To the editor,
On the surface, the recent settlement of the class action lawsuit against Santee Cooper for charging customers for the failed V.C. Summer nuclear construction project might seem like a good deal for customers.
But a deeper look at the numbers tells a different story for Santee Cooper and electric co-op customers.
The settlement only represents a refund of $442 million (plus $78 million in attorney fees) against the approximately $4 billion that Santee Cooper and co-op customers will pay for the failed nuclear project.
Despite the settlement, Santee Cooper and co-op customers will continue to bear the sole responsibility for continuing to pay off the debt on the failed project, because customers are the only source of income for Santee Cooper.
It’s estimated that each Santee Cooper and electric co-op residential customer will still be on the hook for about $6,000 and $4,000 each respectively to pay off the utility’s total debt.
The reality is that the lawsuit settlement fails to end the financial pain for the Santee Cooper and co-op customers.