MONCKS CORNER, S.C. – The Santee Cooper Board of Directors approved a $2.1 billion budget for 2018 at its regular monthly meeting this week. The 2018 budget includes $1.7 billion for the electric system, $9.8 million for the water systems and $378.6 million for capital expenditures.
Approximately 42 percent of the $1.7 billion electric system budget is allocated for fuel and purchased power. The Board also approved the 2019 and 2020 budgets for planning purposes.
The approved budget does not include the use of Toshiba settlement funds until July 1, 2018, to ensure compliance with potential legislative proposals. Further, the resolution adopted by the Board directs Santee Cooper to utilize the funds for debt reduction measures to ensure the resulting savings are passed on to Santee Cooper customers.
The $378.6 million for construction and capital equipment spending includes:
- $186.3 million to improve renewable generation and environmental controls
- $185.3 million for the transmission and distribution systems and system-wide improvements
“In our 2018 budget, we focused on reducing costs while maintaining excellent service for our customers,” said Interim President and CEO Jim Brogdon. “We’ve been able to achieve overall annual cost reductions of $40 million and will continue to work toward more efficiencies.”
Santee Cooper expects about 150 employees to retire by June 30, 2018, and the utility will achieve cost reductions by restructuring to eliminate some of those positions. Other contributors to cost reductions include deferred capital projects.
Santee Cooper is South Carolina’s largest power provider, largest Green Power generator and the ultimate source of electricity for 2 million people across the state. Through its low-cost, reliable and environmentally responsible electricity and water services, and through innovative partnerships and initiatives that attract and retain industry and jobs, Santee Cooper powers South Carolina. To learn more, visit www.santeecooper.com.