Santee Cooper and the Central Electric Power Cooperative today signed a multi-billion-dollar cost-saving extension of an agreement to purchase power from Santee Cooper. The savings will benefit all cooperative consumers as well as other wholesale customers and direct served residential, commercial and industrial customers of Santee Cooper. In addition to the savings, the agreement creates a collaborative approach to planning for Santee Cooper and the Electric Cooperatives, Santee Cooper’s largest customer.
Through their wholesale electricity aggregator, Central Electric Power Cooperative, the 20 independent retail electric cooperatives agreed to the extension of the Coordination Agreement, a complex document that governs how Central and Santee Cooper work together. The boards of both organizations approved the agreement in separate votes. With this amendment, the contract between the two entities cannot be terminated prior to 2058.
Today’s signing followed approval in separate votes by directors for each organization. Central’s board of directors approved the contract May 8, and Santee Cooper’s board approved it earlier today.