Santee Cooper OKs plan to improve; will stay secret for now
MONCKS CORNER, S.C. (AP) — The leaders of South Carolina’s state-owned utility have approved a plan to try and convince lawmakers they shouldn’t be sold.
Santee Cooper’s plan to reform and change will stay private for now, just like other bids from private firms to either buy the utility or manage it.
Lawmakers will review the bids and likely determine Santee Cooper’s future during their 2020 session.
The Santee Cooper board approved the plan Thursday after meeting behind closed doors to discuss it.
Santee Cooper is about $8 billion in debt, with about half of that coming from the utility’s minority stake in two nuclear reactors that were never finished.
Along with its direct customers, Santee Cooper also provides power to electric cooperatives that cover every county in South Carolina.