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CWIP

CWIP, or Construction Work in Progress, is a law, fortunately existent only in a handful of U.S. states, that allows a utility to charge ratepayers higher rates to cover future costs of a yet-to-be-constructed reactor, even if that reactor is never built.

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Thursday
Feb152018

Financial Fukushima? South Carolina lawmaker uses evocative term "nuclear disaster" to describe abandonment of VC Summer nuclear project in his state

Thank you to Mary Olson of NIRS for calling attention to this article, which led Scott Stapf of the Hastings Group to tweet:

Financial Fukushima? South Carolina lawmaker uses evocative term "nuclear disaster" to describe abandonment of VC Summer nuclear project in state.

Here is a link to the article in the Post and Courier, entitled "S.C. House Votes to Replace Utility Regulators, Senate Wants Review of Nuclear Fiasco Decided by December."

And as Mary also pointed out:

"Summer is a financial meltdown, and in a state like SC, a long-term EJ issue too."

As South Carolina Public Service Commissioners are fired for their role in this financial Fukushima, it begs the question: What about David Wright? He has been nominated by President Donald J. Trump to become a U.S. Nuclear Regulatory Commissioner. His nomination passed the U.S. Senate Environment and Public Works Committee by a straight party line vote, with 11 Republicans voting to confirm, and 10 Democrats voting against confirmation. Wright, as long serving SC PSC head, presided over many years worth of bad decisions re: Summer Units 2 and 3 new build, including burdening ratepayers with Construction Work in Progress (CWIP), or nuclear tax, surcharges on their electric bills. Those surcharges increased over the years to reach a whopping 20% of ratepayers' electric bills.

Friday
Sep222017

What is the Baseload Reform Act, and how did SCANA benefit from it?

Friday
Sep012017

Is Vogtle 3 & 4 Decision a Hail Mary for Summer 2 & 3?!

The Nerve, S.C. Policy Council - Georgia's nukes: 'We'll go on'--Is it a ray of light for V.C. Summer? - Robert Meyerowitz

No matter how you slice it, ratepayers bear the risks...

Wednesday
Aug022017

Trigaux: Blind to runaway costs, nuclear power industry abandons another nuke plant

Business column in the Tampa Bay Times, by Robert Trigaux.

Trigaux concludes his column about the cancellation of Summer 2 & 3 in SC, as well as the cancellation of Levy County in FL:

None of these projects would have seen the light of day if state laws had not been enacted to shift the financial risk of grotesquely expensive nuclear plants from power company shareholders and dumped it all on hapless ratepayers. Utility customers typically have no other choice for their electricity. Florida's law, signed in 2006 by then Gov. Jeb Bush, was a loser from day one. Shame on Tallahassee for still having it on the books 11 years later.

Monday
Jul312017

FOE: South Carolina Bungled Nuclear Reactor Construction Project Canceled

Next Step: Who will be Held Accountable and When will Ratepayers Receive Refunds?


See the full press release by Friends of the Earth, featuring a statement by FOE's senior advisor, Tom Clements.

Here is an excerpt from Clements' statement:

To reduce the on-going blow to SCE&G ratepayers already paying 18% of the bill just to pay for project financing, it’s time for money to be refunded as it was collected from them under the false pretense that advance payment for the nuclear project was sound. In proceedings before the South Carolina Public Service Commission, we pledge to be a steward of the public interest and to determine who must be held accountable for this boondoggle and to fight for monetary reparations to customers.

Advance payment has also been referred to as "Construction Work in Progress," or CWIP.