Santee Cooper board approves $2.5 billion 2011 budget
December 15, 2010
No rate adjustment planned for 2011
MONCKS CORNER, SC – Deccember 13, 2010 – The Santee Cooper Board of Directors approved a $2.5 billion budget for 2011 today at its regular monthly meeting. The board also approved the 2012 and 2013 budgets for planning purposes.
The 2011 budget includes $1.97 billion for the electric system, $6.5 million for the water systems and $516.4 million for capital expenditures.
“Last year, we significantly cut our budget by more than $130 million. This year’s budget continues that cost-cutting commitment and contains additional cuts,” said Lonnie Carter, Santee Cooper president and CEO. “I am pleased to say our budget efforts mean we are able to avoid a rate adjustment for our customers in 2011.”
More than half of the $1.97 billion operating and maintenance budget is allocated for fuel and purchased power. The fuel necessary to generate electricity and supplemental purchase power totals $1.05 billion, with the remaining dollars allocated to all other operating and maintenance costs necessary to operate the utility.
The $516.4 million for construction and capital equipment expenditures includes:
• $302.3 million for construction of new nuclear generating facilities
• $38.9 million for renewable generation, environmental control improvements and recycling of combustion byproducts
• $48.6 million for transmission improvements
• $31.5 million for distribution improvements
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.
