UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
In the Matter of SCANA Corporation CERTIFICATE PURSUANT TO RULE
(File No. 70-10087) 24 UNDER THE PUBLIC UTILITY
HOLDING COMPANY ACT OF 1935
This Certificate of Notification is filed by SCANA, a South Carolina
corporation, pursuant to Rule 24 (17 C.F.R. S250.24). Such filing is made in
connection with SCANA's Form U-1 Application, as amended (the Application), and
authorized by the order (the Order) of the Securities and Exchange Commission
(the Commission) dated February 12, 2003, in the above-referenced file. The
Order directed that SCANA file with the Commission quarterly certificates
pursuant to Rule 24 within 60 days after each calendar quarter. This certificate
reports transactions from the period October 1, 2003 through December 31, 2003.
Capitalized terms not otherwise defined herein have the meaning ascribed in the
Application.
1. SCANA Common Stock sold during the quarter:
None
2. SCANA Common Stock issued or issuable under options granted during the
quarter under employee benefit plans and dividend reinvestment plans:
Options to purchase 51,748 shares of SCANA common stock were exercised
pursuant to the SCANA Corporation Long-Term Equity Compensation Plan.
298,500 shares of SCANA common stock were purchased in the open market
and subsequently cancelled to offset the impact on total shares
outstanding due to stock option exercises. 164,860 shares of SCANA
common stock were purchased in the open market and subsequently issued
pursuant to the SCANA Investor Plus Plan, and 293,331 shares of SCANA
common stock were purchased in the open market and subsequently issued
pursuant to employee benefit plans.
3. SCANA Common Stock transferred to a seller of securities of a company being
acquired:
None
4. SCANA guarantees issued during the quarter:
SCANA issued a guarantee to the South Carolina Transportation
Infrastructure Bank for South Carolina Electric and Gas Company (SCE&G)
in the amount of $59 million in connection with the modification of the
Saluda River Dam at Lake Murray, Lexington County, South Carolina for
highway improvements.
SCANA renewed its guarantee of Primesouth, Inc. $5.0 million line of
credit to expire on December 31, 2005.
SCANA's guarantee of the South Carolina Generating Company, Inc. note
outstanding was reduced from $37.8 million to $34.1 million upon
GENCO's repayment of principal.
The guarantees below remain in effect until the earlier of contract
fulfillment or termination by SCANA. With respect to transactions
originating prior to the date of termination, the guarantee remains in
effect until the underlying obligations are satisfied. The guarantees
are issued in order to facilitate the energy trading activities of
SCANA and its subsidiaries.
SCANA issued a guarantee to Alabama Gas Corporation for SCANA Energy
Marketing, Inc. (SEMI) in the amount of $1.0 million.
SCANA issued a guarantee to Amerada Hess Corporation for SEMI in the
amount of $5.0 million.
SCANA issued a guarantee to OGE Energy Resource, Inc. for SEMI in the
amount of $5.0 million.
SCANA issued a guarantee to Equitable Energy, LLC for SEMI in the
amount of $5.0 million.
SCANA issued a guarantee to BG LNG, LLC for SEMI in the amount of $50
million. This guarantee replaces a previous guarantee issued to El Paso
Merchant Energy, L.P. in the amount of $50.0 million.
SCANA increased the guarantee amount on a previous guarantee issued to
ChevronTexaco Natural Gas for SEMI from $5.0 million to $10.0 million.
In aggregate, the exposure in regards to guarantees issued and
outstanding by SCANA does not exceed $600 million as authorized in the
order.
5. The amount and terms of any financings consummated by any utility or
Intermediate Subsidiary, including short-term debt by SCANA and the
issuance of any other securities during the quarter:
A. Utility Subsidiary short-term debt issuances:
South Carolina Electric & Gas Company:
SCE&G's existing 364-Day Revolving Credit Agreement which is to
expire on June 15, 2004 was amended on December 5, 2003. The new
principal amount is $250.0 million in Promissory Notes with the
following persons:
Bank of America, N. A. $50.0 million
Wachovia Bank, N.A. $50.0 million
The Bank of New York $50.0 million
Sumitomo Mitsui Banking Corporation $30.0 million
UBS AG, Stamford Branch $20.0 million
Credit Suisse First Boston $20.0 million
Sun Trust Bank $20.0 million
KBC Bank N.V. $10.0 million
Short-term debt in the form of commercial paper issued through
Lehman Brothers and Merrill Lynch, ranging in amount from $0.5
million to $63.3 million, at interest rates ranging from 1.10% to
1.17%.
The maximum amount of short-term indebtedness of South Carolina
Electric & Gas Company outstanding at any one time during the
period was $159.1 million.
Public Service Company of North Carolina, Incorporated:
Short-term debt in the form of commercial paper issued through
Lehman Brothers and Merrill Lynch, ranging in amount from $1.0
million to $11.7 million, at interest rates ranging from 1.11% to
1.20%.
The maximum amount of short-term indebtedness of Public Service
Company of North Carolina, Incorporated outstanding at any one
time during the period was $56.8 million.
South Carolina Generating Company, Inc.:
None
B. Public Service Company of North Carolina, Incorporated long-term debt
issuances:
None
C. SCANA debt issuances:
Long-term debt in the form of medium-term notes issued through UBS
Securities, LLC in the amount of $200.0 million. The applicable
interest rate of 1.62% is reset quarterly based on three-month
LIBOR plus 45 basis points.
Short-term debt in the form of commercial paper issued through KBC
Bank and Wachovia Bank, ranging in amount from $4.0 million to
$30.0 million, at interest rates ranging from 1.37% to 1.88%.
The maximum amount of short-term indebtedness of SCANA outstanding
at any one time during the period was $50.5 million.
D. Debt issuances by Intermediate Subsidiaries:
None
6. Registration Statements filed with the Commission pursuant to the
Securities Act of 1933 during the quarter:
SCANA Corporation Form S-8 Post-Effective Amendment filed November
12, 2003
7. Nonutility subsidiary financings consummated during the quarter that are not
exempt under Rule 52:
None
8. Hedge Instruments or Anticipatory Hedges entered into during the quarter:
On October 15, 2003 SCE&G entered into a $250 million, 5.414% Forward
Starting Interest Rate Swap with Bank of America N.A. in anticipation
of SCE&G's issuance of $250 million First Mortgage Bonds on November 6,
2003.
On October 30, 2003 the Forward Starting Interest Rate Swap entered
into on October 15, 2003, was terminated at a rate of 5.281% and $3.5
million was paid by SCE&G to Bank of America N. A.
9. Investments in Intermediate or Financing Subsidiaries during the quarter:
None
10. Forms U-6B-2 filed with the Commission during the quarter:
SCANA Corporation Form U-6B-2 filed November 17, 2003 SCE&G Form U-6B-2
filed November 10, 2003 SCE&G Form U-6B-2 filed November 13, 2003
11. Consolidated and separate balance sheets as of the end of the quarter
for each company that engaged in jurisdictional financing transactions
during the quarter:
SCANA Consolidated Balance Sheet (Exhibit A-1).
South Carolina Electric & Gas Company Balance Sheet (Exhibit A-2).
Public Service Company of North Carolina, Incorporated Balance Sheet
(Exhibit A-3).
12. Capital Structures of SCANA and each Utility Subsidiary:
See Exhibit Index
13. Maximum borrowings from and loans to the Utility Money Pool and the
Nonutility Money Pool and the interest rate applied during the quarter:
See Exhibit Index
14. Dividends paid by Nonutility subsidiaries:
None
15. Development or Administrative activities conducted by SCANA and its
subsidiaries during the quarter:
None
16. Internal reorganization of subsidiaries during the quarter:
None
SIGNATURE
Pursuant to the requirements of the Public Utility Holding Company Act of 1935,
SCANA has duly caused this Certificate to be signed on its behalf by the
undersigned hereunto duly authorized.
SCANA Corporation
Registrant
by: s/James E. Swan, IV
----------------------------------
James E. Swan, IV
------------------------------------
(Name)
Controller
(Title)
Dated: February 27, 2004
EXHIBITS
A-1 Balance Sheet for SCANA Corporation as of December 31, 2003 (Filed
herewith)
A-2 Balance Sheet for South Carolina Electric & Gas Company as of December
31, 2003 (Filed herewith)
A-3 Balance Sheet for Public Service Company of North Carolina,
Incorporated as of December 31, 2003 (Filed herewith)
B Capital Structures of SCANA and each Utility Subsidiary
(Filed herewith)
C Schedule I and II of SCANA Corporation Form U-6B-2 filed
February 26, 2004, incorporated by reference herein
Exhibit A-1
SCANA CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
-------------------------------------------------------------------------------
December 31, (Millions of dollars) 2003
-------------------------------------------------------------------------------
Assets
Utility Plant:
Electric $5,558
Gas 1,687
Common 193
-------------------------------------------------------------------------------
Total 7,438
Accumulated depreciation and amortization (2,280)
-------------------------------------------------------------------------------
Total 5,158
Construction work in progress 987
Nuclear fuel, net of accumulated amortization 42
Acquisition adjustments, net of accumulated amortization 230
-------------------------------------------------------------------------------
Utility Plant, Net 6,417
-------------------------------------------------------------------------------
Nonutility Property, Net of Accumulated Depreciation 96
Investments 178
-------------------------------------------------------------------------------
Nonutility Property and Investments, Net 274
-------------------------------------------------------------------------------
Current Assets:
Cash and temporary investments 136
Receivables, net of allowance for uncollectible
accounts of $16 and $17 503
Receivables - affiliated companies 13
Inventories (at average cost):
Fuel 147
Materials and supplies 60
Emission allowances 6
Prepayments 36
-------------------------------------------------------------------------------
Total Current Assets 901
-------------------------------------------------------------------------------
Deferred Debits:
Environmental 20
Nuclear plant decommissioning -
Assets held in trust, net-nuclear decommissioning 44
Pension asset, net 270
Other regulatory assets 348
Other 175
-------------------------------------------------------------------------------
Total Deferred Debits 857
-------------------------------------------------------------------------------
Total $8,449
===============================================================================
10
-----------------------------------------------------------------------------
December 31, (Millions of dollars) 2003
-----------------------------------------------------------------------------
Capitalization and Liabilities
Shareholders' Investment:
Common equity $2,306
Preferred stock (Not subject to purchase or sinking funds) 106
-----------------------------------------------------------------------------
Total Shareholders' Investment 2,412
Preferred Stock, net (Subject to purchase or sinking funds) 9
SCE&G-Obligated Mandatorily Redeemable Preferred Securities
of SCE&G's Subsidiary Trust, SCE&G Trust I -
Long-Term Debt, net 3,225
-----------------------------------------------------------------------------
Total Capitalization 5,646
-----------------------------------------------------------------------------
Current Liabilities:
Short-term borrowings 195
Current portion of long-term debt 202
Accounts payable 307
Accounts payable - affiliated companies 12
Customer deposits 43
Taxes accrued 84
Interest accrued 55
Dividends declared 41
Deferred income taxes, net 4
Other 74
-----------------------------------------------------------------------------
Total Current Liabilities 1,017
-----------------------------------------------------------------------------
Deferred Credits:
Deferred income taxes, net 787
Deferred investment tax credits 117
Reserve for nuclear plant decommissioning -
Asset retirement obligation - nuclear plant 118
Postretirement benefits 135
Other regulatory liabilities 519
Other 110
-----------------------------------------------------------------------------
Total Deferred Credits 1,786
-----------------------------------------------------------------------------
Commitments and Contingencies -
-----------------------------------------------------------------------------
Total $8,449
=============================================================================
Exhibit A-2
SOUTH CAROLINA ELECTRIC & GAS COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
--------------------------------------------------------------------------------
December 31, (Millions of dollars) 2003
--------------------------------------------------------------------------------
Assets
Utility Plant:
Electric $5,242
Gas 456
Common 193
--------------------------------------------------------------------------------
Total 5,891
Accumulated depreciation and amortization (1,801)
--------------------------------------------------------------------------------
Total 4,090
Construction work in progress 884
Nuclear fuel, net of accumulated amortization 42
--------------------------------------------------------------------------------
Utility Plant, Net 5,016
--------------------------------------------------------------------------------
Nonutility Property and Investments, Net 25
--------------------------------------------------------------------------------
Current Assets:
Cash and temporary investments 61
Receivables, net 237
Receivables - affiliated companies 61
Inventories (at average cost):
Fuel 30
Materials and supplies 52
Emission allowances 6
Prepayments 20
--------------------------------------------------------------------------------
Total Current Assets 467
--------------------------------------------------------------------------------
Deferred Debits:
Environmental 11
Nuclear plant decommissioning -
Assets held in trust, net - nuclear decommissioning 44
Pension asset, net 270
Due from affiliates - pension and postretirement benefits 20
Other regulatory assets 326
Other 144
--------------------------------------------------------------------------------
Total Deferred Debits 815
--------------------------------------------------------------------------------
Total $6,323
================================================================================
--------------------------------------------------------------------------------
December 31, (Millions of dollars) 2003
--------------------------------------------------------------------------------
Capitalization and Liabilities
Shareholders' Investment:
Common equity $2,043
Preferred stock (Not subject to purchase or sinking funds) 106
--------------------------------------------------------------------------------
Total Shareholders' Investment 2,149
Preferred Stock, net (Subject to purchase or sinking funds) 9
Company-Obligated Mandatorily Redeemable Preferred
Securities of the Company's Subsidiary Trust, SCE&G Trust I -
Long-Term Debt, net 1,943
--------------------------------------------------------------------------------
Total Capitalization 4,101
--------------------------------------------------------------------------------
Current Liabilities:
Short-term borrowings 140
Current portion of long-term debt 138
Accounts payable 114
Accounts payable - affiliated companies 96
Customer deposits 24
Taxes accrued 97
Interest accrued 39
Dividends declared 38
Deferred income taxes, net 8
Other 33
--------------------------------------------------------------------------------
Total Current Liabilities 727
--------------------------------------------------------------------------------
Deferred Credits:
Deferred income taxes, net 665
Deferred investment tax credits 109
Reserve for nuclear plant decommissioning -
Asset retirement obligation - nuclear plant 118
Due to affiliates - pension and postretirement benefits 15
Postretirement benefits 135
Regulatory liabilities 398
Other 55
--------------------------------------------------------------------------------
Total Deferred Credits 1,495
--------------------------------------------------------------------------------
Commitments and Contingencies -
--------------------------------------------------------------------------------
Total $6,323
================================================================================
Exhibit A-3
PUBLIC SERVICE COMPANY OF NORTH CAROLINA, INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
--------------------------------------------------------------------------------
December 31, (Millions of dollars) 2003
--------------------------------------------------------------------------------
Assets
Gas Utility Plant $923
Accumulated depreciation (256)
Acquisition adjustment, net of accumulated amortization 210
--------------------------------------------------------------------------------
Gas Utility Plant, Net 877
--------------------------------------------------------------------------------
Nonutility Property and Investments, Net 28
--------------------------------------------------------------------------------
Current Assets:
Cash and temporary investments 18
Restricted cash and temporary investments 7
Receivables, net of allowance for uncollectible accounts
of $2 and $2 115
Receivables - affiliated companies 5
Inventories (at average cost):
Stored gas 56
Materials and supplies 5
Prepayments 2
Deferred income taxes, net 3
--------------------------------------------------------------------------------
Total Current Assets 211
--------------------------------------------------------------------------------
Deferred Debits:
Due from affiliate-pension asset 13
Regulatory assets 17
Other 6
-------------------------------------------------------------------
-------------
Total Deferred Debits 36
-------------------------------------------------------------------
-------------
Total $1,152
================================================================================
===================================================================
Capitalization and Liabilities
Capitalization:
Common equity $502
Long-term debt, net 278
-------------
--------------------------------------------------------------------------------
Total Capitalization 780
--------------------------------------------------------------------------------
-------------
Current Liabilities:
Short-term borrowings 55
Current portion of long-term debt 8
Accounts payable 48
Accounts payable - affiliated companies 2
Customer deposits 7
Taxes accrued 10
Interest accrued 6
Distributions/dividends declared 4
Other 15
--------------------------------------------------------------------------------
-------------
Total Current Liabilities 155
--------------------------------------------------------------------------------
-------------
Deferred Credits:
Deferred income taxes, net 96
Deferred investment tax credits 2
Due to affiliate-postretirement benefits 17
Regulatory liabilities 86
Other 16
--------------------------------------------------------------------------------
Total Deferred Credits 217
--------------------------------------------------------------------------------
Commitments and Contingencies -
--------------------------------------------------------------------------------
Total $1,152
================================================================================
Exhibit B
SCANA Corporation
Capital Structure
December 31, 2003
(Dollars in Millions)
% of Total
Actual Capitalization
Common equity $ 2,306 38.2%
Preferred stock $ 115 1.9%
Debt (long and short-term) $ 3,622 59.9%
--------------------------------------
Total $ 6,043 100.0%
======================================
South Carolina Electric & Gas Company
Capital Structure
December 31, 2003
(Dollars in Millions)
% of Total
Actual Capitalization
Common equity $ 2,043 46.7%
Preferred stock 115 2.6%
Debt (long and short-term) 2,221 50.7%
--------------------------------------
Total $ 4,379 100.0%
======================================
Public Service Company of North Carolina, Incorporated
Capital Structure
December 31, 2003
(Dollars in Millions)
% of Total
Actual Capitalization
Common equity $ 502 59.5%
Debt (long and short-term) $ 341 40.5%
--------------------------------------
Total $ 843 100.0%
======================================
South Carolina Generating Company, Incorporated
Capital Structure
December 31, 2003
(Dollars in Millions)
% of Total
Actual Capitalization
Common equity $ 100 45.7%
Debt (long and short-term) $ 119 54.3%
--------------------------------------
Total $ 219 100.0%
======================================