2015 Annual Report 2015 Annual Report Chairman-CEO Letter Download 2015 Annual Report Annual Report 2015 Video
Santee Cooper Board meets

The board gathered to vote on an economic development package as part of South Carolina's team effort to land a new Volvo manufacturing plant, which represents an initial $500 million investment and 2,000 jobs, both of which could double.

Land it we did.

Volvo

Nuclear

A big part of that power will come from two units we are building at V.C. Summer Nuclear Station with partner SCE&G. We contracted with Westinghouse in 2008 to build two AP1000 nuclear power units, which are scheduled to be online in 2019 and 2020. Nuclear power is reliable and emissions-free, and the new units are a big part of our plan to comply with new EPA regulations restricting carbon dioxide emissions.

In October, we agreed to changes in our agreement with Westinghouse, which acquired assets of a second partner in the construction consortium and now has more control over the project. The amended agreement also gives Santee Cooper and SCE&G more certainty on price and schedule going forward.

Santee Cooper continues to be regarded favorably by bond investors, with successful bond sales in 2015 totaling $1.4 billion and credit rating agencies holding steady on our ratings.


We retired our final two fossil units at Jefferies Generating Station, for a total of six fossil units (four coal, two oil) that have been retired because retrofitting to comply with new regulations was cost prohibitive. Jefferies Hydroelectric Station, Santee Cooper's original generating facility, will continue to operate.

Mini Bonds
Ash Recycling

Excavation of our ash ponds is ongoing at the Grainger and Jefferies stations, and also at Winyah Generating Station. We beneficially used 531,706 tons of pond ash in 2015. We are delivering the ash to cement and concrete product companies, thereby eliminating an environmental concern, providing a raw material that sustains jobs and the economy, and doing so in a way that is cost-effective for our customers.

Increasing our nuclear capacity and reducing our fossil generation are two parts of Santee Cooper's ongoing fuel diversification efforts. Renewable generation is another component, and our signature Green Power program generated its 1 millionth megawatt-hour on Aug. 25. Santee Cooper was the first utility in South Carolina to generate renewable energy for our customers.

In October, the Board of Directors approved an initial package of incentives to increase solar power on our system. These incentives, largely rebates, will be used to help our customers install solar panels on their homes or businesses or to buy into our new community solar project at the Colleton Solar Farm. Community solar gives customers the ability to invest in solar power even if they can't install panels on their own homes or businesses.

Turning to rates, the Board of Directors approved a two-year rate adjustment that will increase costs to residential, commercial and industrial customers an average of 3.75 percent each year in 2016 and 2017. Employee efforts to keep costs down helped us put off this rate increase. Our last adjustment was in 2013, and a major driver for this rate increase is our nuclear project.

Solar
Mission Possible

Santee Cooper is a state-created electric and water utility charged with
being the state's leading resource to improve the quality of life for all
South Carolinians. We look back on 2015 as a year full of achievements
and initiatives that make this mission possible.


Click here to watch our 2015 Annual Highlights video.

 

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