SUMMERVILLE, SC (WCBD) – Governor Henry McMaster on Wednesday said he believes the sale of Santee Cooper is inevitable.
McMaster has pushed to sell the state-owned utility to repay ratepayers for the abandoned nuclear reactors north of Columbia.
State lawmakers are currently considering bids from companies interested in buying Santee Cooper.
During a stop in the Lowcountry, Gov. McMaster spoke about the potential sale while speaking to the Summerville Rotary Club.
“It’s clear to me, and a lot of others, that Santee Cooper is a system, is an entity, that cannot work its way out of its debt,” he said. “The only way to get out of it, and to keep the rates from going up, which is what’s going to happen if we keep going like we’re going, is to be bought or taken over by a larger company.”
The Governor says every company that has submitted proposals to buy Santee Cooper says they can lower rates.