A dispute over the origination and purpose of a $150,000 study of Santee Cooper's value boiled over into statements from Gov. Mark Sanford's office lambasting the credibility of two men raising questions about the issue.

Both Gov. Mark Sanford, through his spokesman, and interim Santee Cooper board Chairman Guerry Green dispute the recollection of former Chairman Graham Edwards on how the $150,000 study came about and its purpose.

Edwards, who was fired Dec. 10 as board chairman of Santee Cooper, said the study was proposed when Sanford was talking about how to get more value out of the utility that serves most of Horry and Georgetown counties.

That value could include selling the utility or raising rates, Edwards said.

Will Folks, spokesman for Sanford, said Edwards offered the study and the governor accepted. Green said he was there and remembers the same thing.

"This study is not my idea," Edwards said Wednesday. "The idea came from John Rainey over a year ago, to find out the impact on ratepayers if Santee Cooper were privatized."

Edwards said he did agree that Santee Cooper should pay for the study.

Rainey, also a former Santee Cooper board chairman and current chairman of Brookgreen Gardens, said he would not comment.

Folks said Edwards is not credible because he is trying to protect a $25,000 monthly retirement package from Santee Cooper, where he retired as chief executive officer after being employed for 23 years.

Santee Cooper's spokeswoman, Laura Varn, and another former chief executive, State Sen. Bill Mescher, R-Pinopolis, said Edwards is not receiving anything beyond the standard for company executives.

Mescher said that Edwards "got no benefits that other people didn't get" and that his package is a contract that would not be affected by changes in how Santee Cooper operates.

Edwards said the governor's office had the figures wrong, that his retirement pay is $12,500 a month.

"What does that really matter?" Edwards asked.

Folks also said Sen. Luke Rankin, R-Myrtle Beach, is a demagogue who is using "electric-rate McCarthyism" by saying that rates could go up because there is board turnover.

Rankin said it appears the governor's office is trying to take the focus away from how the activities surrounding Santee Cooper might affect ratepayers, especially the downgrading of the utility's bond outlook by one of the top three rating analysts.

Mescher said the downgrading by Fitch Investments already has cost bondholders 10 percent of what they could have received if they wanted to sell.

Sanford fired Edwards on Dec. 10, saying the board under his leadership was too hesitant to consider change. Sanford had reappointed Edwards in March to a full seven-year term.

"Santee Cooper has agreed to fund but is not initiating or directing these analyses," the contract says. The contract with Credit Suisse First Boston was signed Nov. 19. It was signed for Santee Cooper by CEO Lonnie Carter.

Rankin said it is "unusual that the governor's staff would lower itself to name-calling or finger-pointing."

Rankin said it still is unclear what the governor wants and he will continue to question Sanford's actions because that is his job as an elected official, but "if efficiency is the name of the game, then I'm all for it."