JerryBellune@yahoo.com

Lexington County customers of state-owned Santee Cooper are on the hook for more than $7 billion.

That’s a warning from the political action group, SC Club for Growth, issued by email to Mid-Carolina Electric and other cooperative members in the state.

“Unlike its partner in this debacle – SCE&G’s parent company SCANA – Santee Cooper does not require external approval for rate hikes,” the email reads.

“It didn’t need the Base Load Review Act (BLRA) to charge its customers for costs it incurred at V.C. Summer [nuclear project]. That means repeal of the BLRA won’t help the direct customers of Santee Cooper or the hundreds of thousands of other customers across the state served by the electric cooperatives.”

The group appealed to cooperative members to let their state lawmakers know that they need help.

“With this year’s session due to end May 10,” the group said, “our lawmakers must act quickly to reconcile their bills, the governor should quickly approve, and they must stand the study committee up and get it started on its important work to protect Santee Cooper’s customers.”

Lexington County-based SCANA has shareholders who can pay some of its debt, the group said, but with no shareholders, Santee Cooper customers are the only source for repayment of its debt.

SCE&G customers have paid more than $2 billion towards SCANA’s share of the debt, Santee Cooper customers have paid much less so far – approximately $600,000. That leaves about $7 billion of debt remaining to be paid by Santee Cooper customers over 38 years.

The Palmetto Promise Institute and independent economists project that future Santee Cooper electricity bills for residential customers may increase from $166 to $750 a year.

“Continued high rates or a taxpayer bailout are both unacceptable solutions,” the Club for Growth said.

“South Carolinians already pay the highest electricity rates in the South, and some of the highest in the nation.

“People across South Carolina have done their part. It’s time for South Carolina’s leaders to pursue a quick, market-based sale of Santee Cooper that protects customers and taxpayers from further pain.”