Last Thursday, May 9, marked the end of this year’s South Carolina regular legislative session and with the end came no resolution for the Santee Cooper debacle.
Just recently, South Carolina lawmakers reached a compromise on Santee Cooper and decided it was time to start seeking purchase and management bids for state-owned Santee Cooper. And shortly after, the House amended and passed the Senate bill sending it to conference.
And, many South Carolina residents and Santee Cooper customers urged lawmakers to keep them in mind when evaluating these offers. Currently, Santee Cooper customers are still paying the V.C. Summer debt, while Dominion’s, former Scana, customers bills have dropped.
With over $7 billion in debt, the state-owned utility is looking to increase rates for the next four decades to help pay back the massive debt. But as one Murrells Inlet resident wrote, there are a few purchase offers out there which would help cover the cost of this debt and take the burden off the millions of direct-serve and cooperative customers who get their power from Santee Cooper.
Preston Edwards, a South Carolina resident, is anxious about looming rate hikes after Santee Cooper’s Chief Financial Officer acknowledged that rates will go up another 15 percent to help cover the cost of the debt. And, may even increase more for years to come.
With the regular session over, lawmakers have agreed to discuss Santee Cooper further during a special three-day session starting May 20.
To read Preston Edwards’ full letter click here.