threatened species, a year after the Biden administration said it was moving to strengthen species protections weakened under former President Donald Trump. U.S. District Judge Jon Tigar in Northern California […]
14 hours ago

Sponsored Articles

(Courtesy Condor)...
Condor Airlines

Condor Airlines shows passion for destinations from Sky Harbor with new-look aircraft

Condor Airlines brings passion to each flight and connects people to their dream destinations throughout the world.
...
Day & Night Air Conditioning, Heating and Plumbing

Most plumbing problems can be fixed with regular maintenance

Instead of waiting for a problem to happen, experts suggest getting a head start on your plumbing maintenance.
...
Christina O’Haver

BE FAST to spot a stroke

Every 40 seconds—that’s how often someone has a stroke in the United States. It’s the fifth leading cause of death among Americans, with someone dying of a stroke every 3.5 minutes.
Failed nuclear contractor signs $21M deal, working with feds