‘The power is on in SC’ legislators proclaim in celebrating massive energy law

COLUMBIA — Lawmakers declared “the power is on in South Carolina” as Gov. Henry McMaster ceremoniously signed a law aimed at meeting the growing state’s future energy needs.

Legislators and utility executives gathered in front of the Governor’s Mansion on Wednesday to celebrate passage of the law granting permission for Dominion Energy and state-owned utility Santee Cooper to partner on a proposed 2,000-megawatt natural gas plant along the Edisto River in Colleton County.

The massive piece of legislation — which McMaster actually signed into law last month — also included measures meant to speed up the permitting process for power plants and pipelines, which at times have dragged out in the court system for years.

It also makes it easier for utilities to raise power bills on an annual basis, a request that power executives said would result in smaller, though more frequent, increases that customers can adjust to more easily.

Sen. Tom Davis, who was heavily involved in the state’s power-related debate, also highlighted what he saw as environmental wins.

The Beaufort Republican pointed to a measure that empowers utility regulators to demand more from public utility companies when it comes to energy-efficient home programs. The bill also doubled down on previous requirements that utilities seek out the lowest-cost option when it comes to solar power and batteries for storing it.

Nuclear reboot?

But the energy effort that garnered the most praise from politicians Wednesday — the potential reboot of a pair of partially built nuclear reactors in the state — isn’t actually included in the law they were there to celebrate.

“South Carolina is in the lead in the country for a renaissance of nuclear power,” McMaster declared outside the Governor’s Mansion.

Santee Cooper is still sorting through a pool of potential buyers for the two units, located at the V.C. Summer Nuclear Station, that were mothballed almost eight years ago as part of a failed nuclear power expansion project. The Legislature encouraged the effort in a resolution signed by the governor last month.

“I am hopeful that something, which in 2017 became something of shame and embarrassment, is going to turn out to be something of opportunity for all South Carolinians,” Davis said.

Nearly 80 interested parties responded to Santee Cooper’s callout issued in January, more than 50 of which ultimately submitted a bid, said CEO Jimmy Staton. Those involved include large utility companies, investment banks and technology giants.

“We’ve seen some very attractive proposals,” Stanton told the SC Daily Gazette.

Now, those applicants are partnering off and submitting more detailed, joint bids in a second round of vetting that Staton said will last through the summer.

“No one entity is going to be able to do this,” Staton said.

The project will need buyers for the power the plant produces, companies that can design, engineer and build it, and those that bring the financial wherewithal.

“We just want someone that we believe can finish the project,” Staton said. “Show us that you can capitalize it. Show us you can build it.”

If a deal does get done, Santee Cooper customers still shouldn’t expect to see the cost of the plant come off their power bills, Staton said. Instead, they’ll benefit from the electrons produced by a finished facility.

“For my customers, right now, they’re paying for something that isn’t generating electricity,” Staton said. “If I can leverage what they are paying into something that generates electricity for them, that’s a win, win.”

Editor’s note: This article has been changed to correct the spelling of Santee Cooper CEO Jimmy Staton’s name.