South Carolina-owned utility Santee Cooper approves $2.9 billion spending plan for 2013

  • Posted: Monday, December 10, 2012 3:47 p.m., Updated: Monday, December 10, 2012 3:48 p.m.

Santee Cooper said its board of directors today approved a $2.9 billion budget for 2013.

The 2013 budget includes $2 billion for the state-owned utility’s electric system, and $933.7 million for capital projects, including the construction of two new nuclear reactors in the Midlands.

About $7.7 million was earmarked for Santee Cooper’s water systems.

About 53 percent of the $2 billion electric system funding is fuel and power the Moncks Corner-based utility buys to supplement its own generation. The remaining dollars will be allocated to the other costs necessary to operate the utility, Santee Cooper said.

“We are taking advantage of the lower prices of natural gas by purchasing more gas-fired electricity where it costs less for our customers,” said CEO Lonnie Carter. “More than ever, flexibility is key for us as we navigate through rising fuel and transportation costs and increasing government regulation. We are continuing to balance options and hold the line on all the costs that we can.”

Santee Cooper’s board approved the 2013 budget at its monthly meeting in Pinopolis.

Comments { }

Postandcourier.com is pleased to offer readers the enhanced ability to comment on stories. We expect our readers to engage in lively, yet civil discourse. Postandcourier.com does not edit user submitted statements and we cannot promise that readers will not occasionally find offensive or inaccurate comments posted in the comments area. Responsibility for the statements posted lies with the person submitting the comment, not postandcourier.com. If you find a comment that is objectionable, please click "report abuse" and we will review it for possible removal. Please be reminded, however, that in accordance with our Terms of Use and federal law, we are under no obligation to remove any third party comments posted on our website. Read our full Terms and Conditions.