SCANA Corp. and Santee Cooper said Wednesday they may build a new nuclear power plant to meet future energy needs while fighting rising fuel costs.

The utilities, which together run the V.C. Summer nuclear plant in Fairfield County, said they can produce enough electricity to power their regions for years to come. But anticipated population growth means that may not true in a decade, roughly the time it takes to bring a new plant online.

S.C. Electric & Gas, SCANA’s chief subsidiary that services the Midlands and beyond, is operating with a reserve capacity of between 12 percent and 14 percent, said Robin Montgomery, a SCANA spokesman. That means the utility’s ability to give customers the power they need has not been maxed out.

“We don’t have to rush anything,” he said.

Santee Cooper has a similar cushion, but the coastal population served by the state-run utility is growing very fast, said Laura Varn Santee Cooper spokeswoman. The utility services Berkeley, Georgetown and Horry counties, as well as electric cooperative statewide.

“We are not sitting around with buckets and buckets of extra electricity,” she said.

Meanwhile, rising fuel costs are taking larger and larger bites out of the bottom lines of both utilities.

Six months into 2005, publicly traded SCANA reported spending more than $265.5 million on fuel — nearly a 25 percent jump from the $215.5 million spent during the same time last year.

Fuel is half of Santee Cooper expenses and those costs have soared lately, Varn said.

“Oil costs are up about 300 percent in the last three years, and coal is up about 100 percent (during that time),” she said.

A statement issued Wednesday announced the two utilities are partnering to study building a new power plant. Nuclear was singled out in the announcement as one of the options being considered.

With seven existing nuclear reactors at four plants, South Carolina is the largest producer of such power in the Southeast. It ranks third among 31 states with nuclear capacity. More than half the power used in this state is from nuclear plants.

Officially, however, the utilities said they have agreed at this point only to study the potential of increasing capacity from various options, including plants fired by natural gas and coal.

The joint study will help fill in such details as a new plant’s cost, funding and location. V.C. Summer, among the nation’s youngest nuclear facilities, could be a site of new construction.

“Summer was built with the possibility of expansion in mind,” Montgomery said.

Construction on the Summer plant started in 1971 and was completed in November 1982. By the time the first kilowatt was produced, more than $1.2 billion had been spent.

Wednesday’s announcement echoed comments made by SCANA chief executive William Timmerman at the company’s annual meeting in May.

In response to an investor’s question, Timmerman said given the current energy environment, nuclear energy has to be considered.

“If you asked me that two years ago, I’d say not on my watch,” Timmerman told the gathering.

Still, while SCANA officials have been open about the potential of building another nuclear plant for months, Santee Cooper officials sounded a bit more hesitant.

Santee Cooper spokeswoman Varn emphasized that the companies also are studying other ways to add power. The company recently finished a study of wind power and it is looking at burning wood chips.

Santee Cooper is possibly being politically cautious, after state legislators held recent hearings on controversial decisions by the company, said state Sen. Bill Mescher, R-Berkeley, a former president of Santee Cooper. But Mescher, who has previously criticized several Santee Cooper board members, said the caution may be unnecessary.

Mescher favors expanding nuclear-power capabilities in the state because it can help decrease America’s dependence on expensive foreign oil. It can also reduce emissions of so-called “greenhouse gases” that may harm climates.

He said he also understands why Santee Cooper was interested in partnering with SCANA.

“Santee Cooper is too small to go nuclear by itself,” Mescher said. “So, it has to go with someone else.”

The Office of Regulatory Staff — the state agency that investigates utility issues — responded warmly to the idea.

“I think the nuclear option is one we can address now,” said Dukes Scott, executive director of the agency. “It costs a lot less than coal and natural gas. It’s an option we need to study.”

SCE&G provides electricity to more than 529,000 customers in 24 counties in central, southern and southwestern parts of South Carolina. SCANA shares closed Wednesday at $41.16, down 57 cents.Santee Cooper serves 146,000 in the three counties plus another 650,000 through power provided to 20 electric cooperatives statewide.

Reach Werner at (803) 771-8509 or bwerner@thestate.com. Reach McWilliams at (803) 771-8308 or at jmcwilliams@thestate.com.