A state-owned power utility is making deals with two other companies in an effort to share the costs of two new nuclear reactors under construction in South Carolina.
Santee-Cooper signed a letter of intent with Florida Municipal Power Agency on Friday that would give the Florida utility up to 9 percent ownership in the two reactors set to go online in five years. Santee-Cooper is a minority owner of the mostly SCANA project, holding a 45 percent share of its capacity.
The company began to look to reduce its stake after one of its biggest customers (Central Electric Power Cooperative) announced last year it would begin buying from Duke Energy instead. The lower-than-anticipated demand means the utility does not need such a large stake in the $1.2 billion dollar project.
Officials want to get down to 20 percent ownership eventually. Last week, Duke Energy announced it would also take up to 9 percent ownership in the reactors. In March, Orlando Utilities Commission also signed a letter of intent to take a similar amount.
Work is already well underway at the facility, although the reactors cannot be installed until federal officials grant permission. That is expected to come by the end of the year.