Santee Cooper Selects Brookfield Asset Management to Proceed with Nuclear Project

Core Points - Santee Cooper has selected Brookfield Asset Management to proceed with the construction of two partially built AP1000 nuclear units in Fairfield County, SC, following a thorough review of proposals from global nuclear power leaders [1][3] - A letter of intent has been signed, initiating a six-week feasibility period to select a project manager and evaluate construction providers, as well as to engage in discussions with potential buyers of the generated nuclear power [2][4] - The completion of the two nuclear units is expected to provide 2,200 MW of carbon-free, reliable power, create thousands of temporary construction jobs, and strengthen South Carolina's energy portfolio [3][5][9] Company and Industry Summary - Santee Cooper aims to complete the reactors using private funding, avoiding costs to ratepayers or taxpayers, while enhancing energy security for South Carolina [3] - The strategic decision to maintain the equipment over the past eight years positions the Fairfield units for a quicker and less costly completion, leveraging the same Westinghouse AP1000 technology currently in operation [3] - The competitive bidding process launched in January 2025 attracted over 70 potential bidders and 15 formal proposals, indicating strong interest in the project [4] - The involvement of Westinghouse Electric Co. is crucial for resuming construction, as Brookfield is a majority owner of Westinghouse, adding credibility to their proposal [3]