Now is the perfect opportunity for legislators on both sides of the aisle to sell failed utility Santee Cooper and protect ratepayers from skyrocketing rates.
We now know there are four legitimate offers to buy Santee Cooper, three of which do not charge customers any more for the failed nuclear reactor project and lower rates by 2 to 14 percent when compared to Santee Cooper’s projected rates over the next 20 years.
A sale would relieve the burden of the $7,400 each residential customer owes to pay off Santee Cooper’s $8 billion debt. It would also get South Carolina out of the utility business, of which it has failed miserably.
Santee Cooper leadership is responsible for two power plant construction project failures and for handing the ex-CEO responsible for these projects a $16 million golden parachute. More of the same is simply not acceptable.
This decision should be easy ... and unanimous: our entire legislative delegation must stand with ratepayers and make a sale happen while they still can.