Santee Cooper has chosen Brookfield Asset Management to lead efforts to restart construction on the two unfinished AP1000 nuclear reactors at the VC Summer site in Fairfield County, South Carolina.
The utility's board approved a letter of intent with Brookfield to enter exclusive negotiations for the project, which was abandoned in 2017 after billions were spent without generating power.
Brookfield, which acquired the assets of Westinghouse Electric Co. following its bankruptcy, has preliminarily agreed to provide Santee Cooper with a portion of the power generated once the project is complete. The deal aims to complete the reactors using private funding with no additional burden on taxpayers or ratepayers.
Board Chairman Peter McCoy said the move is designed to bring financial relief to customers and expand South Carolina's carbon-free energy capacity.
Santee Cooper President and CEO Jimmy Staton added that completing the two reactors could supply 2,200 MW of clean, reliable power, strengthening the state's energy security.
The utility received 70 expressions of interest and 15 formal proposals before selecting Brookfield, as demand for electricity rises amid rapid AI data center growth. Gov. Henry McMaster has publicly supported reviving the project, with state reports noting that the site remains in excellent condition.
The original VC Summer expansion collapsed after major cost overruns and delays, leading to criminal convictions for utility executives and heavy financial losses for ratepayers. Despite skepticism from nuclear watchdogs over licensing challenges, Santee Cooper said its decision to preserve the unfinished structures will make restarting construction faster and less expensive.
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June 19, 2026 16:46 ET Major central banks continued to dominate the economic news flow this week too, led by the Federal Reserve, as they announced their latest policy decisions. The Federal Reserve policy session was in focus as it was the first to be led by the new chief Kevin Warsh. In Europe, central banks of the U.K. and Switzerland announced their rate decisions. In Asia, the Bank of Japan drew attention for its policy moves, while data out of China threw some light on the state of the economy.