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.