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 April 1, 2004 through June 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 16,150 shares of SCANA common stock were exercised
pursuant to the SCANA Corporation Long-Term Equity Compensation Plan,
42,946 shares of SCANA common stock were issued pursuant to the SCANA
Investor Plus Plan, and 153,533 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 increased the guarantee amount on a previous guarantee to OGE
Energy Resources, Inc. for SCANA Energy Marketing, Inc. (SEMI) from
$5.0 million to $10.0 million.
SCANA issued a guarantee to Noble Gas Marketing, Inc. for SEMI in the
amount of $2.0 million.
SCANA issued a guarantee to Duke Energy Marketing America, Inc. for
SEMI in the amount of $10.0 million.
SCANA increased the guarantee amount on a previous guarantee issued to
BG LNG Services, LLC for SEMI from $25.0 million to $60.0 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:
On June 30, 2004 SCE&G entered into an amendment of the Loan
Agreement between its Nuclear Decommissioning Trust and
Bank of America, N. A. with respect to a loan in the amount of
$27.5 million.
Short-term debt in the form of commercial paper issued through
Lehman Brothers and Merrill Lynch, ranging in amount from $1.3
million to $62.6 million, at interest rates ranging from 1.06% to
1.35%.
The maximum amount of short-term indebtedness of South Carolina
Electric & Gas Company outstanding at any one time during the
period was $183.4 million.
Public Service Company of North Carolina, Incorporated:
None
South Carolina Generating Company, Incorporated.:
None
B. Public Service Company of North Carolina, Incorporated long-term debt
issuances not exempt under Rule 52:
PSNC's existing 364-Day Revolving Credit Agreement which was to
expire on July 23, 2004, was replaced by a new Five Year Credit
Agreement that will expire on June 15, 2009. The principal amount
of the credit agreement is $125 million in Promissory Notes with
the following persons.
Wachovia Bank, National Association $21.2 million
Bank of America, N.A. $21.2 million
The Bank of New York $15.4 million
Branch Banking and Trust Co. of South Carolina $14.4 million
UBS Loan Finance LLC $9.6 million
SunTrust Bank $7.7 million
Credit Suisse First Boston, Cayman Island Branch $7.7 million
Sumitoma Mitsui Banking Corporation $7.7 million
KBC Bank, N. V. $5.3 million
Regions Bank $5.3 million
Carolina First Bank $4.8 million
The National Bank of South Carolina $3.8 million
South Carolina Bank and Trust, N. A. $0.9 million
C. South Carolina Generating Company, Inc. long-term debt issuances not
exempt under Rule 52:
None
D. SCANA debt issuances:
None
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/A filed April 1, 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 May 20, 2004 SCE&G Form U-6B-2
filed June 22, 2004 SCE&G Form U-6B-2 filed June 22, 2004
South Carolina Fuel Company, Inc. (SCFC) Form U-6B-2 filed June 22,
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
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: August 25, 2004
EXHIBITS
A-1 Balance Sheet for SCANA Corporation as of June 30, 2004 (Filed herewith)
A-2 Balance Sheet for South Carolina Electric & Gas Company as of June 30,
2004 (Filed herewith)
A-3 Balance Sheet for Public Service Company of North Carolina, Incorporated
as of June 30, 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 August 17, 2004,
incorporated by reference herein
Exhibit A-1
SCANA CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
-------------------------------------------------------------------------------
June 30,
Millions of dollars 2004
-------------------------------------------------------------------------------
Assets
Utility Plant:
Electric $6,313
Gas 1,709
Common 198
-------------------------------------------------------------------------------
Total 8,220
Accumulated depreciation and amortization (2,347)
-------------------------------------------------------------------------------
Total 5,873
Construction work in progress 407
Nuclear fuel, net of accumulated amortization 31
Acquisition adjustments, net of accumulated amortization 230
-------------------------------------------------------------------------------
Utility Plant, Net 6,541
-------------------------------------------------------------------------------
Nonutility Property, Net of Accumulated Depreciation 92
Investments 161
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Nonutility Property and Investments, Net 253
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Current Assets:
Cash and temporary investments 227
Receivables, net of allowance for uncollectible
accounts of $20 and $16 419
Receivables - affiliated companies 19
Inventories (at average cost):
Fuel 146
Materials and supplies 62
Emission allowances 7
Prepayments 71
Deferred income taxes, net 7
--------------------------------------------------------------------------------
Total Current Assets 958
--------------------------------------------------------------------------------
Deferred Debits:
Emission allowances 5
Environmental 18
Assets held in trust, net - nuclear decommissioning 46
Pension asset, net 278
Other regulatory assets 350
Other 162
--------------------------------------------------------------------------------
Total Deferred Debits 859
--------------------------------------------------------------------------------
Total $8,611
================================================================================
8
--------------------------------------------------------------------------------
June 30,
Millions of dollars 2004
--------------------------------------------------------------------------------
Capitalization and Liabilities
Shareholders' Investment:
Common equity $2,390
Preferred stock (Not subject to purchase or sinking funds) 106
--------------------------------------------------------------------------------
Total Shareholders' Investment 2,496
Preferred Stock, net (Subject to purchase or sinking funds) 9
Long-Term Debt, net 3,180
--------------------------------------------------------------------------------
Total Capitalization 5,685
--------------------------------------------------------------------------------
Current Liabilities:
Short-term borrowings 168
Current portion of long-term debt 358
Accounts payable 228
Accounts payable - affiliated companies 18
Customer deposits 44
Taxes accrued 65
Interest accrued 56
Dividends declared 43
Other 61
--------------------------------------------------------------------------------
Total Current Liabilities 1,041
--------------------------------------------------------------------------------
Deferred Credits:
Deferred income taxes, net 826
Deferred investment tax credits 114
Asset retirement obligation - nuclear plant 121
Postretirement benefits 138
Other regulatory liabilities 560
Other 126
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total Deferred Credits 1,885
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Commitments and Contingencies -
================================================================================
--------------------------------------------------------------------------------
Total $8,611
================================================================================
Exhibit A-2
SOUTH CAROLINA ELECTRIC & GAS COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
-----------------------------------------------------------------------------
June 30,
Millions of dollars 2004
-----------------------------------------------------------------------------
Assets
Utility Plant:
Electric $6,313
Gas 464
Common 198
-----------------------------------------------------------------------------
Total 6,975
Accumulated depreciation and amortization (1,959)
-----------------------------------------------------------------------------
Total 5,016
Construction work in progress 357
Nuclear fuel, net of accumulated amortization 31
-----------------------------------------------------------------------------
Utility Plant, Net 5,404
-----------------------------------------------------------------------------
Nonutility Property and Investments, Net 28
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
Current Assets:
Cash and temporary investments 19
Receivables, net 252
Receivables - affiliated companies 24
Inventories (at average cost):
Fuel 41
Materials and supplies 57
Emission allowances 7
Prepayments 55
-----------------------------------------------------------------------------
Total Current Assets 455
-----------------------------------------------------------------------------
Deferred Debits:
Emission allowances 5
Environmental 9
Assets held in trust, net - nuclear decommissioning 46
Pension asset, net 278
Due from affiliates - pension and postretirement benefits 21
Other regulatory assets 330
Other 138
-----------------------------------------------------------------------------
Total Deferred Debits 827
-----------------------------------------------------------------------------
Total $6,714
=============================================================================
------------------------------------------------------------------------------
June 30,
Millions of dollars 2004
------------------------------------------------------------------------------
Capitalization and Liabilities
Shareholders' Investment:
Common equity $2,078
Preferred stock (Not subject to purchase or sinking funds) 106
------------------------------------------------------------------------------
Total Shareholders' Investment 2,184
Preferred Stock, net (Subject to purchase or sinking funds) 9
Long-Term Debt, net 1,978
------------------------------------------------------------------------------
Total Capitalization 4,171
------------------------------------------------------------------------------
Minority Interest 75
------------------------------------------------------------------------------
Current Liabilities:
Short-term borrowings 168
Current portion of long-term debt 298
Accounts payable 73
Accounts payable - affiliated companies 81
Customer deposits 25
Taxes accrued 58
Interest accrued 40
Dividends declared 39
Deferred income taxes, net 1
Other 29
------------------------------------------------------------------------------
Total Current Liabilities 812
------------------------------------------------------------------------------
Deferred Credits:
Deferred income taxes, net 745
Deferred investment tax credits 112
Asset retirement obligation - nuclear plant 121
Due to affiliates - pension and postretirement benefits 15
Postretirement benefits 138
Regulatory liabilities 458
Other 67
------------------------------------------------------------------------------
Total Deferred Credits 1,656
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Commitments and Contingencies -
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Total $6,714
==============================================================================
Exhibit A-3
PUBLIC SERVICE COMPANY OF NORTH CAROLINA, INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
------------------------------------------------------------------------
June 30,
Millions of dollars 2004
------------------------------------------------------------------------
Assets
Gas Utility Plant $943
Accumulated depreciation (267)
Acquisition Adjustment, Net of Accumulated Amortization 210
------------------------------------------------------------------------
Gas Utility Plant, Net 886
------------------------------------------------------------------------
Nonutility Property and Investments, Net 28
------------------------------------------------------------------------
Current Assets:
Cash and temporary investments 38
Restricted cash and temporary investments 7
Receivables, net of allowance for uncollectible
accounts of $2 and $3 34
Receivables-affiliated companies 2
Inventories (at average cost):
Stored gas 42
Materials and supplies 5
Prepayments 1
Deferred income taxes, net 4
------------------------------------------------------------------------
Total Current Assets 133
------------------------------------------------------------------------
Deferred Debits:
Due from affiliate-pension asset 13
Regulatory assets 21
Other 4
------------------------------------------------------------------------
Total Deferred Debits 38
------------------------------------------------------------------------
Total $1,085
========================================================================
Capitalization and Liabilities
Capitalization:
Common equity 515
Long-term debt, net 273
------------------------------------------------------------------------
Total Capitalization 788
------------------------------------------------------------------------
Current Liabilities:
Short-term borrowings -
Current portion of long-term debt 8
Accounts payable 26
Accounts payable-affiliated companies 4
Customer deposits 7
Taxes accrued 3
Interest accrued 6
Distributions/dividends declared 3
Other 16
------------------------------------------------------------------------
Total Current Liabilities 73
------------------------------------------------------------------------
Deferred Credits:
Deferred income taxes, net 97
Deferred investment tax credits 1
Due to affiliate-postretirement benefits 18
Regulatory liabilities 98
Other 10
------------------------------------------------------------------------
Total Deferred Credits 224
------------------------------------------------------------------------
------------------------------------------------------------------------
Total $1,085
========================================================================
Exhibit B
SCANA Corporation
Consolidated Capital Structure
June 30, 2004
(Dollars in Millions)
% of Total
Actual Capitalization
Common equity $ 2,390 38.5%
Preferred stock $ 115 1.9%
Debt (long and short-term) $ 3,706 59.6%
-------------------------------------
Total $ 6,211 100.0%
=====================================
South Carolina Electric & Gas Company
Consolidated Capital Structure
June 30, 2004
(Dollars in Millions)
% of Total
Actual Capitalization
Common equity $ 2,078 44.8%
Preferred stock 115 2.5%
Debt (long and short-term) 2,444 52.7%
-------------------------------------
Total $ 4,637 100.0%
=====================================
Public Service Company of North Carolina, Incorporated
Consolidated Capital Structure
June 30, 2004
(Dollars in Millions)
% of Total
Actual Capitalization
Common equity $ 515 64.7%
Debt (long and short-term) $ 281 35.3%
-------------------------------------
Total $ 796 100.0%
=====================================
South Carolina Generating Company, Incorporated
Capital Structure
June 30, 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%
=====================================