Santee Cooper seeks buyers to revive V.C. Summer nuclear project

South Carolina utility explores partnerships to restart mothballed nuclear reactors at V.C. Summer station.

The V.C. Summer nuclear power plant, pictured from a viewpoint on Lake Monticello, is situated in Fairfield County, South Carolina, just north of Columbia. Photo by Sammy Fretwell/Getty Images

By Alana Salsabila and Anna Fadiah

Santee Cooper, South Carolina's largest power provider, has initiated a search for buyers to revive and complete the stalled construction of two nuclear reactors at the V.C. Summer Nuclear Station. The state-owned utility is betting on growing interest in clean energy from major tech companies like Amazon, Microsoft, and Google, which require sustainable energy sources to power their expanding data center operations and artificial intelligence capabilities.

On Wednesday, Santee Cooper announced that it is soliciting proposals from potential buyers to resume the long-dormant nuclear project, confirming an earlier report from The Wall Street Journal. The utility is collaborating with Centerview Partners, a financial advisory firm, to manage the process. Proposals will be accepted until May 5.

The V.C. Summer Nuclear Station, located in South Carolina, has remained in limbo since 2017, when construction on two nuclear reactors was abruptly halted. The project, once a symbol of America’s nuclear energy revival, fell apart after Westinghouse Electric, the lead contractor, filed for bankruptcy. Santee Cooper and its then-partner, South Carolina Electric & Gas (now part of Dominion Energy), had already spent an estimated $9 billion on the reactors.

Despite the setbacks, Santee Cooper now owns 100% of the V.C. Summer assets and believes the project can still succeed with the right partners. The utility plans to recover some of its initial investment and expects that completing the reactors will require billions more over several years.

Santee Cooper's strategy involves forming a consortium that could include a construction firm, a tech company seeking access to nuclear-generated electricity, and additional financial backers. However, the utility does not plan to own or operate the reactors once they are completed. Instead, it is looking for another power company to take over those responsibilities.

The push to restart the V.C. Summer project comes as nuclear energy experiences a resurgence, driven by the increasing demand for electricity and the need for clean energy solutions. Large-scale nuclear projects have struggled to compete with cheaper natural gas and renewable energy sources in recent decades, leading to the closure of many reactors. However, the growing electricity demands of data centers, fueled by advancements in artificial intelligence and cloud computing, have reignited interest in nuclear power as a reliable, carbon-free energy source.

Major technology companies have already demonstrated their commitment to nuclear energy. In Pennsylvania, Microsoft and Constellation Energy recently announced plans to restart operations at the Three Mile Island nuclear plant. Alphabet, Google's parent company, has pledged support for the construction of small nuclear reactors. Amazon has signed agreements to back nuclear power projects, while Meta, Facebook’s parent company, issued a request for proposals in December to collaborate with nuclear energy developers in the U.S.

The challenges of reviving a nuclear project like V.C. Summer cannot be overstated. The construction of the two reactors was originally expected to be completed by 2019, but delays, budget overruns, and the collapse of Westinghouse Electric derailed those plans. The V.C. Summer reactors were among the first large-scale nuclear projects in the U.S. in decades, and their failure cast doubt on the viability of similar endeavors.

The experience of Plant Vogtle in Georgia highlights the difficulties associated with nuclear construction. Operated by Southern Company, Plant Vogtle recently added two new reactors to become the nation’s largest nuclear plant. However, the project’s final cost exceeded $30 billion, more than double the initial estimates. Construction took years longer than anticipated, finally wrapping up in 2024.

Despite these obstacles, Santee Cooper remains optimistic about the potential of the V.C. Summer project. With advancements in nuclear technology and a renewed focus on sustainability, the utility believes the reactors could become a critical component of South Carolina’s clean energy future.

The potential revival of the V.C. Summer reactors underscores a broader trend in the energy sector. As companies like Amazon and Microsoft seek to reduce their carbon footprints, they are turning to nuclear power as a dependable, scalable alternative to traditional energy sources. Nuclear plants can provide the consistent energy output needed to power data centers, which often operate around the clock.

Additionally, restarting the V.C. Summer project could have significant economic benefits for South Carolina. The construction and operation of the reactors would create jobs, stimulate local economies, and position the state as a leader in nuclear energy innovation.

Santee Cooper’s efforts to restart the V.C. Summer project represent a significant gamble, but one that could pay off if the utility successfully attracts the right partners. The collaboration between construction firms, technology companies, and financial investors could pave the way for a new era of nuclear energy development.

As the May 5 deadline for proposals approaches, all eyes will be on South Carolina to see whether the V.C. Summer reactors can overcome their troubled history and become a symbol of progress in the clean energy transition.

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