Standing in line to buy Santee Cooper are 2 utilities and an investment company.

Due in part to South Carolina’s regulated monopoly system, those wishing to buy the taxpayer-owned electric generator despite its $8 billion debt are:

• The Electric Cooperatives of SC in Cayce, an association of member-owned utilities such as Mid-Carolina Electric Cooperative in Lexington County.

Mike Couick, president of the association, confirmed making 2 bids but declined to say anything more.

• Pacolet Milliken, a financial investment firm in Greenville, said they submitted a bid 11 days ago.

• Duke Energy of North Carolina that already operates in northwestern South Carolina also made a bid, according to the Charlotte Business Journal.

It was not revealed if a 4th prospect, NextEra Energy of Florida, made a bid.

Gov. Henry McMaster has proposed selling the state-owned utility after the failed $20 billion nuclear project it shared with SCANA left it with an $8 billion debt.

The governor has sought bids more than a year but more lawmaker votes are needed to approve a sale.

Santee Cooper has about 180,700 direct customers and sells wholesale power to 20 electric cooperatives with about 2 million residential and business customers

Duke has about 760,000 customers in the state. Buying Santee Cooper could triple its customers.

Spokeswoman Catherine Butler did not say if Duke’s bid includes Lakes Marion and Moultrie as reservoirs, providing water service to about 18,500 customers.

None of those who confirmed they had made offers would discuss a purchase price or other details about its $8 billion debt.

About $4.4 billion of that comes from its share of the failed nuclear project.

A private purchaser may have to refinance the debt at higher rates than Santee Cooper is paying. The debt is financed at relatively low interest rates because it is a state agency.

The legislature hired ICF International to assess bids for Santee Cooper. It is expected to provide a report on offers next month.

One aspect to make Santee Cooper attractive is that it could become a regulated monopoly. In South Carolina, regulators have earned a reputation for giving monopolies whatever they ask.