Santee Cooper Board Approves 2023 Budget
MONCKS CORNER, S.C. – The Santee Cooper Board of Directors today approved $850.8 million in non-fuel operations and maintenance costs and capital spending for 2023 as part of its annual budget review for the utility.
Santee Cooper’s total 2023 budget, including the Board-approved components, is $2.3 billion. That includes $1.9 billion for the electric system, $8.3 million for the water systems, and $353.9 million for capital expenditures. Approximately 54% of the overall electric system budget is allocated for fuel and purchased power and does not require Board approval.
The $353.9 million for budgeted construction and capital equipment spending includes:
- $290.4 million for system investments to ensure continued top-tier safety and reliability; and,
- $63.5 million primarily for environmental compliance projects.
The Board also reviewed the 2024 and 2025 budgets for planning purposes.
“This 2023 budget prioritizes expenditures that support our strategic objectives, particularly providing safe and reliable service to our customers, and continuing to invest in our system in a responsible manner,” said Ken Lott, Chief Financial and Administrative Officer.
Santee Cooper is South Carolina’s largest power provider, the ultimate source of electricity for 2 million people across the state, and one of America’s Best Midsize Employers as named by Forbes. 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 helps power South Carolina. To learn more, visit www.santeecooper.com and follow #PoweringSC on social media.
