SC utility won’t be sold at ‘fire sale price’ say legislators

V.C. Summer Nuclear Generating Station
This Sept. 18, 2017 photo shows the partially built V.C. Summer Nuclear Generating Station near Jenkinsville, S.C. On Wednesday, Sept. 27, 2017, the boards of state-owned Santee Cooper and the private South Carolina Electric & Gas approved the sale of their share of a $2.2 billion, five-year settlement over the failed nuclear project so that they can recover nearly 92 percent of the cash immediately. (AP Photo)

COLUMBIA, S.C. (AP) – South Carolina legislators are emphasizing only the General Assembly can sell a state-owned utility, and it makes no sense to do so at a “fire sale price” following the abandonment of a multibillion-dollar nuclear power project.

Gov. Henry McMaster is negotiating with power companies to buy all or part of Santee Cooper. McMaster says he wants a buyer to either complete one of both of the partially built reactors or refund customers the billions they’ve sunk into the scuttled project.

In a joint letter to McMaster, House Speaker Jay Lucas and Senate President Pro Tem Hugh Leatherman wrote Wednesday any sale of Santee Cooper must be in the “best and most fiscally responsible choice for South Carolina.”

They say no offers will be accepted until Santee Cooper’s value is evaluated.

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