35-CERT 1 deccert.txt 35 CERT 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, 2003 through December 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 51,748 shares of SCANA common stock were exercised pursuant to the SCANA Corporation Long-Term Equity Compensation Plan. 298,500 shares of SCANA common stock were purchased in the open market and subsequently cancelled to offset the impact on total shares outstanding due to stock option exercises. 164,860 shares of SCANA common stock were purchased in the open market and subsequently issued pursuant to the SCANA Investor Plus Plan, and 293,331 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 the South Carolina Transportation Infrastructure Bank for South Carolina Electric and Gas Company (SCE&G) in the amount of $59 million in connection with the modification of the Saluda River Dam at Lake Murray, Lexington County, South Carolina for highway improvements. SCANA renewed its guarantee of Primesouth, Inc. $5.0 million line of credit to expire on December 31, 2005. SCANA's guarantee of the South Carolina Generating Company, Inc. note outstanding was reduced from $37.8 million to $34.1 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. The guarantees are issued in order to facilitate the energy trading activities of SCANA and its subsidiaries. SCANA issued a guarantee to Alabama Gas Corporation for SCANA Energy Marketing, Inc. (SEMI) in the amount of $1.0 million. SCANA issued a guarantee to Amerada Hess Corporation for SEMI in the amount of $5.0 million. SCANA issued a guarantee to OGE Energy Resource, Inc. for SEMI in the amount of $5.0 million. SCANA issued a guarantee to Equitable Energy, LLC for SEMI in the amount of $5.0 million. SCANA issued a guarantee to BG LNG, LLC for SEMI in the amount of $50 million. This guarantee replaces a previous guarantee issued to El Paso Merchant Energy, L.P. in the amount of $50.0 million. SCANA increased the guarantee amount on a previous guarantee issued to ChevronTexaco Natural Gas for SEMI from $5.0 million to $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 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: South Carolina Electric & Gas Company: SCE&G's existing 364-Day Revolving Credit Agreement which is to expire on June 15, 2004 was amended on December 5, 2003. The new principal amount is $250.0 million in Promissory Notes with the following persons: Bank of America, N. A. $50.0 million Wachovia Bank, N.A. $50.0 million The Bank of New York $50.0 million Sumitomo Mitsui Banking Corporation $30.0 million UBS AG, Stamford Branch $20.0 million Credit Suisse First Boston $20.0 million Sun Trust Bank $20.0 million KBC Bank N.V. $10.0 million Short-term debt in the form of commercial paper issued through Lehman Brothers and Merrill Lynch, ranging in amount from $0.5 million to $63.3 million, at interest rates ranging from 1.10% to 1.17%. The maximum amount of short-term indebtedness of South Carolina Electric & Gas Company outstanding at any one time during the period was $159.1 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 $11.7 million, at interest rates ranging from 1.11% to 1.20%. The maximum amount of short-term indebtedness of Public Service Company of North Carolina, Incorporated outstanding at any one time during the period was $56.8 million. South Carolina Generating Company, Inc.: None B. Public Service Company of North Carolina, Incorporated long-term debt issuances: None C. SCANA debt issuances: Long-term debt in the form of medium-term notes issued through UBS Securities, LLC in the amount of $200.0 million. The applicable interest rate of 1.62% is reset quarterly based on three-month LIBOR plus 45 basis points. Short-term debt in the form of commercial paper issued through KBC Bank and Wachovia Bank, ranging in amount from $4.0 million to $30.0 million, at interest rates ranging from 1.37% to 1.88%. The maximum amount of short-term indebtedness of SCANA outstanding at any one time during the period was $50.5 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: SCANA Corporation Form S-8 Post-Effective Amendment filed November 12, 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: On October 15, 2003 SCE&G entered into a $250 million, 5.414% Forward Starting Interest Rate Swap with Bank of America N.A. in anticipation of SCE&G's issuance of $250 million First Mortgage Bonds on November 6, 2003. On October 30, 2003 the Forward Starting Interest Rate Swap entered into on October 15, 2003, was terminated at a rate of 5.281% and $3.5 million was paid by SCE&G to Bank of America N. A. 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 17, 2003 SCE&G Form U-6B-2 filed November 10, 2003 SCE&G Form U-6B-2 filed November 13, 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). 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: February 27, 2004 EXHIBITS A-1 Balance Sheet for SCANA Corporation as of December 31, 2003 (Filed herewith) A-2 Balance Sheet for South Carolina Electric & Gas Company as of December 31, 2003 (Filed herewith) A-3 Balance Sheet for Public Service Company of North Carolina, Incorporated as of December 31, 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 February 26, 2004, incorporated by reference herein Exhibit A-1 SCANA CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) ------------------------------------------------------------------------------- December 31, (Millions of dollars) 2003 ------------------------------------------------------------------------------- Assets Utility Plant: Electric $5,558 Gas 1,687 Common 193 ------------------------------------------------------------------------------- Total 7,438 Accumulated depreciation and amortization (2,280) ------------------------------------------------------------------------------- Total 5,158 Construction work in progress 987 Nuclear fuel, net of accumulated amortization 42 Acquisition adjustments, net of accumulated amortization 230 ------------------------------------------------------------------------------- Utility Plant, Net 6,417 ------------------------------------------------------------------------------- Nonutility Property, Net of Accumulated Depreciation 96 Investments 178 ------------------------------------------------------------------------------- Nonutility Property and Investments, Net 274 ------------------------------------------------------------------------------- Current Assets: Cash and temporary investments 136 Receivables, net of allowance for uncollectible accounts of $16 and $17 503 Receivables - affiliated companies 13 Inventories (at average cost): Fuel 147 Materials and supplies 60 Emission allowances 6 Prepayments 36 ------------------------------------------------------------------------------- Total Current Assets 901 ------------------------------------------------------------------------------- Deferred Debits: Environmental 20 Nuclear plant decommissioning - Assets held in trust, net-nuclear decommissioning 44 Pension asset, net 270 Other regulatory assets 348 Other 175 ------------------------------------------------------------------------------- Total Deferred Debits 857 ------------------------------------------------------------------------------- Total $8,449 =============================================================================== 10 ----------------------------------------------------------------------------- December 31, (Millions of dollars) 2003 ----------------------------------------------------------------------------- Capitalization and Liabilities Shareholders' Investment: Common equity $2,306 Preferred stock (Not subject to purchase or sinking funds) 106 ----------------------------------------------------------------------------- Total Shareholders' 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 - Long-Term Debt, net 3,225 ----------------------------------------------------------------------------- Total Capitalization 5,646 ----------------------------------------------------------------------------- Current Liabilities: Short-term borrowings 195 Current portion of long-term debt 202 Accounts payable 307 Accounts payable - affiliated companies 12 Customer deposits 43 Taxes accrued 84 Interest accrued 55 Dividends declared 41 Deferred income taxes, net 4 Other 74 ----------------------------------------------------------------------------- Total Current Liabilities 1,017 ----------------------------------------------------------------------------- Deferred Credits: Deferred income taxes, net 787 Deferred investment tax credits 117 Reserve for nuclear plant decommissioning - Asset retirement obligation - nuclear plant 118 Postretirement benefits 135 Other regulatory liabilities 519 Other 110 ----------------------------------------------------------------------------- Total Deferred Credits 1,786 ----------------------------------------------------------------------------- Commitments and Contingencies - ----------------------------------------------------------------------------- Total $8,449 ============================================================================= Exhibit A-2 SOUTH CAROLINA ELECTRIC & GAS COMPANY CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) -------------------------------------------------------------------------------- December 31, (Millions of dollars) 2003 -------------------------------------------------------------------------------- Assets Utility Plant: Electric $5,242 Gas 456 Common 193 -------------------------------------------------------------------------------- Total 5,891 Accumulated depreciation and amortization (1,801) -------------------------------------------------------------------------------- Total 4,090 Construction work in progress 884 Nuclear fuel, net of accumulated amortization 42 -------------------------------------------------------------------------------- Utility Plant, Net 5,016 -------------------------------------------------------------------------------- Nonutility Property and Investments, Net 25 -------------------------------------------------------------------------------- Current Assets: Cash and temporary investments 61 Receivables, net 237 Receivables - affiliated companies 61 Inventories (at average cost): Fuel 30 Materials and supplies 52 Emission allowances 6 Prepayments 20 -------------------------------------------------------------------------------- Total Current Assets 467 -------------------------------------------------------------------------------- Deferred Debits: Environmental 11 Nuclear plant decommissioning - Assets held in trust, net - nuclear decommissioning 44 Pension asset, net 270 Due from affiliates - pension and postretirement benefits 20 Other regulatory assets 326 Other 144 -------------------------------------------------------------------------------- Total Deferred Debits 815 -------------------------------------------------------------------------------- Total $6,323 ================================================================================ -------------------------------------------------------------------------------- December 31, (Millions of dollars) 2003 -------------------------------------------------------------------------------- Capitalization and Liabilities Shareholders' Investment: Common equity $2,043 Preferred stock (Not subject to purchase or sinking funds) 106 -------------------------------------------------------------------------------- Total Shareholders' Investment 2,149 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 - Long-Term Debt, net 1,943 -------------------------------------------------------------------------------- Total Capitalization 4,101 -------------------------------------------------------------------------------- Current Liabilities: Short-term borrowings 140 Current portion of long-term debt 138 Accounts payable 114 Accounts payable - affiliated companies 96 Customer deposits 24 Taxes accrued 97 Interest accrued 39 Dividends declared 38 Deferred income taxes, net 8 Other 33 -------------------------------------------------------------------------------- Total Current Liabilities 727 -------------------------------------------------------------------------------- Deferred Credits: Deferred income taxes, net 665 Deferred investment tax credits 109 Reserve for nuclear plant decommissioning - Asset retirement obligation - nuclear plant 118 Due to affiliates - pension and postretirement benefits 15 Postretirement benefits 135 Regulatory liabilities 398 Other 55 -------------------------------------------------------------------------------- Total Deferred Credits 1,495 -------------------------------------------------------------------------------- Commitments and Contingencies - -------------------------------------------------------------------------------- Total $6,323 ================================================================================ Exhibit A-3 PUBLIC SERVICE COMPANY OF NORTH CAROLINA, INCORPORATED CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) -------------------------------------------------------------------------------- December 31, (Millions of dollars) 2003 -------------------------------------------------------------------------------- Assets Gas Utility Plant $923 Accumulated depreciation (256) Acquisition adjustment, net of accumulated amortization 210 -------------------------------------------------------------------------------- Gas Utility Plant, Net 877 -------------------------------------------------------------------------------- Nonutility Property and Investments, Net 28 -------------------------------------------------------------------------------- Current Assets: Cash and temporary investments 18 Restricted cash and temporary investments 7 Receivables, net of allowance for uncollectible accounts of $2 and $2 115 Receivables - affiliated companies 5 Inventories (at average cost): Stored gas 56 Materials and supplies 5 Prepayments 2 Deferred income taxes, net 3 -------------------------------------------------------------------------------- Total Current Assets 211 -------------------------------------------------------------------------------- Deferred Debits: Due from affiliate-pension asset 13 Regulatory assets 17 Other 6 ------------------------------------------------------------------- ------------- Total Deferred Debits 36 ------------------------------------------------------------------- ------------- Total $1,152 ================================================================================ =================================================================== Capitalization and Liabilities Capitalization: Common equity $502 Long-term debt, net 278 ------------- -------------------------------------------------------------------------------- Total Capitalization 780 -------------------------------------------------------------------------------- ------------- Current Liabilities: Short-term borrowings 55 Current portion of long-term debt 8 Accounts payable 48 Accounts payable - affiliated companies 2 Customer deposits 7 Taxes accrued 10 Interest accrued 6 Distributions/dividends declared 4 Other 15 -------------------------------------------------------------------------------- ------------- Total Current Liabilities 155 -------------------------------------------------------------------------------- ------------- Deferred Credits: Deferred income taxes, net 96 Deferred investment tax credits 2 Due to affiliate-postretirement benefits 17 Regulatory liabilities 86 Other 16 -------------------------------------------------------------------------------- Total Deferred Credits 217 -------------------------------------------------------------------------------- Commitments and Contingencies - -------------------------------------------------------------------------------- Total $1,152 ================================================================================ Exhibit B SCANA Corporation Capital Structure December 31, 2003 (Dollars in Millions) % of Total Actual Capitalization Common equity $ 2,306 38.2% Preferred stock $ 115 1.9% Debt (long and short-term) $ 3,622 59.9% -------------------------------------- Total $ 6,043 100.0% ====================================== South Carolina Electric & Gas Company Capital Structure December 31, 2003 (Dollars in Millions) % of Total Actual Capitalization Common equity $ 2,043 46.7% Preferred stock 115 2.6% Debt (long and short-term) 2,221 50.7% -------------------------------------- Total $ 4,379 100.0% ====================================== Public Service Company of North Carolina, Incorporated Capital Structure December 31, 2003 (Dollars in Millions) % of Total Actual Capitalization Common equity $ 502 59.5% Debt (long and short-term) $ 341 40.5% -------------------------------------- Total $ 843 100.0% ====================================== South Carolina Generating Company, Incorporated Capital Structure December 31, 2003 (Dollars in Millions) % of Total Actual Capitalization Common equity $ 100 45.7% Debt (long and short-term) $ 119 54.3% -------------------------------------- Total $ 219 100.0% ======================================