S.C. State Government is eager to sell Santee Cooper and put the failed V.C. Summer nuclear project behind them – but for the right price. Four out-of-state utility companies are ready to bid on Santee Cooper, but the utility must be appraised first.
👉 S.C. legislation hired ICF International consulting firm for an 8-week appraisal; paying ICF a flat $200,000 fee.
👉 Instead of ICF, Gov. McMaster wants to use Moelis & Co. – not an appraiser, but an investment bank + utilities broker. (McMaster says ICF does not have relevant experience in utility appraisal.) But Moelis & Co. wanted to appraise AND broker the sale of Santee Cooper, wanting 0.4% commission of the sales’ value (ex: $10 billion deal = $40 million commission) – which McMaster turned down, asking for appraisal only.
It looks like State House leaders will go forward with using ICF and *not* hiring Moelis, too.
