Santee Cooper, AMP sign letter of intent for V.C. Summer negotiations
April 25, 2012
MONCKS CORNER, SC – April 24, 2012 – Santee Cooper announced it has signed a letter of intent with American Municipal Power Inc., (AMP) to explore the possible purchase of a minority interest in Santee Cooper’s share of new units under construction at V.C. Summer Nuclear Station.
Santee Cooper owns 45 percent of the V.C. Summer expansion, and SCE&G owns 55 percent. In 2010, Santee Cooper began evaluating its level of ownership percentage in the new nuclear facilities, a review that continues and has been disclosed with rating agencies and other key stakeholders. The NRC approved combined construction and operating licenses for the project on March 30.
The letter of intent provides for negotiations through which AMP could possibly purchase from Santee Cooper approximately 2-5 percent of the nuclear units under construction, and allows AMP to perform additional analysis and due diligence. The LOI does not bind AMP to a purchase. Modeling commissioned by AMP and performed by SAIC supports the consideration of a nuclear resource in AMP’s portfolio in the future.
About American Municipal Power
American Municipal Power, Inc. is the nonprofit wholesale power supplier and services provider for 129 member municipal electric systems in the states of Ohio, Pennsylvania, Michigan, Virginia, Kentucky, West Virginia and Delaware. Combined these public utilities serve more than 625,000 customers. AMP members receive their power supply from a diversified resource mix that includes wholesale power purchases through AMP and the open market and energy produced at AMP and member-owned generating facilities utilizing fossil fuel, hydroelectric, wind and other renewable resources. The organization is focused on sustainability and increased use of renewable generation resources. AMP currently has four run-of-the-river hydroelectric projects under construction on the Ohio River. Combined these four projects will add 300 MW of new hydro capacity to the region. AMP is pursuing additional solar, wind and landfill gas projects. For additional information, visit AMP’s Web site at www.amppartners.org.
About Santee Cooper
Santee Cooper is South Carolina’s state-owned electric and water utility, and the state’s largest power producer. The ultimate source of electricity for 2 million South Carolinians, Santee Cooper is dedicated to being the state’s leading resource for improving the quality of life for the people of South Carolina. For more information, visit www.santeecooper.com.
