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SC-owned electric utility approves $3B budget

Published on NewsOK Modified: December 10, 2012 at 2:19 pm •  Published: December 10, 2012

MONCKS CORNER, S.C. (AP) — South Carolina's state-owned utility has approved an almost $3 billion budget including more than $930 million for construction and capital expenditures.

The Santee Cooper Board of Directors approved the new spending plan at its meeting on Monday.

About $2 billion in the budget goes to electric generation with half that the cost of fuel or power purchased from other utilities.

More than $680 million of the capital expenditure budget is going to building new nuclear generating capacity. Santee Cooper and South Carolina Electric & Gas are building two new nuclear reactors at an existing nuclear plant near Jenkinsville in the Midlands.

More than $40 million of Santee Cooper's capital expenditures are for renewable power generation and emission improvements. Almost $210 million is being used to improve power transmission.