Moving in the Right Direction
Over the last year, we have made significant progress toward increasing value for our customers and those to whom we are accountable – the people of South Carolina. We implemented reforms, changes and improvements to create a healthier Santee Cooper with stronger accountability, less debt and new initiatives underway to deliver leaner, greener electricity.
Among our highlighted accomplishments, we:
- Froze rates for 4+ years.
- Saved $347 million through debt refinancing (2019-2020).
- Paid off over $600 million net debt (2019-2020), and in 2020 set $85 million aside to pay down a unique 2023 “balloon” debt obligation.
- Improved our credit rating.
- Greatly reduced legal liabilities.
- Secured $160 million in projected annual average fuel and operating savings, a 13% reduction.
- Created a more efficient, accountable, and diverse Santee Cooper.
- Advanced our vision for leaner, greener energy.
- Supported economic development, COVID relief.
- Enabling expanded broadband access.
- Tied our best year ever for safety.
- Increased customer satisfaction.
If you’d like more information about our progress, visit www.santeecooper.com/progress. There you’ll find our Progress Report Card and our Progress Update presentation that have more details on last year’s advances in rate stability, financial savings, operations, environmental stewardship, economic development, water management and more. Also, we’re setting the record straight with a new series of informative papers. In the first one, we correct inexcusable errors and false “facts” being disseminated by the Palmetto Promise Institute.