Santee Cooper Utility will freeze rates for most customers over next four years
The rate freeze will remain in effect until December 2024
Image: Santee Cooper
Image: Santee Cooper
(Associated Press) — Santee Cooper Utility will freeze rates for all residential, commercial, and lighting customers starting this month through December of 2024.
The freeze is part of a settlement agreement with customers in a class- action lawsuit over costs associated with the failed V.C. Summer Nuclear Expansion Project. The utility says it will manage any increased costs during this period with existing cash reserves and operational savings.
“Specifically, we are freezing base rates and holding fuel costs and other normally adjustable charges to levels provided in our Reform Plan. For residential and commercial customers, that means we project fuel prices will actually decrease 7% from 2020 through 2024, while base rates are projected to remain at 2017 levels,” said Mark Bonsall, Santee Cooper President and Chief Executive Officer.
