“Geez, we didn’t think that one through,” is an all too often repeated lament when a major project develops into a major boondaggle. Of course, this lament has a most appropriate application to the current VC Summer units 2 and 3 money pit.
It’s a pit for sure. Billions over budget and years behind schedule are just the tip of the iceberg. Additional failures associated with this grounded ship include billions in write offs, a record setting amount of rate hikes, a major player extracting itself from the nuke construction industry entirely and another filing bankruptcy. Few projects have failed on such a grand scale (at least outside the nuclear industry). It’s as if the plan was to fail.
Yes, we do not have a pretty picture here. However, the project is too far along to turn away now. The only way to dig out is to Think it Through see it through to completion. SCANA’s customers have already invested billions via 9 rate hikes since 2009. Those rate hikes will not disappear if construction ceases. Those rate hikes will surely rise exponentially if we have to scramble to start up another medium to meet our immediate and long term power requirements. Finish the project with due diligence and learn from the obvious lessons.
In the future, all appropriate government officials and executives of utility monopolies must be held accountable to “think these projects through” before squandering billions of hard earned citizens’ dollars. I know. I am probably dreaming with that statement.