2024 was a milestone year for Santee Cooper, marking 90 years of service as South Carolina’s state-owned electric and water utility. Since our creation by the South Carolina General Assembly, we have experienced tremendous growth while maintaining our unwavering commitment to our customers and the communities we serve. Additionally, this year our Lake Moultrie Regional Water System commemorated 30 years of providing clean water—an exemplary model of multi-agency government cooperation.
While we took time to celebrate our rich history, 2024 was also a year in which we leaned into opportunities to provide reliable and affordable power to our customers, to be an engaged part of our communities, to continue to strengthen our financial position, and to make a positive economic impact in our state. Plus, we addressed current challenges in the form of natural disasters. We also continued to look to the future, preparing for South Carolina's increasing need for additional electric capacity in the face of unprecedented growth.
Our team delivered on each of these points, providing momentum as we look forward to the next chapter in Santee Cooper’s history.
Customers and Community
Reliability and affordability remain at the core of our service. In 2024, our typical residential customer enjoyed the lowest average monthly electric bill compared to our peer South Carolina utilities. Our reliability metrics remained noteworthy, with the average residential customer experiencing less than 26 minutes of power interruption, placing our distribution system among the top 10% of utilities nationwide. Our transmission system also performed within the top 10% of its peer group.
We continued to offer innovative energy-efficiency programs for our customers, including equipment rebates and in-home consultations, and expanded partnerships to support income-eligible customers. Our Lake Moultrie Regional Water System received the 25-Year Directors Award from the Partnership for Safe Water, underscoring our commitment to delivering safe, high-quality drinking water.
Beyond our utility services, our employees demonstrated a commitment to the community, dedicating over 27,000 volunteer hours to support public schools, nonprofit organizations, and medical research initiatives. Our annual Celebrate The Season holiday festival raised $135,778 for local charities, and our employee-led United Way campaigns set fundraising records in Horry County and metropolitan Charleston.
Financial Strength
Santee Cooper realized significant benefits for our customers in 2024, completing a bond transaction that refinanced $925 million of debt, generating $180 million in gross savings over the life of the refunded bonds. Investor confidence remained strong, as demonstrated by the transaction being six times oversubscribed. In its rating of the bond transaction ahead of the sale, Fitch Ratings upgraded our outlook from negative to stable, reflecting improved financial standing.
Santee Cooper completed the Cook Settlement-imposed rate freeze on Dec. 31, 2024. In preparation for the conclusion of that rate freeze, we conducted our first rate adjustment process since 2015. The process was comprehensive, transparent, and included a four-month public comment period that included several public hearings and a website-based comment portal to enhance customers’ ability to offer input. After considering the input received during that process, our Board of Directors approved a 4.9% average rate increase while introducing a new residential rate structure that enhances customer control over electricity costs. The new RG-25 rate includes a demand charge that applies to the highest peak hour of use each month while reducing the cost of energy by 34% for all hours. Customers who shift their energy-intensive appliance usage to non-peak hours can lower their overall bills. If a typical residential customer makes no changes to their electricity usage patterns, their monthly bill will increase by an average of $11.
Driving Economic Growth
As a state-owned utility, we are committed to advancing South Carolina’s economic prosperity. Our Camp Hall Commerce Park continues to generate substantial economic impact, with a 2024 study estimating its annual contribution at $3.8 billion and 6,364 jobs statewide. Upon full development in approximately 2035, the park is projected to contribute $7.9 billion in economic impact, including $7.3 billion in the Berkeley-Dorchester-Charleston tri-county region.
Santee Cooper facilitated industrial projects in 2024 totaling $3.1 billion in capital investment and 857 new jobs. Since 1988, we have collaborated with others to attract over $25 billion in investment and create approximately 90,000 jobs.
We also serve as South Carolina’s administrator for a federal grant under the Bipartisan Infrastructure Law to enhance grid resilience. We have awarded funds for 17 projects proposed by electric cooperatives and municipal utilities, and in late 2024, we recommended 14 additional projects to the U.S. Department of Energy.
Responding to Natural Disasters
Santee Cooper swiftly responded to multiple weather-related challenges in 2024. Winter Storm Finn brought a wind-and-rain event to South Carolina, causing outages for five electric cooperatives that receive power from Santee Cooper and 4,400 direct Santee Cooper customers, all of whom had power restored within 24 hours. Hurricane Helene severely impacted South Carolina’s upstate, impacting delivery points across 20% of our system. Despite widespread devastation, our teams restored power within two days and assisted other utilities across the state in recovery efforts. Additionally, we managed extensive controlled spills to protect our dams and infrastructure from flooding.
Meeting Capacity Needs
As South Carolina experiences unprecedented industrial growth, Santee Cooper is actively addressing the demand for additional electric capacity. Our strategy includes short-term solutions, long-term generation investments, and partnerships to enhance grid resilience. We sought approval from the South Carolina Public Service Commission to add approximately 200 megawatts in capacity at our Rainey Generating Station, a project we will complete by the end of 2027, primarily through waste heat recovery. We are also pursuing legislative approval for the ability to partner with Dominion Energy South Carolina in planning a new natural gas combined cycle facililty, and adding solar capacity in collaboration with our largest customer, Central Electric Power Cooperative Inc.
In response to growing interest in the restart of nuclear generating stations, we are also facilitating discussions on the restart of the partially constructed V.C. Summer Units 2 and 3, providing a potential additional 2.2 gigawatts of baseload, carbon-free nuclear capacity in South Carolina.
Looking Ahead
For 90 years, Santee Cooper has proudly served South Carolina. As we look to the future, we remain committed to strategic investments that will meet evolving energy and water needs while strengthening our communities. Our mission remains clear: to be the leading resource for improving the quality of life for all South Carolinians.