House wants to sell Santee Cooper. Co-ops say ‘sell’ to eliminate $8 billion debt, reduce rates

House wants to sell Santee Cooper. Co-ops say ‘sell’ to eliminate $8 billion debt, reduce rates

Lexington County Chronicle
March 26, 2019

House lawmakers want to take charge of selling Santee Cooper.

This runs counter to a Senate proposal to turn over sale negotiations to Gov. Henry McMaster.

A joint resolution calls for Santee Cooper’s buyer to absorb all of its $8 billion debt and cut electric rates.

Mike Couick, president and CEO of the Electric Cooperatives of South Carolina, told the House Ways and Means Committee that his organization supports efforts to sell the taxpayer-owned utility.

Supporters of a sale want it to have as little impact as possible on ratepayers and taxpayers.

Last month the SC Small Business Chamber of Commerce called for the sale to remove all its debt from ratepayers, reduce rates and transition the utility from coal plants to renewable, less carbon-polluting generation.

More details in Thursday’s Chronicle.

https://www.lexingtonchronicle.com/breaking-news/house-wants-sell-santee-cooper