SCANA and its senior management including Marsh and Byrne concealed the problems affecting the completion of the project on time. Instead of disclosing to the public and to the PSC that the project would be delayed by 18 months to 3 years, the energy company said the delay would only be 60 days.
In the summer of 2016, the project experienced further delay. However, during the energy company’s second-quarter conference call, Byrne misleadingly stated, “The guaranteed substantial completion dates remain in August of 2019 for unit 2 and August of 2020 for unit 3. We don’t see anything to change those.”
SCANA investors and customers suffered significant losses
By the end of that year, SCANA and its senior management knew that it is impossible to complete the project and qualify for the federal tax credits. The project continued to experience serious problems, prompting the energy to abandon it in July 2017.
The failed project resulted in “devastating consequences for SCANA’s investors and customers,” according to the SEC.
