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, 2003 through June 30, 2003.
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 61,550 shares of SCANA common stock were exercised
pursuant to the SCANA Corporation Long-Term Equity Compensation Plan.
190,976 shares of SCANA common stock were purchased in the open market
and subsequently issued pursuant to the SCANA Investor Plus Plan, and
303,744 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:
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 Apache Corporation for SCANA Energy
Marketing, Inc. (SEMI) in the amount of $15.0 million.
SCANA issued a guarantee to BG LNG Services, LLC for SEMI in the amount
of $25.0 million.
SCANA issued a guarantee to Chevron Texaco Natural Gas for SEMI in the
amount of $5.0 million.
SCANA increased the guarantee amount on a previous guarantee issued to
Superior Natural Gas Corporation for SEMI from $5.0 million to $7.0
million.
SCANA issued a guarantee to Progress Ventures, Inc. for SEMI in the
amount of $0.5 million.
SCANA issued a guarantee to BG LNG Service, LLC for South Carolina
Pipeline Corporation (SCPC) 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
Holding Company Act Release 35-27649 (February 12, 2003).
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:
SCE&G's existing 364-Day Revolving Credit Agreement which was to
expire on June 17, 2003 was replaced by a new 364-Day Revolving
Credit Agreement that will expire on June 15, 2004. The principal
amount of the credit agreement is $150 million in Promissory Notes
with the following persons:
Bank of America, N.A.- $35 million Wachovia Bank, N. A. - $35
million The Bank of New York - $30 million SunTrust Bank - $20
million Credit Suisse First Boston - $20 million KBC Bank - $10.0
million
The applicable interest rates ranging from .375% to 1.500% will be
based upon the Debt Rating of SCE&G.
Short-term debt in the form of commercial paper issued through
Lehman Brothers and Merrill Lynch, ranging in amount from $7.8
million to $46.5 million, at interest rates ranging from 1.18% to
1.30%.
The maximum amount of short-term indebtedness of South Carolina
Electric & Gas Company outstanding at any one time during the
period was $176.8 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 $1.2
million to $5.5 million, at interest rates ranging from 1.30% to
1.32%.
The maximum amount of short-term indebtedness of Public Service
Company of North Carolina, Incorporated outstanding at any one
time during the period was $10.7 million.
South Carolina Generating Company, Inc.:
Borrowings through the Utility Money Pool.
See Exhibit Index.
B. Public Service Company of North Carolina, Incorporated long-term debt
issuances:
None
C. SCANA debt issuances:
No long-term debt was issued during the period. No short-term debt
was issued during the period.
D. 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:
On May 8, 2003 SCE&G entered into a $300 million, 4.721% Treasury Rate
Lock Agreement with Credit Suisse First Boston Management, LLC in
anticipation of SCE&G's issuance of $300 million First Mortgage Bonds
on May 14, 2003.
On May 14, 2003 the Treasury Rate Lock entered into on May 8, was
unwound at a rate of 4.491% and $12.0 million was paid by SCE&G to
Credit Suisse First Boston Management, LLC.
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 29, 2003
South Carolina Electric & Gas Company Form U-6B-2 filed June 2, 2003
South Carolina Electric & Gas Company Form U-6B-2 filed June 6, 2003
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, Inc. 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: August 26, 2003
EXHIBITS
A-1 Balance Sheet for SCANA Corporation as of June 30, 2003 (Filed herewith)
A-2 Balance Sheet for South Carolina Electric & Gas Company as of June 30,
2003 (Filed herewith)
A-3 Balance Sheet for Public Service Company of North Carolina, Incorporated
as of June 30, 2003 (Filed herewith)
A-4 Balance Sheet for South Carolina Generating Company, Incorporated as of
June 30, 2003 (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 26,
2003, incorporated by reference herein
Exhibit A-1
SCANA CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
--------------------------------------------------------------------------------
June 30, December 31,
Millions of dollars 2003 2002
--------------------------------------------------------------------------------
Assets
Utility Plant:
Electric $5,361 $5,228
Gas 1,631 1,593
Other 197 184
--------------------------------------------------------------------------------
Total 7,189 7,005
Accumulated depreciation and amortization (2,577) (2,476)
--------------------------------------------------------------------------------
Total 4,612 4,529
Construction work in progress 914 677
Nuclear fuel, net of accumulated amortization 28 38
Acquisition adjustments, net of accumulated
amortization 230 230
--------------------------------------------------------------------------------
Utility Plant, Net 5,784 5,474
--------------------------------------------------------------------------------
Nonutility Property, Net of Accumulated Depreciation 93 95
Investments 220 231
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Nonutility Property and Investments, Net 313 326
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Current Assets:
Cash and temporary investments 220 374
Receivables, net of allowance for uncollectible
accounts of $21 and $17 377 478
Receivables - affiliated companies 15 8
Inventories (at average cost):
Fuel 147 166
Materials and supplies 58 61
Emission allowances 9 10
Prepayments 44 40
Deferred income taxes, net 8 -
--------------------------------------------------------------------------------
Total Current Assets 878 1,137
--------------------------------------------------------------------------------
Deferred Debits:
Environmental 21 27
Nuclear plant decommissioning - 87
Assets held in trust, net-nuclear decommissioning 36 -
Pension asset, net 266 265
Other regulatory assets 331 292
Other 167 146
--------------------------------------------------------------------------------
Total Deferred Debits 821 817
--------------------------------------------------------------------------------
Total $7,796 $7,754
================================================================================
--------------------------------------------------------------------------------
June 30, December 31,
Millions of dollars 2003 2002
--------------------------------------------------------------------------------
Capitalization and Liabilities
Stockholders' Investment:
Common equity $2,258 $2,177
Preferred stock (Not subject to purchase
or sinking funds) 106 106
--------------------------------------------------------------------------------
Total Stockholders' Investment 2,364 2,283
Preferred Stock, net (Subject to purchase
or sinking funds) 9 9
SCE&G-Obligated Mandatorily Redeemable Preferred Securities of SCE&G's
Subsidiary Trust, SCE&G Trust I, holding solely $50 million principal amount
of 7.55% Junior Subordinated
Debentures of SCE&G - 50
Long-Term Debt, net 2,930 2,834
--------------------------------------------------------------------------------
Total Capitalization 5,303 5,176
--------------------------------------------------------------------------------
Current Liabilities:
Short-term borrowings 212 209
Current portion of long-term debt 403 413
Accounts payable 222 354
Accounts payable - affiliated companies 13 8
Customer deposits 39 39
Taxes accrued 88 78
Interest accrued 55 52
Dividends declared 41 39
Deferred income taxes, net - 4
Other 52 77
--------------------------------------------------------------------------------
Total Current Liabilities 1,125 1,273
--------------------------------------------------------------------------------
Deferred Credits:
Deferred income taxes, net 754 747
Deferred investment tax credits 115 118
Reserve for nuclear plant decommissioning - 87
Asset retirement obligation - nuclear plant 114 -
Postretirement benefits 136 131
Regulatory liabilities 137 114
Other 112 108
--------------------------------------------------------------------------------
Total Deferred Credits 1,368 1,305
--------------------------------------------------------------------------------
Total $7,796 $7,754
================================================================================
Exhibit A-2
SOUTH CAROLINA ELECTRIC & GAS COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
--------------------------------------------------------------------------------
June 30, December 31,
Millions of dollars 2003 2002
--------------------------------------------------------------------------------
Assets
Utility Plant:
Electric $5,066 $4,934
Gas 445 439
Other 197 184
--------------------------------------------------------------------------------
Total 5,708 5,557
Accumulated depreciation and amortization (1,991) (1,912)
--------------------------------------------------------------------------------
Total 3,717 3,645
Construction work in progress 795 604
Nuclear fuel, net of accumulated amortization 28 38
--------------------------------------------------------------------------------
Utility Plant, Net 4,540 4,287
-------------------------------------------------------- -----------------------
Nonutility Property and Investments, Net 26 25
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Current Assets:
Cash and temporary investments 81 56
Receivables, net 226 237
Receivables - affiliated companies 64 46
Inventories (at average cost):
Fuel 32 48
Materials and supplies 50 53
Emission allowances 9 10
Prepayments 27 24
--------------------------------------------------------------------------------
Total Current Assets 489 474
--------------------------------------------------------------------------------
Deferred Debits:
Environmental 12 18
Nuclear plant decommissioning - 87
Assets held in trust, net - nuclear decommissioning 36 -
Pension asset, net 266 265
Due from affiliates - pension and postretirement
benefits 19 18
Other regulatory assets 295 267
Other 124 111
--------------------------------------------------------------------------------
Total Deferred Debits 752 766
--------------------------------------------------------------------------------
Total $5,807 $5,552
================================================================================
--------------------------------------------------------------------------------
June 30, December 31,
Millions of dollars 2003 2002
--------------------------------------------------------------------------------
Capitalization and Liabilities
Stockholders' Investment:
Common equity $1,977 $1,966
Preferred stock (Not subject to purchase
or sinking funds) 106 106
--------------------------------------------------------------------------------
Total Stockholders' Investment 2,083 2,072
Preferred Stock, net (Subject to purchase
or sinking funds) 9 9
Company-Obligated Mandatorily Redeemable Preferred Securities of the Company's
Subsidiary Trust, SCE&G Trust I, holding solely $50 million principal amount
of 7.55% Junior Subordinated Debentures
of SCE&G - 50
Long-Term Debt, net 1,774 1,534
--------------------------------------------------------------------------------
Total Capitalization 3,866 3,665
--------------------------------------------------------------------------------
Current Liabilities:
Short-term borrowings 212 178
Current portion of long-term debt 144 144
Accounts payable 87 124
Accounts payable - affiliated companies 83 77
Customer deposits 24 22
Taxes accrued 109 93
Interest accrued 37 31
Dividends declared 38 42
Deferred income taxes, net 2 12
Other 25 37
--------------------------------------------------------------------------------
Total Current Liabilities 761 760
--------------------------------------------------------------------------------
Deferred Credits:
Deferred income taxes, net 616 610
Deferred investment tax credits 107 108
Reserve for nuclear plant decommissioning - 87
Asset retirement obligation - nuclear plant 114 -
Due to affiliates - pension and
postretirement benefits 16 17
Postretirement benefits 136 131
Regulatory liabilities 124 109
Other 67 65
--------------------------------------------------------------------------------
Total Deferred Credits 1,180 1,127
--------------------------------------------------------------------------------
Total $5,807 $5,552
================================================================================
Exhibit A-3
PUBLIC SERVICE COMPANY OF NORTH CAROLINA, INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
--------------------------------------------------------------------------------
June 30, December 31,
Millions of dollars 2003 2002
--------------------------------------------------------------------------------
Assets
Gas Utility Plant $918 $895
Accumulated depreciation (336) (318)
Acquisition adjustment, net of accumulated amortization 210 210
--------------------------------------------------------------------------------
Gas Utility Plant, Net 792 787
--------------------------------------------------------------------------------
Nonutility Property and Investments, Net 27 28
--------------------------------------------------------------------------------
Current Assets:
Cash and temporary investments 4 1
Restricted cash and temporary investments 7 7
Receivables, net of allowance for uncollectible
accounts of $2 and $2 48 98
Receivables-affiliated companies 13 14
Inventories (at average cost):
Stored gas 37 38
Materials and supplies 5 6
Prepayments 1 1
Deferred income taxes, net 3 3
--------------------------------------------------------------------------------
Total Current Assets 118 168
--------------------------------------------------------------------------------
Deferred Debits:
Due from affiliate-pension asset 14 14
Regulatory assets 32 20
Other 6 7
--------------------------------------------------------------------------------
Total Deferred Debits 52 41
--------------------------------------------------------------------------------
Total $989 $1,024
================================================================================
================================================================================
Capitalization and Liabilities
Capitalization:
Common equity 503 $487
Long-term debt, net 283 286
--------------------------------------------------------------------------------
Total Capitalization 786 773
--------------------------------------------------------------------------------
Current Liabilities:
Short-term borrowings - 31
Current portion of long-term debt 8 8
Accounts payable 28 44
Accounts payable-affiliated companies 8 7
Customer prepayments and deposits 7 12
Taxes accrued 2 5
Interest accrued 5 6
Distributions/dividends declared 5 5
Other 10 11
--------------------------------------------------------------------------------
Total Current Liabilities 73 129
--------------------------------------------------------------------------------
Deferred Credits:
Deferred income taxes, net 92 91
Deferred investment tax credits 2 2
Due to affiliate-postretirement benefits 16 16
Regulatory liabilities 9 1
Other 11 12
--------------------------------------------------------------------------------
Total Deferred Credits 130 122
--------------------------------------------------------------------------------
Total $989 $1,024
================================================================================
Exhibit A-4
SOUTH CAROLINA GENERATING COMPANY, INC.
BALANCE SHEETS
June 30, 2003 and December 31, 2002
(Unaudited)
-------------------------------------------------------------------------------
June 30, December 31,
Thousands of dollars 2003 2002
-------------------------------------------------------------------------------
Assets
Utility Plant:
Plant in Service $294,420 $293,849
Less Accumulated Depreciation 132,199 131,708
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Total 162,221 162,141
Construction Work in Progress 64,866 27,867
-------------------------------------------------------------------------------
Utility Plant, Net 227,087 190,008
-------------------------------------------------------------------------------
Current Assets:
Cash 1,324 -
Receivables from Affiliated Company 8,529 9,045
Other Accounts Receivable 272 273
Inventories:
Fuel 11,870 11,357
Materials and Supplies 1,900 1,835
Prepayments 214 576
-------------------------------------------------------------------------------
Total Current Assets 24,109 23,086
-------------------------------------------------------------------------------
Deferred Debits 7,611 7,636
-------------------------------------------------------------------------------
Total $258,807 $220,730
===============================================================================
Capitalization and Liabilities
Common Equity:
Common Stock $20,000 $20,000
Other Paid in Capital 32,241 1,805
Retained Earnings 24,236 22,829
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Total Common Equity 76,477 44,634
Long-Term Debt, Net 69,950 69,950
-------------------------------------------------------------------------------
Total Capitalization 146,427 114,584
-------------------------------------------------------------------------------
Current Liabilities:
Current Portion of Long-Term Debt 3,700 3,700
Accounts Payable 4,512 7,373
Due to Affiliate 48,750 37,444
Taxes Accrued 3,176 4,462
Interest Accrued 583 559
Dividends Declared 750 1,200
Other 261 124
-------------------------------------------------------------------------------
Total Current Liabilities 61,732 54,862
---------------------------------------------------------- ----------------
Deferred Credits:
Accumulated Deferred Investment Tax Credits 5,600 5,753
Accumulated Deferred Income Taxes 41,202 41,532
Other Deferred Credits 3,846 3,999
----------------------------------------------------------- --------------------
Total Deferred Credits 50,648 51,284
----------------------------------------------------------- --------------------
Total $258,807 $220,730
=========================================================== ====================
Exhibit B
SCANA Corporation
Capital Structure
June 30, 2003
(Dollars in Millions)
% of Total
Actual Capitalization
Common equity $ 2,258 38.2%
Preferred stock $ 115 1.9%
Debt (long and short-term) $ 3,544 59.9%
--------------------------------------
Total $ 5,917 100.0%
======================================
South Carolina Electric & Gas Company
Capital Structure
June 30, 2003
(Dollars in Millions)
% of Total
Actual Capitalization
Common equity $ 1,977 46.9%
Preferred stock 115 2.7%
Debt (long and short-term) 2,129 50.4%
--------------------------------------
Total $ 4,221 100.0%
======================================
Public Service Company of North Carolina, Incorporated
Capital Structure
June 30, 2003
(Dollars in Millions)
% of Total
Actual Capitalization
Common equity $ 503 63.3%
Debt (long and short-term) $ 291 36.7%
--------------------------------------
Total $ 794 100.0%
======================================
South Carolina Generating Company, Incorporated
Capital Structure
June 30, 2003
(Dollars in Millions)
% of Total
Actual Capitalization
Common equity $ 76 38.4%
Debt (long and short-term) $ 122 61.6%
--------------------------------------
Total $ 198 100.0%
======================================