MONCKS CORNER, SC (WMBF) – Santee Cooper has cancelled the two proposed rate increases that would have raised customers' power bills in 2018 and 2019, following last week's suspension of the construction of the two nuclear power units at the V.C. Summer Nuclear Station.
According to a news release from the power company, the Santee Cooper Board of Directors voted to cancel all steps in the rate process, including the rate comment meetings scheduled for next week, an October public hearing on the rate proposal, and a scheduled December Board vote on the rate increases.
According to the release, next week's canceled rate comment meetings are:
Aug. 14, 6 p.m., Moncks Corner
Aug. 15, 2 p.m. in North Myrtle Beach, 6 p.m. in Pawleys Island
Aug. 16, 2 p.m. in Conway, 6 p.m. in Myrtle Beach
"Conditions have changed materially since the rate process began in March," said W. Leighton Lord III, Chairman of the Santee Cooper Board of Directors. "Our recent Board votes to suspend the nuclear project and also to accept a negotiated settlement with Toshiba, Westinghouse's parent company, allow us to now cancel this rate process. The Board will continue to make decisions based on what is necessary to protect the financial integrity of Santee Cooper."
Santee Cooper is planning informational meetings in the coming weeks to discuss the factors leading up to the suspension of the Summer plant expansion, the release states. Details on those meetings will be announced soon.