South Carolina-owned utility nixes meeting, bonds downgraded

August 18, 2018 - 10:37 am

COLUMBIA, S.C. (AP) — South Carolina's state-owned utility is postponing this month's meeting during confusion over its leadership.

Santee Cooper announced Friday it wouldn't be meeting on Monday as planned. The uncertainty comes amid a showdown between South Carolina's governor and legislative leaders over leadership of the utility, under fire since the failure of a nuclear construction project in which it was the minority owner.

Gov. Henry McMaster has said he wants to sell Santee Cooper to alleviate its debt related to the V.C. Summer Nuclear Station debacle. He picked an ally as a new board chairman. The appointment requires Senate approval, but senators ended the session without voting on it. The Senate has sued over the move.

Also Friday, Moody's Investor Service downgraded the rating on the utility's revenue bonds.

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