State taxpayers can expect many more years of owning debt-ridden Santee Cooper utility.

The Senate spent most of last week debating but failed to find a way to sell the state-owned utility, Senate Majority Leader Shane Massey said.

Santee Cooper ran up a $4 billion debt from its failed nuclear project with SC Electric & Gas and has borrowed $4 billion more.

That debt is owned by state taxpayers.

Much of it will have to be paid off in higher rates by member owners of Mid-Carolina Electric in Lexington County and other state cooperatives.

The Senate instead passed a resolution to impose accountability and oversight of Santee Cooper, said Sen. Massey who represents Lexington County.

The bill, H. 3194, can be read at SC Legislature Online (scstatehouse.gov).

An amendment to the resolution would make these changes:

• All board members who served during the $9 billion nuclear fiasco will go over the next 3 ½ 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 will 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 accountability 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 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 bill now goes back to the House for consideration.