South Mississippi enters agreement for stake in new V.C. Summer nuclear units

Source: Santee Cooper

Santee Cooper and South Mississippi Electric Power Association announced that a letter of intent had been jointly executed, which provides for negotiations for the development of a power purchase agreement wherein South Mississippi may potentially secure a minority interest in Santee Cooper’s share of new units under construction at V.C. Summer Nuclear Station.

Santee Cooper owns 45 percent of the V.C. Summer expansion, and SCE&G owns 55 percent. In 2010, Santee Cooper began evaluating its level of ownership percentage in the new nuclear facilities, a review that continues and has been disclosed with rating agencies and other key stakeholders. The NRC approved combined construction and operating licenses for the project on March 30.

The letter of intent provides for the opportunity for South Mississippi Electric to secure 2-7 percent of the capacity and energy output from the generating station, which is roughly 4-14 percent of Santee Cooper’s ownership interest in the two new units. The letter of intent also includes as part of the potential transaction an option for South Mississippi Electric’s future acquisition of a portion of Santee Cooper’s ownership interest.

South Mississippi Electric is a not-for-profit cooperative that generates, transmits and sells wholesale electric energy to 11 Member distribution cooperatives. These 11 Member systems own and maintain approximately 56,300 miles of distribution lines and provide service to approximately 410,000 homes and businesses in 56 of Mississippi’s 82 counties, across 52 percent of the state’s land mass.

South Mississippi Electric’s primary purpose is to provide affordable and reliable electric energy to its Members. The mission is accomplished by focusing on the core fundamentals of power generation, power purchasing, power delivery, and fuel-risk mitigation.

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