The "South Carolina Electric Cooperative Consumer Protection and Wholesale Market Access Act" introduces a new regulatory framework for generation and transmission cooperatives in South Carolina by adding Article 29 to Chapter 27, Title 58 of the South Carolina Code. This legislation requires these cooperatives to seek approval from the Public Service Commission (PSC) for significant capital expenditures and major power purchase agreements. It also mandates the filing of proposed rates and terms of service, along with triennial wholesale rate reviews by the PSC. Additionally, distribution cooperatives are granted the right to petition the PSC for exit settlements from wholesale power contracts, ensuring that exit costs are fair and not inflated.

The bill further enhances oversight by requiring annual comprehensive financial reports from cooperatives, detailing various financial aspects, and allowing the PSC to establish rules for major expenditures and rate filings. It clarifies that existing financial obligations will not be impaired, and modifications to power supply agreements will be coordinated with Santee Cooper. The act will take effect upon the Governor's approval and will apply to new contracts and agreements made thereafter, with specific provisions for rate filings to be applicable ninety days post-approval.