Who profits from Santee Cooper?

Posted 1/29/20

Want to get rich quick?

Become an expert on buying and selling failing public utilities.

Our state is spending up to $15 million – $5 million of it out of the taxpayers’ pockets – for …

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Who profits from Santee Cooper?

Posted

Want to get rich quick?
Become an expert on buying and selling failing public utilities.
Our state is spending up to $15 million – $5 million of it out of the taxpayers’ pockets – for advice on what to do with the electric albatross and its $8 billion debt we find the brainiacs of the Santee Cooper board has saddled us with.
Here’s who those experts are and what they have charged us, the taxpayers, so far to evaluate proposals to buy or manage Santee Cooper:
• Gibson, Dunn & Crutcher, a Los Angeles international law firm: $3,880,289.07.
• Moelis & Company, a New York global investment bank: $3,819,838.15.
• Energy and Environmental Economics of San Francisco: $1,127,754.14.
• Black & Veatch Management Consulting of Kansas: $302,005.55.
• Attorney Scott Hempling of Maryland: $66,782.94.
• Pope Flynn law firm of Columbia: $65,020.52.
• Craver law firm of Charleston: $17,755.
• Montgomery Willard law firm of Columbia: $7,457.50.
Attorney rates for the SC law firms range from $250 to $450 an hour. The 8 firms have charged $9.28 million so far.
We would like to believe their work is worth every penny but, like most of the taxpayers, we have our doubts.
The costs to ratepayers of Mid-Carolina Electric Co-op and the state’s 19 other electric cooperatives could grow by about $11 million when the proposals go to lawmakers in 60 days.
The SC Department of Administration has a $20 million pot to cover the costs. 
It includes $5 million from state surplus funds – your money paid in excess taxes – and $15 million from Santee Cooper. $10.5 million of this is covered by the electric cooperatives.
When are past and present Santee Cooper board members and their executives going to be held accountable for their criminal mismanagement that led to $8 billion in debt?

opinion, Santee Cooper, Profits

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