UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
In the Matter of SCANA Corporation CERTIFICATE PURSUANT TO RULE
(File No. 70-9533) 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 orders (the Orders) of the Securities and Exchange Commission
(the Commission) dated February 14, 2000, January 31, 2001 and December 19,
2001, in the above-referenced file. The Orders 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, 2002 through December 31, 2002. Capitalized terms not otherwise defined
herein have the meaning ascribed in the Application.
1. SCANA Common Stock sold during the quarter:
SCANA issued 6,000,000 shares of common stock on October 16, 2003. Net
proceeds from the issuance totaled $146 million.
2. SCANA Common Stock issued or issuable under options granted during the
quarter under employee benefit plans and dividend reinvestment plans:
Options to purchase 98,861 shares of SCANA common stock were exercised
pursuant to the SCANA Corporation Long-Term Equity Compensation Plan.
No options to purchase SCANA Common Stock were granted pursuant to the
SCANA Corporation Long-Term Equity Compensation Plan. 176,786 shares of
SCANA common stock were purchased in the open market and subsequently
issued pursuant to the SCANA Investor Plus Plan, and 301,999 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 renewed its guarantee of PrimeSouth, Inc.'s $5.0 million line of
credit. The guarantee and the line of credit expire on December 31,
2004.
SCANA's guarantee of the South Carolina Generating Company, Inc. note
outstanding was reduced from $41.5 million to $37.8 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.
SCANA issued a guarantee to Murphy Gas Gathering, Inc. for SCANA Energy
Marketing, Inc. (SEMI) in the amount of $5.0 million.
SCANA issued a guarantee to The Energy Authority, Inc. for SEMI in the
amount of $6.0 million.
SCANA increased the guarantee amount on a previous guarantee issued to
Sequent Energy Management, L. P. for SEMI from $20.0 million to
$30.0 million.
SCANA issued a guarantee to Superior Natural Gas Corporation for South
Carolina Pipeline Corporation (SCPC in the amount of $3.0 million.
SCANA increased the guarantee amount on a previous guarantee issued to
Sequent Energy Management, L. C. for 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 $305 million as authorized in the
Holding Company Act Release 35-27137 (February 14, 2000).
5. SCANA debt, Utility Subsidiary short-term debt and Public Service
Company of North Carolina, Incorporated long-term debt issued during
the quarter:
A. SCANA debt issuances:
No long-term debt was issued during the period.
No short-term indebtedness of SCANA was outstanding at any time
during the period.
B. 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 $0.8
million to $29.1 million, at interest rates ranging from 1.33% to
1.82%.
The maximum amount of short-term indebtedness of South Carolina
Electric & Gas Company outstanding at any one time during the
period was $232.0 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 $12.5 million, at interest rates ranging from 1.34%
to1.85%.
The maximum amount of short-term indebtedness of Public Service
Company of North Carolina, Incorporated outstanding at any one
time during the period was $31.1 million.
South Carolina Generating Company, Inc.:
No short-term indebtedness of South Carolina Generating Company,
Inc. was outstanding at any time during the period.
C. Public Service Company of North Carolina, Incorporated long-term debt
issuances:
None
6. Utility Subsidiary financings consummated during the quarter that are not
exempt under Rule 52:
See items 5B and 5C above.
7. Forms U-6B-2 filed with the Commission during the quarter:
SCANA Corporation Form U-6B-2 filed November 21, 2002 South Carolina
Electric & Gas Company Form U-6B-2 filed November 18, 2002 South
Carolina Electric & Gas Company Form U-6B-2 filed December 20, 2002
South Carolina Electric & Gas Company Form U-6B-2 filed December 20,
2002
8. 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).
South Carolina Electric & Gas Company Balance Sheet (Exhibit B).
Public Service Company of North Carolina, Incorporated Balance Sheet
(Not applicable).
South Carolina Generating Company, Inc. Balance Sheet (Not applicable).
9. 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 4,
2002. SCANA Corporation Form S-3/A filed October 1, 2002. SCANA
Corporation Form S-3/A filed October 2, 2002. South Carolina Electric &
Gas Company Form S-3 filed November 25, 2002.
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, 2003
Exhibit A
SCANA Corporation
CONSOLIDATED BALANCE SHEETS
(Unaudited)
--------------------------------------------------------------------------------
December 31, (Millions of dollars) 2002 2001
--------------------------------------------------------------------------------
Assets
Utility Plant
Electric $5,228 $4,855
Gas 1,593 1,536
Other 184 187
--------------------------------------------------------------------------------
Total 7,005 6,578
Accumulated depreciation and amortization (2,476) (2,364)
--------------------------------------------------------------------------------
Total 4,529 4,214
Construction work in progress 677 544
Nuclear fuel, net of accumulated amortization 38 45
Acquisition adjustments, net of accumulated
amortization 230 460
--------------------------------------------------------------------------------
Utility Plant, Net 5,474 5,263
--------------------------------------------------------------------------------
Nonutility Property, Net of Accumulated Depreciation 95 93
Investments) 231 194
--------------------------------------------------------------------------------
Nonutility Property and Investments, Net 326 287
--------------------------------------------------------------------------------
Current Assets:
Cash and temporary investments 397 212
Receivables (net of allowance for uncollectible
accounts of $17 and $37) 486 424
Inventories (at average cost):
Fuel 166 164
Materials and supplies 61 59
Emission allowances 10 13
Prepayments 40 21
Investments - 664
--------------------------------------------------------------------------------
Total Current Assets 1,160 1,557
--------------------------------------------------------------------------------
Deferred Debits:
Environmental 27 34
Nuclear plant decommissioning fund 87 79
Pension asset, net 265 239
Other regulatory assets 268 210
Other 147 153
--------------------------------------------------------------------------------
Total Deferred Debits 794 715
--------------------------------------------------------------------------------
Total $7,754 $7,822
================================================================================
SCANA Corporation
CONSOLIDATED BALANCE SHEETS
(Unaudited)
-----------------------------------------------------------------------------
December 31, (Millions of dollars) 2002 2001
-----------------------------------------------------------------------------
Capitalization and Liabilities
Shareholders' Investment:
Common equity $2,177 $2,194
Preferred stock (Not subject to
purchase or sinking funds) 106 106
-----------------------------------------------------------------------------
Total Shareholders' Investment 2,283 2,300
Preferred Stock, net (Subject to purchase
or sinking funds) 9 10
SCE&G-Obligated Mandatorily Redeemable
Preferred Securities of SCE&G's
Subsidiary Trust, SCE&G Trust I,
holding solely $50 million principal
amount of the 7.55% Junior Subordinated
Debentures of SCE&G, due 2027 50 50
Long-Term Debt, net 2,834 2,646
-----------------------------------------------------------------------------
Total Capitalization 5,176 5,006
-----------------------------------------------------------------------------
Current Liabilities:
Short-term borrowings 209 165
Current portion of long-term debt 413 739
Accounts payable 363 275
Customer deposits 39 41
Taxes accrued 78 82
Interest accrued 52 45
Dividends declared 39 34
Deferred income taxes, net 4 154
Other 42 26
-----------------------------------------------------------------------------
Total Current Liabilities 1,239 1,561
-----------------------------------------------------------------------------
Deferred Credits:
Deferred income taxes, net 747 720
Deferred investment tax credits 118 118
Reserve for nuclear plant decommissioning 87 79
Postretirement benefits 131 122
Other regulatory liabilities 114 100
Other 142 116
-----------------------------------------------------------------------------
Total Deferred Credits 1,339 1,255
-----------------------------------------------------------------------------
Commitments and Contingencies - -
-----------------------------------------------------------------------------
Total $7,754 $7,822
=============================================================================
Exhibit B
SOUTH CAROLINA ELECTRIC & GAS COMPANY
CONSOLIDATED BALANCE SHEETS
(Unaudited)
--------------------------------------------------------------- ---------------
December 31, (Millions of dollars) 2002 2001
--------------------------------------------------------------- ---------------
Assets
Utility Plant
Electric $4,934 $4,563
Gas 439 425
Other 184 188
--------------------------------------------------------------- ---------------
Total 5,557 5,176
Accumulated depreciation and amortization (1,912) (1,841)
--------------------------------------------------------------- ---------------
Total 3,645 3,335
Construction work in progress 604 511
Nuclear fuel, net of accumulated amortization 38 45
--------------------------------------------------------------- ---------------
Utility Plant, Net 4,287 3,891
--------------------------------------------------------------- --------------
Nonutility Property and Investments, Net 25 24
--------------------------------------------------------------- ---------------
Current Assets:
Cash and temporary investments 115 78
Receivables 245 212
Receivables - affiliated companies 2 4
Inventories (at average cost)
Fuel 48 39
Materials and supplies 53 48
Emission allowances 10 13
Prepayments 24 6
--------------------------------------------------------------- ---------------
Total Current Assets 497 400
--------------------------------------------------------------- ---------------
Deferred Debits:
Environmental 18 24
Nuclear plant decommissioning fund 87 79
Pension asset, net 265 239
Due from affiliates - pension and
postretirement benefits 18 15
Other regulatory assets 243 193
Other 112 97
--------------------------------------------------------------- ---------------
Total Deferred Debits 743 647
--------------------------------------------------------------- ---------------
Total $5,552 $4,962
=============================================================== ===============
SOUTH CAROLINA ELECTRIC & GAS COMPANY
CONSOLIDATED BALANCE SHEETS
(Unaudited)
-----------------------------------------------------------------------------
December 31, (Millions of dollars) 2002 2001
-----------------------------------------------------------------------------
Capitalization and Liabilities
Shareholders' Investment:
Common equity $1,966 $1,750
Preferred stock (Not subject to
purchase or sinking funds) 106 106
-----------------------------------------------------------------------------
Total Shareholders' Investment 2,072 1,856
Preferred Stock, net (Subject to
purchase or sinking funds) 9 10
Company-Obligated Mandatorily Redeemable
Preferred Securities of the
Company's Subsidiary Trust, SCE&G
Trust I, holding solely $50 million
principal amount of the 7.55%
Junior Subordinated Debentures of SCE&G,
due 2027 50 50
Long-Term Debt, net 1,534 1,412
-----------------------------------------------------------------------------
Total Capitalization 3,665 3,328
-----------------------------------------------------------------------------
Current Liabilities:
Short-term borrowings 178 165
Current portion of long-term debt 144 28
Accounts payable 132 99
Accounts payable - affiliated companies 69 78
Customer deposits 22 19
Taxes accrued 93 80
Interest accrued 31 27
Dividends declared 42 42
Deferred income taxes, net 12 12
Other 24 8
-----------------------------------------------------------------------------
Total Current Liabilities 747 558
-----------------------------------------------------------------------------
Deferred Credits:
Deferred income taxes, net 610 599
Deferred investment tax credits 108 109
Reserve for nuclear plant decommissioning 87 79
Due to affiliates - pension and
postretirement benefits 17 16
Postretirement benefits 131 122
Regulatory liabilities 109 81
Other 78 70
-----------------------------------------------------------------------------
Total Deferred Credits 1,140 1,076
-----------------------------------------------------------------------------
Commitments and Contingencies - -
-----------------------------------------------------------------------------
Total $5,552 $4,962
=============================================================================