South Carolina spending millions on four consultants to explore Santee Cooper sale
COLUMBIA, SC -- South Carolina will pay four consultants millions of dollars over the next year to explore offloading or overhauling Santee Cooper.
State lawmakers are considering selling, reforming or allowing another firm to manage the state-owned power company after it lost $4 billion on the failed expansion of the V.C. Summer nuclear power plant in Fairfield County.
The expertise needed for such a multibillion-dollar transaction isn’t cheap.
The state Department of Administration recently hired an investment bank, law firm and two energy consultants as it works to solicit, field and evaluate offers for Santee Cooper. The agency has $20 million to spend on the consultants, including $15 million from Santee Cooper itself.
Read more: https://www.thestate.com/news/politics-government/article233574167.html