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Interesting: Power company CEO going to jail for SC nuclear debacle
Posted by: pdq
Date: October 06, 2021 09:07AM
Never thought this kind of thing would happen:

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An executive who spent billions of dollars on two South Carolina nuclear plants that never generated a watt of power, lying and deceiving regulators about their progress, is ready to go to prison.

… Marsh lied and presented rosy projections on the progress of the reactors that he knew was false in earning calls, presentations and press releases. The CEO wanted to keep investors pumping money into the project and the company’s stock price up, prosecutors said.

… Marsh never wavered from saying the two reactors being built at the V.C. Summer site north of Columbia would be finished by the end of 2020 — a deadline they had to meet if they were going to receive the $1.4 billion in federal tax credits needed to keep the $10 billion project from overwhelming the utility and its minority partner, state-owned Santee Cooper.

The project was finally abandoned in 2017. Three other SCANA and Westinghouse execs are next, says the article.

Ratepayers lost $1B. Marsh has repaid $5M (0.5%), money that he was previously paid for the scam working on the project.

Sadly, the construction of new nukes in the US seems to be little more than a mega-grift at this point. One wonders if the Georgia nuke project (waaay late and currently up to twice the projected cost) will end up any differently.
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Re: Interesting: Power company CEO going to jail for SC nuclear debacle
Posted by: Lemon Drop
Date: October 06, 2021 09:30AM
Why surprising?

2 years is a slap on the wrist if that deal is accepted.

This all came to a head 4 years ago, when Westinghouse had to file for bankruptcy. It is the largest business failure in SC history and has resulted in many regulatory changes.

The trials have been slow to catch up.
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Re: Interesting: Power company CEO going to jail for SC nuclear debacle
Posted by: cbelt3
Date: October 06, 2021 10:04AM
Good. The local power company had a scam running here in Ohio where they paid off a bunch of state legislators and executives to let them spin off their nuclear plants and bill the citizens for the cost absorption. The cases are still winding through the courts. It's horrible... they perverted the entire legislative AND election system for their benefit. I'd like to see them all rot in jail for breaking the public's trust.
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Re: Interesting: Power company CEO going to jail for SC nuclear debacle
Posted by: pdq
Date: October 07, 2021 04:57PM
He got 24 months in the federal pen and a $200k fine (on top of returning the $5M he got as a result of this scam).

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Evidence presented in court showed Marsh intentionally defrauded SCANA customers while overseeing and managing the company’s operations, including the construction of two reactors at the V.C. Summer Nuclear station so that the company could obtain and retain rate increases on its customers and apply for up to $2.2 billion in tax credits, a release from the U.S. Attorney’s Office states.

“Due to this fraud, an $11 billion nuclear ghost town, paid for by SCANA investors and customers, now sits vacant in Jenkinsville, S.C.,” DeHart said. “Hopefully, this prosecution will deter other corporate fraud in the future.”

Well, one can only hope. But it sure as hell beats letting these folks always ditch all responsibility and walk away from their public shitpiles free as a jaybird.
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