Report is beginning, not end of possible Santee Cooper sale

COLUMBIA, S.C. (WOLO) – A consultant’s report that South Carolina’s state-owned utility has at least three potential buyers who could wipe out its $8 billion debt and slow rate increases brought optimism that the problems with a pair of failed nuclear plants could end better than expected.

But consumer advocates and lawmakers warn there is still a long way to go to make sure any sale of Santee Cooper doesn’t make things worse.

The report by consultant ICF says there are plenty of details to be worked out, including whether rates can truly be kept down and if a potential buyer can also keep the South Carolina Electric Cooperatives happy.

The co-ops buy 60 percent of Santee Cooper’s power and can end their contract if they don’t like the sale terms.