Santee Cooper board approves rate adjustment
MONCKS CORNER, S.C. - The Santee Cooper Boardof Directors authorized a two-year rate adjustment that willincrease rates for customers an average 3.5 percent each year for two years.
The first adjustment will take effect Dec. 1,2012, and the second, on Dec. 1, 2013. The adjustments will help Santee Coopermeet increased costs associated with new generation, primarily the ongoing V.C.Summer Nuclear Station expansion, and to comply with new environmentalregulations.
Santee Cooper's base rates have not increasedsince November 2009.
"Inconsidering this rate adjustment, the board reviewed an independent rateanalysis, management's proposal, and the comments and input we received fromthe public," said Santee Cooper Chairman O.L. Thompson. "I know that times remaintough for many of our customers. The fact is, Santee Cooper has already cut ordeferred $1.8 billion in capital expenses and approved other cost-savingmeasures the past two years. We are now at a point where we must increaserevenues to ensure we can fulfill our statutory requirements to recover ourcosts, meet new environmental regulations and buildgeneration that is important to South Carolina's future."
The rate adjustment affects residential,commercial, industrial, municipal and lighting customers. More specific informationcan be found at www.santeecooper.com/rates.
Santee Cooper is South Carolina's state-owned electric andwater utility, and the state's largest power producer. The ultimate source ofelectricity for 2 million South Carolinians, Santee Cooper is dedicated tobeing the state's leading resource for improving the quality of life for thepeople of South Carolina.For more information, visit www.santeecooper.com.