35-CERT 1 marchcert.txt MARCH 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 January 1, 2004 through March 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: Options to purchase 487,094 shares of SCANA common stock were exercised pursuant to the SCANA Corporation Long-Term Equity Compensation Plan. 115,400 shares of SCANA common stock were purchased in the open market and subsequently cancelled. 154,299 shares of SCANA common stock were purchased in the open market and subsequently issued pursuant to the SCANA Investor Plus Plan, and 359,781 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 Prudential Insurance Company in the amount of $100.0 million for the South Carolina Generating Company, Incorporated (GENCO) senior secured notes issued February 11, 2004. SCANA issued an Indemnification Agreement to Associated Electric and Gas Insurance Services Limited for ServiceCare, Inc. in the amount of $35.0 million for purposes of satisfying insurance requirements in the State of North Carolina. 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 Dominion Exploration & Production, Inc. for SCANA Energy Marketing, Inc. (SEMI) in the amount of $10.0 million. SCANA issued a guarantee to SCG Pipeline, Inc., an affiliated company, for SEMI in the amount of $5.0 million. SCANA issued a guarantee to Virginia Power Energy Marketing America, Inc. for SEMI in the amount of $2.0 million. SCANA issued a guarantee to Southeast Alabama Gas District for SEMI in the amount of $10.0 million. SCANA issued a joint guarantee to Carolina Power & Light Company and Florida Power Corporation (affiliates) for SEMI in the amount of $5.0 million. SCANA issued a guarantee to Southern Natural Gas Company for SEMI in the amount of $30.8 million. This guarantee replaces a previous guarantee issued to Southern Natural Gas Company in the amount of $30.8 million. SCANA increased the guarantee amount on a previous guarantee issued to BG LNG, LLC for South Carolina Pipeline Corporation (SCPC) from $10.0 million to $15.0 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: Short-term debt in the form of commercial paper issued through Lehman Brothers and Merrill Lynch, ranging in amount from $1.1 million to $58.5 million, at interest rates ranging from 1.06% to 1.11%. The maximum amount of short-term indebtedness of South Carolina Electric & Gas Company outstanding at any one time during the period was $259.4 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 $3.7 million to $11.2 million, at interest rates ranging from 1.09% to 1.10%. The maximum amount of short-term indebtedness of Public Service Company of North Carolina, Incorporated outstanding at any one time during the period was $55.2 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: SCANA's existing 364-Day Revolving Credit Agreement which expired on January 2, 2004 was replaced by a new 364-Day Revolving Credit Agreement that will expire on December 31, 2004. The principal amount of the credit agreement is $50 million in Promissory Notes with UBS Loan Finance LLC. The applicable interest rates ranging from .375% to 1.50% will be based upon the debt rating of SCANA. No long-term debt was issued during the period. No short-term debt was issued during the period. E. 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-3 filed March 19, 2004 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 26, 2004 SCE&G Form U-6B-2 filed February 23, 2004 GENCO Form U-6B-2 filed February 23, 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). South Carolina Generating Company, Incorporated 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: May 20, 2004 EXHIBITS A-1 Balance Sheet for SCANA Corporation as of March 31, 2004 (Filed herewith) A-2 Balance Sheet for South Carolina Electric & Gas Company as of March 31, 2004 (Filed herewith) A-3 Balance Sheet for Public Service Company of North Carolina, Incorporated as of March 31, 2004 (Filed herewith) A-4 Balance Sheet for South Carolina Generating Company, Incorporated as of March 31, 2004 (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 May 20, 2004, incorporated by reference herein Exhibit A-1 SCANA CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) -------------------------------------------------------------------------------- March 31, Millions of dollars 2004 -------------------------------------------------------------------------------- Assets Utility Plant: Electric $5,616 Gas 1,691 Common 196 -------------------------------------------------------------------------------- Total 7,503 Accumulated depreciation and amortization (2,316) -------------------------------------------------------------------------------- Total 5,187 Construction work in progress 1,035 Nuclear fuel, net of accumulated amortization 36 Acquisition adjustments, net of accumulated amortization 230 -------------------------------------------------------------------------------- Utility Plant, Net 6,488 -------------------------------------------------------------------------------- Nonutility Property, Net of Accumulated Depreciation 93 Investments 168 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Nonutility Property and Investments, Net 261 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Current Assets: Cash and temporary investments 218 Receivables, net of allowance for uncollectible accounts of $23 and $16 494 Receivables - affiliated companies 18 Inventories (at average cost): Fuel 94 Materials and supplies 62 Emission allowances 13 Prepayments 41 Deferred income taxes, net 12 -------------------------------------------------------------------------------- Total Current Assets 952 -------------------------------------------------------------------------------- Deferred Debits: Environmental 19 Assets held in trust, net - nuclear decommissioning 46 Pension asset, net 274 Other regulatory assets 328 Other 181 -------------------------------------------------------------------------------- Total Deferred Debits 848 -------------------------------------------------------------------------------- Total $8,549 ================================================================================ 8 -------------------------------------------------------------------------------- March 31, Millions of dollars 2004 -------------------------------------------------------------------------------- Capitalization and Liabilities Shareholders' Investment: Common equity $2,370 Preferred stock (Not subject to purchase or sinking funds) 106 -------------------------------------------------------------------------------- Total Shareholders' Investment 2,476 Preferred Stock, net (Subject to purchase or sinking funds) 9 Long-Term Debt, net 3,332 -------------------------------------------------------------------------------- Total Capitalization 5,817 -------------------------------------------------------------------------------- Current Liabilities: Short-term borrowings 191 Current portion of long-term debt 202 Accounts payable 238 Accounts payable - affiliated companies 16 Customer deposits 45 Taxes accrued 51 Interest accrued 57 Dividends declared 43 Other 49 -------------------------------------------------------------------------------- Total Current Liabilities 892 -------------------------------------------------------------------------------- Deferred Credits: Deferred income taxes, net 802 Deferred investment tax credits 116 Asset retirement obligation - nuclear plant 119 Postretirement benefits 136 Other regulatory liabilities 549 Other 118 -------------------------------------------------------------------------------- Total Deferred Credits 1,840 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Commitments and Contingencies - ------------------------------------------------------------------------ ------- -------------------------------------------------------------------------------- Total $8,549 ================================================================================ Exhibit A-2 SOUTH CAROLINA ELECTRIC & GAS COMPANY CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) ----------------------------------------------------------------------------- March 31, Millions of dollars 2004 ----------------------------------------------------------------------------- Assets Utility Plant: Electric $5,616 Gas 459 Common 196 ----------------------------------------------------------------------------- Total 6,271 Accumulated depreciation and amortization (1,937) ----------------------------------------------------------------------------- Total 4,334 Construction work in progress 989 Nuclear fuel, net of accumulated amortization 36 ----------------------------------------------------------------------------- Utility Plant, Net 5,359 ----------------------------------------------------------------------------- Nonutility Property and Investments, Net 26 ----------------------------------------------------------------------------- ----------------------------------------------------------------------------- Current Assets: Cash and temporary investments 79 Receivables, net 230 Receivables - affiliated companies 42 Inventories (at average cost): Fuel 30 Materials and supplies 56 Emission allowances 13 Prepayments 25 Deferred income taxes, net 4 ----------------------------------------------------------------------------- Total Current Assets 479 ----------------------------------------------------------------------------- Deferred Debits: Environmental 10 Assets held in trust, net - nuclear decommissioning 46 Pension asset, net 274 Due from affiliates - pension and postretirement benefits 21 Other regulatory assets 310 Other 139 ----------------------------------------------------------------------------- Total Deferred Debits 800 ----------------------------------------------------------------------------- Total $6,664 ============================================================================= ------------------------------------------------------------------------------- March 31, Millions of dollars 2004 ------------------------------------------------------------------------------- Capitalization and Liabilities Shareholders' Investment: Common equity $2,059 Preferred stock (Not subject to purchase or sinking funds) 106 ------------------------------------------------------------------------------- Total Shareholders' Investment 2,165 Preferred Stock, net (Subject to purchase or sinking funds) 9 Long-Term Debt, net 2,110 ------------------------------------------------------------------------------- Total Capitalization 4,284 ------------------------------------------------------------------------------- Minority Interest 75 ------------------------------------------------------------------------------- Current Liabilities: Short-term borrowings 191 Current portion of long-term debt 142 Accounts payable 93 Accounts payable - affiliated companies 91 Customer deposits 25 Taxes accrued 48 Interest accrued 40 Dividends declared 38 Other 24 ------------------------------------------------------------------------------- Total Current Liabilities 692 ------------------------------------------------------------------------------- Deferred Credits: Deferred income taxes, net 720 Deferred investment tax credits 114 Asset retirement obligation - nuclear plant 119 Due to affiliates - pension and postretirement benefits 15 Postretirement benefits 136 Regulatory liabilities 446 Other 63 ------------------------------------------------------------------------------- Total Deferred Credits 1,613 ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Commitments and Contingencies - ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Total $6,664 =============================================================================== Exhibit A-3 PUBLIC SERVICE COMPANY OF NORTH CAROLINA, INCORPORATED CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) ---------------------------------------------------------------------------- March 31, Millions of dollars 2004 ---------------------------------------------------------------------------- Assets Gas Utility Plant $931 Accumulated depreciation (261) Acquisition Adjustment, Net of Accumulated Amortization 210 ---------------------------------------------------------------------------- Gas Utility Plant, Net 880 ---------------------------------------------------------------------------- Nonutility Property and Investments, Net 27 ---------------------------------------------------------------------------- Current Assets: Cash and temporary investments 33 Restricted cash and temporary investments 8 Receivables, net of allowance for uncollectible accounts of $3 and $3 96 Receivables-affiliated companies 6 Inventories (at average cost): Stored gas 26 Materials and supplies 5 Prepayments 1 Deferred income taxes, net 4 ---------------------------------------------------------------------------- Total Current Assets 179 ---------------------------------------------------------------------------- Deferred Debits: Due from affiliate-pension asset 13 Regulatory assets 19 Other 8 ---------------------------------------------------------------------------- Total Deferred Debits 40 ---------------------------------------------------------------------------- Total $1,126 ============================================================================ Capitalization and Liabilities Capitalization: Common equity $521 Long-term debt, net 278 ---------------------------------------------------------------------------- Total Capitalization 799 ---------------------------------------------------------------------------- Current Liabilities: Short-term borrowings - Current portion of long-term debt 8 Accounts payable 35 Accounts payable-affiliated companies 5 Customer deposits 7 Taxes accrued 25 Interest accrued 4 Distributions/dividends declared 4 Other 12 ---------------------------------------------------------------------------- Total Current Liabilities 100 ---------------------------------------------------------------------------- Deferred Credits: Deferred income taxes, net 96 Deferred investment tax credits 2 Due to affiliate-postretirement benefits 17 Regulatory liabilities 99 Other 13 ---------------------------------------------------------------------------- Total Deferred Credits 227 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Total $1,126 ============================================================================ Exhibit A-4 SOUTH CAROLINA GENERATING COMPANY, INC. BALANCE SHEETS March 31, 2004 (Unaudited) --------------------------------------------------------------------------- March 31, Millions of dollars 2004 --------------------------------------------------------------------------- Assets Utility Plant: Plant in Service $315 Less Accumulated Depreciation 132 --------------------------------------------------------------------------- --------------------------------------------------------------------------- Total 183 Construction Work in Progress 79 --------------------------------------------------------------------------- Utility Plant, Net 262 --------------------------------------------------------------------------- Current Assets: Cash 3 Receivables from Affiliated Company 29 Inventories: Fuel 7 Materials and Supplies 2 --------------------------------------------------------------------------- Total Current Assets 41 --------------------------------------------------------------------------- Deferred Debits 8 --------------------------------------------------------------------------- Total $311 =========================================================================== Capitalization and Liabilities Common Equity: Common Stock $20 Other Paid in Capital 29 Retained Earnings 26 --------------------------------------------------------------------------- --------------------------------------------------------------------------- Total Common Equity 75 Long-Term Debt, Net 166 --------------------------------------------------------------------------- Total Capitalization 241 --------------------------------------------------------------------------- Current Liabilities: Current Portion of Long-Term Debt 4 Accounts Payable 10 Taxes Accrued 3 Interest Accrued 2 --------------------------------------------------------------------------- Total Current Liabilities 19 --------------------------------------------------------------------------- Deferred Credits: Accumulated Deferred Investment Tax Credits 5 Accumulated Deferred Income Taxes 42 Other Deferred Credits 4 --------------------------------------------------------------------------- Total Deferred Credits 51 --------------------------------------------------------------------------- Total $311 =========================================================================== Exhibit B SCANA Corporation Consolidated Capital Structure March 31, 2004 (Dollars in Millions) % of Total Actual Capitalization Common equity $ 2,370 38.2% Preferred stock $ 115 1.9% Debt (long and short-term) $ 3,725 59.9% ------------------------------------- Total $ 6,210 100.0% ===================================== South Carolina Electric & Gas Company Consolidated Capital Structure March 31, 2004 (Dollars in Millions) % of Total Actual Capitalization Common equity $ 2,059 44.6% Preferred stock 115 2.5% Debt (long and short-term) 2,443 52.9% ------------------------------------- Total $ 4,617 100.0% ===================================== Public Service Company of North Carolina, Incorporated Consolidated Capital Structure March 31, 2004 (Dollars in Millions) % of Total Actual Capitalization Common equity $ 521 64.6% Debt (long and short-term) $ 286 35.4% ------------------------------------- Total $ 807 100.0% ===================================== South Carolina Generating Company, Incorporated Capital Structure March 31, 2004 (Dollars in Millions) % of Total Actual Capitalization Common equity $ 75 30.6% Debt (long and short-term) $ 170 69.4% ------------------------------------- Total $ 245 100.0% =====================================