Santee Cooper’s debt – possibly coming soon to all citizens of South Carolina?
Santee Cooper, the state-owned electric utility, is heavily in debt – more than $7 billion. This is a result of the cancellation of the V. C. Summer nuclear plant construction as well as operating costs.
The company said that taxpayers across the state would not have to pay the debt. In a Santee Cooper “Facts Are Facts” statement the utility says, “…we want to set the record straight. Some Santee Cooper critics are promoting a notion that the State of South Carolina, and therefore the taxpayers of South Carolina, are obligated to handle our debt. That is categorially untrue. Taxpayers are not responsible for Santee Cooper.” (Source)
Until, perhaps, a lawsuit could make a different state agency responsible … make others responsible for costs incurred by the utility? Taxpayers, in the end?
Santee Cooper recently filed a lawsuit against the SC State Fiscal Accountability Authority and the SC Insurance Reserve Fund. Both are state agencies. Santee is suing the state for insurance monetary claims related to the failure at V. C. Summer. Claims for its decisions and actions. Claims already denied.
The lawsuit is in the Ninth Judicial Circuit. Here is a link to the lawsuit.
A state agency is suing other state agencies. Is that a lawsuit between agencies for money of the State of South Carolina? Money from the public? Whose money?
Is socializing the debt of Santee Cooper, if this is what it can be called, okay with the citizens of South Carolina?