Santee Cooper gets a new leader. What Peter McCoy says is important to move forward
A former U.S. attorney and state representative who investigated the fallout of the unfinished V.C. Summer nuclear plant is now the leader of the Santee Cooper Board.
The state Senate in a 43-0 vote on Tuesday confirmed Peter McCoy as the new chairman of the Santee Cooper Board of Directors for a stint that’s scheduled to run through Jan. 1, 2026.
“I feel that one of my positive strengths coming in as a board member and potential director is my ability to work with everybody,” McCoy said Monday. ”Being able to navigate those waters is something I look forward to doing.”
McCoy — while speaking in front of the Public Utilities Review Committee on Monday, which deemed him qualified for the chairman position — said good relationships are important to building trust in Santee Cooper, which provides electricity to about 2 million people around the state.
McCoy, who was appointed U.S. attorney in South Carolina during the Trump administration, becomes board chairman after lawmakers passed a Santee Cooper reform bill that includes increased oversight of the utility in addition to oversight from the Office of Regulatory Staff and Public Service Commission, which have oversight on investor-owned utilities.
The reforms include increased scrutiny when Santee Cooper wants to build new energy generation, the salary the utility pays its CEO, when the utility takes on long-term debt, and when it wants to increase rates.
“I would argue that with the addition of the new legislation that has passed, obviously there’s a significant emphasis on the ratepayer, but I think you couple that with the best interest of the utility,” McCoy said.
“I think you have to balance both of them. I think they’re both important. I think they’re extremely important. Obviously what our state has gone through since 2016 with the V.C. Summer issue, putting the ratepayer first, putting the ratepayer foremost, has to be a priority to any board member, any director that’s coming into serve on the Public Service Authority.”
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In recent years, members of the legislature and Gov. Henry McMaster have been critical of the Santee Cooper, with the governor even calling it a “rogue” agency.
McCoy said Santee Cooper having a strong relationship with the legislature is in the best interest of the utility, but the utility also needs to make sure it builds relationships with its customers.
“Having a strong relationship with the co-ops is an absolute must. Having a strong relationship with the ratepayers in the state is an absolute must,” McCoy said. “Being able to bridge that gap if there are any miscommunications out there, I think is extremely important and something I look very much forward to do.”
The reforms were put in place after lawmakers spent years trying to determine what to do with Santee Cooper after it partnered with SCANA in the failed V.C. Summer nuclear plant project, which left billions of dollars in debt that ratepayers will eventually have to cover.
McCoy, who led a House committee on the V.C. Summer project and oversaw prosecutions of two former SCANA executives, is highly regarded among lawmakers.
“I know you will do the right thing. ... I’ve always known you to be someone who is analytical and looks to solve problems. It’s not just what you do, but it’s how you do it and how you bring people around you with a common vision to move forward together,” said state Rep. Jay West, R-Anderson. “I think this is the best possible appointment our governor has made.”
During McCoy’s appearance in front of the Senate Judiciary Committee, senators lauded McCoy.
“People know you. People trust you. You are transparent,” said Senate Judiciary Chairman Luke Rankin, R-Horry. “You don’t have an agenda but what the law imposes.”
Reporter Emily Bohatch contributed to this article.
