COLUMBIA, S.C. — A South Carolina state judge has approved a $520 million settlement in a customer class action lawsuit against state-owned utility Santee Cooper over increased rates for a failed nuclear construction project.
The deal will provide refunds for nearly all of the utility's 1.7 million customers.
Customers filed suit after the Santee Cooper pulled out of its minority stake in the V.C. Summer nuclear expansion in Fairfield County.
That project racked up $4 billion in debt as Santee Cooper increased rates five times to fund construction.
Monday’s deal also requires Santee Cooper to freeze electric rates for four years.