Santee Cooper Board approves 2017 budget

In its 2017 spending plan approved today, the Santee Cooper Board of Directors held operating and maintenance costs to 2016 levels. The board also approved capital investments in new nuclear generation and improvements to the utility’s electric grid and environmental controls. The board approved the 2018 and 2019 budgets for planning purposes.

The 2017 budget totals $3.2 billion and includes $1.8 billion for the electric system, $9.1 million for the water systems and $1.4 billion for capital expenditures. Approximately 41% of the $1.8 billion electric system budget is allocated for fuel and purchased power.

“Even as our investment in expanding the V.C. Summer Nuclear Station grows, Santee Cooper employees are continuing to save money in operations and fuel spending,” said Lonnie Carter, Santee Cooper president and CEO. “These cost savings, along with excellent debt management, are minimizing customer impacts in the short term, while we build nuclear generation and make system improvements that will provide clean, reliable and affordable electricity for the long term.”

The $1.4 billion for construction and capital equipment spending includes:

• $893.2 million for building new nuclear generating units
• $286.7 million to improve renewable generation and environmental controls
• $193.1 million for the transmission and distribution systems and system-wide improvements

Santee Cooper is South Carolina’s largest power provider, the largest Green Power generator and the ultimate source of electricity for 2 million people across the state. Through its low-cost, reliable and environmentally responsible electricity and water services, and through innovative partnerships and initiatives that attract and retain industry and jobs, Santee Cooper powers South Carolina. To learn more, visit www.santeecooper.com.