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Board authorizes Santee Cooper to execute new contract with Century Aluminum



12/29/2015


MONCKS CORNER, S.C. — The Santee Cooper Board of Directors today authorized management to execute a new power supply contract with Century Aluminum Co., to be effective Jan. 1, 2016.

The three-year contract provides that Santee Cooper will deliver 100 percent of the Mt. Holly plant's electric needs. Beginning Feb. 1, 2016, Santee Cooper will provide 50 megawatts (MW) from its own generation resources and deliver 150 MW from a third-party resource. Because Century was unable to secure the needed out-of-state transmission capacity to get the third-party power to Santee Cooper for January 2016, Santee Cooper has agreed to provide all of Mt. Holly's electricity from its own generation for that month.

Santee Cooper is an entity created by the state and does not earn a profit. The utility's enabling legislation requires, among other things, the issuance of fair and just rates, and this power contract meets that requirement.

"Santee Cooper maintains very competitive power rates for all customers, and we would actually have to increase our industrial power costs 29 percent to reach the national average," said Lonnie Carter, Santee Cooper president and CEO. "This new contract essentially continues terms Mt. Holly has had since 2012, utilizing a combination of Santee Cooper and third-party generation, which already has saved Mt. Holly $130 million."

Santee Cooper is South Carolina's largest power provider, the largest Green Power generator and the ultimate source of electricity for 2 million people across the state. Through its low-cost, reliable and environmentally responsible electricity and water services, and through innovative partnerships and initiatives that attract and retain industry and jobs, Santee Cooper powers South Carolina. To learn more, visit www.santeecooper.com