South Carolina Electric & Gas has finalized its purchase of a Midlands power plant, a deal it struck to address the fallout of its failed V.C. Summer nuclear project.
The $180 million acquisition of the gas-fired Columbia Energy Center was announced in November.
The Cayce-based utility said last week that the 540-megawatt Gaston plant replaces about 40 percent of the projected generating capacity from its portion of the abandoned V.C. Summer expansion.
Shareholders of SCANA Corp., which owns SCE&G, are paying for the acquisition. The costs of operating and maintaining the 14-year-old plant, which employs about 20 workers, will be rolled into the customer rate base.
The Columbia Energy Center was built by energy giant Calpine Corp., which sold it in 2014 to New York-based LS Power Equity Advisors.
Even before the sale, SCE&G was the plant's single biggest customer. It pucrhased about 55 percent of the electricity from the Calhoun County generating station, which also produces steam for a nearby manufacturer.
SCE&G owned 55 percent of the failed V.C. Summer expansion, which was scuttled in July after years of delays and cost overruns.