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, 2005 through March 31, 2005.
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 187,166 shares of SCANA common stock were exercised
pursuant to the SCANA Corporation Long-Term Equity Compensation Plan,
150,296 shares of SCANA common stock were issued pursuant to the SCANA
Investor Plus Plan, and 363,616 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 purchasing activities of
SCANA and its subsidiaries.
SCANA issued a guarantee to Coral Energy Resources, L. P. for SCANA
Energy Marketing, Inc. (SEMI) in the amount of $10.0 million.
SCANA issued a guarantee to BG LNG Services, LLC for South Carolina
Pipeline Corporation (SCPC) in the amount of $2.0 million.
SCANA issued a guarantee to Equitable Energy, LLC for SEMI in the
amount of $5.0 million.
SCANA issued a guarantee to Coral Energy Resources, L. P. for SCPC in
the amount of $10.0 million.
SCANA increased the guarantee amount on a previous guarantee issued to
Louis Dreyfus Energy Services, L.P. for SEMI from $24.0 million to
$35.0 million.
SCANA issued a guarantee to Marathon Oil Company for SEMI in the amount
of $5.0 million.
SCANA increased the guarantee amount on a previous guarantee issued to
Total Gas & Power North America, Inc. for SEMI and SCPC from $14.0
million to $16.0 million.
SCANA issued a guarantee to Wachovia Bank, N. A. for SEMI in the amount
of $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:
See Exhibit C-2 for Utility Money Pool activity.
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 $1.0
million to $51.0 million, at interest rates ranging from 2.37% to
2.84%.
The maximum amount of short-term indebtedness of South Carolina
Electric & Gas Company outstanding at any time during the period
was $275.8 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 $1.1
million to $14.0 million, at interest rates ranging from 2.45% to
2.78%.
The maximum amount of short-term indebtedness of Public Service
Company of North Carolina, Incorporated outstanding at any time
during the period was $77.7 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 issued $100 million in senior unsecured floating rate
medium-term notes maturing in March 2008. The interest rate on
the floating rate notes is reset quarterly based on three-month
LIBOR plus 15 basis points. The underwriters are the following
persons:
UBS Investment Bank - $28.0 million
Banc of America Securities LLC - $28.0 million
Wachovia Securities - $28.0 million
BB&T Corporation - $16.0 million
SCANA together with SCE&G replaced its existing $35 million
uncommitted credit facility agreement with an amended and
restated $35 million uncommitted credit facility with KBC Bank
N.V.
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:
South Carolina Electric & Gas Company Form U-6B-2 filed March 18, 2005.
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 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:
N/A
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 13, 2005
EXHIBITS
A-1 Balance Sheet for SCANA Corporation as of March 31, 2005 (Filed herewith)
A-2 Balance Sheet for South Carolina Electric & Gas Company as of March 31,
2005 (Filed herewith)
A-3 Balance Sheet for Public Service Company of North Carolina, Incorporated
as of March 31, 2005 (Filed herewith)
A-4 Balance Sheet for South Carolina Generating Company, Incorporated as of
March 31, 2005 (Filed herewith)
B Capital Structures of SCANA and each Utility Subsidiary (Filed herewith)
C-1 Nonutility Money Pool Activity for the quarter ended March 31, 2005
C-2 Utility Money Pool Activity for the quarter ended March 31, 2005
Exhibit A-1
SCANA CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
-------------------------------------------------------------------------------
March 31,
Millions of dollars 2005
-------------------------------------------------------------------------------
Assets
Utility Plant In Service $8,691
Accumulated depreciation and amortization (2,525)
-------------------------------------------------------------------------------
6,166
Construction work in progress 174
Nuclear fuel, net of accumulated amortization 36
Acquisition adjustments 230
-------------------------------------------------------------------------------
Utility Plant, Net 6,606
-------------------------------------------------------------------------------
Nonutility Property and Investments:
Nonutility property, net of accumulated depreciation of $54 103
Assets held in trust, net - nuclear decommissioning 50
Investments 63
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Nonutility Property and Investments, Net 216
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Current Assets:
Cash and cash equivalents 329
Receivables, net of allowance for uncollectible accounts of $26 691
Receivables - affiliated companies 17
Inventories (at average cost):
Fuel 121
Materials and supplies 74
Emission allowances 21
Prepayments and other 30
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Total Current Assets 1,283
-------------------------------------------------------------------------------
Deferred Debits:
Environmental 17
Pension asset, net 290
Other regulatory assets 371
Other 160
-------------------------------------------------------------------------------
Total Deferred Debits 838
-------------------------------------------------------------------------------
Total $8,943
===============================================================================
-------------------------------------------------------------------------------
March 31,
Millions of dollars 2005
-------------------------------------------------------------------------------
Capitalization and Liabilities
Shareholders' Investment:
Common equity $2,541
Preferred stock (Not subject to purchase or sinking funds) 106
-------------------------------------------------------------------------------
Total Shareholders' Investment 2,647
Preferred Stock, net (Subject to purchase or sinking funds) 9
Long-Term Debt, net 3,073
-------------------------------------------------------------------------------
Total Capitalization 5,729
-------------------------------------------------------------------------------
Current Liabilities:
Short-term borrowings 185
Current portion of long-term debt 504
Accounts payable 260
Accounts payable - affiliated companies 17
Customer deposits 51
Taxes accrued 64
Interest accrued 56
Dividends declared 46
Other 81
-------------------------------------------------------------------------------
Total Current Liabilities 1,264
-------------------------------------------------------------------------------
Deferred Credits:
Deferred income taxes, net 848
Deferred investment tax credits 120
Asset retirement obligation - nuclear plant 126
Other asset retirement obligations 458
Postretirement benefits 144
Other regulatory liabilities 129
Other 125
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Total Deferred Credits 1,950
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Commitments and Contingencies -
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Total $8,943
===============================================================================
Exhibit A-2
SOUTH CAROLINA ELECTRIC & GAS COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
-------------------------------------------------------------------------------
March 31,
Millions of dollars 2005
-------------------------------------------------------------------------------
Assets
Utility Plant In Service $7,412
Accumulated depreciation and amortization (2,138)
-------------------------------------------------------------------------------
5,274
Construction work in progress 157
Nuclear fuel, net of accumulated amortization 36
-------------------------------------------------------------------------------
Utility Plant, Net 5,467
-------------------------------------------------------------------------------
Nonutility Property and Investments:
Nonutility property, net of accumulated depreciation of $2 26
Assets held in trust, net - nuclear decommissioning 50
Investments 6
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Nonutility Property and Investments, Net 82
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Current Assets:
Cash and cash equivalents 17
Receivables, net of allowance for uncollected accounts of $1 264
Receivables - affiliated companies 21
Inventories (at average cost):
Fuel 60
Materials and supplies 67
Emission allowances 21
Prepayments 40
-------------------------------------------------------------------------------
Total Current Assets 490
-------------------------------------------------------------------------------
Deferred Debits:
Environmental 9
Pension asset, net 290
Due from affiliates - pension and postretirement benefits 23
Other regulatory assets 361
Other 135
-------------------------------------------------------------------------------
Total Deferred Debits 818
-------------------------------------------------------------------------------
Total $6,857
===============================================================================
-------------------------------------------------------------------------------
March 31,
Millions of dollars 2005
-------------------------------------------------------------------------------
Capitalization and Liabilities
Shareholders' Investment:
Common equity $2,201
Preferred stock (Not subject to purchase or sinking funds) 106
-------------------------------------------------------------------------------
Total Shareholders' Investment 2,307
Preferred Stock, net (Subject to purchase or sinking funds) 9
Long-Term Debt, net 1,976
-------------------------------------------------------------------------------
Total Capitalization 4,292
-------------------------------------------------------------------------------
Minority Interest 80
-------------------------------------------------------------------------------
Current Liabilities:
Short-term borrowings 183
Current portion of long-term debt 298
Accounts payable 77
Accounts payable - affiliated companies 99
Customer deposits 27
Taxes accrued 30
Interest accrued 37
Dividends declared 40
Other 40
-------------------------------------------------------------------------------
Total Current Liabilities 831
-------------------------------------------------------------------------------
Deferred Credits:
Deferred income taxes, net 712
Deferred investment tax credits 118
Asset retirement obligation - nuclear plant 126
Other asset retirement obligations 369
Due to affiliates - pension and postretirement benefits 13
Postretirement benefits 144
Other regulatory liabilities 109
Other 63
-------------------------------------------------------------------------------
Total Deferred Credits 1,654
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Commitments and Contingencies -
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Total $6,857
===============================================================================
Exhibit A-3
PUBLIC SERVICE COMPANY OF NORTH CAROLINA, INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
--------------------------------------------------------------------------------
March 31,
Millions of dollars 2005
--------------------------------------------------------------------------------
Assets
Gas Utility Plant $958
Accumulated depreciation (268)
Acquisition adjustment 210
--------------------------------------------------------------------------------
Gas Utility Plant, Net 900
--------------------------------------------------------------------------------
Nonutility Property and Investments, Net 27
--------------------------------------------------------------------------------
Current Assets:
Cash and cash equivalents 18
Restricted cash and temporary investments -
Receivables, net of allowance for uncollectible accounts of $3 124
Receivables-affiliated companies 10
Inventories (at average cost):
Stored gas 29
Materials and supplies 6
Prepayments 1
Deferred income taxes, net 4
Other 1
--------------------------------------------------------------------------------
Total Current Assets 193
--------------------------------------------------------------------------------
Deferred Debits:
Due from affiliate-pension asset 12
Regulatory assets 10
Other 6
--------------------------------------------------------------------------------
Total Deferred Debits 28
--------------------------------------------------------------------------------
Total $1,148
================================================================================
------------------------------------------------------------------------------
March 31,
Millions of dollars 2005
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Capitalization and Liabilities
Capitalization:
Common equity $534
Long-term debt, net 273
------------------------------------------------------------------------------
Total Capitalization 807
------------------------------------------------------------------------------
Current Liabilities:
Short-term borrowings 3
Current portion of long-term debt 3
Accounts payable 47
Accounts payable-affiliated companies 4
Customer deposits 9
Taxes accrued 18
Interest accrued 4
Distributions/dividends declared 4
Other 6
------------------------------------------------------------------------------
Total Current Liabilities 98
------------------------------------------------------------------------------
Deferred Credits:
Deferred income taxes, net 105
Deferred investment tax credits 1
Due to affiliate-postretirement benefits 19
Other regulatory liabilities 19
Asset retirement obligations 86
Other 13
------------------------------------------------------------------------------
Total Deferred Credits 243
------------------------------------------------------------------------------
Commitments and Contingencies -
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Total $1,148
==============================================================================
Exhibit A-4
SOUTH CAROLINA GENERATING COMPANY, INCORPORATED
CONDENSED BALANCE SHEET
(Unaudited)
------------------------------------------------------------------------------
March 31,
Millions of dollars 2005
------------------------------------------------------------------------------
Assets
Utility Plant In Service $394
Accumulated depreciation and amortization (129)
------------------------------------------------------------------------------
265
Construction work in progress 1
------------------------------------------------------------------------------
Utility Plant, Net 266
------------------------------------------------------------------------------
Current Assets:
Cash and cash equivalents 6
Receivables - affiliated companies 18
Inventories (at average cost):
Fuel 16
Materials and supplies 2
Prepayments 4
------------------------------------------------------------------------------
Total Current Assets 46
------------------------------------------------------------------------------
Deferred Debits:
Other regulatory assets 10
Other 2
------------------------------------------------------------------------------
Total Deferred Debits 12
------------------------------------------------------------------------------
Total $324
==============================================================================
------------------------------------------------------------------------
March 31,
Millions of dollars 2005
------------------------------------------------------------------------
Capitalization and Liabilities
Shareholders' Investment:
Common equity $80
Long-Term Debt, net 16
------------------------------------------------------------------------
Total Capitalization 242
------------------------------------------------------------------------
Current Liabilities:
Current portion of long-term debt 4
Accounts payable 9
Taxes accrued 2
Interest accrued 2
Dividends declared 1
------------------------------------------------------------------------
Total Current Liabilities 18
------------------------------------------------------------------------
Deferred Credits:
Deferred income taxes, net 56
Deferred investment tax credits 5
Other regulatory liabilities 3
------------------------------------------------------------------------
Total Deferred Credits 64
------------------------------------------------------------------------
------------------------------------------------------------------------
Commitments and Contingencies -
------------------------------------------------------------------------
------------------------------------------------------------------------
Total $324
========================================================================
Exhibit B
SCANA Corporation
Consolidated Capital Structure
March 31, 2005
(Dollars in Millions)
% of Total
Actual Capitalization
Common equity $ 2,541 39.6%
Preferred stock $ 115 1.8%
Debt (long and short-term) $ 3,762 58.6%
-------------------------------------
Total $ 6,418 100.0%
=====================================
South Carolina Electric & Gas Company
Consolidated Capital Structure
March 31, 2005
(Dollars in Millions)
% of Total
Actual Capitalization
Common equity $ 2,201 46.1%
Preferred stock $ 115 2.4%
Debt (long and short-term) $ 2,457 51.5%
--------------- --------------------
--------------- --------------------
Total $ 4,773 100.0%
=============== ====================
Public Service Company of North Carolina, Incorporated
Consolidated Capital Structure
March 31, 2005
(Dollars in Millions)
% of Total
Actual Capitalization
Common equity $
534 65.7%
Debt (long and short-term) $
279 34.3%
------------------------------
Total $
813 100.0%
==============================
South Carolina Generating Company, Incorporated
Capital Structure
March 31, 2005
(Dollars in Millions)
% of Total
Actual Capitalization
Common equity $ 80 32.5%
Debt (long and short-term) $ 166 67.5%
-------------------------------------
Total $ 246 100.0%
=====================================
Exhibit C-1
Nonutility Money Pool Activity
For the quarter ended March 31, 2005
Aggregate Aggregate Aggregate Aggregate
Borrowings Receipts Contributions Withdrawals
Company Receiving Advances During the Period (1) (2) During the Period During the Period (2) During the Period
-----------------------------------------------------------------------------------------------------------------------------------
ServiceCare, Inc. - - 1,400,000 400,000
South Carolina Pipeline Corporation 20,400,000 23,600,000 161,900,000 153,900,000
SCANA Energy Marketing, Inc. 282,527,000 334,996,000 111,900,000 111,900,000
SCANA Services, Inc. 114,800,000 145,000,000 - -
SCG Pipeline, Inc. - - 1,000,000 1,000,000
(1) Due on demand
(2) Interest rate at end of quarter: 5.289%
Exhibit C-2
Utility Money Pool Activity
For the quarter ended March 31, 2005
Aggregate Aggregate Aggregate Aggregate
Borrowings Receipts Contributions Withdrawals
Company Receiving Advances During the Period (1) (2) During the Period During the Period (2) During the Period
----------------------------------------------------------------------------------------------------------------------------------
South Carolina Generating Company, Inc. 3,500,000 5,500,000 3,500,000 -
(1) Due on demand
(2) Interest rate at end of quarter: 2.84%