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Santee Cooper leaders say increasing fuel costs have led the state-owned utility to cut $100 million from its budget. Santee Cooper can't increase electricity rates on its customers for three more years after its role in the failed building of two nuclear reactors. The utility says it is still trying to identify exactly where the cuts will be made, but doesn't anticipate layoffs or job cuts. Officials at Monday's Santee Cooper board meeting suggested taking $30 million from operating and maintenance and $70 million from capital projects. The utility says fuel costs have increased $130 million. ....
CHARLESTON, S.C. (AP) — Sharply increasing fuel costs have led state-owned utility Santee Cooper to cut $100 million from its budget since it can t increase electricity rates on its customers ....
Gross savings from the transaction is expected to be $378 million, or about $11 million a year, which would result in around $250 million in net present value debt service savings. ....