Santee Cooper leaders say increasing fuel costs have led the state-owned utility to cut $100 million from its budget. Santee Cooper can’t increase electricity rates on its customers for three more years after its role in the failed building of two nuclear reactors.
A utility executive with experience overseeing Midwestern gas and electric operations will serve as the next head of South Carolina’s state-owned utility.
The board that runs Santee Cooper has agreed to ask two executives hired to overhaul and stabilize the state-owned utility to stay in their jobs for six more months. The board also voted Monday to reward Santee Cooper CEO Mark Bonsall and deputy CEO Charles Duckworth with more than $400,000 in bonuses.
South Carolina Gov. Henry McMaster still wants to sell state-owned utility Santee Cooper after signing into law a bill to overhaul the company.
South Carolina’s state-owned utility appears to have survived four years of turmoil to remain public. The South Carolina House and Senate both unanimously approved an overhaul bill Tuesday that did not include selling Santee Cooper to a private company.
The South Carolina legislative leaders most ardent about selling state-owned utility Santee Cooper now say it’s obvious there are no interested buyers. The House leaders signed off Tuesday on an overhaul proposal that leaves the utility publicly owned.
A powerful group of House and Senate leaders are pledging to take differences in each chamber’s proposal to overhaul state-owned utility Santee Cooper to their members. Conference committee members also said Wednesday they hope to approve a compromise at next week’s meeting.
Six of South Carolina’s most influential lawmakers will get together soon to see if they can agree on a proposal to overhaul state-owned utility Santee Cooper. The conference committee is needed because the House and Senate passed different versions of a bill giving regulators and other more oversight of the utility.
The South Carolina House is insisting the state continue to accept offers to sell Santee Cooper. That means the fate of a bill to overhaul the state-owned utility will go down to the wire at this year’s session.
On Wednesday, Governor Henry McMaster nominated former U.S. Attorney Peter M. McCoy Jr. to serve as the next chairman on the Santee Cooper Board of Directors.
