35-CERT 1 june35cert.htm JUNE35CERT june35cert



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 Corporation (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, 2005 through June 30, 2005. 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 89,322 shares of SCANA common stock were exercised pursuant to the SCANA Corporation Long-Term Equity Compensation Plan, 149,527 shares of SCANA common stock were issued pursuant to the SCANA Investor Plus Plan, and 321,730 shares of SCANA common stock were 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 purchasing activities of SCANA and its subsidiaries.

 
SCANA issued a guarantee to Chevron Natural Gas for SCANA Energy Marketing, Inc. (SEMI) in the amount of $7.0 million.
 
SCANA issued a guarantee to Cinergy Marketing & Trading, LLC for South Carolina Pipeline Corporation (SCPC) in the amount of $17.0 million.

 
SCANA issued a guarantee to Transcontinental Gas Pipe Line Corporation for SEMI in the amount of $4.0 million.

 
SCANA issued a guarantee to Sequent Energy Management, L. P. for SCPC in the amount of $10.0 million.


 
SCANA decreased the guarantee amount on a previous guarantee issued to Cinergy Marketing & Trading, LLC for SEMI from $30.0 million to $6.0 million.

 
SCANA increased the guarantee amount on a previous guarantee issued to Progress Ventures, Inc. for SEMI from $0.5 million to $1.5 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:

 
See Exhibit C-2 for Utility Money Pool activity.

 
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 $1.0 million to $86.1 million, at interest rates ranging from 2.84% to 3.33%.

 
The maximum amount of short-term indebtedness of South Carolina Electric & Gas Company outstanding at any time during the period was $350.0 million.
 
 
Public Service Company of North Carolina, Incorporated:

 
None

 
The maximum amount of short-term indebtedness of Public Service Company of North Carolina, Incorporated outstanding at any time during the period was $2.5 million.

   
South Carolina Generating Company, Incorporated.:

 
None
 
 
B.
Public Service Company of North Carolina, Incorporated long-term debt issuances not exempt under Rule 52:

   
PSNC’s existing Five Year Credit Agreement which was to expire on June 15, 2009, was replaced by a new Five Year Credit Agreement that will expire on June 15, 2010. The principal amount of the credit agreement is $125 million in Promissory Notes with the following persons.

Wachovia Bank, National Association
 
$
24.0 million
 
Bank of America, N.A.
 
$
24.0 million
 
The Bank of New York
 
$
16.4 million
 
Branch Banking and Trust Co. of South Carolina
 
$
16.4 million
 
UBS Loan Finance LLC 
 
$
12.5 million
 
SunTrust Bank
 
$
9.6 million
 
Credit Suisse First Boston, Cayman Island Branch 
 
$
9.6 million
 
The National Bank of South Carolina
 
$
6.7 million
 
Carolina First Bank
 
$
4.8 million
 
South Carolina Bank and Trust, N.A.
 
$
1.0 million
 


 
C.
South Carolina Generating Company, Inc. long-term debt issuances not exempt under Rule 52:

 
None

 
D.
SCANA debt issuances:

 
None

 
E.
Debt issuances by Intermediate Subsidiaries:

 
None

6.
Registration Statements filed with the Commission pursuant to the Securities Act of 1933 during the quarter:

 
None

2
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:

 
None

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 out of capital or unearned surplus:
 
 
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

17.
Information related to the allocation of the holding Company’s Federal income tax liability:
 
 
N/A

3

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 23, 2005
 




4

EXHIBITS


A-1
Balance Sheet for SCANA Corporation as of June 30, 2005 (Filed herewith)
 
A-2
Balance Sheet for South Carolina Electric & Gas Company as of June 30, 2005 (Filed herewith)
 
A-3
Balance Sheet for Public Service Company of North Carolina, Incorporated as of June 30, 2005 (Filed herewith)
 
A-4
Balance Sheet for South Carolina Generating Company, Incorporated as of June 30, 2005 (Filed herewith)
 
B
Capital Structures of SCANA and each Utility Subsidiary (Filed herewith)
 
C-1
Nonutility Money Pool Activity for the quarter ended June 30, 2005
 
C-2
Utility Money Pool Activity for the quarter ended June 30, 2005


5

                                      Exhibit A-1

SCANA CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEET
(Unaudited)

   
June 30,
 
Millions of dollars
 
2005
 
Assets
     
Utility Plant In Service
 
$
8,753
 
Accumulated depreciation and amortization
   
(2,562
)
     
6,191
 
Construction work in progress
   
177
 
Nuclear fuel, net of accumulated amortization
   
38
 
Acquisition adjustments
   
230
 
Utility Plant, Net
   
6,636
 
         
Nonutility Property and Investments:
       
Nonutility property, net of accumulated depreciation of $57
   
103
 
Assets held in trust, net - nuclear decommissioning
   
52
 
Investments
   
60
 
Nonutility Property and Investments, Net
   
215
 
         
Current Assets:
       
Cash and cash equivalents
   
146
 
Receivables, net of allowance for uncollectible accounts of $23
   
544
 
Receivables - affiliated companies
   
23
 
Inventories (at average cost):
       
Fuel
   
177
 
Materials and supplies
   
73
 
Emission allowances
   
36
 
Prepayments and other
   
54
 
Total Current Assets
   
1,053
 
         
Deferred Debits:
       
Environmental
   
25
 
Pension asset, net
   
294
 
Other regulatory assets
   
378
 
Other
   
160
 
Total Deferred Debits
   
857
 
Total
 
$
8,761
 

 


6





   
June 30,
 
Millions of dollars
 
2005
 
Capitalization and Liabilities
     
       
Shareholders’ Investment:
       
Common equity
 
$
2,560
 
Preferred stock (Not subject to purchase or sinking funds)
   
106
 
Total Shareholders’ Investment
   
2,666
 
Preferred Stock, net (Subject to purchase or sinking funds)
   
8
 
Long-Term Debt, net
   
3,072
 
Total Capitalization
   
5,746
 
         
Current Liabilities:
       
Short-term borrowings
   
446
 
Current portion of long-term debt
   
54
 
Accounts payable
   
227
 
Accounts payable - affiliated companies
   
23
 
Customer deposits
   
50
 
Taxes accrued
   
67
 
Interest accrued
   
52
 
Dividends declared
   
47
 
Other
   
92
 
Total Current Liabilities
   
1,058
 
         
Deferred Credits:
       
Deferred income taxes, net
   
859
 
Deferred investment tax credits
   
120
 
Asset retirement obligation - nuclear plant
   
128
 
Other asset retirement obligations
   
467
 
Postretirement benefits
   
145
 
Other regulatory liabilities
   
107
 
Other
   
131
 
Total Deferred Credits
   
1,957
 
         
Commitments and Contingencies
   
-
 
Total
 
$
8,761
 



 


7


 
                              Exhibit A-2 

SOUTH CAROLINA ELECTRIC & GAS COMPANY
CONDENSED CONSOLIDATED BALANCE SHEET
(Unaudited)

   
June 30,
 
Millions of dollars
 
2005
 
Assets
     
Utility Plant In Service
 
$
7,483
 
Accumulated depreciation and amortization
   
(2,172
)
     
5,311
 
Construction work in progress
   
157
 
Nuclear fuel, net of accumulated amortization
   
38
 
Utility Plant, Net
   
5,506
 
         
Nonutility Property and Investments:
       
Nonutility property, net of accumulated depreciation
   
26
 
Assets held in trust, net - nuclear decommissioning
   
52
 
Investments
   
6
 
Nonutility Property and Investments, Net
   
84
 
         
Current Assets:
       
Cash and cash equivalents
   
17
 
Receivables, net of allowance for uncollected accounts of $2
   
306
 
Receivables - affiliated companies
   
33
 
Inventories (at average cost):
       
Fuel
   
62
 
Materials and supplies
   
66
 
Emission allowances
   
36
 
Prepayments and other
   
26
 
Total Current Assets
   
546
 
         
Deferred Debits:
       
Environmental
   
14
 
Pension asset, net
   
294
 
Due from affiliates - pension and postretirement benefits
   
23
 
Other regulatory assets
   
367
 
Other
   
138
 
Total Deferred Debits
   
836
 
Total
 
$
6,972
 

 

8

 


   
June 30,
 
Millions of dollars
 
2005
 
Capitalization and Liabilities
     
       
Shareholders’ Investment:
       
Common equity
 
$
2,238
 
Preferred stock (Not subject to purchase or sinking funds)
   
106
 
Total Shareholders’ Investment
   
2,344
 
Preferred Stock, net (Subject to purchase or sinking funds)
   
8
 
Long-Term Debt, net
   
1,975
 
Total Capitalization
   
4,327
 
         
Minority Interest
   
81
 
         
Current Liabilities:
       
Short-term borrowings
   
446
 
Current portion of long-term debt
   
48
 
Accounts payable
   
77
 
Accounts payable - affiliated companies
   
94
 
Customer deposits
   
27
 
Taxes accrued
   
87
 
Interest accrued
   
34
 
Dividends declared
   
40
 
Other
   
50
 
Total Current Liabilities
   
903
 
         
Deferred Credits:
       
Deferred income taxes, net
   
721
 
Deferred investment tax credits
   
119
 
Asset retirement obligation - nuclear plant
   
128
 
Other asset retirement obligations
   
376
 
Due to affiliates - pension and postretirement benefits
   
13
 
Postretirement benefits
   
145
 
Other regulatory liabilities
   
91
 
Other
   
68
 
Total Deferred Credits
   
1,661
 
 
Commitments and Contingencies
   
-
 
 
Total
 
$
6,972
 

 

9

                                                                                                                                                        Exhibit A-3


PUBLIC SERVICE COMPANY OF NORTH CAROLINA, INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEET
(Unaudited)



   
June 30,
 
Millions of dollars
 
2005
 
 
Assets
     
Gas Utility Plant
 
$
971
 
Accumulated depreciation
 
 
(274
)
Acquisition adjustment
   
210
 
Gas Utility Plant, Net
   
907
 
Nonutility Property and Investments, Net
   
27
 
 
Current Assets:
 
 
 
 
Cash and cash equivalents
 
 
28
 
Restricted cash and temporary investments
 
 
-
 
Receivables, net of allowance for uncollectible accounts of $3
 
 
44
 
Receivables-affiliated companies
 
 
3
 
Inventories (at average cost):
 
 
 
 
Stored gas
 
 
55
 
Materials and supplies
 
 
5
 
Prepayments
 
 
1
 
Deferred income taxes, net
 
 
4
 
Other
 
 
-
 
Total Current Assets
 
 
140
 
 
Deferred Debits:
 
 
 
 
Due from affiliate-pension asset
 
 
11
 
Regulatory assets
 
 
15
 
Other
 
 
5
 
Total Deferred Debits
 
 
31
 
 
Total
 
$
1,105
 


10




   
June 30,
 
Millions of dollars
 
2005
 
       
Capitalization and Liabilities
       
Capitalization:
       
Common equity
 
$
531
 
Long-term debt, net
   
270
 
Total Capitalization
   
801
 
 
  Current Liabilities:
       
Short-term borrowings
   
-
 
Current portion of long-term debt
   
3
 
Accounts payable
   
27
 
Accounts payable-affiliated companies
   
7
 
Customer deposits
   
8
 
Taxes accrued
   
2
 
Interest accrued
   
6
 
Distributions/dividends declared
   
4
 
Other
   
6
 
Total Current Liabilities
   
63
 
 
  Deferred Credits:
       
Deferred income taxes, net
   
105
 
Deferred investment tax credits
   
1
 
Due to affiliate-postretirement benefits
   
19
 
Other regulatory liabilities
   
15
 
Asset retirement obligations
   
88
 
Other
   
13
 
Total Deferred Credits
   
241
 
 
  Commitments and Contingencies
   
-
 
Total
 
$
1,105
 

11


                         Exhibit A-4 

SOUTH CAROLINA GENERATING COMPANY, INCORPORATED
CONDENSED BALANCE SHEET
(Unaudited)


   
June 30,
 
Millions of dollars
 
2005
 
Assets
     
Utility Plant In Service
 
$
394
 
Accumulated depreciation and amortization
   
(131
)
     
263
 
Construction work in progress
   
1
 
Utility Plant, Net
   
264
 
         
Current Assets:
       
Cash and cash equivalents
   
8
 
Receivables - affiliated companies
   
23
 
Inventories (at average cost):
       
Fuel
   
11
 
Materials and supplies
   
2
 
Prepayments
   
4
 
Total Current Assets
   
48
 
         
Deferred Debits:
       
Other regulatory assets
   
10
 
Other
   
1
 
Total Deferred Debits
   
11
 
Total
 
$
323
 
 
 

12





   
June 30,
 
Millions of dollars
 
2005
 
Capitalization and Liabilities
     
       
Shareholders’ Investment:
       
Common equity
 
$
81
 
Long-Term Debt, net
   
162
 
Total Capitalization
   
243
 
         
Current Liabilities:
       
Current portion of long-term debt
   
4
 
Accounts payable
   
8
 
Taxes accrued
   
2
 
Interest accrued
   
1
 
Dividends declared
   
1
 
Total Current Liabilities
   
16
 
         
Deferred Credits:
       
Deferred income taxes, net
   
56
 
Deferred investment tax credits
   
5
 
Other regulatory liabilities
   
3
 
Total Deferred Credits
   
64
 
 
Commitments and Contingencies
   
-
 
 
Total
 
$
323
 

 
13




Exhibit B
 
SCANA Corporation
 
Consolidated Capital Structure
 
June 30, 2005
 
(Dollars in Millions)
 
           
       
% of Total
 
   
Actual
 
Capitalization
 
           
Common equity
 
$
2,560
   
41.0
%
               
Preferred stock
 
$
114
   
1.8
%
               
Debt (long and short-term)
 
$
3,572
   
57.2
%
               
Total
 
$
6,246
   
100.0
%


South Carolina Electric & Gas Company
 
Consolidated Capital Structure
 
June 30, 2005
 
(Dollars in Millions)
 
           
       
% of Total
 
   
Actual
 
Capitalization
 
           
Common equity
 
$
2,238
   
46.4
%
               
Preferred stock
 
$
114
   
2.4
%
               
Debt (long and short-term)
 
$
2,469
   
51.2
%
               
Total
 
$
4,821
   
100.0
%


Public Service Company of North Carolina, Incorporated
 
Consolidated Capital Structure
 
June 30, 2005
 
(Dollars in Millions)
 
           
       
% of Total
 
   
Actual
 
Capitalization
 
           
Common equity
 
$
531
   
66.0
%
               
Debt (long and short-term)
 
$
273
   
34.0
%
               
Total
 
$
804
   
100.0
%


14






South Carolina Generating Company, Incorporated
 
Capital Structure
 
June 30, 2005
 
(Dollars in Millions)
 
           
       
% of Total
 
   
Actual
 
Capitalization
 
           
Common equity
 
$
81
   
32.8
%
               
Debt (long and short-term)
 
$
166
   
67.2
%
               
Total
 
$
247
   
100.0
%



15


       
Exhibit C-1
         
         
 
Nonutility Money Pool Activity
   
 
For the quarter ended June 30, 2005
   
         
   
Aggregate
Borrowings
 
Aggregate
Receipts
Aggregate
Contributions
Aggregate
Withdrawals
    During the   During the During the During the
Company Receiving Advances
Period (1) (2)
 
Period
Period (2)
Period
           
ServiceCare, Inc.
-
 
-
1,850,000
1,100,000
South Carolina Pipeline Corporation
-
 
-
137,000,000
114,700,000
SCANA Energy Marketing, Inc.
192,740,000
 
221,258,000
114,197,000
141,197,000
SCANA Services, Inc.
94,600,000
 
94,688,000
-
-
SCG Pipeline, Inc. 
-
 
-
1,000,000
500,000
SCANA Communications, Inc.
-
 
-
-
67,200,000
           
(1) Due on demand
         
(2) Interest rate at end of quarter: 3.003%
       


16


       
Exhibit C-2
         
         
 
Utility Money Pool Activity
   
 
For the quarter ended June 30, 2005
   
         
   
Aggregate
Borrowings
 
Aggregate
Receipts
Aggregate
Contributions
Aggregate
Withdrawals
   
During the
 
During the
During the
During the
Company Receiving Advances
Period (1) (2)
 
Period
Period (2)
Period
           
South Carolina Generating Company, Inc.
-
 
-
6,000,000
-
South Carolina Electric & Gas Co.
34,100,000
 
24,600,000
-
-
           
(1) Due on demand
         
(2) Interest rate at end of quarter: 3.003%
       


17