Santee Cooper will freeze utility rates for next four years

Santee Cooper will freeze utility rates for next four years
Santee Cooper Utility will freeze rates for all residential, commercial and lighting customers starting this month through December 2024.

MONCKS CORNER, S.C. (AP) - Santee Cooper Utility will freeze rates for all residential, commercial and lighting customers starting this month through December 2024.

The 4-year rate freeze stems from a settlement agreement in a class-action lawsuit filed by customers after the South Carolina utility repeatedly raised rates to fund a failed nuclear construction project at the V.C. Summer site north of Columbia.

Board members of the publicly-owned utility signed off on the freeze Friday.

The company said it would address increased costs during this time with existing cash reserves and operational savings.

Members also approved a $165,000 performance bonus for deputy CEO Charlie Duckworth.

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