Interim Santee Cooper chairman

GEORGETOWN, S.C. - The interim chairman of Santee Cooper says suggestions the state-owned utility will be sold are nothing to worry about.

Guerry Green also said there is no chance the Santee Cooper board will raise rates to increase revenues for the state.

"Nobody including me would ever go along with that," Green said.

Green was appointed interim chairman by Gov. Mark Sanford. The state Senate must approve the move. Sanford has said he will appoint a permanent chairman later.

Former Chairman Graham Edwards was fired after he resisted the governor's call to eliminate charitable donations to put more of the utility's money back into state coffers. Edwards worked at Santee Cooper for 23 years, including seven years as chief executive officer.

Santee Cooper pays 1 percent of its revenue, which has been about $10.5 million in recent years, to the state as a substitute for the corporate taxes that private firms pay.

Sanford wants more, and that is one reason why Edwards said he was fired.

Just before he was fired, however, Edwards asked the staff to arrange a $150,000 contract with a major accounting firm to study Santee Cooper's value. Edwards said he wanted to show that Santee Cooper has more value as a state-owned utility than if it were sold.

Previous studies have said the state is losing as much as $52 million because Santee Cooper isn't paying the taxes that a private company pays.

But Edwards and Green agreed that a study must take into account values beyond revenue, like lower rates and the economic worth of the recreation and development around Lakes Marion and Moultrie.

As for the study, Green said it is similar to someone asking for an appraisal of his house with no intentions of selling it.

"It's really nothing to be worried about," Green said.

At this month's budget meeting, the Santee Cooper board agreed to take $8 million formerly used for advertising and sponsorships. Half would be used for economic development projects and half will be used to pay down debt.

But Green said he will not agree to Sanford's request to cut out all donations to local organizations. Some, such as those to fire departments, should continue, he said.

The utility also is working on a program where customers can add money to their bills for donations to local groups with the utility matching the money, Green said.

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Information from: The Sun News, http://www.myrtlebeachonline.com/