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 July 1, 2004 through September 30, 2004.
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 248,753 shares of SCANA common stock were exercised
pursuant to the SCANA Corporation Long-Term Equity Compensation Plan,
173,610 shares of SCANA common stock were issued pursuant to the SCANA
Investor Plus Plan, and 319,671 shares of SCANA common stock were
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:
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 Louis Dreyfus Energy Services, L.P. for
SCANA Energy Marketing, Inc. (SEMI) in the amount of $5.0 million.
SCANA issued a guarantee to NJR Energy Services for SEMI in the amount
of $2.0 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:
Short-term debt in the form of commercial paper issued through
Lehman Brothers and Merrill Lynch, ranging in amount from $1.3
million to $55.1 million, at interest rates ranging from 1.37% to
1.85%.
The maximum amount of short-term indebtedness of South Carolina
Electric & Gas Company outstanding at any one time during the
period was $284.1 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 $7.1 million, at interest rates ranging from 1.63% to
1.87%.
The maximum amount of short-term indebtedness of Public Service
Company of North Carolina, Incorporated outstanding at any one
time during the period was $21.6 million.
South Carolina Generating Company, Incorporated.:
None
B. Public Service Company of North Carolina, Incorporated long-term debt
issuances not exempt under Rule 52:
None
C. South Carolina Generating Company, Inc. long-term debt issuances not
exempt under Rule 52:
None
D. SCANA debt issuances:
SCANA's 364-Day Revolving Credit Agreements expired or were
terminated on September 28, 2004 and each was replaced by a new
364-Day Revolving Credit Agreement that will expire on September
27, 2005. The principal amount of the credit agreements is $50
million in Promissory Notes with Bank of America, N.A. and $50
million in Promissory Notes with UBS Loan Finance LLC. The
applicable interest rates, ranging from LIBOR plus 0.5% to 1.5%,
will be based upon the debt rating of SCANA.
E. Debt issuances by Intermediate Subsidiaries:
None
6. Registration Statements filed with the Commission pursuant to the Securities
Act of 1933 during the quarter:
None
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:
None
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 August 17, 2004
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 out of capital or unearned
surplus:
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
17. Information related to the allocation of the holding Company's Federal
income tax liability:
See Exhibit Index
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: November 29, 2004
EXHIBITS
A-1 Balance Sheet for SCANA Corporation as of September 30, 2004 (Filed
herewith)
A-2 Balance Sheet for South Carolina Electric & Gas Company as of September
30, 2004 (Filed herewith)
A-3 Balance Sheet for Public Service Company of North Carolina, Incorporated
as of September 30, 2004 (Filed herewith)
B Capital Structures of SCANA and each Utility Subsidiary (Filed herewith)
C Calculation of the holding Company's loss attributable to
interest expense on acquisition debt and the allocation of
federal income tax liability to the members of the consolidated
group (Filed herewith)
D Schedule I and II of SCANA Corporation Form U-6B-2 filed
November 22, 2004, incorporated by reference herein
Exhibit A-1
SCANA CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
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September 30,
Millions of dollars 2004
-------------------------------------------------------------------------------
Assets
Utility Plant In Service $8,281
Accumulated Depreciation and Amortization (2,294)
-------------------------------------------------------------------------------
5,987
Construction Work in Progress 416
Nuclear Fuel, Net of Accumulated Amortization 26
Acquisition Adjustments, Net of Accumulated Amortization 230
-------------------------------------------------------------------------------
Utility Plant, Net 6,659
-------------------------------------------------------------------------------
Nonutility Property and Investments:
Nonutility property, net of accumulated depreciation
of $47 98
Assets held in trust, net - nuclear decommissioning 48
Other investments 150
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Nonutility Property and Investments, Net 296
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Current Assets:
Cash and temporary investments 191
Receivables, net of allowance for uncollectible
accounts of $11 375
Receivables - affiliated companies 17
Inventories (at average cost):
Fuel 186
Materials and supplies 67
Emission allowances 10
Prepayments 67
-------------------------------------------------------------------------------
Total Current Assets 913
-------------------------------------------------------------------------------
Deferred Debits:
Environmental 19
Pension asset, net 281
Other regulatory assets 357
Other 184
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Total Deferred Debits 841
-------------------------------------------------------------------------------
Total $8,709
===============================================================================
------------------------------------------------------------------------------
September 30,
Millions of dollars 2004
------------------------------------------------------------------------------
Capitalization and Liabilities
Shareholders' Investment:
Common equity $2,442
Preferred stock (Not subject to purchase
or sinking funds) 106
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Total Shareholders' Investment 2,548
Preferred Stock, net (Subject to purchase or sinking funds) 9
Long-Term Debt, net 3,185
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Total Capitalization 5,742
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Current Liabilities:
Short-term borrowings 184
Current portion of long-term debt 258
Accounts payable 185
Accounts payable - affiliated companies 18
Customer deposits 44
Taxes accrued 92
Interest accrued 56
Dividends declared 43
Other 85
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Total Current Liabilities 965
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Deferred Credits:
Deferred income taxes, net 849
Deferred investment tax credits 118
Asset retirement obligation - nuclear plant 123
Non-legal asset retirement obligations 446
Postretirement benefits 140
Other regulatory liabilities 197
Other 129
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Total Deferred Credits 2,002
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Commitments and Contingencies
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Total $8,709
==============================================================================
Exhibit A-2
SOUTH CAROLINA ELECTRIC & GAS COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
------------------------------------------------------------------------------
September 30,
Millions of dollars 2004
------------------------------------------------------------------------------
Assets
Utility Plant In Service $7,020
Accumulated Depreciation and Amortization (1,900)
------------------------------------------------------------------------------
------------------------------------------------------------------------------
5,120
Construction Work in Progress 369
Nuclear Fuel, Net of Accumulated Amortization 26
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Utility Plant, Net 5,515
------------------------------------------------------------------------------
Nonutility Property and Investments:
Nonutility property, net of accumulated depreciation 25
Assets held in trust, net - nuclear decommissioning 48
Other investments 6
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Nonutility Property and Investments, Net 79
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Current Assets:
Cash and temporary investments 12
Receivables, net 234
Receivables - affiliated companies 22
Inventories (at average cost):
Fuel 35
Materials and supplies 61
Emission allowances 10
Prepayments 26
------------------------------------------------------------------------------
Total Current Assets 400
------------------------------------------------------------------------------
Deferred Debits:
Environmental 11
Pension asset, net 281
Due from affiliates - pension and postretirement benefits 22
Other regulatory assets 334
Other 155
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Total Deferred Debits 803
----------------
------------------------------------------------------------------------------
Total $6,797
==============================================================================
-------------------------------------------------------------------------------
September 30,
Millions of dollars 2004
-------------------------------------------------------------------------------
Capitalization and Liabilities
Shareholders' Investment:
Common equity $2,147
Preferred stock (Not subject to purchase
or sinking funds) 106
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Total Shareholders' Investment 2,253
Preferred Stock, net (Subject to purchase
or sinking funds) 9
Long-Term Debt, net 1,976
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Total Capitalization 4,238
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Minority Interest 77
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Current Liabilities:
Short-term borrowings 165
Current portion of long-term debt 198
Accounts payable 71
Accounts payable - affiliated companies 61
Customer deposits 25
Taxes accrued 85
Interest accrued 37
Dividends declared 38
Other 34
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Total Current Liabilities 714
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Deferred Credits:
Deferred income taxes, net 761
Deferred investment tax credits 116
Asset retirement obligation - nuclear plant 123
Non-legal asset retirement obligations 360
Due to affiliates - pension and postretirement benefits 14
Postretirement benefits 140
Other regulatory liabilities 185
Other 69
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Total Deferred Credits 1,768
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Commitments and Contingencies -
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Total $6,797
===============================================================================
Exhibit A-3
PUBLIC SERVICE COMPANY OF NORTH CAROLINA, INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
------------------------------------------------------------------------------
September 30,
Millions of dollars 2004
Assets
Gas Utility Plant $955
Accumulated Depreciation (272)
Acquisition Adjustment, Net of Accumulated Amortization 210
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Gas Utility Plant, Net 893
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Nonutility Property and Investments, Net 27
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Current Assets:
Cash and temporary investments 2
Restricted cash and temporary investments 8
Receivables, net of allowance for uncollectible
accounts of $1 32
Receivables-affiliated companies 2
Inventories (at average cost):
Stored gas 69
Materials and supplies 5
Prepayments 10
Deferred income taxes, net 5
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Total Current Assets 133
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Deferred Debits:
Due from affiliate-pension asset 12
Regulatory assets 23
Other 5
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Total Deferred Debits 40
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Total $1,093
==============================================================================
==============================================================================
Capitalization and Liabilities
Capitalization:
Common equity $506
Long-term debt, net 274
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Total Capitalization 780
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Current Liabilities:
Short-term borrowings 19
Current portion of long-term debt 8
Accounts payable 22
Accounts payable-affiliated companies 4
Customer deposits 7
Taxes accrued 5
Interest accrued 3
Distributions/dividends declared 3
Other 18
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Total Current Liabilities 89
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Deferred Credits:
Deferred income taxes, net 101
Deferred investment tax credits 1
Due to affiliate-postretirement benefits 18
Other regulatory liabilities 12
Non-legal asset retirement obligations 82
Other 10
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Total Deferred Credits 224
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Commitments and Contingencies -
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Total $1,093
==============================================================================
Exhibit B
SCANA Corporation
Consolidated Capital Structure
September 30, 2004
(Dollars in Millions)
% of Total
Actual Capitalization
Common equity $ 2,442 39.5%
Preferred stock $ 115 1.9%
Debt (long and short-term) $ 3,627 58.6%
-------------------------------------
Total $ 6,184 100.0%
=====================================
South Carolina Electric & Gas Company
Consolidated Capital Structure
September 30, 2004
(Dollars in Millions)
% of Total
Actual Capitalization
Common equity $ 2,147 46.7%
Preferred stock $ 115 2.5%
Debt (long and short-term) $ 2,339 50.8%
--------------- --------------------
--------------- --------------------
Total $ 4,601 100.0%
=============== ====================
Public Service Company of North Carolina, Incorporated
Consolidated Capital Structure
September 30, 2004
(Dollars in Millions)
% of Total
Actual Capitalization
Common equity $ 506 62.7%
Debt (long and short-term) $ 301 37.3%
-------------------------------------
Total $ 807 100.0%
=====================================
South Carolina Generating Company, Incorporated
Capital Structure
September 30, 2004
(Dollars in Millions)
% of Total
Actual Capitalization
Common equity $ 76 30.9%
Debt (long and short-term) $ 170 69.1%
-------------------------------------
Total $ 246 100.0%
=====================================
Exhibit C
(1) Calculation of the portion of the holding Company's loss that is
attributable to interest expense on acquisition debt and (2) the actual
allocation of federal income tax liability to each of the members of the
consolidated group.
1. Portion of SCANA's loss (pre-tax) attributable to interest expense on
acquisition debt for 2003:
Acquisition Debt Interest Interest
Outstanding Rate Expense
$150,000,000 (A) 2.18% (C) $2,898,325
150,000,000 (B) 1.62% (C) 276,750
300,000,000 6.88% 17,553,605
250,000,000 6.25% 11,769,720
----------
Total $32,498,400
(A) Refinanced November 19, 2003 (B) Issued November 19, 2003
(C) Weighted average variable rate
2. Allocation of 2003 federal income tax liability to each member of the
consolidated group:
Allocated
Company Tax Liability
-------
-------------------
-------------------
SCANA $(10,805,718)
SCE&G 30,855,824
South Carolina Generating Company 1,080,136
South Carolina Fuel Company (3,351,341)
South Carolina Pipeline (260,640)
SCANA Communications SubConsolidated Group 19,759,033
SCANA Development 142,483
SCANA EM SubConsolidated Group 9,135,990
Primesouth SubConsolidated Group 2,438,869
PSNC SubConsolidated Group 10,079,439
Service Care 1,085,590
SCANA Resources (29,679)
SCG Pipeline (2,264,744)
SCANA Services Company (1,631,875)
-------------------
-------------------
Total (per 2003 consolidated federal income tax return) $56,233,367
===================