According to media reports, several out-of-state companies are exploring an acquisition of South Carolina-based Santee Cooper.
The State Newspaper reported one unnamed company has submitted a bid to buy all of Santee Cooper or its assets. Officials with Gov. Henry McMaster’s office expect up to three more bids.
Saddled with over $4.3 billion in debt from its idled nuclear project in Fairfield County, SC, the utility is exploring multiple options. McMaster sent a letter to South Carolina lawmakers promising to find buyers for the troubled utility.
“Selling Santee Cooper at a fire-sale price and in an environment where the state is begging buyers to undervalue the public utility’s true worth would have disastrous implications,” S.C. House Speaker Jay Lucas, R-Darlington, told The State newspaper. “The only responsible course of action is to receive an accurate valuation of Santee Cooper and not sell it for less than it’s worth.”
Santee Cooper and partner SCANA suspended of construction of Units 2 and 3 at V.C. Summer Nuclear Station in Jenkinsville, SC. The decision was anticipated to save Santee Cooper customers nearly $7 billion in additional costs to complete the project, including projected interest during construction.