Duke Ends Talks to Buy Stake in South Carolina Nuclear Plants

Duke Energy Corp. (DUK), the largest U.S. utility owner by market value, ended talks to buy a stake in two nuclear reactors under construction in South Carolina after Scana Corp. (SCG) increased its share of the project.

Scana said in a statement that its South Carolina Electric & Gas Co. bought another 5 percent from partner Santee Cooper for $500 million, increasing its overall interest to 60 percent.

Santee Cooper, South Carolina’s state-owned electric and water utility, has no plans to divest more of the V.C. Summer Station project, according to Mollie Gore, a company spokeswoman. Talks to acquire a stake that began in July 2011 have ended, Duke said separately in a filing with the U.S. Securities and Exchange Commission.

Santee Cooper had been seeking a buyer for as much as 10 percent of the project since 2011.

To contact the reporter on this story: Jim Polson in New York at jpolson@bloomberg.net

To contact the editor responsible for this story: Susan Warren at susanwarren@bloomberg.net

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