Santee Cooper is betting $1.65 million a retired utility executive can save it.

Mark Bonsall, 66, a retired Arizona utility CEO, has been hired for 18 months at $1.1 million a year or $1.65 million for his tenure, WLTX reported Tuesday.

This is twice what former CEO Lonnie Carter made.

The taxpayer-owned utility’s board hopes Bonsall can bail Santee Cooper out of $4 billion in debt from its failed $9 billion nuclear project with Lexington County-based SC Electric & Gas.

Bonsall is the first outside CEO hired since the 1970s.

He earned $847,672 a year in Arizona.

Ray called Bonsall “head and shoulders” above the other candidates.

Will lawmakers give Bonsall time to help Santee Cooper customers such as those at Mid-Carolina Electric Cooperative here avoid being stuck with its share of the failed project’s cost?

Bonsall will need to convince lawmakers he can hold electric rates down for 2 million ratepayers who rely on Santee Cooper.

Bonsall has a BS in engineering, an MBA and worked for 40 years as chief financial officer and CEO at one of the country’s largest public power companies.

Bonsall had more than 5,000 employees. Santee Cooper has 1,625.

Sen. Larry Grooms said “he brings a wealth of new ideas and experience” in replacing CEO Jim Brogdon.

Ray said Bonsall has a history of making the right decisions in difficult situations and is hiring a former deputy, Charlie Duckworth, to help develop strategy.

Bonsall felt he could accomplish all the goals in 18 months, Ray said.