I am part of a co-op that gets electrons from the state utility, I guess
that some dinero will flow down to my bill. Will be interesting to see
how it sorts out. The real fun comes when the various criminals start
getting perp-walked, including the high-paid commissioners (one of whom
is the husband of a woman I know) and corruptocrats who enabled it.
Interesting that Queen Jean was the ruling jurist, she used to be the
head Supreme Court jester. They need to make sure to hold hearings
before late afternoon though when she starts celebrating the weekend,
er, evening... I think some pols got her this retirement gig, she is
mostly bought and paid for...
--FT
On 7/23/20 12:18 PM, Andrew Strasfogel via Mercedes wrote:
UTILITIES
$520M settlement approved in Santee Cooper lawsuit
Published: Wednesday, July 22, 2020
A South Carolina state judge on Monday 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.
Judge Jean Toal signed off on the deal, which will provide refunds for
nearly all of the utility's 1.7 million customers. After about 90 days,
customers will receive some kind of cash payment. Customers with refunds of
less than $25 will receive a credit on their bill.
Plaintiffs' lawyers will get 15%, or $77 million to $78 million, of the
settlement. Lawyers said the percentage is relatively low in this kind of
lawsuit, *The State* newspaper reported
<https://www.thestate.com/news/local/crime/article244355297.html#storylink=mainstage_card6>
.
The project racked up $4 billion in debt before Santee Cooper pulled out of
its minority stake in the V.C. Summer nuclear expansion in July 2017. The
project to build two nuclear-powered electric generators in Jenkinsville,
about 25 miles (40 kilometers) northwest of Columbia, was shut down before
any power was generated because of the rising costs, as Santee Cooper
increased rates five times to fund construction.
Monday's finalized deal also requires Santee Cooper to freeze electric
rates for four years, which lawyers said could be worth up to $510 million,
according
<https://www.postandcourier.com/business/judge-approves-santee-cooper-ratepayer-settlement-over-failed-vc-summer-nuclear-project/article_b7e11862-ca99-11ea-baf6-bb7b91e013cf.html>
to *The Post and Courier*.
State lawmakers are still deciding whether to sell the utility or re-form
it. *— Associated Press*
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