Santee Cooper Borrows $650 Million for Power Grid Upgrades and Expansions
Santee Cooper is borrowing nearly $650 million as part of a $7.6 billion investment plan over the next decade for power grid upgrades in South Carolina. The bond offering will be finalized by March 4, 2024, to fund projects including high-voltage lines and a new power plant. The utility anticipates a peak investment of $1.34 billion in 2029 and is partnering with Dominion Energy on a $5 billion natural-gas plant by 2033.
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Santee Cooper plans to borrow approximately $650 million to fund upgrades and expansions of its power grid, entering the second year of a decade-long investment strategy. The bond offering scheduled for February 18 will finalize by March 4, 2024.
The utility estimates it will need $7.6 billion over ten years to address aging infrastructure and increased electricity demand. In 2026, the investment plan totals around $1.08 billion, with 20 percent funded by cash.
Key projects include high-voltage lines and a proposed power plant near Walterboro. Santee Cooper and Dominion Energy are collaborating on a $5 billion natural-gas plant expected to be completed by 2033. Santee Cooper's credit ratings remain stable, and it has increased residential power prices by 8.7 percent and 4 percent in the past year.
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