Santee Cooper approves $2.9B budget for 2014

Staff Report
Published Dec. 10, 2013

The board of directors for Moncks Corner-based Santee Cooper approved a $2.9 billion budget for 2014 at its regular monthly meeting Monday.

The 2014 budget includes $2.1 billion for the electric system, $8.1 million for the water systems and $829.9 million for capital expenditures. Of the $2.1 billion electric system budget, approximately 53% is allocated for fuel and purchased power.

Construction and capital equipment expenditures include:

  • $583 million for construction of new nuclear generation.
  • $62.5 million for renewable generation and environmental control improvements.
  • $184.4 million for transmission and distribution systems, as well as systemwide improvements.

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Santee Cooper President and CEO Lonnie Carter said the state-owned utility is working to keep costs down at a time when regulatory requirements and fuel costs are increasing, according to a news release.

“We are focused on diversifying our generation mix, to maximize our ability to control fuel costs and deliver reliable electricity not only in 2014, but for decades to come,” Carter said.

During the meeting, the board also approved the 2015 and 2016 budgets for planning purposes.

Ken LottSantee Cooper also announced at the meeting that Ken Lott III has been promoted to general auditor, effective immediately.

Lott has been Santee Cooper’s manager of training and development. He joined Santee Cooper in 1998 and has also held the positions of employee relations manager and senior auditor. Prior to joining Santee Cooper, Lott was a senior accountant with Arthur Anderson LLP.

“Ken spent 10 years in Santee Cooper’s audit department before he became a manager, and so he brings a critical combination of audit and supervisory experience to the position,” Carter said.

Santee Cooper provides electricity for 2 million South Carolinians.

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