2
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, 2003 through March 31, 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 1,440 shares of SCANA common stock were exercised
pursuant to the SCANA Corporation Long-Term Equity Compensation Plan.
156,832 shares of SCANA common stock were purchased in the open market
and subsequently issued pursuant to the SCANA Investor Plus Plan, and
365,765 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 Tractebel Energy Marketing, Inc. for SCANA
Energy Marketing, Inc. (SEMI) in the amount of $5.0 million.
SCANA issued a guarantee to ONEOK Energy Marketing and Trading Company,
L. P. for SEMI in the amount of $1.0 million.
SCANA issued a guarantee to Concord Energy, LLC for SEMI in the amount
of $3.0 million.
SCANA increased the guarantee amount on a previous guarantee issued to
Sequent Energy Management, L. P. for SEMI from $30.0 million to $40.0
million.
SCANA increased the guarantee amount on a previous guarantee issued to
NUI Energy Brokers, Inc. for SEMI from $1.5 million to $5.0 million.
SCANA issued a guarantee to Exxon Mobil Corporation for South Carolina
Pipeline Corporation (SCPC) in the amount of $2.0 million.
SCANA increased the guarantee amount on a previous guarantee issued to
Sequent Energy Management, L. C. for SCPC from $15.0 million to $20.0
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 $2.3
million to $32.6 million, at interest rates ranging from 1.28% to
1.33%.
The maximum amount of short-term indebtedness of South Carolina
Electric & Gas Company outstanding at any one time during the
period was $238.3 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 $12.7 million, at interest rates ranging from 1.29% to
1.38%.
The maximum amount of short-term indebtedness of Public Service
Company of North Carolina, Incorporated outstanding at any one
time during the period was $43.9 million.
South Carolina Generating Company, Inc.:
No short-term indebtedness of South Carolina Generating Company,
Inc. was outstanding at any time during the period.
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.
Short-term debt in the form of bank loans issued through KBC Bank
in the amount of $6.0 million at an interest rate of 1.68%.
Short-term debt in the form of bank loans issued through Wachovia
Bank in the amount of $29.0 million at an interest rate of 2.15%.
The maximum amount of short-term indebtedness of SCANA at any one
time during the period was $35.0 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:
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:
SCANA Corporation Form U-6B-2 filed February 27, 2003 South Carolina
Electric & Gas Company Form U-6B-2 filed January 31, 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 (Not applicable).
12. Capital Structures of SCANA and each Utility Subsidiary:
See Schedule I
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:
ServiceCare, Incorporated paid a dividend to SCANA on January 1, 2003
in the amount of $400,000. This dividend was paid to SCANA for use in
general corporate purposes.
SCANA Energy Marketing, Incorporated paid a dividend to SCANA on
January 1, 2003 in the amount of $1.0 million. This dividend was paid
to SCANA for use in general corporate purposes.
Primesouth, Incorporated paid a dividend to SCANA on January 1, 2003 in
the amount of $1.0 million. This dividend was paid to SCANA for use in
general corporate purposes.
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: May 29, 2003
EXHIBITS
A-1 Balance Sheet for SCANA Corporation as of March 31, 2003 (Filed herewith)
A-2 Balance Sheet for South Carolina Electric & Gas Company as of March 31,
2003 (Filed herewith)
A-3 Balance Sheet for Public Service Company of North Carolina, Incorporated
as of March 31, 2003 (Filed herewith)
B Schedule I of SCANA Corporation Form U-6B-2 filed May 29, 2003,
incorporated by reference herein
Exhibit A-1
SCANA CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
--------------------------------------------------------------------------------
March 31, December 31,
Millions of dollars 2003 2002
--------------------------------------------------------------------------------
Assets
Utility Plant:
Electric $5,325 $5,228
Gas 1,614 1,593
Other 186 184
--------------------------------------------------------------------------------
Total 7,125 7,005
Accumulated depreciation and amortization (2,537) (2,476)
--------------------------------------------------------------------------------
Total 4,588 4,529
Construction work in progress 772 677
Nuclear fuel, net of accumulated amortization 32 38
Acquisition adjustments 230 230
--------------------------------------------------------------------------------
Utility Plant, Net 5,622 5,474
--------------------------------------------------------------------------------
Nonutility Property, Net of Accumulated Depreciation 96 95
Investments 232 231
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Nonutility Property and Investments, Net 328 326
----------------------------------------------------------------------- --------
----------------------------------------------------------------------- --------
Current Assets:
Cash and temporary investments 367 397
Receivables, net of allowance for uncollectible
accounts of $22 and $17 521 486
Inventories (at average cost):
Fuel 107 166
Materials and supplies 59 61
Emission allowances 9 10
Prepayments 40 40
Deferred income taxes, net 1 -
------------------------------------------------------------- -------------
Total Current Assets 1,104 1,160
------------------------------------------------------------------------ -------
Deferred Debits:
Environmental 22 27
Nuclear plant decommissioning - 87
Assets held in trust, net-nuclear decommissioning 50 -
Pension asset, net 266 265
Other regulatory assets 300 269
Other 151 146
-------------------------------------------------------------------- -----------
Total Deferred Debits 789 794
-------------------------------------------------------------------- -----------
Total $7,843 $7,754
==================================================================== ===========
--------------------------------------------------------------------------------
March 31, December 31,
Millions of dollars 2003 2002
--------------------------------------------------------------------------------
Capitalization and Liabilities
Stockholders' Investment:
Common equity $2,220 $2,177
Preferred stock (Not subject to purchase
or sinking funds) 106 106
--------------------------------------------------------------------------------
Total Stockholders' Investment 2,326 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,
due 2027 50 50
Long-Term Debt, net 2,885 2,834
--------------------------------------------------------------------------------
Total Capitalization 5,270 5,176
--------------------------------------------------------------------------------
Current Liabilities:
Short-term borrowings 114 209
Current portion of long-term debt 503 413
Accounts payable 361 362
Customer deposits 38 39
Taxes accrued 54 78
Interest accrued 58 52
Dividends declared 41 39
Deferred income taxes, net - 4
Other 49 77
--------------------------------------------------------------------------------
Total Current Liabilities 1,218 1,273
--------------------------------------------------------------------------------
Deferred Credits:
Deferred income taxes, net 752 747
Deferred investment tax credits 116 118
Reserve for nuclear plant decommissioning - 87
Asset retirement obligation - nuclear plant 113 -
Postretirement benefits 134 131
Other regulatory liabilities 131 114
Other 109 108
--------------------------------------------------------------------------------
Total Deferred Credits 1,355 1,305
--------------------------------------------------------------------------------
Total $7,843 $7,754
================================================================================
Exhibit A-2
SOUTH CAROLINA ELECTRIC & GAS COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
--------------------------------------------------------------------------------
March 31, December 31,
Millions of dollars 2003 2002
--------------------------------------------------------------------------------
Assets
Utility Plant:
Electric $5,031 $4,934
Gas 442 439
Other 186 184
--------------------------------------------------------------------------------
Total 5,659 5,557
Accumulated depreciation and amortization (1,960) (1,912)
--------------------------------------------------------------------------------
Total 3,699 3,645
Construction work in progress 684 604
Nuclear fuel, net of accumulated amortization 32 38
--------------------------------------------------------------------------------
Utility Plant, Net 4,415 4,287
--------------------------------------------------------------------------------
Nonutility Property and Investments, Net 26 25
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Current Assets:
Cash and temporary investments 68 79
Receivables 247 245
Receivables - affiliated companies 2 2
Inventories (at average cost):
Fuel 37 48
Materials and supplies 51 53
Emission allowances 9 10
Prepayments 20 24
------------------------------------------------------------------ -------------
Total Current Assets 434 461
------------------------------------------------------------------ -------------
Deferred Debits:
Environmental 14 18
Nuclear plant decommissioning - 87
Assets held in trust, net -
nuclear decommissioning 50 -
Pension asset, net 266 265
Due from affiliates - pension and
postretirement benefits 19 18
Due from affiliates 51 36
Other regulatory assets 257 244
Other 115 111
--------------------------------------------------------------------------------
Total Deferred Debits 772 779
--------------------------------------------------------------------------------
Total $5,647 $5,552
================================================================================
-----------------------------------------------------------------------------
March 31, December 31,
Millions of dollars 2003 2002
-----------------------------------------------------------------------------
Capitalization and Liabilities
Stockholders' Investment:
Common equity $1,976 $1,966
Preferred stock (Not subject to
purchase or sinking funds) 106 106
-----------------------------------------------------------------------------
Total Stockholders' Investment 2,082 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, due 2027 50 50
Long-Term Debt, net 1,733 1,534
-----------------------------------------------------------------------------
Total Capitalization 3,874 3,665
-----------------------------------------------------------------------------
Current Liabilities:
Short-term borrowings 114 178
Current portion of long-term debt 144 144
Accounts payable 94 132
Accounts payable - affiliated companies 74 69
Customer deposits 23 22
Taxes accrued 53 93
Interest accrued 35 31
Dividends declared 37 42
Deferred income taxes, net 9 12
Other 25 37
-----------------------------------------------------------------------------
Total Current Liabilities 608 760
-----------------------------------------------------------------------------
Deferred Credits:
Deferred income taxes, net 613 610
Deferred investment tax credits 108 108
Reserve for nuclear plant decommissioning - 87
Asset retirement obligation - nuclear plant 113 -
Due to affiliates - pension and
postretirement benefits 16 17
Postretirement benefits 134 131
Regulatory liabilities 115 109
Other 66 65
-----------------------------------------------------------------------------
Total Deferred Credits 1,165 1,127
-----------------------------------------------------------------------------
Total $5,647 $5,552
=============================================================================
Exhibit A-3
PUBLIC SERVICE COMPANY OF NORTH CAROLINA, INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
--------------------------------------------------------------------------------
March 31, December 31,
Millions of dollars 2003 2002
--------------------------------------------------------------------------------
Assets
Gas Utility Plant $905 $895
Accumulated depreciation (326) (318)
Acquisition adjustment, net of accumulated amortization 210 210
--------------------------------------------------------------------------------
Gas Utility Plant, Net 789 787
--------------------------------------------------------------------------------
Nonutility Property and Investments, Net 27 28
--------------------------------------------------------------------------------
Current Assets:
Cash and temporary investments 6 1
Restricted cash and temporary investments 7 7
Receivables (net of allowance for uncollectible
accounts of $3 and $2) 101 98
Receivables-affiliated companies 17 14
Inventories (at average cost):
Stored gas 19 38
Materials and supplies 5 6
Prepayments 1 1
Deferred income taxes, net 3 3
--------------------------------------------------------------------------------
Total Current Assets 159 168
--------------------------------------------------------------------------------
Deferred Debits:
Due from affiliate-pension asset 14 14
Regulatory assets 37 20
Other 7 7
--------------------------------------------------------------------------------
Total Deferred Debits 58 41
--------------------------------------------------------------------------------
Total $1,033 $1,024
================================================================================
================================================================================
Capitalization and Liabilities
Capitalization:
Common equity $507 $487
Long-term debt, net 286 286
--------------------------------------------------------------------------------
Total Capitalization 793 773
--------------------------------------------------------------------------------
Current Liabilities:
Short-term borrowings - 31
Current portion of long-term debt 8 8
Accounts payable 48 44
Accounts payable-affiliated companies 4 7
Customer prepayments and deposits 8 12
Taxes accrued 20 5
Interest accrued 4 6
Distributions/dividends declared 4 5
Other 10 11
--------------------------------------------------------------------------------
Total Current Liabilities 106 129
--------------------------------------------------------------------------------
Deferred Credits:
Deferred income taxes, net 92 91
Deferred investment tax credits 2 2
Due to affiliate-postretirement benefits 16 16
Regulatory liabilities 12 1
Other 12 12
--------------------------------------------------------------------------------
Total Deferred Credits 134 122
--------------------------------------------------------------------------------
Total $1,033 $1,024
================================================================================
Schedule I
SCANA Corporation
Capital Structure
March 31, 2003
(Dollars in Millions)
% of Total
Actual Capitalization
Common equity $
2,220 37.7%
Preferred stock $
115 2.0%
SCE&G Obligated Mandatorily $
50 0.8%
Redeemable Preferred Securities of SCE&G's Subsidiary Trust I, holding solely
$50 million principal amount of 7.55% Junior Subordinated Debentures of SCE&G,
due 2027
Debt (long and short-term) $
3,502 59.5%
---------------------------------
Total $
5,887 100.0%
=================================
South Carolina Electric & Gas Company
Capital Structure
March 31, 2003
(Dollars in Millions)
% of Total
Actual Capitalization
Common equity $ 1,976 47.8%
Preferred stock 115 2.8%
SCE&G Obligated Mandatorily 50 1.2%
Redeemable Preferred Securities of SCE&G's Subsidiary Trust I, holding solely
$50 million principal amount of 7.55% Junior Subordinated Debentures of SCE&G,
due 2027
Debt (long and short-term) 1,991 48.2%
---------------------------------
Total $ 4,132 100.0%
=================================
Public Service Company of North Carolina, Incorporated
Capital Structure
March 31, 2003
(Dollars in Millions)
% of Total
Actual Capitalization
Common equity $
507 63.3%
Debt (long and short-term) $
294 36.7%
---------------------------------
Total $
801 100.0%
=================================
South Carolina Generating Company, Incorporated
Capital Structure
March 31, 2003
(Dollars in Millions)
% of Total
Actual (1) Capitalization (1)
Common equity $
45 37.8%
Debt (long and short-term) $
74 62.2%
---------------------------------
Total $
119 100.0%
=================================
(1) Excludes certain affiliate balances.