The Santee Cooper board of directors on Dec. 11 approved the company's 2018 budget of $2.1 billion.
"We've been able to achieve overall annual cost reductions of $40 million and will continue to work toward more efficiencies," interim President and CEO Jim Brogdon said in a Dec. 11 news release.
The 2018 budget does not include the use of settlement funds from Toshiba Corp. related to the suspended V.C. Summer nuclear project until July 1, 2018, to ensure compliance with potential legislative proposals.
The approved budget includes $1.7 billion for the electric system, of which 42% is allocated for fuel and purchased power. The budget also allocates $9.8 million for the water systems and $378.6 million for capital expenditures.
Of the CapEx funds, $186.3 million is planned to be utilized to improve renewable generation and environmental controls, while the remaining portion will be used to upgrade transmission and distribution systems.
The board also approved the 2019 and 2020 budgets for planning purposes.
Santee Cooper is legally known as South Carolina Public Service Authority.
