Santee Cooper will freeze utility rates for next four years

State - Regional

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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