On March 20, 2017 the Santee Cooper Board of Directors authorized management to study the utility’s current electric rates and determine whether the rates will support future expenses. Two key factors driving the rate review are continued expenses associated with Santee Cooper’s share of the two new nuclear units at V.C. Summer Generating Station and costs associated with environmental compliance.
“Santee Cooper understands the impact that a rate adjustment can have on our customers. We are working hard to minimize rate changes by controlling those costs that we can control and reducing debt cost when interest rates are favorable,” said Lonnie Carter, Santee Cooper President and CEO. “We will also continue helping our customers save money through rebates and other incentives in our energy efficiency programs.”
Management is scheduled to report recommendations to the Board in June. If management recommends adjusting Santee Cooper’s electric rates, the Board members could then authorize a public comment period and ultimately vote on new proposed rates in the fourth quarter of 2017, with any rate adjustment taking place in 2018.