Why we should sell Santee Cooper

Posted 8/8/19

Two years ago, utility nuclear geniuses walked away from the $9 billion fiasco they charged the rest of us for.

SCANA and Santee Cooper pulled the plug on their nuclear debacle, leaving the …

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Why we should sell Santee Cooper

Posted

Two years ago, utility nuclear geniuses walked away from the $9 billion fiasco they charged the rest of us for.

SCANA and Santee Cooper pulled the plug on their nuclear debacle, leaving the taxpayer-owned utility’s customers to cover its $4 billion debt.

Santee Cooper’s mismanagers want to convince us they can fix their problems and pay off their debt without saddling Mid-Carolina Electric and other coopetrative members with its cost.

SC Club for Growth Senior Advisor R.J. May raises several troubling issues and questions.

Santee Cooper has had years to fix itself but failed. Instead, it hired a public relations consultant to repair its image, retained many board members who got them into this mess, rubber-stamped the nuclear debacle, and rejected calls for accountability and transparency.

Last month, Santee Cooper surprised us by hiring a new CEO and deputy for more than $2 million a year without sharing a plan of how to help ratepayers or make better decisions.

If Santee Cooper can fix itself why hasn’t it already?

Santee Cooper’s leaders may not have a reform plan but they have a $20,000 PR campaign plan to convince lawmakers and taxpayers to leave them alone.

Guess who’s paying for it?

You’re right. Santee Cooper’s electric co-op customers.

Since Santee Cooper’s customers provide all its income, its board can raise rates without having to ask anyone.

It’s a safe bet that’s how they plan to cover their $4 billion share of the cost of the SC Electric & Gas nucear fiasco plus:

• Any additional generation capacity needed before 2030.

• All unexpected coal ash clean-up costs and new carbon taxes or penalties imposed.

Santee Cooper paid more than $9 million to lawyers last year to protect board members and employees under investigation for the nuclear debacle.

Guess who paid for that?

Public ownership of Santee Cooper has failed. It’s time to sell it to someone who knows how to serve customers.

– Jerry Bellune

Public ownership of Santee Cooper has failed and you can blame its board members.

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