Santee Cooper’s board has run up an $8 billion debt.

That debt may be thrust on member owners of Mid-Carolina Electric in Lexington County and other SC electric cooperatives.

SC senators voted last week to get rid of the board, but it may take 4 years.

$4 billion of Santee Cooper’s debt came from its illconceived and mismanaged nuclear fiasco with SC Electric & Gas, now owed by Dominion Energy.

Top SCE&G executives face prison time for lying to investors and regulators.

According to Senate Ma jority 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 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 must do.

• Santee Cooper will need approval from the Joint Bond Review Committee for all borrowing.

“This will have a major impact on Santee Cooper’s future debt,” Massey said.

To comment, please email JerryBellune@yahoo.com.