MONCKS CORNER, S.C. (WCBD)- Santee Cooper is considering raising rates for the first time in more than five years, and Lowcountry customers will have a chance to weigh in on the proposal Monday evening.
The utility company, which serves more than 200,000 customers in Berkeley, Georgetown, and Horry counties, is seeking approval for its first rate increase since April 2017.
The proposal would include an 8.7% increase for residential customers, a 4.1% increase for commercial customers, a 5.0% increase for lighting customers, and a 2.8% increase for industrial customers.
The company said updates are needed to its electric system, citing inflation as a primary factor for the proposed rate hike.
“When inflation is combined with investments necessary to comply with regulations related to the environment, grid operations and security – all while continuing to provide reliability that is among the best in the country – Santee Cooper is pressed into a position where current rates won’t provide enough funds to meet our costs,” the company’s website states.