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Santee Cooper, Duke Energy Carolinas enter into letter of intent for share of planned V.C. Summer Station units 2 and 3
Published Wednesday, July 20, 2011 4:47 PM
MONCKS CORNER, S.C. – Santee Cooper, which joined with SCE&G and filed an application in 2008 to build two new nuclear reactors at the V.C. Summer Nuclear Generating Station, announced today it has signed a letter of intent to negotiate a potential minority interest with Duke Energy Carolinas for a portion of the planned new nuclear project.

Santee Cooper owns 45 percent of the V.C. Summer expansion, and SCE&G owns 55 percent. In 2010, Santee Cooper began evaluating its level of ownership in the new nuclear facilities, a review that continues and has been disclosed with rating agencies and other key stakeholders.  V.C. Summer units 2 and 3 are projected to come online in 2016 and 2019.

The letter of intent with Duke Energy Carolinas is for 5-10 percent of the capacity and output from units 2 and 3, which is roughly 10-20 percent of Santee Cooper’s ownership interest in the two new units.

This letter of intent follows on the heels of a March 2011 announcement that Santee Cooper had signed a letter of intent with Orlando Utilities Commission for a similar proportionate share of the capacity and output from Santee Cooper’s ownership interest in the two new nuclear units.

Duke Energy Carolinas owns nuclear, coal-fired, natural gas and hydroelectric generation. That diverse fuel mix provides approximately 19,000 megawatts of electricity to approximately 2.4 million customers in a 22,000-square-mile service area of North Carolina and South Carolina. Headquartered in Charlotte, N.C., Duke Energy is a Fortune 500 company traded on the New York Stock Exchange under the symbol DUK. More information about the company is available on the Internet at www.duke-energy.com

Santee Cooper is South Carolina’s state-owned electric and water utility, and the state’s largest power producer. The ultimate source of electricity for 2 million South Carolinians, Santee Cooper is dedicated to being the state’s leading resource for improving the quality of life for the people of South Carolina. For more information, visit www.santeecooper.com.

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