Price matters: affordable electricity is powering South Carolina's economic resurgence.

• Author: Carter, Lonnie

The Business Insider website recently ranked South Carolina's economy as the eighth fastest-growing in the country. We had the largest drop in unemployment in the country between June 2013 and June 2014, and we added 42,500 jobs in that same timeframe.

South Carolina's economy has had a great 2014, with a steady parade of industry announcements including two billion-dollar projects announced in the first quarter. We are ranked No. 1 in the nation for attracting jobs through foreign investment. We have four of the world's top 10 tire makers and are the nation's top tire producer, too.

In fact, one of our fastest-growing sectors is manufacturing, which is also the state's largest industry. Manufacturing pays well too, offering workers an average annual compensation roughly double the average for all private nonfarm sectors.

Here's another important fact about manufacturing: It can use a lot of electricity, and so price matters. Santee Cooper's industrial electricity costs are 29 percent lower than the national average; in general, South Carolina's competitive electricity prices are a major reason our state is enjoying an economic resurgence this year.

South Carolina had a tough time with the Great Recession. Our people need this economic resurgence and the well-paying jobs that come with it, and we need to do all we can to keep the momentum going. For the electric industry, that means keeping electric costs for customers as low as possible, all the while maintaining a reliable power system.

If we can't keep electricity costs affordable going forward, then manufacturing in South Carolina won't be competitive. If manufacturers aren't competitive, they close or relocate. In survey after survey, industry leaders and site selectors say electricity costs are one of their top considerations in choosing a location for a new plant or a plant expansion.

Santee Cooper understands the important role that electricity prices play in economic prosperity. In addition to our overall low rates, we offer incentives for eligible new industry moving or expanding into our service territory, featuring significant discounts over the first few years that are critical as a new company gets established. We have also...