After beginning negotiations to sell a 2-7 percent stake to South Mississippi Electric Power last week, Santee Cooper has signed a letter of intent with Ohio-based American Municipal Power (AMP) to possibly sell another 2-5 percent of its stake in the V.C. Summer expansion.
The letter was not binding and no financial terms were disclosed.
Santee Cooper currently owns 45 percent of the new reactors being built, with South Carolina Electric & Gas (SCE&G) owning the remaining 55 percent.
American Municipal Power is the nonprofit wholesale power supplier and services provider for 129 member municipal electric systems in Ohio, Pennsylvania, Michigan, Virginia, Kentucky, West Virginia and Delaware.
The two new Westinghouse AP 1000 reactors at the Summer plant near Jenkinsville, S.C. The reactors are expected to be complete in 2017 and 2018.