Guidelines for possible Santee Cooper sale approved

Guidelines for possible Santee Cooper sale approved
Santee Cooper

COLUMBIA, S.C. (AP) - A proposal setting up the process to sell or have someone manage South Carolina's state owned utility is on its way to the governor's desk.

The House and Senate each approved a compromise Tuesday on how to handle what happens next to Santee Cooper.

The proposal requires the Department of Administration to get bids through January and present them to lawmakers when they return for the 2020 session.

Bidders will have to include a projection of what will happen to electric rates over 20 years and how many Santee Cooper employees could lose their jobs over five years.

Looming over the process is Santee Cooper's deal to provide power to electric cooperatives, which can break that contract if the utility is sold.

Santee Cooper is roughly $8 billion in debt.

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