Want to buy a taxpayer-owned state utility?

Santee Cooper costly for Lexington County ratepayers

Posted 1/26/21

Santee Cooper appears headed – kicking and screaming – to the sales lot.

Lawmakers have been trying to decide what to do with the taxpayer-owned utility and its $8 …

This item is available in full to subscribers.

Subscribe to continue reading. Already a subscriber? Sign in

Get 50% of all subscriptions for a limited time. Subscribe today.

You can cancel anytime.
 

Please log in to continue

Log in

Want to buy a taxpayer-owned state utility?

Santee Cooper costly for Lexington County ratepayers

Posted

Santee Cooper appears headed – kicking and screaming – to the sales lot.

Lawmakers have been trying to decide what to do with the taxpayer-owned utility and its $8 billion mountain of debt.

The SC House Tuesday voted 89-26 to pursue the sales option.

Santee Cooper is a major supplier of electricity for Mid-Carolina Electric Cooperative's member owners in Lexington County.

They have been saddled wth higher rates due to the collapse of Santee Cooper's mis-managed $9 billion nuclear reactor project with the former SC Electric & Gas.

2 SC Electric & Gas executives have pleaded guilty to lying to investors and regulators about their part in the nuclear coverup.

A federal grand jury is expected to indict other co-conspirators.

Lawmakers are unhappy with Santee Cooper's spend-thrift management style.

They have also considered finding an outside manager or allowing Santee Cooper to solve its own problems.

The House agreed to the sales option while significantly reforming the utility now.

House Speaker Jay Lucas applauded the bipartisan vote.

"Both steps are equally important to determining the future of what has become our state’s most beleaguered agency," Lucas said.

"I have made no secret of my disdain for Santee’s current leadership and the need for their immediate replacement.

"I have also repeatedly called for more transparency and accountability in how Santee Cooper determines rates.

"I look forward to the Senate quickly taking up this legislation.

"The General Assembly can finally speak definitively on Santee Cooper and ensure the best possible outcome for ratepayers and taxpayers.”

How the more cautious Senate will act is a matter of speculation.

Care to comment on this news development? Email JerryBellune@yahoo.com

Santee, Cooper, House, lawmakers, Next Era

Comments

No comments on this item Please log in to comment by clicking here