Governor Henry McMaster was joined by the state’s electric utilities and members of the General Assembly today for a ceremonial bill signing of H. 3309, the South Carolina Energy Security Act. This landmark legislation is set to significantly improve the state’s ability to generate and deliver the power needed to keep pace with South Carolina’s rapid economic growth and rising population.
The new law aims to secure the state’s energy future, ensuring that South Carolina can produce, transmit, and manage the energy required for its continued prosperity. It addresses the increasing demand for reliable and affordable energy as more people and businesses choose to relocate to the state.
A key provision of the act streamlines the regulatory review process for energy projects. All state agencies are now directed to expedite their reviews and render decisions on energy-related infrastructure projects within six months of receiving an application. This expedited review process is set to remain in effect until 2035.
In line with the Governor’s earlier calls, the legislation strongly encourages the further development of nuclear energy. It expands the purview of the Nuclear Advisory Council to include the creation of a statewide strategic plan for nuclear generation and promotes advanced nuclear technologies. Furthermore, the act authorizes a pilot program for small modular nuclear reactors, provided it receives endorsement from the Nuclear Advisory Council.
The legislation also grants authorization for a joint venture between Santee Cooper and Dominion Energy to convert the retired coal-fired Canadys Station into a natural gas facility.
Additionally, the law directs the Office of Regulatory Staff to develop a comprehensive energy assessment and action plan. This plan will outline steps the state should take to ensure the ongoing availability of affordable and reliable electric power and natural gas. It also instructs the Public Service Commission to consider updates to voluntary renewable energy programs to better reflect the needs of South Carolina businesses.
The bill provides electric utilities with new flexibility to offer competitive energy rates to companies making substantial investments in South Carolina. These negotiated rates are available to businesses that meet specific job creation and capital investment thresholds, aiming to attract transformative economic projects to the state.
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