South Carolina electric co-ops ponder sale of state utility
COLUMBIA, S.C. (AP) — Following a failed nuclear reactor construction project, South Carolina’s electric cooperatives want lawmakers to consider selling the state-owned utility Santee Cooper.
Media reported the Electric Cooperatives of South Carolina told lawmakers Thursday they should test the market to determine if customers would save money if Santee Cooper was sold.
The proposal comes after Santee Cooper and South Carolina Electric & Gas Company spent $9 billion before abandoning the nuclear project last summer. The utilities blamed the bankruptcy of contractor Westinghouse.
Co-op executive Mike Couick told lawmakers whether or not Santee Cooper is sold, it needs changing.
The co-ops get most of their electricity from Santee Cooper and have seen rates increase since the nuclear project began.
Couick says lawmakers should set rules for how such a sale would work.