The power company many lawmakers hoped would buy debt-ridden Santee Cooper has backed out.
In a letter obtained by The State newspaper this week, Florida-based NextEra Energy ended its transaction agreement and asked the state to return its $25 million deposit.
The Senate this week voted 44-1 to pursue a reform plan for the taxpayer-owned utility.
We have asked our Lexington County Senate delegation how they voted and why.
They were left with 2 options: reform the utility or turn over management to Dominion Energy or another private power company.
They opted to continue ownership with drastic reforms including replacing Santee Cooper's board members.
The current board has run up an $8 billion debt.
Some or all of that debt will be thrust on member owners of Mid-Carolina Electric in Lexington County and other SC electric cooperatives.
$4 billion  of Santee Cooper's debt came from its ill-conceived and mismanaged nuclear fiasco with SC Electric & Gas, now owed by Dominion Energy of Virginia.
Top executives of SCE&G face prison time for lying to investors and state regulators.
According to Senate Majority Leader Shane Massey who represents Lexington County, the reforms include:
• All on the board during the $9 billion nuclear fiasco will go over the next 3½ years and cannot be reappointed. This will affect all but one existing member. 
• Future board members’ terms would be reduced from 7 to 4 years and they will be limited to 3 terms.
• Santee Cooper will have to publish its rates, notify customers of increase requests to state regulators and allow customers to speak at public hearings. 
• The Office of Regulatory Staff would review and comment on rates. 
• Customers or ORS could appeal rate increases to the SC Supreme Court.
• The Office of Regulatory Staff will be authorized to investigate, inspect and review all Santee Cooper operations. 
• ORS wll have subpoena power to ensure Santee Cooper complies. 
"This is a significant accountability measure," Massey said.
• Santee Cooper would have to submit its 10-year plan to the Public Service Commission for approval just as Dominion and Duke Energy do. The plan would have to be approved every 3 years with annual reports. 
"This was a major win for ccountability and oversight by treating Santee Cooper like Dominion and Duke for long-range planning," Massey said.
• Santee Cooper will need regulators' approval for construction of all new generation facilities as Dominion and Duke must do.
• Santee Cooper would have to get approval from the Joint Bond Review
Committee for all borrowing. 
"This will have a major impact on Santee Cooper’s future debt load," Massey said.
The House will debate the Senate’s reform plan next week.
House lawmakers will need to reconcile differences between the proposed reform packages.
NextEra has written Senate President Harvey Peeler that it is willing to reopen negotiations.

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