What happened to SC Electric & Gas worries other nuclear project investors.

A Wall Street ratings agency last week downgraded the credit of several electric utilities in Florida, Georgia and Alabama.

No SC utility companies were involved.

The utilities have financial ties to the Vogtle nuclear project in Georgia. Its reactors are being built by Westinghouse, the bankrupt company that got SCE&G into trouble.

The project’s owner, Georgia Power, faces the same high stakes and risk SCE&G did by continuing to finance a $27 billion project that has missed deadlines and run up its costs for years.

The difference is that SCE&G and Santee Cooper say they invested $9 billion in their project, $18 billion less than Georgia has.

Of that, SCE&G charged its 727,000 ratepayers $2 billion or about $2,750 for each ratepayer.

Standard & Poor’s downgraded credit on several utility bonds, citing their obligation to help pay for the construction of the two nuclear reactors and Georgia Power’s legal maneuvering to get out of that obligation.

Vogtle is on life support as the co-owners squabble over the future of the only US nu clear power project left.

Southern Company and its subsidiary Georgia Power won a compromise after days of negotiating to allow construction to continue.

The credit reports say this was a winner for Georgia Power but less so for nearly every other utility whose credit rating was lowered,

Read more: SCE&G hid executive bonuses in rate hike requests, Page A15.