By Jerry Bellune JerryBellune@yahoo.com

Lawyers for Santee Cooper ratepayers are looking for a $182 million pay day.

That’s their possible share of a $520 million settlement Santee Cooper and Dominion Energy have offered to pay their clients.

The ratepayers’ 11 law firms have agreed not to seek more than 15% – $78 million – of $520 million.

That leaves $442 million for ratepayers. How much they will get and when is not yet clear.if the traditional 35% contingency fees were applied, the law firms would split $182 million.

Santee Cooper and Dominion Energy tentatively agreed to pay $520 million to ratepayers, according to a 5-page agreement obtained by reporter John Monk of The State newspaper.

Dominion will pay $320 million in cash or marketable securities, and Santee Cooper will pay $200 million in 3 annual installments of $65 million, $65 million and $70 million.

US Judge Terry Wooten halted proceedings pending the settlement agreement. Taxpayer-owned Santee Cooper and Dominion, which bought Lexington County-based SCANA and its SC Electric & Gas subsidiary, will pay $520 million to lawyers and their clients who were charged more than $2 billion for a failed nuclear power project.

Senior partner SCE&G paid more than 55% and Santee Cooper 45% of the $9 billion project’s cost.

The agreement includes:

• A Santee Cooper rate freeze with the exception of a cybersecurity attack or natural disasters.

• Dominion agrees not to charge its 725,000 SC ratepayers for its costs to settle the class action lawsuit.

• Lawyer fees are not yet decided, but the judge must agree to any fees.

Over 9 years of nuclear construction, Santee Cooper hiked electricity rates 5 times and SCE&G 9 times for an estimated $2 billion in costs made possible by a controversial state law.

Under Dominion’s stateapproved agreement to buy SCANA and SCE&G, its ratepayers must pay off another $2.6 billion for the nuclear project they were promised would lower their rates.