SCANA CORPORATION CAYCE, S.C., March 29, 2017 /PRNewswire/ -- SCANA Corporation (SCANA) (NYSE:SCG), today provided an update with regard to the impact of the Chapter 11 filing of Westinghouse Electric Company, LLC (WEC) on the new nuclear project at the V.C. Summer Nuclear Station. South Carolina Electric & Gas Company, principal subsidiary of SCANA, and V.C. Summer Nuclear Station co-owner, Santee Cooper, contracted with WEC to build two Westinghouse AP1000 reactors in Fairfield County, S.C.
SCANA and Santee Cooper have been working with WEC in anticipation of the bankruptcy filing to reach an agreement, subject to bankruptcy court approval, that allows for work on the project to continue toward completion of the units. This agreement, which will be filed today with the court as part of WEC's bankruptcy filings, allows for a transition and evaluation period during which SCANA and Santee Cooper will assess information provided by WEC and determine the most prudent path forward for the project.
"This agreement with Westinghouse allows progress to continue to be made on-site while we evaluate the most prudent path to take going forward," said SCANA Chairman and CEO, Kevin Marsh. "Fluor will continue as the construction manager during this period and they continue to work towards completion of the units."
Lonnie Carter, Santee Cooper President and CEO, said, "This agreement will provide SCE&G and Santee Cooper the time necessary to perform due diligence related to cost and schedule. It gives us critical direct access to resources and information that Westinghouse had not provided us to date, which will be important as we plan for the future of the project."
David Seaton, Fluor Chairman and CEO, said, "Fluor will continue to support SCANA, Santee Cooper, and Westinghouse on the VC Summer project as the parties work through the current situation. We remain committed to the successful completion of this important project."
SCANA will host a call with financial analysts at 3:00pm Eastern Time on March 29, 2017, during which members of SCANA's management team will provide an update on the impact of WEC's bankruptcy on the new nuclear project.
Details of the call are as follows:
Date and Time: Wednesday, March 29,
2017, 3:00 p.m. Eastern
Time
Call in Number: U.S. 888-347-3258
Canada 855-669-9657
International 412-902-4279
Speakers: Kevin Marsh Chief Executive Officer-
SCANA
Jimmy Addison Chief Financial Officer -
SCANA
Steve Byrne Chief Operating Officer -
SCE&G
Instructions: The conference
call will begin
promptly at 3:00
p.m. Eastern
Time.
Participants
should call in
10-15 minutes
early so that
operators have
sufficient time
to record your
name and company
affiliation
prior to the
call beginning.
Participants who
join the call
late will be
interrupted
during the call
by the operator
to record their
name and company
affiliation. A
replay of the
conference call
will be
available
approximately 2
hours after
completion of
the call through
April 10, 2017.
To access the
replay, call
877-344-7529
(U.S.),
855-669-9658
(Canada), or
412-317-0088
(International)
and enter the
event code
10104019. A
transcript of
the call will be
available on the
Investors
section of the
Company's
website at
www.scana.com.
Internet Access: The press
release,
presentation
materials and a
live listen-
only webcast of
the conference
call will be
available on the
Investors
section of the
website at
www.scana.com.
The webcast will
begin Wednesday,
March 29, 2017
at 3:00 p.m.
Eastern Time. A
replay of the
conference call
will also be
available on the
Company's
website through
April 10, 2017.
PROFILE
SCE&G is a regulated public utility engaged in the generation, transmission, distribution and sale of electricity to approximately 709,000 customers in South Carolina. The company also provides natural gas service to approximately 358,000 customers throughout the state. More information about SCE&G is available at www.sceg.com.
SCANA Corporation, headquartered in Cayce, S.C., is an energy-based holding company principally engaged, through subsidiaries, in electric and natural gas utility operations and other energy-related businesses. The company serves approximately 709,000 electric customers in South Carolina and approximately 1.3 million natural gas customers in South Carolina, North Carolina and Georgia. Information about SCANA and its businesses is available at www.scana.com.
SCANA Media Contact: SCANA Investor Contacts:
Rhonda O'Banion Bryant Potter Iris Griffin
(800) 562-9308 (803) 217-6916 (803) 217-6642
Santee Cooper Media
Contact:
Mollie Gore
(843) 761-7093
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/scana-corporation-to-hold-analyst-call-on-march-29-2017-to-discuss-plans-to-continue-work-on-the-new-nuclear-project-during-a-transition-and-evaluation-period-300431016.html
SOURCE SCANA Corporation
