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 January 1, 2004 through March 31, 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 487,094 shares of SCANA common stock were exercised
pursuant to the SCANA Corporation Long-Term Equity Compensation Plan.
115,400 shares of SCANA common stock were purchased in the open market
and subsequently cancelled. 154,299 shares of SCANA common stock were
purchased in the open market and subsequently issued pursuant to the
SCANA Investor Plus Plan, and 359,781 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 Prudential Insurance Company in the amount
of $100.0 million for the South Carolina Generating Company,
Incorporated (GENCO) senior secured notes issued February 11, 2004.
SCANA issued an Indemnification Agreement to Associated Electric and
Gas Insurance Services Limited for ServiceCare, Inc. in the amount of
$35.0 million for purposes of satisfying insurance requirements in the
State of North Carolina.
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 Dominion Exploration & Production, Inc. for
SCANA Energy Marketing, Inc. (SEMI) in the amount of $10.0 million.
SCANA issued a guarantee to SCG Pipeline, Inc., an affiliated company,
for SEMI in the amount of $5.0 million.
SCANA issued a guarantee to Virginia Power Energy Marketing America,
Inc. for SEMI in the amount of $2.0 million.
SCANA issued a guarantee to Southeast Alabama Gas District for SEMI in
the amount of $10.0 million.
SCANA issued a joint guarantee to Carolina Power & Light Company and
Florida Power Corporation (affiliates) for SEMI in the amount of $5.0
million.
SCANA issued a guarantee to Southern Natural Gas Company for SEMI in
the amount of $30.8 million. This guarantee replaces a previous
guarantee issued to Southern Natural Gas Company in the amount of $30.8
million.
SCANA increased the guarantee amount on a previous guarantee issued to
BG LNG, LLC for South Carolina Pipeline Corporation (SCPC) from $10.0
million to $15.0 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 $1.1
million to $58.5 million, at interest rates ranging from 1.06% to
1.11%.
The maximum amount of short-term indebtedness of South Carolina
Electric & Gas Company outstanding at any one time during the
period was $259.4 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 $3.7
million to $11.2 million, at interest rates ranging from 1.09% to
1.10%.
The maximum amount of short-term indebtedness of Public Service
Company of North Carolina, Incorporated outstanding at any one
time during the period was $55.2 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 existing 364-Day Revolving Credit Agreement which expired
on January 2, 2004 was replaced by a new 364-Day Revolving Credit
Agreement that will expire on December 31, 2004. The principal
amount of the credit agreement is $50 million in Promissory Notes
with UBS Loan Finance LLC. The applicable interest rates ranging
from .375% to 1.50% will be based upon the debt rating of SCANA.
No long-term debt was issued during the period. No short-term debt
was issued during the period.
E. 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-3 filed March 19, 2004
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 February 26, 2004
SCE&G Form U-6B-2 filed February 23, 2004
GENCO Form U-6B-2 filed February 23, 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).
South Carolina Generating Company, Incorporated Balance Sheet
(Exhibit A-4).
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: May 20, 2004
EXHIBITS
A-1 Balance Sheet for SCANA Corporation as of March 31, 2004 (Filed herewith)
A-2 Balance Sheet for South Carolina Electric & Gas Company as of March 31,
2004 (Filed herewith)
A-3 Balance Sheet for Public Service Company of North Carolina, Incorporated
as of March 31, 2004 (Filed herewith)
A-4 Balance Sheet for South Carolina Generating Company, Incorporated as of
March 31, 2004 (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 May 20, 2004,
incorporated by reference herein
Exhibit A-1
SCANA CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
--------------------------------------------------------------------------------
March 31,
Millions of dollars 2004
--------------------------------------------------------------------------------
Assets
Utility Plant:
Electric $5,616
Gas 1,691
Common 196
--------------------------------------------------------------------------------
Total 7,503
Accumulated depreciation and amortization (2,316)
--------------------------------------------------------------------------------
Total 5,187
Construction work in progress 1,035
Nuclear fuel, net of accumulated amortization 36
Acquisition adjustments, net of accumulated amortization 230
--------------------------------------------------------------------------------
Utility Plant, Net 6,488
--------------------------------------------------------------------------------
Nonutility Property, Net of Accumulated Depreciation 93
Investments 168
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Nonutility Property and Investments, Net 261
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Current Assets:
Cash and temporary investments 218
Receivables, net of allowance for uncollectible
accounts of $23 and $16 494
Receivables - affiliated companies 18
Inventories (at average cost):
Fuel 94
Materials and supplies 62
Emission allowances 13
Prepayments 41
Deferred income taxes, net 12
--------------------------------------------------------------------------------
Total Current Assets 952
--------------------------------------------------------------------------------
Deferred Debits:
Environmental 19
Assets held in trust, net - nuclear decommissioning 46
Pension asset, net 274
Other regulatory assets 328
Other 181
--------------------------------------------------------------------------------
Total Deferred Debits 848
--------------------------------------------------------------------------------
Total $8,549
================================================================================
8
--------------------------------------------------------------------------------
March 31,
Millions of dollars 2004
--------------------------------------------------------------------------------
Capitalization and Liabilities
Shareholders' Investment:
Common equity $2,370
Preferred stock (Not subject to purchase or sinking funds) 106
--------------------------------------------------------------------------------
Total Shareholders' Investment 2,476
Preferred Stock, net (Subject to purchase or sinking funds) 9
Long-Term Debt, net 3,332
--------------------------------------------------------------------------------
Total Capitalization 5,817
--------------------------------------------------------------------------------
Current Liabilities:
Short-term borrowings 191
Current portion of long-term debt 202
Accounts payable 238
Accounts payable - affiliated companies 16
Customer deposits 45
Taxes accrued 51
Interest accrued 57
Dividends declared 43
Other 49
--------------------------------------------------------------------------------
Total Current Liabilities 892
--------------------------------------------------------------------------------
Deferred Credits:
Deferred income taxes, net 802
Deferred investment tax credits 116
Asset retirement obligation - nuclear plant 119
Postretirement benefits 136
Other regulatory liabilities 549
Other 118
--------------------------------------------------------------------------------
Total Deferred Credits 1,840
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Commitments and Contingencies
-
------------------------------------------------------------------------ -------
--------------------------------------------------------------------------------
Total $8,549
================================================================================
Exhibit A-2
SOUTH CAROLINA ELECTRIC & GAS COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
-----------------------------------------------------------------------------
March 31,
Millions of dollars 2004
-----------------------------------------------------------------------------
Assets
Utility Plant:
Electric $5,616
Gas 459
Common 196
-----------------------------------------------------------------------------
Total 6,271
Accumulated depreciation and amortization (1,937)
-----------------------------------------------------------------------------
Total 4,334
Construction work in progress 989
Nuclear fuel, net of accumulated amortization 36
-----------------------------------------------------------------------------
Utility Plant, Net 5,359
-----------------------------------------------------------------------------
Nonutility Property and Investments, Net 26
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
Current Assets:
Cash and temporary investments 79
Receivables, net 230
Receivables - affiliated companies 42
Inventories (at average cost):
Fuel 30
Materials and supplies 56
Emission allowances 13
Prepayments 25
Deferred income taxes, net 4
-----------------------------------------------------------------------------
Total Current Assets 479
-----------------------------------------------------------------------------
Deferred Debits:
Environmental 10
Assets held in trust, net - nuclear decommissioning 46
Pension asset, net 274
Due from affiliates - pension and postretirement benefits 21
Other regulatory assets 310
Other 139
-----------------------------------------------------------------------------
Total Deferred Debits 800
-----------------------------------------------------------------------------
Total $6,664
=============================================================================
-------------------------------------------------------------------------------
March 31,
Millions of dollars 2004
-------------------------------------------------------------------------------
Capitalization and Liabilities
Shareholders' Investment:
Common equity $2,059
Preferred stock (Not subject to purchase or sinking funds) 106
-------------------------------------------------------------------------------
Total Shareholders' Investment 2,165
Preferred Stock, net (Subject to purchase or sinking funds) 9
Long-Term Debt, net 2,110
-------------------------------------------------------------------------------
Total Capitalization 4,284
-------------------------------------------------------------------------------
Minority Interest 75
-------------------------------------------------------------------------------
Current Liabilities:
Short-term borrowings 191
Current portion of long-term debt 142
Accounts payable 93
Accounts payable - affiliated companies 91
Customer deposits 25
Taxes accrued 48
Interest accrued 40
Dividends declared 38
Other 24
-------------------------------------------------------------------------------
Total Current Liabilities 692
-------------------------------------------------------------------------------
Deferred Credits:
Deferred income taxes, net 720
Deferred investment tax credits 114
Asset retirement obligation - nuclear plant 119
Due to affiliates - pension and postretirement benefits 15
Postretirement benefits 136
Regulatory liabilities 446
Other 63
-------------------------------------------------------------------------------
Total Deferred Credits 1,613
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Commitments and Contingencies -
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Total $6,664
===============================================================================
Exhibit A-3
PUBLIC SERVICE COMPANY OF NORTH CAROLINA, INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
----------------------------------------------------------------------------
March 31,
Millions of dollars 2004
----------------------------------------------------------------------------
Assets
Gas Utility Plant $931
Accumulated depreciation (261)
Acquisition Adjustment, Net of Accumulated Amortization 210
----------------------------------------------------------------------------
Gas Utility Plant, Net 880
----------------------------------------------------------------------------
Nonutility Property and Investments, Net 27
----------------------------------------------------------------------------
Current Assets:
Cash and temporary investments 33
Restricted cash and temporary investments 8
Receivables, net of allowance for uncollectible
accounts of $3 and $3 96
Receivables-affiliated companies 6
Inventories (at average cost):
Stored gas 26
Materials and supplies 5
Prepayments 1
Deferred income taxes, net 4
----------------------------------------------------------------------------
Total Current Assets 179
----------------------------------------------------------------------------
Deferred Debits:
Due from affiliate-pension asset 13
Regulatory assets 19
Other 8
----------------------------------------------------------------------------
Total Deferred Debits 40
----------------------------------------------------------------------------
Total $1,126
============================================================================
Capitalization and Liabilities
Capitalization:
Common equity $521
Long-term debt, net 278
----------------------------------------------------------------------------
Total Capitalization 799
----------------------------------------------------------------------------
Current Liabilities:
Short-term borrowings -
Current portion of long-term debt 8
Accounts payable 35
Accounts payable-affiliated companies 5
Customer deposits 7
Taxes accrued 25
Interest accrued 4
Distributions/dividends declared 4
Other 12
----------------------------------------------------------------------------
Total Current Liabilities 100
----------------------------------------------------------------------------
Deferred Credits:
Deferred income taxes, net 96
Deferred investment tax credits 2
Due to affiliate-postretirement benefits 17
Regulatory liabilities 99
Other 13
----------------------------------------------------------------------------
Total Deferred Credits 227
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Total $1,126
============================================================================
Exhibit A-4
SOUTH CAROLINA GENERATING COMPANY, INC.
BALANCE SHEETS
March 31, 2004
(Unaudited)
---------------------------------------------------------------------------
March 31,
Millions of dollars 2004
---------------------------------------------------------------------------
Assets
Utility Plant:
Plant in Service $315
Less Accumulated Depreciation 132
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Total 183
Construction Work in Progress 79
---------------------------------------------------------------------------
Utility Plant, Net 262
---------------------------------------------------------------------------
Current Assets:
Cash 3
Receivables from Affiliated Company 29
Inventories:
Fuel 7
Materials and Supplies 2
---------------------------------------------------------------------------
Total Current Assets 41
---------------------------------------------------------------------------
Deferred Debits 8
---------------------------------------------------------------------------
Total $311
===========================================================================
Capitalization and Liabilities
Common Equity:
Common Stock $20
Other Paid in Capital 29
Retained Earnings 26
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Total Common Equity 75
Long-Term Debt, Net 166
---------------------------------------------------------------------------
Total Capitalization 241
---------------------------------------------------------------------------
Current Liabilities:
Current Portion of Long-Term Debt 4
Accounts Payable 10
Taxes Accrued 3
Interest Accrued 2
---------------------------------------------------------------------------
Total Current Liabilities 19
---------------------------------------------------------------------------
Deferred Credits:
Accumulated Deferred Investment Tax Credits 5
Accumulated Deferred Income Taxes 42
Other Deferred Credits 4
---------------------------------------------------------------------------
Total Deferred Credits 51
---------------------------------------------------------------------------
Total $311
===========================================================================
Exhibit B
SCANA Corporation
Consolidated Capital Structure
March 31, 2004
(Dollars in Millions)
% of Total
Actual Capitalization
Common equity $ 2,370 38.2%
Preferred stock $ 115 1.9%
Debt (long and short-term) $ 3,725 59.9%
-------------------------------------
Total $ 6,210 100.0%
=====================================
South Carolina Electric & Gas Company
Consolidated Capital Structure
March 31, 2004
(Dollars in Millions)
% of Total
Actual Capitalization
Common equity $ 2,059 44.6%
Preferred stock 115 2.5%
Debt (long and short-term) 2,443 52.9%
-------------------------------------
Total $ 4,617 100.0%
=====================================
Public Service Company of North Carolina, Incorporated
Consolidated Capital Structure
March 31, 2004
(Dollars in Millions)
% of Total
Actual Capitalization
Common equity $ 521 64.6%
Debt (long and short-term) $ 286 35.4%
-------------------------------------
Total $ 807 100.0%
=====================================
South Carolina Generating Company, Incorporated
Capital Structure
March 31, 2004
(Dollars in Millions)
% of Total
Actual Capitalization
Common equity $ 75 30.6%
Debt (long and short-term) $ 170 69.4%
-------------------------------------
Total $ 245 100.0%
=====================================