$2.7B Lifeline Offered for South Carolina’s Long-Dormant Nuclear Project

A project many South Carolinians wrote off years ago is suddenly back in play, as a private investment firm has stepped forward with a multibillion-dollar proposal that could resurrect the state’s unfinished nuclear…

Andrew PowellDec 9, 20253 min read

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For Santee Cooper, the offer represents a potential financial reset. The utility and former partner

South Carolina

Electric & Gas poured more than $9 billion into the reactors before abandoning the effort.

The collapse of the project led to criminal convictions for four executives who misled regulators, shareholders, and customers, leaving millions paying for power that never existed.

A vast concrete shell still looms over the rural site north of Columbia — a daily reminder of the collapse of one of the state’s most expensive public failures.

Utility CEO Jimmy Staton said the Brookfield payment would wipe out most of Santee Cooper’s debt tied to the failed reactors.

“Our customers have been paying for these assets since 2017. It’s time they get some value out of that,” Staton said.

The proposal comes as demand for electricity surges nationwide, driven largely by the rapid expansion of data centers supporting artificial-intelligence technology. President Donald Trump’s administration has pushed for the U.S. to quadruple its nuclear-power output over the next 25 years.

Still, watchdog groups warn that optimism should be tempered. After eight years exposed to the elements, every component at the site will require extensive inspection. Permits and operating licenses will likely need to be fully renewed, a process advocates say could take years.

Tom Clements, executive director of Savannah River Site Watch, said the challenges are significant, noting that similar reactor designs have repeatedly run over budget.

Brookfield now controls the nuclear assets of Westinghouse Electric Co., the firm whose struggles helped sink the original project. And Georgia’s two recently completed reactors of the same type exceeded their budget by $17 billion before entering service in 2023.

Whether South Carolina’s unfinished reactors can be revived remains uncertain — but for the first time in years, the possibility is back on the table.