MONCKS CORNER, S.C.–The Santee Cooper Board of Directors have authorized management to study the utility’s current electric rates and whether the rates will support future expenses, in particular continued construction of the nuclear units at V.C. Summer Nuclear Station.
The study is expected to take several months, with management scheduled to report its study recommendations at the board’s June 2015 meeting.
If management recommends adjusting Santee Cooper’s electric rates, the board could then authorize a public comment period of several months and ultimately vote on new proposed rates in the fourth quarter of 2015, with any rate adjustment taking place in 2016.
“Santee Cooper recognizes that controlling costs is essential to delivering reliable, affordable and environmentally responsible electricity to our customers, and we’ve made this a top priority,” said Lonnie Carter, Santee Cooper President and CEO. “Significant budget cuts and the successful restructuring of debt have allowed us to defer the need for a rate adjustment until 2016. We also have continued to educate customers on saving money and energy through our Reduce The Use energy efficiency and rebate program.”
Specific cost controls include:
- $48 million in savings in 2013 due to debt restructuring and additional debt restructuring plans to achieve more savings this year
- $39 million reduction in fuel costs in 2013
- $30 million in non-fuel operating and maintenance costs in 2013 with expectation of achieving similar savings for 2014.
Key factors driving the rate review are continued construction expenses associated with Santee Cooper’s share of the two new nuclear units at V.C. Summer Generating Station, along with a slower than expected load growth rate due to a sluggish economic recovery after the latest recession.
Nuclear generation is emission-free. Nuclear power has zero air emissions and is key to Santee Cooper’s ability to meet expected CO2 emission limits.
To learn more about Santee Cooper’s current rates and saving money through energy efficiency efforts, visit www.santeecooper.com.
Santee Cooper is South Carolina’s largest power producer, 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.
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