ELECTRIC CO-OPS

Santee Cooper owns 45% of the nuclear plants under construction and thus it is responsible for 45% of the capital costs.  So when the Public Service Commission approves increased costs for SCE&G, it is also approving increased costs for the electricity customers who buy directly from Santee Cooper and the 1.5 million South Carolinians who are electric co-operative customers.

If the Public Service Commission approves SCE&G’s request for the $505.5 million “fixed-price option”, Santee Cooper would then be obligated to pay $413.5 million more for the nuclear plants even if the construction costs are lower and there is no guarantee that the contract won’t be renegotiated higher if the vendor, Westinghouse, goes into the red.

Santee Cooper’s $413.5 million “fixed-price option” would be shared between Santee Cooper’s retail customers ($124.1 million) and the electric co-operative customers ($289.4 million).