Santee Cooper plans to turn a nuclear liability into a $425 million asset.

To avoid raising Mid-Carolina Electric members’ rates, utility officials believe they can get back $425 million lost in the nuclear fiasco with SC Electric & Gas.

They plan to sell usable equipment from the failed $9 billion nuclear project.

They will have to fight off an attempt by bankrupt contractor Westinghouse Electric which claims it owns the materials.

More details of Santee Cooper’s plans are becoming known. They want to:

• Freeze rates for 5 years.

That means power for direct-serve residential customers will stay at about $117 a month, the lowest of any major SC utility.

• Pay off $900 million in nuclear debt early.

• Cut costs, jobs and close their 2 coal-fired plants.

Replacing them with natural gas and renewable energy will cut their carbon emissions almost 50%.

• Buy cheaper power in bulk with other utilities.

“There is value and we will find it,” new Santee Cooper CEO Mark Bonsall wrote to Senate Finance Committee Chairman Hugh Leatherman.

“To the extent we do, San-tee Cooper grows in value. It should command a higher price. That means the state ... and its citizens realize the benefits of these efforts should you decide to sell, as opposed to a 3rd party who might buy ‘on the cheap.’”

The electric co-ops which buy the majority of Santee Cooper’s electricity, want it sold if it will relieve them of being charged with the utility’s $4 billion nuclear debt.

In a statement, the co-ops said, “Participants who deviate from the rules endanger the ... effort to get ratepayers the best relief they can get and wastes millions of dollars taxpayers and ratepayers have invested.”