After a few days of debate, the South Carolina Senate finally reached a compromise on Santee Cooper.
While a final decision of whether or not to sell the state-owned utility is most likely months away, South Carolina lawmakers are ready to receive and review serious offers from companies interested in either purchasing or managing Santee Cooper.
Last Thursday, May 9, marked the end of the regular legislative session, just one week after lawmakers voted to explore possible options and bids for Santee Cooper to help move the process forward and find a solution that will benefit Santee Cooper’s millions of direct-serve and cooperative customers.
With over $7 billion in debt, many South Carolina residents are hoping lawmakers vote to sell, rather than find new management so that they aren’t stuck paying off the debt through increased utility rates for years to come.
The Senate bill was sent to the House which was amended and passed early last week which will allow the state Department of Administration to seek offers from potential buyers and have a team of experts evaluate each offer.
In addition to these outside offers, Santee Cooper is able to submit one offer per the proposal.
Once the experts evaluate all offers, they will then bring the best management offer, purchase offer, and Santee Cooper’s offer to the General Assembly who will then vote on what to do.
Lawmakers also agreed to discuss Santee Cooper further during a special three-day session starting May 20 which will include further deliberation on Santee Cooper.