Rescue Missions Continue for Vogtle and VC Summer Projects

• Bechtel, Fluor, are reported to be preparing bids to manage the stranded Vogtle nuclear reactor project.
• Scana is also seeking a new EPC for the V C Summer project.
• The combined cost overruns are estimated to be $13 billion and the delays for both projects are in the range of three years from the original completion dates.
• The expected cost at completion of both projects is now estimated to be about $30 billion.  More than 10,000 workers are employed at these sites.

In a widely cited report, the Bloomberg wire service describes efforts by two of the nation’s largest EPC firms to prepare bids to potentially take over the construction of the two partially complete Westinghouse 1150 MW AP1000 nuclear reactors.  Bechtel and Fluor are working on estimates of the cost, and the time, it will take to complete the two reactors.

The bids will be high risk efforts for both firms as the Vogtle project is already significantly over budget and delayed by several years to consternation of Southern Nuclear.  Westinghouse, which was managing the project, and its main supplier, has declared bankruptcy and is expected to be sold for a fraction of its original value later this year by Toshiba, its parent firm, which is also embroiled in deep financial troubles.

Neither Toshiba nor Westinghouse have been able to present an audited set of financial reports that will give creditors and customers a clear idea where things stand.  Westinghouse has told the news media it is facing over $6 billion in losses due to cost overruns at the Vogtle and Scana sites.

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