As of July 31 it is two years since Santee Cooper announced it would abandon the VC Summer nuclear project.
Time ticks on. So does …
A $7 billion shadow: Santee Cooper customers owe $7+ billion in debt – roughly 4 billion from the nuclear project and the rest from operating debt. Selling Santee Cooper to a company that would pay off the debt as condition of the sale can get customers out from that shadow.
Financial tension: Santee Cooper’s financial rating was hit with a second down grade. Independent financial agencies perform these ratings. The report “retained a negative outlook…”. That was June 27. The company’s rating went down last fall, too.
A decision to sell: The South Carolina Legislature received a report in February saying that there was interest from high-quality buyers for Santee Cooper. Ready to go. When that happens, debt can be eliminated in no time at all. Or, Santee Cooper customers can look at decades of paying off a project that makes no power.
Debt looms. No matter the executive, debt casts a long shadow. Better management won’t protect consumers from Santee Cooper’s massive debt. A decision can help consumers … a decision to sell.
Tick, tick, tick.