Santee Cooper, Westinghouse finalize settlement
Santee Cooper to begin equipment sales immediately
MONCKS CORNER, S.C. – Santee Cooper and Westinghouse Electric Co. finalized terms of a settlement over ownership of equipment associated with the V.C. Summer project, giving Santee Cooper full ownership of and the ability to begin marketing all non-nuclear equipment immediately.
The companies will split the net sales proceeds of the nuclear-related equipment according to these terms:
- Major non-installed nuclear equipment will be split 50-50;
- Major installed nuclear equipment, 90% Santee Cooper and 10% Westinghouse;
- Other equipment that could be used in nuclear projects, 67% Santee Cooper and 33% Westinghouse;
- Santee Cooper has 100% ownership of the remaining project equipment.
Westinghouse has responsibility for marketing the nuclear equipment. The marketing and sales effort will last for up to five years.
“Finalizing this agreement is a tremendous milestone, because it means Santee Cooper can move quickly to sell thousands of pieces of equipment ourselves, as well as support Westinghouse’s efforts to sell the nuclear equipment,” said Mark Bonsall, Santee Cooper President and CEO. “We are already planning next steps, and Santee Cooper’s proceeds from equipment sales will be used to shore up our rate freeze and contribute to our long-term plan to retire debt.”
The full settlement agreement is available on Santee Cooper’s website.