Santee Cooper Plans Rate Hikes for Nuclear Plants

CHARLESTON, S.C. (AP) – The state-owned utility will begin raising rates next year to pay for two nuclear power plants. The Post and Courier of Charleston reported (http://bit.ly/sJuP7B ) the board of Santee Cooper plans to raise rates for three consecutive years, starting next year. Santee Cooper expects each increase to be about 3 or 4 percent but the exact amount won’t be determined until 2012. The utility already has spent nearly $1 billion to construct two new units at the V.C. Summer Nuclear Station in Fairfield County. Santee Cooper is building the plants with South Carolina Electric & Gas Co. The utilities hope to receive a license for the reactors early next year. SCE&G has said its customers can expect increases of about 2 percent each year through 2019 to pay for the units.