State-owned utility to sell up to $1.2 billion in bonds

MONCKS CORNER, S.C. (AP) — The state-owned utility Santee Cooper plans to sell up to $1.2 billion in bonds next week to refinance debt and help pay for its part of new nuclear power units being built in Fairfield County.

The Post and Courier of Charleston reported that the Moncks Corner utility will make a final decision on the size of the sale of bonds next week after it reviews available interest rates. The utility is considering a sale valued at between $700 million and $1.2 billion.

Santee Cooper is South Carolina’s largest power producer, providing electricity to about 2 million people.

The utility has 45 percent ownership of the V.C. Summer nuclear station in Jenkinsville. Santee Cooper and South Carolina Electric & Gas are building two new reactors at the station.

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Information from: The Post and Courier, http://www.postandcourier.com