Duke Energy won’t acquire a stake in two units under construction at the V.C. Summer nuclear plant in South Carolina, reports The Charlotte Observer.
South Carolina Electric & Gas instead said it would pay state-owned utility Santee Cooper about $500 million for a 5% interest in the units.
Santee Cooper already owns a 45% share in the project but had been looking for partners – widely expected to be Duke – since 2010. Duke signed intent to explore buying a 5% to 10% share in 2011.
The decision won’t affect Duke’s decision on whether to build its own nuclear plant, Lee, near Gaffney, S.C.
A federal license for that $11 billion plant isn’t expected until 2016. Duke would decide after that point whether to go forward with construction.