The vote by the state-owned power utility’s board of directors was unaninmous.
The agreement gives state legislators time to write a new law that would let the plant buy its electricity on the open market.
Santee Cooper’s board met in Moncks Corner to vote on the proposal.
Century’s board already has approved the deal, CEO Mike Bless said this
week.
Under the agreement, Century can continue to buy 75 percent of its
power on the open market and the rest from Santee Cooper as the company
operates Mount Holly at half capacity in the coming months. At the same
time, state lawmakers will propose legislation allowing the Berkeley
County plant to buy all of its power on the open market once the General
Assembly session begins in January.
Century and Santee Cooper had been at a stalemate over a power deal
before legislators intervened earlier this month. Century wants to buy
all of its power on the open market, saying it can purchase it at less
than half the price Santee Cooper charges.
The state-owned utility has said its other customers would have to
subsidize the smelter’s power transmission costs if that were allowed.
Century this month shut down one of its two pot lines at the plant of
U.S. Highway 52 and will lay off about half of the facility’s 600
workers as it cuts capacity by 50 percent.
By: David Wren.
Review: Emerging Market Formulations & Research Unit, Flagship Records.
For The #FacebookTeam