You probably already know that being a member of Lynches River Electric Cooperative has its benefits; from local service to capital credits, we try to serve you to the highest of our ability. Recently, the 20 electric cooperatives of South Carolina fought on your behalf to seek compensation for the funds our members invested in the failed nuclear power plant expansion led by Santee Cooper and SCE&G (now Dominion Energy).
A class-action lawsuit was filed in 2017 following the failure of the construction project for two nuclear units at the V.C. Summer Nuclear Generating Station in Fairfield County. Santee Cooper and SCE&G (now Dominion Energy) were owners of the project. The lawsuit argued that consumers should not have to pay for the nearly $9 billion in costs sunk into the failed project and essentially lost with nothing to show for it. Your cooperative was not represented in the case, but our members were and their rights were affected.
Before the lawsuit went to trial, the parties involved came to an agreement and settled the case. The settlement called for $520 million to be refunded to customers of Santee Cooper and the electric cooperatives. We expect 70 percent of the payment to be distributed before the end of 2020, with the remainder issued in 2022.
If you were a member of LREC between January 2007 and January 2020, you are part of this settlement and can expect future payments. We have been advised that you should start to receive the first round of checks or bill credits in late November or early December of this year. Your settlement amount was calculated by the Settlement Administrator based on how much electricity you purchased during a specific time period up through January 31, 2020.
This payment will be distributed in one of two ways:
- Members who are entitled to settlement payments of $25 or less will receive bill credits from LREC.
- Those entitled to receive payments over $25 will be issued a check directly from the Court Administrator, made payable to the member on record.
Please note that LREC is unable to provide any specific payment or member information regarding this settlement as it is being handled solely and strictly by the Court. Should you have any questions, please contact the Settlement Administrator:
- By Mail: Cook v. SCPSA, Class Action Administrator, PO Box 3127, Portland, OR 97208-3127
- By Phone: 1-833-947-0894
- By E-mail: info@SanteeCooperClassAction.com
Thank you for your support of Lynches River Electric Cooperative and we look forward to continuing to provide you with safe and reliable power, at the lowest cost possible, for many years to come. LREC has diligently worked to lower your power cost and we are excited to announce this coming payment, as well. I hope both this news and the payment or bill credit itself, finds you well, especially during these uncertain times.
President & CEO