S.C. util­ity drops pro­posal to raise rates

Northwest Arkansas Democrat-Gazette - - BUSINESS & FARM -

CHARLESTON, S.C. — The state-owned elec­tric util­ity San­tee Cooper has dropped plans for rate in­creases in the next two years, af­ter it can­celed plans to fin­ish two new nu­clear re­ac­tors in South Carolina.

Com­pany lead­ers in Mon­cks Cor­ner, a town about 30 miles north of Charleston, said Fri­day that they will no longer seek in­creases of 3.5 per­cent and 3.9 per­cent that had been planned to help pay for the now-aban­doned re­ac­tors.

San­tee Cooper and South Carolina Elec­tric & Gas Co. an­nounced July 31 they were giv­ing up on new re­ac­tors at the V.C. Sum­mer Nu­clear Sta­tion north­west of Columbia. The two util­i­ties had al­ready spent $9 bil­lion, much of it paid from their cus­tomers.

San­tee Cooper Chief Ex­ec­u­tive Of­fi­cer Lon­nie Carter said it would have had to raise rates by 41 per­cent to con­tinue with the project.

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