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Toshiba To Pay $2.2B For Unit's Exit From SC Nuke Reactors

Law360, New York (July 28, 2017, 1:56 PM EDT) -- Westinghouse Electric Co. parent company Toshiba Corp. will pay nearly $2.2 billion to rid itself of obligations on two unfinished nuclear reactors at the Summer Nuclear Station in Jenkinsville, South Carolina, according to a statement released Thursday by the project owners.

Southern Carolina Electric & Gas Co., a subsidiary of SCANA Corp., and Santee Cooper entered into an agreement with Toshiba obligating the company to make payments in installations until September 2022. The agreement marks a step by Westinghouse, which entered bankruptcy earlier this year, to rid itself of nuclear obligations that have been mired in delays and cost overruns....

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