MONCKS CORNER, S.C. – The Santee Cooper Board of Directors authorized late yesterday a two-year rate adjustment that will increase 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 Cooper meet increased costs associated with new generation, primarily the ongoing V.C. Summer Nuclear Station expansion, and to comply with new environmental regulations.
Santee Cooper’s base rates have not increased since November 2009.
“In considering this rate adjustment, the board reviewed an independent rate analysis, management’s proposal, and the comments and input we received from the public,” said Santee Cooper Chairman O.L. Thompson. “I know that times remain tough for many of our customers. The fact is, Santee Cooper has already cut or deferred $1.8 billion in capital expenses and approved other cost-saving measures the past two years. We are now at a point where we must increase revenues to ensure we can fulfill our statutory requirements to recover our costs, meet new environmental regulations and build generation that is important to South Carolina’s future.”
The rate adjustment affects residential, commercial, industrial, municipal and lighting customers. More specific information can be found at www.santeecooper.com/rates.
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.