x
Breaking News
More () »

$520 million settlement approved in ratepayer suit against Santee Cooper

The deal will provide refunds for nearly all of the utility's 1.7 million customers.

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. 

RELATED: Senators working fast on changes at SC state utility

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. 

RELATED: Report: SCE&G, Santee Cooper Knew a Year Ago VC Summer Project was Doomed

RELATED: Santee Cooper suing SCE&G over VC Summer project

Monday’s deal also requires Santee Cooper to freeze electric rates for four years. 

RELATED: Santee Cooper to pay $15M for study of its possible sale