Who Pays for Reactors That Never Ran?

On screen, in order

1. 0:10

   CONSTRUCTION STOPPED · 2017

   

   SCE&G abandoned the project on 31 July 2017. The abandoned project is Units 2 and 3.

   • [1] SC PSC Order No. 2018-804, p. 7
2. 0:11

   NRC / SEPARATE LICENSE · UNIT 1 · Separate operating reactor · OUTSIDE THIS ABANDONED PROJECT

   

   Unit 1 is on the NRC’s list of operating reactors with its own licence. Units 2 and 3 were never completed.

   • [2] NRC, V.C. Summer Unit 1
   • [3] NRC, V.C. Summer Units 2 and 3
3. 0:18

   DOMINION · COMPANY FILING / CLAIMED · Recovery through 2039

   

   Data as of 30 June 2026. The filing says the NND Project costs “will be recovered from electric service customers over a 20-year period ending in 2039”. NND Project is the filing’s name for V.C. Summer Units 2 and 3.

   • [4] DESC Form 10-Q, June 2026, Note 2, regulatory assets table and footnote (1), pp. 13–14
4. 0:19

   SANTEE COOPER · COMPANY FILING / CLAIMED · Debt service in rates

   

   Santee Cooper: “for rate-making purposes, the Authority includes the debt service on these borrowed funds in its rates.”

   • [5] Santee Cooper 2026DEF Official Statement, p. 53 (PDF p. 61), Nuclear Units, Regulatory Accounting
5. 0:25

   DOMINION · REGULATORY FILES · OWNER LOSS · CUSTOMER CREDITS

   

   The 2018 order sets a shareholder write-down and customer refunds and credits. The folders are illustrations.

   • [1] SC PSC Order No. 2018-804, pp. 57–58
6. 0:25

   SANTEE COOPER · DEBT SERVICE FILES · BORROWING · SETTLEMENT · BONDS · SETTLEMENT

   

   Debt service in rates is Santee Cooper’s own description. The Toshiba settlement figures are in its audited accounts; see 7:44.

   • [5] Santee Cooper 2026DEF Official Statement, p. 53 (PDF p. 61), Nuclear Units, Regulatory Accounting
   • [5] Santee Cooper 2026DEF Official Statement, Appendix A, Note 1, p. 45 (PDF p. 137)
7. 0:44

   SCE&G / DOMINION · 55% · SANTEE COOPER · 45% · DOCUMENTED / NOT CUSTOMER COST SHARES

   

   Ownership shares in the unfinished units, not shares of any customer’s costs.

   • [1] SC PSC Order No. 2018-804, p. 57, footnote 12
   • [5] Santee Cooper 2026DEF Official Statement, Appendix A, Note 8, p. 71 (PDF p. 163)
8. 0:50

   DOCKET NO. 2008-196-E – ORDER NO. 2009-104(A) · MARCH 2, 2009 · PAGE 8 (page shown; highlighted: “the utility must be allowed to recover its capital costs related to the plant through revised rate filings or general rate proceedings.”)

   

   The order quotes the Base Load Review Act, S.C. Code Ann. § 58-33-275(C).

   • [6] SC PSC Order No. 2009-104(A), p. 8 (PDF p. 12)
9. 0:59

   Prices carried financing. · DEBT SERVICE · EQUITY EARNINGS · REVISED RATES · During the build

   

   The 2009 order: SCE&G “will use revised rates … to generate funds to pay debt service on the newly issued debt, and to provide earnings to support the newly issued equity.”

   • [6] SC PSC Order No. 2009-104(A), p. 81 (PDF p. 85)
10. 1:17

    SCE&G / ANNUAL RETAIL ELECTRIC REVENUE / 2017 · 100% OF ANNUAL RETAIL REVENUE · ~$445 million · ~18% · CAPITAL-COST RECOVERY

    

    Data as of 31 July 2017. At abandonment in 2017, recovery of capital costs on the project was “approximately 18% or $445 million of SCE&G’s annual retail electric revenue.” A share of the utility’s revenue, not of a household bill.

    • [1] SC PSC Order No. 2018-804, p. 7
11. 1:25

    ONE HOME TODAY · HOUSEHOLD BILL · USAGE + CURRENT TARIFF · NOT A UNIVERSAL 18% NUCLEAR CHARGE

    

    None of the documents gives the nuclear share of a current household bill. The 18% describes SCE&G’s 2017 revenue. The envelope is an illustration, not a real bill.

    • Checked[1] SC PSC Order No. 2018-804, p. 7
    • [4] DESC Form 10-Q, June 2026, Note 2, regulatory assets table and footnote (1), pp. 13–14
    • [5] Santee Cooper 2026DEF Official Statement, p. 53 (PDF p. 61), Nuclear Units, Regulatory Accounting
    • [7] Santee Cooper pricing report, calendar year 2024, p. 7 (PDF p. 8)
12. 1:55

    ORIGINAL ESTIMATE / DATE NOT STATED · ~$9.8 billion · WHOLE PROJECT · 2017 REVIEW / COMPLETION ESTIMATE · >$25 billion · WHOLE PROJECT · SANTEE COOPER / WHOLE PROJECT / CLAIMED

    

    Santee Cooper’s account of the owners’ estimates for both units. The report gives no date for the original estimate. Estimates at different times, not money spent and not a current quote.

    • [7] Santee Cooper pricing report, calendar year 2024, p. 7 (PDF p. 8)
13. 2:07

    Report page, highlighted: “The cost of Summer Nuclear Units 2 and 3 was originally estimated to be approximately $9.8 billion.” · “the new cost estimate for Summer Nuclear Units 2 and 3 was over $25 billion, placing the Authority’s 45%”

    

    The same page, readable but not highlighted, gives Santee Cooper’s 45% share as $4.4 billion originally and $11.4 billion in 2017, a then-current projection of $6.2 billion, and completion delayed to 2023 (Unit 2) and 2024 (Unit 3).

    • [7] Santee Cooper pricing report, calendar year 2024, p. 7 (PDF p. 8)
14. 2:15

    WESTINGHOUSE · Bankruptcy · 31 JUL 2017

    

    31 July 2017 is the day SCE&G abandoned the project. Westinghouse, the contractor, had filed for bankruptcy about four months earlier.

    • [1] SC PSC Order No. 2018-804, p. 7
15. 2:27

    The licenses ended. · V.C. SUMMER / UNITS 2 & 3 · UNITS 2 & 3 · LICENSES TERMINATED · 2019 · UNIT 1 · Kept operating · TWO DIFFERENT EVENTS · TWO DIFFERENT DATES

    

    The NRC terminated the combined licences for Units 2 and 3 on 6 March 2019. Unit 1 holds a separate operating licence.

    • [3] NRC, V.C. Summer Units 2 and 3
    • [2] NRC, V.C. Summer Unit 1
16. 2:33

    PAST COSTS · Borrowed / spent / collected · CONSTRUCTION · STOPPED

    

    SCE&G spent about $5.053 billion through September 2017, financed the build with new debt and equity, and collected revenue under the construction-era law; the 2018 order returns $1.007 billion of those collections.

    • [1] SC PSC Order No. 2018-804, pp. 57–58
    • [6] SC PSC Order No. 2009-104(A), p. 81 (PDF p. 85)
17. 2:40

    V.C. SUMMER / UNITS 2 & 3 · TRANSMISSION · Placed in service

    

    $322 million of transmission costs was transferred to transmission plant in service.

    • [1] SC PSC Order No. 2018-804, p. 57
18. 2:52

    ASSETS · COST DESTINATION · Useful equipment · OWNERS · COST DESTINATION · Write-downs · CUSTOMERS · COST DESTINATION · Rate recovery · SEPARATE ACCOUNTING DESTINATIONS

    
    • [1] SC PSC Order No. 2018-804, p. 57
19. 3:10

    DOMINION SCE&G · REGULATORY FILES · PROJECT CAPITAL COST THROUGH SEP 2017 · ~$5.05 billion · SCE&G SHARE ONLY

    

    Data as of 30 September 2017. “Through September 30, 2017, SCE&G incurred approximately $5.053 billion in capital costs for the Project.” Footnote 12: this is SCE&G’s 55% interest.

    • [1] SC PSC Order No. 2018-804, p. 57, footnote 12
20. 3:16

    ORIGINAL OWNERSHIP · 55%

    
    • [1] SC PSC Order No. 2018-804, p. 57, footnote 12
21. 3:21

    IN-SERVICE GRID LEDGER · TRANSMISSION ASSETS · ~$322 million · IN-SERVICE GRID

    
    • [1] SC PSC Order No. 2018-804, p. 57
22. 3:30

    Shareholders absorb a loss. · DOMINION ENERGY SC · SHAREHOLDER WRITE-DOWN · ~$1.96bn · Agreed in the 2018 order · Not recovered in these rates · COSTS / RECOVERY · EXACT ORDER AMOUNT · $1.962bn · Owner loss · Separate from rate recovery

    

    The approved plan “provides for SCE&G/Dominion Energy to voluntarily write down this amount by approximately $1.962 billion including impairments taken to date.”

    • [1] SC PSC Order No. 2018-804, p. 57
23. 3:40

    DOMINION ENERGY SC · STARTING RECOVERY · ~$2.77 billion · $2.768bn before related deferred-tax effects

    

    The order calls the $2.768 billion the remaining amount “(net of the related deferred taxes discussed below), to be amortized through rates over 20 years” (p. 57). Its approved terms list an NND rate base of $2.768 billion, offset by a $574 million deferred tax asset (p. 93). A starting amount in 2018, not today’s balance.

    • [1] SC PSC Order No. 2018-804, p. 57
    • [1] SC PSC Order No. 2018-804, p. 93
24. 3:47

    APPROVED RECOVERY PERIOD / 20 YEARS

    
    • [1] SC PSC Order No. 2018-804, p. 57
    • [1] SC PSC Order No. 2018-804, p. 93
25. 3:52

    COST RECOVERY · FINANCING + TAX / INCLUDING RETURN ON EQUITY · SCHEDULED CREDITS · CAPITAL COST RIDER · + usage

    

    The approved cost of capital includes a 9.9% return on equity and a 5.56% cost of debt. All tax costs and benefits of the project flow through the Capital Cost Rider.

    • [1] SC PSC Order No. 2018-804, pp. 57–58
26. 3:59

    SHAREHOLDERS · 2018 REGULATORY ORDER · Write-down · 21 DEC 2018 · CUSTOMERS · 2018 REGULATORY ORDER · Separate rate recovery · 21 DEC 2018 · DOMINION / 2018 ORDER · RATE MECHANISM

    
    • [1] SC PSC Order No. 2018-804, pp. 57–58
27. 4:11

    SC PSC / ORDER 2018-804 · 21 DEC 2018 · Recovery allowed · AFTER CONSTRUCTION ENDED · OPINION · COST BASIS

    
    • [1] SC PSC Order No. 2018-804, p. 7
    • [1] SC PSC Order No. 2018-804, pp. 57–58
28. 4:19

    DOCKET NOS. 2017-207-E, 2017-305-E, and 2017-370-E – ORDER NO. 2018-804 · DECEMBER 21, 2018 · PAGE 113 (Commissioner Ervin’s concurring opinion; highlighted: were “imprudently incurred” by SCE&G. I would make the following findings:)

    

    A concurring opinion: Commissioner Ervin agreed with the majority but would have found costs after 12 March 2015 imprudently incurred and a 9.1% return on equity sufficient (the majority adopted 9.9%).

    • [1] SC PSC Order No. 2018-804, pp. 113–114
29. 4:35

    The other side: customer credits. · DOMINION ENERGY SC · REFUNDS + RESTITUTION · $2.039bn · 2018 approved plan · Different credit schedules · COSTS / RECOVERY · CUSTOMER RELIEF · Scheduled credits · Toshiba + prior collections · Not an upfront cash payment

    

    Refunds and credits run alongside the recovery; they are not subtracted from the $2.768 billion.

    • [1] SC PSC Order No. 2018-804, p. 58
    • [1] SC PSC Order No. 2018-804, p. 93
30. 4:41

    Two different schedules. · TOSHIBA SETTLEMENT · $1.032 billion · 20 YEARS

    

    The amount equivalent to the net Toshiba proceeds, refunded over 20 years at fixed annual amounts.

    • [1] SC PSC Order No. 2018-804, p. 58
    • [1] SC PSC Order No. 2018-804, p. 93
31. 4:50

    PRIOR COLLECTIONS · $1.007 billion · ~11 YEARS

    

    Refunds of amounts previously collected from customers under the Base Load Review Act, credited over approximately 11 years.

    • [1] SC PSC Order No. 2018-804, p. 58
    • [1] SC PSC Order No. 2018-804, p. 93
32. 4:58

    APPROVED UPFRONT CASH / $0

    

    The order’s own figure: “an up-front cash refund of $0”. A real zero, not a missing value.

    • [1] SC PSC Order No. 2018-804, p. 93
33. 5:01

    CAPITAL COST RIDER · RATE MECHANISM · Project-cost recovery · RATE MECHANISM · Financing + tax · APPLIED TO RATES · Scheduled credits · HOUSEHOLD BILL · USAGE + CURRENT TARIFF · BILL AMOUNT REQUIRES USAGE + CURRENT TARIFF

    

    Each year SCE&G computes the Capital Cost Rider revenue requirement and applies the scheduled refund amount against it.

    • [1] SC PSC Order No. 2018-804, p. 58
34. 5:12

    RATE CALCULATION · Financing + tax · Credits + timing · HOUSEHOLD BILL · USAGE + CURRENT TARIFF · HEADLINE TOTALS ≠ ONE FAMILY’S BILL

    

    The elements of the rate calculation are in the order. One family’s current charge is not; see 10:07.

    • [1] SC PSC Order No. 2018-804, pp. 57–58
35. 5:28

    Relief can lower a payment. · DOMINION / CREDITS · CREDITS · Alongside recovery · THE RECOVERY PATH CONTINUES

    
    • [1] SC PSC Order No. 2018-804, p. 58
36. 5:48

    DOMINION / 30 JUN 2026 / UNAUDITED · CURRENT / CLAIMED · $138 million · NONCURRENT / CLAIMED · $1,603 million · UNFINISHED NUCLEAR DEVELOPMENT COSTS

    

    Data as of 30 June 2026. Rows “NND Project costs (1)”: $138 million under regulatory assets – current and $1,603 million under regulatory assets – noncurrent. Unaudited.

    • [4] DESC Form 10-Q, June 2026, Note 2, regulatory assets table and footnote (1), pp. 13–14
37. 5:58

    OUR CALCULATION · $138m + $1,603m = · $1,741 million · REGULATORY ASSET · Not total future customer cash

    

    Data as of 30 June 2026.

    • [4] DESC Form 10-Q, June 2026, Note 2, regulatory assets table and footnote (1), pp. 13–14

    How we worked this out

38. 6:07

    FILING SAYS / CLAIMED · Recovery through 2039

    

    Data as of 30 June 2026.

    • [4] DESC Form 10-Q, June 2026, Note 2, regulatory assets table and footnote (1), pp. 13–14
39. 6:08

    ACCOUNTING REFERENCE · Future rate recovery

    

    A regulatory asset is a cost a rate-regulated utility records now and expects to recover through future rates.

    • [4] DESC Form 10-Q, June 2026, Note 2, Regulatory Assets and Regulatory Liabilities, p. 13
40. 6:25

    REPORTED REGULATORY ASSET · AS OF 30 JUN 2026 · OUR SUM OF REPORTED ENTRIES · Not total future customer cash · $1.741 billion · FINANCING · CREDITS · RECOVERY PATH · Future rates

    

    Data as of 30 June 2026.

    • [4] DESC Form 10-Q, June 2026, Note 2, regulatory assets table and footnote (1), pp. 13–14

    How we worked this out

41. 6:42

    SANTEE COOPER · DEBT SERVICE FILES · Public power · BONDS · SETTLEMENT · DIRECT CUSTOMERS · CO-OP CUSTOMERS · COOPERATIVE · WHOLESALE IN · BILLS OUT · UTILITY RATES / DEBT SERVICE

    

    Santee Cooper sells to its own customers and wholesale to Central Electric Power Cooperative, which supplies 19 member distribution cooperatives. The houses and cooperative office are illustrations. Debt service in rates is Santee Cooper’s own description; see 7:13.

    • [5] Santee Cooper 2026DEF Official Statement, Appendix A, Note 9, p. 72 (PDF p. 164)
    • [5] Santee Cooper 2026DEF Official Statement, pp. 31–33 (PDF pp. 39–41)
42. 6:57

    SANTEE COOPER · CONSTRUCTION + INTEREST · ~$4.7 billion · WHEN WORK STOPPED / 2017 · SPENT / NOT THE 2025 BALANCE

    

    “The Authority had spent approximately $4.7 billion in construction and interest costs.” The video marks this figure CLAIMED; the same statement is in the audited 2025 financial statements (Note 8), so this page marks it DOCUMENTED.

    • [5] Santee Cooper 2026DEF Official Statement, Appendix A, Note 8, p. 71 (PDF p. 163)
    • [5] Santee Cooper 2026DEF Official Statement, p. 52 (PDF p. 60)
43. 7:11

    DIFFERENT ACCOUNTING DATES · NUCLEAR IMPAIRMENT ASSET · ~$3.48 billion · AS OF 31 DEC 2025 · AUDITED / EXACT $3.479bn

    

    Data as of 31 December 2025. The $4.211 billion impairment written off in 2017 is carried as a regulatory asset; $3.479 billion remained at 31 December 2025. An accounting balance, not the face value of the bonds and not a household charge.

    • [5] Santee Cooper 2026DEF Official Statement, Appendix A, Note 1, p. 45 (PDF p. 137)
    • [5] Santee Cooper 2026DEF Official Statement, Appendix A, Note 8, p. 71 (PDF p. 163)
44. 7:13

    ACCOUNTING BALANCE · Separate asset · Not a household bill · BORROWING · PRINCIPAL · BORROWING · INTEREST · RATES · DEBT SERVICE / BONDS · BOND RECORDS · Debt service · DEBT SERVICE

    

    Santee Cooper says the majority of the project costs were financed with borrowed funds and that it includes the debt service on them in its rates.

    • [5] Santee Cooper 2026DEF Official Statement, p. 53 (PDF p. 61), Nuclear Units, Regulatory Accounting
45. 7:28

    CURRENT AMORTIZATION SCHEDULE · NOVEMBER 2056 · IN STEP WITH PRINCIPAL PAYMENTS · SANTEE COOPER / REPORTED 6 AUG 2026

    

    The impairment “is being recorded as a regulatory asset and amortized through November 2056 to align with the principal payments on the associated indebtedness.” The present schedule; the Brookfield proposal could change the debt behind it.

    • [5] Santee Cooper 2026DEF Official Statement, p. 53 (PDF p. 61), Nuclear Units, Regulatory Accounting
46. 7:44

    This side has a settlement too. · SANTEE COOPER · ORIGINAL SETTLEMENT · ~$898 million · EXACT ORIGINAL / $898.2m · DEFERRED INFLOW · LEFT TO RECOGNIZE · ~$215 million · 31 DEC 2025 / EXACT $215.1m · REMAINING ACCOUNTING BALANCE / NOT A CASH PAYMENT

    

    Data as of 31 December 2025. A deferred inflow from the Toshiba settlement, recognised to match reductions in debt service. A separate entry, not subtracted from the $3.479 billion.

    • [5] Santee Cooper 2026DEF Official Statement, Appendix A, Note 1, p. 45 (PDF p. 137)
    • [5] Santee Cooper 2026DEF Official Statement, Appendix A, Note 8, p. 71 (PDF p. 163)
47. 7:54

    SANTEE COOPER · Separate impairment asset · TOSHIBA / SEPARATE · Settlement schedule · UTILITY RATES / DEBT SERVICE · DIRECT CUSTOMERS · CO-OP CUSTOMERS · COOPERATIVE · WHOLESALE IN · BILLS OUT

    

    The balances and the cooperative route are in the audited accounts; the debt service in rates is Santee Cooper’s own description.

    • [5] Santee Cooper 2026DEF Official Statement, p. 53 (PDF p. 61), Nuclear Units, Regulatory Accounting
    • [5] Santee Cooper 2026DEF Official Statement, Appendix A, Note 1, p. 45 (PDF p. 137)
    • [5] Santee Cooper 2026DEF Official Statement, Appendix A, Note 9, p. 72 (PDF p. 164)
48. 8:08

    SANTEE COOPER + BROOKFIELD · Examining completion · NEXT / CONDITIONS · Proposal review

    

    Brookfield proposes to acquire and develop Units 2 and 3. Santee Cooper said on 30 June 2026 that due diligence continues.

    • [8] Brookfield–Santee Cooper MOU, p. 1
    • [9] Santee Cooper release, 30 June 2026
49. 8:16

    NONBINDING MOU · 8 DEC 2025 · PROPOSED / NONBINDING · $2.7 billion · CONDITIONAL · PROPOSED / NONBINDING OWNERSHIP · 75% · EXISTING BONDS · BEHIND THE CONDITIONS · CONTRACT CONDITIONS

    

    Data as of 28 September 2026. Under NON-BINDING TERMS: $2,700,000,000 for a 75% tenancy-in-common interest, payable on the earlier of a final investment decision or any private business use by Brookfield. Santee Cooper would keep a target 25%. Nothing has been paid.

    • [8] Brookfield–Santee Cooper MOU, § 1(a), p. 1
50. 8:27

    REQUIRED / DOCUMENTED · Final investment decision · REQUIRED / DOCUMENTED · Definitive agreements · MOU / DOCUMENTED / NONBINDING · $2.7 billion

    

    Data as of 28 September 2026.

    • [8] Brookfield–Santee Cooper MOU, § 1(a) and § 1(d), pp. 1–2
51. 8:33

    IF RECEIVED / CLAIMED · Pay off or defease bonds

    

    “If the $2.7 billion cash payment is received … the Authority currently expects to apply such amount to pay or defease portions of the Authority’s outstanding tax-exempt bonds that are allocable to expenditures for the Nuclear Units.”

    • [5] Santee Cooper 2026DEF Official Statement, p. 54 (PDF p. 62)
52. 8:43

    FID TARGET / DOCUMENTED · 31 MAR 2028 · TARGET

    

    Data as of 28 September 2026. The amendment’s milestone table lists the final investment decision for 31 March 2028. A target, not a decision.

    • [10] MOU first amendment, Schedule 1, p. S-1 (PDF p. 4)
    • [5] Santee Cooper 2026DEF Official Statement, p. 54 (PDF p. 62)
53. 8:49

    PROGRESS REPORTED / CLAIMED · JUN 2026

    

    Data as of 28 September 2026. Santee Cooper said Brookfield had completed all initial milestones and was working toward a final investment decision in the first quarter of 2028. No later update was found on 28 September 2026.

    • [9] Santee Cooper release, 30 June 2026
54. 8:50

    NOT ASSURED / CLAIMED · FID / agreements / completion

    

    “No assurance can be given that Brookfield will reach a final investment decision, that definitive agreements … will be executed, or that construction on the Nuclear Units will be completed.” In this shot the $2.7 billion card also carries a CLAIMED mark; the payment terms themselves are documented in the MOU (8:16).

    • [5] Santee Cooper 2026DEF Official Statement, p. 54 (PDF p. 62)
55. 8:57

    CONDITIONS REMAIN · IF IT GOES THROUGH · Could reduce old financing · NEW DECISION / NEW COSTS · IF COMPLETED · DOMINION · 2017 / OLD ENTRIES REMAIN · SANTEE COOPER · 2017 / OLD ENTRIES REMAIN · CURRENT PAYMENTS

    

    Reducing old financing is what Santee Cooper expects to do with the payment if received. Both owners’ books still carry project entries (5:48, 7:11).

    • [5] Santee Cooper 2026DEF Official Statement, p. 54 (PDF p. 62)
    • [4] DESC Form 10-Q, June 2026, Note 2, regulatory assets table and footnote (1), pp. 13–14
    • [5] Santee Cooper 2026DEF Official Statement, Appendix A, Note 8, p. 71 (PDF p. 163)
56. 8:57

    NO CUSTOMER REFUND SHOWN

    

    Data as of 28 September 2026. No reviewed document shows the $2.7 billion paid or passed to customers as a refund.

    • Checked[8] Brookfield–Santee Cooper MOU
    • [5] Santee Cooper 2026DEF Official Statement, p. 54 (PDF p. 62)
    • [9] Santee Cooper release, 30 June 2026
57. 9:20

    DOMINION · REGULATORY FILES · Recovery + credits · OWNER LOSS

    
    • [1] SC PSC Order No. 2018-804, pp. 57–58
58. 9:20

    SANTEE COOPER · DEBT SERVICE FILES · Debt service + settlement · BONDS · SETTLEMENT · PUBLIC ROUTE · Rates to debt service

    
    • [5] Santee Cooper 2026DEF Official Statement, p. 53 (PDF p. 61), Nuclear Units, Regulatory Accounting
59. 9:22

    DOMINION / OWNER LOSS · SHAREHOLDERS / DOCUMENTED · Write-down · CUSTOMERS · 2018 ORDER / DOCUMENTED · Rate recovery · SCHEDULED / DOCUMENTED · Customer credits

    
    • [1] SC PSC Order No. 2018-804, pp. 57–58
60. 9:35

    JUN 2026 FILING / CLAIMED · Recovery through 2039

    

    Data as of 30 June 2026.

    • [4] DESC Form 10-Q, June 2026, Note 2, regulatory assets table and footnote (1), pp. 13–14
61. 9:43

    SANTEE COOPER · Separate impairment asset · TOSHIBA / SEPARATE · Settlement schedule · UTILITY RATES / DEBT SERVICE · BONDS / DEBT SERVICE · DIRECT CUSTOMERS · CO-OP CUSTOMERS · COOPERATIVE · WHOLESALE IN · BILLS OUT

    
    • [5] Santee Cooper 2026DEF Official Statement, p. 53 (PDF p. 61), Nuclear Units, Regulatory Accounting
    • [5] Santee Cooper 2026DEF Official Statement, Appendix A, Note 1, p. 45 (PDF p. 137)
    • [5] Santee Cooper 2026DEF Official Statement, Appendix A, Note 9, p. 72 (PDF p. 164)
62. 10:01

    BROOKFIELD / PROPOSED · Conditional payment · HOUSEHOLD BILL · USAGE + CURRENT TARIFF

    

    Data as of 28 September 2026. The payment depends on a final investment decision and definitive agreements; neither had happened by 28 September 2026.

    • Checked[8] Brookfield–Santee Cooper MOU
    • [5] Santee Cooper 2026DEF Official Statement, p. 54 (PDF p. 62)
    • [9] Santee Cooper release, 30 June 2026
63. 10:07

    ONE UNIVERSAL MONTHLY CHARGE · Not established · WHICH UTILITY? · DOMINION · WHICH UTILITY? · SANTEE COOPER

    

    Data as of 28 September 2026. Missing, not zero. No reviewed document gives a current monthly nuclear charge per household for either utility, and the balances are not divided by customer numbers here. The 2018 order projected the typical SCE&G residential bill falling from $147.53 to $125.26 a month under the merger terms (P01 p. 93); that is a whole bill in 2018, not a nuclear charge today.

    • Checked[1] SC PSC Order No. 2018-804
    • [4] DESC Form 10-Q, June 2026
    • [5] Santee Cooper 2026DEF Official Statement
    • [7] Santee Cooper pricing report, calendar year 2024

Also said in the narration

1. 0:00

   Two reactors never produced electricity. Customers are still paying costs tied to them.

   

   Units 2 and 3 were never completed. The 2018 order approved recovery of part of the abandoned investment through rates over 20 years; Dominion’s filing says that recovery runs to 2039 (0:18).

   • [3] NRC, V.C. Summer Units 2 and 3
   • [1] SC PSC Order No. 2018-804, p. 57; p. 93
2. 1:09

   More rate orders followed through twenty sixteen.

   

   SCE&G proposed revised rates each year from 2009 to 2016; footnote 9 lists the orders, from Order No. 2009-104(A) to Order No. 2016-758.

   • [1] SC PSC Order No. 2018-804, pp. 27–28, footnote 9
3. 2:04

   …with completion pushed years later.

   

   The owners’ 2017 analysis estimated completion in 2023 for Unit 2 and 2024 for Unit 3.

   • [7] Santee Cooper pricing report, calendar year 2024, p. 7 (PDF p. 8)
4. 4:24

   One commissioner agreed with the decision but wanted a more explicit finding about imprudent costs and a lower return for the utility.

   

   Commissioner Ervin would have found a 9.1% return on equity sufficient; the majority adopted 9.9%.

   • [1] SC PSC Order No. 2018-804, pp. 113–114
5. 5:09

   This was meant to shape the bills customers actually paid over time.

   

   The plan shapes the refunds so that bills under the Capital Cost Rider are levelized.

   • [1] SC PSC Order No. 2018-804, p. 58
6. 7:02

   Much of that was financed with borrowing.

   

   Santee Cooper: “The majority of the costs of the Nuclear Units were financed with borrowed funds.”

   • [5] Santee Cooper 2026DEF Official Statement, p. 53 (PDF p. 61), Nuclear Units, Regulatory Accounting
7. 7:39

   The accounts spread the benefit over time to match reductions in debt service.

   

   “The deferred inflow will be amortized to align with the manner in which debt service is reduced as a result of using the proceeds.”

   • [5] Santee Cooper 2026DEF Official Statement, Appendix A, Note 1, p. 45 (PDF p. 137)

Our calculations

1. Dominion Energy South Carolina’s two NND Project entries added together

   $138 million (regulatory assets – current) + $1,603 million (regulatory assets – noncurrent) = $1,741 million, both as of 30 June 2026. The sum is a reported accounting balance on one date. It is not the total customers will pay, which also depends on financing costs, tax effects and credits, and it is never added to Santee Cooper’s figures.

   • [4] DESC Form 10-Q, June 2026, Note 2, regulatory assets table and footnote (1), pp. 13–14

Documents

• Every figure on this page was checked against its source on 28 September 2026. Figures carry their own dates: the 2018 order, Santee Cooper’s audited accounts at 31 December 2025, Dominion Energy South Carolina’s unaudited filing at 30 June 2026 and the Brookfield proposal as it stood on 28 September 2026.
• “Reactors that never ran” means V.C. Summer Units 2 and 3. Unit 1 is a separate reactor that operates.
• Dominion Energy South Carolina (formerly SCE&G) and Santee Cooper are different utilities with different accounts, dates and definitions. Their figures are never added together.
• Page numbers are the documents’ own printed page numbers; where they differ from the PDF page, the PDF page is given too.
• The construction site, cranes, reactor buildings, transmission lines, clocks, folders, binders, envelopes, houses and people are illustrations, not evidence and not the site as it is today. The household bill envelopes are illustrations, not real bills.
• Headlines such as “Prices carried financing.”, “Shareholders absorb a loss.” and “Relief can lower a payment.”, the two clocks and the closing RATES · WRITE-DOWNS · CREDITS · TERMS are our framing and conclusions, not figures from the documents.

1. [1]

   Public Service Commission of South Carolina

   Order No. 2018-804: SCE&G and Dominion Energy merger, abandonment of V.C. Summer Units 2 and 3 and customer rates (Order No. 2018-804 · Docket Nos. 2017-207-E, 2017-305-E and 2017-370-E) ↗

   Published 21 December 2018 · Retrieved 28 September 2026

   The printed page numbers match the PDF page numbers. Commissioner Ervin’s concurring opinion is on pp. 113–114. The file is identical to the copy first opened on 27 September 2026.

   Used at 0:00 · 0:10 · 0:25 · 0:44 · 1:09 · 1:17 · 1:25 · 2:15 · 2:33 · 2:40 · 2:52 · 3:10 · 3:16 · 3:21 · 3:30 · 3:40 · 3:47 · 3:52 · 3:59 · 4:11 · 4:19 · 4:24 · 4:35 · 4:41 · 4:50 · 4:58 · 5:01 · 5:09 · 5:12 · 5:28 · 9:20 · 9:22 · 10:07

2. [2]

   U.S. Nuclear Regulatory Commission (NRC)

   Virgil C. Summer Nuclear Station, Unit 1 ↗

   Retrieved 28 September 2026

   Operating reactor page. Licensee Dominion Energy South Carolina; subsequent renewed licence issued 30 June 2025, expiring 6 August 2062. The page shows 18 September 2026 as its last update.

   Used at 0:11 · 2:27

3. [3]

   U.S. Nuclear Regulatory Commission (NRC)

   Virgil C. Summer Nuclear Station, Units 2 and 3 Application ↗

   Retrieved 28 September 2026

   The page states that both owners agreed on 29 January 2019 to terminate the combined licences and that the licences were terminated on 6 March 2019.

   Used at 0:00 · 0:11 · 2:27

4. [4]

   Dominion Energy South Carolina, Inc. (U.S. Securities and Exchange Commission filing)

   Form 10-Q for the quarterly period ended June 30, 2026 (SEC accession no. 0001193125-26-327497) ↗

   Published 31 July 2026 · Data as of 30 June 2026 · Retrieved 28 September 2026

   Filing date. The figures are as of 30 June 2026.

   Unaudited interim statements. The regulatory asset table is in Note 2, Rate and Other Regulatory Matters, printed pp. 13–14. This is the latest quarterly filing on 28 September 2026.

   Used at 0:18 · 1:25 · 5:48 · 5:58 · 6:07 · 6:08 · 6:25 · 8:57 · 9:35 · 10:07

5. [5]

   Santee Cooper (South Carolina Public Service Authority)

   Official Statement: Revenue Obligations 2026 Series D, E and F (2026DEF), with Appendix A, the Authority’s 2025 financial statements ↗

   Published 6 August 2026 · Data as of 31 December 2025 · Retrieved 28 September 2026

   Two numberings: the offering statement’s own pages (e.g. p. 53 = PDF p. 61) and, in Appendix A, the 2025 Annual Report’s own pages (e.g. Note 8, p. 71 = PDF p. 163). Appendix A carries the independent auditors’ report; the offering statement’s main text is the utility’s own description. The file is identical to the copy first opened on 27 September 2026.

   Used at 0:19 · 0:25 · 0:44 · 1:25 · 6:42 · 6:57 · 7:02 · 7:11 · 7:13 · 7:28 · 7:39 · 7:44 · 7:54 · 8:33 · 8:43 · 8:50 · 8:57 · 9:20 · 9:43 · 10:01 · 10:07

6. [6]

   Public Service Commission of South Carolina

   Order No. 2009-104(A): Base Load Review Order for V.C. Summer Units 2 and 3 (Order No. 2009-104(A) · Docket No. 2008-196-E) ↗

   Published 2 March 2009 · Retrieved 28 September 2026

   A scanned order. Rows give the printed page; printed p. 8 is PDF p. 12 and printed p. 81 is PDF p. 85.

   Used at 0:50 · 0:59 · 2:33

7. [7]

   Santee Cooper (South Carolina Public Service Authority)

   Annual Electric Pricing Report for Calendar Year 2024 ↗

   Published 4 February 2026 · Retrieved 28 September 2026

   The date the report was finalised, from its file name. It covers calendar year 2024.

   Santee Cooper’s own account of the project history. Printed p. 7 is PDF p. 8.

   Used at 1:25 · 1:55 · 2:04 · 2:07 · 10:07

8. [8]

   Brookfield Asset Management and Santee Cooper

   Project Palmetto – Transaction Proposal: Memorandum of Understanding (fully executed) ↗

   Published 8 December 2025 · Retrieved 28 September 2026

   Section 1 is headed NON-BINDING TERMS. Signed copy published on Santee Cooper’s project website, scnuclear.com.

   Used at 8:08 · 8:16 · 8:27 · 8:57 · 10:01

9. [9]

   Santee Cooper

   Santee Cooper and Brookfield Asset Management MOU Progresses, Key Milestones Met ↗

   Published 30 June 2026 · Retrieved 28 September 2026

   The latest Santee Cooper release on the project found on 28 September 2026.

   Used at 8:08 · 8:49 · 8:57 · 10:01

10. [10]

    Brookfield Asset Management and Santee Cooper

    First Amendment to the Memorandum of Understanding (signed, redacted) ↗

    Published 26 June 2026 · Retrieved 28 September 2026

    A scanned document; Schedule 1, printed p. S-1 (PDF p. 4), lists the milestone dates.

    Used at 8:43

Corrections

No corrections so far.

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