MYRTLE BEACH, SC (WBTW) – Santee Cooper President and CEO Lonnie Carter is stepping down from his position amid the company’s abandonment of two nuclear projects in Fairfield County.
In a release posted to the company’s website Friday, Leighton Lord, Chairman of the Santee Cooper Board of Directors, spoke highly of Carter, touting the CEO’s many achievements.
“The Board accepts Lonnie’s decision to retire with great respect and admiration for all that he has done during his career,” said Lord.
The chairman did not, however, comment on the company’s decision to stop building two nuclear power plants or Carter’s role in that decision. Santee Cooper and South Carolina Electric & Gas Co. announced July 31 they were pulling out of the nuclear reactors, a project that was nearly 10 years in the making. The two companies spent about $9 billion on the nuclear projects over the years.
Despite withdrawing from the project, the state-owned utility company first stated it would continue moving forward with plans to potentially increase rates over the next two years.
The company’s public relations specialist Susan Mungo said in an interview with News13 on Aug. 1 that it was “a tough decision to suspend construction of the two units but, bottom line, we did that in the best interest of our customers.”
South Carolina Governor Henry McMaster vowed to look for ways to renew construction and complete at least one of the reactors after the state utility pulled out of the project. Any potential partners would have to buy out Santee Cooper’s 45 percent share of the project or buy the state-owned utility altogether.
On Aug 11, Santee Cooper said it would not move forward with the planned rate hike. Lord said the board of directors approved management to withdraw the two proposed increases.
“Our recent Board votes to suspend the nuclear project and also to accept a negotiated settlement with Toshiba, Westinghouse’s parent company, allow us to now cancel this rate process,” Lord said in the release. “The Board will continue to make decisions based on what is necessary to protect the financial integrity of Santee Cooper.”
Carter’s retirement comes after working for Santee Cooper in a number of positions for 35 years. He served as CEO since 2004.