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 July 1, 2003 through September 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 88,314 shares of SCANA common stock were exercised
pursuant to the SCANA Corporation Long-Term Equity Compensation Plan.
166,598 shares of SCANA common stock were purchased in the open market
and subsequently issued pursuant to the SCANA Investor Plus Plan, and
286,007 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 issued a guarantee to Berkeley County, South Carolina for South
Carolina Generating Company, Inc. (GENCO) in the amount of $35.9
million in connection with the issuance of Pollution Control Facilities
Revenue Refunding Bonds. The prior guarantee issued to Berkeley County
in the amount of $35.9 million was terminated.
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 FPL Energy Power Marketing, Inc for SCANA
Energy Marketing, Inc. (SEMI) in the amount of $5.0 million.
SCANA issued a guarantee to UBS AG for SEMI in the amount of $5.0
million.
SCANA issued a joint guarantee to Total Gas and Power North America,
Inc. for SEMI and South Carolina Pipeline Corporation (SCPC) in the
amount of $10.0 million. In conjunction with this issuance, SCANA
terminated prior guarantees to Total Gas and Power North America, Inc.
on behalf of SEMI ($3.0 million) and SCPC ($4.0 million).
SCANA issued a guarantee to Apache Corporation for SCPC in the amount
of $2.0 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:
Short-term debt in the form of commercial paper issued through
Lehman Brothers and Merrill Lynch, ranging in amount from $1.9
million to $43.8 million, at interest rates ranging from 1.07% to
1.15%.
The maximum amount of short-term indebtedness of South Carolina
Electric & Gas Company outstanding at any one time during the
period was $207.4 million.
Public Service Company of North Carolina, Incorporated:
PSNC Energy's existing 364-Day Revolving Credit Agreement which
was to expire on July 23, 2003 was replaced by a new 364-Day
Revolving Credit Agreement that will expire on July 23, 2004. The
principal amount of the credit agreement is $125 million in
Promissory Notes with the following persons:
Bank of America, N. A. - $25 million
Wachovia Bank, N. A. - $25 million
The Bank of New York - $15 million
Branch Banking and Trust - $25 million
Credit Suisse First Boston Corporation - $20 million
KBC Bank - $15 million
The application interest rates ranging from LIBOR plus .355% to
..950% will be based upon the debt rating of PSNC Energy.
Short-term debt in the form of commercial paper issued through
Lehman Brothers and Merrill Lynch, ranging in amount from $1.0
million to $9.2 million, at interest rates ranging from 1.06% to
1.17%.
The maximum amount of short-term indebtedness of Public Service
Company of North Carolina, Incorporated outstanding at any one
time during the period was $36.0 million.
South Carolina Generating Company, Inc.:
On August 26, 2003 Berkeley County, South Carolina issued its
$35,850,000 Pollution Control Facilities Revenue Refunding Bonds,
Series 2003. The proceeds of these bonds were loaned by the County
to GENCO, and applied to defease GENCO's obligation with respect
to the County's $35,850,000 Pollution Control Facilities Revenue
Refunding Bonds, Series 1984 (bearing interest at a rate of
6.50%.) The refunding bonds have an annual interest rate of 4.875%
and mature on October 1, 2014.
B. Public Service Company of North Carolina, Incorporated long-term debt
issuances:
None
C. SCANA debt issuances:
SCANA's existing 364-Day Revolving Credit Agreement which was to
expire on September 30, 2003 was replaced by a new 364-Day
Revolving Credit Agreement that will expire on September 28, 2004.
The principal amount of the credit agreement is $50 million in
Promissory Notes with Bank of America, N.A. The applicable
interest rates ranging from LIBOR plus .375% to 1.50% will be
based upon the debt rating of SCANA.
No long-term debt was issued during the period.
Short-term debt in the form of commercial paper issued through KBC
Bank and Wachovia Bank, ranging in amount from $8.5 million to
$17.0 million, at interest rates ranging from 1.40% to 1.88%.
The maximum amount of short-term indebtedness of SCANA outstanding
at any one time during the period was $23.0 million.
D. Debt issuances by Intermediate Subsidiaries:
None
6. Registration Statements filed with the Commission pursuant to the
Securities Act of 1933 during the quarter:
South Carolina Electric & Gas Company Form S-3 filed September 12, 2003
SCANA Corporation Form S-8 Post-Effective Amendment filed September
17, 2003
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 August 26, 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: November 17, 2003
EXHIBITS
A-1 Balance Sheet for SCANA Corporation as of September 30, 2003 (Filed
herewith)
A-2 Balance Sheet for South Carolina Electric & Gas Company as of September
30, 2003 (Filed herewith)
A-3 Balance Sheet for Public Service Company of North Carolina, Incorporated
as of September 30, 2003 (Filed herewith)
A-4 Balance Sheet for South Carolina Generating Company, Incorporated as of
September 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 November 17,
2003, incorporated by reference herein
Exhibit A-1
SCANA CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
--------------------------------------------------------------------------------
September 30,
Millions of dollars 2003
--------------------------------------------------------------------------------
Assets
Utility Plant:
Electric $5,416
Gas 1,650
Other 181
--------------------------------------------------------------------------------
Total 7,247
Accumulated depreciation and amortization (2,606)
--------------------------------------------------------------------------------
Total 4,641
Construction work in progress 994
Nuclear fuel, net of accumulated amortization 41
Acquisition adjustments, net of accumulated amortization 230
--------------------------------------------------------------------------------
Utility Plant, Net 5,906
--------------------------------------------------------------------------------
Nonutility Property, Net of Accumulated Depreciation 93
Investments 222
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Nonutility Property and Investments, Net 315
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Current Assets:
Cash and temporary investments 80
Receivables, net of allowance for uncollectible accounts of
$21 and $17 358
Receivables - affiliated companies 15
Inventories (at average cost):
Fuel 169
Materials and supplies 60
Emission allowances 7
Prepayments 36
Deferred income taxes, net 4
--------------------------------------------------------------------------------
Total Current Assets 729
--------------------------------------------------------------------------------
Deferred Debits:
Environmental 21
Nuclear plant decommissioning -
Assets held in trust, net-nuclear decommissioning 35
Pension asset, net 269
Other regulatory assets 331
Other 182
--------------------------------------------------------------------------------
Total Deferred Debits 838
--------------------------------------------------------------------------------
Total $7,788
================================================================================
--------------------------------------------------------------------------------
September 30,
Millions of dollars 2003
--------------------------------------------------------------------------------
Capitalization and Liabilities
Stockholders' Investment:
Common equity $2,306
Preferred stock (Not subject to purchase or sinking funds) 106
--------------------------------------------------------------------------------
Total Stockholders' Investment 2,412
Preferred Stock, net (Subject to purchase or sinking funds) 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 -
Long-Term Debt, net 2,852
--------------------------------------------------------------------------------
Total Capitalization 5,273
--------------------------------------------------------------------------------
Current Liabilities:
Short-term borrowings 242
Current portion of long-term debt 402
Accounts payable 201
Accounts payable - affiliated companies 14
Customer deposits 43
Taxes accrued 72
Interest accrued 52
Dividends declared 41
Deferred income taxes, net -
Other 51
--------------------------------------------------------------------------------
Total Current Liabilities 1,118
--------------------------------------------------------------------------------
Deferred Credits:
Deferred income taxes, net 782
Deferred investment tax credits 119
Reserve for nuclear plant decommissioning -
Asset retirement obligation - nuclear plant 116
Postretirement benefits 133
Regulatory liabilities 144
Other 103
--------------------------------------------------------------------------------
Total Deferred Credits 1,397
--------------------------------------------------------------------------------
Total $7,788
================================================================================
Exhibit A-2
SOUTH CAROLINA ELECTRIC & GAS COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
-------------------------------------------------------------------------------
September 30,
Millions of dollars 2003
-------------------------------------------------------------------------------
Assets
Utility Plant:
Electric $5,098
Gas 453
Other 181
-------------------------------------------------------------------------------
Total 5,732
Accumulated depreciation and amortization (2,009)
-------------------------------------------------------------------------------
Total 3,723
Construction work in progress 877
Nuclear fuel, net of accumulated amortization 41
-------------------------------------------------------------------------------
Utility Plant, Net 4,641
-------------------------------------------------------------------------------
Nonutility Property and Investments, Net 25
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Current Assets:
Cash and temporary investments 25
Receivables, net 226
Receivables - affiliated companies 64
Inventories (at average cost):
Fuel 27
Materials and supplies 52
Emission allowances 7
Prepayments 20
-------------------------------------------------------------------------------
Total Current Assets 421
-------------------------------------------------------------------------------
Deferred Debits:
Environmental 12
Nuclear plant decommissioning -
Assets held in trust, net - nuclear decommissioning 35
Pension asset, net 269
Due from affiliates - pension and postretirement benefits 20
Other regulatory assets 296
Other 146
-------------------------------------------------------------------------------
Total Deferred Debits 778
-------------------------------------------------------------------------------
Total $5,865
===============================================================================
--------------------------------------------------------------------------------
September 30,
Millions of dollars 2003
--------------------------------------------------------------------------------
Capitalization and Liabilities
Stockholders' Investment:
Common equity $2,028
Preferred stock (Not subject to purchase or sinking funds) 106
--------------------------------------------------------------------------------
Total Stockholders' Investment 2,134
Preferred Stock, net (Subject to purchase
or sinking funds) 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 -
Long-Term Debt, net 1,706
--------------------------------------------------------------------------------
Total Capitalization 3,849
--------------------------------------------------------------------------------
Current Liabilities:
Short-term borrowings 196
Current portion of long-term debt 238
Accounts payable 82
Accounts payable - affiliated companies 63
Customer deposits 24
Taxes accrued 100
Interest accrued 35
Dividends declared 39
Deferred income taxes, net 4
Other 23
--------------------------------------------------------------------------------
Total Current Liabilities 804
--------------------------------------------------------------------------------
Deferred Credits:
Deferred income taxes, net 650
Deferred investment tax credits 111
Reserve for nuclear plant decommissioning -
Asset retirement obligation - nuclear plant 116
Due to affiliates - pension and postretirement benefits 15
Postretirement benefits 133
Regulatory liabilities 133
Other 54
--------------------------------------------------------------------------------
Total Deferred Credits 1,212
--------------------------------------------------------------------------------
Total $5,865
================================================================================
Exhibit A-3
PUBLIC SERVICE COMPANY OF NORTH CAROLINA, INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
------------------------------------------------------- ---------------- ---
September 30,
Millions of dollars 2003
------------------------------------------------------- ---------------- ---
Assets
Gas Utility Plant $932
Accumulated depreciation (344)
Acquisition adjustment, net of accumulated amortization 210
------------------------------------------------------- --------------------
Gas Utility Plant, Net 798
------------------------------------------------------- --------------------
Nonutility Property and Investments, Net 27
------------------------------------------------------- --------------------
Current Assets:
Cash and temporary investments 5
Restricted cash and temporary investments 7
Receivables, net of allowance for uncollectible
accounts of $1 and $2 38
Receivables-affiliated companies 13
Inventories (at average cost):
Stored gas 62
Materials and supplies 5
Prepayments 8
Deferred income taxes, net 3
------------------------------------------------------- --------------------
Total Current Assets 141
------------------------------------------------------- --------------------
Deferred Debits:
Due from affiliate-pension asset 14
Regulatory assets 30
Other 5
------------------------------------------------------- --------------------
Total Deferred Debits 49
------------------------------------------------------- --------------------
Total $1,015
======================================================= ====================
======================================================= ====================
Capitalization and Liabilities
Capitalization:
Common equity $493
Long-term debt, net 283
------------------------------------------------------- --------------------
Total Capitalization 776
------------------------------------------------------- --------------------
Current Liabilities:
Short-term borrowings 35
Current portion of long-term debt 8
Accounts payable 27
Accounts payable-affiliated companies 4
Customer prepayments and deposits 10
Taxes accrued 5
Interest accrued 4
Distributions/dividends declared 4
Other 10
------------------------------------------------------- --------------------
Total Current Liabilities 107
------------------------------------------------------- --------------------
Deferred Credits:
Deferred income taxes, net 96
Deferred investment tax credits 2
Due to affiliate-postretirement benefits 17
Regulatory liabilities 6
Other 11
------------------------------------------------------- --------------------
Total Deferred Credits 132
------------------------------------------------------- --------------------
Total $1,015
======================================================= ====================
Exhibit A-4
SOUTH CAROLINA GENERATING COMPANY, INC.
BALANCE SHEETS
September 30, 2003 and December 31, 2002
(Unaudited)
---------------------------------------------------------------------- --
September 30,
Thousands of dollars 2003
---------------------------------------------------------------------- --
Assets
Utility Plant:
Plant in Service $317,401
Less Accumulated Depreciation 133,388
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Total 184,013
Construction Work in Progress 51,768
-------------------------------------------------------------------------
Utility Plant, Net 235,781
-------------------------------------------------------------------------
Current Assets:
Cash 22,336
Receivables from Affiliated Company 8,707
Other Accounts Receivable 2
Inventories:
Fuel 6,392
Materials and Supplies 1,823
Prepayments 350
-------------------------------------------------------------------------
Total Current Assets 39,610
-------------------------------------------------------------------------
Deferred Debits 8,692
-------------------------------------------------------------------------
Total $284,083
=========================================================================
Capitalization and Liabilities
Common Equity:
Common Stock $20,000
Other Paid in Capital 57,095
Retained Earnings 26,571
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Total Common Equity 103,666
Long-Term Debt, Net 69,772
-------------------------------------------------------------------------
Total Capitalization 173,438
-------------------------------------------------------------------------
Current Liabilities:
Current Portion of Long-Term Debt 3,700
Accounts Payable 4,476
Due to Affiliate 48,750
Taxes Accrued 1,192
Interest Accrued 228
Dividends Declared -
Other 344
-------------------------------------------------------------------------
Total Current Liabilities 58,690
-------------------------------------------------------------------------
Deferred Credits:
Accumulated Deferred Investment Tax Credits 5,524
Accumulated Deferred Income Taxes 42,566
Other Deferred Credits 3,865
-------------------------------------------------------------------------
Total Deferred Credits 51,955
-------------------------------------------------------------------------
Total $284,083
=========================================================================
Exhibit B
SCANA Corporation
Capital Structure
September 30, 2003
(Dollars in Millions)
% of Total
Actual Capitalization
Common equity $ 2,306 39.0%
Preferred stock $ 115 1.9%
Debt (long and short-term) $ 3,496 59.1%
--------------------------------------
Total $ 5,917 100.0%
======================================
South Carolina Electric & Gas Company
Capital Structure
September 30, 2003
(Dollars in Millions)
% of Total
Actual Capitalization
Common equity $ 2,028 47.4%
Preferred stock 115 2.6%
Debt (long and short-term) 2,140 50.0%
--------------------------------------
Total $ 4,283 100.0%
======================================
Public Service Company of North Carolina, Incorporated
Capital Structure
September 30, 2003
(Dollars in Millions)
% of Total
Actual Capitalization
Common equity $ 493 60.2%
Debt (long and short-term) $ 326 39.8%
--------------------------------------
Total $ 819 100.0%
======================================
South Carolina Generating Company, Incorporated
Capital Structure
September 30, 2003
(Dollars in Millions)
% of Total
Actual Capitalization
Common equity $ 104 46.0%
Debt (long and short-term) $ 122 54.0%
--------------------------------------
Total $ 226 100.0%
======================================