Law360, New York (July 31, 2017, 7:58 PM EDT) -- Construction on two new nuclear reactors in South Carolina will come to a halt, the plant owners said Monday, after severe cost overruns for the $14 billion project contributed to contractor Westinghouse Electric's bankruptcy and a $2.2 billion severance payment from Westinghouse parent Toshiba Corp.
South Carolina Electric & Gas Co. and utility Santee Cooper, respectively the majority and minority owners of the Virgil C. Summer Nuclear Station in Jenkinsville, South Carolina, have decided to pull the plug on the stalled and overbudget nuclear reactor project, one of the first to be constructed in the U.S. since the 1970s.
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