-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, BqcMqNwi8FaXUdk6PN730gTCt9u8YB7iMNfvwWptewAbD8mpo+iH+0FlgWNp6jqe dZ3iyH0L7c0t106+Z7Kbgg== 0000754737-99-000002.txt : 19990311 0000754737-99-000002.hdr.sgml : 19990311 ACCESSION NUMBER: 0000754737-99-000002 CONFORMED SUBMISSION TYPE: U-3A-2/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19981230 FILED AS OF DATE: 19990310 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SCANA CORP CENTRAL INDEX KEY: 0000754737 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC & OTHER SERVICES COMBINED [4931] IRS NUMBER: 570784499 STATE OF INCORPORATION: SC FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: U-3A-2/A SEC ACT: SEC FILE NUMBER: 069-00301 FILM NUMBER: 99562126 BUSINESS ADDRESS: STREET 1: 1426 MAIN ST STREET 2: P O BOX 764 CITY: COLUMBIA STATE: SC ZIP: 29201 BUSINESS PHONE: 8032179000 MAIL ADDRESS: STREET 1: MAIL CODE 051 CITY: COLUMBIA STATE: SC ZIP: 29218 U-3A-2/A 1 U-3A-2 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM U-3A-2/A File No. 069-00301 Statement by Holding Company Claiming Exemption Under Rule U-3A-2 from the Provisions of the Public Utility Holding Company Act of 1935 To Be Filed Annually Prior to March 1 SCANA CORPORATION hereby files with the Securities and Exchange Commission, pursuant to Rule 2, its statement claiming exemption as a holding company from the provisions of the Public Utility Holding Company Act of 1935, and submits the following information: 1. Name, State of organization, location and nature of business of claimant and every subsidiary thereof, other than any exempt wholesale generator (EWG) or foreign utility company in which claimant directly or indirectly holds an interest. SCANA Corporation is a South Carolina corporation incorporated in 1984 and has its principal executive office at 1426 Main Street, Columbia, South Carolina 29201. Claimant currently has thirteen direct and seven indirect wholly owned subsidiaries. The principal business of the subsidiaries, collectively, is the generation, transmission, distribution and sale of electricity in South Carolina and the purchase, transmission, distribution, storage and sale of natural gas and propane in South Carolina. The claimant also owns 50% of an LLC which owns a cogeneration facility in the final stages of construction, and 49% of an immaterial LLC which is constructing a lime production facility. The claimant's wholly owned subsidiaries are as follows: (1) South Carolina Electric & Gas Company (SCE&G), a South Carolina corporation, generates and sells electricity to wholesale and retail customers, purchases, sells and transports natural gas at retail and provides public transit service in Columbia, South Carolina. SCE&G holds all of the common beneficial ownership interests in one immaterial subsidiary; (2) South Carolina Generating Company, Inc. (GENCO), a South Carolina corporation, owns and operates Williams Station, a 580 MW coal-fired electric generating plant, and sells electricity to SCE&G; (3) South Carolina Fuel Company, Inc., a South Carolina corporation, acquires, owns and provides financing for SCE&G's nuclear fuel, fossil fuel and sulfur dioxide emission allowances; 1 PAGE 2 (4) SCANA Propane Gas, Inc. (Propane Gas), a South Carolina corporation, purchases, delivers, and sells propane. Propane Gas holds all the capital stock of two immaterial subsidiaries; (5) SCANA Resources, Inc., a South Carolina corporation, conducts energy-related businesses and services. SCANA Resources, Inc. holds all of the capital stock of one immaterial subsidiary; (6) SCANA Communications, Inc. (SCI), a South Carolina corporation, provides fiber optic telecommunications, a public safety radio communications network and tower construction services for wireless providers. SCI also invests in companies developing personal communications services for wireless communications including Powertel, Inc., a public company; (7) SCANA Energy Marketing, Inc., a South Carolina corporation, markets electricity, natural gas and other light hydrocarbons, primarily in the southeast, and markets natural gas in Georgia's deregulated natural gas market. SCANA Energy Marketing holds 70% of the capital stock of one immaterial subsidiary that is accounted for under the equity method; (8) ServiceCare, Inc., a South Carolina corporation, provides energy-related products and services beyond the energy meter, principally service contracts on home appliances and home security services; (9) Primesouth, Inc., a South Carolina corporation, engages in power plant management and maintenance services. Primesouth, Inc. holds all of the capital stock of one immaterial subsidiary; (10) South Carolina Pipeline Corporation, a South Carolina corporation, purchases, sells and transports natural gas to wholesale and direct industrial customers and owns and operates two liquified natural gas plants. South Carolina Pipeline Corporation holds all the capital stock of one immaterial subsidiary; (11) SCANA Propane Storage, Inc., a South Carolina corporation, owns and operates an underground propane storage facility and leases cavern storage to industries, utilities and others; (12) SCANA Petroleum Resources, Inc. (Petroleum Resources), a South Carolina corporation sold substantially all of its assets. Petroleum Resources holds all of the capital stock of one immaterial subsidiary which has no assets or operations. Petroleum Resources and its subsidiary are in the process of liquidation; (13) SCANA Development Corporation (Development Corporation), a South Carolina corporation, has engaged in the acquisition, development, management and sale of real estate. Development Corporation has sold a significant portion of its properties and is in the process of liquidation. 2 PAGE 3 2. A brief description of the properties of claimant and each of its subsidiary public utility companies used for the generation, transmission, and distribution of electric energy for sale, or for the production, transmission, and distribution of natural or manufactured gas, indicating the location of principal generating plants, transmission lines, producing fields, gas manufacturing plants, and electric and gas distribution facilities, including all such properties which are outside the State in which claimant and its subsidiaries are organized and all transmission or pipelines which deliver or receive electric energy or gas at the borders of such State. A. Description of properties of claimant: SCANA Corporation owns no such property. B. Description of properties of claimant's wholly owned subsidiary public utility companies: 3 PAGE 4 SOUTH CAROLINA ELECTRIC & GAS COMPANY The following table gives information with respect to electric generating facilities of SCE&G. Net Generating Capability Type Name Location (Kilowatts)(1) Steam Canadys Canadys, SC 415,000 McMeekin Irmo, SC 252,000 Urquhart Beech Island, SC 250,000 Wateree Eastover, SC 720,000 Summer (2) Parr, SC 635,000 Cope Cope, SC 420,000 D-Area (3) DOE Savannah River Site, SC 35,000 Gas Turbines Burton Burton, SC 28,500 Faber Place Charleston, SC 9,500 Hardeeville Hardeeville, SC 14,000 Urquhart Beech Island, SC 38,000 Coit Columbia, SC 30,000 Parr Parr, SC 60,000 Williams Goose Creek, SC 49,000 Hagood Charleston, SC 95,000 Hydro Columbia Columbia, SC 10,000 Neal Shoals Carlisle, SC 5,000 Parr Shoals Parr, SC 14,000 Saluda Irmo, SC 206,000 Stevens Creek Martinez, GA 9,000 Pumped Storage Fairfield Parr, SC 512,000 --------- Total 3,807,000 (1) Summer rating. (2) Operated by SCE&G under a joint ownership agreement. Represents SCE&G's two-thirds ownership of the Summer Station. (3) This plant is operated under lease from the Department of Energy (DOE) and is dispatched to DOE's Savannah River Site steam needs. "Net Generating Capability" for this plant is expected average hourly output. The lease expires on October 1, 2005. All purchases, deliveries and sales of electricity take place within the State of South Carolina or as interstate commerce at the State line. SCE&G owns 428 substations having an aggregate transformer capacity of 21,928,145 KVA. The transmission system consists of 3,140 miles of lines and the distribution system consists of 16,346 pole miles of overhead lines and 3,590 trench miles of underground lines. 4 PAGE 5 SCE&G's gas system consists of approximately approximately 11,963 miles of distribution mains and related service facilities, installed in communities pursuant to terms of franchises granted by each community. SCE&G has propane air peak shaving facilities which can supplement the supply of natural gas by gasifying propane to yield the equivalent of approximately 102,000 MCF of natural gas per day. All purchases, deliveries and sales of gas take place within the State of South Carolina. SOUTH CAROLINA GENERATING COMPANY, INC. (GENCO) GENCO owns Williams Station, a 580 MW coal-fired generating plant located in Goose Creek, South Carolina, and sells electricity to SCE&G. All sales and deliveries take place within the State of South Carolina. 3. The following information for the last calendar year with respect to claimant and each of its subsidiary public utility companies: (a) Number of KWH of electric energy sold (at retail or wholesale), and MCF of natural or manufactured gas distributed at retail. Claimant SCANA Corporation: None Subsidiary Public Utility Companies SCE&G: 21,203,600,083 KWH $1,207,611,626.70 Revenue 40,005,689 MCF $ 231,834,296.36 Revenue GENCO: Sold all of the generation of Williams Station (3,094,069,000 KWH) to SCE&G under a unit power sales agreement. (b) Number of KWH of electric energy and MCF of natural or manufactured gas distributed at retail outside the State in which each such company is organized. None (c) Number of KWH of electric energy and MCF of natural or manufactured gas sold at wholesale outside the State in which each such company is organized, or at the State line. SCE&G: 1,361,177,000 KWH $39,301,604.47 Revenue - MCF - Revenue (d) Number of KWH of electric energy and MCF of natural or manufactured gas purchased outside the State in which each such company is organized, or at the State line. SCE&G: 698,648,000 KWH $18,545,201.97 Expense - MCF - Expense 5 PAGE 6 4. The following information for the reporting period with respect to claimant and each interest it holds directly or indirectly in an EWG or a foreign utility company, stating monetary amounts in United States dollars: (a) Name, location, business address and description of the facilities used by the EWG or foreign utility company for the generation, transmission and distribution of electric energy for sale or for the distribution at retail of natural or manufactured gas. None (b) Name of each system company that holds an interest in such EWG or foreign utility company; and description of the interest held. None (c) Type and amount of capital invested, directly or indirectly, by the holding company claiming exemption; any direct or indirect guarantee of the security of the EWG or foreign utility company by the holding company claiming exemption; and any debt or other financial obligation for which there is recourse, directly or indirectly, to the holding company claiming exemption or another system company, other than the EWG or foreign utility company. None (d) Capitalization and earnings of the EWG or foreign utility company during the reporting period. None (e) Identify any service, sales or construction contract(s) between the EWG or foreign utility company and a system company, and describe the services to be rendered or goods sold and fees or revenues under such agreement(s). None EXHIBIT A A consolidating statement of income and retained earnings and consolidating balance sheet for the claimant and each subsidiary company thereof provided herein, provided that for each of the companies in which the claimant has an investment greater than ten percent of the outstanding voting securities, but for which its investment does not meet the requirements for consolidation treatment under generally accepted accounting principles, a separate statement of income and balance sheet are provided. 6 PAGE 7
SCANA CORPORATION CONSOLIDATING STATEMENT OF INCOME AND RETAINED EARNINGS FOR THE YEAR ENDED DECEMBER 31, 1998 (THOUSANDS OF DOLLARS) SOUTH CAROLINA SCANA ELECTRIC & GAS SOUTH CAROLINA CORPORATION COMPANY GENERATING CONSOLIDATED CONSOLIDATED COMPANY, INC. OPERATING REVENUES: ELECTRIC 1,219,796 1,219,826 84,954 GAS 410,436 230,420 TRANSIT 1,575 1,575 TOTAL OPERATING REVENUES 1,631,807 1,451,821 84,954 OPERATING EXPENSES: FUEL USED IN ELECTRIC GENERATION 262,265 212,270 49,995 PURCHASED POWER 31,493 116,447 GAS PURCHASED FOR RESALE 269,373 142,423 OTHER OPERATION 257,102 238,700 6,480 MAINTENANCE 84,430 78,454 3,713 DEPRECIATION AND AMORTIZATION 144,872 130,668 7,164 INCOME TAXES 136,155 127,961 563 OTHER TAXES 101,582 92,353 4,684 TOTAL OPERATING EXPENSES 1,287,272 1,139,276 72,599 OPERATING INCOME 344,535 312,545 12,355 OTHER INCOME: SUBSIDIARY EQUITY EARNINGS ALLOWANCE FOR EQUITY FUNDS USED DURING CONSTRUCTION 7,945 6,858 174 OTHER INCOME, NET OF INCOME TAXES 5,448 6,661 (141) TOTAL OTHER INCOME 13,393 13,519 33 INCOME BEFORE INTEREST CHARGES AND PREFERRED STOCK DIVIDENDS 357,928 326,064 12,388 INTEREST CHARGES (CREDITS): INTEREST ON LONG-TERM DEBT, NET 120,805 94,970 6,775 OTHER INTEREST EXPENSE 9,946 7,048 355 ALLOWANCE FOR BORROWED FUNDS USED DURING CONSTRUCTION (7,472) (6,933) (328) TOTAL INTEREST CHARGES, NET 123,279 95,085 6,802 INCOME BEFORE PREFERRED DIVIDEND REQUIREMENTS ON MANDATORILY REDEEMABLE PREFERRED SECURITIES 234,649 230,979 5,586 PREFERRED DIVIDEND REQUIREMENT OF SCE&G - OBLIGATED MANDATORILY REDEEMABLE PREFERRED SECURITIES 3,775 3,775 INCOME BEFORE PREFERRED STOCK CASH DIVIDENDS 230,874 227,204 5,586 PREFERRED STOCK CASH DIVIDENDS (7,456) (7,456) NET INCOME 223,418 219,748 5,586 RETAINED EARNINGS AT BEGINNING OF YEAR 617,153 438,304 10,789 COMMON STOCK CASH DIVIDENDS DECLARED (161,711) (167,300) (3,200) OTHER (345) RETAINED EARNINGS AT END OF YEAR 678,515 490,752 13,175 EARNINGS AVAILABLE FOR COMMON STOCK 223,418 WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING 105,337 EARNINGS PER SHARE OF COMMON STOCK 2.12 7 PAGE 8 SCANA CORPORATION CONSOLIDATING STATEMENT OF INCOME AND RETAINED EARNINGS FOR THE YEAR ENDED DECEMBER 31, 1998 (THOUSANDS OF DOLLARS) SOUTH CAROLINA SOUTH CAROLINA SCANA SCANA PRIMESOUTH, FUEL PIPELINE CORP. DEVELOPMENT COMMUNICATIONS, INC. COMPANY, INC. CONSOLIDATED CORPORATION INC. CONSOLIDATED OPERATING REVENUES: ELECTRIC 200,909 GAS 329,772 TRANSIT TOTAL OPERATING REVENUES 200,909 329,772 OPERATING EXPENSES: FUEL USED IN ELECTRIC GENERATION 196,501 PURCHASED POWER GAS PURCHASED FOR RESALE 276,684 OTHER OPERATION 30 11,973 MAINTENANCE 2,263 DEPRECIATION AND AMORTIZATION 7,040 INCOME TAXES 7,631 OTHER TAXES 4,545 TOTAL OPERATING EXPENSES 196,531 310,136 OPERATING INCOME 4,378 19,636 OTHER INCOME: SUBSIDIARY EQUITY EARNINGS ALLOWANCE FOR EQUITY FUNDS USED DURING CONSTRUCTION 913 OTHER INCOME, NET OF INCOME TAXES (74) 535 13,246 (46) TOTAL OTHER INCOME 839 535 13,246 (46) INCOME BEFORE INTEREST CHARGES AND PREFERRED STOCK DIVIDENDS 4,378 20,475 535 13,246 (46) INTEREST CHARGES (CREDITS): INTEREST ON LONG-TERM DEBT, NET 4,342 1,302 9 7 OTHER INTEREST EXPENSE 851 3,220 535 16,377 1 ALLOWANCE FOR BORROWED FUNDS USED DURING CONSTRUCTION (815) (211) TOTAL INTEREST CHARGES, NET 4,378 4,311 535 16,386 8 INCOME BEFORE PREFERRED DIVIDEND REQUIREMENTS ON MANDATORILY REDEEMABLE PREFERRED SECURITIES - 16,164 - (3,140) (54) PREFERRED DIVIDEND REQUIREMENT OF SCE&G-OBLIGATED MANDATORILY REDEEMABLE PREFERRED SECURITIES INCOME BEFORE PREFERRED STOCK CASH DIVIDENDS 16,164 (3,140) (54) PREFERRED STOCK CASH DIVIDENDS NET INCOME - 16,164 - (3,140) (54) RETAINED EARNINGS AT BEGINNING OF YEAR 44,118 (545) 10,274 (7,584) COMMON STOCK CASH DIVIDENDS DECLARED (17,100) RETAINED EARNINGS AT END OF YEAR 43,182 (545) 7,134 (7,638) EARNINGS AVAILABLE FOR COMMON STOCK WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING EARNINGS PER SHARE OF COMMON STOCK 8 PAGE 9 SCANA CORPORATION CONSOLIDATING STATEMENT OF INCOME AND RETAINED EARNINGS FOR THE YEAR ENDED DECEMBER 31, 1998 (THOUSANDS OF DOLLARS) SCANA SCANA RESOURCES, PETROLEUM SCANA PROPANE SCANA ENERGY INC. RESOURCES, INC. GAS, INC. MARKETING, INC. CONSOLIDATED CONSOLIDATED CONSOLIDATED OPERATING REVENUES: ELECTRIC GAS TRANSIT TOTAL OPERATING REVENUES OPERATING EXPENSES: FUEL USED IN ELECTRIC GENERATION PURCHASED POWER GAS PURCHASED FOR RESALE OTHER OPERATION MAINTENANCE DEPRECIATION AND AMORTIZATION INCOME TAXES OTHER TAXES TOTAL OPERATING EXPENSES OPERATING INCOME OTHER INCOME: SUBSIDIARY EQUITY EARNINGS ALLOWANCE FOR EQUITY FUNDS USED DURING CONSTRUCTION OTHER INCOME, NET OF INCOME TAXES (14,179) (707) 114 1,479 TOTAL OTHER INCOME (14,179) (707) 114 1,479 INCOME BEFORE INTEREST CHARGES AND PREFERRED STOCK DIVIDENDS (14,179) (707) 114 1,479 INTEREST CHARGES (CREDITS): INTEREST ON LONG-TERM DEBT, NET OTHER INTEREST EXPENSE 325 258 2 673 ALLOWANCE FOR BORROWED FUNDS USED DURING CONSTRUCTION TOTAL INTEREST CHARGES, NET 325 258 2 673 INCOME BEFORE PREFERRED DIVIDEND REQUIREMENTS ON MANDATORILY REDEEMABLE PREFERRED SECURITIES (14,504) (965) 112 806 PREFERRED DIVIDEND REQUIREMENT OF SCE&G-OBLIGATED MANDATORILY REDEEMABLE PREFERRED SECURITIES INCOME BEFORE PREFERRED STOCK CASH DIVIDENDS (14,504) (965) 112 806 PREFERRED STOCK CASH DIVIDENDS NET INCOME (14,504) (965) 112 806 RETAINED EARNINGS AT BEGINNING OF YEAR (4,005) 320 (82,579) 4,481 COMMON STOCK CASH DIVIDENDS DECLARED (7,200) (860) RETAINED EARNINGS AT END OF YEAR (18,509) (645) (89,667) 4,427 EARNINGS AVAILABLE FOR COMMON STOCK WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING EARNINGS PER SHARE OF COMMON STOCK 9 PAGE 10 SCANA CORPORATION CONSOLIDATING STATEMENT OF INCOME AND RETAINED EARNINGS FOR THE YEAR ENDED DECEMBER 31, 1998 (THOUSANDS OF DOLLARS) SCANA PROPANE SCANA SERVICECARE, INC. STORAGE, INC. CORPORATION ELIMINATIONS OPERATING REVENUES: ELECTRIC (285,893) GAS (149,756) TRANSIT TOTAL OPERATING REVENUES (435,649) OPERATING EXPENSES: FUEL USED IN ELECTRIC GENERATION (196,501) PURCHASED POWER (84,954) GAS PURCHASED FOR RESALE (149,734) OTHER OPERATION (81) MAINTENANCE DEPRECIATION AND AMORTIZATION INCOME TAXES OTHER TAXES TOTAL OPERATING EXPENSES (431,270) OPERATING INCOME (4,379) OTHER INCOME: SUBSIDIARY EQUITY EARNINGS 223,223 (223,223) ALLOWANCE FOR EQUITY FUNDS USED DURING CONSTRUCTION OTHER INCOME, NET OF INCOME TAXES (1,237) 1,544 21,605 (23,352) TOTAL OTHER INCOME (1,237) 1,544 244,828 (246,575) INCOME BEFORE INTEREST CHARGES AND PREFERRED STOCK DIVIDENDS (1,237) 1,544 244,828 (250,954) INTEREST CHARGES (CREDITS): INTEREST ON LONG-TERM DEBT, NET 17,742 (4,342) OTHER INTEREST EXPENSE 614 222 3,668 (24,203) ALLOWANCE FOR BORROWED FUNDS USED DURING CONSTRUCTION 815 TOTAL INTEREST CHARGES, NET 614 222 21,410 (27,730) INCOME BEFORE PREFERRED DIVIDEND REQUIREMENTS ON MANDATORILY REDEEMABLE PREFERRED SECURITIES (1,851) 1,322 223,418 (223,224) PREFERRED DIVIDEND REQUIREMENT OF SCE&G-OBLIGATED MANDATORILY REDEEMABLE PREFERRED SECURITIES INCOME BEFORE PREFERRED STOCK CASH DIVIDENDS (1,851) 1,322 223,418 (223,224) PREFERRED STOCK CASH DIVIDENDS NET INCOME (1,851) 1,322 223,418 (223,224) RETAINED EARNINGS AT BEGINNING OF YEAR (1,683) 893 617,153 (412,783) COMMON STOCK CASH DIVIDENDS DECLARED (700) (161,711) 196,360 OTHER (345) (345) 345 RETAINED EARNINGS AT END OF YEAR (3,879) 1,515 678,515 (439,302) EARNINGS AVAILABLE FOR COMMON STOCK WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING EARNINGS PER SHARE OF COMMON STOCK 10 PAGE 11 SOUTH CAROLINA SOUTH CAROLINA ELECTRIC & GAS ELECTRIC & GAS COMPANY COMPANY SCE&G CONSOLIDATED UNCONSOLIDATED TRUST I ELIMINATIONS OPERATING REVENUES: ELECTRIC 1 219,826 1,219,826 GAS 230,420 230,420 TRANSIT 1,575 1,575 TOTAL OPERATING REVENUES 1,451,821 1,451,821 OPERATING EXPENSES: FUEL USED IN ELECTRIC GENERATION 212,270 212,270 PURCHASED POWER 116,447 116,447 GAS PURCHASED FOR RESALE 142,423 142,423 OTHER OPERATION 238,700 238,700 MAINTENANCE 78,454 78,454 DEPRECIATION AND AMORTIZATION 130,668 130,668 INCOME TAXES 127,961 127,961 OTHER TAXES 92,353 92,353 TOTAL OPERATING EXPENSES 1,139,276 1,139,276 OPERATING INCOME 312,545 312,545 OTHER INCOME: SUBSIDIARY EQUITY EARNINGS ALLOWANCE FOR EQUITY FUNDS USED DURING CONSTRUCTION 6,858 6,858 OTHER INCOME, NET OF INCOME TAXES 6,661 6,746 3,913 (3,998) TOTAL OTHER INCOME 13,519 13,604 3 913 (3,998) INCOME BEFORE INTEREST CHARGES AND PREFERRED STOCK DIVIDENDS 326,064 326,149 3,913 (3,998) INTEREST CHARGES (CREDITS): INTEREST ON LONG-TERM DEBT, NET 94,970 94,970 OTHER INTEREST EXPENSE 7,048 10,908 138 (3,998) ALLOWANCE FOR BORROWED FUNDS USED DURING CONSTRUCTION (6,933) (6,933) TOTAL INTEREST CHARGES, NET 95,085 98,945 138 (3,998) INCOME BEFORE PREFERRED DIVIDEND REQUIREMENTS ON MANDATORILY REDEEMABLE PREFERRED SECURITIES 230,979 227,204 3,775 PREFERRED DIVIDEND REQUIREMENT OF SCE&G- OBLIGATED MANDATORILY REDEEMABLE PREFERRED SECURITIES 3,775 3,775 INCOME BEFORE PREFERRED STOCK CASH DIVIDENDS 227,204 227,204 PREFERRED STOCK CASH DIVIDENDS (7,456) (7,456) NET INCOME 219,748 219,748 RETAINED EARNINGS AT BEGINNING OF YEAR 438,304 438,304 COMMON STOCK CASH DIVIDENDS DECLARED (167,300) (167,300) RETAINED EARNINGS AT END OF YEAR 490,752 490,752 EARNINGS AVAILABLE FOR COMMON STOCK WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING EARNINGS PER SHARE OF COMMON STOCK 11 PAGE 12 SOUTH CAROLINA SOUTH CAROLINA C&T PIPELINE PIPELINE CORP. PIPELINE CORP. COMPANY CONSOLIDATED UNCONSOLIDATED LLC OPERATING REVENUES: ELECTRIC GAS 329,772 329,513 259 TRANSIT TOTAL OPERATING REVENUES 329,772 329,513 259 OPERATING EXPENSES: FUEL USED IN ELECTRIC GENERATION PURCHASED POWER GAS PURCHASED FOR RESALE 276,684 276,684 OTHER OPERATION 11,973 11,836 137 MAINTENANCE 2,263 2,249 14 DEPRECIATION AND AMORTIZATION 7,040 6,864 176 INCOME TAXES 7,631 7,660 (29) OTHER TAXES 4,545 4,477 68 TOTAL OPERATING EXPENSES 310,136 309,770 366 OPERATING INCOME 19,636 19,743 (107) OTHER INCOME: SUBSIDIARY EQUITY EARNINGS ALLOWANCE FOR EQUITY FUNDS USED DURING CONSTRUCTION 913 913 OTHER INCOME, NET OF INCOME TAXES (74) (74) TOTAL OTHER INCOME 839 839 INCOME BEFORE INTEREST CHARGES AND PREFERRED STOCK DIVIDENDS 20,475 20,582 (107) INTEREST CHARGES (CREDITS): INTEREST ON LONG-TERM DEBT, NET 1,302 1,302 OTHER INTEREST EXPENSE 3,220 3,220 ALLOWANCE FOR BORROWED FUNDS USED DURING CONSTRUCTION (211) (211) TOTAL INTEREST CHARGES, NET 4,311 4,311 INCOME BEFORE PREFERRED DIVIDEND REQUIREMENTS ON MANDATORILY REDEEMABLE PREFERRED SECURITIES 16,164 16,271 (107) PREFERRED DIVIDEND REQUIREMENT OF SCE&G- OBLIGATED MANDATORILY REDEEMABLE PREFERRED SECURITIES INCOME BEFORE PREFERRED STOCK CASH DIVIDENDS 16,164 16,271 (107) PREFERRED STOCK CASH DIVIDENDS NET INCOME 16,164 16,271 (107) RETAINED EARNINGS AT BEGINNING OF YEAR 44,118 43,868 250 COMMON STOCK CASH DIVIDENDS DECLARED (17,100) (17,100) RETAINED EARNINGS AT END OF YEAR 43,182 43,039 143 EARNINGS AVAILABLE FOR COMMON STOCK WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING EARNINGS PER SHARE OF COMMON STOCK 12 PAGE 13 PRIMESOUTH, INC. PRIMESOUTH, INC. CONSOLIDATED UNCONSOLIDATED PALMARK, INC. ELIMINATIONS OPERATING REVENUES: ELECTRIC GAS TRANSIT TOTAL OPERATING REVENUES OPERATING EXPENSES: FUEL USED IN ELECTRIC GENERATION PURCHASED POWER GAS PURCHASED FOR RESALE OTHER OPERATION MAINTENANCE DEPRECIATION AND AMORTIZATION INCOME TAXES OTHER TAXES TOTAL OPERATING EXPENSES OPERATING INCOME OTHER INCOME: SUBSIDIARY EQUITY EARNINGS ALLOWANCE FOR EQUITY FUNDS USED DURING CONSTRUCTION OTHER INCOME, NET OF INCOME TAXES (46) (50) (49) 53 TOTAL OTHER INCOME (46) (50) (49) 53 INCOME BEFORE INTEREST CHARGES AND PREFERRED STOCK DIVIDENDS (46) (50) (49) 53 INTEREST CHARGES (CREDITS): INTEREST ON LONG-TERM DEBT, NET 7 3 4 OTHER INTEREST EXPENSE 1 1 ALLOWANCE FOR BORROWED FUNDS USED DURING CONSTRUCTION TOTAL INTEREST CHARGES, NET 8 4 4 INCOME BEFORE PREFERRED DIVIDEND REQUIREMENTS ON MANDATORILY REDEEMABLE PREFERRED SECURITIES (54) (54) (53) 53 PREFERRED DIVIDEND REQUIREMENT OF SCE&G-OBLIGATED MANDATORILY REDEEMABLE PREFERRED SECURITIES INCOME BEFORE PREFERRED STOCK CASH DIVIDENDS (54) (54) (53) 53 PREFERRED STOCK CASH DIVIDENDS NET INCOME (54) (54) (53) 53 RETAINED EARNINGS AT BEGINNING OF YEAR (7,584) (7,584) (64) 64 COMMON STOCK CASH DIVIDENDS DECLARED RETAINED EARNINGS AT END OF YEAR (7,638) (7,638) (117) 117 EARNINGS AVAILABLE FOR COMMON STOCK WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING EARNINGS PER SHARE OF COMMON STOCK 13 PAGE 14 SCANA SCANA RESOURCES, INC. RESOURCES, INC. CONSOLIDATED UNCONSOLIDATED INSTEL, INC. OPERATING REVENUES: ELECTRIC GAS TRANSIT TOTAL OPERATING REVENUES OPERATING EXPENSES: FUEL USED IN ELECTRIC GENERATION PURCHASED POWER GAS PURCHASED FOR RESALE OTHER OPERATION MAINTENANCE DEPRECIATION AND AMORTIZATION INCOME TAXES OTHER TAXES TOTAL OPERATING EXPENSES OPERATING INCOME OTHER INCOME: SUBSIDIARY EQUITY EARNINGS ALLOWANCE FOR EQUITY FUNDS USED DURING CONSTRUCTION OTHER INCOME, NET OF INCOME TAXES (707) (945) 238 TOTAL OTHER INCOME (707) (945) 238 INCOME BEFORE INTEREST CHARGES AND PREFERRED STOCK DIVIDENDS (707) (945) 238 INTEREST CHARGES (CREDITS): INTEREST ON LONG-TERM DEBT, NET OTHER INTEREST EXPENSE 258 115 143 ALLOWANCE FOR BORROWED FUNDS USED DURING CONSTRUCTION TOTAL INTEREST CHARGES, NET 258 115 143 INCOME BEFORE PREFERRED DIVIDEND REQUIREMENTS ON MANDATORILY REDEEMABLE PREFERRED SECURITIES (965) (1,060) 95 PREFERRED DIVIDEND REQUIREMENT OF SCE&G-OBLIGATED MANDATORILY REDEEMABLE PREFERRED SECURITIES INCOME BEFORE PREFERRED STOCK CASH DIVIDENDS (965) (1,060) 95 PREFERRED STOCK CASH DIVIDENDS NET INCOME (965) (1,060) 95 RETAINED EARNINGS AT BEGINNING OF YEAR 320 33 287 COMMON STOCK CASH DIVIDENDS DECLARED RETAINED EARNINGS AT END OF YEAR (645) (1,027) 382 EARNINGS AVAILABLE FOR COMMON STOCK WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING EARNINGS PER SHARE OF COMMON STOCK 14 PAGE 15 SCANA SCANA PETROLEUM PETROLEUM RESOURCES, INC. RESOURCES, INC. SPR GAS CONSOLIDATED UNCONSOLIDATED SERVICES, INC. OPERATING REVENUES: ELECTRIC GAS TRANSIT TOTAL OPERATING REVENUES OPERATING EXPENSES: FUEL USED IN ELECTRIC GENERATION PURCHASED POWER GAS PURCHASED FOR RESALE OTHER OPERATION MAINTENANCE DEPRECIATION AND AMORTIZATION INCOME TAXES OTHER TAXES TOTAL OPERATING EXPENSES OPERATING INCOME OTHER INCOME: SUBSIDIARY EQUITY EARNINGS ALLOWANCE FOR EQUITY FUNDS USED DURING CONSTRUCTION OTHER INCOME, NET OF INCOME TAXES 114 114 TOTAL OTHER INCOME 114 114 INCOME BEFORE INTEREST CHARGES AND PREFERRED STOCK DIVIDENDS 114 114 INTEREST CHARGES (CREDITS): INTEREST ON LONG-TERM DEBT, NET OTHER INTEREST EXPENSE 2 2 ALLOWANCE FOR BORROWED FUNDS USED DURING CONSTRUCTION TOTAL INTEREST CHARGES, NET 2 2 INCOME BEFORE PREFERRED DIVIDEND REQUIREMENTS ON MANDATORILY REDEEMABLE PREFERRED SECURITIES 112 112 PREFERRED DIVIDEND REQUIREMENT OF SCE&G-OBLIGATED MANDATORILY REDEEMABLE PREFERRED SECURITIES INCOME BEFORE PREFERRED STOCK CASH DIVIDENDS PREFERRED STOCK CASH DIVIDENDS NET INCOME 112 112 RETAINED EARNINGS AT BEGINNING OF YEAR (82,579) (82,579) COMMON STOCK CASH DIVIDENDS DECLARED (7,200) (7,200) RETAINED EARNINGS AT END OF YEAR (89,667) (89,667) - EARNINGS AVAILABLE FOR COMMON STOCK WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING EARNINGS PER SHARE OF COMMON STOCK 15 PAGE 16 SCANA SCANA USA SCANA PROPANE GAS, INC. PROPANE GAS, INC. CYLINDER PROPANE CONSOLIDATED UNCONSOLIDATED EXCHANGE, INC. SUPPLY, INC. ELIMINATIONS OPERATING REVENUES: ELECTRIC GAS TRANSIT TOTAL OPERATING REVENUES OPERATING EXPENSES: FUEL USED IN ELECTRIC GENERATION PURCHASED POWER GAS PURCHASED FOR RESALE OTHER OPERATION MAINTENANCE DEPRECIATION AND AMORTIZATION INCOME TAXES OTHER TAXES TOTAL OPERATING EXPENSES OPERATING INCOME OTHER INCOME: SUBSIDIARY EQUITY EARNINGS ALLOWANCE FOR EQUITY FUNDS USED DURING CONSTRUCTION OTHER INCOME, NET OF INCOME TAXES 1,479 1,017 137 325 TOTAL OTHER INCOME 1,479 1,017 137 325 INCOME BEFORE INTEREST CHARGES AND PREFERRED STOCK DIVIDENDS 1,479 1,017 137 325 INTEREST CHARGES (CREDITS): INTEREST ON LONG-TERM DEBT, NET OTHER INTEREST EXPENSE 673 673 ALLOWANCE FOR BORROWED FUNDS USED DURING CONSTRUCTION TOTAL INTEREST CHARGES, NET 673 673 INCOME BEFORE PREFERRED DIVIDEND REQUIREMENTS ON MANDATORILY REDEEMABLE PREFERRED SECURITIES 806 344 137 325 PREFERRED DIVIDEND REQUIREMENT OF SCE&G-OBLIGATED MANDATORILY REDEEMABLE PREFERRED SECURITIES INCOME BEFORE PREFERRED STOCK CASH DIVIDENDS 806 344 137 325 PREFERRED STOCK CASH DIVIDENDS NET INCOME 806 344 137 325 RETAINED EARNINGS AT BEGINNING OF YEAR 4,481 1,121 797 2,563 COMMON STOCK CASH DIVIDENDS DECLARED (860) (860) RETAINED EARNINGS AT END OF YEAR 4,427 605 934 2,888 EARNINGS AVAILABLE FOR COMMON STOCK WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING EARNINGS PER SHARE OF COMMON STOCK 16 PAGE 17 SCANA CORPORATION CONSOLIDATING BALANCE SHEET DECEMBER 31, 1998 (THOUSANDS OF DOLLARS) SOUTH CAROLINA SCANA ELECTRIC & GAS SOUTH CAROLINA SOUTH CAROLINA CORPORATION COMPANY GENERATING FUEL CONSOLIDATED CONSOLIDATED COMPANY, INC. COMPANY, INC. ASSETS UTILITY PLANT: ELECTRIC 4,405,707 4,132,956 272,751 GAS 603,889 366,107 OTHER 3,835 3,835 COMMON 171,188 171,188 TOTAL 5,184,619 4,674,086 272,751 LESS ACCUMULATED DEPRECIATION AND AMORTIZATION 1,727,866 1,517,501 109,195 TOTAL 3,456,753 3,156,585 163,556 CONSTRUCTION WORK IN PROGRESS 250,743 219,305 22,866 NUCLEAR FUEL, NET OF ACCUMULATED AMORTIZATION 56,152 56,152 ACQUISITION ADJUSTMENT - GAS, NET OF ACCUM AMORT 23,415 UTILITY PLANT, NET 3,787,063 3,375,890 186,422 56,152 OTHER PROPERTY AND INVESTMENTS: NONUTILITY PROPERTY, NET OF ACCUM DEPRECIATION 82,205 11,190 INVESTMENTS IN SUBSIDIARIES: SECURITIES ADVANCES 40 INVESTMENTS 410,464 5,113 TOTAL OTHER PROPERTY & INVESTMENTS 492,669 16,343 CURRENT ASSETS: CASH AND TEMPORARY CASH INVESTMENTS 62,012 35,583 RECEIVABLES - CUSTOMER AND OTHER 276,062 177,051 321 40 RECEIVABLES - ASSOCIATED COMPANIES 12,711 5,819 INVENTORIES (AT AVERAGE COST): FUEL 62,896 2,989 11,645 29,207 MATERIALS & SUPPLIES 55,803 46,674 1,463 PREPAYMENTS 22,685 8,126 408 357 DEFERRED INCOME TAXES 21,790 20,790 TOTAL CURRENT ASSETS 501,248 303,924 19,656 29,604 DEFERRED DEBITS: EMISSION ALLOWANCES 30,715 30,715 ENVIRONMENTAL 22,175 22,175 NUCLEAR PLANT DECOMMISSIONING FUND 55,891 55,891 PENSION ASSET 114,936 114,936 OTHER 276,713 251,704 2,179 TOTAL DEFERRED DEBITS 500,430 444,706 2,179 30,715 TOTAL 5,281,410 4,140,863 208,257 116,471 17 PAGE 18 SCANA CORPORATION CONSOLIDATING BALANCE SHEET DECEMBER 31, 1998 (THOUSANDS OF DOLLARS) SOUTH CAROLINA SCANA ELECTRIC & GAS SOUTH CAROLINA SOUTH CAROLINA CORPORATION COMPANY GENERATING FUEL CONSOLIDATED CONSOLIDATED COMPANY, INC. COMPANY, INC. CAPITALIZATION & LIABILITIES STOCKHOLDERS' INVESTMENT: COMMON EQUITY 1,746,201 1,498,926 33,163 1 PREFERRED STOCK (NOT SUBJECT TO PURCHASE OR SINKING FUNDS) 106,261 106,261 TOTAL STOCKHOLDERS' INVESTMENT 1,852,462 1,605,187 33,163 1 PREFERRED STOCK (SUBJ TO PURCHASE OR SINKING FUNDS) 11,443 11,443 SCE&G OBLIGATED MANDATORILY REDEEMABLE PREFERRED SECURITIES OF SCE&G's SUBSIDIARY TRUST, SCE&G TRUST I, HOLDING SOLELY $50 MILLION PRINCIPAL AMOUNT OF THE 7.55% JUNIOR SUBORDINATED DEBENTURES OF SCE&G, DUE 2027 50,000 50,000 LONG-TERM DEBT, NET 1,623,179 1,139,794 86,000 65,987 TOTAL CAPITALIZATION 3,537,084 2,806,424 119,163 65,988 CURRENT LIABILITIES: SHORT-TERM BORROWINGS 194,385 125,200 CURRENT PORTION OF LONG-TERM DEBT 106,510 29,059 3,700 CURRENT PORTION OF PREFERRED STOCK 560 560 ACCOUNTS PAYABLE 218,951 56,199 25,068 40,803 ACCOUNTS PAYABLE - ASSOCIATED COMPANIES 23,431 11,698 CUSTOMER DEPOSITS 18,375 17,123 TAXES ACCRUED 72,361 77,471 4,221 (2,743) INTEREST ACCRUED 27,749 20,605 595 8 DIVIDENDS DECLARED 42,217 38,230 800 OTHER 12,619 8,461 81 6 TOTAL CURRENT LIABILITIES 693,727 396,339 34,465 49,772 DEFERRED CREDITS: DEFERRED INVESTMENT TAX CREDITS 107,810 99,584 6,973 DEFERRED INCOME TAXES 627,990 548,266 42,378 711 RESERVE FOR NUCLEAR PLANT DECOMMISSIONING 55,891 55,891 POSTRETIREMENT BENEFITS 86,703 86,703 OTHER 172,205 147,656 5,278 TOTAL DEFERRED CREDITS 1,050,599 938,100 54,629 711 TOTAL 5,281,410 4,140,863 208,257 116,471 18 PAGE 19 SCANA CORPORATION CONSOLIDATING BALANCE SHEET DECEMBER 31, 1998 (THOUSANDS OF DOLLARS) SOUTH CAROLINA SCANA SCANA PRIMESOUTH, PIPELINE CORP. DEVELOPMENT COMMUNICATIONS, INC. CONSOLIDATED CORPORATION INC. CONSOLIDATED ASSETS UTILITY PLANT: ELECTRIC GAS 237,782 TRANSIT COMMON TOTAL 237,782 LESS ACCUMULATED DEPRECIATION AND AMORTIZATION 101,170 TOTAL 136,612 CONSTRUCTION WORK IN PROGRESS 8,572 NUCLEAR FUEL, NET OF ACCUMULATED AMORTIZATION ACQUISITION ADJUSTMENT - GAS, NET OF ACCUM AMORT 23,415 UTILITY PLANT, NET 168,599 OTHER PROPERTY AND INVESTMENTS: NONUTILITY PROPERTY, NET OF ACCUM DEPRECIATION 15,398 24,689 30 INVESTMENTS IN SUBSIDIARIES: SECURITIES ADVANCES INVESTMENTS 2 39 375,070 462 TOTAL OTHER PROPERTY & INVESTMENTS 2 15,437 399,759 492 CURRENT ASSETS: CASH AND TEMPORARY CASH INVESTMENTS 5,773 211 1,021 RECEIVABLES - CUSTOMER AND OTHER 19,159 3,633 2,562 227 RECEIVABLES - ASSOCIATED COMPANIES 16,488 86 2 INVENTORIES (AT AVERAGE COST): FUEL 14,242 MATERIALS & SUPPLIES 350 343 PREPAYMENTS 883 188 317 866 DEFERRED INCOME TAXES 102 11 85 TOTAL CURRENT ASSETS 56,997 3,907 3,446 2,199 DEFERRED DEBITS: EMISSION ALLOWANCES ENVIRONMENTAL NUCLEAR PLANT DECOMMISSIONING FUND PENSION ASSET OTHER 10,618 1,754 253 222 TOTAL DEFERRED DEBITS 10,618 1,754 253 222 TOTAL 236,216 21,098 403,458 2,913 19 PAGE 20 SCANA CORPORATION CONSOLIDATING BALANCE SHEET DECEMBER 31, 1998 (THOUSANDS OF DOLLARS) SOUTH CAROLINA SCANA SCANA PRIMESOUTH, PIPELINE CORP. DEVELOPMENT COMMUNICATIONS, INC. CONSOLIDATED CORPORATION INC. CONSOLIDATED CAPITALIZATION & LIABILITIES STOCKHOLDERS' INVESTMENT: COMMON EQUITY 97,300 10,390 65,788 2,133 PREFERRED STOCK (NOT SUBJECT TO PURCHASE OR SINKING FUNDS) TOTAL STOCKHOLDERS' INVESTMENT 97,300 10,390 65,788 2,133 PREFERRED STOCK (SUBJ TO PURCHASE OR SINKING FUNDS) SCE&G OBLIGATED MANDATORILY REDEEMABLE PREFERRED SECURITIES OF SCE&G's SUBSIDIARY TRUST, SCE&G TRUST I, HOLDING SOLELY $50 MILLION PRINCIPAL AMOUNT OF THE 7.55% JUNIOR SUBORDINATED DEBENTURES OF SCE&G, DUE 2027 LONG-TERM DEBT, NET 78,100 8,788 310,699 40 TOTAL CAPITALIZATION 175,400 19,178 376,487 2,173 CURRENT LIABILITIES: SHORT-TERM BORROWINGS CURRENT PORTION OF LONG-TERM DEBT 1,250 CURRENT PORTION OF PREFERRED STOCK ACCOUNTS PAYABLE 28,801 67 2,282 20 ACCOUNTS PAYABLE - ASSOCIATED COMPANIES 578 339 2,074 9 CUSTOMER DEPOSITS 13 TAXES ACCRUED 3,251 527 (1,661) 31 INTEREST ACCRUED 904 DIVIDENDS DECLARED 2,300 OTHER 599 51 154 597 TOTAL CURRENT LIABILITIES 37,696 984 2,849 657 DEFERRED CREDITS: DEFERRED INVESTMENT TAX CREDITS 1,253 DEFERRED INCOME TAXES 19,277 936 18,334 (8) RESERVE FOR NUCLEAR PLANT DECOMMISSIONING OTHER 2,590 5,788 91 TOTAL DEFERRED CREDITS 23,120 936 24,122 83 TOTAL 236,216 21,098 403,458 2,913 20 PAGE 21 SCANA CORPORATION CONSOLIDATING BALANCE SHEET DECEMBER 31, 1998 (THOUSANDS OF DOLLARS) SCANA SCANA SCANA ENERGY SCANA PETROLEUM PROPANE MARKETING, INC. RESOURCES, INC. RESOURCES, INC. GAS, INC. CONSOLIDATED CONSOLIDATED CONSOLIDATED ASSETS UTILITY PLANT: ELECTRIC GAS TRANSIT COMMON TOTAL LESS ACCUMULATED DEPRECIATION AND AMORTIZATION TOTAL CONSTRUCTION WORK IN PROGRESS NUCLEAR FUEL, NET OF ACCUMULATED AMORTIZATION ACQUISITION ADJUSTMENT - GAS, NET OF ACCUM AMORT UTILITY PLANT, NET OTHER PROPERTY AND INVESTMENTS: NONUTILITY PROPERTY, NET OF ACCUM DEPRECIATION 4,451 994 9 16,851 INVESTMENTS IN SUBSIDIARIES: SECURITIES ADVANCES INVESTMENTS 739 2,897 10,235 TOTAL OTHER PROPERTY & INVESTMENTS 5,190 3,891 9 27,086 CURRENT ASSETS: CASH AND TEMPORARY CASH INVESTMENTS 714 373 808 RECEIVABLES - CUSTOMER AND OTHER 57,894 3,033 1,391 2,120 RECEIVABLES - ASSOCIATED COMPANIES 689 1 4,000 161 INVENTORIES (AT AVERAGE COST): FUEL 4,241 MATERIALS & SUPPLIES 4,920 656 953 PREPAYMENTS 739 68 (49) 261 DEFERRED INCOME TAXES 40 100 (59) 161 TOTAL CURRENT ASSETS 64,996 4,231 5,283 8,705 DEFERRED DEBITS: EMISSION ALLOWANCES ENVIRONMENTAL NUCLEAR PLANT DECOMMISSIONING FUND PENSION ASSET OTHER 2,822 11 156 TOTAL DEFERRED DEBITS 2,822 11 156 TOTAL 73,008 8,133 5,292 35,947 21 PAGE 22 SCANA CORPORATION CONSOLIDATING BALANCE SHEET DECEMBER 31, 1998 (THOUSANDS OF DOLLARS) SCANA SCANA SCANA ENERGY SCANA PETROLEUM PROPANE MARKETING, INC. RESOURCES, INC. RESOURCES, INC. GAS, INC. CONSOLIDATED CONSOLIDATED CONSOLIDATED CAPITALIZATION & LIABILITIES STOCKHOLDERS' INVESTMENT: COMMON EQUITY (3,007) 975 1,416 16,530 PREFERRED STOCK (NOT SUBJECT TO PURCHASE OR SINKING FUNDS) TOTAL STOCKHOLDERS' INVESTMENT (3,007) 975 1,416 16,530 PREFERRED STOCK (SUBJ TO PURCHASE OR SINKING FUNDS) SCE&G OBLIGATED MANDATORILY REDEEMABLE PREFERRED SECURITIES OF SCE&G's SUBSIDIARY TRUST, SCE&G TRUST I, HOLDING SOLELY $50 MILLION PRINCIPAL AMOUNT OF THE 7.55% JUNIOR SUBORDINATED DEBENTURES OF SCE&G, DUE 2027 LONG-TERM DEBT, NET 19,835 6,036 12,867 TOTAL CAPITALIZATION 16,828 7,011 1,416 29,397 CURRENT LIABILITIES: SHORT-TERM BORROWINGS CURRENT PORTION OF LONG-TERM DEBT 101 CURRENT PORTION OF PREFERRED STOCK ACCOUNTS PAYABLE 57,993 471 3,361 572 ACCOUNTS PAYABLE - ASSOCIATED COMPANIES 821 270 42 261 CUSTOMER DEPOSITS 1,239 TAXES ACCRUED (3,509) (645) (414) 456 INTEREST ACCRUED DIVIDENDS DECLARED 100 OTHER 65 867 807 TOTAL CURRENT LIABILITIES 55,370 1,064 3,089 3,335 DEFERRED CREDITS: DEFERRED INVESTMENT TAX CREDITS DEFERRED INCOME TAXES (29) 58 (1) 3,215 RESERVE FOR NUCLEAR PLANT DECOMMISSIONING OTHER 839 788 TOTAL DEFERRED CREDITS 810 58 787 3,215 TOTAL 73,008 8,133 5,292 35,947 22 PAGE 23 SCANA CORPORATION CONSOLIDATING BALANCE SHEET DECEMBER 31, 1998 (THOUSANDS OF DOLLARS) SCANA SERVICECARE PROPANE SCANA INC. STORAGE, INC. CORPORATION ELIMINATIONS ASSETS UTILITY PLANT: ELECTRIC GAS TRANSIT COMMON TOTAL LESS ACCUMULATED DEPRECIATION AND AMORTIZATION TOTAL CONSTRUCTION WORK IN PROGRESS NUCLEAR FUEL, NET OF ACCUMULATED AMORTIZATION ACQUISITION ADJUSTMENT - GAS, NET OF ACCUM AMORT UTILITY PLANT, NET OTHER PROPERTY AND INVESTMENTS: NONUTILITY PROPERTY, NET OF ACCUM DEPRECIATION 3,741 2,884 1,968 INVESTMENTS IN SUBSIDIARIES: SECURITIES 1,724,556 (1,724,556) ADVANCES 430,867 (430,907) INVESTMENTS 476 15,431 TOTAL OTHER PROPERTY & INVESTMENTS 3,741 3,360 2,172,822 (2,155,463) CURRENT ASSETS: CASH AND TEMPORARY CASH INVESTMENTS 158 912 16,459 RECEIVABLES - CUSTOMER AND OTHER 1,300 466 15,653 (8,788) RECEIVABLES - ASSOCIATED COMPANIES 670 44,255 (84,882) INVENTORIES (AT AVERAGE COST): FUEL 572 MATERIALS & SUPPLIES 305 139 PREPAYMENTS 10,512 9 DEFERRED INCOME TAXES 225 44 291 TOTAL CURRENT ASSETS 13,170 2,142 76,658 (93,670) DEFERRED DEBITS: EMISSION ALLOWANCES UNAMORTIZED DEBT EXPENSE NUCLEAR PLANT DECOMMISSIONING FUND PENSION ASSET OTHER 290 6,704 TOTAL DEFERRED DEBITS 290 6,704 TOTAL 17,201 5,502 2,256,184 (2,249,133) 23 PAGE 24 SCANA CORPORATION CONSOLIDATING BALANCE SHEET DECEMBER 31, 1998 (THOUSANDS OF DOLLARS) SCANA SERVICECARE PROPANE SCANA INC. STORAGE, INC. CORPORATION ELIMINATIONS CAPITALIZATION & LIABILITIES STOCKHOLDERS' INVESTMENT: COMMON EQUITY (797) 1,516 1,746,423 (1,724,556) PREFERRED STOCK (NOT SUBJECT TO PURCHASE OR SINKING FUNDS) TOTAL STOCKHOLDERS' INVESTMENT (797) 1,516 1,746,423 (1,724,556) PREFERRED STOCK (SUBJ TO PURCHASE OR SINKING FUNDS) SCE&G OBLIGATED MANDATORILY REDEEMABLE PREFERRED SECURITIES OF SCE&G's SUBSIDIARY TRUST, SCE&G TRUST I, HOLDING SOLELY $50 MILLION PRINCIPAL AMOUNT OF THE 7.55% JUNIOR SUBORDINATED DEBENTURES OF SCE&G, DUE 2027 LONG-TERM DEBT, NET 16,274 3,454 315,000 (439,695) TOTAL CAPITALIZATION 15,477 4,970 2,061,423 (2,164,251) CURRENT LIABILITIES: SHORT-TERM BORROWINGS 69,185 CURRENT PORTION OF LONG-TERM DEBT 72,400 CURRENT PORTION OF PREFERRED STOCK ACCOUNTS PAYABLE 975 1 2,338 ACCOUNTS PAYABLE - ASSOCIATED COMPANIES 718 512 4,053 (44,806) CUSTOMER DEPOSITS TAXES ACCRUED (611) 219 (4,232) INTEREST ACCRUED 6,213 (576) DIVIDENDS DECLARED 40,287 (39,500) OTHER 714 32 185 TOTAL CURRENT LIABILITIES 1,796 764 190,429 (84,882) DEFERRED CREDITS: DEFERRED INVESTMENT TAX CREDITS DEFERRED INCOME TAXES 116 (232) (5,031) RESERVE FOR NUCLEAR PLANT DECOMMISSIONING OTHER (188) 9,363 TOTAL DEFERRED CREDITS (72) (232) 4,332 TOTAL 17,201 5,502 2,256,184 (2,249,133) 24 PAGE 25 SOUTH CAROLINA SOUTH CAROLINA ELECTRIC & GAS ELECTRIC & GAS COMPANY COMPANY SCE&G CONSOLIDATED UNCONSOLIDATED TRUST I ELIMINATIONS ASSETS UTILITY PLANT: ELECTRIC 4,132,956 4,132,956 GAS 366,107 366,107 TRANSIT 3,835 3,835 COMMON 171,188 171,188 TOTAL 4,674,086 4,674,086 LESS ACCUMULATED DEPRECIATION AND AMORTIZATION 1,517,501 1,517,501 TOTAL 3,156,585 3,156,585 CONSTRUCTION WORK IN PROGRESS 219,305 219,305 NUCLEAR FUEL, NET OF ACCUMULATED AMORTIZATION ACQUISITION ADJUSTMENT - GAS, NET OF ACCUM AMORT UTILITY PLANT, NET 3,375,890 3,375,890 OTHER PROPERTY AND INVESTMENTS: NONUTILITY PROPERTY, NET OF ACCUM DEPRECIATION 11,190 11,190 INVESTMENTS IN SUBSIDIARIES: SECURITIES 1,547 51,547 (53,094) ADVANCES 40 40 INVESTMENTS 5,113 5,113 TOTAL OTHER PROPERTY & INVESTMENTS 16,343 17,890 51,547 (53,094) CURRENT ASSETS: CASH AND TEMPORARY CASH INVESTMENTS 35,583 35,583 RECEIVABLES - CUSTOMER AND OTHER 177,051 177,051 RECEIVABLES - ASSOCIATED COMPANIES 12,711 12,711 INVENTORIES (AT AVERAGE COST): FUEL 2,989 2,989 MATERIALS & SUPPLIES 46,674 46,674 PREPAYMENTS 8,126 8,126 DEFERRED INCOME TAXES 20,790 20,790 TOTAL CURRENT ASSETS 303,924 303,924 DEFERRED DEBITS: EMISSION ALLOWANCES ENVIRONMENTAL 22,175 22,175 NUCLEAR PLANT DECOMMISSIONING FUND 114,936 114,936 PENSION ASSET 55,891 55,891 OTHER 251,704 251,704 TOTAL DEFERRED DEBITS 444,706 444,706 TOTAL 4,140,863 4,142,410 51,547 (53,094) 25 PAGE 26 SOUTH CAROLINA SOUTH CAROLINA ELECTRIC & GAS ELECTRIC & GAS COMPANY COMPANY SCE&G CONSOLIDATED UNCONSOLIDATED TRUST I ELIMINATIONS CAPITALIZATION & LIABILITIES STOCKHOLDERS' INVESTMENT: COMMON EQUITY 1,498,926 1,498,926 1,547 (1,547) PREFERRED STOCK (NOT SUBJECT TO PURCHASE OR SINKING FUNDS) 106,261 106,261 TOTAL STOCKHOLDERS' INVESTMENT 1,605,187 1,605,187 1,547 (1,547) PREFERRED STOCK (SUBJ TO PURCHASE OR SINKING FUNDS) 11,443 11,443 SCE&G OBLIGATED MANDATORILY REDEEMABLE PREFERRED SECURITIES OF SCE&G's SUBSIDIARY TRUST, SCE&G TRUST I, HOLDING SOLELY $50 MILLION PRINCIPAL AMOUNT OF THE 7.55% JUNIOR SUBORDINATED DEBENTURES OF SCE&G, DUE 2027 50,000 50,000 LONG-TERM DEBT, NET 1,139,794 1,191,341 (51,547) TOTAL CAPITALIZATION 2,806,424 2,807,971 51,547 (53,094) CURRENT LIABILITIES: SHORT-TERM BORROWINGS 125,200 125,200 CURRENT PORTION OF LONG-TERM DEBT 29,059 29,059 CURRENT PORTION OF PREFERRED STOCK 560 560 ACCOUNTS PAYABLE 56,199 56,199 ACCOUNTS PAYABLE - ASSOCIATED COMPANIES 23,431 23,431 CUSTOMER DEPOSITS 17,123 17,123 TAXES ACCRUED 77,471 77,471 INTEREST ACCRUED 20,605 20,605 DIVIDENDS DECLARED 38,230 38,230 OTHER 8,461 8,461 TOTAL CURRENT LIABILITIES 396,339 396,339 DEFERRED CREDITS: ACCUMULATED DEFERRED INVESTMENT TAX CREDITS 99,584 99,584 ACCUMULATED DEFERRED INCOME TAXES 548,266 548,266 ACCUM RESERVE FOR NUCLEAR PLANT DECOMMISSIONING 55,891 55,891 POSTRETIREMENT BENEFITS 86,703 86,703 OTHER 147,656 147,656 TOTAL DEFERRED CREDITS 938,100 938,100 TOTAL 4,140,863 4,142,410 51,547 (53,094) 26 PAGE 27 SOUTH CAROLINA SOUTH CAROLINA C&T PIPELINE CORP. PIPELINE CORP. PIPELINE CONSOLIDATED UNCONSOLIDATED COMPANY, L.L.C. ELIMINATIONS ASSETS UTILITY PLANT: ELECTRIC GAS 237,782 231,382 6,400 TRANSIT COMMON TOTAL 237,782 231,382 6,400 LESS ACCUMULATED DEPRECIATION AND AMORTIZATION (101,170) (96,712) (4,458) TOTAL 136,612 134,670 1,942 CONSTRUCTION WORK IN PROGRESS 8,572 8,572 NUCLEAR FUEL, NET OF ACCUMULATED AMORTIZATION ACQUISITION ADJUSTMENT - GAS, NET OF ACCUM AMORT 23,415 23,415 UTILITY PLANT, NET 168,599 166,657 1,942 OTHER PROPERTY AND INVESTMENTS: NONUTILITY PROPERTY, NET OF ACCUM DEPRECIATION INVESTMENTS IN SUBSIDIARIES: SECURITIES ADVANCES INVESTMENTS 2 2 TOTAL OTHER PROPERTY & INVESTMENTS 2 2 CURRENT ASSETS: CASH AND TEMPORARY CASH INVESTMENTS 5,773 5,478 295 RECEIVABLES - CUSTOMER AND OTHER 19,159 19,152 7 RECEIVABLES - ASSOCIATED COMPANIES 16,488 18,634 293 (2,439) INVENTORIES (AT AVERAGE COST): FUEL 14,242 14,242 MATERIALS & SUPPLIES 350 196 154 PREPAYMENTS 883 874 9 DEFERRED INCOME TAXES 102 102 TOTAL CURRENT ASSETS 56,997 58,678 758 (2,439) DEFERRED DEBITS: EMISSION ALLOWANCES ENVIRONMENTAL NUCLEAR PLANT DECOMMISSIONING FUND PENSION ASSET OTHER 10,618 10,480 138 TOTAL DEFERRED DEBITS 10,618 10,480 138 TOTAL 236,216 235,817 2,838 (2,439) 27 PAGE 28 SOUTH CAROLINA SOUTH CAROLINA C&T PIPELINE CORP. PIPELINE CORP. PIPELINE CONSOLIDATED UNCONSOLIDATED COMPANY, L.L.C. ELIMINATIONS CAPITALIZATION & LIABILITIES STOCKHOLDERS' INVESTMENT: COMMON EQUITY 97,300 97,158 142 PREFERRED STOCK (NOT SUBJECT TO PURCHASE OR SINKING FUNDS) TOTAL STOCKHOLDERS' INVESTMENT 97,300 97,158 142 PREFERRED STOCK (SUBJ TO PURCHASE OR SINKING FUNDS) SCE&G OBLIGATED MANDATORILY REDEEMABLE PREFERRED SECURITIES OF SCE&G's SUBSIDIARY TRUST, SCE&G TRUST I, HOLDING SOLELY $50 MILLION PRINCIPAL AMOUNT OF THE 7.55% JUNIOR SUBORDINATED DEBENTURES OF SCE&G, DUE 2027 LONG-TERM DEBT, NET 78,100 78,100 TOTAL CAPITALIZATION 175,400 175,258 142 CURRENT LIABILITIES: SHORT-TERM BORROWINGS CURRENT PORTION OF LONG-TERM DEBT 1,250 1,250 CURRENT PORTION OF PREFERRED STOCK ACCOUNTS PAYABLE 28,801 28,744 57 ACCOUNTS PAYABLE - ASSOCIATED COMPANIES 578 578 2,439 (2,439) CUSTOMER DEPOSITS 13 13 TAXES ACCRUED 3,251 3,280 (29) INTEREST ACCRUED 904 904 DIVIDENDS DECLARED 2,300 2,300 OTHER 599 599 TOTAL CURRENT LIABILITIES 37,696 37,668 2,467 (2,439) DEFERRED CREDITS: ACCUMULATED DEFERRED INVESTMENT TAX CREDITS 1,253 1,253 ACCUMULATED DEFERRED INCOME TAXES 19,277 19,048 229 ACCUM RESERVE FOR NUCLEAR PLANT DECOMMISSIONING POSTRETIREMENT BENEFITS OTHER 2,590 2,590 TOTAL DEFERRED CREDITS 23,120 22,891 229 TOTAL 236,216 235,817 2,838 (2,439) 28 PAGE 29 PRIMESOUTH, PRIMESOUTH, INC. INC. PALMARK, CONSOLIDATED UNCONSOLIDATED INC. ELIMINATIONS ASSETS UTILITY PLANT: ELECTRIC GAS TRANSIT COMMON TOTAL LESS ACCUMULATED DEPRECIATION AND AMORTIZATION TOTAL CONSTRUCTION WORK IN PROGRESS NUCLEAR FUEL, NET OF ACCUMULATED AMORTIZATION ACQUISITION ADJUSTMENT - GAS, NET OF ACCUM AMORT UTILITY PLANT, NET OTHER PROPERTY AND INVESTMENTS: NONUTILITY PROPERTY, NET OF ACCUM DEPRECIATION 30 30 INVESTMENTS IN SUBSIDIARIES: SECURITIES (116) 116 ADVANCES INVESTMENTS 462 462 TOTAL OTHER PROPERTY & INVESTMENTS 492 376 116 CURRENT ASSETS: CASH AND TEMPORARY CASH INVESTMENTS 1,021 430 591 RECEIVABLES - CUSTOMER AND OTHER 227 173 54 RECEIVABLES - ASSOCIATED COMPANIES 904 (904) INVENTORIES (AT AVERAGE COST): FUEL MATERIALS & SUPPLIES PREPAYMENTS 866 584 282 DEFERRED INCOME TAXES 85 85 TOTAL CURRENT ASSETS 2,199 2,176 927 (904) DEFERRED DEBITS: EMISSION ALLOWANCES ENVIRONMENTAL NUCLEAR PLANT DECOMMISSIONING FUND PENSION ASSET OTHER 222 222 TOTAL DEFERRED DEBITS 222 222 TOTAL 2,913 2,774 927 (788) 29 PAGE 30 PRIMESOUTH, PRIMESOUTH, INC. INC. PALMARK, CONSOLIDATED UNCONSOLIDATED INC. ELIMINATIONS CAPITALIZATION & LIABILITIES STOCKHOLDERS' INVESTMENT: COMMON EQUITY 2,133 2,133 (116) 116 PREFERRED STOCK (NOT SUBJECT TO PURCHASE OR SINKING FUNDS) TOTAL STOCKHOLDERS' INVESTMENT 2,133 2,133 (116) 116 PREFERRED STOCK (SUBJ TO PURCHASE OR SINKING FUNDS) SCE&G OBLIGATED MANDATORILY REDEEMABLE PREFERRED SECURITIES OF SCE&G's SUBSIDIARY TRUST, SCE&G TRUST I, HOLDING SOLELY $50 MILLION PRINCIPAL AMOUNT OF THE 7.55% JUNIOR SUBORDINATED DEBENTURES OF SCE&G, DUE 2027 LONG-TERM DEBT, NET 40 40 TOTAL CAPITALIZATION 2,173 2,173 (116) 116 CURRENT LIABILITIES: SHORT-TERM BORROWINGS CURRENT PORTION OF LONG-TERM DEBT CURRENT PORTION OF PREFERRED STOCK ACCOUNTS PAYABLE 20 20 ACCOUNTS PAYABLE - ASSOCIATED COMPANIES 9 9 904 (904) CUSTOMER DEPOSITS TAXES ACCRUED 31 92 (61) INTEREST ACCRUED DIVIDENDS DECLARED OTHER 597 397 200 TOTAL CURRENT LIABILITIES 657 518 1,043 (904) DEFERRED CREDITS: ACCUMULATED DEFERRED INVESTMENT TAX CREDITS ACCUMULATED DEFERRED INCOME TAXES (8) (8) ACCUM RESERVE FOR NUCLEAR PLANT DECOMMISSIONING POSTRETIREMENT BENEFITS OTHER 91 91 TOTAL DEFERRED CREDITS 83 83 TOTAL 2,913 2,774 927 (788) 30 PAGE 31 SCANA SCANA RESOURCES, INC. RESOURCES, INC. CONSOLIDATED UNCONSOLIDATED INSTEL, INC. ASSETS UTILITY PLANT: ELECTRIC GAS TRANSIT COMMON TOTAL LESS ACCUMULATED DEPRECIATION AND AMORTIZATION TOTAL CONSTRUCTION WORK IN PROGRESS NUCLEAR FUEL, NET OF ACCUMULATED AMORTIZATION ACQUISITION ADJUSTMENT - GAS, NET OF ACCUM AMORT UTILITY PLANT, NET OTHER PROPERTY AND INVESTMENTS: NONUTILITY PROPERTY, NET OF ACCUM DEPRECIATION 994 818 176 INVESTMENTS IN SUBSIDIARIES: SECURITIES ADVANCES INVESTMENTS 2,897 2,897 TOTAL OTHER PROPERTY & INVESTMENTS 3,891 818 3,073 CURRENT ASSETS: CASH AND TEMPORARY CASH INVESTMENTS 373 288 85 RECEIVABLES - CUSTOMER AND OTHER 3,033 2,238 795 RECEIVABLES - ASSOCIATED COMPANIES 1 1 INVENTORIES (AT AVERAGE COST): FUEL MATERIALS & SUPPLIES 656 202 454 PREPAYMENTS 68 53 15 DEFERRED INCOME TAXES 100 1 99 TOTAL CURRENT ASSETS 4,231 2,783 1,448 DEFERRED DEBITS: EMISSION ALLOWANCES ENVIRONMENTAL NUCLEAR PLANT DECOMMISSIONING FUND PENSION ASSET OTHER 11 11 TOTAL DEFERRED DEBITS 11 11 TOTAL 8,133 3,612 4,521 31 PAGE 32 SCANA SCANA RESOURCES, INC. RESOURCES, INC. CONSOLIDATED UNCONSOLIDATED INSTEL, INC. CAPITALIZATION & LIABILITIES STOCKHOLDERS' INVESTMENT: COMMON EQUITY 975 (497) 1,472 PREFERRED STOCK (NOT SUBJECT TO PURCHASE OR SINKING FUNDS) TOTAL STOCKHOLDERS' INVESTMENT 975 (497) 1,472 PREFERRED STOCK (SUBJ TO PURCHASE OR SINKING FUNDS) SCE&G OBLIGATED MANDATORILY REDEEMABLE PREFERRED SECURITIES OF SCE&G's SUBSIDIARY TRUST, SCE&G TRUST I, HOLDING SOLELY $50 MILLION PRINCIPAL AMOUNT OF THE 7.55% JUNIOR SUBORDINATED DEBENTURES OF SCE&G, DUE 2027 LONG-TERM DEBT, NET 6,036 3,669 2,367 TOTAL CAPITALIZATION 7,011 3,172 3,839 CURRENT LIABILITIES: SHORT-TERM BORROWINGS CURRENT PORTION OF LONG-TERM DEBT 101 101 CURRENT PORTION OF PREFERRED STOCK ACCOUNTS PAYABLE 471 387 84 ACCOUNTS PAYABLE - ASSOCIATED COMPANIES 270 32 238 CUSTOMER DEPOSITS TAXES ACCRUED (645) (700) 55 INTEREST ACCRUED DIVIDENDS DECLARED OTHER 867 600 267 TOTAL CURRENT LIABILITIES 1,064 420 644 DEFERRED CREDITS: ACCUMULATED DEFERRED INVESTMENT TAX CREDITS ACCUMULATED DEFERRED INCOME TAXES 58 20 38 ACCUM RESERVE FOR NUCLEAR PLANT DECOMMISSIONING POSTRETIREMENT BENEFITS OTHER TOTAL DEFERRED CREDITS 58 20 38 TOTAL 8,133 3,612 4,521 32 PAGE 33 SCANA SCANA PETROLEUM PETROLEUM RESOURCES, INC. RESOURCES, INC. SPR GAS CONSOLIDATED UNCONSOLIDATED SERVICES, INC. ASSETS UTILITY PLANT: ELECTRIC GAS TRANSIT COMMON TOTAL LESS ACCUMULATED DEPRECIATION AND AMORTIZATION TOTAL CONSTRUCTION WORK IN PROGRESS NUCLEAR FUEL, NET OF ACCUMULATED AMORTIZATION ACQUISITION ADJUSTMENT - GAS, NET OF ACCUM AMORT UTILITY PLANT, NET OTHER PROPERTY AND INVESTMENTS: NONUTILITY PROPERTY, NET OF ACCUM DEPRECIATION 9 9 INVESTMENTS IN SUBSIDIARIES: SECURITIES ADVANCES INVESTMENTS TOTAL OTHER PROPERTY & INVESTMENTS 9 9 CURRENT ASSETS: CASH AND TEMPORARY CASH INVESTMENTS RECEIVABLES - CUSTOMER AND OTHER 1,391 1,391 RECEIVABLES - ASSOCIATED COMPANIES 4,000 4,000 INVENTORIES (AT AVERAGE COST): FUEL MATERIALS & SUPPLIES PREPAYMENTS (49) (49) DEFERRED INCOME TAXES (59) (59) TOTAL CURRENT ASSETS 5,283 5,283 DEFERRED DEBITS: EMISSION ALLOWANCES ENVIRONMENTAL NUCLEAR PLANT DECOMMISSIONING FUND PENSION ASSET OTHER TOTAL DEFERRED DEBITS TOTAL 5,292 5,292 - 33 PAGE 34 SCANA SCANA PETROLEUM PETROLEUM RESOURCES, INC. RESOURCES, SPR GAS CONSOLIDATED INC. SERVICES, INC. CAPITALIZATION & LIABILITIES STOCKHOLDERS' INVESTMENT: COMMON EQUITY 1,416 1,416 PREFERRED STOCK (NOT SUBJECT TO PURCHASE OR SINKING FUNDS) TOTAL STOCKHOLDERS' INVESTMENT 1,416 1 416 PREFERRED STOCK (SUBJ TO PURCHASE OR SINKING FUNDS) SCE&G OBLIGATED MANDATORILY REDEEMABLE PREFERRED SECURITIES OF SCE&G's SUBSIDIARY TRUST, SCE&G TRUST I, HOLDING SOLELY $50 MILLION PRINCIPAL AMOUNT OF THE 7.55% JUNIOR SUBORDINATED DEBENTURES OF SCE&G, DUE 2027 LONG-TERM DEBT, NET TOTAL CAPITALIZATION 1,416 1,416 CURRENT LIABILITIES: SHORT-TERM BORROWINGS CURRENT PORTION OF LONG-TERM DEBT CURRENT PORTION OF PREFERRED STOCK ACCOUNTS PAYABLE 3,361 3,361 ACCOUNTS PAYABLE - ASSOCIATED COMPANIES 42 42 CUSTOMER DEPOSITS TAXES ACCRUED (414) (414) INTEREST ACCRUED DIVIDENDS DECLARED 100 100 OTHER TOTAL CURRENT LIABILITIES 3,089 3,089 DEFERRED CREDITS: ACCUMULATED DEFERRED INVESTMENT TAX CREDITS ACCUMULATED DEFERRED INCOME TAXES (1) (1) ACCUM RESERVE FOR NUCLEAR PLANT DECOMMISSIONING POSTRETIREMENT BENEFITS OTHER 788 788 TOTAL DEFERRED CREDITS 787 787 TOTAL 5,292 5,292 - 34 PAGE 35 SCANA SCANA PROPANE PROPANE GAS, USA SCANA GAS, INC. INC. CYLINDER PROPANE SUPPLY CONSOLIDATED UNCONSOLIDATED EXCHANGE, INC. INC. ELIMINATIONS ASSETS UTILITY PLANT: ELECTRIC GAS TRANSIT COMMON TOTAL LESS ACCUMULATED DEPRECIATION AND AMORTIZATION TOTAL CONSTRUCTION WORK IN PROGRESS NUCLEAR FUEL, NET OF ACCUMULATED AMORTIZATION ACQUISITION ADJUSTMENT - GAS, NET OF ACCUM AMORT UTILITY PLANT, NET OTHER PROPERTY AND INVESTMENTS: NONUTILITY PROPERTY, NET OF ACCUM DEPRECIATION 16,851 15,502 908 430 11 INVESTMENTS IN SUBSIDIARIES: SECURITIES 259 1 (260) ADVANCES INVESTMENTS 10,235 10,235 TOTAL OTHER PROPERTY & INVESTMENTS 27,086 25,996 908 431 (249) CURRENT ASSETS: CASH AND TEMPORARY CASH INVESTMENTS 808 1,896 94 (1,181) (1) RECEIVABLES - CUSTOMER AND OTHER 2,120 1,956 115 512 (463) RECEIVABLES - ASSOCIATED COMPANIES 161 161 INVENTORIES (AT AVERAGE COST): FUEL 4,241 1,868 23 2,350 MATERIALS & SUPPLIES 953 935 11 7 PREPAYMENTS 261 192 69 DEFERRED INCOME TAXES 161 161 TOTAL CURRENT ASSETS 8,705 7,169 243 1,688 (395) DEFERRED DEBITS: EMISSION ALLOWANCES ENVIRONMENTAL NUCLEAR PLANT DECOMMISSIONING FUND PENSION ASSET OTHER 156 154 2 TOTAL DEFERRED DEBITS 156 154 2 TOTAL 35,947 33,319 1,153 2,119 (644) 35 PAGE 36 SCANA SCANA PROPANE PROPANE GAS, USA SCANA GAS, INC. INC. CYLINDER PROPANE SUPPLY CONSOLIDATED UNCONSOLIDATED EXCHANGE, INC. INC. ELIMINATIONS CAPITALIZATION & LIABILITIES STOCKHOLDERS' INVESTMENT: COMMON EQUITY 16,530 14,510 883 1,397 (260) PREFERRED STOCK (NOT SUBJECT TO PURCHASE OR SINKING FUNDS) TOTAL STOCKHOLDERS' INVESTMENT 16,530 14,510 883 1,397 (260) PREFERRED STOCK (SUBJ TO PURCHASE OR SINKING FUNDS) SCE&G OBLIGATED MANDATORILY REDEEMABLE PREFERRED SECURITIES OF SCE&G's SUBSIDIARY TRUST, SCE&G TRUST I, HOLDING SOLELY $50 MILLION PRINCIPAL AMOUNT OF THE 7.55% JUNIOR SUBORDINATED DEBENTURES OF SCE&G, DUE 2027 LONG-TERM DEBT, NET 12,867 12,867 TOTAL CAPITALIZATION 29,397 27,377 883 1,397 (260) CURRENT LIABILITIES: SHORT-TERM BORROWINGS CURRENT PORTION OF LONG-TERM DEBT CURRENT PORTION OF PREFERRED STOCK ACCOUNTS PAYABLE 572 525 17 414 (384) ACCOUNTS PAYABLE - ASSOCIATED COMPANIES 261 176 61 24 CUSTOMER DEPOSITS 1,239 1,239 TAXES ACCRUED 456 158 93 205 INTEREST ACCRUED DIVIDENDS DECLARED OTHER 807 774 27 6 TOTAL CURRENT LIABILITIES 3,335 2,872 198 649 (384) DEFERRED CREDITS: ACCUMULATED DEFERRED INVESTMENT TAX CREDITS ACCUMULATED DEFERRED INCOME TAXES 3,215 3,070 72 73 ACCUM RESERVE FOR NUCLEAR PLANT DECOMMISSIONING POSTRETIREMENT BENEFITS OTHER TOTAL DEFERRED CREDITS 3,215 3,070 72 73 TOTAL 35,947 33,319 1,153 2,119 (644) 36
PAGE 37 COGEN SOUTH LLC Statement of Income December 31, 1998 (Thousands of Dollars) Sales 2,958 Cost of products sold 2,958 Depreciation 533 Total expenses 3,491 Net income/(loss) (533) 37 PAGE 38 COGEN SOUTH LLC Balance Sheet December 31, 1998 (Thousands of Dollars) CURRENT ASSETS Cash $ 2,008 Accounts receivable 1,147 Inventories 293 Prepaid expenses 65 Construction funds held by bank 7,003 Total 10,516 Plant and equipment - net 144,078 Intangible asset 15,530 Other assets 2,603 Total 172,727 LIABILITIES AND MEMBERS' CAPITAL Accounts payable and accrued expenses 2,430 CURRENT LIABILITIES 2,430 Long term debt 139,770 Members' capital 30,527 Total 172,727 38 PAGE 39 POWERTEL, INC. STATEMENT OF OPERATIONS December 31, 1998 (Thousands of Dollars except per share amounts) REVENUES AND SALES: Service Revenues 152,275 Equipment Sales 23,161 Total Revenues and Sales 175,436 OPERATING EXPENSES: Cost of Service 42,777 Cost of Equipment Sold 79,144 Operations 56,522 Selling and Marketing 63,936 General and Administrative 37,639 Depreciation 57,938 Amortization 9,716 Total Operating Expenses 347,672 OPERATING LOSS (172,236) OTHER EXPENSE (INCOME): Interest Expense, net 93,656 Miscellaneous (Income) Expense, net (62) Total Other Expense (Income) 93,594 NET LOSS (265,830) DIVIDENDS ON CUMULATIVE CONVERTIBLE, REDEEMABLE PREFERRED STOCK (5,010) NET LOSS AVAILABLE TO COMMON STOCKHOLDERS (270,840) PER SHARE DATA: BASIC AND DILUTED LOSS PER COMMON SHARE (10.02) AVERAGE COMMON AND COMMON EQUIVALENT SHARES OUTSTANDING (Thousands) 27,019 39 PAGE 40 POWERTEL, INC. Balance Sheet December 31, 1998 (Thousands of Dollars) CURRENT ASSETS: Cash and Cash Equivalents 204,786 Restricted Cash for Payment of Interest 33,376 Accounts Receivable, Net of Allowance for Doubtful Accounts 28,726 Inventories 20,683 Prepaid Expenses and Other 9,248 TOTAL CURENT ASSETS 296,819 Property and Equipment at Cost 749,614 Less Accumulated Depreciation (107,210) Property, Net 642,404 OTHER ASSETS: Licenses, net 407,998 Restricted Cash for Payments of Interest 14,343 Deferred Charges and Other, net 19,014 Total Other Assets 441,355 TOTAL ASSETS 1,380,578 CURRENT LIABILITIES: Accounts Payable - Trade 14,633 Accrued Construction Costs 17,807 Accrued Interest 2,781 Accrued Taxes Other than Income 6,261 Accrued Other 20,529 Advance Billing and Customer Deposits 7,898 Current Portion of Long-Term Obligations 49 Total Current Liabilities 69,958 LONG TERM OBLIGATIONS, NET 1,108,070 CUMULATIVE CONVERTIBLE REDEEMABLE PREFERRED STOCK 152,219 STOCKHOLDER'S EQUITY 50,331 TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY 1,380,578 40 PAGE 41 PALMETTO LIME LLC Income Statement December 31, 1998 (Thousands of Dollars) NET SALES - OTHER PRE-OPERATING EXPENSES 200 GROSS LOSS (200) SELLING & ADMINISTRATIVE EXPENSES 542 INTEREST EXPENSE AND BANK CHARGES, NET 36 NET LOSS (778) 41 PAGE 42 PALMETTO LIME LLC Balance Sheet December 31, 1998 (Thousands of Dollars) PREPAID EXPENSE 1 PREPAID INSURANCE 12 TOTAL CURRENT ASSETS 13 CONSTRUCTION IN PROGRESS 16,197 TOTAL ASSETS 16,210 ACCRUED TAXES OTHER THAN INCOME 60 OTHER ACCRUED EXPENSES 17 TOTAL CURRENT LIABILITIES 77 NOTE PAYABLE - APG 7,031 NOTE PAYABLE - SCANA 2,738 CAPITAL APG LIME 3,741 SCANA 3,595 ACCUMULATED DEFICIT (972) TOTAL LIABILITIES & CAPITAL 16,210 42 PAGE 43 SCANA ENERGY TRADING, LLC Statement of Income December 31, 1998 (Thousands of Dollars) REVENUES GAS SALES 24,335 LESS: COST OF GAS 23,839 GROSS MARGIN 496 GENERAL EXPENSES SALARIES & WAGES - GENERAL 299 SUPPLIES & EXPENSES - GENERAL 15 OUTSIDE SERVICES - GENERAL 33 OUTSIDE SERVICES - ASSOCIATED 98 DEPRECIATION EXPENSE 4 AMORTIZATION EXPENSE 12 DUES & PUBLICATIONS 4 OTHER TAXES & LICENSES 1 INSURANCE EXPENSE 25 GENERAL EXPENSE 13 RENT EXPENSE 27 UTILITIES 24 MEALS AND INCIDENTALS 6 TRAVEL AND LODGING 32 TOTAL GENERAL EXPENSES 593 OPERATING INCOME (LOSS) (97) OTHER INCOME INTEREST INCOME 15 TOTAL OTHER INCOME 15 OTHER EXPENSES INTEREST EXPENSE - ASSOC. CO. 34 TOTAL OTHER EXPENSES 34 INCOME BEFORE TAXES (116) FEDERAL INCOME TAX (41) NET INCOME (LOSS) (75) 43 PAGE 44 SCANA ENERGY TRADING, LLC Balance Sheet December 31, 1998 (Thousands of Dollars) CURRENT ASSETS CASH 557 SHORT TERM INVESTMENTS 1,365 NOTES RECEIVABLE-ASSOC CO 400 ACCOUNTS RECEIVABLE 5,173 ACCTS REC - ASSOC CO 421 INVENTORY (NATURAL GAS) 242 PREPAYMENTS 30 TOTAL CURRENT ASSETS 8,188 FIXED ASSETS PROPERTY AND EQUIPMENT, NET 52 TOTAL FIXED ASSETS 52 INTANGIBLE ASSETS GOODWILL, NET OF AMORTIZATION 342 TOTAL INTANGIBLE ASSETS 342 OTHER ASSETS DEFERRED DEBITS 1 TOTAL OTHER ASSETS 1 TOTAL ASSETS 8,583 44 PAGE 45 SCANA ENERGY TRADING, LLC Balance Sheet December 31, 1998 (Thousands of Dollars) CURRENT LIABILITIES ACCOUNTS PAYABLE 4,577 ACCOUNTS PAYABLE - ASSOC CO 385 TAXES ACCRUED (69) TOTAL CURRENT LIABILITIES 4,893 LONG TERM LIABILITIES ADVANCES FROM ASSOC CO. 2,535 TOTAL LONG TERM LIABILITES 2,535 DEFERRED LIABILITIES OTHER DEFERRED CREDITS 30 TOTAL DEFFERED CREDITS 30 OWNERS' EQUITY EQUITY, SCANA ENERGY MARKETING 840 EQUITY, INTERMARKET TRADING CO, LLC. 360 RETAINED EARNINGS (75) TOTAL OWNERS' EQUITY 1,125 TOTAL LIABILITIES AND EQUITY 8,583 45 The above-named claimant has caused this statement to be duly executed on its behalf by its authorized officer on this 9 th day of March, 1999. SCANA CORPORATION (Name of Claimant) BY: s/K. B. Marsh (K. B. Marsh, Senior Vice President-Finance, Chief Financial Officer and Controller CORPORATE SEAL Attest: (Lynn M. Williams, Corporate Secretary) Name, title and address of officer to whom notices and correspondence concerning this statement should be addressed: H. Thomas Arthur Senior Vice President, General Counsel and Assistant Secretary (Name) (Title) 1426 Main Street, Columbia, South Carolina 29201 (Address) PAGE 47 EXHIBIT B. Financial Data Schedule If, at the time a report on this form is filed, the registrant is required to submit this report and any amendments thereto electronically via EDGAR, the registrant shall furnish a Financial Data Schedule. The Schedule shall set forth the financial and other data specified below that are applicable to the registrant on a consolidated basis. 47 PAGE 48 EXHIBIT C An organizational chart showing the relationship of each EWG or foreign utility company to associate companies in the holding-company system. N/A 48 -----END PRIVACY-ENHANCED MESSAGE-----