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Santee Cooper, OUC enter into letter of intent for share of planned V.C. Summer Station units 2 and 3
Published Monday, March 21, 2011 1:00 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 purchase power agreement with Orlando Utilities Commission (OUC) for a portion of its share 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 percentage 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 OUC is for 5-10 percent of the capacity and output from Santee Cooper’s ownership interest in the two new units. The letter of intent also includes as part of the potential transaction an option for OUC’s future acquisition of a portion of Santee Cooper’s ownership interest.

Established in 1923 by a special act of the Florida Legislature, OUC—The Reliable One is the second largest municipal utility in Florida. OUC provides electric and water services to more than 221,000 customers in Orlando, St. Cloud and parts of unincorporated Orange and Osceola counties.

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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