Mississippi utility in deal to buy out part of Santee Cooper’s nuclear power investment

Preparation work is well under way on one of two new nuclear reactors will be built at V.C. Summer site in Jankinsville. They are scheduled to go online in 2017 and 2018. (Jeffrey Collins/AP)

Santee Cooper is closing in on a deal to sell some of its stake in the two new nuclear reactors being built in the Midlands.

The state-owned said today it has signed a letter of intent to negottate a sale to South Mississippi Electric Power Association, which would acquire 2 percent to 7 percent of the $10 billion project.

Moncks Corner-based Santee Cooper owns 45 percent of the V.C. Summer Nuclear Station expansion in Fairfield County. South Carolina Electric & Gas owns the rest.

Santee Cooper began evaluating whether to reduce its ownership in 2010.

The agreement announced today gives South Mississippi Electric the option to buy more of Santee Cooper’s stake later.

The V.C. Summer nuclear expansion was approved by federal regulators late last month.

South Mississippi Electric is a non-profit that generates, transmits and sells wholesale electric energy to 11 cooperatives that serve 410,000 homes and businesses in 56 of Mississippi’s 82 counties.

For more details, see Saturday’s editions of The Post and Courier.