x
|
ANNUAL
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
|
For
the Fiscal Year Ended December 31, 2005
|
|
OR
|
|
o
|
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF
1934
|
For
the Transition Period from to
|
Commission
File Number
|
Registrant,
State of Incorporation,
Address
and Telephone Number
|
I.R.S.
Employer
Identification No.
|
1-8809
|
SCANA
Corporation
(a
South Carolina corporation)
1426
Main Street, Columbia, South Carolina 29201
(803) 217-9000
|
57-0784499
|
1-3375
|
South
Carolina Electric & Gas Company
(a
South Carolina corporation)
1426
Main Street, Columbia, South Carolina 29201
(803) 217-9000
|
57-0248695
|
1-11429
|
Public
Service Company of North Carolina, Incorporated
(a
South Carolina corporation)
1426
Main Street, Columbia, South Carolina 29201
(803) 217-9000
|
56-2128483
|
Title
of each class
|
Registrant
|
Common
Stock, without par value
|
SCANA
Corporation
|
5%
Cumulative Preferred Stock par value $50 per share
|
South
Carolina Electric & Gas
Company
|
SCANA
Corporation
|
Large
accelerated filer x
|
Accelerated
filer ¨
|
Non-accelerated
filer ¨
|
South
Carolina Electric & Gas Company
|
Large
accelerated filer ¨
|
Accelerated
filer ¨
|
Non-accelerated
filer x
|
Public
Service Company of North Carolina, Incorporated
|
Large
accelerated filer ¨
|
Accelerated
filer ¨
|
Non-accelerated
filer x
|
Registrant
|
Description
of Common Stock
|
Shares
Outstanding
at
February 20, 2006
|
SCANA
Corporation
|
Without
Par Value
|
115,032,759
|
South
Carolina Electric & Gas Company
|
$4.50
Par Value
|
40,296,147(a)
|
Public
Service Company of North Carolina, Incorporated
|
Without
Par Value
|
1,000(a)
|
(a) |
Held
beneficially and of record by SCANA
Corporation.
|
Page
|
||
|
4
|
|
PART
I
|
||
Item
1.
|
|
|
|
|
15
|
Item
1B.
|
|
19
|
Item
2.
|
|
20
|
Item
3.
|
|
22
|
Item
4.
|
|
25
|
|
26
|
|
PART
II
|
||
Item
5.
|
Market
for Registrant's Common Equity,
Related Stockholder Matters and Issuer Purchases of Equity Securities
|
27
|
Item
6.
|
|
29
|
Item
7.
|
Management's
Discussion and Analysis of Financial Condition and Results of
Operations
|
|
Item
7A.
|
Quantitative
and Qualitative Disclosures About Market Risk
|
|
Item
8.
|
Financial
Statements and Supplementary Data
|
|
|
30
|
|
|
94
|
|
|
140
|
|
Item
9.
|
|
162
|
Item
9A.
|
|
162
|
Item
9B.
|
|
165
|
PART
III
|
||
Item
10.
|
|
166
|
Item
11.
|
|
169
|
Item
12.
|
|
175
|
Item
13.
|
|
176
|
Item
14.
|
|
177
|
|
||
|
|
178
|
|
180
|
|
182
|
TERM
|
MEANING
|
AFC
|
Allowance
for Funds Used During Construction
|
CAA
|
Clean
Air Act, as amended
|
DHEC
|
South
Carolina Department of Health and Environmental Control
|
DOE
|
United
States Department of Energy
|
DOJ
|
United
States Department of Justice
|
DT
|
Dekatherm
(one million BTUs)
|
Energy
Marketing
|
The
divisions of SEMI, excluding SCANA Energy
|
EPA
|
United
States Environmental Protection Agency
|
FERC
|
United
States Federal Energy Regulatory Commission
|
Fuel
Company
|
South
Carolina Fuel Company, Inc.
|
GENCO
|
South
Carolina Generating Company, Inc.
|
GPSC
|
Georgia
Public Service Commission
|
IRC
|
Internal
Revenue Code, as amended
|
IRS
|
Internal
Revenue Service
|
KW
or KWh
|
Kilowatt
or Kilowatt-hour
|
LLC
|
Limited
Liability Company
|
LNG
|
Liquefied
Natural Gas
|
MCF
or MMCF
|
Thousand
Cubic Feet or Million Cubic Feet
|
MGP
|
Manufactured
Gas Plant
|
MMBTU
|
Million
British Thermal Units
|
MW
or MWh
|
Megawatt
or Megawatt-hour
|
NCUC
|
North
Carolina Utilities Commission
|
NMST
|
Negotiated
Market Sales Tariff
|
NRC
|
United
States Nuclear Regulatory Commission
|
NSR
|
New
Source Review
|
NYMEX
|
New
York Mercantile Exchange
|
PRP
|
Potentially
Responsible Party
|
PSNC
Energy
|
Public
Service Company of North Carolina, Incorporated
|
Santee
Cooper
|
South
Carolina Public Service Authority
|
SCANA
|
SCANA
Corporation, the parent company
|
SCANA
Energy
|
A
division of SEMI which markets natural gas in Georgia
|
SCE&G
|
South
Carolina Electric & Gas Company
|
SCG
Pipeline
|
SCG
Pipeline, Inc.
|
SCI
|
SCANA
Communications, Inc.
|
SCPC
|
South
Carolina Pipeline Corporation
|
SCPSC
|
The
Public Service Commission of South Carolina
|
SEC
|
United
States Securities and Exchange Commission
|
SEMI
|
SCANA
Energy Marketing, Inc.
|
SFAS
|
Statement
of Financial Accounting Standards
|
Southern
Natural
|
Southern
Natural Gas Company
|
Summer
Station
|
V.
C. Summer Nuclear Station
|
Transco
|
Transcontinental
Gas Pipeline Corporation
|
Williams
Station
|
A.
M. Williams Generating Station
|
WNA
|
Weather
Normalization Adjustment
|
CLASSIFICATION
|
2004
|
2005
|
|||||
Residential
|
40
|
%
|
39
|
%
|
|||
Commercial
|
30
|
%
|
29
|
%
|
|||
Industrial
|
17
|
%
|
17
|
%
|
|||
Sales
for resale
|
4
|
%
|
4
|
%
|
|||
Other
|
2
|
%
|
2
|
%
|
|||
Total
Territorial
|
93
|
%
|
91
|
%
|
|||
NMST
|
7
|
%
|
9
|
%
|
|||
Total
|
100
|
%
|
100
|
%
|
Cost
of Fuel Used
|
||||||||||
2003
|
2004
|
2005
|
||||||||
Per
MMBTU:
|
||||||||||
Nuclear
|
$
|
.53
|
$
|
.50
|
$
|
.46
|
||||
Coal-SCE&G
|
1.68
|
1.92
|
2.36
|
|||||||
Coal-GENCO
|
1.75
|
2.12
|
2.43
|
|||||||
Gas-SCE&G
|
7.02
|
7.31
|
10.30
|
|||||||
All
Fuels (weighted average)
|
1.58
|
1.96
|
2.53
|
|||||||
Per
Ton:
|
||||||||||
Coal-SCE&G
|
$
|
42.06
|
$
|
47.49
|
$
|
58.51
|
||||
Coal-GENCO
|
44.30
|
52.69
|
60.68
|
|||||||
Per
MCF:
|
||||||||||
Gas-SCE&G
|
$
|
7.76
|
$
|
7.81
|
$
|
10.91
|
%
of Total MWh Generated
|
|||||||||||||||||||
Actual
|
Estimated
|
||||||||||||||||||
2003
|
2004
|
2005
|
2006
|
2007
|
2008
|
||||||||||||||
Coal
|
70
|
%
|
68
|
%
|
68
|
%
|
69
|
%
|
66
|
%
|
63
|
%
|
|||||||
Nuclear
|
21
|
%
|
21
|
%
|
19
|
%
|
19
|
%
|
20
|
%
|
18
|
%
|
|||||||
Hydro
|
6
|
%
|
4
|
%
|
5
|
%
|
5
|
%
|
5
|
%
|
5
|
%
|
|||||||
Natural
Gas & Oil
|
3
|
%
|
7
|
%
|
8
|
%
|
7
|
%
|
9
|
%
|
14
|
%
|
|||||||
Total |
100
|
%
|
100
|
%
|
100
|
%
|
100
|
%
|
100
|
%
|
100
|
%
|
Commitment
|
Contractor
|
Remaining
Regions(a)
|
Expiration
Date
|
Enrichment
|
United States Enrichment Corporation(b)
|
19-20
|
2008
|
Fabrication
|
Westinghouse
Electric Corporation
|
19-22
|
2011
|
SCANA
|
SCE&G
|
PSNC Energy
|
|||||||||||||||||
CLASSIFICATION
|
2004
|
2005
|
2004
|
2005
|
2004
|
2005
|
|||||||||||||
Residential
|
40.8
|
%
|
40.6
|
%
|
38.8
|
%
|
36.6
|
%
|
59.3
|
%
|
58.3
|
%
|
|||||||
Commercial
|
24.7
|
%
|
25.5
|
%
|
32.3
|
%
|
32.3
|
%
|
28.9
|
%
|
29.4
|
%
|
|||||||
Industrial
|
29.3
|
%
|
29.6
|
%
|
28.1
|
%
|
30.6
|
%
|
6.5
|
%
|
8.1
|
%
|
|||||||
Sales
for Resale
|
1.5
|
%
|
1.3
|
%
|
-
|
-
|
-
|
-
|
|||||||||||
Transportation
Gas
|
3.7
|
%
|
3.0
|
%
|
0.8
|
%
|
0.5
|
%
|
5.3
|
%
|
4.2
|
%
|
|||||||
Total
|
100
|
%
|
100
|
%
|
100
|
%
|
100
|
%
|
100
|
%
|
100
|
%
|
Project
|
License
Expiration
|
Project
|
License
Expiration
|
Saluda
(Lake Murray)
|
2010
|
Stevens
Creek
|
2025
|
Fairfield
Pumped Storage
|
2020
|
Neal
Shoals
|
2036
|
Parr
Shoals
|
2020
|
· |
The
potential harmful effects on the environment and human health resulting
from a release of radioactive materials in connection with the operation
of nuclear facilities and the storage, handling and disposal of
radioactive materials;
|
· |
Limitations
on the amounts and types of insurance commercially available to cover
losses that might arise in connection with our nuclear operations
or those
of others in the United States;
|
· |
Uncertainties
with respect to contingencies if insurance coverage is inadequate;
and
|
· |
Uncertainties
with respect to the technological and financial aspects of decommissioning
nuclear plants at the end of their operating
lives.
|
Facility
|
Present
Fuel Capability
|
Location
|
Year
In-Service
|
Net
Generating
Capacity
(Summer Rating) (MW)
|
Steam
Turbines
|
||||
Summer(1)
|
Nuclear
|
Parr,
SC
|
1984
|
644
|
McMeekin
|
Coal/Gas
|
Irmo,
SC
|
1958
|
250
|
Canadys
|
Coal/Gas
|
Canadys,
SC
|
1962
|
416
|
Wateree
|
Coal
|
Eastover,
SC
|
1970
|
700
|
Williams(2)
|
Coal
|
Goose
Creek, SC
|
1973
|
615
|
Cope
|
Coal
|
Cope,
SC
|
1996
|
420
|
Cogen
South(3)
|
Charleston,
SC
|
1999
|
90
|
|
Combined
Cycle
|
||||
Urquhart(4)
|
Coal/Gas/Oil
|
Beech
Island, SC
|
1953/2002
|
568
|
Jasper
|
Gas/Oil
|
Hardeeville,
SC
|
2004
|
880
|
Hydro(5)
|
||||
Saluda
|
Irmo,
SC
|
1930
|
206
|
|
Fairfield
Pumped Storage
|
Parr,
SC
|
1978
|
576
|
(3)
|
SCE&G
receives shaft horse power from Cogen South, LLC to operate SCE&G's
generator. Cogen South, LLC is owned 50% by SCANA and 50% by
MeadWestvaco.
|
(4)
|
Two
combined-cycle turbines burn natural gas or fuel oil to produce 341
MW of
electric generation and use exhaust heat to power two 75 MW turbines
at
the Urquhart Generating Station. Unit 3 is a coal-fired steam
unit.
|
(5)
|
SCE&G
also owns three other hydro units in South Carolina that were placed
in
service in 1905 and 1914 and have an aggregate net generating capacity
of
32 MW.
|
Name
|
Age
|
Positions
Held During Past Five Years
|
Dates
|
William
B. Timmerman
|
59
|
Chairman
of the Board, President and Chief Executive Officer
|
*-present
|
Joseph
C. Bouknight
|
53
|
Senior
Vice President-Human Resources
Vice
President Human Resources-Dan River, Inc.-Danville, VA
|
2004-present
*-2004
|
George
J. Bullwinkel
|
57
|
President
and Chief Operating Officer-SEMI
President
and Chief Operating Officer-ServiceCare
President
and Chief Operating Officer-SCI
President
and Chief Operating Officer-SCPC and SCG Pipeline
Senior
Vice President-Governmental Affairs and Economic Development
|
2004-present
2002-present
*-present
2002-2004
*-2002
|
Sarena
D. Burch
|
48
|
Senior
Vice President-Fuel Procurement and Asset Management-SCE&G, PSNC
Energy and SCPC
Deputy
General Counsel and Assistant Secretary-SCANA Services
|
2003-present
*-2003
|
Stephen
A. Byrne
|
46
|
Senior
Vice President-Generation, Nuclear and Fossil Hydro-SCE&G
Senior
Vice President-Nuclear Operations
|
2004-present
*-2004
|
Paul
V. Fant
|
52
|
Senior
Vice President-SCANA Services
Senior
Vice President Transmission Services - SCE&G
President
and Chief Operating Officer-SCPC and SCG Pipeline
Executive
Vice President-SCPC
Executive
Vice President-SCG Pipeline
|
2004-present
2004-present
2004-present
*-2004
2002-2004
|
Sharon
K. Jenkins
|
48
|
Senior
Vice President-Marketing and Communications-SCANA Services
Vice
President, Marketing-Wireless and Broadband Systems Division-Motorola,
Inc.-Austin, TX
|
2003-present
*-2003
|
Neville
O. Lorick
|
55
|
President
and Chief Operating Officer-SCE&G
|
*-present
|
Kevin
B. Marsh
|
50
|
Senior
Vice President and Chief Financial Officer
President
and Chief Operating Officer-PSNC Energy
|
*-present
*-2003
|
Charles
B. McFadden
|
61
|
Senior
Vice President-Governmental Affairs and Economic Development-SCANA
Services
Vice
President-Governmental Affairs and Economic Development-SCANA
Services
|
2003-present
*-2003
|
Francis
P. Mood, Jr.
|
68
|
Senior
Vice President, General Counsel and Assistant Secretary
Attorney,
Haynsworth Sinkler Boyd, P.A.-Columbia, SC
|
2005-present
*-2005
|
2005
|
2004
|
||||||||
4th Qtr.
|
3rd Qtr.
|
2nd Qtr.
|
1st Qtr.
|
4th Qtr.
|
3rd Qtr.
|
2nd Qtr.
|
1st Qtr.
|
||
Price
Range (New York Stock Exchange Composite Listing):
|
|||||||||
High
|
$43.37
|
$43.65
|
$43.30
|
$40.04
|
$39.71
|
$38.09
|
$36.88
|
$36.29
|
|
Low
|
37.79
|
39.90
|
36.56
|
36.70
|
36.39
|
35.66
|
32.82
|
33.42
|
SCANA
(1)
|
SCE&G
(1)
|
PSNC
Energy (2)
|
|||||||
Rating
Agency
|
Senior
Unsecured
|
Senior
Secured
|
Senior
Unsecured
|
Preferred
Stock
|
Commercial
Paper
|
Senior
Unsecured
|
Commercial
Paper
|
||
Moody's
|
A3
|
A1
|
A2
|
Baa1
|
P-1
|
A2
|
P-1
|
||
Standard
& Poors (S&P)
|
BBB+
|
A-
|
BBB+
|
BBB
|
A-2
|
A-
|
A-2
|
||
Fitch
|
A-
|
A+
|
A
|
A
|
F-1
|
NR
|
NR
|
Long-term
(investment grade)
|
Short-term
|
||||
Moody's
(3)
|
S&P
(4)
|
Fitch
(4)
|
Moody's
|
S&P
|
Fitch
|
Aaa
|
AAA
|
AAA
|
Prime-1
(P-1)
|
A-1
|
F-1
|
Aa
|
AA
|
AA
|
Prime-2
(P-2)
|
A-2
|
F-2
|
A
|
A
|
A
|
Prime-3
(P-3)
|
A-3
|
F-3
|
Baa
|
BBB
|
BBB
|
Not
Prime
|
B
|
B
|
C
|
C
|
||||
D
|
D
|
SCANA
|
SCE&G
|
|||||||||||||
As
of or for the Year Ended December 31,
|
2005
|
2004
|
2003
|
2002
|
2001
|
2005
|
2004
|
2003
|
2002
|
2001
|
||||
(Millions
of dollars, except statistics and per share
amounts)
|
||||||||||||||
Statement
of Operation Data
|
||||||||||||||
Operating
Revenues
|
$4,777
|
$3,885
|
$3,416
|
$2,954
|
$3,451
|
$2,421
|
$2,089
|
$1,832
|
$1,683
|
$1,715
|
||||
Operating
Income
|
436
|
596
|
551
|
514
|
528
|
312
|
475
|
440
|
431
|
439
|
||||
Other
Income (Expense)
|
(162)
|
(219)
|
(138)
|
(397)
|
309
|
(121)
|
(111)
|
(101)
|
(90)
|
(86)
|
||||
Income
Before Cumulative Effect of Accounting Change
|
320
|
257
|
282
|
88
|
539
|
258
|
232
|
220
|
219
|
222
|
||||
Net
Income (Loss) (1)
|
320
|
257
|
282
|
(142)
|
539
|
258
|
232
|
220
|
219
|
222
|
||||
Common
Stock Data
|
||||||||||||||
Weighted
Average Number of Common Shares
|
||||||||||||||
Outstanding
(Millions)
|
113.8
|
111.6
|
110.8
|
106.0
|
104.7
|
n/a
|
n/a
|
n/a
|
n/a
|
n/a
|
||||
Basic
and Diluted Earnings (Loss) Per Share
(1)
|
$2.81
|
$2.30
|
$2.54
|
$(1.34)
|
$5.15
|
n/a
|
n/a
|
n/a
|
n/a
|
n/a
|
||||
Dividends
Declared Per Share of Common Stock
|
$1.56
|
$1.46
|
$1.38
|
$1.30
|
$1.20
|
n/a
|
n/a
|
n/a
|
n/a
|
n/a
|
||||
Balance
Sheet Data
|
||||||||||||||
Utility
Plant, Net
|
$6,734
|
$6,762
|
$6,417
|
$5,474
|
$5,263
|
$5,580
|
$5,621
|
$5,293
|
$4,729
|
$4,065
|
||||
Total
Assets
|
9,519
|
9,006
|
8,458
|
8,074
|
7,822
|
7,366
|
6,985
|
6,628
|
5,958
|
5,138
|
||||
Capitalization:
|
||||||||||||||
Common
equity
|
$2,677
|
$2,451
|
$2,306
|
$2,177
|
$2,194
|
$2,362
|
$2,164
|
$2,043
|
$1,966
|
$1,750
|
||||
Preferred
Stock (Not subject to purchase or sinking funds)
|
106
|
106
|
106
|
106
|
106
|
106
|
106
|
106
|
106
|
106
|
||||
Preferred
Stock, net (Subject to purchase or sinking funds)
|
8
|
9
|
9
|
9
|
10
|
8
|
9
|
9
|
9
|
10
|
||||
SCE&G—Obligated
Mandatorily Redeemable
|
||||||||||||||
Preferred
Securities of SCE&G Trust I
|
-
|
-
|
-
|
50
|
50
|
-
|
-
|
-
|
50
|
50
|
||||
Long-term
Debt, net
|
2,948
|
3,186
|
3,225
|
2,834
|
2,646
|
1,856
|
1,981
|
2,010
|
1,604
|
1,486
|
||||
Total
Capitalization
|
$5,739
|
$5,752
|
$5,646
|
$5,176
|
$5,006
|
$4,332
|
$4,260
|
$4,168
|
$3,735
|
$3,402
|
||||
Other
Statistics
|
||||||||||||||
Electric:
|
||||||||||||||
Customers
(Year-End)
|
609,971
|
585,264
|
570,940
|
560,224
|
547,388
|
610,025
|
585,326
|
570,994
|
560,248
|
547,411
|
||||
Total
sales (Million KWh)
|
25,140
|
25,031
|
22,516
|
23,085
|
22,928
|
25,158
|
25,050
|
22,531
|
23,085
|
22,928
|
||||
Generating
capability—Net MW (Year-End)
|
5,808
|
5,817
|
4,880
|
4,866
|
4,520
|
5,808
|
5,817
|
4,880
|
4,866
|
4,520
|
||||
Territorial
peak demand—Net MW
|
4,820
|
4,574
|
4,474
|
4,404
|
4,196
|
4,820
|
4,574
|
4,474
|
4,404
|
4,196
|
||||
Regulated
Gas:
|
||||||||||||||
Customers
(Year-End)
|
714,794
|
693,172
|
672,849
|
657,950
|
647,988
|
291,607
|
284,355
|
278,463
|
274,334
|
269,329
|
||||
Sales,
excluding transportation (Thousand Therms)
|
1,106,526
|
1,124,555
|
1,205,730
|
1,354,400
|
1,183,463
|
410,700
|
399,601
|
399,392
|
398,991
|
368,632
|
||||
Retail
Gas Marketing:
|
||||||||||||||
Retail
customers (Year-End)
|
479,382
|
472,468
|
415,573
|
374,872
|
385,581
|
n/a
|
n/a
|
n/a
|
n/a
|
n/a
|
||||
Firm
customer deliveries (Thousand Therms)
|
379,913
|
379,712
|
356,256
|
337,858
|
359,602
|
n/a
|
n/a
|
n/a
|
n/a
|
n/a
|
||||
Nonregulated
interruptible customer deliveries
|
||||||||||||||
(Thousand
Therms)
|
1,010,066
|
917,875
|
735,902
|
852,608
|
1,119,719
|
n/a
|
n/a
|
n/a
|
n/a
|
n/a
|
Page
|
|||
Item
7.
|
31
|
||
31
|
|||
35
|
|||
43
|
|||
47
|
|||
50
|
|||
52
|
|||
54
|
|||
Item
7A.
|
55
|
||
Item
8.
|
|||
58
|
|||
59
|
|||
61
|
|||
62
|
|||
63
|
|||
64
|
|||
%
of Revenues
|
2005
|
2004
|
2003
|
|||||||
Regulated
|
69
|
%
|
71
|
%
|
73
|
%
|
||||
Nonregulated
|
31
|
%
|
29
|
%
|
27
|
%
|
||||
%
of Net Income (Loss)
|
2005
|
2004(a
|
)
|
2003
|
||||||
Regulated
|
92
|
%
|
106
|
%
|
92
|
%
|
||||
Nonregulated
|
8
|
%
|
(6
|
)%
|
8
|
%
|
||||
%
of Assets
|
2005
|
2004
|
2003
|
|||||||
Regulated
|
94
|
%
|
94
|
%
|
93
|
%
|
||||
Nonregulated
|
6
|
%
|
6
|
%
|
7
|
%
|
(a)
|
In
2004, net income for regulated businesses totaled $272.0 million and
net loss for nonregulated businesses totaled $14.9 million. Net loss
for nonregulated businesses included impairments and losses recognized
on
the sale of certain of the Company’s telecommunications investments
($29.8 million, net of tax) and a charge related to pending
litigation associated with the Company’s 1999 sale of its propane assets
($11.1 million, net of taxes). See Results of Operations for more
information.
|
2005
|
2004
|
2003
|
||||||||
Reported
(GAAP) earnings per share
|
$
|
2.81
|
$
|
2.30
|
$
|
2.54
|
||||
Add
(Deduct):
|
||||||||||
Gains
from sales of telecommunications investments
|
(.03
|
)
|
-
|
(.35
|
)
|
|||||
Losses
from sales of telecommunications investments
|
-
|
.14
|
-
|
|||||||
Telecommunications
investment impairments
|
-
|
.13
|
.31
|
|||||||
Charge
related to pending litigation
|
-
|
.10
|
-
|
|||||||
GAAP-adjusted
net earnings from operations per share
|
$
|
2.78
|
$
|
2.67
|
$
|
2.50
|
||||
Cash
dividends declared (per share)
|
$
|
1.56
|
$
|
1.46
|
$
|
1.38
|
Millions
of dollars
|
2005
|
2004
|
2003
|
|||||||
Income
Statement Impact:
|
||||||||||
(Component
of) reduction in employee benefit costs
|
$
|
4.3
|
$
|
2.9
|
$
|
(2.3
|
)
|
|||
Other
income
|
11.9
|
10.8
|
7.9
|
|||||||
Balance
Sheet Impact:
|
||||||||||
(Component
of) reduction in capital expenditures
|
1.3
|
1.0
|
(0.5
|
)
|
||||||
Component
of (reduction in) amount due to Summer Station co-owner
|
0.6
|
0.4
|
(0.1
|
)
|
||||||
Total
Pension Income
|
$
|
18.1
|
$
|
15.1
|
$
|
5.0
|
Recognized
4th
Quarter
|
Year
Ended
December
31,
|
||||||
Millions
of dollars
|
2005
|
2005
|
|||||
Depreciation
and amortization expense
|
$
|
(13.2
|
)
|
$
|
(214.0
|
)
|
|
Income
tax benefits:
|
|||||||
From
synthetic fuel tax credits
|
10.9
|
179.0
|
|||||
From
accelerated depreciation
|
5.0
|
81.8
|
|||||
From
partnership losses
|
1.7
|
28.9
|
|||||
Total
income tax benefits
|
17.6
|
289.7
|
|||||
Losses
from Equity Method Investments
|
(4.4
|
)
|
(75.7
|
)
|
|||
Impact
on Net Income
|
-
|
-
|
Millions
of dollars
|
2005
|
% Change
|
2004
|
% Change
|
2003
|
|||||||||||
Operating
revenues
|
$
|
1,908.3
|
13.1
|
%
|
$
|
1,687.7
|
15.1
|
%
|
$
|
1,466.5
|
||||||
Less:
Fuel used in generation
|
618.3
|
32.4
|
%
|
466.9
|
39.7
|
%
|
334.1
|
|||||||||
Purchased
power
|
37.2
|
(26.6
|
)%
|
50.7
|
(20.8
|
)%
|
64.0
|
|||||||||
Margin
|
$
|
1,252.8
|
7.1
|
%
|
$
|
1,170.1
|
9.5
|
%
|
$
|
1,068.4
|
•
|
2005 vs 2004
|
Margin
increased by $41.4 million due to increased retail electric rates
that went into effect in January 2005, by $24.8 million due to residential
and commercial customer growth and by $16.4 million due to increased
off-system sales. These increases were offset by a $2.4 million decrease
due to unfavorable weather. Fuel used in generation increased $151.4
million due primarily to the increased cost of coal and natural gas
used
for electric generation. Purchased power decreased due to greater
availability of generation
facilities.
|
•
|
2004
vs 2003
|
Margin
increased by $47.2 million due to increased off-system sales, by
$22.9
million due to increased customer growth and consumption, by
$22.3 million due to favorable weather and by $7.1 million due
to the increase in retail electric base rates effective
February 2003. Fuel used in generation increased by
$103.0 million due to increased availability of generation facilities
and by $30.0 million due to increased cost of coal. Purchased power
decreased due to greater availability of generation
facilities.
|
Classification
(in thousands)
|
2005
|
% Change
|
2004
|
% Change
|
2003
|
|||||||||||
Residential
|
7,634
|
2.3
|
%
|
7,460
|
6.6
|
%
|
6,998
|
|||||||||
Commercial
|
7,047
|
2.1
|
%
|
6,900
|
4.4
|
%
|
6,607
|
|||||||||
Industrial
|
6,651
|
(1.8
|
)%
|
6,775
|
3.5
|
%
|
6,548
|
|||||||||
Sales
for resale (excluding interchange)
|
1,487
|
(2.5
|
)%
|
1,525
|
6.1
|
%
|
1,438
|
|||||||||
Other
|
527
|
0.2
|
%
|
526
|
5.2
|
%
|
500
|
|||||||||
Total
territorial
|
23,346
|
0.7
|
%
|
23,186
|
5.0
|
%
|
22,091
|
|||||||||
NMST
|
1,794
|
(2.8
|
)%
|
1,845
|
*
|
425
|
||||||||||
Total
|
25,140
|
0.4
|
%
|
25,031
|
11.2
|
%
|
22,516
|
•
|
2005
vs 2004
|
Territorial
sales volumes increased by 407 MWh primarily due to customer growth
partially offset by 261 MWh due to less favorable
weather.
|
•
|
2004
vs 2003
|
Territorial
sales volumes increased by 334 MWh and 774 MWh due to customer growth
and
weather, respectively.
|
Millions
of dollars
|
2005
|
% Change
|
2004
|
% Change
|
2003
|
|||||||||||
Operating
revenues
|
$
|
1,168.6
|
27.9
|
%
|
$
|
913.9
|
5.2
|
%
|
$
|
869.0
|
||||||
Less:
Gas purchased for resale
|
894.6
|
36.6
|
%
|
655.1
|
9.3
|
%
|
599.3
|
|||||||||
Margin
|
$
|
274.0
|
5.9
|
%
|
$
|
258.8
|
(4.0
|
)%
|
$
|
269.7
|
•
|
2005 vs 2004
|
Margin
increased primarily due to customer growth of $6.9 million at PSNC
Energy,
higher firm margin of $4.7 million at SCE&G and $4.6 million due to
increased retail gas base rates at SCE&G which became effective with
the first billing cycle in November 2005. These increases were offset
by a
$0.8 million decrease due to lower interruptible margin and transportation
revenue at SCE&G.
|
•
|
2004 vs 2003
|
Margin
decreased primarily due to a decrease in SCE&G’s billing surcharge for
the recovery of environmental remediation expenses of $5.0 million,
lower residential and commercial sales volumes of $2.5 million and
$5.1 million due to milder weather. This was partially offset by
customer growth at PSNC Energy of
$4.0 million.
|
Classification
(in thousands)
|
2005
|
% Change
|
2004
|
% Change
|
2003
|
|||||||||||
Residential
|
37,860
|
1.7
|
%
|
37,231
|
(3.4
|
)%
|
38,542
|
|||||||||
Commercial
|
27,750
|
1.8
|
%
|
27,271
|
(1.6
|
)%
|
27,715
|
|||||||||
Industrial
|
20,833
|
7.8
|
%
|
19,320
|
(3.9
|
)%
|
20,109
|
|||||||||
Transportation
gas
|
27,698
|
(1.8
|
)%
|
28,216
|
11.1
|
%
|
25,387
|
|||||||||
Sales
for resale
|
-
|
*
|
1
|
*
|
1
|
|||||||||||
Total
|
114,141
|
1.9
|
%
|
112,039
|
0.3
|
%
|
111,754
|
•
|
2005 vs 2004
|
Commercial
and industrial volumes increased primarily due to more customers
buying
commodity gas instead of purchasing alternate fuels and instead of
transporting gas purchased from
others.
|
•
|
2004 vs 2003
|
Residential
and commercial sales volumes decreased primarily due to unfavorable
consumption patterns. Transportation volumes increased primarily
as a
result of interruptible customers using gas instead of alternative
fuels.
|
Millions
of dollars
|
2005
|
% Change
|
2004
|
% Change
|
2003
|
|||||||||||
Operating
revenues
|
$
|
658.0
|
19.4
|
%
|
$
|
550.9
|
6.0
|
%
|
$
|
519.8
|
||||||
Less:
Gas purchased for resale
|
604.2
|
21.6
|
%
|
496.9
|
5.2
|
%
|
472.2
|
|||||||||
Margin
|
$
|
53.8
|
(0.4
|
)%
|
$
|
54.0
|
13.4
|
%
|
$
|
47.6
|
•
|
2005
vs 2004
|
Operating
revenues and gas purchased for resale increased primarily due to
higher
commodity gas prices.
|
•
|
2004
vs 2003
|
Margin
increased primarily due to higher transportation and reservation
revenue
as a result of new firm transportation
contracts.
|
Classification
(in thousands)
|
2005
|
% Change
|
2004
|
% Change
|
2003
|
|||||||||||
Commercial
|
54
|
(52.2
|
)%
|
113
|
5.6
|
%
|
107
|
|||||||||
Industrial
|
22,748
|
(20.5
|
)%
|
28,625
|
(8.9
|
)%
|
31,436
|
|||||||||
Transportation
|
24,801
|
(1.8
|
)%
|
25,252
|
*
|
12,262
|
||||||||||
Sales
for resale
|
43,763
|
1.9
|
%
|
42,946
|
(9.4
|
)%
|
47,391
|
|||||||||
Total
|
91,366
|
(5.7
|
)%
|
96,936
|
6.3
|
%
|
91,196
|
•
|
2005 vs 2004
|
Industrial
volumes decreased primarily due to higher commodity gas prices relative
to
alternative fuels.
|
•
|
2004 vs 2003
|
Industrial
volumes decreased primarily due to decreased electric generation.
Transportation volumes increased by 7.5 million DTs due to a new
contract
with a firm transportation customer and by 4.9 million DTs due to new
transportation contracts with resale customers. Sales for resale
volumes
decreased primarily due to the previously mentioned new transportation
contracts with resale customers.
|
Millions
of dollars
|
2005
|
% Change
|
2004
|
% Change
|
2003
|
|||||||||||
Operating
revenues
|
$
|
663.8
|
20.3
|
%
|
$
|
552.0
|
23.1
|
%
|
$
|
448.3
|
||||||
Net
income
|
24.1
|
(16.9
|
)%
|
29.0
|
44.3
|
%
|
20.1
|
•
|
2005 vs 2004
|
Operating
revenues increased primarily as a result of higher average retail
prices
necessitated by higher commodity cost of gas. Net income decreased
primarily due to increased bad debt of $5.9 million, and operating,
marketing and customer service expenses of $4.4 million, offsetting
a
margin increase of $5.2 million, net of
taxes.
|
•
|
2004
vs 2003
|
Operating
revenues increased primarily as a result of increased volumes and
higher
average retail prices. Net income increased primarily due to higher
margins of $16.7 million, partially offset by increased bad debt of
$2.9 million, increased depreciation expense of $0.7 million and
higher customer service expenses of
$2.0 million.
|
Millions
of dollars
|
2005
|
%
Change
|
2004
|
%
Change
|
2003
|
|||||||||||
Operating
revenues
|
$
|
945.6
|
58.5
|
%
|
$
|
596.5
|
43.5
|
%
|
$
|
415.7
|
||||||
Net
loss
|
(0.6
|
)
|
70.0
|
%
|
(2.0
|
)
|
(81.8
|
)%
|
(1.1
|
)
|
•
|
2005 vs 2004
|
Operating
revenues increased due to higher market prices and higher sales volume.
Net loss decreased primarily due to higher margins of $0.6 million
and
lower operating expenses of $0.8
million.
|
•
|
2004
vs 2003
|
Operating
revenues increased due to higher market prices and higher sales volumes.
Net loss increased primarily due to higher operating expenses of
$2.0 million partially offset by higher margins of
$0.8 million.
|
Millions
of dollars
|
2005
|
% Change
|
2004
|
% Change
|
2003
|
|||||||||||
Other
operation and maintenance
|
$
|
632.0
|
4.0
|
%
|
$
|
607.5
|
8.8
|
%
|
$
|
558.3
|
||||||
Depreciation
and amortization
|
509.9
|
92.3
|
%
|
265.1
|
11.2
|
%
|
238.3
|
|||||||||
Other
taxes
|
145.0
|
(0.4
|
)%
|
145.6
|
4.6
|
%
|
139.2
|
|||||||||
Total
|
$
|
1,286.9
|
26.4
|
%
|
$
|
1,018.2
|
8.8
|
%
|
$
|
935.8
|
•
|
2005 vs 2004
|
Other
operation and maintenance expenses increased primarily due to increased
electric generation major maintenance expenses of $6.7 million, increased
expenses associated with the Jasper County Electric Generating Station
completed in May 2004 totaling $2.4 million, increased nuclear operating
and maintenance expenses of $2.4 million, higher expenses related
to
regulatory matters of $1.9 million and higher amortization of regulatory
assets of $3.6 million. The increases were offset primarily by decreased
long-term bonus and incentive plan expenses of $4.8 million and decreased
storm damage expenses of $0.9 million. Depreciation and amortization
increased approximately $214.0 million due to accelerated depreciation
of
the back-up dam at Lake Murray (previously explained at Recognition
of Synthetic Fuel Tax Credits),
increased $6.5 million due to the completion of the Jasper County
Electric
Generating Station in May 2004 and $6.1 million due to normal net
property
changes at SCE&G. In addition, as a result of the January 2005 rate
order, SCE&G received approval to amortize previously deferred
purchased power costs and to implement new depreciation rates, resulting
in $17.3 million of additional depreciation and amortization expense
in
the period.
|
•
|
2004 vs 2003
|
Other
operation and maintenance expenses increased primarily due to increased
labor and benefit expense of $26.3 million, higher bad debt expense
of $5.8 million, increased expenses at the generation plants of
$11.0 million, winter storm expense of $2.5 million and
increased gas marketing and customer billing costs of $4.2 million,
partially offset by increased pension income of $5.2 million.
Depreciation and amortization increased by $13.4 million due to
completion of the Jasper County Electric Generating Station and
$11.1 million as a result of normal net property additions. Other
taxes increased primarily due to increased property
taxes.
|
Millions
of dollars
|
2005
|
% Change
|
2004
|
% Change
|
2003
|
|||||||||||
Gain
(loss) on sale of investments
|
$
|
7.2
|
*
|
$
|
(21.0
|
)
|
*
|
$
|
59.8
|
|||||||
Gain
on sale of assets
|
1.7
|
*
|
0.7
|
(41.7
|
)%
|
1.2
|
||||||||||
Impairment
of investments
|
-
|
*
|
(26.9
|
)
|
(49.3
|
)%
|
(53.1
|
)
|
||||||||
Other
revenues
|
248.1
|
36.9
|
%
|
181.2
|
8.6
|
%
|
166.8
|
|||||||||
Other
expenses
|
(200.3
|
)
|
25.2
|
%
|
(159.9
|
)
|
30.2
|
%
|
(122.8
|
)
|
||||||
Total
|
$
|
56.7
|
*
|
$
|
(25.9
|
)
|
*
|
$
|
51.9
|
Millions
of dollars
|
2005
|
% Change
|
2004
|
% Change
|
2003
|
|||||||||||
Interest
on long-term debt, net
|
$
|
202.8
|
(2.5
|
)%
|
$
|
208.1
|
1.4
|
%
|
$
|
205.2
|
||||||
Other
interest expense
|
12.6
|
*
|
4.3
|
(25.9
|
)%
|
5.8
|
||||||||||
Total
|
$
|
215.4
|
1.4
|
%
|
$
|
212.4
|
0.7
|
%
|
$
|
211.0
|
•
|
2005 vs 2004
|
Interest
on long-term debt decreased primarily due to the redemption of outstanding
debt in late 2004. Other interest expense increased primarily due
to
increased short-term debt at
SCE&G.
|
•
|
2004 vs 2003
|
Interest
expense increased primarily due to slightly higher levels of borrowing
outstanding during 2004 until the payment of maturing debt late in
the
year.
|
Millions
of dollars
|
2006
|
2007
|
2008
|
|||||||
SCE&G:
|
||||||||||
Electric
Plant:
|
||||||||||
Generation
(including GENCO)
|
$
|
128
|
$
|
86
|
$
|
193
|
||||
Transmission
|
50
|
44
|
46
|
|||||||
Distribution
|
115
|
114
|
115
|
|||||||
Other
|
18
|
11
|
14
|
|||||||
Nuclear
Fuel
|
27
|
25
|
5
|
|||||||
Gas
|
27
|
26
|
31
|
|||||||
Common
|
22
|
17
|
7
|
|||||||
Other
|
2
|
-
|
-
|
|||||||
Total
SCE&G
|
389
|
323
|
411
|
|||||||
PSNC
Energy
|
70
|
78
|
84
|
|||||||
Other
Companies Combined
|
44
|
32
|
27
|
|||||||
Total
|
$
|
503
|
$
|
433
|
$
|
522
|
Millions
of dollars
|
Total
|
Less
than
1
year
|
1-3 years
|
4-5 years
|
After
5 years
|
|||||||||||
Long-term
and short-term debt (including
|
||||||||||||||||
interest
and preferred stock)
|
$
|
6,171
|
$
|
874
|
$
|
925
|
$
|
920
|
$
|
3,452
|
||||||
Capital
leases
|
2
|
1
|
1
|
-
|
-
|
|||||||||||
Operating
leases
|
53
|
15
|
35
|
1
|
2
|
|||||||||||
Purchase
obligations
|
166
|
152
|
12
|
2
|
-
|
|||||||||||
Other
commercial commitments
|
8,955
|
1,633
|
2,207
|
1,124
|
3,991
|
|||||||||||
Total
|
$
|
15,347
|
$
|
2,675
|
$
|
3,180
|
$
|
2,047
|
$
|
7,445
|
Millions
of dollars
|
2006
|
2005
|
|||||
Property
additions and construction expenditures, net of AFC
|
$
|
485
|
$
|
385
|
|||
Nuclear
fuel expenditures
|
18
|
18
|
|||||
Investments
|
18
|
18
|
|||||
Total
|
$
|
521
|
$
|
421
|
Millions
of dollars
|
SCANA
|
SCE&G
|
PSNC Energy
|
|||||||
Lines
of credit (total and unused):
|
||||||||||
Committed
|
||||||||||
Short-term
|
$
|
350
|
-
|
-
|
||||||
Long-term
(expires June 2010)
|
-
|
$
|
525
|
$
|
125
|
|||||
Uncommitted
|
103(a
|
)
|
78(a
|
)
|
-
|
|||||
Short-term
borrowings outstanding:
|
||||||||||
Bank
loans/commercial paper (270 or fewer days)
|
$
|
25
|
$
|
303.1
|
$
|
98.6
|
||||
Weighted
average interest rate
|
4.43
|
%
|
4.40
|
%
|
4.47
|
%
|
· |
SCE&G
owns a decommissioned MGP site in the Calhoun Park area of Charleston,
South Carolina. The site is currently being remediated for contamination.
SCE&G anticipates that the remaining remediation activities will be
completed by mid-2006, with certain monitoring and retreatment activities
continuing until 2011. As of December 31, 2005, SCE&G has spent
$21.5 million to remediate the Calhoun Park site, and expects to
spend an
additional $0.3 million. In addition, the National Park Service of
the Department of the Interior made an initial demand to SCE&G for
payment of $9.1 million for certain costs and damages relating to
this site. Any cost arising from this matter is expected to be recoverable
through rates.
|
· |
SCE&G
owns three other decommissioned MGP sites in South Carolina which
contain
residues of by-product chemicals. One of the sites has been remediated
and
will undergo routine monitoring until released by DHEC. The other
sites
are currently being investigated under work plans approved by DHEC.
SCE&G anticipates that major remediation activities for the three
sites will be completed in 2010. As of December 31, 2005, SCE&G
has spent $4.5 million related to these three sites, and expects to
spend an additional $11.5 million. Any
cost arising from this matter is expected to be recoverable through
rates.
|
Expected
Maturity Date
|
||||||||
December 31,
2005
Millions
of dollars
|
2006
|
2007
|
2008
|
2009
|
2010
|
Thereafter
|
Total
|
Fair
Value
|
Liabilities
|
||||||||
Long-Term
Debt:
|
||||||||
Fixed
Rate ($)
|
174.4
|
68.6
|
158.6
|
143.6
|
43.6
|
2,524.6
|
3,113.4
|
3,108.8
|
Average
Fixed Interest Rate (%)
|
8.50
|
6.96
|
6.13
|
6.39
|
6.99
|
6.14
|
6.47
|
|
Variable
Rate ($)
|
100.0
|
100.0
|
100.0
|
|||||
Average
Variable Interest Rate (%)
|
4.56
|
4.56
|
||||||
Interest
Rate Swaps:
|
||||||||
Pay
Variable/Receive Fixed ($)
|
3.2
|
28.2
|
3.2
|
3.2
|
3.2
|
6.4
|
47.4
|
0.1
|
Average
Pay Interest Rate (%)
|
7.72
|
7.97
|
7.72
|
7.72
|
7.72
|
7.72
|
7.87
|
|
Average
Receive Interest Rate (%)
|
8.75
|
7.11
|
8.75
|
8.75
|
8.75
|
8.75
|
7.77
|
Expected
Maturity Date
|
||||||||
December 31,
2004
Millions
of dollars
|
2005
|
2006
|
2007
|
2008
|
2009
|
Thereafter
|
Total
|
Fair
Value
|
Liabilities
|
||||||||
Long-Term
Debt:
|
||||||||
Fixed
Rate ($)
|
193.6
|
174.4
|
68.6
|
158.6
|
143.6
|
2,532.8
|
3,271.6
|
3,404.5
|
Average
Fixed Interest Rate (%)
|
7.39
|
8.50
|
6.96
|
8.12
|
8.21
|
6.24
|
6.62
|
|
Variable
Rate ($)
|
200.0
|
200.0
|
200.0
|
|||||
Average
Variable Interest Rate (%)
|
2.73
|
2.73
|
||||||
Interest
Rate Swaps:
|
||||||||
Pay
Variable/Receive Fixed ($)
|
3.2
|
3.2
|
28.2
|
118.2
|
3.2
|
119.6
|
275.6
|
4.2
|
Average
Pay Interest Rate (%)
|
5.74
|
5.74
|
6.04
|
4.73
|
5.74
|
4.46
|
4.78
|
|
Average
Receive Interest Rate (%)
|
8.75
|
8.75
|
7.11
|
5.89
|
8.75
|
6.45
|
6.36
|
Expected
Maturity:
|
||||||||
Options
|
||||||||
Futures
Contracts
|
Purchased
Call
|
Purchased
Put
|
Sold
Put
|
|||||
2006
|
Long
($)
|
Short
($)
|
(Long)
($)
|
(Short)
($)
|
(Long)
($)
|
|||
Settlement
Price (a)
|
11.07
|
11.21
|
Strike
Price (a)
|
9.65
|
-
|
7.13
|
||
Contract
Amount
|
22.7
|
8.2
|
Contract
Amount
|
1.0
|
-
|
1.0
|
||
Fair
Value
|
23.7
|
9.0
|
Fair
Value
|
-
|
-
|
-
|
||
2007
|
||||||||
Settlement
Price (a)
|
11.61
|
-
|
Strike
Price (a)
|
-
|
-
|
-
|
||
Contract
Amount
|
1.0
|
-
|
Contract
Amount
|
-
|
-
|
-
|
||
Fair
Value
|
1.0
|
-
|
Fair
Value
|
-
|
-
|
-
|
||
(a)
Weighted
average
|
Swaps
|
2006
|
2007
|
|
Commodity
Swaps:
|
|||
Pay
fixed/receive variable ($)
|
85.3
|
8.4
|
|
Average
pay rate (a)
|
11.254
|
8.955
|
|
Average
received rate (a)
|
11.061
|
10.504
|
|
Pay
variable/receive fixed ($)
|
9.2
|
-
|
|
Average
pay rate (a)
|
11.253
|
-
|
|
Average
received rate (a)
|
8.665
|
-
|
|
Basis
Swaps:
|
|||
Pay
variable/receive variable ($)
|
137.5
|
-
|
|
Average
pay rate (a)
|
10.681
|
-
|
|
Average
received rate (a)
|
10.660
|
-
|
|
(a)
Weighted
average
|
December
31, (Millions of dollars)
|
2005
|
2004
|
|||||
Assets
|
|||||||
Utility
Plant In Service
|
$
|
8,999
|
$
|
8,373
|
|||
Accumulated
Depreciation and Amortization
|
(2,698
|
)
|
(2,315
|
)
|
|||
6,301
|
6,058
|
||||||
Construction
Work in Progress
|
175
|
432
|
|||||
Nuclear
Fuel, Net of Accumulated Amortization
|
28
|
42
|
|||||
Acquisition
Adjustments
|
230
|
230
|
|||||
Utility
Plant, Net
|
6,734
|
6,762
|
|||||
Nonutility
Property and Investments:
|
|||||||
Nonutility
property, net of accumulated depreciation of $62 and $50
|
108
|
104
|
|||||
Assets
held in trust, net-nuclear decommissioning
|
52
|
49
|
|||||
Other
investments
|
87
|
83
|
|||||
Nonutility
Property and Investments, Net
|
247
|
236
|
|||||
Current
Assets:
|
|||||||
Cash
and cash equivalents
|
62
|
119
|
|||||
Receivables,
net of allowance for uncollectible accounts of $25 and $16
|
881
|
712
|
|||||
Receivables-affiliated
companies
|
24
|
19
|
|||||
Inventories
(at average cost):
|
|||||||
Fuel
|
284
|
191
|
|||||
Materials
and supplies
|
79
|
70
|
|||||
Emission
allowances
|
54
|
9
|
|||||
Prepayments
and other
|
54
|
52
|
|||||
Deferred
income taxes
|
26
|
10
|
|||||
Total
Current Assets
|
1,464
|
1,182
|
|||||
Deferred
Debits:
|
|||||||
Environmental
|
28
|
18
|
|||||
Pension
asset, net
|
303
|
285
|
|||||
Other
regulatory assets
|
589
|
372
|
|||||
Other
|
154
|
151
|
|||||
Total
Deferred Debits
|
1,074
|
826
|
|||||
Total
|
$
|
9,519
|
$
|
9,006
|
December
31, (Millions of dollars)
|
2005
|
2004
|
|||||
Capitalization
and Liabilities
|
|||||||
Shareholders’
Investment:
|
|||||||
Common
equity
|
$
|
2,677
|
$
|
2,451
|
|||
Preferred
stock (Not subject to purchase or sinking funds)
|
106
|
106
|
|||||
Total
Shareholders’ Investment
|
2,783
|
2,557
|
|||||
Preferred
Stock, Net (Subject to purchase or sinking funds)
|
8
|
9
|
|||||
Long-Term
Debt, Net
|
2,948
|
3,186
|
|||||
Total
Capitalization
|
5,739
|
5,752
|
|||||
Current
Liabilities:
|
|||||||
Short-term
borrowings
|
427
|
211
|
|||||
Current
portion of long-term debt
|
188
|
204
|
|||||
Accounts
payable
|
471
|
381
|
|||||
Accounts
payable-affiliated companies
|
26
|
18
|
|||||
Customer
deposits and customer prepayments
|
70
|
66
|
|||||
Taxes
accrued
|
112
|
132
|
|||||
Interest
accrued
|
52
|
51
|
|||||
Dividends
declared
|
47
|
43
|
|||||
Other
|
107
|
78
|
|||||
Total
Current Liabilities
|
1,500
|
1,184
|
|||||
Deferred
Credits:
|
|||||||
Deferred
income taxes, net
|
940
|
895
|
|||||
Deferred
investment tax credits
|
121
|
121
|
|||||
Asset
retirement obligations
|
322
|
124
|
|||||
Non-legal
asset retirement obligations
|
488
|
450
|
|||||
Postretirement
benefits
|
148
|
142
|
|||||
Other
regulatory liabilities
|
117
|
209
|
|||||
Other
|
144
|
129
|
|||||
Total
Deferred Credits
|
2,280
|
2,070
|
|||||
Commitments
and Contingencies (Note 10)
|
-
|
-
|
|||||
Total
|
$
|
9,519
|
$
|
9,006
|
Years
Ended December 31, (Millions of dollars, except per share
amounts)
|
2005
|
2004
|
2003
|
|||||||
Operating
Revenues:
|
||||||||||
Electric
|
$
|
1,909
|
$
|
1,688
|
$
|
1,466
|
||||
Gas-regulated
|
1,405
|
1,126
|
1,086
|
|||||||
Gas-nonregulated
|
1,463
|
1,071
|
864
|
|||||||
Total
Operating Revenues
|
4,777
|
3,885
|
3,416
|
|||||||
Operating
Expenses:
|
||||||||||
Fuel
used in electric generation
|
618
|
467
|
334
|
|||||||
Purchased
power
|
37
|
51
|
64
|
|||||||
Gas
purchased for resale
|
2,399
|
1,753
|
1,532
|
|||||||
Other
operation and maintenance
|
632
|
608
|
558
|
|||||||
Depreciation
and amortization
|
510
|
265
|
238
|
|||||||
Other
taxes
|
145
|
145
|
139
|
|||||||
Total
Operating Expenses
|
4,341
|
3,289
|
2,865
|
|||||||
Operating
Income
|
436
|
596
|
551
|
|||||||
Other
Income (Expense):
|
||||||||||
Other
revenues
|
248
|
181
|
167
|
|||||||
Other
expenses
|
(200
|
)
|
(160
|
)
|
(123
|
)
|
||||
Gain
(loss) on sale of investments and assets
|
9
|
(20
|
)
|
61
|
||||||
Investment
impairments
|
-
|
(27
|
)
|
(53
|
)
|
|||||
Preferred
dividends of subsidiary
|
(7
|
)
|
(7
|
)
|
(9
|
)
|
||||
Allowance
for equity funds used during construction
|
-
|
16
|
19
|
|||||||
Interest
charges, net of allowance for borrowed funds used during construction
of $3, $10 and $11
|
(212
|
)
|
(202
|
)
|
(200
|
)
|
||||
Total
Other Expense
|
(162
|
)
|
(219
|
)
|
(138
|
)
|
||||
Income
Before Income Taxes (Benefit) and Earnings (Losses) from
Equity Method Investments
|
274
|
377
|
413
|
|||||||
Income
Tax Expense (Benefit)
|
(118
|
)
|
123
|
135
|
||||||
Income
Before Earnings (Losses) from Equity Method Investments
|
392
|
254
|
278
|
|||||||
Earnings
(Losses) from Equity Method Investments
|
(72
|
)
|
3
|
4
|
||||||
Net
Income
|
$
|
320
|
$
|
257
|
$
|
282
|
||||
Basic
and Diluted Earnings Per Share of Common Stock
|
$
|
2.81
|
$
|
2.30
|
$
|
2.54
|
||||
Weighted
Average Common Shares Outstanding (Millions)
|
113.8
|
111.6
|
110.8
|
For
the Years Ended December 31, (Millions of dollars)
|
2005
|
2004
|
2003
|
|||||||
Cash
Flows From Operating Activities:
|
||||||||||
Net
Income
|
$
|
320
|
$
|
257
|
$
|
282
|
||||
Adjustments
to Reconcile Net Income to Net Cash Provided From Operating Activities:
|
||||||||||
Losses
(earnings) from equity method investments
|
72
|
(3
|
)
|
(4
|
)
|
|||||
Depreciation
and amortization
|
518
|
274
|
249
|
|||||||
Amortization
of nuclear fuel
|
18
|
22
|
21
|
|||||||
(Gain)
loss on sale of assets and investments
|
(9
|
)
|
20
|
(61
|
)
|
|||||
Impairment
of investments
|
-
|
27
|
53
|
|||||||
Hedging
activities
|
4
|
11
|
4
|
|||||||
Allowance
for equity funds used during construction
|
-
|
(16
|
)
|
(19
|
)
|
|||||
Carrying
cost recovery
|
(11
|
)
|
-
|
-
|
||||||
Cash
provided (used) by changes in certain assets and
liabilities:
|
||||||||||
Receivables,
net
|
(174
|
)
|
(225
|
)
|
(60
|
)
|
||||
Inventories
|
(188
|
)
|
(90
|
)
|
(8
|
)
|
||||
Prepayments
and other
|
-
|
(2
|
)
|
4
|
||||||
Pension
asset
|
(17
|
)
|
(14
|
)
|
(5
|
)
|
||||
Other
regulatory assets
|
(28
|
)
|
(17
|
)
|
-
|
|
||||
Deferred
income taxes, net
|
25
|
74
|
38
|
|||||||
Regulatory
liabilities
|
(159
|
)
|
48
|
53
|
||||||
Postretirement
benefits obligations
|
6
|
7
|
4
|
|||||||
Accounts
payable
|
79
|
91
|
(69
|
)
|
||||||
Taxes
accrued
|
(20
|
)
|
23
|
6
|
||||||
Interest
accrued
|
1
|
(4
|
)
|
3
|
||||||
Changes
in fuel adjustment clauses
|
(7
|
)
|
(3
|
)
|
23
|
|||||
Changes
in other assets
|
(17
|
)
|
22
|
(6
|
)
|
|||||
Changes
in other liabilities
|
54
|
77
|
37
|
|||||||
Net
Cash Provided From Operating Activities
|
467
|
579
|
545
|
|||||||
Cash
Flows From Investing Activities:
|
||||||||||
Utility
property additions and construction expenditures
|
(366
|
)
|
(478
|
)
|
(668
|
)
|
||||
Proceeds
from sale of assets and investments
|
10
|
68
|
74
|
|||||||
Nonutility
property additions
|
(19
|
)
|
(23
|
)
|
(12
|
)
|
||||
Investments
|
(18
|
)
|
(20
|
)
|
(22
|
)
|
||||
Net
Cash Used For Investing Activities
|
(393
|
)
|
(453
|
)
|
(628
|
)
|
||||
Cash
Flows From Financing Activities:
|
||||||||||
Proceeds
from issuance of common stock
|
84
|
65
|
6
|
|||||||
Proceeds
from issuance of debt
|
221
|
136
|
978
|
|||||||
Repayments
of debt
|
(470
|
)
|
(169
|
)
|
(856
|
)
|
||||
Redemption/repurchase
of equity securities
|
(1
|
)
|
(4
|
)
|
(61
|
)
|
||||
Dividends
on equity securities
|
(181
|
)
|
(168
|
)
|
(158
|
)
|
||||
Short-term
borrowings, net
|
216
|
16
|
(14
|
)
|
||||||
Net
Cash Used For Financing Activities
|
(131
|
)
|
(124
|
)
|
(105
|
)
|
||||
Net
Increase (Decrease) in Cash and Cash Equivalents
|
(57
|
)
|
2
|
(188
|
)
|
|||||
Cash
and Cash Equivalents, January 1
|
119
|
117
|
305
|
|||||||
Cash
and Cash Equivalents, December 31
|
$
|
62
|
$
|
119
|
$
|
117
|
||||
Supplemental
Cash Flow Information:
|
||||||||||
Cash
paid for-Interest (net of capitalized interest of $3, $10 and
$11)
|
$
|
213
|
$
|
206
|
$
|
197
|
||||
-Income
taxes
|
58
|
24
|
77
|
|||||||
Noncash
Investing and Financing Activities:
|
||||||||||
Unrealized
gain (loss) on securities available for sale, net of tax
|
-
|
(2
|
)
|
2
|
||||||
Accrued
construction expenditures
|
36
|
49
|
34
|
Accumulated
|
||||||||||||||||
Other
|
||||||||||||||||
Common
Stock
|
Retained
|
Comprehensive
|
||||||||||||||
Shares
|
Amount
|
Earnings
|
Income
(Loss)
|
Total
|
||||||||||||
(Millions)
|
||||||||||||||||
Balance
as of December 31, 2002
|
111
|
$1,192
|
$984
|
$1
|
$2,177
|
|||||||||||
Comprehensive
Income:
|
||||||||||||||||
Net
Income
|
282
|
282
|
||||||||||||||
Unrealized
gains on securities, net of taxes $1
|
2
|
2
|
||||||||||||||
Unrealized
gains on hedging activities, net of taxes $2
|
3
|
3
|
||||||||||||||
Total
Comprehensive Income
|
282
|
5
|
287
|
|||||||||||||
Issuance
of Common Stock
|
6
|
6
|
||||||||||||||
Repurchase
of Common Stock
|
(11
|
)
|
(11
|
)
|
||||||||||||
Dividends
Declared on Common Stock
|
(153
|
)
|
(153
|
)
|
||||||||||||
Balance
as of December 31, 2003
|
111
|
$
|
1,187
|
$
|
1,113
|
$
|
6
|
$
|
2,306
|
|||||||
Comprehensive
Income (Loss):
|
||||||||||||||||
Net
Income
|
257
|
257
|
||||||||||||||
Unrealized
loss on securities, net of taxes $(1)
|
(2
|
)
|
(2
|
)
|
||||||||||||
Unrealized
loss on hedging activities, net of taxes $(4)
|
(8
|
)
|
(8
|
)
|
||||||||||||
Total
Comprehensive Income
|
257
|
(10
|
)
|
247
|
||||||||||||
Issuance
of Common Stock
|
2
|
65
|
65
|
|||||||||||||
Repurchase
of Common Stock
|
(4
|
)
|
(4
|
)
|
||||||||||||
Dividends
Declared on Common Stock
|
(163
|
)
|
(163
|
)
|
||||||||||||
Balance
as of December 31, 2004
|
113
|
$
|
1,248
|
$
|
1,207
|
$
|
(4
|
)
|
$
|
2,451
|
||||||
Comprehensive
Income (Loss):
|
||||||||||||||||
Net
Income
|
320
|
320
|
||||||||||||||
Unrealized
gains on hedging activities, net of taxes $1
|
1
|
1
|
||||||||||||||
Minimum
pension liability adjustment, net of taxes $(1)
|
(1
|
)
|
(1
|
)
|
||||||||||||
Total
Comprehensive Income
|
320
|
-
|
320
|
|||||||||||||
Issuance
of Common Stock
|
2
|
84
|
84
|
|||||||||||||
Dividends
Declared on Common Stock
|
(178
|
)
|
(178
|
)
|
||||||||||||
Balance
as of December 31, 2005
|
115
|
$
|
1,332
|
$
|
1,349
|
$
|
(4
|
)
|
$
|
2,677
|
Regulated
businesses
|
Nonregulated
businesses
|
South
Carolina Electric & Gas Company (SCE&G)
|
SCANA
Energy Marketing, Inc.
|
South
Carolina Fuel Company, Inc. (Fuel Company)
|
SCANA
Communications, Inc. (SCI)
|
South
Carolina Generating Company, Inc. (GENCO)
|
ServiceCare,
Inc.
|
Public
Service Company of North Carolina, Incorporated (PSNC
Energy)
|
Primesouth, Inc.
|
South
Carolina Pipeline Corporation (SCPC)
|
SCANA
Resources, Inc.
|
SCG
Pipeline, Inc.
|
SCANA
Services, Inc.
|
SCANA
Corporate Security Services, Inc.
|
December 31,
|
|||||||
2005
|
2004
|
||||||
Millions
of dollars
|
|||||||
Accumulated
deferred income taxes, net
|
$
|
138
|
$
|
126
|
|||
Under-collections-electric
fuel and gas cost adjustment clauses, net
|
41
|
9
|
|||||
Deferred
purchased power costs
|
17
|
26
|
|||||
Deferred
environmental remediation costs
|
28
|
18
|
|||||
Asset
retirement obligations and related funding
|
250
|
76
|
|||||
Non-legal
asset retirement obligations
|
(488
|
)
|
(450
|
)
|
|||
Deferred
synthetic fuel tax benefits, net
|
-
|
(97
|
)
|
||||
Storm
damage reserve
|
(38
|
)
|
(33
|
)
|
|||
Franchise
agreements
|
56
|
58
|
|||||
Deferred
regional transmission organization costs
|
11
|
14
|
|||||
Other
|
(3
|
)
|
(16
|
)
|
|||
Total
|
$
|
12
|
$
|
(269
|
)
|
2005
|
2004
|
2003
|
||||||||
SCE&G
|
3.20
|
%
|
2.99
|
%
|
3.02
|
%
|
||||
GENCO
|
2.66
|
%
|
2.66
|
%
|
2.66
|
%
|
||||
SCPC
|
2.01
|
%
|
2.04
|
%
|
2.13
|
%
|
||||
PSNC
Energy
|
3.77
|
%
|
3.87
|
%
|
4.05
|
%
|
||||
Aggregate
of Above
|
3.20
|
%
|
3.04
|
%
|
3.10
|
%
|
Millions
of dollars
|
December
31,
|
December
31,
|
December
31,
|
|||||||
2005
|
2004
|
2003
|
||||||||
Actual
|
Proforma
|
Proforma
|
||||||||
Assets:
|
||||||||||
Within
utility plant
|
$
|
45
|
$
|
45
|
$
|
45
|
||||
Within
accumulated depreciation
|
(23
|
)
|
(22
|
)
|
(21
|
)
|
||||
Within
other regulatory assets
|
169
|
159
|
149
|
|||||||
Total
|
$
|
191
|
$
|
182
|
$
|
173
|
||||
Liabilities:
|
||||||||||
Asset
retirement obligation
|
$
|
191
|
$
|
182
|
$
|
173
|
Millions
of dollars
|
2005
|
2004
|
|||||
Beginning
balance
|
$
|
124
|
$
|
117
|
|||
Accretion
expense
|
7
|
7
|
|||||
Adoption
of FIN 47
|
191
|
-
|
|||||
Ending
Balance
|
$
|
322
|
$
|
124
|
2005
|
2004
|
2003
|
||||||||
Net
income-as reported (millions)
|
$
|
319.5
|
$
|
257.1
|
$
|
282.0
|
||||
Net
income-pro forma (millions)
|
319.3
|
256.0
|
280.3
|
|||||||
Basic
and diluted earnings per share-as reported
|
2.81
|
2.30
|
2.54
|
|||||||
Basic
and diluted earnings per share-pro forma
|
2.80
|
2.29
|
2.52
|
2005
|
2004
|
2003
|
||||||||
Millions
of dollars
|
||||||||||
Current
assets
|
$
|
61
|
$
|
55
|
$
|
52
|
||||
Non-current
assets
|
339
|
355
|
371
|
|||||||
Current
liabilities
|
56
|
49
|
47
|
|||||||
Non-current
liabilities
|
186
|
200
|
213
|
|||||||
Revenues
|
333
|
314
|
271
|
|||||||
Gross
profit
|
52
|
31
|
35
|
|||||||
Income
(loss) before income taxes
|
(33
|
)
|
(34
|
)
|
(23
|
)
|
Rate Per KWh
|
Effective Date
|
$.01678
|
January-April
2004
|
$.01821
|
May-December
2004
|
$.01764
|
January-April
2005
|
$.02256
|
May-December
2005
|
Rate
Per Therm
|
Effective
Date
|
$.877
|
January-October
2004
|
$.903
|
November
2004-October 2005
|
Rate
Per Therm
|
Effective
Date
|
$.600
|
January-September
2004
|
$.675
|
October-November
2004
|
$.825
|
December
2004-January 2005
|
$.725
|
February-July
2005
|
$.825
|
August-September
2005
|
$1.10
|
October
2005
|
$1.275
|
November-December
2005
|
Retirement
Benefits
|
Other
Postretirement Benefits
|
||||||||||||
2005
|
2004
|
2005
|
2004
|
||||||||||
Millions
of dollars
|
|||||||||||||
Benefit
obligation, January 1
|
$
|
669.5
|
$
|
619.9
|
$
|
197.5
|
$
|
188.4
|
|||||
Service
cost
|
12.2
|
11.1
|
3.5
|
3.3
|
|||||||||
Interest
cost
|
38.3
|
37.4
|
10.7
|
11.4
|
|||||||||
Plan
participants' contributions
|
-
|
-
|
2.3
|
1.1
|
|||||||||
Plan
amendments
|
-
|
8.0
|
(0.3
|
)
|
4.7
|
||||||||
Actuarial
loss
|
27.1
|
24.1
|
1.5
|
1.2
|
|||||||||
Benefits
paid
|
(35.6
|
)
|
(31.0
|
)
|
(13.1
|
)
|
(12.6
|
)
|
|||||
Benefit
obligation, December 31
|
$
|
711.5
|
$
|
669.5
|
$
|
202.1
|
$
|
197.5
|
2005
|
2004
|
||||||
Annual
discount rate used to determine benefit obligations
|
5.60
|
%
|
5.75
|
%
|
|||
Assumed
annual rate of future salary increases for projected benefit
obligation
|
4.00
|
%
|
4.00
|
%
|
1%
Increase
|
1%
Decrease
|
||||||
Millions
of dollars
|
|||||||
Effect
on postretirement benefit obligation
|
$
|
3.5
|
$
|
(3.1
|
)
|
Retirement
Benefits
|
|||||||
2005
|
2004
|
||||||
Millions
of dollars
|
|||||||
Fair
value of plan assets, January 1
|
$
|
846.7
|
$
|
787.7
|
|||
Actual
return on plan assets
|
43.2
|
90.0
|
|||||
Benefits
paid
|
(35.6
|
)
|
(31.0
|
)
|
|||
Fair
value of plan assets, December 31
|
$
|
854.3
|
$
|
846.7
|
Retirement
Benefits
|
Other
Postretirement Benefits
|
||||||||||||
2005
|
2004
|
2005
|
2004
|
||||||||||
Millions
of dollars
|
|||||||||||||
Funded
status, December 31
|
$
|
142.9
|
$
|
177.2
|
$
|
(202.1
|
)
|
$
|
(197.5
|
)
|
|||
Unrecognized
actuarial loss
|
88.4
|
28.2
|
44.4
|
44.2
|
|||||||||
Unrecognized
prior service cost
|
71.3
|
78.3
|
5.2
|
6.4
|
|||||||||
Unrecognized
net transition obligation
|
0.6
|
1.4
|
4.3
|
5.0
|
|||||||||
Net
asset (liability) recognized in consolidated balance sheet
|
$
|
303.2
|
$
|
285.1
|
$
|
(148.2
|
)
|
$
|
(141.9
|
)
|
Other
Postretirement Benefits*
|
|||
Expected
Benefit Payments
|
Pension Benefits
|
Excluding
Medicare Subsidy
|
Including
Medicare Subsidy
|
Millions
of dollars
|
|||
2006
|
$35.9
|
$11.3
|
$10.9
|
2007
|
37.7
|
12.1
|
11.7
|
2008
|
39.6
|
12.8
|
12.3
|
2009
|
41.6
|
13.2
|
12.7
|
2010
|
43.6
|
13.7
|
13.2
|
2011-2015
|
253.5
|
72.8
|
70.6
|
Retirement
Benefits
|
Other
Postretirement Benefits
|
||||||||||||||||||
2005
|
2004
|
2003
|
2005
|
2004
|
2003
|
||||||||||||||
Millions
of dollars
|
|||||||||||||||||||
Service
cost
|
$
|
12.2
|
$
|
11.1
|
$
|
9.5
|
$
|
3.5
|
$
|
3.3
|
$
|
2.7
|
|||||||
Interest
cost
|
38.3
|
37.4
|
36.7
|
10.7
|
11.4
|
11.4
|
|||||||||||||
Expected
return on assets
|
(76.3
|
)
|
(71.0
|
)
|
(59.9
|
)
|
n/a
|
n/a
|
n/a
|
||||||||||
Prior
service cost amortization
|
6.9
|
6.6
|
6.3
|
0.8
|
1.4
|
0.9
|
|||||||||||||
Amortization
of actuarial (gain) loss
|
-
|
-
|
1.6
|
1.2
|
1.9
|
1.5
|
|||||||||||||
Transition
amount amortization
|
0.8
|
0.8
|
0.8
|
0.8
|
0.8
|
0.8
|
|||||||||||||
Net
periodic benefit (income) cost
|
$
|
(18.1
|
)
|
$
|
(15.1
|
)
|
$
|
(5.0
|
)
|
$
|
17.0
|
$
|
18.8
|
$
|
17.3
|
Retirement
Benefits
|
Other
Postretirement Benefits
|
||||||||||||||||||
2005
|
2004
|
2003
|
2005
|
2004
|
2003
|
||||||||||||||
Discount
rate
|
5.75
|
%
|
6.00
|
%
|
6.50
|
%
|
5.75
|
%
|
6.00
|
%
|
6.50
|
%
|
|||||||
Expected
return on plan assets
|
9.25
|
%
|
9.25
|
%
|
9.25
|
%
|
n/a
|
n/a
|
n/a
|
||||||||||
Rate
of compensation increase
|
4.00
|
%
|
4.00
|
%
|
4.00
|
%
|
4.00
|
%
|
4.00
|
%
|
4.00
|
%
|
|||||||
Health
care cost trend rate
|
n/a
|
n/a
|
n/a
|
9.00
|
%
|
9.50
|
%
|
10.00
|
%
|
||||||||||
Ultimate
health care cost trend rate
|
n/a
|
n/a
|
n/a
|
5.00
|
%
|
5.00
|
%
|
5.00
|
%
|
||||||||||
Year
achieved
|
n/a
|
n/a
|
n/a
|
2011
|
2011
|
2011
|
|||||||||||||
Measurement
date
|
Jan
1
|
Jan
1
|
Jan
1
|
Jan
1
|
Jan
1
|
Jan
1
|
Target
Allocation
|
Percentage of Plan Assets
At
December 31,
|
|||||||||
Asset
Category
|
2006
|
2005
|
2004
|
|||||||
Equity
Securities
|
70
|
%
|
72
|
%
|
72
|
%
|
||||
Debt
Securities
|
30
|
%
|
28
|
%
|
28
|
%
|
Number
of
Options
|
Weighted
Average
Exercise Price
|
||||||
Outstanding-December
31, 2002
|
1,717,910
|
$
|
27.39
|
||||
Exercised
|
(203,052
|
)
|
27.41
|
||||
Forfeited
|
(21,173
|
)
|
27.50
|
||||
Outstanding-December
31, 2003
|
1,493,685
|
27.39
|
|||||
Exercised
|
(751,997
|
)
|
26.28
|
||||
Forfeited
|
(11,241
|
)
|
27.52
|
||||
Outstanding-December
31, 2004
|
730,447
|
27.49
|
|||||
Exercised
|
(297,477
|
)
|
27.40
|
||||
Forfeited
|
-
|
-
|
|||||
Outstanding-December
31, 2005
|
432,970
|
27.53
|
December
31,
|
||||
Weighted-Average
Interest
Rate
|
Maturity
Date
|
2005
|
2004
|
|
Millions
of dollars
|
||||
Medium-Term
Notes (unsecured)(a)
|
6.29%
|
2007-2012
|
$940
|
$1,040
|
First
Mortgage Bonds (secured)
|
5.98%
|
2009-2035
|
1,550
|
1,700
|
First
& Refunding Mortgage Bonds (secured)
|
9.00%
|
2006
|
131
|
131
|
GENCO
Notes (secured)
|
5.97%
|
2011-2024
|
127
|
130
|
Industrial
and Pollution Control Bonds
|
5.24%
|
2012-2032
|
156
|
156
|
Senior
Debentures(b)
|
7.50%
|
2012-2026
|
122
|
126
|
Fair
value of interest rate swaps(c)
|
25
|
32
|
||
Other
|
2006-2014
|
107
|
94
|
|
Total
debt
|
3,158
|
3,409
|
||
Current
maturities of long-term debt
|
(188)
|
(204)
|
||
Unamortized
Discount
|
(22)
|
(19)
|
||
Total
long-term debt, net
|
$2,948
|
$3,186
|
(a)
|
In
2005, includes $100.0 million of variable interest debt and
$25.0 million of fixed rate debt hedged by a variable interest rate
swap.
|
(b)
|
In 2005, includes $22.4 million of fixed rate debt hedged by variable interest rate swaps. |
(c)
|
In
2005, includes $24.7 million representing unamortized payments
received to terminate previous swaps. See discussion at
Note 9.
|
Year
|
Amount
|
|||
(Millions
of dollars)
|
||||
2006
|
$
|
188
|
||
2007
|
78
|
|||
2008
|
267
|
|||
2009
|
183
|
|||
2010
|
50
|
2005
|
2004
|
||||||
Millions
of dollars
|
|||||||
Lines
of credit (total and unused)
|
|||||||
Committed
|
|||||||
Short-term
|
$
|
350
|
$
|
100
|
|||
Long-term
|
650
|
650
|
|||||
Uncommitted
|
103
|
(a)
|
113
|
(a)
|
|||
Bank
loans/commercial paper outstanding (270 or fewer days):
|
|||||||
SCANA
|
$
|
25
|
-
|
||||
Weighted
average interest rate
|
4.43
|
%
|
-
|
||||
SCE&G
|
$
|
196
|
$
|
122
|
|||
Weighted
average interest rate
|
4.40
|
%
|
2.39
|
%
|
|||
Fuel
Company
|
$
|
107
|
$
|
31
|
|||
Weighted
average interest rate
|
4.39
|
%
|
2.44
|
%
|
|||
PSNC
Energy
|
$
|
99
|
$
|
58
|
|||
Weighted
average interest rate
|
4.47
|
%
|
2.47
|
%
|
|||
Total
|
$
|
427
|
$
|
211
|
|||
Weighted
average interest rate
|
4.42
|
%
|
2.42
|
%
|
Unrealized
gains
(losses)
on
securities
|
Cash flow
hedging
activities
|
Minimum
Pension
Liability
Adjustment
|
Accumulated
Other
Comprehensive
Income
(loss)
|
||||||||||
Millions
of dollars
|
|||||||||||||
Balance,
December 31, 2002
|
-
|
$
|
1
|
-
|
$
|
1
|
|||||||
Other
comprehensive income
|
$
|
2
|
3
|
-
|
5
|
||||||||
Balance,
December 31, 2003
|
2
|
4
|
-
|
6
|
|||||||||
Other
comprehensive loss
|
(2
|
)
|
(8
|
)
|
-
|
(10
|
)
|
||||||
Balance,
December 31, 2004
|
-
|
(4
|
)
|
-
|
(4
|
)
|
|||||||
Other
comprehensive income (loss)
|
-
|
1
|
$
|
(1
|
)
|
-
|
|||||||
Balance,
December 31, 2005
|
$
|
-
|
$
|
(3
|
)
|
$
|
(1
|
)
|
$
|
(4
|
)
|
Par
Value
|
Authorized
|
Available
for Issuance
|
$100
|
1,000,000
|
-
|
$
50
|
601,613
|
300,000
|
$
25
|
2,000,000
|
2,000,000
|
Series
|
||||
4.50%,
4.60% (A)
&
5.125%
|
4.60%
(B)
&
6.00%
|
Total
Shares
|
Millions
of Dollars
|
|
Redemption
Price
|
$51.00
|
$50.50
|
||
Balance
at December 31, 2002
|
83,849
|
116,124
|
199,973
|
$10.0
|
Shares
Redeemed-$50 par value
|
(2,815)
|
(3,563)
|
(6,378)
|
(0.3)
|
Balance
at December 31, 2003
|
81,034
|
112,561
|
193,595
|
9.7
|
Shares
Redeemed-$50 par value
|
(2,516)
|
(6,600)
|
(9,116)
|
(0.5)
|
Balance
at December 31, 2004
|
78,518
|
105,961
|
184,479
|
9.2
|
Shares
Redeemed-$50 par value
|
(1,475)
|
(6,600)
|
(8,075)
|
(0.4)
|
Balance
at December 31, 2005
|
77,043
|
99,361
|
176,404
|
$8.8
|
2005
|
2004
|
2003
|
||||||||
Millions
of dollars
|
||||||||||
Current
taxes:
|
||||||||||
Federal
|
$
|
10.2
|
$
|
(6.4
|
)
|
$
|
63.1
|
|||
State
|
11.1
|
(5.2
|
)
|
12.2
|
||||||
Total
current taxes
|
21.3
|
$
|
(11.6
|
)
|
$
|
75.3
|
||||
Deferred
taxes, net:
|
||||||||||
Federal
|
1.7
|
84.5
|
24.6
|
|||||||
State
|
(6.9
|
)
|
5.4
|
0.3
|
||||||
Total
deferred taxes
|
(5.2
|
)
|
89.9
|
24.9
|
||||||
Investment
tax credits:
|
||||||||||
Deferred-state
|
5.1
|
10.0
|
5.0
|
|||||||
Amortization
of amounts deferred-state
|
(1.9
|
)
|
(2.1
|
)
|
(1.8
|
)
|
||||
Amortization
of amounts deferred-federal
|
(3.1
|
)
|
(4.0
|
)
|
(4.0
|
)
|
||||
Total
investment tax credits
|
0.1
|
3.9
|
(0.8
|
)
|
||||||
Synthetic
fuel tax credits - federal
|
(134.2
|
)
|
40.5
|
35.7
|
||||||
Total
income tax expense (benefit)
|
$
|
(118.0
|
)
|
$
|
122.7
|
$
|
135.1
|
2005
|
2004
|
2003
|
||||||||
Millions
of dollars
|
||||||||||
Income
|
$319.5
|
$257.1
|
$282.0
|
|||||||
Income
tax expense (benefit)
|
(118.0
|
)
|
122.7
|
135.1
|
||||||
Preferred
stock dividends
|
7.3
|
7.3
|
9.1
|
|||||||
Total
pre-tax income
|
$
|
208.8
|
$
|
387.1
|
$
|
426.2
|
||||
Income
taxes on above at statutory federal income tax rate
|
$
|
73.1
|
$
|
135.5
|
$
|
149.2
|
||||
Increases
(decreases) attributed to:
|
||||||||||
State
income taxes (less federal income tax effect)
|
4.8
|
5.3
|
10.2
|
|||||||
Synthetic
fuel tax credits
|
(181.9
|
)
|
(2.9
|
)
|
(2.2
|
)
|
||||
Allowance
for equity funds used during construction
|
(0.2
|
)
|
(5.5
|
)
|
(6.7
|
)
|
||||
Deductible
dividends-Stock Purchase Savings Plan
|
(5.9
|
)
|
(5.5
|
)
|
(4.9
|
)
|
||||
Amortization
of federal investment tax credits
|
(3.1
|
)
|
(4.0
|
)
|
(4.0
|
)
|
||||
Non-taxable
recovery of Lake Murray Dam project carrying costs
|
(3.8
|
)
|
-
|
-
|
||||||
Other
differences, net
|
(1.0
|
)
|
(0.2
|
)
|
(6.5
|
)
|
||||
Total
income tax expense (benefit)
|
$
|
(118.0
|
)
|
$
|
122.7
|
$
|
135.1
|
2005
|
2004
|
||||||
Millions
of dollars
|
|||||||
Deferred
tax assets:
|
|||||||
Nondeductible
reserves
|
$
|
84.8
|
$
|
84.5
|
|||
Unamortized
investment tax credits
|
60.0
|
60.8
|
|||||
Federal
alternative minimum tax credit carryforward
|
44.0
|
12.3
|
|||||
Deferred
compensation
|
28.5
|
24.0
|
|||||
Unbilled
revenue
|
12.6
|
7.0
|
|||||
Other
|
31.6
|
28.4
|
|||||
Total
deferred tax assets
|
261.5
|
217.0
|
|||||
Deferred
tax liabilities:
|
|||||||
Property,
plant and equipment
|
971.7
|
937.9
|
|||||
Pension
plan benefit income
|
109.9
|
101.4
|
|||||
Deferred
fuel costs
|
45.1
|
20.3
|
|||||
Other
|
49.3
|
41.9
|
|||||
Total
deferred tax liabilities
|
1,176.0
|
1,101.5
|
|||||
Net
deferred tax liability
|
$
|
914.5
|
$
|
884.5
|
2005
|
2004
|
||||||||||||
Carrying
Amount
|
Estimated
Fair
Value
|
Carrying
Amount
|
Estimated
Fair
Value
|
||||||||||
Millions
of dollars
|
|||||||||||||
Long-term
debt
|
$
|
3,136.0
|
$
|
3,308.7
|
$
|
3,389.5
|
$
|
3,699.9
|
|||||
Preferred
stock (subject to purchase or sinking funds)
|
8.2
|
8.2
|
9.2
|
8.5
|
· |
Fair
values of long-term debt are based on quoted market prices of the
instruments or similar instruments. For debt instruments for which
no
quoted market prices are available, fair values are based on net
present
value calculations. Carrying values reflect the fair values of interest
rate swaps based on settlement values obtained from counterparties.
Early
settlement of long-term debt may not be possible or may not be considered
prudent.
|
· |
The
fair value of preferred stock (subject to purchase or sinking funds)
is
estimated using market prices.
|
· |
Potential
taxes and other expenses that would be incurred in an actual sale
or
settlement have not been
considered.
|
Millions
of dollars
|
||||
2006
|
$
|
15
|
||
2007
|
13
|
|||
2008
|
12
|
|||
2009
|
10
|
|||
2010
|
1
|
|||
Thereafter
|
2
|
|||
Total |
$
|
53
|
Millions
of dollars
|
||||
2006
|
$
|
1,785
|
||
2007
|
839
|
|||
2008
|
734
|
|||
2009
|
646
|
|||
2010
|
583
|
|||
Thereafter
|
4,534
|
|||
Total |
$
|
9,121
|
2005
|
Electric
Operations
|
Gas
Distribution
|
Gas
Transmission
|
Gas
Retail
Marketing
|
Energy
Marketing
|
All
Other
|
Adjustments/
Eliminations
|
Consolidated
Total
|
|||||||||||||||||
Customer
Revenue
|
$
|
1,909
|
$
|
1,168
|
$
|
237
|
$
|
664
|
$
|
799
|
$
|
70
|
$
|
(70
|
)
|
$
|
4,777
|
||||||||
Intersegment
Revenue
|
4
|
1
|
420
|
-
|
146
|
324
|
(895
|
)
|
-
|
||||||||||||||||
Operating
Income
|
299
|
75
|
21
|
n/a
|
n/a
|
n/a
|
41
|
436
|
|||||||||||||||||
Interest
Expense
|
13
|
21
|
6
|
2
|
-
|
1
|
169
|
212
|
|||||||||||||||||
Depreciation
and Amortization
|
450
|
49
|
7
|
3
|
-
|
14
|
(13
|
)
|
510
|
||||||||||||||||
Income
Tax Expense (Benefit)
|
4
|
18
|
7
|
14
|
(1
|
)
|
13
|
(173
|
)
|
(118
|
)
|
||||||||||||||
Net
Income (Loss)
|
n/a
|
n/a
|
n/a
|
24
|
(1
|
)
|
(67
|
)
|
364
|
320
|
|||||||||||||||
Segment
Assets
|
5,531
|
1,701
|
390
|
284
|
128
|
590
|
895
|
9,519
|
|||||||||||||||||
Expenditures
for Assets
|
280
|
122
|
4
|
-
|
1
|
19
|
(41
|
)
|
385
|
||||||||||||||||
Deferred
Tax Assets
|
n/a
|
n/a
|
6
|
8
|
3
|
2
|
7
|
26
|
2004
|
Electric
Operations
|
Gas
Distribution
|
Gas
Transmission
|
Gas
Retail
Marketing
|
Energy
Marketing
|
All
Other
|
Adjustments/
Eliminations
|
Consolidated
Total
|
|||||||||||||||||
Customer
Revenue
|
$
|
1,688
|
$
|
914
|
$
|
212
|
$
|
552
|
$
|
520
|
$
|
58
|
$
|
(59
|
)
|
$
|
3,885
|
||||||||
Intersegment
Revenue
|
4
|
-
|
339
|
-
|
77
|
304
|
(724
|
)
|
-
|
||||||||||||||||
Operating
Income
|
550
|
67
|
19
|
n/a
|
n/a
|
n/a
|
(40
|
)
|
596
|
||||||||||||||||
Interest
Expense
|
10
|
21
|
5
|
3
|
-
|
-
|
163
|
202
|
|||||||||||||||||
Depreciation
and Amortization
|
208
|
47
|
7
|
2
|
-
|
12
|
(11
|
)
|
265
|
||||||||||||||||
Income
Tax Expense (Benefit)
|
(2
|
)
|
15
|
5
|
18
|
(1
|
)
|
(8
|
)
|
96
|
123
|
||||||||||||||
Net
Income (Loss)
|
n/a
|
n/a
|
n/a
|
29
|
(2
|
)
|
(39
|
)
|
269
|
257
|
|||||||||||||||
Segment
Assets
|
5,365
|
1,540
|
362
|
201
|
91
|
501
|
946
|
9,006
|
|||||||||||||||||
Expenditures
for Assets
|
389
|
86
|
10
|
-
|
3
|
19
|
(6
|
)
|
501
|
||||||||||||||||
Deferred
Tax Assets
|
n/a
|
n/a
|
5
|
4
|
3
|
2
|
(4
|
)
|
10
|
2003
|
Electric
Operations
|
Gas
Distribution
|
Gas
Transmission
|
Gas
Retail
Marketing
|
Energy
Marketing
|
All
Other
|
Adjustments/
Eliminations
|
Consolidated
Total
|
|||||||||||||||||
Customer
Revenue
|
$
|
1,466
|
$
|
870
|
$
|
217
|
$
|
448
|
$
|
416
|
$
|
56
|
$
|
(57
|
)
|
$
|
3,416
|
||||||||
Intersegment
Revenue
|
5
|
(1
|
)
|
303
|
-
|
-
|
277
|
(584
|
)
|
-
|
|||||||||||||||
Operating
Income
|
426
|
77
|
16
|
n/a
|
n/a
|
1
|
31
|
551
|
|||||||||||||||||
Interest
Expense
|
7
|
21
|
5
|
4
|
-
|
1
|
162
|
200
|
|||||||||||||||||
Depreciation
and Amortization
|
183
|
47
|
7
|
1
|
-
|
9
|
(9
|
)
|
238
|
||||||||||||||||
Income
Tax Expense (Benefit)
|
2
|
19
|
4
|
12
|
(1
|
)
|
9
|
90
|
135
|
||||||||||||||||
Net
Income (Loss)
|
n/a
|
n/a
|
n/a
|
20
|
(1
|
)
|
4
|
259
|
282
|
||||||||||||||||
Segment
Assets
|
5,038
|
1,477
|
334
|
133
|
53
|
702
|
721
|
8,458
|
|||||||||||||||||
Expenditures
for Assets
|
655
|
68
|
18
|
-
|
-
|
38
|
(99
|
)
|
680
|
||||||||||||||||
Deferred
Tax Assets
|
n/a
|
n/a
|
5
|
6
|
2
|
44
|
(57
|
)
|
-
|
2005
Millions of dollars, except per share amounts
|
First
Quarter
|
Second
Quarter
|
Third
Quarter
|
Fourth
Quarter
|
Annual
|
|||||||||||
Total
operating revenues
|
$
|
1,266
|
$
|
891
|
$
|
1,127
|
$
|
1,493
|
$
|
4,777
|
||||||
Operating
income
|
28
|
85
|
179
|
144
|
436
|
|||||||||||
Net
income
|
101
|
44
|
100
|
75
|
320
|
|||||||||||
Basic
and diluted earnings per share
|
.89
|
.39
|
.88
|
.65
|
2.81
|
2004
Millions of dollars, except per share amounts
|
First
Quarter
|
Second
Quarter
|
Third
Quarter
|
Fourth
Quarter
|
Annual
|
|||||||||||
Total
operating revenues
|
$
|
1,136
|
$
|
846
|
$
|
857
|
$
|
1,046
|
$
|
3,885
|
||||||
Operating
income
|
194
|
123
|
161
|
118
|
596
|
|||||||||||
Net
income
|
101
|
60
|
54
|
42
|
257
|
|||||||||||
Basic
and diluted earnings per share
|
.91
|
.54
|
.48
|
.37
|
2.30
|
Page
|
|||
Item
7.
|
95
|
||
95
|
|||
96
|
|||
101
|
|||
104
|
|||
107
|
|||
108
|
|||
110
|
|||
Item
7A.
|
110
|
||
Item
8.
|
|||
112
|
|||
113
|
|||
115
|
|||
116
|
|||
117
|
|||
118
|
|||
Millions
of dollars
|
2005
|
%
Change
|
2004
|
%
Change
|
2003
|
|||||||||||
Net
income
|
$
|
258.1
|
11.0
|
%
|
$
|
232.5
|
4.6
|
%
|
$
|
222.2
|
•
|
2005 vs 2004
|
Net
income increased primarily due to higher electric and gas margins
of $50.8
million and $5.1 million, respectively, and due to the recognition
of
carrying cost recovery of $10.9 million on the dam remediation project
(see further discussion at Recognition
of Synthetic Fuel Tax Credits
in
Results of Operations). These increases were offset by higher major
maintenance expenses of $4.1 million, higher depreciation and amortization
expense of $16.1 million, increased interest expense of $3.3 million,
increased expenses of $5.5 million associated with the Jasper County
Electric Generation Station completed in May 2004, lower equity AFC
of
$14.3 million and higher other expenses of $2.3
million.
|
•
|
2004 vs 2003
|
Net
income increased primarily due to higher electric margins of
$62.2 million, partially offset by lower gas margins of
$4.6 million, increased operations and maintenance expenses of
$17.4 million, higher depreciation and amortization expense of
$15.3 million, higher other taxes of $3.3 million and lower AFC
of $3.5 million.
|
Millions
of dollars
|
2005
|
2004
|
2003
|
|||||||
Income
Statement Impact:
|
||||||||||
(Component
of) reduction in employee benefit costs
|
$
|
5.6
|
$
|
4.2
|
$
|
(1.0
|
)
|
|||
Other
income
|
12.2
|
11.0
|
8.2
|
|||||||
Balance
Sheet Impact:
|
||||||||||
(Component
of) reduction in capital expenditures
|
1.6
|
1.2
|
(0.3
|
)
|
||||||
Component
of (reduction in) amount due to Summer Station co-owner
|
0.6
|
0.4
|
(0.1
|
)
|
||||||
Total
Pension Income
|
$
|
20.0
|
$
|
16.8
|
$
|
6.8
|
Recognized
|
Year
Ended
|
||||||
Factors
Increasing (Decreasing) Net Income
|
4th
Quarter
|
December
31,
|
|||||
Millions
of dollars
|
2005
|
2005
|
|||||
Depreciation
and amortization expense
|
$
|
(13.2
|
)
|
$
|
(214.0
|
)
|
|
Income
tax benefits:
|
|||||||
From
synthetic fuel tax credits
|
10.9
|
179.0
|
|||||
From
accelerated depreciation
|
5.0
|
81.8
|
|||||
From
partnership losses
|
1.7
|
28.9
|
|||||
Total
income tax benefits
|
17.6
|
289.7
|
|||||
Losses
from Equity Method Investments
|
(4.4
|
)
|
(75.7
|
)
|
|||
Impact
on Net Income
|
-
|
-
|
Declaration
Date
|
Dividend
Amount
|
Quarter Ended
|
Payment Date
|
February
17, 2005
|
$38.0
million
|
March
31, 2005
|
April
1, 2005
|
May
5, 2005
|
$38.0
million
|
June
30, 2005
|
July
1, 2005
|
July
27, 2005
|
$38.0
million
|
September 30, 2005
|
October
1, 2005
|
November
2, 2005
|
$38.0
million
|
December
31, 2005
|
January
1, 2006
|
Millions
of dollars
|
2005
|
%
Change
|
2004
|
%
Change
|
2003
|
|||||||||||
Operating
revenues
|
$
|
1,912.0
|
13.0
|
%
|
$
|
1,692.0
|
15.0
|
%
|
$
|
1,471.7
|
||||||
Less:
Fuel used in generation
|
618.1
|
32.4
|
%
|
466.9
|
39.7
|
%
|
334.1
|
|||||||||
Purchased
power
|
37.2
|
(26.6
|
)%
|
50.7
|
(20.8
|
)%
|
64.0
|
|||||||||
Margin
|
$
|
1,256.7
|
7.0
|
%
|
$
|
1,174.4
|
9.4
|
%
|
$
|
1,073.6
|
•
|
2005 vs 2004
|
Margin
increased by $41.4 million due to increased retail electric rates
that
went into effect in January 2005, by $24.8 million due to residential
and
commercial customer growth and by $16.4 million due to increased
off-system sales. These increases were offset by a $2.4 million decrease
due to unfavorable weather. Fuel used in generation increased $151.2
million due primarily to the increased cost of coal and natural gas
used
for electric generation. Purchased power decreased due to greater
availability of generation
facilities.
|
•
|
2004
vs 2003
|
Margin
increased by $47.2 million due to increased off-system sales, by
$22.9
million due to increased customer growth and consumption, by
$22.3 million due to favorable weather and by $7.1 million due
to the increase in retail electric base rates effective
February 2003. Fuel used in generation increased by
$103.0 million due to increased availability of generation facilities
and by $30.0 million due to increased cost of coal. Purchased power
decreased due to greater availability of generation
facilities.
|
Classification
(in thousands)
|
2005
|
%
Change
|
2004
|
%
Change
|
2003
|
|||||||||||
Residential
|
7,634
|
2.3
|
%
|
7,460
|
6.6
|
%
|
6,998
|
|||||||||
Commercial
|
7,065
|
2.1
|
%
|
6,919
|
4.5
|
%
|
6,622
|
|||||||||
Industrial
|
6,651
|
(1.8
|
)%
|
6,775
|
3.5
|
%
|
6,548
|
|||||||||
Sales
for resale (excluding interchange)
|
1,487
|
(2.5
|
)%
|
1,525
|
6.1
|
%
|
1,438
|
|||||||||
Other
|
527
|
0.2
|
%
|
526
|
5.2
|
%
|
500
|
|||||||||
Total
territorial
|
23,364
|
0.7
|
%
|
23,205
|
5.0
|
%
|
22,106
|
|||||||||
NMST
|
1,794
|
(2.8
|
)%
|
1,845
|
*
|
425
|
||||||||||
Total
|
25,158
|
0.4
|
%
|
25,050
|
11.2
|
%
|
22,531
|
•
|
2005
vs 2004
|
Territorial
sales volumes increased by 407 MWh primarily due to customer growth
partially offset by 261 MWh due to less favorable
weather.
|
•
|
2004
vs 2003
|
Territorial
sales volumes increased by 334 MWh and 774 MWh due to customer growth
and
weather, respectively.
|
Millions
of dollars
|
2005
|
%
Change
|
2004
|
%
Change
|
2003
|
|||||||||||
Operating
revenues
|
$
|
508.8
|
28.0
|
%
|
$
|
397.4
|
10.4
|
%
|
$
|
360.1
|
||||||
Less:
Gas purchased for resale
|
416.6
|
32.8
|
%
|
313.6
|
16.7
|
%
|
268.8
|
|||||||||
Margin
|
$
|
92.2
|
10.0
|
%
|
$
|
83.8
|
(8.2
|
)%
|
$
|
91.3
|
•
|
2005
vs 2004
|
Margin
increased $4.7 million due to higher firm margin and $4.6 million
due to
increased retail gas base rates which became effective with the first
billing cycle in November 2005. These increases were offset by a
$0.8
million decrease due to lower interruptible margin and transportation
revenue.
|
•
|
2004
vs 2003
|
Margin
decreased primarily due to a decreased billing surcharge for the
recovery
of environmental remediation expenses of $5.0 million and lower
residential and commercial sales volumes of
$2.5 million.
|
Classification
(in thousands)
|
2005
|
%
Change
|
2004
|
% Change
|
2003
|
Residential
|
12,806
|
(0.9)%
|
12,916
|
(2.5)%
|
13,243
|
Commercial
|
12,553
|
3.3%
|
12,155
|
(1.4)%
|
12,322
|
Industrial
|
15,907
|
5.4%
|
15,087
|
3.9%
|
14,524
|
Transportation
gas
|
2,032
|
(10.6)%
|
2,272
|
6.1%
|
2,141
|
Total
|
43,298
|
2.0%
|
42,430
|
0.5%
|
42,230
|
•
|
2005
vs 2004
|
Commercial
and industrial volumes increased primarily due to more customers
buying
commodity gas instead of purchasing alternative fuels and instead
of
transporting gas purchased from
others.
|
•
|
2004
vs 2003
|
Residential
and commercial sales volumes decreased primarily due to unfavorable
consumption patterns. Industrial and transportation volumes increased
in
2004 primarily as a result of interruptible customers using gas instead
of
alternative fuels.
|
Millions
of dollars
|
2005
|
%
Change
|
2004
|
%
Change
|
2003
|
|||||||||||
Other
operation and maintenance
|
$
|
441.2
|
2.4
|
%
|
$
|
431.0
|
7.0
|
%
|
$
|
402.9
|
||||||
Depreciation
and amortization
|
464.8
|
*
|
220.9
|
12.6
|
%
|
196.2
|
||||||||||
Other
taxes
|
131.0
|
(0.2
|
)%
|
131.3
|
4.2
|
%
|
126.0
|
|||||||||
Total
|
$
|
1,037.0
|
32.4
|
%
|
$
|
783.2
|
8.0
|
%
|
$
|
725.1
|
•
|
2005 vs 2004
|
Other
operation and maintenance expenses increased primarily due to increased
electric generation major maintenance expenses of $6.7 million, increased
expenses associated with the Jasper County Electric Generating Station
completed in May 2004 of $2.4 million, increased nuclear operating
and
maintenance expenses of $2.4 million, higher expenses related to
regulatory matters of $1.9 million and higher amortization of regulatory
assets of $3.6 million. The increases were offset primarily by decreased
long-term bonus and incentive plan expenses of $4.8 million and decreased
storm damage expenses of $0.9 million. Depreciation and amortization
increased approximately $214.0 million due to accelerated depreciation
of
the back-up dam at Lake Murray (previously explained at Recognition
of Synthetic Fuel Tax Credits),
increased $6.5 million due to the completion of the Jasper County
Electric
Generating Station in May 2004 and $6.1 million due to normal net
property
changes. In addition, pursuant to the January 2005 rate order, SCE&G
began amortization of previously deferred purchased power costs and
implemented new depreciation rates, resulting in $17.3 million of
additional depreciation and amortization expense in the
period.
|
•
|
2004 vs 2003
|
Other
operation and maintenance expenses increased primarily due to increased
labor and benefit expense of $19.5 million, $11.0 million of
increased operating expenses at the electric generation plants and
$2.5 million of expenses associated with winter storm restoration,
partially offset by increased pension income of $5.2 million.
Depreciation and amortization increased by $13.4 million due to
completion of the Jasper County Electric Generating Station and
$11.1 million due to normal additions. Other taxes increased
primarily due to property taxes.
|
Millions
of dollars
|
2005
|
%
Change
|
2004
|
%
Change
|
2003
|
|||||||||||
Interest
on long-term debt, net
|
$
|
136.3
|
(5.9
|
)%
|
$
|
144.8
|
3.7
|
%
|
$
|
139.7
|
||||||
Other
interest expense
|
11.0
|
*
|
3.5
|
(35.2
|
)%
|
5.4
|
||||||||||
Total
|
$
|
147.3
|
(0.7
|
)%
|
$
|
148.3
|
2.2
|
%
|
$
|
145.1
|
•
|
2005 vs 2004
|
Interest
on long-term debt decreased primarily due to the redemption of outstanding
debt. Other interest expense increased primarily due to increased
short-term debt.
|
•
|
2004
vs 2003
|
Interest
on long-term debt increased primarily due to slightly higher levels
of
borrowing outstanding during 2004 until the payment of maturing debt
late
in the year.
|
2006
|
2007
|
2008
|
||||||||
Millions
of dollars
|
||||||||||
SCE&G:
|
||||||||||
Electric
Plant:
|
||||||||||
Generation
(including GENCO)
|
$
|
128
|
$
|
86
|
$
|
193
|
||||
Transmission
|
50
|
44
|
46
|
|||||||
Distribution
|
115
|
114
|
115
|
|||||||
Other
|
18
|
11
|
14
|
|||||||
Nuclear
Fuel
|
27
|
25
|
5
|
|||||||
Gas
|
27
|
26
|
31
|
|||||||
Common
|
22
|
17
|
7
|
|||||||
Other
|
2
|
-
|
-
|
|||||||
Total
|
$
|
389
|
$
|
323
|
$
|
411
|
(Millions
of dollars)
|
Total
|
Less
than
1
year
|
1-3
years
|
4-5
years
|
After
5
years
|
|||||||||||
Long-term
and short-term debt
|
||||||||||||||||
(including
interest and preferred stock)
|
$
|
4,421
|
$
|
578
|
$
|
489
|
$
|
373
|
$
|
2,981
|
||||||
Capital
leases
|
2
|
1
|
1
|
-
|
-
|
|||||||||||
Operating
leases
|
44
|
13
|
30
|
1
|
-
|
|||||||||||
Purchase
obligations
|
95
|
86
|
6
|
3
|
-
|
|||||||||||
Other
commercial commitments
|
672
|
327
|
285
|
14
|
46
|
|||||||||||
Total
|
$
|
5,234
|
$
|
1,005
|
$
|
811
|
$
|
391
|
$
|
3,027
|
2006
|
2005
|
||||||
Millions
of dollars
|
|||||||
Property
additions and construction expenditures
|
$
|
368
|
$
|
331
|
|||
Nuclear
fuel expenditures
|
18
|
18
|
|||||
Investments
|
18
|
18
|
|||||
Total
|
$
|
404
|
$
|
367
|
Millions
of dollars
|
||||
Lines
of credit (total and unused):
|
||||
SCE&G
and Fuel Company
|
||||
Committed
(expires June 2010)
|
$
|
525
|
||
Uncommitted
|
78(a
|
)
|
||
Short-term
borrowings outstanding:
|
||||
Commercial
paper (270 or fewer days)
|
$
|
303.1
|
||
Weighted
average interest rate
|
4.40
|
%
|
· |
SCE&G
owns a decommissioned MGP site in the Calhoun Park area of Charleston,
South Carolina. The site is currently being remediated for contamination.
SCE&G anticipates that the remaining remediation activities will be
completed by mid-2006, with certain monitoring and retreatment activities
continuing until 2011. As of December 31, 2005, SCE&G has spent
approximately $21.5 million to remediate the Calhoun Park site, and
expects to spend an additional $0.3 million. In addition, the
National Park Service of the Department of the Interior made an initial
demand to SCE&G for payment of $9.1 million for certain costs and
damages relating to this site. Any cost arising from this matter
is
expected to be recoverable through
rates.
|
· |
SCE&G
owns three other decommissioned MGP sites in South Carolina which
contain
residues of by-product chemicals. One of the sites has been remediated
and
will undergo routine monitoring until released by DHEC. The other
sites
are currently being investigated under work plans approved by DHEC.
SCE&G anticipates that major remediation activities for the three
sites will be completed in 2010. As of December 31, 2005, SCE&G
has spent approximately $4.5 million related to these three sites,
and
expects to spend an additional $11.5 million. Any
cost arising from this matter is expected to be recoverable through
rates.
|
Expected
Maturity Date
|
||||||||
December 31,
2005
Millions
of dollars
|
2006
|
2007
|
2008
|
2009
|
2010
|
Thereafter
|
Total
|
Fair
Value
|
Liabilities
|
||||||||
Long-Term
Debt:
|
||||||||
Fixed
Rate ($)
|
169.9
|
39.2
|
39.2
|
139.2
|
39.2
|
1,714.4
|
2,141.1
|
2,051.3
|
Average
Interest Rate (%)
|
8.51
|
6.86
|
6.86
|
6.33
|
6.86
|
5.88
|
6.17
|
Expected
Maturity Date
|
||||||||
December 31,
2004
Millions
of dollars
|
2005
|
2006
|
2007
|
2008
|
2009
|
Thereafter
|
Total
|
Fair
Value
|
Liabilities
|
||||||||
Long-Term
Debt:
|
||||||||
Fixed
Rate ($)
|
189.2
|
169.9
|
39.2
|
39.2
|
139.2
|
1,718.2
|
2,294.9
|
2,285.7
|
Average
Interest Rate (%)
|
7.37
|
8.51
|
6.86
|
6.86
|
6.33
|
6.02
|
6.36
|
December 31,
(Millions of dollars)
|
2005
|
2004
|
|||||
Assets
|
|||||||
Utility
Plant In Service:
|
$
|
7,687
|
$
|
7,096
|
|||
Accumulated
Depreciation and Amortization
|
(2,295
|
)
|
(1,934
|
)
|
|||
5,392
|
5,162
|
||||||
Construction
Work in Progress
|
160
|
417
|
|||||
Nuclear
Fuel, Net of Accumulated Amortization
|
28
|
42
|
|||||
Utility
Plant, Net
|
5,580
|
5,621
|
|||||
Nonutility
Property and Investments:
|
|||||||
Nonutility
property, net of accumulated depreciation
|
28
|
27
|
|||||
Assets
held in trust, net-nuclear decommissioning
|
52
|
49
|
|||||
Other
investments
|
28
|
26
|
|||||
Nonutility
Property and Investments, Net
|
108
|
102
|
|||||
Current
Assets:
|
|||||||
Cash
and cash equivalents
|
19
|
20
|
|||||
Receivables,
net of allowance for uncollectible accounts of $2
and $1
|
366
|
292
|
|||||
Receivables-affiliated
companies
|
32
|
19
|
|||||
Inventories
(at average cost):
|
|||||||
Fuel
|
62
|
35
|
|||||
Materials
and supplies
|
72
|
64
|
|||||
Emission
allowances
|
54
|
9
|
|||||
Prepayments
and other
|
12
|
30
|
|||||
Deferred
income taxes
|
22
|
5
|
|||||
Total
Current Assets
|
639
|
474
|
|||||
Deferred
Debits:
|
|||||||
Environmental
|
18
|
11
|
|||||
Pension
asset, net
|
303
|
285
|
|||||
Due
from affiliates-pension and postretirement benefits
|
31
|
23
|
|||||
Other
regulatory assets
|
566
|
344
|
|||||
Other
|
121
|
125
|
|||||
Total
Deferred Debits
|
1,039
|
788
|
|||||
Total
|
$
|
7,366
|
$
|
6,985
|
December
31, (Millions of dollars)
|
2005
|
2004
|
|||||
Capitalization
and Liabilities
|
|||||||
Shareholders’
Investment:
|
|||||||
Common
equity
|
$
|
2,362
|
$
|
2,164
|
|||
Preferred
stock (Not subject to purchase or sinking funds)
|
106
|
106
|
|||||
Total
Shareholders’ Investment
|
2,468
|
2,270
|
|||||
Preferred
Stock, net (Subject to purchase or sinking funds)
|
8
|
9
|
|||||
Long-Term
Debt, net
|
1,856
|
1,981
|
|||||
Total
Capitalization
|
4,332
|
4,260
|
|||||
Minority
Interest
|
82
|
81
|
|||||
Current
Liabilities:
|
|||||||
Short-term
borrowings
|
303
|
153
|
|||||
Current
portion of long-term debt
|
183
|
198
|
|||||
Accounts
payable
|
84
|
106
|
|||||
Accounts
payable—affiliated companies
|
142
|
113
|
|||||
Customer
deposits and customer prepayments
|
35
|
32
|
|||||
Taxes
accrued
|
140
|
152
|
|||||
Interest
accrued
|
35
|
35
|
|||||
Dividends
declared
|
40
|
38
|
|||||
Other
|
38
|
28
|
|||||
Total
Current Liabilities
|
1,000
|
855
|
|||||
Deferred
Credits:
|
|||||||
Deferred
income taxes, net
|
801
|
765
|
|||||
Deferred
investment tax credits
|
119
|
119
|
|||||
Asset
retirement obligations
|
309
|
124
|
|||||
Non-legal
asset retirement obligations
|
394
|
363
|
|||||
Due
to affiliates-pension and postretirement benefits
|
12
|
14
|
|||||
Postretirement
benefits
|
148
|
142
|
|||||
Other
regulatory liabilities
|
94
|
198
|
|||||
Other
|
75
|
64
|
|||||
Total
Deferred Credits
|
1,952
|
1,789
|
|||||
Commitments
and Contingencies (Note 10)
|
-
|
-
|
|||||
Total
|
$
|
7,366
|
$
|
6,985
|
For
the Years Ended December 31,
(Millions
of dollars)
|
2005
|
2004
|
2003
|
|||||||
Operating
Revenues:
|
||||||||||
Electric
|
$
|
1,912
|
$
|
1,692
|
$
|
1,472
|
||||
Gas
|
509
|
397
|
360
|
|||||||
Total
Operating Revenues
|
2,421
|
2,089
|
1,832
|
|||||||
Operating
Expenses:
|
||||||||||
Fuel
used in electric generation
|
618
|
467
|
334
|
|||||||
Purchased
power
|
37
|
51
|
64
|
|||||||
Gas
purchased for resale
|
417
|
313
|
269
|
|||||||
Other
operation and maintenance
|
441
|
431
|
403
|
|||||||
Depreciation
and amortization
|
465
|
221
|
196
|
|||||||
Other
taxes
|
131
|
131
|
126
|
|||||||
Total
Operating Expenses
|
2,109
|
1,614
|
1,392
|
|||||||
Operating
Income
|
312
|
475
|
440
|
|||||||
Other
Income (Expense):
|
||||||||||
Other
revenues
|
163
|
104
|
91
|
|||||||
Other
expenses
|
(140
|
)
|
(90
|
)
|
(74
|
)
|
||||
Allowance
for equity funds used during construction
|
-
|
14
|
18
|
|||||||
Interest
charges, net of allowance for borrowed funds used during construction
of
$3, $9 and $11
|
(144
|
)
|
(139
|
)
|
(136
|
)
|
||||
Total
Other Expense
|
(121
|
)
|
(111
|
)
|
(101
|
)
|
||||
Income
Before Income Taxes (Benefit), Losses from Equity Method
Investments,
|
||||||||||
Minority Interest and Preferred Stock Dividends
|
191
|
364
|
339
|
|||||||
Income
Tax Expense (Benefit)
|
(150
|
)
|
120
|
110
|
||||||
Income
Before Losses from Equity Method Investments, Minority
|
||||||||||
Interest and Preferred Stock Dividends
|
341
|
244
|
229
|
|||||||
Losses
from Equity Method Investments
|
(77
|
)
|
(2
|
)
|
(1
|
)
|
||||
Minority
Interest
|
6
|
10
|
8
|
|||||||
Net
Income
|
258
|
232
|
220
|
|||||||
Preferred
Stock Cash Dividends
|
7
|
7
|
7
|
|||||||
Earnings
Available for Common Shareholder
|
$
|
251
|
$
|
225
|
$
|
213
|
For
the Years Ended December 31, (Millions of dollars)
|
2005
|
2004
|
2003
|
|||||||
Cash
Flows From Operating Activities:
|
||||||||||
Net
income
|
$
|
258
|
$
|
232
|
$
|
220
|
||||
Adjustments
to Reconcile Net Income to Net Cash Provided From Operating Activities:
|
||||||||||
Losses from equity method investments
|
77
|
2
|
1
|
|||||||
Minority interest
|
6
|
10
|
8
|
|||||||
Depreciation and amortization
|
465
|
221
|
196
|
|||||||
Amortization of nuclear fuel
|
18
|
22
|
21
|
|||||||
Gain on sale of assets
|
(1
|
)
|
(1
|
)
|
(1
|
)
|
||||
Allowance for equity funds used during construction
|
-
|
(14
|
)
|
(18
|
)
|
|||||
Carrying cost recovery
|
(11
|
)
|
-
|
-
|
||||||
Cash provided (used) by changes in certain assets and
liabilities:
|
||||||||||
Receivables, net
|
(87
|
)
|
(19
|
)
|
(35
|
)
|
||||
Inventories
|
(119
|
)
|
(44
|
)
|
-
|
|||||
Prepayments
|
18
|
(10
|
)
|
4
|
||||||
Pension asset
|
(17
|
)
|
(14
|
)
|
(5
|
)
|
||||
Other regulatory assets
|
(30
|
)
|
(17
|
)
|
4
|
|||||
Deferred income taxes, net
|
19
|
44
|
51
|
|||||||
Other regulatory liabilities
|
(165
|
)
|
42
|
46
|
||||||
Postretirement benefits
|
6
|
7
|
4
|
|||||||
Accounts payable
|
6
|
(17
|
)
|
3
|
||||||
Taxes accrued
|
(12
|
)
|
34
|
4
|
||||||
Interest accrued
|
-
|
(4
|
)
|
8
|
||||||
Changes in fuel adjustment clauses
|
(32
|
)
|
8
|
11
|
||||||
Changes in other assets
|
(13
|
)
|
13
|
(5
|
)
|
|||||
Changes in other liabilities
|
24
|
36
|
42
|
|||||||
Net
Cash Provided From Operating Activities
|
410
|
531
|
559
|
|||||||
Cash
Flows From Investing Activities:
|
||||||||||
Utility property additions and construction expenditures
|
(330
|
)
|
(434
|
)
|
(589
|
)
|
||||
Nonutility property additions
|
1
|
(5
|
)
|
-
|
||||||
Proceeds from sales of assets
|
2
|
2
|
2
|
|||||||
Investments
|
(18
|
)
|
(20
|
)
|
(21
|
)
|
||||
Net
Cash Used For Investing Activities
|
(347
|
)
|
(457
|
)
|
(608
|
)
|
||||
Cash
Flows From Financing Activities:
|
||||||||||
Proceeds from issuance of debt
|
121
|
136
|
779
|
|||||||
Contribution from parent
|
95
|
38
|
39
|
|||||||
Repayment of debt
|
(264
|
)
|
(110
|
)
|
(441
|
)
|
||||
Redemption of preferred stock
|
(1
|
)
|
-
|
(50
|
)
|
|||||
Dividends on equity securities
|
(158
|
)
|
(158
|
)
|
(159
|
)
|
||||
Distribution to parent
|
-
|
(29
|
)
|
-
|
||||||
Short-term borrowings - affiliate, net
|
(7
|
)
|
-
|
(48
|
)
|
|||||
Short-term borrowings, net
|
150
|
13
|
(38
|
)
|
||||||
Net
Cash Provided From (Used For) Financing Activities
|
(64
|
)
|
(110
|
)
|
82
|
|||||
Net
Increase (Decrease) in Cash and Cash Equivalents
|
(1
|
)
|
(36
|
)
|
33
|
|||||
Cash
and Cash Equivalents, January 1
|
20
|
56
|
23
|
|||||||
Cash
and Cash Equivalents, December 31
|
$
|
19
|
$
|
20
|
$
|
56
|
||||
Supplemental
Cash Flow Information:
|
||||||||||
Cash
paid for - Interest (net of capitalized interest of $3, $9 and
$11)
|
$
|
140
|
$
|
144
|
$
|
125
|
||||
-
Income taxes
|
26
|
22
|
41
|
|||||||
Noncash
Investing and Financing Activities:
|
||||||||||
Accrued construction expenditures
|
29
|
38
|
30
|
Premium
|
Other
|
||||||||
On
|
Paid
|
Capital
|
Total
|
||||||
Common
Stock (a)
|
Common
|
In
|
Stock
|
Retained
|
Common
|
||||
Shares
|
Amount
|
Stock
|
Capital
|
Expense
|
Earnings
|
Equity
|
|||
(Millions)
|
|||||||||
Balance
at December 31, 2002
|
40
|
$181
|
$395
|
$627
|
$(5)
|
$768
|
$1,966
|
||
Capital
Contributions From Parent
|
9
|
9
|
|||||||
Earnings
Available for Common Shareholder
|
213
|
213
|
|||||||
Cash
Dividends Declared
|
(145)
|
(145)
|
|||||||
Balance
at December 31, 2003
|
40
|
181
|
395
|
636
|
(5)
|
836
|
2,043
|
||
Capital
Contributions From Parent
|
38
|
38
|
|||||||
Earnings
Available for Common Shareholder
|
225
|
225
|
|||||||
Cash
Dividends Declared
|
(142)
|
(142)
|
|||||||
Balance
at December 31, 2004
|
40
|
181
|
395
|
674
|
(5)
|
919
|
2,164
|
||
Capital
Contributions From Parent
|
95
|
95
|
|||||||
Earnings
Available for Common Shareholder
|
251
|
251
|
|||||||
Cash
Dividends Declared
|
(148)
|
(148)
|
|||||||
Balance
at December 31, 2005
|
40
|
$181
|
$395
|
$769
|
$(5)
|
$1,022
|
$2,362
|
December 31,
|
|||||||
2005
|
2004
|
||||||
Millions
of dollars
|
|||||||
Accumulated
deferred income taxes, net
|
$
|
134
|
$
|
121
|
|||
Under-(over-)
collections-electric fuel and gas cost adjustment clauses,
net
|
56
|
(2
|
)
|
||||
Deferred
purchased power costs
|
17
|
26
|
|||||
Deferred
environmental remediation costs
|
18
|
11
|
|||||
Asset
retirement obligations and related funding
|
240
|
76
|
|||||
Non-legal
asset retirement obligations
|
(394
|
)
|
(363
|
)
|
|||
Deferred
synthetic fuel tax benefits, net
|
-
|
(97
|
)
|
||||
Storm
damage reserve
|
(38
|
)
|
(33
|
)
|
|||
Franchise
agreements
|
56
|
58
|
|||||
Deferred
regional transmission organization costs
|
11
|
14
|
|||||
Other
|
(4
|
)
|
(17
|
)
|
|||
Total
|
$
|
96
|
$
|
(206
|
)
|
|
December
31,
|
December
31,
|
December
31,
|
|||||||
2005
|
2004
|
2003
|
||||||||
Millions of dollars |
Actual
|
Proforma
|
Proforma
|
|||||||
Assets:
|
||||||||||
Within
utility plant
|
$
|
39
|
$
|
39
|
$
|
39
|
||||
Within
accumulated depreciation
|
(20
|
)
|
(20
|
)
|
(19
|
)
|
||||
Within
other regulatory assets
|
159
|
149
|
140
|
|||||||
Total
|
$
|
178
|
$
|
168
|
$
|
160
|
||||
Liabilities:
|
||||||||||
Asset
retirement obligation
|
$
|
178
|
$
|
168
|
$
|
160
|
Millions
of dollars
|
2005
|
2004
|
|||||
Beginning
balance
|
$
|
124
|
$
|
117
|
|||
Accretion
expense
|
7
|
7
|
|||||
Adoption
of FIN 47
|
$
|
178
|
-
|
||||
Ending
Balance
|
$
|
309
|
$
|
124
|
2005
|
2004
|
2003
|
||||||||
Earnings
Available for Common Shareholder-as reported (millions)
|
$
|
250.8
|
$
|
225.2
|
$
|
213.1
|
||||
Earnings
Available for Common Shareholder-pro forma (millions)
|
250.6
|
224.1
|
211.4
|
2005
|
2004
|
2003
|
||||||||
Millions
of dollars
|
||||||||||
Current
assets
|
$
|
32
|
$
|
26
|
$
|
16
|
||||
Non-current
assets
|
7
|
10
|
12
|
|||||||
Current
liabilities
|
34
|
28
|
19
|
|||||||
Non-current
liabilities
|
-
|
-
|
-
|
|||||||
Revenues
|
267
|
208
|
157
|
|||||||
Gross
loss
|
(8
|
)
|
(27
|
)
|
(24
|
)
|
||||
Loss
before income taxes
|
(55
|
)
|
(54
|
)
|
(45
|
)
|
Rate Per KWh
|
Effective Date
|
$.01678
|
January-April
2004
|
$.01821
|
May-December
2004
|
$.01764
|
January-April
2005
|
$.02256
|
May-December
2005
|
Rate
Per Therm
|
Effective
Date
|
$.877
|
January-October
2004
|
$.903
|
November
2004-October 2005
|
Retirement
Benefits
|
Other
Postretirement Benefits
|
||||||||||||
2005
|
2004
|
2005
|
2004
|
||||||||||
Millions
of dollars
|
|||||||||||||
Benefit
obligation, January 1
|
$
|
669.5
|
$
|
619.9
|
$
|
197.5
|
$
|
188.4
|
|||||
Service
cost
|
12.2
|
11.1
|
3.5
|
3.3
|
|||||||||
Interest
cost
|
38.3
|
37.4
|
10.7
|
11.4
|
|||||||||
Plan
participants’ contributions
|
-
|
-
|
2.3
|
1.1
|
|||||||||
Plan
amendments
|
-
|
8.0
|
(0.3
|
)
|
4.7
|
||||||||
Actuarial
loss
|
27.1
|
24.1
|
1.5
|
1.2
|
|||||||||
Benefits
paid
|
(35.6
|
)
|
(31.0
|
)
|
(13.1
|
)
|
(12.6
|
)
|
|||||
Benefit
obligation, December 31
|
$
|
711.5
|
$
|
669.5
|
$
|
202.1
|
$
|
197.5
|
2005
|
2004
|
||||||
Annual
discount rate used to determine benefit obligations
|
5.60
|
%
|
5.75
|
%
|
|||
Assumed
annual rate of future salary increases for projected benefit
obligation
|
4.00
|
%
|
4.00
|
%
|
1%
Increase
|
1%
Decrease
|
||||||
Millions
of dollars
|
|||||||
Effect
on postretirement benefit obligation
|
$
|
3.5
|
$
|
(3.1
|
)
|
Retirement
Benefits
|
|||||||
2005
|
2004
|
||||||
Millions
of dollars
|
|||||||
Fair
value of plan assets, January 1
|
$
|
846.7
|
$
|
787.7
|
|||
Actual
return on plan assets
|
43.2
|
90.0
|
|||||
Benefits
paid
|
(35.6
|
)
|
(31.0
|
)
|
|||
Fair
value of plan assets, December 31
|
$
|
854.3
|
$
|
846.7
|
Retirement
Benefits
|
Other
Postretirement Benefits
|
||||||||||||
2005
|
2004
|
2005
|
2004
|
||||||||||
Millions
of dollars
|
|||||||||||||
Funded
status, December 31
|
$
|
142.9
|
$
|
177.2
|
$
|
(202.1
|
)
|
$
|
(197.5
|
)
|
|||
Unrecognized
actuarial loss
|
88.4
|
28.2
|
44.4
|
44.2
|
|||||||||
Unrecognized
prior service cost
|
71.3
|
78.3
|
5.2
|
6.4
|
|||||||||
Unrecognized
net transition obligation
|
0.6
|
1.4
|
4.3
|
5.0
|
|||||||||
Net
asset (liability) recognized in consolidated balance sheet
|
$
|
303.2
|
$
|
285.1
|
$
|
(148.2
|
)
|
$
|
(141.9
|
)
|
Other
Postretirement Benefits*
|
||||||||||
Expected
Benefit Payments
|
Pension
Benefits
|
Excluding
Medicare Subsidy
|
Including
Medicare Subsidy
|
|||||||
Millions
of dollars
|
||||||||||
2006
|
$
|
35.9
|
$
|
8.6
|
$
|
8.3
|
||||
2007
|
37.7
|
9.2
|
8.9
|
|||||||
2008
|
39.6
|
9.7
|
9.3
|
|||||||
2009
|
41.6
|
10.0
|
9.6
|
|||||||
2010
|
43.6
|
10.3
|
10.0
|
|||||||
2011-2015
|
253.5
|
55.1
|
53.4
|
Retirement
Benefits
|
Other
Postretirement Benefits
|
||||||||||||||||||
2005
|
2004
|
2003
|
2005
|
2004
|
2003
|
||||||||||||||
Millions
of dollars
|
|||||||||||||||||||
Service
cost
|
$
|
12.2
|
$
|
11.1
|
$
|
9.5
|
$
|
3.5
|
$
|
3.3
|
$
|
2.7
|
|||||||
Interest
cost
|
38.3
|
37.4
|
36.7
|
10.7
|
11.4
|
11.4
|
|||||||||||||
Expected
return on assets
|
(76.3
|
)
|
(71.0
|
)
|
(59.9
|
)
|
n/a
|
n/a
|
n/a
|
||||||||||
Prior
service cost amortization
|
6.9
|
6.6
|
6.3
|
0.8
|
1.4
|
0.9
|
|||||||||||||
Actuarial
loss
|
-
|
-
|
1.6
|
1.2
|
1.9
|
1.5
|
|||||||||||||
Transition
amount amortization
|
0.8
|
0.8
|
0.8
|
0.8
|
0.8
|
0.8
|
|||||||||||||
Amount
attributable to Company affiliates
|
(1.9
|
)
|
(1.7
|
)
|
(1.8
|
)
|
(4.8
|
)
|
(5.5
|
)
|
(5.3
|
)
|
|||||||
Net
periodic benefit (income) cost
|
$
|
(20.0
|
)
|
$
|
(16.8
|
)
|
$
|
(6.8
|
)
|
$
|
12.2
|
$
|
13.3
|
$
|
12.0
|
Retirement
Benefits
|
Other
Postretirement Benefits
|
||||||||||||||||||
2005
|
2004
|
2003
|
2005
|
2004
|
2003
|
||||||||||||||
Discount
rate
|
5.75
|
%
|
6.00
|
%
|
6.50
|
%
|
5.75
|
%
|
6.00
|
%
|
6.50
|
%
|
|||||||
Expected
return on plan assets
|
9.25
|
%
|
9.25
|
%
|
9.25
|
%
|
n/a
|
n/a
|
n/a
|
||||||||||
Rate
of compensation increase
|
4.00
|
%
|
4.00
|
%
|
4.00
|
%
|
4.00
|
%
|
4.00
|
%
|
4.00
|
%
|
|||||||
Health
care cost trend rate
|
n/a
|
n/a
|
n/a
|
9.00
|
%
|
9.50
|
%
|
10.00
|
%
|
||||||||||
Ultimate
health care cost trend rate
|
n/a
|
n/a
|
n/a
|
5.00
|
%
|
5.00
|
%
|
5.00
|
%
|
||||||||||
Year
achieved
|
n/a
|
n/a
|
n/a
|
2011
|
2011
|
2011
|
|||||||||||||
Measurement
date
|
Jan
1
|
Jan
1
|
Jan
1
|
Jan
1
|
Jan
1
|
Jan
1
|
Target
Allocation
|
Percentage of Plan Assets
At
December 31,
|
|||||||||
Asset
Category
|
2006
|
2005
|
2004
|
|||||||
Equity
Securities
|
70
|
%
|
72
|
%
|
72
|
%
|
||||
Debt
Securities
|
30
|
%
|
28
|
%
|
28
|
%
|
Weighted-Average
|
Maturity
|
December 31,
|
||
Interest
Rate
|
Date
|
2005
|
2004
|
|
Millions
of dollars
|
||||
First
Mortgage Bonds (secured)
|
5.98%
|
2009-2035
|
$1,550
|
$1,700
|
First &
Refunding Mortgage Bonds (secured)
|
9.00%
|
2006
|
131
|
131
|
GENCO
Notes (secured)
|
5.97%
|
2011-2024
|
127
|
130
|
Industrial
and Pollution Control Bonds
|
5.24%
|
2012-2032
|
156
|
156
|
Other
|
2006-2014
|
97
|
81
|
|
Total
debt
|
2,061
|
2,198
|
||
Current
maturities of long-term debt
|
(183)
|
(198)
|
||
Unamortized
discount
|
(22)
|
(19)
|
||
Total
long-term debt, net
|
$1,856
|
$1,981
|
Year
|
Amount
|
|||
(Millions
of dollars)
|
||||
2006
|
$
|
183
|
||
2007
|
49
|
|||
2008
|
48
|
|||
2009
|
178
|
|||
2010
|
45
|
2005
|
2004
|
||||||
Millions
of dollars
|
|||||||
Lines
of credit (total and unused)
|
|||||||
Committed
|
$
|
525
|
$
|
525
|
|||
Uncommitted
|
78(a
|
)
|
113(a
|
)
|
|||
Short-term
borrowings outstanding
|
|||||||
Commercial
paper (270 or fewer days)
|
$
|
303.1
|
$
|
152.9
|
|||
Weighted
average interest rate
|
4.40
|
%
|
2.40
|
%
|
Par
Value
|
Authorized
|
Available
for Issuance
|
$100
|
1,000,000
|
-
|
$
50
|
601,613
|
300,000
|
$
25
|
2,000,000
|
2,000,000
|
Series
|
||||
4.50%,
4.60% (A)
&
5.125%
|
4.60%
(B)
&
6.00%
|
Total
Shares
|
Millions
of Dollars
|
|
Redemption
Price
|
$51.00
|
$50.50
|
|
|
Balance
at December 31, 2002
|
83,849
|
116,124
|
199,973
|
$10.0
|
Shares
Redeemed-$50 par value
|
(2,815)
|
(3,563)
|
(6,378)
|
(0.3)
|
Balance
at December 31, 2003
|
81,034
|
112,561
|
193,595
|
9.7
|
Shares
Redeemed-$50 par value
|
(2,516)
|
(6,600)
|
(9,116)
|
(0.5)
|
Balance
at December 31, 2004
|
78,518
|
105,961
|
184,479
|
9.2
|
Shares
Redeemed-$50 par value
|
(1,475)
|
(6,600)
|
(8,075)
|
(0.4)
|
Balance
at December 31, 2005
|
77,043
|
99,361
|
176,404
|
$8.8
|
2005
|
2004
|
2003
|
||||||||
Millions
of dollars
|
||||||||||
Current
taxes:
|
||||||||||
Federal
|
$
|
(8.4
|
)
|
$
|
47.4
|
$
|
23.7
|
|||
State
|
9.5
|
(4.4
|
)
|
8.5
|
||||||
Total
current taxes
|
1.1
|
43.0
|
32.2
|
|||||||
Deferred
taxes, net:
|
||||||||||
Federal
|
(7.5
|
)
|
28.1
|
41.7
|
||||||
State
|
(9.8
|
)
|
4.1
|
0.7
|
||||||
Total
deferred taxes
|
(17.3
|
)
|
32.2
|
42.4
|
||||||
Investment
tax credits:
|
||||||||||
Deferred-state
|
5.1
|
10.0
|
5.0
|
|||||||
Amortization
of amounts deferred-state
|
(1.9
|
)
|
(2.1
|
)
|
(1.8
|
)
|
||||
Amortization
of amounts deferred-federal
|
(2.7
|
)
|
(3.6
|
)
|
(3.6
|
)
|
||||
Total
investment tax credits
|
0.5
|
4.3
|
(0.4
|
)
|
||||||
Synthetic
fuel tax credits - federal
|
(134.2
|
)
|
40.5
|
35.7
|
||||||
Total
income tax expense (benefit)
|
$
|
(149.9
|
)
|
$
|
120.0
|
$
|
109.9
|
2005
|
2004
|
2003
|
||||||||
Millions
of dollars
|
||||||||||
Net
income
|
$
|
258.1
|
$
|
232.5
|
$
|
220.5
|
||||
Income
tax expense (benefit)
|
(149.9
|
)
|
120.0
|
109.9
|
||||||
Minority
interest
|
5.5
|
10.3
|
8.0
|
|||||||
Total
pre-tax income
|
113.7
|
362.8
|
$
|
338.4
|
||||||
Income
taxes on above at statutory federal income tax rate
|
$
|
39.8
|
$
|
127.0
|
$
|
118.4
|
||||
Increases
(decreases) attributed to:
|
||||||||||
State
income taxes (less federal income tax effect)
|
1.9
|
4.9
|
8.0
|
|||||||
Synthetic
fuel tax credits
|
(181.9
|
)
|
(2.9
|
)
|
(2.2
|
)
|
||||
Allowance
for equity funds used during construction
|
-
|
(5.0
|
)
|
(6.2
|
)
|
|||||
Non-taxable
recovery of Lake Murray Dam project carrying costs
|
(3.8
|
)
|
-
|
-
|
||||||
Amortization
of federal investment tax credits
|
(2.7
|
)
|
(3.6
|
)
|
(3.6
|
)
|
||||
Amended
returns for prior years
|
(2.1
|
)
|
-
|
-
|
||||||
Other
differences, net
|
(1.1
|
)
|
(0.4
|
)
|
(4.5
|
)
|
||||
Total
income tax expense (benefit)
|
$
|
(149.9
|
)
|
$
|
120.0
|
$
|
109.9
|
2005
|
2004
|
||||||
Millions
of dollars
|
|||||||
Deferred
tax assets:
|
|||||||
Nondeductible
reserves
|
$
|
72.1
|
$
|
68.8
|
|||
Unamortized
investment tax credits
|
59.2
|
59.9
|
|||||
Federal
alternative minimum tax credit carryforward
|
44.0
|
12.3
|
|||||
Deferred
compensation
|
25.4
|
22.0
|
|||||
Unbilled
revenue
|
16.4
|
7.0
|
|||||
Other
|
8.6
|
5.6
|
|||||
Total
deferred tax assets
|
225.7
|
175.6
|
|||||
Deferred
tax liabilities:
|
|||||||
Property,
plant and equipment
|
824.5
|
789.5
|
|||||
Pension
plan benefit income
|
110.5
|
102.4
|
|||||
Deferred
fuel costs
|
44.5
|
21.6
|
|||||
Other
|
24.4
|
21.1
|
|||||
Total
deferred tax liabilities
|
1,003.9
|
934.6
|
|||||
Net
deferred tax liability
|
$
|
778.2
|
$
|
759.0
|
2005
|
2004
|
||||||||||||
Carrying
Amount
|
Estimated
Fair
Value
|
Carrying
Amount
|
Estimated
Fair
Value
|
||||||||||
Millions
of dollars
|
|||||||||||||
Long-term
debt
|
$
|
2,038.3
|
$
|
2,125.8
|
$
|
2,179.4
|
$
|
2,347.6
|
|||||
Preferred
stock (subject to purchase or sinking funds)
|
8.2
|
8.2
|
9.2
|
8.5
|
· |
Fair
values of long-term debt are based on quoted market prices of the
instruments or similar instruments. For debt instruments for which
no
quoted market prices are available, fair values are based on net
present
value calculations. Early settlement of long-term debt may not be
possible
or may not be considered prudent.
|
· |
The
fair value of preferred stock (subject to purchase or sinking funds)
is
estimated using market prices.
|
· |
Potential
taxes and other expenses that would be incurred in an actual sale
or
settlement have not been
considered.
|
Millions
of dollars
|
||||
2006
|
$
|
13
|
||
2007
|
11
|
|||
2008
|
10
|
|||
2009
|
9
|
|||
2010
|
1
|
|||
$
|
44
|
Millions
of dollars
|
||||
2006
|
$
|
414
|
||
2007
|
164
|
|||
2008
|
92
|
|||
2009
|
35
|
|||
2010
|
7
|
|||
Thereafter
|
55
|
|||
$
|
767
|
2005
|
Electric
Operations
|
Gas
Distribution
|
All
Other
|
Adjustments/
Eliminations
|
Consolidated
Total
|
Customer
Revenue
|
$1,912
|
$509
|
-
|
-
|
$2,421
|
Intersegment
Revenue
|
-
|
1
|
-
|
$(1)
|
-
|
Operating
Income (Loss)
|
299
|
16
|
-
|
(3)
|
312
|
Interest
Expense
|
13
|
-
|
-
|
131
|
144
|
Depreciation and
Amortization
|
450
|
15
|
-
|
-
|
465
|
Segment
Assets
|
5,531
|
408
|
$4
|
1,423
|
7,366
|
Expenditures
for Assets
|
280
|
58
|
-
|
(8)
|
330
|
Deferred
Tax Assets
|
n/a
|
n/a
|
-
|
22
|
22
|
2004
|
Electric
Operations
|
Gas
Distribution
|
All
Other
|
Adjustments/
Eliminations
|
Consolidated
Total
|
Customer
Revenue
|
$1,692
|
$397
|
-
|
-
|
$2,089
|
Intersegment
Revenue
|
-
|
1
|
-
|
$(1)
|
-
|
Operating
Income (Loss)
|
550
|
14
|
-
|
(89)
|
475
|
Interest
Expense
|
10
|
-
|
-
|
129
|
139
|
Depreciation and
Amortization
|
208
|
13
|
-
|
-
|
221
|
Segment
Assets
|
5,365
|
354
|
$3
|
1,263
|
6,985
|
Expenditures
for Assets
|
389
|
35
|
-
|
15
|
439
|
Deferred
Tax Assets
|
n/a
|
n/a
|
-
|
5
|
5
|
2003
|
Electric
Operations
|
Gas
Distribution
|
All
Other
|
Adjustments/
Eliminations
|
Consolidated
Total
|
Customer
Revenue
|
$1,472
|
$360
|
-
|
-
|
$1,832
|
Intersegment
Revenue
|
-
|
1
|
-
|
$(1)
|
-
|
Operating
Income (Loss)
|
426
|
15
|
-
|
(1)
|
440
|
Interest
Expense
|
7
|
-
|
$2
|
127
|
136
|
Depreciation and
Amortization
|
183
|
13
|
-
|
-
|
196
|
Segment
Assets
|
5,038
|
323
|
3
|
1,264
|
6,628
|
Expenditures
for Assets
|
655
|
20
|
-
|
(86)
|
589
|
Deferred
Tax Assets
|
n/a
|
n/a
|
-
|
-
|
-
|
2005
Millions of dollars
|
First
Quarter
|
Second
Quarter
|
Third
Quarter
|
Fourth
Quarter
|
Annual
|
|||||||||||
Total
operating revenues
|
$
|
573
|
$
|
523
|
$
|
696
|
$
|
629
|
$
|
2,421
|
||||||
Operating
income (loss)
|
(59
|
)
|
78
|
178
|
115
|
312
|
||||||||||
Net
income
|
52
|
40
|
106
|
62
|
260
|
2004
Millions of dollars
|
First
Quarter
|
Second
Quarter
|
Third
Quarter
|
Fourth
Quarter
|
Annual
|
|||||||||||
Total
operating revenues
|
$
|
527
|
$
|
503
|
$
|
555
|
$
|
504
|
$
|
2,089
|
||||||
Operating
income
|
113
|
114
|
162
|
86
|
475
|
|||||||||||
Net
income
|
54
|
57
|
85
|
36
|
232
|
Page
|
|||
Item
7.
|
141
|
||
Item
7A.
|
144
|
||
Item
8.
|
|||
146
|
|||
147
|
|||
149
|
|||
150
|
|||
151
|
|||
152
|
|||
2005
|
% Change
|
2004
|
||||||||
Millions
of dollars
|
||||||||||
Net
income
|
$
|
25.7
|
8.4
|
%
|
$
|
23.7
|
Declaration
Date
|
Distribution
|
Quarter Ended
|
Payment Date
|
February
17, 2005
|
$3.5
million
|
March
31, 2005
|
April
1, 2005
|
May
5, 2005
|
$3.5
million
|
June
30, 2005
|
July
1, 2005
|
July
27, 2005
|
$4.0
million
|
September
30, 2005
|
October
1, 2005
|
November
2, 2005
|
$4.0
million
|
December
31, 2005
|
January
1, 2006
|
2005
|
2004
|
Change
|
%
Change
|
||||||||||
Millions
of dollars
|
|||||||||||||
Operating
revenues
|
$
|
659.8
|
$
|
516.5
|
$
|
143.3
|
27.7
|
%
|
|||||
Less:
Cost of gas
|
478.0
|
341.6
|
136.4
|
39.9
|
%
|
||||||||
Gross
margin
|
$
|
181.8
|
$
|
174.9
|
$
|
6.9
|
3.9
|
%
|
(Millions
of dollars)
|
Total
|
Less than
1
year
|
1-3 years
|
4-5 years
|
After
5 years
|
|||||||||||
Long-term
and short-term debt (including interest)
|
$
|
577
|
$
|
121
|
$
|
65
|
$
|
182
|
$
|
209
|
||||||
Operating
leases
|
1
|
1
|
-
|
-
|
-
|
|||||||||||
Purchase
obligations
|
60
|
55
|
5
|
-
|
-
|
|||||||||||
Other
commercial commitments
|
859
|
408
|
168
|
110
|
173
|
|||||||||||
Total
|
$
|
1,497
|
$
|
585
|
$
|
238
|
$
|
292
|
$
|
382
|
Millions
of dollars
|
||||
Committed
lines of credit (expires June 2010)
|
$
|
125
|
||
Short-term
borrowings outstanding:
|
||||
Commercial
paper (270 or fewer days)
|
$
|
99
|
||
Weighted
average interest rate
|
4.47
|
%
|
Expected
Maturity Date
|
||||||||
December
31, 2005
Millions
of dollars
|
2006
|
2007
|
2008
|
2009
|
2010
|
Thereafter
|
Total
|
Fair
Value
|
Liabilities
|
||||||||
Long-Term
Debt:
|
||||||||
Fixed
Rate ($)
|
3.2
|
3.2
|
3.2
|
3.2
|
3.2
|
256.4
|
272.4
|
309.4
|
Average
Fixed Interest Rate (%)
|
8.75
|
8.75
|
8.75
|
8.75
|
8.75
|
6.9
|
7.0
|
|
Interest
Rate Swaps:
|
||||||||
Pay
Variable/Receive Fixed ($)
|
3.2
|
3.2
|
3.2
|
3.2
|
3.2
|
6.4
|
22.4
|
0.4
|
Average
Pay Interest Rate (%)
|
7.7
|
7.7
|
7.7
|
7.7
|
7.7
|
7.7
|
7.7
|
|
Average
Receive Interest Rate (%)
|
8.75
|
8.75
|
8.75
|
8.75
|
8.75
|
8.75
|
8.75
|
Expected
Maturity Date
|
||||||||
December
31, 2004
Millions
of dollars
|
2005
|
2006
|
2007
|
2008
|
2009
|
Thereafter
|
Total
|
Fair
Value
|
Liabilities
|
||||||||
Long-Term
Debt:
|
||||||||
Fixed
Rate ($)
|
3.2
|
3.2
|
3.2
|
3.2
|
3.2
|
259.6
|
275.6
|
325.8
|
Average
Fixed Interest Rate (%)
|
8.75
|
8.75
|
8.75
|
8.75
|
8.75
|
6.9
|
7.0
|
|
Interest
Rate Swaps:
|
||||||||
Pay
Variable/Receive Fixed ($)
|
3.2
|
3.2
|
3.2
|
3.2
|
3.2
|
9.6
|
25.6
|
1.2
|
Average
Pay Interest Rate (%)
|
5.74
|
5.74
|
5.74
|
5.74
|
5.74
|
5.74
|
5.74
|
|
Average
Receive Interest Rate (%)
|
8.75
|
8.75
|
8.75
|
8.75
|
8.75
|
8.75
|
8.75
|
December 31,
(Millions of dollars)
|
2005
|
2004
|
|||||
Assets
|
|||||||
Gas
Utility Plant
|
$
|
1,006
|
$
|
947
|
|||
Accumulated
Depreciation
|
(282
|
)
|
(262
|
)
|
|||
Acquisition
Adjustment
|
210
|
210
|
|||||
Gas
Utility Plant, Net
|
934
|
895
|
|||||
Nonutility
Property and Investments, Net
|
28
|
27
|
|||||
Current
Assets:
|
|||||||
Cash
and cash equivalents
|
3
|
2
|
|||||
Restricted
cash and temporary investments
|
1
|
8
|
|||||
Receivables,
net of allowance for uncollectible accounts of $3 and $2
|
182
|
128
|
|||||
Receivables—affiliated
companies
|
9
|
7
|
|||||
Inventories
(at average cost):
|
|||||||
Stored
gas
|
92
|
70
|
|||||
Materials
and supplies
|
6
|
5
|
|||||
Deferred
income taxes, net
|
-
|
1
|
|||||
Other
|
3
|
3
|
|||||
Total
Current Assets
|
296
|
224
|
|||||
Deferred
Debits:
|
|||||||
Due
from affiliate-pension asset
|
11
|
12
|
|||||
Regulatory
assets
|
26
|
26
|
|||||
Other
|
3
|
4
|
|||||
Total
Deferred Debits
|
40
|
42
|
|||||
Total
|
$
|
1,298
|
$
|
1,188
|
December
31, (Millions of dollars)
|
2005
|
2004
|
|||||
Capitalization
and Liabilities
|
|||||||
Capitalization:
|
|||||||
Common
equity
|
$
|
528
|
$
|
513
|
|||
Long-term
debt, net
|
270
|
274
|
|||||
Total
Capitalization
|
798
|
787
|
|||||
Current
Liabilities:
|
|||||||
Short-term
borrowings
|
99
|
58
|
|||||
Current
portion of long-term debt
|
3
|
3
|
|||||
Accounts
payable
|
91
|
66
|
|||||
Accounts
payable-affiliated companies
|
6
|
8
|
|||||
Customer
deposits and customer prepayments
|
14
|
14
|
|||||
Taxes
accrued
|
4
|
4
|
|||||
Interest
accrued
|
6
|
6
|
|||||
Distributions/dividends
declared
|
4
|
4
|
|||||
Deferred
income taxes, net
|
3
|
-
|
|||||
Other
|
6
|
11
|
|||||
Total
Current Liabilities
|
236
|
174
|
|||||
Deferred
Credits:
|
|||||||
Deferred
income taxes, net
|
104
|
102
|
|||||
Deferred
investment tax credits
|
1
|
1
|
|||||
Due
to affiliate-postretirement benefits
|
19
|
19
|
|||||
Other
regulatory liabilities
|
23
|
11
|
|||||
Asset
retirement obligations
|
13
|
-
|
|||||
Non-legal
asset retirement obligations
|
91
|
84
|
|||||
Other
|
13
|
10
|
|||||
Total
Deferred Credits
|
264
|
227
|
|||||
Commitments
and Contingencies (Note 8)
|
-
|
-
|
|||||
Total
|
$
|
1,298
|
$
|
1,188
|
For
the Years Ended December 31,
(Millions
of dollars)
|
2005
|
2004
|
2003
|
|||||||
Operating
Revenues
|
$
|
660
|
$
|
516
|
$
|
509
|
||||
Cost
of Gas
|
478
|
341
|
330
|
|||||||
Gross
Margin
|
182
|
175
|
179
|
|||||||
Operating
Expenses:
|
||||||||||
Operation
and maintenance
|
80
|
80
|
75
|
|||||||
Depreciation
and amortization
|
35
|
34
|
34
|
|||||||
Other
taxes
|
8
|
8
|
7
|
|||||||
Total
Operating Expenses
|
123
|
122
|
116
|
|||||||
Operating
Income
|
59
|
53
|
63
|
|||||||
Other
Income (Expense):
|
||||||||||
Other
revenues
|
12
|
11
|
13
|
|||||||
Other
expenses
|
(9
|
)
|
(8
|
)
|
(10
|
)
|
||||
Loss
on sale of assets
|
-
|
(1
|
)
|
-
|
||||||
Allowance
for equity funds used during construction
|
-
|
-
|
1
|
|||||||
Interest
charges, net of allowance for borrowed funds used during
construction
|
(21
|
)
|
(21
|
)
|
(21
|
)
|
||||
Total
Other Expense
|
(18
|
)
|
(19
|
)
|
(17
|
)
|
||||
Income
Before Income Taxes and Earnings from Equity Method
Investments
|
41
|
34
|
46
|
|||||||
Income
Tax Expense
|
19
|
14
|
19
|
|||||||
Income
Before Earnings from Equity Method Investments
|
22
|
20
|
27
|
|||||||
Earnings
from Equity Method Investments
|
4
|
4
|
4
|
|||||||
Net
Income
|
$
|
26
|
$
|
24
|
$
|
31
|
For
the Years Ended December 31, (Millions of
dollars)
|
2005
|
2004
|
2003
|
|||||||
Cash
Flows From Operating Activities:
|
||||||||||
Net
income
|
$
|
26
|
$
|
24
|
$
|
31
|
||||
Adjustments
to reconcile net income to net cash provided from operating activities:
|
||||||||||
Depreciation
and amortization
|
37
|
37
|
36
|
|||||||
Loss
on sale of assets
|
-
|
1
|
-
|
|||||||
Allowance
for funds used during construction
|
-
|
-
|
(1
|
)
|
||||||
Cash
provided (used) by changes in certain assets and
liabilities
|
||||||||||
Receivables,
net
|
(56
|
)
|
(15
|
)
|
(18
|
)
|
||||
Inventories
|
(25
|
)
|
(15
|
)
|
(18
|
)
|
||||
Regulatory
assets
|
(5
|
)
|
2
|
-
|
||||||
Regulatory
liabilities
|
1
|
1
|
-
|
|||||||
Accounts
payable
|
13
|
15
|
(9
|
)
|
||||||
Deferred
income taxes, net
|
6
|
8
|
5
|
|||||||
Taxes
accrued
|
-
|
(6
|
)
|
5
|
||||||
Changes
in gas adjustment clauses
|
26
|
(11
|
)
|
11
|
||||||
Changes
in other assets
|
1
|
-
|
-
|
|||||||
Changes
in other liabilities
|
(3
|
)
|
2
|
4
|
||||||
Net
Cash Provided From Operating Activities
|
21
|
43
|
46
|
|||||||
Cash
Flows From Investing Activities:
|
||||||||||
Construction
expenditures, net of AFC
|
(52
|
)
|
(40
|
)
|
(38
|
)
|
||||
Proceeds
on sale of assets
|
-
|
-
|
12
|
|||||||
Nonutility
and other
|
5
|
(1
|
)
|
(1
|
)
|
|||||
Net
Cash Used For Investing Activities
|
(47
|
)
|
(41
|
)
|
(27
|
)
|
||||
Cash
Flows From Financing Activities:
|
||||||||||
Short-term
borrowings, net
|
41
|
3
|
24
|
|||||||
Contributions
from parent
|
3
|
1
|
1
|
|||||||
Repayment
of debt
|
(3
|
)
|
(8
|
)
|
(8
|
)
|
||||
Distributions/dividends
|
(14
|
)
|
(14
|
)
|
(19
|
)
|
||||
Net
Cash Provided From (Used For) Financing Activities
|
27
|
(18
|
)
|
(2
|
)
|
|||||
Net
Increase (Decrease) in Cash and Cash Equivalents
|
1
|
(16
|
)
|
17
|
||||||
Cash
and Cash Equivalents, January 1
|
2
|
18
|
1
|
|||||||
Cash
and Cash Equivalents, December 31
|
$
|
3
|
$
|
2
|
$
|
18
|
||||
Supplemental
Cash Flow Information:
|
||||||||||
Cash
paid for: Interest (net of capitalized interest of $1, $1 and
$1)
|
$
|
19
|
$
|
19
|
$
|
19
|
||||
Income
taxes
|
11
|
11
|
8
|
|||||||
Noncash
Investing and Financing Activities:
|
||||||||||
Accrued
construction expenditures
|
3
|
3
|
2
|
Accumulated
|
||||||
Capital
|
Other
|
Retained
|
Total
|
|||
Common
Stock
|
in Excess
|
Comprehensive
|
Earnings
|
Common
|
||
Shares
|
Amount
|
of
Par
|
Loss
|
(Deficit)
|
Equity
|
|
(Millions)
|
||||||
Balance
at December 31, 2002
|
1,000
|
-
|
$686
|
$(1)
|
$(198)
|
$487
|
Capital
Contributions From Parent, net
|
1
|
1
|
||||
Net
Income
|
31
|
31
|
||||
Cash
Distributions/Dividends Declared
|
(17)
|
(17)
|
||||
Balance
at December 31, 2003
|
1,000
|
-
|
$670
|
$(1)
|
$(167)
|
$502
|
Capital
Contributions From Parent, net
|
1
|
1
|
||||
Net
Income
|
24
|
24
|
||||
Cash
Distributions/Dividends Declared
|
(14)
|
(14)
|
||||
Balance
at December 31, 2004
|
1,000
|
-
|
$657
|
$(1)
|
$(143)
|
$513
|
Capital
Contributions From Parent, net
|
3
|
3
|
||||
Net
Income
|
26
|
26
|
||||
Cash
Distributions/Dividends Declared
|
(14)
|
(14)
|
||||
Balance
at December 31, 2005
|
1,000
|
-
|
$646
|
$(1)
|
$(117)
|
$528
|
December 31,
|
|||||||
2005
|
2004
|
||||||
Millions
of dollars
|
|||||||
Excess
deferred income taxes
|
$
|
(2
|
)
|
$
|
(1
|
)
|
|
Under-
(over-) collections-gas cost adjustment clause, net
|
(15
|
)
|
11
|
||||
Deferred
environmental remediation costs
|
10
|
8
|
|||||
Asset
retirement obligations
|
10
|
-
|
|||||
Non-legal
asset retirement obligations
|
(91
|
)
|
(84
|
)
|
|||
Total
|
$
|
(88
|
)
|
$
|
(66
|
)
|
|
December
31,
|
December
31,
|
December
31,
|
|||||||
2005
|
2004
|
2003
|
||||||||
Millions
of dollars
|
Actual
|
Proforma
|
Proforma
|
|||||||
Assets:
|
||||||||||
Within
utility plant
|
$
|
5
|
$
|
5
|
$
|
5
|
||||
Within
accumulated depreciation
|
(2
|
)
|
(2
|
)
|
(2
|
)
|
||||
Within
other regulatory assets
|
10
|
10
|
9
|
|||||||
Total
|
$
|
13
|
$
|
13
|
$
|
12
|
||||
Liabilities:
|
||||||||||
Asset
retirement obligation
|
$
|
13
|
$
|
13
|
$
|
12
|
Millions of dollars |
2005
|
2004
|
|||||
Beginning
balance
|
-
|
-
|
|||||
Adoption
of FIN 47
|
$
|
13
|
-
|
||||
Ending
Balance
|
$
|
13
|
-
|
2005
|
2004
|
2003
|
||||||||
Millions
of dollars
|
||||||||||
Current
assets
|
$
|
19
|
$
|
17
|
$
|
22
|
||||
Non-current
assets
|
179
|
185
|
190
|
|||||||
Current
liabilities
|
12
|
11
|
14
|
|||||||
Non-current
liabilities
|
76
|
83
|
89
|
|||||||
Revenues
|
35
|
35
|
36
|
|||||||
Gross
profit
|
35
|
35
|
36
|
|||||||
Income
before income taxes
|
18
|
18
|
18
|
Rate
Per Therm
|
Effective
Date
|
$.600
|
January-September
2004
|
$.675
|
October-November
2004
|
$.825
|
December
2004-January 2005
|
$.725
|
February-July
2005
|
$.825
|
August-September
2005
|
$1.10
|
October
2005
|
$1.275
|
November-December
2005
|
Weighted-Average
|
Maturity
|
December 31,
|
||
Interest
Rate
|
Date
|
2005
|
2004
|
|
Millions
of dollars
|
||||
Medium-Term
Notes (unsecured)
|
6.63%
|
2011
|
$150
|
$150
|
Senior
Debentures(a)
|
7.50%
|
2006-2026
|
122
|
126
|
Fair
value of interest rate swaps
|
1
|
1
|
||
Total
debt
|
273
|
277
|
||
Current
maturities of long-term debt
|
(3)
|
(3)
|
||
Total
long-term debt
|
$270
|
$274
|
2005
|
2004
|
||||||
Millions
of dollars
|
|||||||
Committed
lines of credit (total and unused)
|
$
|
125.0
|
$
|
125.0
|
|||
Short-term
borrowings outstanding:
|
|||||||
Commercial
paper (270 or fewer days)
|
$
|
98.6
|
$
|
57.8
|
|||
Weighted
average interest rate
|
4.47
|
%
|
2.47
|
%
|
2005
|
2004
|
2003
|
||||||||
Millions
of dollars
|
||||||||||
Current
taxes:
|
||||||||||
Federal
|
$
|
10.2
|
$
|
3.2
|
$
|
12.1
|
||||
State
|
1.5
|
2.5
|
3.3
|
|||||||
Total
current taxes
|
11.7
|
5.7
|
15.4
|
|||||||
Deferred
taxes, net:
|
||||||||||
Federal
|
5.3
|
9.1
|
4.0
|
|||||||
State
|
1.8
|
0.1
|
-
|
|||||||
Total
deferred taxes
|
7.1
|
9.2
|
4.0
|
|||||||
Investment
tax credit amortization
|
(0.3
|
)
|
(0.3
|
)
|
(0.3
|
)
|
||||
Total
income tax expense
|
$
|
18.5
|
$
|
14.6
|
$
|
19.1
|
2005
|
2004
|
2003
|
||||||||
Millions
of dollars
|
||||||||||
Income
|
$
|
25.7
|
$
|
23.7
|
$
|
30.9
|
||||
Income
tax expense
|
18.5
|
14.6
|
19.1
|
|||||||
Total
pre-tax income
|
$
|
44.2
|
$
|
38.3
|
$
|
50.0
|
||||
Income
taxes on above at statutory federal income tax rate
|
$
|
15.5
|
$
|
13.4
|
$
|
17.5
|
||||
Increases
(decreases) attributed to:
|
||||||||||
State
income taxes (less federal income tax effect)
|
2.1
|
1.7
|
2.2
|
|||||||
Amortization
of federal investment tax credits
|
(0.3
|
)
|
(0.3
|
)
|
(0.3
|
)
|
||||
Other
differences, net
|
1.2
|
(0.2
|
)
|
(0.3
|
)
|
|||||
Total
income tax expense
|
$
|
18.5
|
$
|
14.6
|
$
|
19.1
|
2005
|
2004
|
||||||
Million
of dollars
|
|||||||
Deferred
tax assets:
|
|||||||
Nondeductible
reserves
|
$
|
2.7
|
$
|
2.4
|
|||
Other
|
4.7
|
5.4
|
|||||
Total
deferred tax assets
|
7.4
|
7.8
|
|||||
Deferred
tax liabilities:
|
|||||||
Property,
plant and equipment
|
95.3
|
94.5
|
|||||
Other
|
19.4
|
14.0
|
|||||
Total
deferred tax liabilities
|
114.7
|
108.5
|
|||||
Net
deferred tax liability
|
$
|
107.3
|
$
|
100.7
|
2005
|
2004
|
|||
Carrying
Amount
|
Estimated
Fair
Value
|
Carrying
Amount
|
Estimated
Fair
Value
|
|
Millions
of dollars
|
||||
Long-term
debt
|
272.8
|
309.8
|
276.8
|
327.0
|
Millions of dollars
|
|||||||
2006
|
$
|
463.3
|
|||||
2007
|
57.2
|
||||||
2008
|
55.3
|
||||||
2009
|
59.6
|
||||||
2010
|
55.2
|
||||||
Thereafter
|
228.2
|
||||||
Total |
$
|
918.8
|
2005
|
Gas
Distribution
|
All
Other
|
Adjustments/
Eliminations
|
Consolidated
Total
|
External
Revenue
|
$660
|
-
|
-
|
$660
|
Depreciation
and Amortization
|
35
|
-
|
-
|
35
|
Operating
Income
|
59
|
n/a
|
-
|
59
|
Net
Income
|
n/a
|
-
|
$26
|
26
|
Interest
Expense
|
21
|
-
|
-
|
21
|
Segment
Assets
|
1,194
|
$28
|
76
|
1,298
|
Expenditures
for Assets
|
64
|
-
|
-
|
64
|
Deferred
Tax Assets
|
-
|
-
|
-
|
-
|
2004
|
Gas
Distribution
|
All
Other
|
Adjustments/
Eliminations
|
Consolidated
Total
|
External
Revenue
|
$516
|
-
|
-
|
$516
|
Depreciation
and Amortization
|
34
|
-
|
-
|
34
|
Operating
Income
|
53
|
n/a
|
-
|
53
|
Net
Income
|
n/a
|
-
|
$24
|
24
|
Interest
Expense
|
21
|
-
|
-
|
21
|
Segment
Assets
|
1,091
|
$28
|
69
|
1,188
|
Expenditures
for Assets
|
50
|
-
|
-
|
50
|
Deferred
Tax Assets
|
1
|
-
|
-
|
1
|
2003
|
Gas
Distribution
|
All
Other
|
Adjustments/
Eliminations
|
Consolidated
Total
|
External
Revenue
|
$509
|
-
|
-
|
$509
|
Depreciation
and Amortization
|
34
|
-
|
-
|
34
|
Operating
Income
|
63
|
n/a
|
-
|
63
|
Net
Income
|
n/a
|
-
|
$31
|
31
|
Interest
Expense
|
21
|
-
|
-
|
21
|
Segment
Assets
|
1,067
|
$28
|
57
|
1,152
|
Expenditures
for Assets
|
48
|
-
|
-
|
48
|
Deferred
Tax Assets
|
3
|
-
|
-
|
3
|
2005
Millions of
dollars
|
First
Quarter
|
Second
Quarter
|
Third
Quarter
|
Fourth
Quarter
|
Annual
|
|||||||||||
Total
operating revenues
|
$
|
246
|
$
|
84
|
$
|
60
|
$
|
270
|
$
|
660
|
||||||
Operating
income (loss)
|
43
|
1
|
(4
|
)
|
19
|
59
|
||||||||||
Net
income (loss)
|
24
|
(2
|
)
|
(6
|
)
|
10
|
26
|
2004
Millions of
dollars
|
First
Quarter
|
Second
Quarter
|
Third
Quarter
|
Fourth
Quarter
|
Annual
|
|||||||||||
Total
operating revenues
|
$
|
226
|
$
|
69
|
$
|
53
|
$
|
168
|
$
|
516
|
||||||
Operating
income (loss)
|
42
|
(3
|
)
|
(6
|
)
|
20
|
53
|
|||||||||
Net
income (loss)
|
23
|
(4
|
)
|
(6
|
)
|
11
|
24
|
Name
and Year First
Became
Director
|
Age
|
Principal
Occupation; Directorships
|
Bill
L. Amick
(1990)
|
62
|
For
more than five years, Chairman of the Board of Amick Farms, Inc.,
Amick
Processing, Inc. and Amick Broilers, Inc., Batesburg, SC (vertically
integrated broiler operation).
|
Director,
SCANA Corporation; PSNC Energy; Blue Cross and Blue Shield of South
Carolina.
|
||
James
A. Bennett
(1997)
|
44
|
Since
August 2002, Executive Vice President and Director of Public Affairs,
First Citizens Bank, Columbia, SC.
|
From
May 2000 to July 2002, President and Chief Executive Officer of South
Carolina Community Bank, Columbia, SC.
|
||
Director,
SCANA Corporation; PSNC Energy.
|
||
William
C. Burkhardt*
(2000)
|
68
|
Since
May 2004, Chairman and Chief Executive Officer of Titan Holdings,
LLC,
Raleigh, NC (real estate investment company).
|
From
October 2003 until his May 2004 retirement, Chief Executive Officer
of
Capital Bank, Raleigh, NC.
|
||
From
May 2000 until October 2003 Mr. Burkhardt pursued personal
interests.
|
||
From
1980 until his May 2000 retirement, President and Chief Executive
Officer
of Austin Quality Foods, Inc., Cary, NC (production and distribution
company of baked snacks for the food industry).
|
||
Director,
SCANA Corporation; PSNC Energy; Capital Bank, Raleigh, NC and Plaza
Belmont II, Kansas City, MO.
|
Sharon
A. Decker
(2005)
|
48
|
Elected
to the Board on December 20, 2005. Since September 2004, Founder
and
principal of The Tapestry Group LLC, Rutherfordton, NC (motivational
speaking company).
|
From
August 1999 to September 2004 President of Tanner Holdings and Doncaster,
Rutherfordton, NC (apparel manufacturers).
|
||
Director,
SCANA Corporation; PSNC Energy; Coca-Cola Bottling Company Consolidated,
Inc., Charlotte, NC and Family Dollar Stores, Inc., Charlotte,
NC.
|
D.
Maybank Hagood*
(1999)
|
44
|
For
more than five years, President and Chief Executive Officer of William
M.
Bird and Company, Inc. (wholesale distributor of floor covering materials)
and its subsidiary Southern Diversified Distributors, LLC, (provider
of
logistics services) both in Charleston, SC.
|
Director,
SCANA Corporation; PSNC Energy.
|
||
W.
Hayne Hipp
(1983)
|
65
|
Mr.
Hipp is a private investor. Prior to it’s acquisition in January 2006, Mr.
Hipp was Chairman , Chief Executive Officer and a director of The
Liberty
Corporation, Greenville, SC. (a broadcasting holding company). Mr.
Hipp
held these positions for more than five years.
|
Director,
SCANA Corporation; PSNC Energy.
|
||
Lynne
M. Miller*
(1997)
|
54
|
Since
August 2005, Senior Business Consultant to Quanta Capital Holdings,
Inc.,
Reston, VA (a specialty insurer).
|
From
April 2004 through July 2005, President of Quanta Technical Services
LLC.,
Reston VA.
|
||
From
September 2003 through March 2004, Chief Executive Officer of
Environmental Strategies Consulting, LLC, a division of Quanta Technical
Services LLC. Ms. Miller co-founded Environmental Strategies Corporation
(an environmental consulting firm) and served as President from 1986
until
1995 and as Chief Executive Officer from 1995 until September 2003
when
the firm was acquired by Quanta Capital Holdings, Inc. and its name
was
changed to Environmental Strategies Consulting LLC.
|
||
Director,
SCANA Corporation; PSNC Energy; Adams National Bank (a subsidiary
of
Abigail Adams National Bancorp, Inc.), Washington, DC.
|
||
Maceo
K. Sloan*
(1997)
|
56
|
For
more than five years, Chairman, President and Chief Executive Officer
of
Sloan Financial Group, Inc. (financial holding company) and Chairman,
Chief Executive Officer and Chief Investment Officer of both NCM
Capital
Management Group, Inc. and NCM Capital Advisers, Inc. (investment
management companies), Durham, NC.
|
Director,
SCANA Corporation; PSNC Energy; M&F Bancorp, Inc. and its subsidiary,
Mechanics and Farmers Bank; and Trustee of Teachers Insurance Annuity
Association-College Retirement Equity Fund and (TIAA-CREF) funds
boards,
Durham, NC.
|
Harold
C. Stowe*
(1999)
|
59
|
Since
February 2005 retired as President of Canal Holdings, LLC, Conway,
SC
(forest products industry company).
|
For
more than five years, President of Canal Holdings, LLC and its predecessor
company, Conway, SC (forest products industry company).
|
||
Director,
SCANA Corporation; PSNC Energy; New South Companies, Inc., Charlotte,
NC;
Ruddick Corporation, Charlotte, NC.
|
William
B. Timmerman
(1991)
|
59
|
For
more than five years, Chairman of the Board, President and Chief
Executive
Officer of SCANA Corporation, Columbia, SC.
|
Director,
SCANA Corporation; PSNC Energy.
|
||
G.
Smedes York
(2000)
|
65
|
For
more than five years, President and Treasurer of York Properties,
Inc.,
Raleigh, NC. (full-service commercial and residential real estate
company). Chairman of the Board of
York
Simpson Underwood (residential
brokerage company) and McDonald-York, Inc. (general contractor) both
in
Raleigh, NC.
|
Director,
SCANA Corporation; PSNC Energy.
|
Name
|
Age
|
Positions
Held During Past Five Years
|
Dates
|
W.
B. Timmerman
|
59
|
Chairman
of the Board and Chief Executive Officer
|
*-present
|
J.
C. Bouknight
|
53
|
Senior
Vice President-Human Resources
Vice
President Human Resources-Dan River, Inc.-Danville, VA
|
2004-present
*-2004
|
S.
D. Burch
|
48
|
Senior
Vice President, Fuel Procurement and Asset Management
Deputy
General Counsel and Assistant Secretary
|
2003-present
*-2003
|
S.
A. Byrne
|
46
|
Senior
Vice President-Generation, Nuclear and Fossil Hydro
Senior
Vice President-Nuclear Operations
|
2004-present
*-2004
|
P.
V. Fant
|
52
|
Senior
Vice President Transmission Services
President
and Chief Operating Officer-SCPC and SCG Pipeline
Executive
Vice President-SCPC
Executive
Vice President-SCG Pipeline, Inc.
|
2004-present
2004-present
*-2004
2002-2004
|
N.
O. Lorick
|
55
|
President
and Chief Operating Officer
|
*-present
|
K.
B. Marsh
|
50
|
Senior
Vice President and Chief Financial Officer Controller
|
*-present
|
F.
P. Mood, Jr.
|
68
|
Senior
Vice President, General Counsel and Assistant Secretary
Attorney,
Haynsworth Sinkler Boyd, P.A.
|
2005-present
*-2005
|
Annual
Compensation
|
Long-Term
Compensation Awards
|
||||||
Name
and Principal Position
|
Year
|
Salary
($)
|
Bonus
(1)
($)
|
Securities
Underlying
Option/
SARS
(#)
|
LTIP
Payouts
(2)
($)
|
All
Other
Compensation
(3)
($)
|
|
W.
B. Timmerman
|
2005
|
997,654
|
(4)
|
1,278,443
|
- |
1,509,703
|
124,560
|
Chairman,
President and
|
2004
|
931,583
|
948,494
|
-
|
-
|
108,828
|
|
Chief
Executive Officer- SCANA
|
2003
|
858,219
|
718,493
|
-
|
1,150,242
|
102,904
|
|
N.
O. Lorick
|
2005
|
498,077
|
487,500
|
- |
535,875
|
60,674
|
|
President
and Chief Operating
|
2004
|
470,833
|
378,625
|
-
|
-
|
55,324
|
|
Officer-SCE&G
|
2003
|
419,808
|
300,036
|
-
|
325,384
|
50,219
|
|
K.
B. Marsh
|
2005
|
498,077
|
487,500
|
- |
535,875
|
53,884
|
|
Senior
Vice President and Chief
|
2004
|
470,833
|
378,625
|
-
|
-
|
48,534
|
|
Financial
Officer-SCANA
|
2003
|
419,808
|
300,036
|
-
|
325,384
|
45,185
|
|
S.
A. Byrne
|
2005
|
399,216
|
300,300
|
- |
296,099
|
48,909
|
|
Senior
Vice President-
|
2004
|
362,728
|
225,660
|
-
|
-
|
33,366
|
|
Generation,
Nuclear and Fossil
|
2003
|
323,351
|
180,675
|
-
|
169,634
|
30,993
|
|
Hydro-SCE&G
|
|||||||
J.
C. Bouknight
|
2005
|
286,184
|
195,750
|
- |
-
|
24,921
|
|
Senior
Vice President, Human
|
2004
|
170,769
|
129,200
|
-
|
-
|
42,978
|
|
Resources
- SCANA
|
2003
|
-
|
-
|
-
|
-
|
-
|
(3)
|
All
other compensation for the named executive officers consists of matching
contributions to defined contribution plans and life insurance premiums
on
policies owned by named executive officers. The following are premium
amounts for 2005: Messrs. Timmerman - $7,791; Byrne - $0; Lorick
- $8,072;
Marsh - $1,282 and Bouknight - $0. The following are matching contribution
amounts for 2005: Messrs. Timmerman - $116,769, Byrne - $48,909;
Lorick -
$52,602; Marsh - $52,602 and Bouknight - $24,921.
|
(a)
|
(b)
|
(c)
|
(d)
|
(e)
|
Number
of
Securities
Underlying
Unexercised
Option/SARs
At
FY-End (#)
|
Value
of Unexercised
In-the-Money
Options/
SARs
at
FY-End
($)(2)
|
|||
Name
|
Shares
Acquired
On
Exercise (#)
|
Value
Realized
($)
(1)
|
Exercisable/
Unexercisable
|
Exercisable/
Unexercisable
|
W.
B. Timmerman
|
-
|
-
|
123,067/0
|
1,459,757/0
|
N.
O. Lorick
|
25,939
|
295,185
|
0/0
|
0/0
|
K.
B. Marsh
|
25,939
|
297,779
|
0/0
|
0/0
|
S.
A. Byrne
|
27,938
|
317,369
|
42,992/0
|
509,885/0
|
J.
C. Bouknight
|
-
|
-
|
-
|
-
|
Estimated
Future Payouts Under
Non-Stock
Price-Based Plans
|
|||||
Name
|
Number
of
Shares,
Units
or
Other
Rights
(#)
|
Performance
or
Other
Period
Until
Maturation
or
Payout
|
Threshold
(#)
|
Target
(#)
|
Maximum
(#)
|
W.
B. Timmerman
|
71,558
|
2005-2007
|
35,779
|
71,558
|
107,337
|
N.
O. Lorick
|
22,302
|
2005-2007
|
11,151
|
22,302
|
33,453
|
K.
B. Marsh
|
22,302
|
2005-2007
|
11,151
|
22,302
|
33,453
|
S.
A. Byrne
|
12,144
|
2005-2007
|
6,072
|
12,144
|
18,216
|
J.
C. Bouknight
|
7,244
|
2005-2007
|
3,622
|
7,244
|
10,866
|
· |
An
amount equal to three times the sum of: (i) the participant's annual
base salary in effect as of the date of the Change in Control and
(ii) the officer's target annual incentive award in effect as of the
date of the Change in Control under the Short-Term Annual Incentive
Plan.
|
· |
An
amount equal to the projected cost for medical, long-term disability
and
certain life insurance coverage for three years following the Change
in
Control as though the participant had continued to be a SCANA
employee.
|
· |
An
amount equal to the participant's Supplemental Executive Retirement
Plan
benefit accrued to the date of the Change in Control, increased by
the
present value of projected benefits that would otherwise accrue under
the
plan (based on the plan's actuarial assumptions) assuming that the
participant remained employed until reaching age 65, and offset by
the
value of the participant's Retirement Plan
benefit.
|
· |
A
benefit distribution of all amounts credited to the participant's
Executive Deferred Compensation Plan account as of the date of the
Change
in Control.
|
· |
A
benefit distribution under the Long-Term Equity Compensation Plan
equal to
100% of the target performance share award
for all performance periods not completed as of the date of the Change
in
Control, if any.
|
· |
Under
the Long-Term Equity Compensation Plan, all nonqualified stock options
awarded would become immediately exercisable and remain exercisable
throughout their original term.
|
· |
A
benefit distribution under the Short-Term Annual Incentive Plan equal
to
100% of the target award in effect as of the date of the Change in
Control.
|
· |
an
annual retainer of $45,000;
|
· |
a
fee of $6,500 for attendance at a regular quarterly meeting of the
board
of directors;
|
· |
a
fee of $6,000 for attendance at all-day meetings of the board of
directors
other than regular meetings;
|
· |
a
fee of $3,000 for attendance at a committee meeting held on a day
other
than a day a regular meeting of the Board is held;
|
· |
a
fee of $3,000 for attendance at half day meetings of the board other
than
regular meetings;
|
· |
a
fee $300 for telephonic meetings of the board of directors or a committee
that last fewer than 30 minutes;
|
· |
a
fee of $600 for telephonic meetings of the board of directors or
a
committee that last more than 30 minutes;
and
|
· |
reimbursement
of reasonable expenses incurred in connection with all of the
above.
|
Plan
Category
|
Number
of securities
to
be issued
upon
exercise
of
outstanding
options,
warrants
and
rights
|
Weighted-average
exercise
price
of
outstanding options,
warrants
and
rights
|
Number
of securities
remaining
available
for
future issuance under equity compensation plans
(excluding
securities
reflected
in column (a))
|
(a)
|
(b)
|
(c)
|
|
Equity
compensation plans approved by security holders:
|
|||
Long-Term
Equity Compensation Plan
|
432,970
|
$27.53
|
3,210,827
|
Non-Employee
Director Compensation Plan
|
n/a
|
n/a
|
122,566
|
Equity
compensation plans not approved by security holders
|
n/a
|
n/a
|
n/a
|
Total
|
432,970
|
$27.53
|
3,333,393
|
Name
|
Amount
and Nature
of
Beneficial
Ownership
of SCANA
Common
Stock*(1)(2)(3)(4)(5)
|
Name
|
Amount
and Nature
of
Beneficial
Ownership
of SCANA
Common
Stock*(1)(2)(3)(4)(5)
|
|
B.
L. Amick (6)
|
11,016
|
N.
O. Lorick
|
19,513
|
|
J.
A. Bennett (6)
|
2,603
|
K.
B. Marsh
|
18,633
|
|
J.
C. Bouknight
|
553
|
L.
M. Miller
|
3,666
|
|
W.
C. Burkhardt (6)
|
13,121
|
M.
K. Sloan (6)
|
1,831
|
|
S.
A. Byrne
|
51,916
|
H.
C. Stowe
|
2,732
|
|
S.
A. Decker
|
1,112
|
W.
B. Timmerman
|
181,441
|
|
D.
M. Hagood (6)
|
1,540
|
G.
S. York
|
13,204
|
|
W.
H. Hipp
|
14,058
|
(1)
|
Includes
182 shares owned by close relatives of
Mr. Lorick.
|
(2)
|
Includes
shares purchased through February 22, 2006, by the Trustee under
SCANA's Stock Purchase Savings
Plan.
|
(3)
|
Hypothetical
shares acquired under the SCANA Director Compensation and Deferral
Plan
are not included in the above table. As of February 3, 2006, each
of the
following directors had acquired under the plan the number of hypothetical
shares following his or her name: Messrs. Amick -13,091; Bennett
-13,171; Burkhardt -16,074; Hagood - 4,089; Hipp - 11,527; Sloan
- 14,490;
Stowe - 11,538; York - 14,750; Ms. Decker - 0 and Ms. Miller -
15,357.
|
(4)
|
Includes
shares subject to options that are currently exercisable or that
will
become exercisable within 60 days in the following amounts:
Messrs. Timmerman-123,067; and
Byrne-42,992.
|
(5)
|
Hypothetical
shares acquired under the SCANA Executive Deferred Compensation Plan
are
not included in the above table. As of February 3, 2006, each of
the
following officers had acquired under the plan, the number of hypothetical
shares following his or her name: Messrs. Timmerman-37,654;
Lorick-9,176; Marsh-4,946; and
Byrne-6,025.
|
(6)
|
Indicates
a member of the Human Resources
Committee.
|
2005
|
2004
|
||||||||||||
SCE&G
|
PSNC
Energy
|
SCE&G
|
PSNC
Energy
|
||||||||||
Audit
Fees(1)
|
$
|
1,389,564
|
$
|
268,441
|
$
|
1,380,354
|
$
|
284,512
|
|||||
Audit-Related
Fees(2)
|
50,073
|
10,793
|
70,565
|
6,240
|
|||||||||
Tax
Fees(3)
|
51,727
|
3,968
|
2,582
|
535
|
|||||||||
All Other Fees | - | - | - | - | |||||||||
Total
Fees
|
$
|
1,491,364
|
$
|
283,202
|
$
|
1,453,501
|
$
|
291,287
|
(1)
|
Fees
for audit services billed in 2005 and 2004 consisted of audits of
annual
financial statements, comfort letters, statutory and regulatory audits,
consents and other services related to Securities and Exchange Commission
("SEC") filings and accounting
research.
|
(2)
|
Fees
primarily for employee benefit plan audits for 2005 and
2004.
|
(3)
|
Fees for
tax compliance and tax research
services.
|
In
2005 and 2004, all of the Audit Fees, Audit Related Fees and Tax
Fees were
approved by the Audit Committee.
|
Additions
|
|||||
Description
|
Beginning
Balance
|
Charged
to
Income
|
Charged
to
Other
Accounts
|
Deductions
from
Reserves
|
Ending
Balance
|
SCANA:
|
|||||
Reserves
deducted from related assets on the balance sheet:
|
|||||
Uncollectible
accounts
|
|||||
2005
|
15,740,636
|
26,705,178
|
-
|
17,581,989
|
24,863,825
|
2004
|
16,398,983
|
16,181,865
|
-
|
16,840,212
|
15,740,636
|
2003
|
16,749,601
|
15,998,233
|
-
|
16,348,851
|
16,398,983
|
Reserve
for investment impairment
|
|||||
2005
|
-
|
-
|
-
|
-
|
-
|
2004
|
125,000
|
-
|
-
|
125,000
|
-
|
2003
|
4,477,050
|
125,000
|
-
|
4,477,050
|
125,000
|
Reserves
other than those deducted from assets on the balance sheet:
|
|||||
Reserve
for injuries and damages
|
|||||
2005
|
8,121,122
|
6,038,014
|
-
|
7,830,775
|
6,328,361
|
2004
|
8,980,495
|
6,694,152
|
-
|
7,553,525
|
8,121,122
|
2003
|
7,067,466
|
6,368,705
|
-
|
4,455,676
|
8,980,495
|
SCE&G:
|
|||||
Reserves
deducted from related assets on the balance sheet:
|
|||||
Uncollectible
accounts
|
|||||
2005
|
1,182,064
|
3,518,845
|
-
|
3,126,840
|
1,574,069
|
2004
|
951,176
|
2,891,370
|
-
|
2,660,482
|
1,182,064
|
2003
|
694,000
|
4,666,778
|
-
|
4,409,602
|
951,176
|
Reserves
other than those deducted from assets on the balance sheet:
|
|||||
Reserve
for injuries and damages
|
|||||
2005
|
5,749,088
|
3,378,138
|
-
|
4,235,150
|
4,892,076
|
2004
|
6,339,466
|
4,300,548
|
-
|
4,890,926
|
5,749,088
|
2003
|
4,635,061
|
5,181,696
|
-
|
3,477,291
|
6,339,466
|
PSNC
Energy:
|
|||||
Reserves
deducted from related assets on the balance sheet:
|
|||||
Uncollectible
accounts
|
|||||
2005
|
1,978,730
|
2,981,769
|
-
|
2,516,288
|
2,444,211
|
2004
|
2,230,423
|
2,323,547
|
-
|
2,575,240
|
1,978,730
|
2003
|
1,512,238
|
3,828,398
|
-
|
3,110,213
|
2,230,423
|
Reserves
other than those deducted from assets on the balance sheet:
|
|||||
Reserve
for injuries and damages
|
|||||
2005
|
1,190,586
|
639,349
|
-
|
583,630
|
1,246,305
|
2004
|
1,404,157
|
1,073,433
|
-
|
1,287,004
|
1,190,586
|
2003
|
1,239,698
|
810,000
|
-
|
645,541
|
1,404,157
|
SCANA
CORPORATION
|
||
BY:
|
/s/W.
B. Timmerman
W.
B. Timmerman, Chairman of the Board,
President,
Chief Executive Officer and Director
|
|
DATE:
|
March
1, 2006
|
/s/W.
B. Timmerman
W.
B. Timmerman, Chairman of the Board,
President,
Chief Executive Officer and Director (Principal Executive
Officer)
|
|
/s/K.
B. Marsh
K.
B. Marsh, Senior Vice President
and
Chief Financial Officer
(Principal
Financial Officer)
|
|
/s/J.
E. Swan, IV
J.
E. Swan, IV, Controller
(Principal
Accounting Officer)
|
Other
Directors*:
|
||||
B.
L. Amick
|
W.
M. Hipp
|
|||
J.
A. Bennett
|
L.
M. Miller
|
|||
W.
C. Burkhardt
|
M.
K. Sloan
|
|||
S.
A. Decker
|
H.
C. Stowe
|
|||
D.
M. Hagood
|
G.
S. York
|
DATE:
|
March
1, 2006
|
SOUTH
CAROLINA ELECTRIC & GAS COMPANY
|
||
BY:
|
/s/N.
O. Lorick
N.
O. Lorick
President
and Chief Operating Officer
|
|
DATE:
|
March
1, 2006
|
/s/W.
B. Timmerman
W.
B. Timmerman, Chairman of the Board,
Chief
Executive Officer and Director
(Principal
Executive Officer)
|
||
/s/K.
B. Marsh
K.
B. Marsh, Senior Vice President
and
Chief Financial Officer
(Principal
Financial Officer)
|
||
/s/J.
E. Swan, IV
J.
E. Swan, IV, Controller
(Principal
Accounting Officer)
|
Other
Directors*:
|
||||
B.
L. Amick
|
W.
M. Hipp
|
|||
J.
A. Bennett
|
L.
M. Miller
|
|||
W.
C. Burkhardt
|
M.
K. Sloan
|
|||
S.
A. Decker
|
H.
C. Stowe
|
|||
D.
M. Hagood
|
G.
S. York
|
DATE:
|
March
1, 2006
|
PUBLIC
SERVICE COMPANY OF NORTH CAROLINA, INCORPORATED
|
||
BY:
|
/s/D.
R. Harris
D.
R. Harris
President
and Chief Operating Officer
|
|
DATE:
|
March
1, 2006
|
/s/W.
B. Timmerman
W.
B. Timmerman, Chairman of the Board,
Chief
Executive Officer and Director
(Principal
Executive Officer)
|
|
/s/K.
B. Marsh
K.
B. Marsh, Senior Vice President and Chief Financial Officer (Principal
Financial Officer)
|
|
/s/J.
E. Swan, IV
J.
E. Swan, IV, Controller
(Principal
Accounting Officer)
|
Other
Directors*:
|
||||
B.
L. Amick
|
W.
M. Hipp
|
|||
J.
A. Bennett
|
L.
M. Miller
|
|||
W.
C. Burkhardt
|
M.
K. Sloan
|
|||
S.
A. Decker
|
H.
C. Stowe
|
|||
D.
M. Hagood
|
G.
S. York
|
DATE:
|
March
1, 2006
|
Applicable
to Form 10-K of
|
||||||
Exhibit
No.
|
SCANA
|
SCE&G
|
PSNC
Energy
|
Description
|
||
3.01
|
X
|
Restated
Articles of Incorporation of SCANA Corporation as adopted on
April 26, 1989 (Filed as Exhibit 3-A to Registration Statement
No. 33-49145 and incorporated by reference herein)
|
||||
3.02
|
X
|
Articles
of Amendment dated April 27, 1995 (Filed as Exhibit 4-B to
Registration Statement No. 33-62421 and incorporated by reference
herein)
|
||||
3.03
|
X
|
Restated
Articles of Incorporation of South Carolina Electric & Gas
Company, as adopted on May 3, 2001 (Filed as Exhibit 3.01 to
Registration Statement No. 333-65460 and incorporated by reference
herein)
|
||||
3.04
|
X
|
Articles
of Amendment effective as of the dates indicated below and filed
as
exhibits to the Registration Statements or Exchange Act reports set
forth
below and are incorporated by reference herein
|
||||
May 22,
2001
|
Exhibit 3.02
|
to
Registration No. 333-65460
|
||||
June 14,
2001
|
Exhibit 3.04
|
to
Registration No. 333-65460
|
||||
August 30,
2001
|
Exhibit 3.05
|
to
Registration No. 333-101449
|
||||
March 13,
2002
|
Exhibit 3.06
|
to
Registration No. 333-101449
|
||||
May 9,
2002
|
Exhibit 3.07
|
to
Registration No. 333-101449
|
||||
June 4,
2002
|
Exhibit 3.08
|
to
Registration No. 333-101449
|
||||
August 12,
2002
|
Exhibit 3.09
|
to
Registration No. 333-101449
|
||||
March 13,
2003
|
Exhibit 3.03
|
to
Registration No. 333-108760
|
||||
May 22,
2003
|
Exhibit 3.04
|
to
Registration No. 333-108760
|
||||
June 18,
2003
|
Exhibit 3.05
|
to
Registration No. 333-108760
|
||||
August 7,
2003
|
Exhibit 3.06
|
to
Registration No. 333-108760
|
||||
May 18,
2004
|
Exhibit 3.05
|
to
Form 10-Q for the quarter ended June 30, 2004
|
||||
June 18,
2004
|
Exhibit 3.06
|
to
Form 10-Q for the quarter ended June 30, 2004
|
||||
August 12,
2004
|
Exhibit 3.05
|
to
Form 10-Q for the quarter ended Sept. 30,
2004
|
||||
March
9, 2005
|
Exhibit
3.11
|
to
Form 10-Q for the quarter ended Sept. 30,
2005
|
||||
May
16, 2005
|
Exhibit
3.12
|
to
Form 10-Q for the quarter ended Sept. 30,
2005
|
||||
June
15, 2005
|
Exhibit
3.13
|
to
Form 10-Q for the quarter ended Sept. 30,
2005
|
||||
August
16, 2005
|
Exhibit
3.14
|
to
Form 10-Q for the quarter ended Sept. 30,
2005
|
||||
3.05
|
X
|
Articles
of Amendment dated February 26, 2004 (Filed as Exhibit 3.05 on Form
10-K for the year ended December 31, 2004.
|
||||
3.06
|
X
|
Articles
of Correction filed on June 1, 2001 correcting May 22, 2001
Articles of Amendment (Filed as Exhibit 3.03 to Registration
Statement No. 333-65460 and incorporated by reference
herein)
|
||||
3.07
|
X
|
Articles
of Correction filed on February 17, 2004 correcting Articles of
Amendment for the dates indicated below and filed as exhibits to
the 2003
Form 10-K as set forth below and are incorporated by reference
herein
|
||||
May 3,
2001
|
Exhibit 3.06
|
|||||
May 22,
2001
|
Exhibit 3.07
|
|||||
June 14,
2001
|
Exhibit 3.08
|
|||||
August 30,
2001
|
Exhibit 3.09
|
|||||
March 13,
2002
|
Exhibit 3.10
|
|||||
May 9,
2002
|
Exhibit 3.11
|
|||||
June 4,
2002
|
Exhibit 3.12
|
Applicable
to Form 10-K of
|
||||||||
Exhibit
No.
|
SCANA
|
SCE&G
|
PSNC
Energy
|
Description
|
||||
August 12,
2002
|
Exhibit 3.13
|
|||||||
March 13,
2003
|
Exhibit 3.14
|
|||||||
May 22,
2003
|
Exhibit 3.15
|
|||||||
June 18,
2003
|
Exhibit 3.16
|
|||||||
August 7,
2003
|
Exhibit 3.17
|
|||||||
3.08
|
X
|
By-Laws
of SCANA as revised and amended on December 13, 2000 (Filed as
Exhibit 3.01 to Registration Statement No. 333-68266 and
incorporated by reference herein)
|
||||||
3.09
|
X
|
By-Laws
of SCE&G as revised and amended on February 22, 2001 (Filed as
Exhibit 3.05 to Registration Statement No. 333-65460 and
incorporated by reference herein)
|
||||||
3.10
|
X
|
By-Laws
of PSNC Energy as revised and amended on February 22, 2001 (Filed as
Exhibit 3.01 to Registration Statement No. 333-68516 and
incorporated by reference herein)
|
||||||
4.01
|
X
|
X
|
Articles
of Exchange of South Carolina Electric & Gas Company and SCANA
Corporation (Filed as Exhibit 4-A to Post-Effective Amendment
No. 1 to Registration Statement No. 2-90438 and incorporated by
reference herein)
|
|||||
4.02
|
X
|
Indenture
dated as of November 1, 1989 between SCANA Corporation and The Bank
of New York, as Trustee (Filed as Exhibit 4-A to Registration
No. 33-32107 and incorporated by reference herein)
|
||||||
4.03
|
X
|
X
|
Indenture
dated as of January 1, 1945, between the South Carolina Power Company
and Central Hanover Bank and Trust Company, as Trustee, as supplemented
by
three Supplemental Indentures dated respectively as of May 1, 1946,
May 1, 1947 and July 1, 1949 (Filed as Exhibit 2-B to
Registration Statement No. 2-26459 and incorporated by reference
herein)
|
|||||
4.04
|
X
|
X
|
Fourth
Supplemental Indenture dated as of April 1, 1950, to Indenture
referred to in Exhibit 4.03, pursuant to which SCE&G assumed said
Indenture (Exhibit 2-C to Registration Statement No. 2-26459 and
incorporated by reference herein)
|
|||||
4.05
|
X
|
X
|
Fifth
through Fifty-third Supplemental Indenture referred to in
Exhibit 4.03 dated as of the dates indicated below and filed as
exhibits to the Registration Statements set forth below and are
incorporated by reference herein
|
|||||
December 1,
1950
|
Exhibit 2-D
|
to
Registration No. 2-26459
|
||||||
July 1,
1951
|
Exhibit 2-E
|
to
Registration No. 2-26459
|
||||||
June 1,
1953
|
Exhibit 2-F
|
to
Registration No. 2-26459
|
||||||
June 1,
1955
|
Exhibit 2-G
|
to
Registration No. 2-26459
|
||||||
November 1,
1957
|
Exhibit 2-H
|
to
Registration No. 2-26459
|
||||||
September 1,
1958
|
Exhibit 2-I
|
to
Registration No. 2-26459
|
||||||
September 1,
1960
|
Exhibit 2-J
|
to
Registration No. 2-26459
|
||||||
June 1,
1961
|
Exhibit 2-K
|
to
Registration No. 2-26459
|
||||||
December 1,
1965
|
Exhibit 2-L
|
to
Registration No. 2-26459
|
||||||
June 1,
1966
|
Exhibit 2-M
|
to
Registration No. 2-26459
|
||||||
June 1,
1967
|
Exhibit 2-N
|
to
Registration No. 2-29693
|
||||||
September 1,
1968
|
Exhibit 4-O
|
to
Registration No. 2-31569
|
||||||
June 1,
1969
|
Exhibit 4-C
|
to
Registration No. 33-38580
|
||||||
December 1,
1969
|
Exhibit 4-O
|
to
Registration No. 2-35388
|
||||||
June 1,
1970
|
Exhibit 4-R
|
to
Registration No. 2-37363
|
||||||
March 1,
1971
|
Exhibit 2-B-17
|
to
Registration No. 2-40324
|
||||||
January 1,
1972
|
Exhibit 2-B
|
to
Registration No. 33-38580
|
Applicable
to Form 10-K of
|
||||||
Exhibit
No.
|
SCANA
|
SCE&G
|
PSNC
Energy
|
Description
|
||
July 1,
1974
|
Exhibit 2-A-19
|
to
Registration No. 2-51291
|
||||
May 1,
1975
|
Exhibit 4-C
|
to
Registration No. 33-38580
|
||||
July 1,
1975
|
Exhibit 2-B-21
|
to
Registration No. 2-53908
|
||||
February 1,
1976
|
Exhibit 2-B-22
|
to
Registration No. 2-55304
|
||||
December 1,
1976
|
Exhibit 2-B-23
|
to
Registration No. 2-57936
|
||||
March 1,
1977
|
Exhibit 2-B-24
|
to
Registration No. 2-58662
|
||||
May 1,
1977
|
Exhibit 4-C
|
to
Registration No. 33-38580
|
||||
February 1,
1978
|
Exhibit 4-C
|
to
Registration No. 33-38580
|
||||
June 1,
1978
|
Exhibit 2-A-3
|
to
Registration No. 2-61653
|
||||
April 1,
1979
|
Exhibit 4-C
|
to
Registration No. 33-38580
|
||||
June 1,
1979
|
Exhibit 2-A-3
|
to
Registration No. 33-38580
|
||||
April 1,
1980
|
Exhibit 4-C
|
to
Registration No. 33-38580
|
||||
June 1,
1980
|
Exhibit 4-C
|
to
Registration No. 33-38580
|
||||
December 1,
1980
|
Exhibit 4-C
|
to
Registration No. 33-38580
|
||||
April 1,
1981
|
Exhibit 4-D
|
to
Registration No. 33-38580
|
||||
June 1,
1981
|
Exhibit 4-D
|
to
Registration No. 33-49421
|
||||
March 1,
1982
|
Exhibit 4-D
|
to
Registration No. 2-73321
|
||||
April 15,
1982
|
Exhibit 4-D
|
to
Registration No. 33-49421
|
||||
May 1,
1982
|
Exhibit 4-D
|
to
Registration No. 33-49421
|
||||
December 1,
1984
|
Exhibit 4-D
|
to
Registration No. 33-49421
|
||||
December 1,
1985
|
Exhibit 4-D
|
to
Registration No. 33-49421
|
||||
June 1,
1986
|
Exhibit 4-D
|
to
Registration No. 33-49421
|
||||
February 1,
1987
|
Exhibit 4-D
|
to
Registration No. 33-49421
|
||||
September 1,
1987
|
Exhibit 4-D
|
to
Registration No. 33-49421
|
||||
January 1,
1989
|
Exhibit 4-D
|
to
Registration No. 33-49421
|
||||
January 1,
1991
|
Exhibit 4-D
|
to
Registration No. 33-49421
|
||||
July 15,
1991
|
Exhibit 4-D
|
to
Registration No. 33-49421
|
||||
August 15,
1991
|
Exhibit 4-D
|
to
Registration No. 33-49421
|
||||
April 1,
1993
|
Exhibit 4-E
|
to
Registration No. 33-49421
|
||||
July 1,
1993
|
Exhibit 4-D
|
to
Registration No. 33-49421
|
||||
May 1,
1999
|
Exhibit 4.04
|
to
Registration No. 333-86387
|
||||
4.06
|
X
|
X
|
Indenture
dated as of April 1, 1993 from South Carolina Electric & Gas
Company to NationsBank of Georgia, National Association (Filed
as
Exhibit 4-F to Registration Statement No. 33-49421 and
incorporated by reference herein)
|
|||
4.07
|
X
|
X
|
First
Supplemental Indenture to Indenture referred to in Exhibit 4.06 dated
as of June 1, 1993 (Filed as Exhibit 4-G to Registration
Statement No. 33-49421 and incorporated by reference
herein)
|
|||
4.08
|
X
|
X
|
Second
Supplemental Indenture to Indenture referred to in Exhibit 4.06 dated
as of June 15, 1993 (Filed as Exhibit 4-G to Registration
Statement No. 33-57955 and incorporated by reference
herein)
|
|||
4.09
|
X
|
X
|
Indenture
dated as of January 1, 1996 between PSNC and First Union National
Bank of North Carolina, as Trustee (Filed as Exhibit 4.08 to
Registration Statement No. 333-45206 and incorporated by reference
herein)
|
Applicable
to Form 10-K of
|
||||||||||||||
Exhibit
No.
|
SCANA
|
SCE&G
|
PSNC
Energy
|
Description
|
||||||||||
4.10 |
X
|
X
|
First through Fourth Supplement Indenture referred to in Exhibit 4.09 dated as of the dates indicated below and filed as exhibits to the Registration Statements whose file number are set forth below and are incorporated by reference herein | |||||||||||
January
1, 1996 Exhibit
4.09 to Registration No.
333-45206
December
15, 1996 Exhibit
4.10 to Registration No.
333-45206
February
10, 2000 Exhibit
4.11 to Registration No.
333-45206
February
12, 2001 Exhibit
4.05 to Registration No.
333-68516
|
||||||||||||||
4.11
|
X
|
PSNC
$150 million medium-term note issued February 16, 2001 (Filed as
Exhibit 4.06 to Registration Statement No. 333-68516 and
incorporated by reference herein)
|
||||||||||||
4.12
|
X
|
Amended
and Restated Five-Year Credit Agreement dated June 30, 2005 (Filed
as
Exhibit 4.12 to Form Q for the quarter ended June 30, 2005 and
incorporated by reference herein)
|
||||||||||||
*10.01
|
X
|
X
|
X
|
SCANA
Executive Deferred Compensation Plan as amended February 20, 2003
(Filed as Exhibit 10.01 to Form 10-Q for the quarter ended
June 30, 2003 and incorporated by reference
herein)
|
||||||||||
*10.02
|
X
|
X
|
X
|
SCANA
Director Compensation and Deferral Plan as amended January 1, 2001
(Filed as Exhibit 4.03 to Registration Statement No. 333-18973
and incorporated by reference herein)
|
||||||||||
*10.03
|
X
|
X
|
X
|
Amendment
to SCANA Director Compensation and Deferral Plan adopted April 29,
2004 (Filed as Exhibit 10.03 to Form 10-Q for the quarter ended
March 31, 2004 and incorporated by reference
herein)
|
||||||||||
*10.04
|
X
|
X
|
X
|
Amendment
to SCANA Director Compensation Plan as adopted November 2, 2005
(Filed as
Exhibit 10.03a to Form 10-Q for the quarter ended September 30,
2005 and
incorporated by reference herein)
|
||||||||||
*10.05
|
X
|
X
|
X
|
SCANA
Supplementary Executive Retirement Plan as amended July 1, 2001
(Filed as Exhibit 10.02 to Form 10-Q for the quarter ended
September 30, 2001 and incorporated by reference
herein)
|
||||||||||
*10.06
|
X
|
X
|
X
|
SCANA
Key Executive Severance Benefits Plan as amended July 1, 2001 (Filed
as Exhibit 10.03 to Form 10-Q for the quarter ended
September 30, 2001 and incorporated by reference
herein)
|
||||||||||
*10.07
|
X
|
X
|
X
|
SCANA
Supplementary Key Severance Benefits Plan as amended July 1, 2001
(Filed as Exhibit 10.03a to Form 10-Q for the quarter ended
September 30, 2001 and incorporated by reference
herein)
|
||||||||||
*10.08
|
X
|
X
|
X
|
SCANA
Long-Term Equity Compensation Plan dated January 2000 (Filed as
Exhibit 4.04 to Registration Statement No. 333-37398 and
incorporated by reference herein)
|
||||||||||
*10.09
|
X
|
X
|
X | Amendment to SCANA Long-Term Equity Compensation Plan adopted April 28, 2004 (Filed as Exhibit 10.08 to Form 10-Q for the quarter ended March 31, 2004 and incorporated by reference herein) | ||||||||||
*10.10 |
X
|
X
|
X | Description of SCANA Whole Life Option (Filed as Exhibit 10-F for the year ended December 31, 1991, under cover of Form SE, Filed No. 1-8809 and incorporated by reference herein) |
Applicable
to Form 10-K of
|
|||||
Exhibit
No.
|
SCANA
|
SCE&G
|
PSNC
Energy
|
Description
|
|
*10.11 |
X
|
X
|
X
|
SCANA Corporation Short-Term Annual Incentive Plan as amended and restated effective January 1, 2005 (Filed as Exhibit 10.10 to Form 10-Q for the quarter ended September 30, 2005 and incorporated by reference herein) | |
*10.12 |
X
|
X
|
X
|
Description of Amendment to SCANA Corporation Executive Annual Incentive Plan (Filed on Form 8-K dated February 23, 2005 and incorporated by reference herein) | |
10.13
|
X
|
Operating
Agreement of Pine Needle LNG Company, LLC dated August 8, 1995 (Filed
as Exhibit 10.01 to Registration Statement No. 333-45206 and
incorporated by reference herein)
|
|||
10.14
|
X
|
Amendment
to Operating Agreement of Pine Needle LNG Company, LLC dated
October 1, 1995 (Filed as Exhibit 10.02 to Registration
Statement No. 333-45206 and incorporated by reference
herein)
|
|||
10.15
|
X
|
Amended
Operating Agreement of Cardinal Extension Company, LLC dated
December 19, 1996 (Filed as Exhibit 10.03 to Registration
Statement No. 333-45206 and incorporated by reference
herein)
|
|||
10.16
|
X
|
Amended
Construction, Operation and Maintenance Agreement by and between
Cardinal
Operating Company and Cardinal Extension Company, LLC dated
December 19, 1996 (Filed as Exhibit 10.04 to Registration
Statement No. 333-45206 and incorporated by reference
herein)
|
|||
10.17
|
X
|
Service
Agreement between PSNC and SCANA Services, Inc., effective
January 1, 2004 (Filed as Exhibit 10.15 to Form 10-Q for
the quarter ended March 31, 2004 and incorporated by reference
herein)
|
|||
10.18
|
X
|
Service
Agreement between SCE&G and SCANA Services, Inc., effective
January 1, 2004 (Filed as Exhibit 10.16 to Form 10-Q for
the quarter ended March 31, 2004 and incorporated by reference
herein)
|
|||
12.01
|
X
|
Statement
Re Computation of Ratios
|
|||
12.02
|
X
|
Statement
Re Computation of Ratios
|
|||
12.03
|
X
|
Statement
Re Computation of Ratios
|
|||
21.01
|
X
|
Subsidiaries
of the registrant (Filed herewith under the heading “Corporate Structure”
in Part I, Item I of this Form 10-K and incorporated by
reference herein)
|
|||
23.01
|
X
|
Consents
of Experts and Counsel (Consent of Independent Registered Public
Accounting Firm)
|
|||
23.02
|
X
|
Consents
of Experts and Counsel (Consent of Independent Registered Public
Accounting Firm)
|
|||
23.03
|
X
|
Consents
of Experts and Counsel (Consent of Independent Registered Public
Accounting Firm)
|
|||
24.01
|
X
|
X
|
X
|
Power
of Attorney (Filed herewith)
|
|
31.01
|
X
|
Certification
of Principal Executive Officer Required by Rule 13a-14 (Filed
herewith)
|
Applicable
to Form 10-K of
|
|||||||
Exhibit
No.
|
SCANA
|
SCE&G
|
PSNC
Energy
|
Description
|
|||
31.02
|
X
|
Certification
of Principal Financial Officer Required by Rule 13a-14 (Filed
herewith)
|
|||||
31.03
|
X
|
Certification
of Principal Executive Officer Required by Rule 13a-14 (Filed
herewith)
|
|||||
31.04
|
X
|
Certification
of Principal Financial Officer Required by Rule 13a-14 (Filed
herewith)
|
|||||
31.05
|
X
|
Certification
of Principal Executive Officer Required by Rule 13a-14 (Filed
herewith)
|
|||||
31.06
|
X
|
Certification
of Principal Financial Officer Required by Rule 13a-14 (Filed
herewith)
|
|||||
32.01
|
X
|
Certification
of Principal Executive Officer Pursuant to 18 U.S.C.
Section 1350 (Furnished herewith)
|
|||||
32.02
|
X
|
Certification
of Principal Financial Officer Pursuant to 18 U.S.C.
Section 1350 (Furnished herewith)
|
|||||
32.03
|
X
|
Certification
of Principal Executive Officer Pursuant to 18 U.S.C.
Section 1350 (Furnished herewith)
|
|||||
32.04
|
X
|
Certification
of Principal Financial Officer Pursuant to 18 U.S.C.
Section 1350 (Furnished herewith)
|
|||||
32.05
|
X
|
Certification
of Principal Executive Officer Pursuant to 18 U.S.C.
Section 1350 (Furnished herewith)
|
|||||
32.06
|
X
|
Certification
of Principal Financial Officer Pursuant to 18 U.S.C.
Section 1350 (Furnished
herewith)
|