Taxpayer-owned Santee Cooper’s debt is projected to grow more than a half-billion dollars.

The reason is a proposal a legislative committee likely will rubber-stamp.

The utility’s board approved asking the state Joint Bond Review Committee (JBRC) to allow the utility to sell up to $350 million in bonds.

We have revealed that the utility has approved millions in economic development spending while mired in a $12.38 billion debt.

The debt through 2056 would grow to $12.91 billion with additional proposed payments of $535.5 million.

This includes $289 million in principal and an estimated $246.5 million in interest, over 30 years.

Santee Cooper customers would see a “moderate (less than inflation)” rate increase beginning in 2027, according to utility records.

Santee Cooper spokeswoman Mollie Gore said rates will be frozen through 2024 under a court settlement over the failed $10 billion nuclear construction project in which Santee Cooper was a partner.

Lawmakers considered selling Santee Cooper after the nuclear debacle.

The utility supplies electricity to about 2 million South Carolinians including member-owners of Mid-Carolina Electric Cooperative in Lexington County.

The law passed in June requires the JBRC to approve, reject, or modify” bond proposals.

Gore didn’t immediately respond to a question about whether the Santee Cooper Advisory Board – made up of the governor, attorney general, comptroller general, treasurer and secretary of state – approved the bond.

Under state law, the advisory board “must consult and advise with” the utility’s 12-member board “on any and all matters” that the board refers to them.

The advisory board never met once to discuss the now-abandoned nuclear project.

Under Santee Cooper’s bond proposal, about $192 million would be used to pay off short-term debt related to solid waste landfill, ash pond and transmission projects.

About $151 million would be designated for new capital expenditures.

Brundrett is the news editor of The Nerve (www.thenerve.org). Contact him at 803-254-4411 or rick@thenerve.org.