Published Sept. 12, 2012
Santee Cooper customers will see their utility rates increase 3.5% each year for two years, the utility announced today.
The board of directors authorized the rate increase Tuesday, and the first adjustment will begin Dec. 1. The second adjustment will begin Dec. 1, 2013.
The rate hike will help Santee Cooper deal with increased costs associated with its expansion of the V.C. Summer Nuclear Station. The increase will affect residential, commercial, industrial, municipal and lighting customers.
The utility has not increased rates since November 2009, according to a news release.
“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 in a news release. “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.”