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 October 1, 2004 through December 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:
No options to purchase shares of SCANA common stock were exercised
pursuant to the SCANA Corporation Long-Term Equity Compensation Plan,
142,613 shares of SCANA common stock were issued pursuant to the SCANA
Investor Plus Plan, and 317,093 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 AEP Energy Services, Inc. for SCANA Energy
Marketing, Inc. (SEMI) in the amount of $2.5 million.
SCANA issued a guarantee to AEP Energy Services, Inc. for South
Carolina Pipeline Corporation (SCPC) in the amount of $2.0 million.
SCANA issued a guarantee to Devon Gas Services, L.P. for SEMI in the
amount of $4.0 million.
SCANA issued a guarantee to Duke Energy Marketing America, LLC for SCPC
in the amount of $11.0 million.
SCANA increased the guarantee amount on a previous guarantee issued to
Louis Dreyfus Energy Services, L.P. for SEMI from $5.0 million to $15.0
million.
SCANA increased the guarantee amount on a previous guarantee issued to
Louis Dreyfus Energy Services, L.P. for SEMI from $15.0 million to
$24.0 million.
SCANA issued a guarantee to NJR Energy Services Company for SEMI in the
amount of $2.0 million.
SCANA issued a guarantee to Peoples Gas System for SEMI in the amount
of $4.0 million.
SCANA issued a guarantee to Tampa Electric Company for SEMI in the
amount of $4.0 million.
SCANA issued a guarantee to WPS Energy Services, Inc. for SEMI in the
amount of $1.0 million.
SCANA renewed its existing $5.0 million letter of credit to Primesouth,
Inc. (PSI) to support Primesouth's ability to bid on contracts. This
renewed letter of credit expires on December 31, 2006.
SCANA replaced an existing guarantee to Atlanta Gas Light Company for
SEMI in the amount of $48.2 million.
SCANA issued a guarantee to Deutsche Bank AG for SEMI in the amount of
$30.0 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 $3.1
million to $43.9 million, at interest rates ranging from 1.85% to
2.40%.
The maximum amount of short-term indebtedness of South Carolina
Electric & Gas Company outstanding at any one time during the
period was $179.5 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 $11.5 million, at interest rates ranging from 1.87% to
2.51%.
The maximum amount of short-term indebtedness of Public Service
Company of North Carolina, Incorporated outstanding at any one
time during the period was $57.8 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:
Short-term debt in the form of bank loans issued through Wachovia
Bank, NA in the amount of $40.0 million at an interest rate of
3.07%.
The maximum amount of short-term indebtedness of SCANA at any one
time during the period was $40.0 million.
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:
South Carolina Electric & Gas Company entered into a Treasury Rate Lock
agreement with Bank of America, N.A. in the amount of $100.0 million at
a locked in U. S. Treasury yield rate of 4.85%.
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 November 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
17. Information related to the allocation of the holding Company's Federal
income tax liability:
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: February 24, 2005
EXHIBITS
A-1 Balance Sheet for SCANA Corporation as of December 31, 2004 (Filed
herewith)
A-2 Balance Sheet for South Carolina Electric & Gas Company as of December
31, 2004 (Filed herewith)
A-3 Balance Sheet for Public Service Company of North Carolina,
Incorporated as of December 31, 2004 (Filed herewith)
B Capital Structures of SCANA and each Utility Subsidiary (Filed
herewith)
C-1 Nonutility Money Pool Activity for the quarter ended December 31, 2004
C-2 Utility Money Pool Activity for the quarter ended December 31, 2004
Exhibit A-1
SCANA CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
------------------------------------------------------------------------------
December 31, (Millions of dollars) 2004
------------------------------------------------------------------------------
Assets
Utility Plant In Service $8,373
Accumulated depreciation and amortization (2,315)
------------------------------------------------------------------------------
6,058
Construction work in progress 432
Nuclear fuel, net of accumulated amortization 42
Acquisition adjustments, net of accumulated amortization 230
------------------------------------------------------------------------------
Utility Plant, Net 6,762
------------------------------------------------------------------------------
Nonutility Property and Investments:
Nonutility property, net of accumulated depreciation of $50 104
Assets held in trust, net-nuclear decommissioning 49
Investments 63
------------------------------------------------------------------------------
Nonutility Property and Investments, Net 216
------------------------------------------------------------------------------
Current Assets:
Cash and cash equivalents 120
Receivables, net of allowance for uncollectible
accounts of $16 687
Receivables - affiliated companies 19
Inventories (at average cost):
Fuel 191
Materials and supplies 70
Emission allowances 9
Prepayments 49
Other 4
------------------------------------------------------------------------------
Total Current Assets 1,149
------------------------------------------------------------------------------
Deferred Debits:
Environmental 18
Pension asset, net 285
Other regulatory assets 402
Other 164
------------------------------------------------------------------------------
Total Deferred Debits 869
------------------------------------------------------------------------------
Total $8,996
==============================================================================
------------------------------------------------------------------------------
December 31, (Millions of dollars) 2004
------------------------------------------------------------------------------
Capitalization and Liabilities
Shareholders' Investment:
Common equity $2,451
Preferred stock (Not subject to purchase or sinking funds) 106
------------------------------------------------------------------------------
Total Shareholders' Investment 2,557
Preferred Stock, net (Subject to purchase or sinking funds) 9
Long-Term Debt, net 3,186
------------------------------------------------------------------------------
Total Capitalization 5,752
------------------------------------------------------------------------------
Current Liabilities:
Short-term borrowings 211
Current portion of long-term debt 204
Accounts payable 381
Accounts payable - affiliated companies 18
Customer deposits 50
Taxes accrued 132
Interest accrued 51
Dividends declared 43
Other 100
------------------------------------------------------------------------------
Total Current Liabilities 1,190
------------------------------------------------------------------------------
Deferred Credits:
Deferred income taxes, net 879
Deferred investment tax credits 121
Asset retirement obligation - nuclear plant 124
Other asset retirement obligations 450
Postretirement benefits 142
Other regulatory liabilities 199
Other 139
------------------------------------------------------------------------------
Total Deferred Credits 2,054
------------------------------------------------------------------------------
Commitments and Contingencies -
------------------------------------------------------------------------------
Total $8,996
==============================================================================
Exhibit A-2
SOUTH CAROLINA ELECTRIC & GAS COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
------------------------------------------------------------------------------
December 31, (Millions of dollars) 2004
------------------------------------------------------------------------------
Assets
Utility Plant In Service: $7,096
Accumulated depreciation and amortization (1,934)
------------------------------------------------------------------------------
5,162
Construction work in progress 417
Nuclear fuel, net of accumulated amortization 42
------------------------------------------------------------------------------
Utility Plant, Net 5,621
------------------------------------------------------------------------------
Nonutility Property and Investments:
Nonutility property, net of accumulated depreciation 27
Assets held in trust, net - nuclear decommissioning 49
Other investments 6
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Nonutility Property and Investments, Net 82
Current Assets:
Cash and cash equivalents 20
Receivables, net of allowance for uncollectible accounts of $1 267
Receivables - affiliated companies 19
Inventories (at average cost):
Fuel 35
Materials and supplies 64
Emission allowances 9
Prepayments 30
------------------------------------------------------------------------------
Total Current Assets 444
------------------------------------------------------------------------------
Deferred Debits:
Environmental 11
Pension asset, net 285
Due from affiliates - pension and postretirement benefits 23
Other regulatory assets 376
Other 138
------------------------------------------------------------------------------
Total Deferred Debits 833
------------------------------------------------------------------------------
Total $6,980
==============================================================================
------------------------------------------------------------------------------
December 31, (Millions of dollars) 2004
------------------------------------------------------------------------------
Capitalization and Liabilities
Shareholders' Investment:
Common equity $2,164
Preferred stock (Not subject to purchase or sinking funds) 106
------------------------------------------------------------------------------
Total Shareholders' Investment 2,270
Preferred Stock, net (Subject to purchase or sinking funds) 9
Long-Term Debt, net 1,981
------------------------------------------------------------------------------
Total Capitalization 4,260
------------------------------------------------------------------------------
Minority Interest 81
Current Liabilities:
Short-term borrowings 153
Current portion of long-term debt 198
Accounts payable 106
Accounts payable - affiliated companies 113
Customer deposits 26
Taxes accrued 152
Interest accrued 35
Dividends declared 38
Other 50
------------------------------------------------------------------------------
Total Current Liabilities 871
------------------------------------------------------------------------------
Deferred Credits:
Deferred income taxes, net 744
Deferred investment tax credits 119
Asset retirement obligation - nuclear plant 124
Other asset retirement obligations 363
Due to affiliates - pension and postretirement benefits 14
Postretirement benefits 142
Other regulatory liabilities 188
Other 74
------------------------------------------------------------------------------
Total Deferred Credits $1,768
------------------------------------------------------------------------------
Commitments and Contingencies -
------------------------------------------------------------------------------
Total $6,980
==============================================================================
Exhibit A-3
PUBLIC SERVICE COMPANY OF NORTH CAROLINA, INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
-------------------------------------------------------------------------------
December 31, (Millions of dollars) 2004
-------------------------------------------------------------------------------
Assets
Gas Utility Plant $947
Accumulated depreciation (262)
Acquisition adjustment, net of accumulated amortization 210
-------------------------------------------------------------------------------
Gas Utility Plant, Net 895
-------------------------------------------------------------------------------
Nonutility Property and Investments, Net 27
-------------------------------------------------------------------------------
Current Assets:
Cash and cash equivalents 1
Restricted cash and temporary investments 8
Receivables, net of allowance for uncollectible accounts of $2 128
Receivables - affiliated companies 7
Inventories (at average cost):
Stored gas 70
Materials and supplies 5
Prepayments 2
Deferred income taxes, net 4
Other 1
-------------------------------------------------------------------------------
Total Current Assets 226
-------------------------------------------------------------------------------
Deferred Debits:
Due from affiliate-pension asset 12
Regulatory assets 27
Other 4
--------------------------------------------------------------------
-----------
Total Deferred Debits 43
--------------------------------------------------------------------
-----------
Total $1,191
===============================================================================
====================================================================
Capitalization and Liabilities
Capitalization:
Common equity $513
Long-term debt, net 274
-----------
-------------------------------------------------------------------------------
Total Capitalization 787
-------------------------------------------------------------------------------
-----------
Current Liabilities:
Short-term borrowings 58
Current portion of long-term debt 3
Accounts payable 66
Accounts payable - affiliated companies 8
Customer deposits 8
Taxes accrued 4
Interest accrued 6
Distributions/dividends declared 4
Other 17
-------------------------------------------------------------------------------
-----------
Total Current Liabilities 174
-------------------------------------------------------------------------------
-----------
Deferred Credits:
Deferred income taxes, net 105
Deferred investment tax credits 1
Due to affiliate-postretirement benefits 19
Other regulatory liabilities 10
Asset retirement obligations 84
Other 11
-------------------------------------------------------------------------------
Total Deferred Credits 230
-------------------------------------------------------------------------------
Commitments and Contingencies -
-------------------------------------------------------------------------------
Total $1,191
===============================================================================
Exhibit B
SCANA Corporation
Consolidated Capital Structure
December 31, 2004
(Dollars in Millions)
% of Total
Actual Capitalization
Common equity $ 2,451 39.7%
Preferred stock $ 115 1.9%
Debt (long and short-term) $ 3,601 58.4%
-------------------------------------
Total $ 6,167 100.0%
=====================================
South Carolina Electric & Gas Company
Consolidated Capital Structure
December 31, 2004
(Dollars in Millions)
% of Total
Actual Capitalization
Common equity $ 2,164 46.9%
Preferred stock $ 115 2.5%
Debt (long and short-term) $ 2,332 50.6%
--------------- --------------------
--------------- --------------------
Total $ 4,611 100.0%
=============== ====================
Public Service Company of North Carolina, Incorporated
Consolidated Capital Structure
December 31, 2004
(Dollars in Millions)
% of Total
Actual Capitalization
Common equity $ 513 60.5%
Debt (long and short-term) $ 335 39.5%
-------------------------------------
Total $ 848 100.0%
=====================================
South Carolina Generating Company, Incorporated
Capital Structure
December 31, 2004
(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 December 31, 2004
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. - - 1,600,000 2,100,000
South Carolina Pipeline Corporation 31,100,000 34,400,000 68,800,000 68,800,000
SCANA Energy Marketing, Inc. 206,389,000 148,468,000 90,598,500 90,918,500
SCANA Services, Inc. 145,000,000 122,927,300 - -
SCANA Communications, Inc. - - 66,912,000 -
SCG Pipeline, Inc. - - 500,000 1,000,000
(1) Due on demand
(2) Interest rate at end of quarter: 4.8486%
Exhibit C-2
Utility Money Pool Activity
For the quarter ended December 31, 2004
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. 2,000,000 - - 4,600,000
(1) Due on demand
(2) Interest rate at end of quarter: 4.8486%