MONCKS CORNER, S.C. (WCBD) – Santee Cooper announced a plan to freeze customer rates through 2024.
The utility provider’s board of directors met on Friday and agreed on freezing rates for its residential, commercial, and lighting customers, from August 2020 through December 2024.
Santee Cooper said it will manage any increase in costs during that period with existing cash reserves and operational savings.
The rate freeze is part of a 2020 settlement with customers in a class-action lawsuit over costs from the failed nuclear reactor project north of Columbia.
“We are freezing base rates and holding fuel costs and other normally adjustable charges to levels provided in our Reform Plan. For residential and commercial customers, that means we project fuel prices will actually decrease 7% from 2020 through 2024, while base rates are projected to remain at 2017 levels,” said Mark Bonsall, Santee Cooper President and Chief Executive Officer.
Bonsall said Santee Cooper is focused on increasing value for its customers.
The utility is transitioning to a more sustainable, flexible and less expensive generating portfolio that includes more solar and less coal.
Savings associated with that transition will help maintain rate stability required by the settlement.