x
|
ANNUAL
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF
1934
|
|
|
For
the Fiscal Year Ended December 31, 2006
|
|
|
|
OR
|
|
|
|
¨
|
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
|
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
|
Registrant
|
Description
of Common Stock
|
Shares
Outstanding
at
February 20, 2007
|
SCANA
Corporation
|
Without
Par Value
|
116,664,933
|
South
Carolina Electric & Gas Company
|
$4.50
Par Value
|
40,296,147(a)
|
|
|
Page
|
DEFINITIONS
|
4
|
|
PART
I
|
|
|
Item
1.
|
5
|
|
Item
1A.
|
14
|
|
Item
1B.
|
17
|
|
Item
2.
|
18
|
|
Item
3.
|
20
|
|
Item
4.
|
22
|
|
23
|
||
PART
II
|
|
|
Item
5.
|
24
|
|
Item
6.
|
25
|
|
Management's
Discussion and Analysis of Financial Condition and Results of
Operations
|
|
|
Quantitative
and Qualitative Disclosures About Market Risk
|
|
|
Financial
Statements and Supplementary Data
|
|
|
|
26
|
|
|
81
|
|
Changes
in and Disagreements with Accountants on Accounting and Financial
Disclosure
|
127
|
|
Controls
and Procedures
|
127
|
|
Other
Information
|
129
|
|
PART
III
|
|
|
Directors
and Executive Officers of the Registrant
|
130
|
|
Executive
Compensation
|
134
|
|
Security
Ownership of Certain Beneficial Owners and Management and Related
Stockholder Matters
|
160
|
|
Certain
Relationships and Related Transactions
|
161
|
|
Principal
Accountant Fees and Services
|
161
|
|
PART
IV
|
|
|
Exhibits
and Financial Statement Schedules
|
162
|
|
164
|
||
166
|
TERM
|
MEANING
|
AFC
|
Allowance
for Funds Used During Construction
|
CAA
|
Clean
Air Act, as amended
|
CGTC
|
Carolina
Gas Transmission Corporation
|
DHEC
|
South
Carolina Department of Health and Environmental Control
|
DOE
|
United
States Department of Energy
|
DOJ
|
United
States Department of Justice
|
Dominion
|
Dominion
Transmission, Inc.
|
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
|
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, owned by GENCO
|
WNA
|
Weather
Normalization Adjustment
|
CLASSIFICATION
|
|
2005
|
2006
|
|
|||
Residential
|
|
|
39
|
%
|
|
40
|
%
|
Commercial
|
|
|
29
|
%
|
|
31
|
%
|
Industrial
|
|
|
17
|
%
|
|
17
|
%
|
Sales
for resale
|
|
|
4
|
%
|
|
4
|
%
|
Other
|
|
|
2
|
%
|
|
2
|
%
|
Total
Territorial
|
|
|
91
|
%
|
|
94
|
%
|
Negotiated
Market Sales Tariff (NMST)
|
|
|
9
|
%
|
|
6
|
%
|
Total
|
|
|
100
|
%
|
|
100
|
%
|
|
|
Cost
of Fuel Used
|
|
|||||||
|
|
2004
|
2005
|
2006
|
|
|||||
Per
million British thermal units (MMBTU):
|
|
|
|
|
|
|
|
|||
Nuclear
|
|
$
|
.50
|
|
$
|
.46
|
|
$
|
.43
|
|
Coal
|
|
|
1.96
|
|
|
2.38
|
|
|
2.54
|
|
Gas
|
|
|
7.54
|
|
|
10.50
|
|
|
8.18
|
|
All
Fuels (weighted average)
|
|
|
1.96
|
|
|
2.53
|
|
|
2.57
|
|
Per
Ton:
|
|
|
|
|
|
|
|
|
|
|
Coal
|
|
$
|
48.54
|
|
$
|
59.07
|
|
$
|
63.13
|
|
Per
thousand cubic feet (MCF):
|
|
|
|
|
|
|
|
|
|
|
Gas
|
|
$
|
7.81
|
|
$
|
10.91
|
|
$
|
8.57
|
|
|
|
%
of Total MWh Generated
|
|
||||||||||||||||
|
|
Actual
|
Estimated
|
|
|||||||||||||||
|
|
2004
|
2005
|
2006
|
2007
|
2008
|
2009
|
|
|||||||||||
Coal
|
|
|
68
|
%
|
|
68
|
%
|
|
67
|
%
|
|
61
|
%
|
|
63
|
%
|
|
62
|
%
|
Nuclear
|
|
|
21
|
%
|
|
19
|
%
|
|
19
|
%
|
|
19
|
%
|
|
18
|
%
|
|
18
|
%
|
Hydro
|
|
|
4
|
%
|
|
5
|
%
|
|
4
|
%
|
|
6
|
%
|
|
5
|
%
|
|
5
|
%
|
Natural
Gas & Oil
|
|
|
7
|
%
|
|
8
|
%
|
|
10
|
%
|
|
14
|
%
|
|
14
|
%
|
|
15
|
%
|
Total
|
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
Commitment
|
Contractor
|
Remaining
Regions(a)
|
Expiration
Date
|
Uranium
|
United
States Enrichment Corporation
|
20-21
|
2009
|
Enrichment
|
United States Enrichment Corporation
|
20-24
|
2014
|
Fabrication
|
Westinghouse
Electric Corporation
|
20-22
|
2011
|
|
|
SCANA
|
SCE&G
|
||||||||||
CLASSIFICATION
|
|
2005
|
2006
|
2005
|
2006
|
||||||||
Residential
|
|
|
40.6
|
%
|
|
42.6
|
%
|
|
36.6
|
%
|
|
38.4
|
%
|
Commercial
|
|
|
25.5
|
%
|
|
25.6
|
%
|
|
32.3
|
%
|
|
30.2
|
%
|
Industrial
|
|
|
29.6
|
%
|
|
27.6
|
%
|
|
30.6
|
%
|
|
30.7
|
%
|
Sales
for Resale
|
|
|
1.3
|
%
|
|
0.9
|
%
|
|
-
|
|
|
-
|
|
Transportation
Gas
|
|
|
3.0
|
%
|
|
3.3
|
%
|
|
0.5
|
%
|
|
0.7
|
%
|
Total
|
|
|
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
|
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
|
Name
|
Age
|
Positions
Held During Past Five Years
|
Dates
|
|
|
|
|
William
B. Timmerman
|
60
|
Chairman
of the Board, President and Chief Executive Officer
|
*-present
|
Jimmy
E. Addison
|
46
|
Senior
Vice President and Chief Financial Officer
Vice
President-Finance
|
2006-present
*-2006
|
Joseph
C. Bouknight
|
54
|
Senior
Vice President-Human Resources
Vice
President Human Resources-Dan River, Inc.-Danville, VA
|
2004-present
*-2004
|
George
J. Bullwinkel
|
58
|
President
and Chief Operating Officer-SEMI
President
and Chief Operating Officer-SCI and ServiceCare
President
and Chief Operating Officer-SCPC and SCG Pipeline
|
2004-present
*-present
*-2004
|
Sarena
D. Burch
|
49
|
Senior
Vice President-Fuel Procurement and Asset Management-SCE&G
and
PSNC
Energy
Senior
Vice President-Fuel Procurement and Asset Management-SCPC
Deputy
General Counsel and Assistant Secretary
|
2003-present
2003-2006
*-2003
|
Stephen
A. Byrne
|
47
|
Senior
Vice President-Generation, Nuclear and Fossil Hydro-SCE&G
Senior
Vice President-Nuclear Operations
|
2004-present
*-2004
|
P.
V. Fant
|
53
|
Senior
Vice President-Transmission Services
President
and Chief Operating Officer-CGTC (formerly SCPC and SCG)
Executive
Vice President-SCPC and SCG Pipeline
|
2004-present
2004-present
*-2004
|
Kevin
B. Marsh
|
51
|
President
and Chief Operating Officer - SCE&G
Senior
Vice President and Chief Financial Officer
President
and Chief Operating Officer-PSNC Energy
|
2006-present
*-2006
*-2003
|
Charles
B. McFadden
|
62
|
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.
|
69
|
Senior
Vice President, General Counsel and Assistant Secretary
Attorney,
Haynsworth Sinkler Boyd, P.A.-Columbia, SC
|
2005-present
*-2005
|
|
2006
|
2005
|
|||||||
|
4th Qtr.
|
3rd Qtr.
|
2nd Qtr.
|
1st Qtr.
|
4th Qtr.
|
3rd Qtr.
|
2nd Qtr.
|
1st Qtr.
|
|
|
|
|
|
|
|
|
|
|
|
High
|
$42.43
|
$41.65
|
$40.41
|
$41.42
|
$43.37
|
$43.65
|
$43.30
|
$40.04
|
|
Low
|
$39.55
|
$38.35
|
$36.92
|
$39.02
|
$37.79
|
$39.90
|
$36.56
|
$36.70
|
SCANA
|
SCE&G
|
|||||
Rating
Agency
|
Senior
Unsecured
|
Senior
Secured
|
Senior
Unsecured
|
Preferred
Stock
|
Commercial
Paper
|
|
Moody's
|
A3
|
A1
|
A2
|
Baa1
|
P-1
|
|
Standard
& Poors (S&P)
|
BBB+
|
A-
|
BBB+
|
BBB
|
A-2
|
|
Fitch
|
A-
|
A+
|
A
|
A
|
F-1
|
Long-term
(investment grade)
|
Short-term
|
||||
Moody's
(1)
|
S&P
(2)
|
Fitch
(2)
|
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,
|
2006
|
2005
|
2004
|
2003
|
2002
|
2006
|
2005
|
2004
|
2003
|
2002
|
|||||||||||||||||||||
|
(Millions
of dollars, except statistics and per share
amounts)
|
||||||||||||||||||||||||||||||
Statement
of Operation Data
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Operating
Revenues
|
$
|
4,563
|
$
|
4,777
|
$
|
3,885
|
$
|
3,416
|
$
|
2,954
|
$
|
2,391
|
$
|
2,421
|
$
|
2,089
|
$
|
1,832
|
$
|
1,683
|
|||||||||||
Operating
Income
|
603
|
436
|
596
|
551
|
514
|
468
|
312
|
475
|
440
|
431
|
|||||||||||||||||||||
Other
Income (Expense)
|
(164
|
)
|
(162
|
)
|
(219
|
)
|
(138
|
)
|
(397
|
)
|
(121
|
)
|
(121
|
)
|
(111
|
)
|
(101
|
)
|
(90
|
)
|
|||||||||||
Income
Before Cumulative Effect
of
Accounting Change
|
304
|
320
|
257
|
282
|
88
|
230
|
258
|
232
|
220
|
219
|
|||||||||||||||||||||
Net
Income (Loss) (1)
|
310
|
320
|
257
|
282
|
(142
|
)
|
234
|
258
|
232
|
220
|
219
|
||||||||||||||||||||
Common
Stock Data
|
|||||||||||||||||||||||||||||||
Weighted
Average Number of Common Shares
|
|||||||||||||||||||||||||||||||
Outstanding
(Millions)
|
115.8
|
113.8
|
111.6
|
110.8
|
106.0
|
n/a
|
n/a
|
n/a
|
n/a
|
n/a
|
|||||||||||||||||||||
Basic
and Diluted Earnings (Loss)
Per
Share (1)
|
$
|
2.68
|
$
|
2.81
|
$
|
2.30
|
$
|
2.54
|
$
|
(1.34
|
)
|
n/a
|
n/a
|
n/a
|
n/a
|
n/a
|
|||||||||||||||
Dividends
Declared Per Share of Common Stock
|
$
|
1.68
|
$
|
1.56
|
$
|
1.46
|
$
|
1.38
|
$
|
1.30
|
n/a
|
n/a
|
n/a
|
n/a
|
n/a
|
||||||||||||||||
Balance
Sheet Data
|
|||||||||||||||||||||||||||||||
Utility
Plant, Net
|
$
|
7,007
|
$
|
6,734
|
$
|
6,762
|
$
|
6,417
|
$
|
5,474
|
$
|
5,748
|
$
|
5,580
|
$
|
5,621
|
$
|
5,293
|
$
|
4,729
|
|||||||||||
Total
Assets
|
9,817
|
9,519
|
9,006
|
8,458
|
8,074
|
7,626
|
7,366
|
6,985
|
6,628
|
5,958
|
|||||||||||||||||||||
Capitalization:
|
|||||||||||||||||||||||||||||||
Common equity
|
$
|
2,846
|
$
|
2,677
|
$
|
2,451
|
$
|
2,306
|
$
|
2,177
|
$
|
2,457
|
$
|
2,362
|
$
|
2,164
|
$
|
2,043
|
$
|
1,966
|
|||||||||||
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
|
8
|
9
|
9
|
9
|
8
|
8
|
9
|
9
|
9
|
|||||||||||||||||||||
SCE&G-Obligated Mandatorily
Redeemable
|
|||||||||||||||||||||||||||||||
Preferred Securities of SCE&G
Trust I
|
-
|
-
|
-
|
-
|
50
|
-
|
-
|
-
|
-
|
50
|
|||||||||||||||||||||
Long-term Debt, net
|
3,067
|
2,948
|
3,186
|
3,225
|
2,834
|
2,008
|
1,856
|
1,981
|
2,010
|
1,604
|
|||||||||||||||||||||
Total
Capitalization
|
$
|
6,027
|
$
|
5,739
|
$
|
5,752
|
$
|
5,646
|
$
|
5,176
|
$
|
4,579
|
$
|
4,332
|
$
|
4,260
|
$
|
4,168
|
$
|
3,735
|
|||||||||||
Other
Statistics
|
|||||||||||||||||||||||||||||||
Electric:
|
|||||||||||||||||||||||||||||||
Customers (Year-End)
|
623,402
|
609,971
|
585,264
|
570,940
|
560,224
|
623,453
|
610,025
|
585,326
|
570,994
|
560,248
|
|||||||||||||||||||||
Total sales (Million KWh)
|
24,523
|
25,309
|
25,031
|
22,516
|
23,085
|
24,542
|
25,327
|
25,050
|
22,531
|
23,085
|
|||||||||||||||||||||
Generating capability-Net MW
(Year-End)
|
5,749
|
5,808
|
5,817
|
4,880
|
4,866
|
5,749
|
5,808
|
5,817
|
4,880
|
4,866
|
|||||||||||||||||||||
Territorial peak demand-Net MW
|
4,820
|
4,820
|
4,574
|
4,474
|
4,404
|
4,820
|
4,820
|
4,574
|
4,474
|
4,404
|
|||||||||||||||||||||
Regulated
Gas:
|
|||||||||||||||||||||||||||||||
Customers (Year-End)
|
738,317
|
716,794
|
693,172
|
672,849
|
657,950
|
297,165
|
291,607
|
284,355
|
278,463
|
274,334
|
|||||||||||||||||||||
Sales, excluding transportation
(Thousand Therms)
|
996,173
|
1,106,526
|
1,124,555
|
1,205,730
|
1,354,400
|
403,489
|
410,700
|
399,601
|
399,392
|
398,991
|
|||||||||||||||||||||
Retail
Gas Marketing:
|
|||||||||||||||||||||||||||||||
Retail customers (Year-End)
|
482,822
|
479,382
|
472,468
|
415,573
|
374,872
|
n/a
|
n/a
|
n/a
|
n/a
|
n/a
|
|||||||||||||||||||||
Firm customer deliveries
(Thousand Therms)
|
335,896
|
379,913
|
379,712
|
356,256
|
337,858
|
n/a
|
n/a
|
n/a
|
n/a
|
n/a
|
|||||||||||||||||||||
Nonregulated interruptible customer
deliveries (Thousand
Therms)
|
1,239,926 | 1,010,066 | 917,875 | 735,902 | 852,608 | n/a | n/a | n/a | n/a | n/a | |||||||||||||||||||||
1,239,926
|
1,010,066
|
917,875
|
735,902
|
852,608
|
n/a
|
n/a
|
n/a
|
n/a
|
n/a
|
|
|
Page
|
|
|
|
|
|
Management's
Discussion and Analysis of Financial Condition and Results of
Operations
|
27
|
||
|
|
Overview
|
27
|
|
|
Results
of Operations
|
30
|
|
|
Liquidity
and Capital Resources
|
37
|
|
|
Environmental
Matters
|
40
|
|
|
Regulatory
Matters
|
42
|
|
|
Critical
Accounting Policies and Estimates
|
43
|
|
|
Other
Matters
|
45
|
|
|
|
|
Quantitative
and Qualitative Disclosures About Market Risk
|
46
|
||
|
|
|
|
Financial
Statements and Supplementary Data
|
48
|
||
|
|
Report
of Independent Registered Public Accounting Firm
|
48
|
|
|
Consolidated
Balance Sheets
|
49
|
|
|
Consolidated
Statements of Income
|
51
|
|
|
Consolidated
Statements of Cash Flows
|
52
|
|
|
Consolidated
Statements of Changes in Common Equity and Comprehensive Income
|
53
|
|
|
Notes
to Consolidated Financial Statements
|
54
|
|
|
|
%
of Revenues
|
|
2006
|
2005
|
2004
|
|
||||||
Regulated
|
|
|
69
|
%
|
69
|
%
|
|
71
|
%
|
||
Nonregulated
|
|
|
31
|
%
|
31
|
%
|
|
29
|
%
|
||
|
|
|
|
|
|
|
|
||||
%
of Net Income (Loss)
|
|
|
2006(b
|
)
|
2005
|
2004(a
|
)
|
||||
Regulated
|
|
|
89
|
%
|
|
92
|
%
|
|
106
|
%
|
|
Nonregulated
|
|
|
11
|
%
|
|
8
|
%
|
|
(6
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
%
of Assets
|
|
|
2006
|
2005
|
2004
|
|
|||||
Regulated
|
|
|
93
|
%
|
94
|
%
|
|
94
|
%
|
||
Nonregulated
|
|
|
7
|
%
|
6
|
%
|
|
6
|
%
|
|
|
2006
|
|
2005
|
|
2004
|
|
|||
Reported
(GAAP) earnings per share
|
|
$
|
2.68
|
$
|
2.81
|
|
$
|
2.30
|
|
|
Add
(Deduct):
|
|
|
|
|
|
|
|
|
||
Cumulative
effect of accounting change, net of tax
|
(.05
|
)
|
-
|
-
|
||||||
Charge
(reduction in charge) related to propane litigation
|
|
|
(.04
|
)
|
|
-
|
|
|
.10
|
|
Gains
from sales of telecommunications investments
|
|
|
-
|
|
(.03
|
)
|
|
-
|
||
Losses
from sales of telecommunications investments
|
|
|
-
|
|
-
|
|
|
.14
|
|
|
Telecommunications
investment impairments
|
|
|
-
|
|
-
|
|
|
.13
|
|
|
GAAP-adjusted
net earnings from operations per share
|
|
$
|
2.59
|
$
|
2.78
|
|
$
|
2.67
|
|
|
Cash
dividends declared (per share)
|
|
$
|
1.68
|
$
|
1.56
|
|
$
|
1.46
|
|
Millions
of dollars
|
|
2006
|
|
2005
|
|
2004
|
|
|||
Income
Statement Impact:
|
|
|
|
|
|
|
|
|
|
|
Reduction
in employee benefit costs
|
|
$
|
0.7
|
$
|
4.3
|
|
$
|
2.9
|
||
Other
income
|
|
|
12.3
|
|
11.9
|
|
|
10.8
|
|
|
Balance
Sheet Impact:
|
|
|
|
|
|
|
|
|
||
Reduction
in capital expenditures
|
|
|
0.3
|
|
1.3
|
|
|
1.0
|
||
Component
of amount due to Summer Station co-owner
|
|
|
0.2
|
|
0.6
|
|
|
0.4
|
||
Total
Pension Income
|
|
$
|
13.5
|
$
|
18.1
|
|
$
|
15.1
|
|
Millions
of dollars
|
|
2006
|
% Change
|
2005
|
% Change
|
2004
|
|
|||||||||
Operating
revenues
|
|
$
|
1,877.6
|
(1.6
|
)%
|
$
|
1,908.3
|
|
|
13.1
|
%
|
$
|
1,687.7
|
|
||
Less:
Fuel used in generation
|
|
|
615.1
|
(0.5
|
)%
|
|
618.3
|
|
|
32.4
|
%
|
|
466.9
|
|
||
Purchased
power
|
|
|
27.5
|
(26.1
|
)%
|
|
37.2
|
|
|
(26.6
|
)%
|
|
50.7
|
|
||
Margin
|
|
$
|
1,235.0
|
(1.4
|
)%
|
$
|
1,252.8
|
|
|
7.1
|
%
|
$
|
1,170.1
|
|
•
|
2006 vs 2005
|
Margin
decreased by $20.8 million due to unfavorable weather, by $16.0 million
due to decreased off-system sales and by $6.5 million due to lower
industrial sales. These decreases were offset by residential and
commercial customer growth of $26.5 million. Purchased power cost
decreased due to lower volumes.
|
•
|
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 cost decreased due to greater
availability of generation
facilities.
|
Classification
(in thousands)
|
|
2006
|
% Change
|
2005
|
% Change
|
2004
|
|
|||||||||
Residential
|
|
|
7,598
|
|
|
(0.5
|
)%
|
|
7,634
|
|
|
2.3
|
%
|
|
7,460
|
|
Commercial
|
|
|
7,249
|
|
|
1.9
|
%
|
|
7,117
|
|
|
3.1
|
%
|
|
6,900
|
|
Industrial
|
|
|
6,183
|
|
|
(6.0
|
)%
|
|
6,581
|
|
|
(2.9
|
)%
|
|
6,775
|
|
Sales
for resale (excluding interchange)
|
|
|
1,487
|
|
|
-
|
|
1,487
|
|
|
(2.5
|
)%
|
|
1,525
|
||
Other
|
|
|
531
|
|
|
0.8
|
%
|
|
527
|
|
|
0.2
|
%
|
|
526
|
|
Total
territorial
|
|
|
23,048
|
|
|
(1.3
|
)%
|
|
23,346
|
|
|
0.7
|
%
|
|
23,186
|
|
Negotiated
Market Sales Tariff (NMST)
|
|
|
1,475
|
|
|
(24.9
|
)%
|
|
1,963
|
|
|
6.4
|
%
|
|
1,845
|
|
Total
|
|
|
24,523
|
|
|
(3.1
|
)%
|
|
25,309
|
|
|
1.1
|
%
|
|
25,031
|
•
|
2006
vs 2005
|
Territorial
sales volumes decreased by 307 MWh due to lower industrial sales
volumes
and by 406 MWh due to unfavorable weather. These decreases were partially
offset by 408 MWh due to residential and commercial customer
growth.
|
•
|
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.
|
Millions
of dollars
|
|
2006
|
|
% Change
|
|
2005
|
|
% Change
|
|
2004
|
|
|||||
Operating
revenues
|
|
$
|
1,078.0
|
|
|
(7.8
|
)%
|
$
|
1,168.6
|
|
|
27.9
|
%
|
$
|
913.9
|
|
Less:
Gas purchased for resale
|
|
|
787.1
|
|
|
(12.0
|
)%
|
|
894.6
|
|
|
36.6
|
%
|
|
655.1
|
|
Margin
|
|
$
|
290.9
|
|
|
6.2
|
%
|
$
|
274.0
|
|
|
5.9
|
%
|
$
|
258.8
|
|
•
|
2006 vs 2005
|
Margin
increased by $17.5 million due to increased retail gas base rates
which
became effective with the first billing cycle in November 2005 and
by $4.0
million due to an SCPSC-approved increase in retail gas base rates
effective with the first billing cycle in November 2006. These increases
were offset by $4.0 million due to lower firm margin resulting from
customer conservation at SCE&G. The NCUC-approved rate increase at
PSNC Energy, effective with the first billing cycle in November 2006,
increased margin by $2.4 million, but was offset primarily by customer
conservation.
|
•
|
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.
|
Classification
(in thousands)
|
|
2006
|
% Change
|
2005
|
% Change
|
2004
|
|
||||||||||
Residential
|
|
|
32,879
|
|
|
(13.2
|
)%
|
|
37,860
|
|
|
1.7
|
%
|
|
37,231
|
|
|
Commercial
|
|
|
25,718
|
|
|
(7.3
|
)%
|
|
27,750
|
|
|
1.8
|
%
|
|
27,271
|
|
|
Industrial
|
|
|
21,209
|
|
|
1.8
|
%
|
|
20,833
|
|
|
7.8
|
%
|
|
19,320
|
|
|
Transportation
gas
|
|
|
30,147
|
|
|
8.8
|
%
|
|
27,698
|
|
|
(1.8
|
)%
|
|
28,216
|
|
|
Sales
for resale
|
|
|
-
|
|
|
-
|
|
-
|
|
|
(100.0
|
)%
|
|
1
|
|
||
Total
|
|
|
109,953
|
|
|
(3.7
|
)%
|
|
114,141
|
|
|
1.9
|
%
|
|
112,039
|
|
•
|
2006 vs 2005
|
Residential
and commercial sales volumes decreased primarily due to milder weather
and
conservation. Transportation sales volumes increased primarily due
to
interruptible customers using gas instead of alternate
fuels.
|
•
|
2005 vs 2004
|
Commercial
and industrial sales volumes increased primarily due to more customers
buying commodity gas instead of purchasing alternate fuels and instead
of
transporting gas purchased from
others.
|
Millions
of dollars
|
|
2006
|
% Change
|
2005
|
% Change
|
2004
|
|
|||||||||
Transportation
revenue
|
$
|
26.5
|
40.2
|
%
|
$
|
18.9
|
6.2
|
%
|
$
|
17.8
|
||||||
Other
operating revenues
|
|
475.0
|
|
|
(26.5
|
)%
|
646.3
|
|
|
19.6
|
%
|
540.2
|
|
|||
Less:
Gas purchased for resale
|
|
|
439.2
|
|
|
(27.3
|
)%
|
|
604.2
|
|
|
21.6
|
%
|
|
496.9
|
|
Margin
|
|
$
|
62.3
|
|
|
2.1
|
%
|
$
|
61.0
|
|
|
(0.2
|
)%
|
$
|
61.1
|
|
•
|
2006
vs 2005
|
Margin
increased by $6.2 million due to increased transportation capacity
charges
(as a result of the merger discussed previously in the Overview section)
and by $1.4 million due to higher interruptible transportation revenues,
offset by $1.8 million due to decreased firm sales capacity charges
and by
$4.5 million due to lower industrial
margins.
|
•
|
2005
vs 2004
|
Operating
revenues and gas purchased for resale increased primarily due to
higher
commodity gas prices.
|
Classification
(in thousands)
|
|
2006
|
% Change
|
2005
|
% Change
|
2004
|
|
|||||||||
Commercial
|
|
|
23
|
|
|
(57.4
|
)%
|
|
54
|
|
|
(52.2
|
)%
|
113
|
|
|
Industrial
|
|
|
18,875
|
|
|
(17.0
|
)
|
|
22,748
|
|
|
(20.5
|
)%
|
28,625
|
|
|
Transportation
|
|
|
57,546
|
|
|
27.7
|
|
45,055
|
|
|
18.3
|
%
|
38,078
|
|
||
Sales
for resale
|
|
|
33,327
|
|
|
(23.8
|
)
|
|
43,763
|
|
|
1.9
|
%
|
42,946
|
|
|
Total
|
|
|
109,771
|
|
|
(1.7
|
)
|
|
111,620
|
|
|
1.7
|
%
|
109,762
|
|
•
|
2006 vs 2005
|
Prior
to the merger on November 1, 2006, industrial volumes decreased primarily
due to higher commodity gas prices relative to alternate fuels. Subsequent
to the merger, CGTC operates as a transportation-only interstate
pipeline.
|
•
|
2005 vs 2004
|
Industrial
volumes decreased primarily due to higher commodity gas prices relative
to
alternate fuels.
|
Millions
of dollars
|
|
2006
|
% Change
|
2005
|
% Change
|
2004
|
|
|||||||||
Operating
revenues
|
|
$
|
608.1
|
|
|
(8.4
|
)%
|
$
|
664.0
|
|
|
20.3
|
%
|
$
|
552.0
|
|
Net
income
|
|
|
30.1
|
|
|
24.9
|
%
|
|
24.1
|
|
|
(16.9
|
)%
|
|
29.0
|
|
•
|
2006 vs 2005
|
Operating
revenues decreased primarily due to milder weather and customer
conservation, resulting in lower customer usage, which was partially
offset by higher average retail prices arising from higher commodity
gas
costs. Net income increased primarily due to decreased bad debt of
$9.0
million and lower operating and customer service expenses of $6.2
million,
partially offset by a margin decrease of $9.1 million, net of
taxes.
|
•
|
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.
|
Millions
of dollars
|
|
2006
|
%
Change
|
2005
|
%
Change
|
2004
|
|
|||||||||
Operating
revenues
|
|
$
|
948.7
|
|
0.3
|
%
|
$
|
945.5
|
|
|
58.5
|
%
|
$
|
596.5
|
|
|
Net
loss
|
|
|
(0.4
|
)
|
|
(33.3)
|
%
|
|
(0.6
|
)
|
|
(70.0)
|
%
|
|
(2.0
|
)
|
•
|
2006 vs 2005
|
Operating
revenues increased due primarily to higher sales volume. Net loss
decreased due to lower operating expenses of $1.0 million which was
offset
by lower margin on sales of $0.9
million.
|
•
|
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.
|
Millions
of dollars
|
|
2006
|
% Change
|
2005
|
% Change
|
2004
|
|
|||||||||
Other
operation and maintenance
|
|
$
|
619.2
|
|
|
(2.0
|
)%
|
$
|
632.0
|
|
|
4.0
|
%
|
$
|
607.5
|
|
Depreciation
and amortization
|
|
|
332.4
|
|
|
(34.8
|
)%
|
|
509.9
|
|
|
92.3
|
%
|
|
265.1
|
|
Other
taxes
|
|
|
151.8
|
|
|
4.7
|
%
|
|
145.0
|
|
|
(0.4
|
)%
|
|
145.6
|
|
Total
|
|
$
|
1,103.4
|
|
|
(14.3
|
)%
|
$
|
1,286.9
|
|
|
26.4
|
%
|
$
|
1,018.2
|
|
•
|
2006 vs 2005
|
Other
operation and maintenance expenses decreased by $13.9 million due
to lower
bad debts and by $9.5 million due to lower operating and customer
service
expenses, both at retail gas marketing, and by $22.5 million due
to
decreased incentive compensation expense. These decreases were partially
offset by $11.1 million due to increased electric, generation,
transmission and distribution expenses, by $3.1 million due to increased
gas distribution expenses, by $3.6 million due to lower pension income
and
by $2.0 million due to higher customer service expenses at SCE&G.
Depreciation and amortization expense decreased by $185.8 million
due to
lower accelerated depreciation of the back-up dam at Lake Murray
in 2006
(see Income Taxes - Recognition
of Synthetic Fuel Tax Credits),
partially offset by $6.7 million due to property additions and higher
depreciation rates at SCE&G. Other taxes increased primarily due to
higher property taxes.
|
•
|
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 (at SCE&G). Depreciation and
amortization increased approximately $214.0 million due to accelerated
depreciation of the back-up dam at Lake Murray (see Income
Taxes
- 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 increased $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.
|
Millions
of dollars
|
2006
|
% Change
|
2005
|
% Change
|
2004
|
|||||||||||
Gain
(loss) on sale of investments
|
$
|
-
|
|
(100.0
|
)%
|
$
|
7.2
|
|
|
*
|
$
|
(21.2
|
)
|
|||
Gains
on sales of assets
|
3.4
|
|
100.0
|
%
|
|
1.7
|
|
|
*
|
|
0.7
|
|||||
Impairment
of investments
|
|
|
-
|
|
-
|
|
-
|
|
|
(100.0
|
)%
|
|
(26.9
|
)
|
||
Other
revenues
|
|
|
141.6
|
|
(42.9
|
)%
|
|
248.1
|
|
|
36.9
|
%
|
|
181.2
|
|
|
Other
expenses
|
|
|
(93.1
|
)
|
|
(53.5)
|
%
|
|
(200.3
|
)
|
|
25.3
|
%
|
|
(159.9
|
)
|
Total
|
|
$
|
51.9
|
|
(8.5
|
)%
|
$
|
56.7
|
|
|
*
|
$
|
(26.1
|
)
|
•
|
2006 vs 2005
|
Other
revenues decreased $91.5 million due to lower power marketing activities,
$10.8 million due to the termination of a contract to operate a steam
combustion turbine at the United States Department of Energy (DOE)
Savannah River Site and by $4.3 million due to lower carrying costs
recognized on the unrecovered balance of the Lake Murray back-up
dam
project and lower management service fees of $10.0 million received
by
Primesouth, Inc., as discussed at Income Taxes
- Recognition
of Synthetic Fuel Tax Credits
below. These decreases were partially offset by higher interest income
of
$9.4 million and higher third-party coal sales revenue of $4.8
million.
Other
expenses decreased by $90.6 million due to lower power marketing
activities and $4.4 million due to the termination of the DOE’s Savannah
River Site contract. These decreases were partially offset by increased
charges of $8.7 million related to the settlement of the FERC power
marketing matter (see Note 10 to the consolidated financial statements)
and higher expenses to support third-party coal sales of $3.6
million.
|
•
|
2005 vs 2004
|
Gain
(loss) on sale of investments increased due to the receipt in 2005
of
additional proceeds of $6.0 million from the 2003 sale of the Company’s
investment in ITC Holding. These proceeds had been held in escrow
pending
resolution of certain contingencies. In 2004 the Company recognized
a
$21.0 million loss on the sale of investments in Knology and
ITC^DeltaCom. In 2004 impairments of $26.9 million were recorded
on
investments in Knology, ITC Holding and Magnolia Holding.
Other
revenues increased $42.8 million due to higher power marketing activity
and $10.9 million due to carrying costs recognized on the unrecovered
balance of the Lake Murray back-up dam project.
Other
expenses increased $43.1 million due to higher power marketing activity
and $.8 million due to the charge associated with the FERC power
marketing
matter. (See Note 10 to the consolidated financial
statements.)
|
Millions
of dollars
|
|
2006
|
% Change
|
2005
|
% Change
|
2004
|
|
|||||||||
Interest
on long-term debt, net
|
|
$
|
190.9
|
|
|
(4.3
|
)%
|
$
|
199.5
|
|
|
0.7
|
%
|
$
|
198.1
|
|
Other
interest expense
|
|
|
18.7
|
|
|
48.4
|
%
|
|
12.6
|
|
|
*
|
|
4.3
|
|
|
Total
|
|
$
|
209.6
|
|
|
(1.2
|
)%
|
$
|
212.1
|
|
|
4.8
|
%
|
$
|
202.4
|
|
•
|
2006 vs 2005
|
Interest
on long-term debt decreased primarily due to reduced long-term borrowings,
partially offset by increased variable rates. Other interest expense
increased primarily due to increased short-term
borrowings.
|
•
|
2005 vs 2004
|
Interest
on long-term debt increased primarily due to the lower level of AFC
resulting from reductions in the levels of capital expenditures subsequent
to the completion of the Jasper County Electric Generation Station
in May
2004 and the Lake Murray back-up dam project in May 2005, partially
offset
by the redemption of outstanding debt in late 2004. Other interest
expense
increased primarily due to increased short-term borrowings at
SCE&G.
|
Millions
of dollars
|
|
2006
|
2005
|
|
|||
|
|
|
|
|
|
||
Depreciation
and amortization expense
|
|
$
|
(28.2
|
)
|
$
|
(214.0
|
)
|
|
|
|
|
|
|
||
Income
tax benefits:
|
|
|
|
|
|
|
|
From synthetic fuel tax credits
|
|
|
30.0
|
|
179.0
|
|
|
From accelerated depreciation
|
|
|
10.8
|
|
81.8
|
|
|
From partnership losses
|
|
|
7.8
|
|
28.9
|
|
|
Total
income tax benefits
|
|
|
48.6
|
|
289.7
|
|
|
|
|
|
|
|
|
||
Losses
from Equity Method Investments
|
|
|
(20.4
|
)
|
|
(75.7
|
)
|
|
|
|
|
|
|
||
Impact
on Net Income
|
|
|
-
|
|
-
|
|
Millions
of dollars
|
|
2007
|
2008
|
2009
|
|
|||||
SCE&G:
|
|
|
|
|
|
|
|
|||
Electric
Plant:
|
|
|
|
|
|
|
|
|||
Generation (including GENCO)
|
|
$
|
220
|
|
$
|
361
|
$
|
255
|
|
|
Transmission
|
|
|
45
|
|
|
52
|
|
35
|
|
|
Distribution
|
|
|
151
|
|
|
155
|
|
153
|
|
|
Other
|
|
|
28
|
|
|
38
|
|
17
|
|
|
Nuclear Fuel
|
|
|
55
|
|
|
6
|
|
26
|
|
|
Gas
|
|
|
50
|
|
|
59
|
|
52
|
|
|
Common
and other
|
|
|
28
|
|
|
10
|
|
12
|
|
|
Total
SCE&G
|
|
|
577
|
|
|
681
|
|
550
|
|
|
Other
Companies Combined
|
|
|
151
|
|
|
160
|
|
142
|
|
|
Total
|
|
$
|
728
|
|
$
|
841
|
$
|
692
|
|
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)
|
|
$
|
6,310
|
|
$
|
841
|
|
$
|
900
|
|
$
|
1,151
|
|
$
|
3,418
|
|
Capital
leases
|
|
|
2
|
|
|
1
|
|
|
1
|
|
|
-
|
|
|
-
|
|
Operating
leases
|
|
|
57
|
|
|
30
|
|
|
25
|
|
|
-
|
|
|
2
|
|
Purchase
obligations
|
|
|
647
|
|
|
348
|
|
296
|
|
|
2
|
|
|
1
|
|
|
Other
commercial commitments
|
|
|
7,513
|
|
|
1,275
|
|
|
2,283
|
|
|
977
|
|
|
2,978
|
|
Total
|
|
$
|
14,529
|
|
$
|
2,495
|
|
$
|
3,505
|
|
$
|
2,130
|
|
$
|
6,399
|
|
Millions
of dollars
|
|
2006
|
2007
|
|
|||
Property
additions and construction expenditures, net of AFC
|
|
$
|
527
|
|
$
|
673
|
|
Nuclear
fuel expenditures
|
|
|
17
|
|
|
55
|
|
Investments
|
|
|
25
|
|
|
19
|
|
Total
|
|
$
|
569
|
|
$
|
747
|
|
Millions
of dollars
|
|
SCANA
|
SCE&G
|
PSNC Energy
|
|
|||||
Lines
of credit (total and unused):
|
|
|
|
|
|
|
|
|||
Committed long-term (expires December 2011)
|
|
$
|
200
|
$
|
650
|
$
|
250
|
|||
Uncommitted
|
|
|
103
|
(a)
|
|
-
|
|
-
|
||
Short-term
borrowings outstanding:
|
|
|
|
|
||||||
Bank loans/commercial paper (270 or fewer days)
|
|
$
|
-
|
$
|
362.2
|
$
|
124.7
|
|||
Weighted
average interest rate
|
|
|
-
|
5.38
|
%
|
5.40
|
%
|
|
Expected
Maturity Date
|
|||||||
December 31,
2006
Millions
of dollars
|
2007
|
2008
|
2009
|
2010
|
2011
|
Thereafter
|
Total
|
Fair
Value
|
Long-Term
Debt:
|
|
|
|
|
|
|
|
|
Fixed
Rate ($)
|
33.2
|
123.2
|
108.2
|
14.8
|
619.3
|
2,023.6
|
2,922.3
|
3,020.0
|
Average
Fixed Interest Rate (%)
|
7.17
|
5.95
|
6.27
|
6.87
|
6.78
|
5.95
|
6.16
|
|
Variable
Rate ($)
|
100.0
|
100.0
|
100.2
|
|||||
Average
Variable Interest Rate (%)
|
5.52
|
5.52
|
||||||
Interest
Rate Swaps:
|
||||||||
Pay
Variable/Receive Fixed ($)
|
28.2
|
3.2
|
3.2
|
3.2
|
3.2
|
3.2
|
44.2
|
0.1
|
Average
Pay Interest Rate (%)
|
8.50
|
8.55
|
8.55
|
8.55
|
8.55
|
8.55
|
8.52
|
|
Average
Receive Interest Rate (%)
|
7.11
|
8.75
|
8.75
|
8.75
|
8.75
|
8.75
|
7.70
|
|
Expected
Maturity Date
|
|||||||
December 31,
2005
Millions
of dollars
|
2006
|
2007
|
2008
|
2009
|
2010
|
Thereafter
|
Total
|
Fair
Value
|
Long-Term
Debt:
|
|
|
|
|
|
|
|
|
Fixed
Rate ($)
|
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:
|
|
|
|
|
|
|
|
|
|
Options
|
|||||||
|
Futures
Contracts
|
Purchased
Call
|
Purchased
Put
|
Sold
Put
|
||||
2007
|
Long
|
Short
|
(Long)
|
(Short)
|
(Long)
|
|||
|
|
|
|
|
|
|
|
|
Settlement
Price (a)
|
6.76
|
6.57
|
|
Strike
Price (a)
|
9.08
|
10.89
|
6.17
|
|
Contract
Amount (b)
|
37.0
|
4.3
|
|
Contract
Amount (b)
|
2.7
|
1.4
|
1.2
|
|
Fair
Value (b)
|
28.8
|
3.0
|
|
Fair
Value (b)
|
0.1
|
-
|
(0.1)
|
|
|
|
|
|
|
|
|
|
|
2008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Settlement
Price (a)
|
8.31
|
-
|
|
Strike
Price (a)
|
-
|
-
|
-
|
|
Contract
Amount (b)
|
10.3
|
-
|
|
Contract
Amount (b)
|
-
|
-
|
-
|
|
Fair
Value (b)
|
9.8
|
-
|
|
Fair
Value (b)
|
-
|
-
|
-
|
|
|
|
|
|
|
|
|
|
|
(a)
Weighted average, in dollars
|
|
|
|
|
|
|
||
(b)
Millions of dollars
|
Swaps
|
2007
|
2008
|
2009
|
|
|
|
|
Commodity
Swaps:
|
|
|
|
Pay
fixed/receive variable (b)
|
190.9
|
78.3
|
0.3
|
Average
pay rate (a)
|
9.105
|
9.519
|
8.460
|
Average
received rate (a)
|
6.948
|
8.475
|
8.447
|
Fair
Value (b)
|
145.7
|
69.7
|
0.3
|
|
|
|
|
Pay
variable/receive fixed (b)
|
0.9
|
0.8
|
-
|
Average
pay rate (a)
|
7.333
|
8.111
|
-
|
Average
received rate (a)
|
8.361
|
8.011
|
-
|
Fair
Value (b)
|
1.1
|
0.8
|
-
|
|
|
|
|
Basis
Swaps:
|
|
|
|
Pay
variable/receive variable (b)
|
14.1
|
-
|
-
|
Average
pay rate (a)
|
6.331
|
-
|
-
|
Average
received rate (a)
|
6.319
|
-
|
-
|
Fair
Value (b)
|
14.1
|
-
|
-
|
|
|
|
|
|
|
|
|
(a)
Weighted average, in dollars
|
|
|
|
(b)
Millions of dollars
|
December
31, (Millions of dollars)
|
|
2006
|
2005
|
|
|||
Assets
|
|
|
|
|
|
||
Utility
Plant In Service
|
|
$
|
9,227
|
|
$
|
8,999
|
|
Accumulated
Depreciation and Amortization
|
|
|
(2,815
|
)
|
|
(2,698
|
)
|
|
|
|
6,412
|
|
|
6,301
|
|
Construction
Work in Progress
|
|
|
326
|
|
|
175
|
|
Nuclear
Fuel, Net of Accumulated Amortization
|
|
|
39
|
|
|
28
|
|
Acquisition
Adjustments
|
|
|
230
|
|
|
230
|
|
Utility
Plant, Net
|
|
|
7,007
|
|
|
6,734
|
|
Nonutility
Property and Investments:
|
|
|
|
|
|
|
|
Nonutility property, net of accumulated depreciation of $70 and
$62
|
|
|
132
|
|
|
108
|
|
Assets held in trust, net-nuclear decommissioning
|
|
|
56
|
|
|
52
|
|
Other investments
|
|
|
88
|
|
|
87
|
|
Nonutility
Property and Investments, Net
|
|
|
276
|
|
|
247
|
|
Current
Assets:
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
201
|
|
|
62
|
|
Receivables, net of allowance for uncollectible accounts of $14 and
$25
|
|
|
655
|
|
|
881
|
|
Receivables-affiliated companies
|
|
|
32
|
|
|
24
|
|
Inventories (at average cost):
|
|
|
|
|
|
|
|
Fuel
|
|
|
300
|
|
|
284
|
|
Materials and supplies
|
|
|
93
|
|
|
79
|
|
Emission allowances
|
|
|
22
|
|
|
54
|
|
Prepayments and other
|
|
|
39
|
|
|
54
|
|
Deferred income taxes
|
|
|
34
|
|
|
26
|
|
Total Current Assets
|
|
|
1,376
|
|
|
1,464
|
|
Deferred
Debits:
|
|
|
|
|
|
|
|
Pension asset, net
|
|
|
200
|
|
|
303
|
|
Emission allowances
|
27
|
-
|
|||||
Regulatory assets
|
|
|
792
|
|
|
617
|
|
Other
|
|
|
139
|
|
|
154
|
|
Total Deferred Debits
|
|
|
1,158
|
|
|
1,074
|
|
Total
|
|
$
|
9,817
|
|
$
|
9,519
|
|
December
31, (Millions of dollars)
|
|
2006
|
2005
|
|
|||
Capitalization
and Liabilities
|
|
|
|
|
|
||
Shareholders’
Investment:
|
|
|
|
|
|
|
|
Common equity
|
|
$
|
2,846
|
|
$
|
2,677
|
|
Preferred stock (Not subject to purchase or sinking funds)
|
|
|
106
|
|
|
106
|
|
Total
Shareholders’ Investment
|
|
|
2,952
|
|
|
2,783
|
|
Preferred
Stock, Net (Subject to purchase or sinking funds)
|
|
|
8
|
|
|
8
|
|
Long-Term
Debt, Net
|
|
|
3,067
|
|
|
2,948
|
|
Total Capitalization
|
|
|
6,027
|
|
|
5,739
|
|
Current
Liabilities:
|
|
|
|
|
|
|
|
Short-term borrowings
|
|
|
487
|
|
|
427
|
|
Current portion of long-term debt
|
|
|
43
|
|
|
188
|
|
Accounts payable
|
|
|
414
|
|
|
471
|
|
Accounts payable-affiliated companies
|
|
|
27
|
|
|
26
|
|
Customer deposits and customer prepayments
|
|
|
85
|
|
|
70
|
|
Taxes accrued
|
|
|
121
|
|
|
112
|
|
Interest accrued
|
|
|
51
|
|
|
52
|
|
Dividends declared
|
|
|
51
|
|
|
47
|
|
Other
|
|
|
126
|
|
|
107
|
|
Total Current Liabilities
|
|
|
1,405
|
|
|
1,500
|
|
Deferred
Credits:
|
|
|
|
|
|
|
|
Deferred income taxes, net
|
|
|
947
|
|
|
940
|
|
Deferred investment tax credits
|
|
|
120
|
|
|
121
|
|
Asset retirement obligations
|
|
|
292
|
|
|
322
|
|
Postretirement benefits
|
|
|
194
|
|
|
148
|
|
Regulatory liabilities
|
|
|
714
|
|
|
605
|
|
Other
|
|
|
118
|
|
|
144
|
|
Total Deferred Credits
|
|
|
2,385
|
|
|
2,280
|
|
Commitments
and Contingencies (Note 10)
|
|
|
-
|
|
|
-
|
|
Total
|
|
$
|
9,817
|
|
$
|
9,519
|
|
Years
Ended December 31, (Millions of dollars, except per share
amounts)
|
|
2006
|
|
2005
|
|
2004
|
|
||||||
Operating
Revenues:
|
|
|
|
|
|
|
|||||||
Electric
|
|
$
|
1,877
|
|
$
|
1,909
|
|
$
|
1,688
|
|
|||
Gas-regulated
|
|
|
1,257
|
|
|
1,405
|
|
|
1,126
|
|
|||
Gas-nonregulated
|
|
|
1,429
|
|
|
1,463
|
|
|
1,071
|
|
|||
Total Operating Revenues
|
|
|
4,563
|
|
|
4,777
|
|
|
3,885
|
|
|||
Operating
Expenses:
|
|
|
|
|
|
|
|
|
|
||||
Fuel used in electric generation
|
|
|
615
|
|
|
618
|
|
|
467
|
|
|||
Purchased power
|
|
|
28
|
|
|
37
|
|
|
51
|
|
|||
Gas purchased for resale
|
|
|
2,213
|
|
|
2,399
|
|
|
1,753
|
|
|||
Other operation and maintenance
|
|
|
619
|
|
|
632
|
|
|
608
|
|
|||
Depreciation and amortization
|
|
|
333
|
|
|
510
|
|
|
265
|
|
|||
Other taxes
|
|
|
152
|
|
|
145
|
|
|
145
|
|
|||
Total Operating Expenses
|
|
|
3,960
|
|
|
4,341
|
|
|
3,289
|
|
|||
|
|
|
|
|
|
|
|
|
|
||||
Operating
Income
|
|
|
603
|
|
|
436
|
|
|
596
|
|
|||
|
|
|
|
|
|
|
|
|
|
||||
Other
Income (Expense):
|
|
|
|
|
|
|
|
|
|
||||
Other revenues
|
|
|
142
|
|
|
248
|
|
|
181
|
|
|||
Other expenses
|
|
|
(93
|
)
|
|
(200
|
)
|
|
(160
|
)
|
)
|
||
Interest charges, net of allowance for borrowed funds used during
construction of $8,
$3 and $10
|
|
|
(209
|
)
|
|
(212
|
)
|
|
(202
|
)
|
)
|
||
Gain (loss) on sale of investments and assets
|
|
|
3
|
|
|
9
|
|
|
(20
|
)
|
)
|
||
Investment impairments
|
|
|
-
|
|
|
-
|
|
|
(27
|
)
|
)
|
||
Preferred dividends of subsidiary
|
|
|
(7
|
)
|
|
(7
|
)
|
|
(7
|
)
|
)
|
||
Allowance for equity funds used during construction
|
|
|
-
|
|
|
-
|
|
|
16
|
|
|||
Total Other Expense
|
|
|
(164
|
)
|
|
(162
|
)
|
|
(219
|
)
|
)
|
||
|
|
|
|
|
|
|
|
|
|
||||
Income
Before Income Taxes (Benefit) and Earnings (Losses) from
Equity Method Investments and Cumulative Effect of Accounting
Change
|
|
|
439
|
|
274
|
|
|
377
|
|
||||
Income
Tax Expense (Benefit)
|
|
|
119
|
|
(118
|
)
|
|
123
|
|
||||
Income
Before Earnings (Losses) from Equity Method Investments
|
|
|
|
|
|
|
|
|
|
||||
and Cumulative Effect of Accounting Change
|
|
|
320
|
|
|
392
|
|
|
254
|
|
|||
Earnings
(Losses) from Equity Method Investments
|
|
|
(16
|
)
|
|
(72
|
)
|
|
3
|
|
|||
Cumulative
Effect of Accounting Change, net of taxes
|
6
|
-
|
-
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||
Net
Income
|
|
$
|
310
|
|
$
|
320
|
|
$
|
257
|
|
|||
|
|
|
|
|
|
|
|
|
|
||||
Basic
and Diluted Earnings Per Share of Common Stock:
|
|
|
|||||||||||
Before
Cumulative Effect of Accounting Change
|
$
|
2.63
|
$
|
2.81
|
$
|
2.30
|
|||||||
Cumulative
Effect of Accounting Change, net of taxes
|
.05
|
-
|
-
|
||||||||||
Basic
and Diluted Earnings Per Share
|
$
|
2.68
|
$
|
2.81
|
$
|
2.30
|
|||||||
|
|
|
|
|
|
|
|
|
|
||||
Weighted
Average Common Shares Outstanding (Millions)
|
|
|
115.8
|
|
|
113.8
|
|
|
111.6
|
|
For
the Years Ended December 31, (Millions of dollars)
|
|
2006
|
|
2005
|
|
2004
|
|
|||
Cash
Flows From Operating Activities:
|
|
|
|
|
|
|
|
|||
Net
Income
|
|
$
|
310
|
$
|
320
|
|
$
|
257
|
||
Adjustments
to reconcile net income to net cash provided from operating activities:
|
|
|
|
|
|
|
|
|||
Cumulative effect of accounting change, net of taxes
|
(6
|
)
|
-
|
-
|
||||||
Excess losses (earnings), net of distributions from equity method
investments
|
|
|
23
|
|
72
|
|
|
(3
|
)
|
|
Depreciation and amortization
|
|
|
347
|
|
518
|
|
|
274
|
||
Amortization of nuclear fuel
|
|
|
17
|
|
18
|
|
|
22
|
||
(Gain) loss on sale of assets and investments
|
|
|
(3
|
)
|
|
(9
|
)
|
|
20
|
|
Impairment of investments
|
|
|
-
|
|
-
|
|
|
27
|
||
Hedging activities
|
|
|
(15
|
)
|
|
4
|
|
|
11
|
|
Allowance for equity funds used during construction
|
|
|
-
|
|
-
|
|
|
(16
|
)
|
|
Carrying cost recovery
|
|
|
(7
|
)
|
|
(11
|
)
|
|
-
|
|
Cash provided (used) by changes in certain assets and
liabilities:
|
|
|
|
|
|
|
|
|||
Receivables, net
|
|
|
218
|
|
(174
|
)
|
|
(225
|
)
|
|
Inventories
|
|
|
(80
|
)
|
|
(188
|
)
|
|
(90
|
)
|
Prepayments and other
|
|
|
(2
|
)
|
|
-
|
|
|
(2
|
)
|
Pension asset
|
|
|
(13
|
)
|
|
(17
|
)
|
|
(14
|
)
|
Other regulatory assets
|
|
|
(32
|
)
|
|
(28
|
)
|
|
(17
|
)
|
Deferred income taxes, net
|
|
|
5
|
|
25
|
|
|
74
|
||
Regulatory liabilities
|
|
|
9
|
|
(159
|
)
|
|
48
|
||
Postretirement benefits obligations
|
|
|
(3
|
)
|
|
6
|
|
|
7
|
|
Accounts payable
|
|
|
(77
|
)
|
|
79
|
|
|
91
|
|
Taxes accrued
|
|
|
9
|
|
(20
|
)
|
|
23
|
||
Interest accrued
|
|
|
(1
|
)
|
|
1
|
|
|
(4
|
)
|
Changes
in fuel adjustment clauses
|
|
|
3
|
|
(7
|
)
|
|
(3
|
)
|
|
Changes
in other assets
|
|
|
30
|
|
(17
|
)
|
|
22
|
||
Changes
in other liabilities
|
|
|
21
|
|
54
|
|
|
77
|
||
Net
Cash Provided From Operating Activities
|
|
|
753
|
|
467
|
|
|
579
|
||
Cash
Flows From Investing Activities:
|
|
|
|
|
|
|
|
|||
Utility property additions and construction expenditures, including
debt AFC
|
|
|
(485
|
)
|
|
(366
|
)
|
|
(478
|
)
|
Proceeds from sale of assets and investments
|
|
|
21
|
|
10
|
|
|
68
|
||
Nonutility property additions
|
|
|
(42
|
)
|
|
(19
|
)
|
|
(23
|
)
|
Investments
|
|
|
(25
|
)
|
|
(18
|
)
|
|
(20
|
)
|
Net
Cash Used For Investing Activities
|
|
|
(531
|
)
|
|
(393
|
)
|
|
(453
|
)
|
Cash
Flows From Financing Activities:
|
|
|
|
|
|
|
|
|||
Proceeds from issuance of common stock
|
|
|
79
|
|
84
|
|
|
65
|
||
Proceeds from issuance of debt
|
|
|
132
|
|
221
|
|
|
136
|
||
Repayments of debt
|
|
|
(156
|
)
|
|
(470
|
)
|
|
(169
|
)
|
Redemption/repurchase of equity securities
|
|
|
-
|
|
(1
|
)
|
|
(4
|
)
|
|
Dividends
|
|
|
(198
|
)
|
|
(181
|
)
|
|
(168
|
)
|
Short-term borrowings, net
|
|
|
60
|
|
216
|
|
|
16
|
||
Net
Cash Used For Financing Activities
|
|
|
(83
|
)
|
|
(131
|
)
|
|
(124
|
)
|
Net
Increase (Decrease) in Cash and Cash Equivalents
|
|
|
139
|
|
(57
|
)
|
|
2
|
||
Cash
and Cash Equivalents, January 1
|
|
|
62
|
|
119
|
|
|
117
|
||
Cash
and Cash Equivalents, December 31
|
|
$
|
201
|
$
|
62
|
|
$
|
119
|
||
Supplemental
Cash Flow Information:
|
|
|
|
|
|
|
|
|||
Cash
paid for-Interest (net of capitalized interest of $8, $3 and
$10)
|
|
$
|
212
|
$
|
213
|
|
$
|
206
|
||
-Income taxes
|
|
|
100
|
|
58
|
|
|
24
|
||
Noncash
Investing and Financing Activities:
|
|
|
|
|
|
|
|
|||
Unrealized loss on securities available for sale, net of
tax
|
|
|
-
|
|
-
|
|
|
(2
|
)
|
|
Accrued construction expenditures
|
|
|
54
|
|
36
|
|
|
49
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
|
|
|
|
Accumulated
|
|
||||||||||||||
|
|
|
|
|
Other
|
|
||||||||||||||
|
|
Common
Stock
|
|
Retained
|
Comprehensive
|
|
||||||||||||||
Millions
|
|
Shares
|
Amount
|
|
Earnings
|
Income
(Loss)
|
Total
|
|
||||||||||||
|
|
|
||||||||||||||||||
Balance
as of December 31, 2003
|
111
|
$
|
1,187
|
$
|
1,113
|
$
|
6
|
$
|
2,306
|
|||||||||||
Comprehensive
Income:
|
||||||||||||||||||||
Net Income
|
|
|
|
|
|
|
|
|
257
|
|
|
|
|
257
|
|
|||||
Changes in Other Comprehensive Income (Loss) net of
taxes $(5)
|
(10
|
)
|
(10
|
)
|
||||||||||||||||
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
|
|
||||
Changes in Other Comprehensive Income (Loss), net of
taxes $-
|
|
|
|
|
|
|
|
|
|
|
|
-
|
|
|
-
|
|||||
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
|
|
||||
Comprehensive
Income (Loss):
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net Income
|
|
|
310
|
310
|
|
|||||||||||||||
Changes
in Other Comprehensive Income (Loss), net of
taxes $(8)
|
|
|
(14
|
)
|
(14
|
)
|
||||||||||||||
Total Comprehensive Income
|
|
|
310
|
(14
|
)
|
296
|
|
|||||||||||||
Deferred
Cost of Employee Benefit Plans, net of taxes $(7)
|
(11
|
)
|
(11)
|
|||||||||||||||||
Issuance
of Common Stock
|
|
|
2
|
79
|
79
|
|
||||||||||||||
Dividends
Declared on Common Stock
|
|
|
(195
|
)
|
(195
|
)
|
||||||||||||||
Balance
as of December 31, 2006
|
|
|
117
|
$
|
1,411
|
$
|
1,464
|
$
|
(29
|
)
|
$
|
2,846
|
|
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.
|
Carolina
Gas Transmission Corporation (CGTC)
|
SCANA
Resources, Inc.
|
SCANA
Services, Inc.
|
|
SCANA
Corporate Security Services, Inc.
|
|
|
December 31,
|
|
||||
Millions
of dollars
|
|
2006
|
2005
|
|
|||
Regulatory
Assets:
|
|
|
|||||
Accumulated
deferred income taxes
|
|
$
|
174
|
|
$
|
177
|
|
Under-collections-electric
fuel and gas cost adjustment clauses
|
|
|
95
|
|
|
61
|
|
Purchased
power costs
|
|
|
9
|
|
|
17
|
|
Environmental
remediation costs
|
|
|
29
|
|
|
28
|
|
Asset
retirement obligations and related funding
|
|
|
264
|
|
|
250
|
|
Franchise
agreements
|
|
|
55
|
|
|
56
|
|
Regional
transmission organization costs
|
|
|
8
|
|
|
11
|
|
Deferred
employee benefit plan costs
|
142
|
-
|
|||||
Other
|
|
|
16
|
|
17
|
||
Total
Regulatory Assets
|
|
$
|
792
|
|
$
|
617
|
|
|
December 31,
|
|
||||
Millions
of dollars
|
|
2006
|
2005
|
|
|||
Regulatory
Liabilities:
|
|||||||
Accumulated
deferred income taxes
|
$
|
38
|
$
|
39
|
|||
Over-collections-electric
fuel and gas cost adjustment clauses
|
|
|
8
|
|
|
20
|
|
Other
asset removal costs
|
599
|
488
|
|||||
Storm
damage reserve
|
|
|
44
|
|
38
|
||
Planned
major maintenance
|
6
|
9
|
|||||
Other
|
|
|
19
|
|
11
|
||
Total
Regulatory Liabilities
|
|
$
|
714
|
|
$
|
605
|
|
|
2006
|
2005
|
2004
|
|
|||||
SCE&G
|
|
|
3.19
|
%
|
3.20
|
%
|
|
2.99
|
%
|
|
GENCO
|
|
|
2.66
|
%
|
2.66
|
%
|
|
2.66
|
%
|
|
CGTC
|
|
|
2.04
|
%
|
2.01
|
%
|
|
2.04
|
%
|
|
PSNC
Energy
|
|
|
3.69
|
%
|
3.77
|
%
|
|
3.87
|
%
|
|
Aggregate
of Above
|
|
|
3.19
|
%
|
3.20
|
%
|
|
3.04
|
%
|
Rate Per KWh
|
Effective Date
|
$.01764
|
January-April
2005
|
$.02256
|
May
2005-April 2006
|
$.02516
|
May-December
2006
|
Effective
Date
|
|
Residential
|
|
Small/Medium
|
|
Large
|
|
|||
January-October
2005
|
|
$.903
|
|
$.903
|
|
$.903
|
|
|||
November
2005
|
|
|
1.297
|
|
|
1.222
|
|
|
1.198
|
|
December
2005
|
|
|
1.362
|
|
|
1.286
|
|
|
1.263
|
|
January
2006
|
|
|
1.297
|
|
|
1.222
|
|
|
1.198
|
|
February-October
2006
|
|
|
1.227
|
|
|
1.152
|
|
|
1.128
|
|
November
2006
|
1.115
|
1.004
|
.963
|
|||||||
December
2006
|
1.240
|
1.130
|
1.090
|
Rate
Per Therm
|
Effective
Date
|
$.825
|
January
2005
|
.725
|
February-July
2005
|
.825
|
August-September
2005
|
1.100
|
October
2005
|
1.275
|
November-December
2005
|
1.075
|
January
2006
|
.875
|
February
2006
|
.825
|
March-December
2006
|
Before
|
After
|
|||||||||
Application
of
|
Application
of
|
|||||||||
December
31, 2006
|
SFAS
158
|
Adjustments
|
SFAS
158
|
|||||||
Millions
of dollars
|
||||||||||
Deferred
debits - pension asset, net
|
$
|
316.7
|
$
|
(117.2
|
)
|
$
|
199.5
|
|||
Deferred
debits - regulatory assets
|
649.9
|
142.4
|
792.3
|
|||||||
Deferred
debits - other
|
137.9
|
1.6
|
139.5
|
|||||||
Total
deferred debits
|
1,131.2
|
26.8
|
1,158.0
|
|||||||
Total
assets
|
9,790.2
|
26.8
|
9,817.0
|
|||||||
Common
equity
|
2,855.8
|
(9.8
|
)
|
2,846.0
|
||||||
Total
shareholders’ investment
|
2,962.0
|
(9.8
|
)
|
2,952.2
|
||||||
Total
capitalization
|
6,036.5
|
(9.8
|
)
|
6,026.7
|
||||||
Current
liabilities - other
|
112.2
|
13.7
|
125.9
|
|||||||
Total
current liabilities
|
1,391.5
|
13.7
|
1,405.2
|
|||||||
Deferred
credits - deferred income taxes, net
|
953.1
|
(6.4
|
)
|
946.7
|
||||||
Deferred
credits - postretirement benefits
|
158.2
|
35.8
|
194.0
|
|||||||
Deferred
credits - other
|
124.8
|
(6.5
|
)
|
118.3
|
||||||
Total
deferred credits
|
2,362.1
|
22.9
|
2,385.0
|
|||||||
Total
capitalization and liabilities
|
9,790.2
|
26.8
|
9,817.0
|
Pension
Benefits
|
Other
Postretirement Benefits
|
||||||||||||
December
31,
|
December
31,
|
||||||||||||
2006
|
2005
|
2006
|
2005
|
||||||||||
Millions
of Dollars
|
|||||||||||||
Fair
value of plan assets
|
$
|
912.5
|
$
|
854.3
|
-
|
-
|
|||||||
Benefit
obligations
|
713.0
|
711.4
|
$
|
206.9
|
$
|
202.1
|
|||||||
Funded
status
|
199.5
|
142.9
|
(206.9
|
)
|
(202.1
|
)
|
|||||||
Unrecognized
net actuarial loss
|
n/a
|
88.4
|
n/a
|
44.4
|
|||||||||
Unrecognized
prior service cost
|
n/a
|
71.3
|
n/a
|
5.2
|
|||||||||
Unrecognized
transition obligation
|
n/a
|
0.6
|
n/a
|
4.3
|
|||||||||
Amount
recognized, end of year
|
$
|
199.5
|
$
|
303.2
|
$
|
(206.9
|
)
|
$
|
(148.2
|
)
|
Noncurrent
asset
|
$
|
199.5
|
n/a
|
-
|
n/a
|
||||||||
Current
liability
|
-
|
n/a
|
$
|
(12.9
|
)
|
n/a
|
|||||||
Noncurrent
liability
|
-
|
n/a
|
(194.0
|
)
|
n/a
|
||||||||
Prepaid
benefit cost
|
n/a
|
$
|
303.2
|
n/a
|
n/a
|
||||||||
Accrued
benefit cost
|
n/a
|
-
|
n/a
|
$
|
(148.2
|
)
|
December
31, 2006
|
Pension
Benefits
|
Other
Postretirement
Benefits
|
Total
|
|||||||
Millions
of dollars
|
||||||||||
Transition
Obligation
|
-
|
$
|
0.6
|
$
|
0.6
|
|||||
Prior
Service Costs
|
$
|
0.9
|
0.6
|
1.5
|
||||||
Actuarial
Losses
|
6.6
|
2.4
|
9.0
|
|||||||
Total
|
$
|
7.5
|
$
|
3.6
|
$
|
11.1
|
|
|
Retirement
Benefits
|
Other
Postretirement Benefits
|
|
|||||||||
|
|
2006
|
2005
|
2006
|
2005
|
|
|||||||
|
|
Millions
of dollars
|
|
||||||||||
Benefit
obligation, January 1
|
|
$
|
711.5
|
|
$
|
669.5
|
|
$
|
202.1
|
|
$
|
197.5
|
|
Service
cost
|
|
|
14.0
|
|
|
12.2
|
|
|
4.6
|
|
|
3.5
|
|
Interest
cost
|
|
|
39.8
|
|
|
38.3
|
|
|
11.5
|
|
|
10.7
|
|
Plan
participants' contributions
|
|
|
-
|
|
|
-
|
|
|
2.1
|
|
|
2.3
|
|
Plan
amendments
|
|
|
0.6
|
|
|
-
|
|
|
4.0
|
|
(0.3
|
)
|
|
Actuarial
(gain) loss
|
|
|
(14.4
|
)
|
|
27.1
|
|
|
(5.5
|
)
|
|
1.5
|
|
Benefits
paid
|
|
|
(38.5
|
)
|
|
(35.6
|
)
|
|
(11.9
|
)
|
|
(13.1
|
)
|
Benefit
obligation, December 31
|
|
$
|
713.0
|
|
$
|
711.5
|
|
$
|
206.9
|
|
$
|
202.1
|
|
|
|
2006
|
2005
|
|
|||
Annual
discount rate used to determine benefit obligations
|
|
|
5.85
|
%
|
5.60
|
%
|
|
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
|
|
$
|
3.1
|
$
|
(2.7
|
)
|
|
|
Retirement
Benefits
|
|
||||
|
|
2006
|
2005
|
|
|||
|
|
Millions
of dollars
|
|
||||
Fair
value of plan assets, January 1
|
|
$
|
854.3
|
$
|
846.7
|
|
|
Actual
return on plan assets
|
|
|
96.7
|
|
43.2
|
|
|
Benefits
paid
|
|
|
(38.5
|
)
|
|
(35.6
|
)
|
Fair
value of plan assets, December 31
|
|
$
|
912.5
|
$
|
854.3
|
|
|
Other
Postretirement Benefits*
|
|||||||||
Expected
Benefit Payments
|
Pension Benefits
|
Excluding
Medicare Subsidy
|
Including
Medicare Subsidy
|
|||||||
|
Millions
of dollars
|
|||||||||
|
|
|
|
|||||||
2007
|
$
|
39.7
|
$
|
13.3
|
$
|
12.9
|
||||
2008
|
40.1
|
13.6
|
13.2
|
|||||||
2009
|
40.5
|
13.6
|
13.2
|
|||||||
2010
|
40.9
|
14.1
|
13.7
|
|||||||
2011
|
41.3
|
14.3
|
13.9
|
|||||||
2012-2016
|
212.8
|
76.2
|
74.2
|
|
|
Retirement
Benefits
|
Other
Postretirement Benefits
|
|
|||||||||||||||
|
|
2006
|
2005
|
2004
|
2006
|
2005
|
2004
|
|
|||||||||||
|
|
Millions
of dollars
|
|
||||||||||||||||
Service
cost
|
|
$
|
14.0
|
$
|
12.2
|
|
$
|
11.1
|
|
$
|
4.6
|
$
|
3.5
|
|
$
|
3.3
|
|
||
Interest
cost
|
|
|
39.8
|
38.3
|
|
|
37.4
|
|
|
11.5
|
10.7
|
|
|
11.4
|
|
||||
Expected
return on assets
|
|
|
(75.2
|
)
|
(76.3
|
)
|
|
(71.0
|
)
|
|
n/a
|
n/a
|
|
|
n/a
|
|
|||
Prior
service cost amortization
|
|
|
6.8
|
6.9
|
|
|
6.6
|
|
|
1.1
|
0.8
|
|
|
1.4
|
|
||||
Amortization
of actuarial loss
|
|
|
0.5
|
-
|
|
|
-
|
|
|
1.7
|
1.2
|
|
|
1.9
|
|
||||
Transition
amount amortization
|
|
|
0.6
|
0.8
|
|
|
0.8
|
|
|
0.8
|
0.8
|
|
|
0.8
|
|
||||
Net
periodic benefit (income) cost
|
|
$
|
(13.5
|
)
|
$
|
(18.1
|
)
|
$
|
(15.1
|
)
|
$
|
19.7
|
$
|
17.0
|
|
$
|
18.8
|
|
|
|
Retirement
Benefits
|
Other
Postretirement Benefits
|
|
|||||||||||||||
|
|
2006
|
2005
|
2004
|
2006
|
2005
|
2004
|
|
|||||||||||
Discount
rate
|
|
|
5.60
|
%
|
5.75
|
%
|
6.00
|
%
|
5.60
|
%
|
5.75
|
%
|
6.00
|
%
|
|||||
Expected
return on plan assets
|
|
|
9.00
|
%
|
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
|
%
|
9.00
|
%
|
9.50
|
%
|
||||||||
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
|
2012
|
2011
|
2011
|
|
|
Target
Allocation
|
Percentage of Plan Assets
At
December 31,
|
|
||||||
Asset
Category
|
|
2007
|
2006
|
2005
|
|
|||||
Equity
Securities
|
|
|
70
|
%
|
|
72
|
%
|
|
72
|
%
|
Debt
Securities
|
|
|
30
|
%
|
|
28
|
%
|
|
28
|
%
|
|
Number
of
Options
|
Weighted
Average
Exercise Price
|
|||||
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
|
(291,177
|
)
|
$
|
27.48
|
|||
Forfeited
|
-
|
-
|
|||||
Outstanding-
December 31, 2005
|
439,270
|
$
|
27.53
|
||||
Exercised
|
(53,330
|
)
|
$
|
27.52
|
|||
Forfeited
|
-
|
-
|
|||||
Outstanding-
December 31, 2006
|
385,940
|
$
|
27.56
|
|
December
31,
|
||||||||||||
|
Weighted-Average
Interest
Rate
|
Maturity
Date
|
2006
|
2005
|
|||||||||
|
Millions
of dollars
|
||||||||||||
Medium-Term
Notes (unsecured)(a)
|
6.40
|
%
|
2007-2012
|
$
|
940
|
$
|
940
|
||||||
First
Mortgage Bonds (secured)
|
6.00
|
%
|
2009-2036
|
1,675
|
1,550
|
||||||||
First
& Refunding Mortgage Bonds (secured)
|
9.00
|
%
|
2006
|
-
|
131
|
||||||||
GENCO
Notes (secured)
|
5.92
|
%
|
2011-2024
|
123
|
127
|
||||||||
Industrial
and Pollution Control Bonds
|
5.24
|
%
|
2012-2032
|
156
|
156
|
||||||||
Senior
Debentures(b)
|
7.47
|
%
|
2012-2026
|
119
|
122
|
||||||||
Fair
value of interest rate swaps(c)
|
21
|
25
|
|||||||||||
Other
|
2007-2014
|
89
|
107
|
||||||||||
Total
debt
|
3,123
|
3,158
|
|||||||||||
Current
maturities of long-term debt
|
(43
|
)
|
(188
|
)
|
|||||||||
Unamortized
Discount
|
(13
|
)
|
(22
|
)
|
|||||||||
Total
long-term debt, net
|
$
|
3,067
|
$
|
2,948
|
Year
|
|
Millions
of
dollars
|
|
|
|
|
|
||
2007
|
|
$
|
43
|
|
2008
|
|
|
232
|
|
2009
|
|
|
143
|
|
2010
|
|
|
21
|
|
2011
|
|
|
625
|
|
|
|
2006
|
2005
|
|
||||
|
|
Millions
of dollars
|
|
|||||
Lines
of credit (total and unused)
|
|
|
|
|
|
|||
Committed:
|
|
|
|
|
|
|
|
|
Short-term
|
|
$
|
-
|
$
|
350
|
|
||
Long-term
|
|
|
1,100
|
|
650
|
|
||
Uncommitted
(a)
|
|
|
103
|
|
103
|
|||
(a)
SCANA or SCE&G may use $78 million of these lines of
credit.
|
Millions
of dollars
|
2006
|
2005
|
|||||
Amount
|
Weighted
Average
Interest
Rate
|
Amount
|
Weighted
Average
Interest
Rate
|
||||
SCANA
|
$
|
-
|
-
|
$
|
25
|
4.43%
|
|
SCE&G
|
238
|
5.38%
|
196
|
4.40%
|
|||
Fuel
Company
|
124
|
5.38%
|
107
|
4.39%
|
|||
PSNC
Energy
|
125
|
5.40%
|
99
|
4.47%
|
|||
Total
|
$
|
487
|
5.38%
|
$
|
427
|
4.42%
|
|
|
|
Unrealized
Gains
(Losses)
on Securities
|
Cash
Flow Hedging Activities
|
Minimum
Pension Liability Adjustment
|
Deferred
Costs of Employee
Benefit
Plans
|
Accumulated
Other
Comprehensive
Income
(Loss)
|
|
||||||||
|
Millions
of dollars
|
|
|
|
||||||||||||
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
|
)
|
||||||||
Other
comprehensive income (loss)
|
-
|
(15
|
)
|
1
|
(11
|
)
|
(25
|
)
|
||||||||
Balance,
December 31, 2006
|
$
|
-
|
$
|
(18
|
)
|
$
|
-
|
$
|
(11
|
)
|
$
|
(29
|
)
|
Par
Value
|
Authorized
|
Available
for Issuance
|
$100
|
1,000,000
|
-
|
$
50
|
592,405
|
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, 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
|
|||||||||
Shares
Redeemed-$50 par value
|
(2,608
|
)
|
(6,600
|
)
|
(9,208
|
)
|
(0.5
|
)
|
|||||
Balance
at December 31, 2006
|
74,435
|
92,761
|
167,196
|
$
|
8.3
|
|
|
2006
|
2005
|
2004
|
|
|||||
|
|
Millions
of dollars
|
|
|||||||
Current
taxes:
|
|
|
|
|
|
|
|
|||
Federal
|
|
$
|
93.9
|
$
|
10.2
|
|
$
|
(6.4
|
)
|
|
State
|
|
|
9.8
|
11.1
|
|
|
(5.2
|
)
|
||
Total
current taxes
|
|
|
103.7
|
21.3
|
|
(11.6
|
)
|
|||
Deferred
taxes, net:
|
|
|
|
|
|
|
|
|||
Federal
|
|
|
11.7
|
1.7
|
|
|
84.5
|
|
||
State
|
|
|
5.3
|
(6.9
|
)
|
|
5.4
|
|
||
Total
deferred taxes
|
|
|
17.0
|
(5.2
|
)
|
|
89.9
|
|
||
Investment
tax credits:
|
|
|
|
|
|
|
|
|||
Deferred-state
|
|
|
5.0
|
5.1
|
|
|
10.0
|
|
||
Amortization
of amounts deferred-state
|
|
|
(3.3
|
)
|
(1.9
|
)
|
|
(2.1
|
)
|
|
Amortization
of amounts deferred-federal
|
|
|
(3.0
|
)
|
(3.1
|
)
|
|
(4.0
|
)
|
|
Total
investment tax credits
|
|
|
(1.3
|
)
|
0.1
|
|
|
3.9
|
||
Synthetic
fuel tax credits - federal
|
|
|
-
|
(134.2
|
)
|
|
40.5
|
|
||
Total
income tax expense (benefit)
|
|
$
|
119.4
|
$
|
(118.0
|
)
|
$
|
122.7
|
|
|
|
2006
|
2005
|
2004
|
|
|||||
|
|
Millions
of dollars
|
|
|||||||
Income
|
$
|
304.0
|
$
|
319.5
|
$
|
257.1
|
||||
Income
tax expense (benefit)
|
|
|
119.4
|
|
(118.0
|
)
|
|
122.7
|
|
|
Preferred
stock dividends
|
|
|
7.3
|
|
7.3
|
|
|
7.3
|
|
|
Total
pre-tax income
|
|
$
|
430.7
|
$
|
208.8
|
|
$
|
387.1
|
|
|
Income
taxes on above at statutory federal income tax rate
|
|
$
|
150.7
|
$
|
73.1
|
|
$
|
135.5
|
|
|
Increases
(decreases) attributed to:
|
|
|
|
|
|
|
|
|
||
State
income taxes (less federal income tax effect)
|
|
|
10.9
|
|
4.8
|
|
|
5.3
|
|
|
Synthetic
fuel tax credits
|
|
|
(33.5
|
)
|
|
(181.9
|
)
|
|
(2.9
|
)
|
Allowance
for equity funds used during construction
|
|
|
(0.2
|
)
|
|
(0.2
|
)
|
|
(5.5
|
)
|
Deductible
dividends-Stock Purchase Savings Plan
|
|
|
(6.5
|
)
|
|
(5.9
|
)
|
|
(5.5
|
)
|
Amortization
of federal investment tax credits
|
|
|
(3.0
|
)
|
|
(3.1
|
)
|
|
(4.0
|
)
|
Non-taxable
recovery of Lake Murray back-up dam project carrying costs
|
|
|
(2.3
|
)
|
|
(3.8
|
)
|
|
-
|
|
Other
differences, net
|
|
|
3.3
|
|
(1.0
|
)
|
|
(0.2
|
)
|
|
Total
income tax expense (benefit)
|
|
$
|
119.4
|
$
|
(118.0
|
)
|
$
|
122.7
|
|
|
|
2006
|
2005
|
|
|||
|
|
Millions
of dollars
|
|
||||
Deferred
tax assets:
|
|
|
|
|
|
||
Nondeductible
reserves
|
|
$
|
103.8
|
$
|
84.8
|
|
|
Unamortized
investment tax credits
|
|
|
58.9
|
|
60.0
|
|
|
Federal
alternative minimum tax credit carryforward
|
|
|
22.1
|
|
44.0
|
|
|
Deferred
compensation
|
|
|
29.0
|
|
28.5
|
|
|
Unbilled
revenue
|
|
|
12.5
|
|
12.6
|
|
|
Other
|
|
|
38.6
|
|
31.6
|
|
|
Total
deferred tax assets
|
|
|
264.9
|
|
261.5
|
|
|
Deferred
tax liabilities:
|
|
|
|
|
|
||
Property,
plant and equipment
|
|
|
966.8
|
|
971.7
|
|
|
Pension
plan income
|
|
|
71.1
|
|
109.9
|
|
|
Deferred
employee benefit plan costs
|
56.1
|
-
|
|||||
Deferred
fuel costs
|
|
|
25.9
|
|
45.1
|
|
|
Other
|
|
|
58.0
|
|
49.3
|
|
|
Total
deferred tax liabilities
|
|
|
1,177.9
|
|
1,176.0
|
|
|
Net
deferred tax liability
|
|
$
|
913.0
|
$
|
914.5
|
|
|
|
2006
|
2005
|
|
||||||||||
|
|
Carrying
Amount
|
Estimated
Fair
Value
|
Carrying
Amount
|
Estimated
Fair
Value
|
|
||||||||
|
|
Millions
of dollars
|
|
|||||||||||
Long-term
debt
|
|
$
|
3,110.0
|
$
|
3,207.9
|
|
$
|
3,136.0
|
|
$
|
3,308.7
|
|
||
Preferred
stock (subject to purchase or sinking funds)
|
|
|
8.3
|
7.8
|
|
|
8.8
|
|
|
8.2
|
|
|
|
Millions
of dollars
|
|
|
2007
|
|
$
|
30
|
|
2008
|
|
|
14
|
|
2009
|
|
|
10
|
|
2010
|
|
|
1
|
|
2011
|
|
|
-
|
|
Thereafter
|
|
|
2
|
|
Total
|
|
$
|
57
|
|
|
|
Millions
of dollars
|
|
|
|
|
|
|
|
2007
|
|
$
|
1,623
|
|
2008
|
|
|
811
|
|
2009
|
|
|
1,221
|
|
2010
|
|
|
548
|
|
2011
|
|
|
499
|
|
Thereafter
|
|
|
3,459
|
|
Total
|
|
$
|
8,161
|
|
Millions
of dollars
|
|
2006
|
2005
|
|
|||
Beginning
balance
|
|
$
|
322
|
|
$
|
124
|
|
Liabilities
incurred
|
1
|
-
|
|||||
Liabilities
settled
|
(2
|
)
|
-
|
||||
Accretion
expense
|
|
|
17
|
|
|
7
|
|
Revisions
in estimated cash flows
|
(46
|
)
|
-
|
||||
Adoption
of FIN 47
|
|
|
-
|
|
|
191
|
|
Ending
Balance
|
|
$
|
292
|
|
$
|
322
|
|
2006
|
Electric
Operations
|
Gas
Distribution
|
Gas
Transmission
|
Retail
Gas
Marketing
|
Energy
Marketing
|
All
Other
|
Adjustments/
Eliminations
|
Consolidated
Total
|
|
||||||||||||||||
Customer
Revenue
|
|
$
|
1,877
|
$
|
1,078
|
$
|
179
|
$
|
608
|
$
|
821
|
$
|
66
|
$
|
(66
|
)
|
$
|
4,563
|
|
||||||
Intersegment
Revenue
|
|
|
9
|
-
|
322
|
-
|
128
|
306
|
(765
|
)
|
-
|
|
|||||||||||||
Operating
Income
|
|
|
456
|
83
|
30
|
n/a
|
n/a
|
n/a
|
34
|
603
|
|
||||||||||||||
Interest
Expense
|
|
|
15
|
24
|
7
|
2
|
-
|
-
|
161
|
209
|
|
||||||||||||||
Depreciation
and Amortization
|
|
|
268
|
54
|
8
|
3
|
-
|
15
|
(15
|
)
|
333
|
|
|||||||||||||
Income
Tax Expense (Benefit)
|
|
|
3
|
16
|
11
|
19
|
-
|
6
|
64
|
119
|
|||||||||||||||
Net
Income (Loss)
|
|
|
n/a
|
n/a
|
n/a
|
30
|
-
|
(11
|
)
|
291
|
310
|
|
|||||||||||||
Segment
Assets
|
|
|
5,520
|
1,847
|
315
|
208
|
142
|
649
|
1,136
|
9,817
|
|
||||||||||||||
Expenditures
for Assets
|
|
|
304
|
174
|
13
|
-
|
3
|
35
|
(2
|
)
|
527
|
|
|||||||||||||
Deferred
Tax Assets
|
|
|
n/a
|
n/a
|
7
|
3
|
12
|
2
|
10
|
34
|
|
2005
|
|
Electric
Operations
|
Gas
Distribution
|
Gas
Transmission
|
Retail
Gas
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
|
|
|
427
|
|
|
-
|
|
|
146
|
|
|
317
|
|
|
(895
|
)
|
|
-
|
|
Operating
Income
|
|
|
299
|
|
|
75
|
|
|
26
|
|
|
n/a
|
|
|
n/a
|
|
|
n/a
|
|
|
36
|
|
|
436
|
|
Interest
Expense
|
|
|
13
|
|
|
21
|
|
|
7
|
|
|
2
|
|
|
-
|
|
|
-
|
|
|
169
|
|
|
212
|
|
Depreciation
and Amortization
|
|
|
450
|
|
|
49
|
|
|
8
|
|
|
3
|
|
|
-
|
|
|
13
|
|
|
(13
|
)
|
|
510
|
|
Income
Tax Expense (Benefit)
|
|
|
4
|
|
|
18
|
|
|
8
|
|
|
14
|
|
|
(1
|
)
|
|
12
|
|
|
(173
|
)
|
|
(118
|
)
|
Net
Income (Loss)
|
|
|
n/a
|
|
|
n/a
|
|
|
n/a
|
|
|
24
|
|
|
(1
|
)
|
|
(69
|
)
|
|
366
|
|
|
320
|
|
Segment
Assets
|
|
|
5,531
|
|
|
1,701
|
|
|
427
|
|
|
284
|
|
|
128
|
|
|
553
|
|
|
895
|
|
|
9,519
|
|
Expenditures
for Assets
|
|
|
280
|
|
|
122
|
|
|
5
|
|
|
-
|
|
|
1
|
|
|
18
|
|
|
(41
|
)
|
|
385
|
|
Deferred
Tax Assets
|
|
|
n/a
|
|
|
n/a
|
|
|
6
|
|
|
8
|
|
|
3
|
|
|
2
|
|
|
7
|
|
|
26
|
|
2004
|
|
Electric
Operations
|
Gas
Distribution
|
Gas
Transmission
|
Retail
Gas
Marketing
|
Energy
Marketing
|
All
Other
|
Adjustments/
Eliminations
|
Consolidated
Total
|
|
|||||||||||||||
Customer
Revenue
|
|
$
|
1,688
|
|
$
|
914
|
|
$
|
212
|
|
$
|
552
|
|
$
|
520
|
|
$
|
58
|
|
$
|
(59
|
)
|
$
|
3,885
|
|
Intersegment
Revenue
|
|
|
4
|
|
|
-
|
|
|
346
|
|
|
-
|
|
|
77
|
|
|
297
|
|
|
(724
|
)
|
|
-
|
|
Operating
Income
|
|
|
550
|
|
|
67
|
|
|
23
|
|
|
n/a
|
|
|
n/a
|
|
|
n/a
|
|
|
(44
|
)
|
|
596
|
|
Interest
Expense
|
|
|
10
|
|
|
21
|
|
|
5
|
|
|
3
|
|
|
-
|
|
|
-
|
|
|
163
|
|
|
202
|
|
Depreciation
and Amortization
|
|
|
208
|
|
|
47
|
|
|
8
|
|
|
2
|
|
|
-
|
|
|
11
|
|
|
(11
|
)
|
|
265
|
|
Income
Tax Expense (Benefit)
|
|
|
(2
|
)
|
|
15
|
|
|
6
|
|
|
18
|
|
|
(1
|
)
|
|
(9
|
)
|
|
96
|
|
|
123
|
|
Net
Income (Loss)
|
|
|
n/a
|
|
|
n/a
|
|
|
n/a
|
|
|
29
|
|
|
(2
|
)
|
|
(42
|
)
|
|
272
|
|
|
257
|
|
Segment
Assets
|
|
|
5,365
|
|
|
1,540
|
|
|
393
|
|
|
201
|
|
|
91
|
|
|
470
|
|
|
946
|
|
|
9,006
|
|
Expenditures
for Assets
|
|
|
389
|
|
|
86
|
|
|
11
|
|
|
-
|
|
|
3
|
|
|
18
|
|
|
(6
|
)
|
|
501
|
|
Deferred
Tax Assets
|
|
|
n/a
|
|
|
n/a
|
|
|
5
|
|
|
4
|
|
|
3
|
|
|
2
|
|
|
(4
|
)
|
|
10
|
|
2006
Millions of dollars, except per share amounts
|
|
First
Quarter
|
Second
Quarter
|
Third
Quarter
|
Fourth
Quarter
|
Annual
|
|
|||||||||
Total
operating revenues
|
|
$
|
1,389
|
$
|
944
|
$
|
1,062
|
$
|
1,168
|
$
|
4,563
|
|
||||
Operating
income
|
|
|
185
|
122
|
156
|
140
|
603
|
|
||||||||
Income
before cumulative effect of accounting change
|
92
|
58
|
89
|
65
|
304
|
|||||||||||
Cumulative
effect of accounting change, net of taxes (1)
|
6
|
-
|
-
|
-
|
6
|
|||||||||||
Net
income
|
|
|
98
|
58
|
89
|
65
|
310
|
|
||||||||
Basic
and diluted earnings per share
|
|
|
.85
|
.50
|
.76
|
.57
|
2.68
|
|
2005
Millions of dollars, except per share amounts
|
|
|
||||||||||||||
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
|
|
|
|
Page
|
|
|
|
|
|
Item
7.
|
Management’s
Discussion and Analysis of Financial Condition and Results of
Operations
|
82
|
|
|
|
Overview
|
82
|
|
|
Results
of Operations
|
83
|
|
|
Liquidity
and Capital Resources
|
88
|
|
|
Environmental
Matters
|
91
|
|
|
Regulatory
Matters
|
93
|
|
|
Critical
Accounting Policies and Estimates
|
93
|
|
|
Other
Matters
|
95
|
|
|
|
|
Item
7A.
|
Quantitative
and Qualitative Disclosures About Market Risk
|
96
|
|
|
|
|
|
Item
8.
|
Financial
Statements and Supplementary Data
|
98
|
|
|
|
Report
of Independent Registered Public Accounting Firm
|
98
|
|
|
Consolidated
Balance Sheets
|
99
|
|
|
Consolidated
Statements of Income
|
101
|
|
|
Consolidated
Statements of Cash Flows
|
102
|
|
|
Consolidated
Statements of Changes in Common Equity
|
103
|
|
|
Notes
to Consolidated Financial Statements
|
104
|
|
|
|
Millions
of dollars
|
|
2006
|
%
Change
|
2005
|
%
Change
|
2004
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net
income
|
|
$
|
234.6
|
|
|
(9.1
|
)%
|
$
|
258.1
|
|
11.0
|
%
|
$
|
232.5
|
|
•
|
2006 vs 2005
|
Net
income decreased primarily due to lower electric margin of $7.8 million,
increased electric generation, transmission and distribution expenses
of
$6.9 million, increased gas distribution expenses of $1.9 million,
a
settlement related to power marketing practices of $8.7 million (see
Note
10E of the consolidated financial statements), lower pension income
and
other postretirement benefits of $2.8 million, increased customer
service
expenses of $1.2 million and increased property taxes of $3.7 million.
These increases were partially offset by higher gas margins of $10.5
million and lower incentive compensation expense of $8.6
million.
|
•
|
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 Income Taxes
- Recognition of Synthetic Fuel Tax Credits).
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.
|
Millions
of dollars
|
2006
|
2005
|
2004
|
|
||||||
|
|
|
|
|||||||
Income
Statement Impact:
|
|
|
|
|
|
|
|
|||
Reduction
in employee benefit costs
|
|
$
|
2.4
|
$
|
5.6
|
|
$
|
4.2
|
||
Other
income
|
|
|
12.7
|
12.2
|
|
|
11.0
|
|
||
Balance
Sheet Impact:
|
|
|
|
|
|
|
|
|||
Reduction
in capital expenditures
|
|
|
0.7
|
1.6
|
|
|
1.2
|
|||
Component
of amount due to Summer Station co-owner
|
|
|
0.2
|
0.6
|
|
|
0.4
|
|||
Total
Pension Income
|
|
$
|
16.0
|
$
|
20.0
|
|
$
|
16.8
|
|
Declaration
Date
|
Dividend
Amount
|
Quarter Ended
|
Payment Date
|
February
16, 2006
|
$39.2
million
|
March
31, 2006
|
April
1, 2006
|
April
27, 2006
|
$39.2
million
|
June
30, 2006
|
July
1, 2006
|
August
3, 2006
|
$39.2
million
|
September 30, 2006
|
October
1, 2006
|
November
1, 2006
|
$21.0
million
|
December
31, 2006
|
January
1, 2007
|
Millions
of dollars
|
2006
|
%
Change
|
2005
|
%
Change
|
2004
|
|
||||||||||||
|
|
|
|
|||||||||||||||
Operating
revenues
|
|
$
|
1,886.6
|
|
|
(1.3
|
)%
|
$
|
1,912.0
|
|
|
13.0
|
%
|
$
|
1,692.0
|
|
||
Less:
Fuel used in generation
|
|
|
615.1
|
|
|
(0.5
|
)%
|
|
618.1
|
|
|
32.4
|
%
|
|
466.9
|
|
||
Purchased
power
|
|
|
27.5
|
|
|
(26.1
|
)%
|
|
37.2
|
|
|
(26.6
|
)%
|
|
50.7
|
|
||
Margin
|
|
$
|
1,244.0
|
|
|
(1.0
|
)%
|
$
|
1,256.7
|
|
|
7.0
|
%
|
$
|
1,174.4
|
|
•
|
2006 vs 2005
|
Margin
decreased by $20.8 million due to unfavorable weather, by $16.0 million
due to decreased off-system sales and by $6.5 million due to lower
industrial sales. These decreases were offset by residential and
commercial customer growth of $26.5 million and increased other electric
revenue of $4.1 million. Purchased power cost decreased due to lower
volumes.
|
•
|
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 cost decreased due to greater
availability of generation
facilities.
|
Classification
(in thousands)
|
|
2006
|
%
Change
|
2005
|
%
Change
|
2004
|
|
|||||||||
Residential
|
|
|
7,598
|
|
|
(0.5
|
)%
|
|
7,634
|
|
2.3
|
%
|
|
7,460
|
|
|
Commercial
|
|
|
7,268
|
|
|
1.9
|
%
|
|
7,135
|
|
3.1
|
%
|
|
6,919
|
|
|
Industrial
|
|
|
6,183
|
|
|
(6.0
|
)%
|
|
6,581
|
|
(2.9
|
)%
|
|
6,775
|
|
|
Sales
for resale (excluding interchange)
|
|
|
1,487
|
|
|
-
|
|
1,487
|
|
(2.5
|
)%
|
|
1,525
|
|
||
Other
|
|
|
531
|
|
|
0.8
|
%
|
|
527
|
|
0.2
|
%
|
|
526
|
|
|
Total
territorial
|
|
|
23,067
|
|
|
(1.3
|
)%
|
|
23,364
|
|
0.7
|
%
|
|
23,205
|
|
|
Negotiated
Market Sales Tariff (NMST)
|
|
|
1,475
|
|
|
(24.9
|
)%
|
|
1,963
|
|
(6.4
|
)%
|
|
1,845
|
|
|
Total
|
|
|
24,542
|
|
|
(3.1
|
)%
|
|
25,327
|
|
1.1
|
%
|
|
25,050
|
|
•
|
2006
vs 2005
|
Territorial
sales volumes decreased by 307 MWh due to lower industrial sales
volumes
and by 406 MWh due to unfavorable weather. These decreases were partially
offset by 408 MWh due to residential and commercial customer
growth.
|
•
|
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.
|
Millions
of dollars
|
|
2006
|
%
Change
|
2005
|
%
Change
|
2004
|
|
||||||||||
Operating
revenues
|
|
$
|
504.6
|
|
|
(0.8
|
)%
|
$
|
508.8
|
|
|
28.0
|
%
|
$
|
397.4
|
|
|
Less:
Gas purchased for resale
|
|
|
395.5
|
|
|
(5.1
|
)%
|
|
416.6
|
|
|
32.8
|
%
|
|
313.6
|
|
|
Margin
|
|
$
|
109.1
|
|
|
18.3
|
%
|
$
|
92.2
|
|
|
10.0
|
%
|
$
|
83.8
|
|
•
|
2006
vs 2005
|
Margin
increased by $17.5 million due to increased retail gas base rates
which
became effective with the first billing cycle in November 2005 and
by $4.0
million due to an SCPSC approved increase in retail gas base rates
effective with the first billing cycle in November 2006. These increases
were offset by $4.0 million due to lower firm margin resulting from
customer conservation.
|
•
|
2005
vs 2004
|
Margin
increased by $4.7 million due to higher firm margin and by $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.
|
Classification
(in thousands)
|
2006
|
%
Change
|
2005
|
% Change
|
2004
|
||
Residential
|
10,926
|
(14.7
|
)%
|
12,806
|
(0.9
|
)%
|
12,916
|
Commercial
|
11,984
|
(4.5
|
)%
|
12,553
|
3.3
|
%
|
12,155
|
Industrial
|
17,879
|
12.4
|
%
|
15,907
|
5.4
|
%
|
15,087
|
Transportation
gas
|
2,484
|
22.2
|
%
|
2,032
|
(10.6
|
)%
|
2,272
|
Total
|
43,273
|
(0.1
|
)%
|
43,298
|
2.0
|
%
|
42,430
|
•
|
2006
vs 2005
|
Residential
and commercial sales volumes decreased primarily due to milder weather
and
conservation. Industrial and transportation sales volumes increased
due to
the competitive position of gas relative to alternate fuel
sources.
|
•
|
2005
vs 2004
|
Commercial
and industrial sales volumes increased primarily due to more customers
buying commodity gas instead of purchasing alternate fuels and instead
of
transporting gas purchased from
others.
|
Millions
of dollars
|
|
2006
|
%
Change
|
2005
|
%
Change
|
2004
|
|
|||||||||||
Other
operation and maintenance
|
|
$
|
460.7
|
|
4.4
|
%
|
$
|
441.2
|
|
|
2.4
|
%
|
$
|
431.0
|
|
|||
Depreciation
and amortization
|
|
|
285.8
|
|
(38.5
|
)%
|
|
464.8
|
|
|
*
|
|
220.9
|
|
||||
Other
taxes
|
|
|
137.8
|
|
5.2
|
%
|
|
131.0
|
|
|
(0.2
|
)%
|
|
131.3
|
|
|||
Total
|
|
$
|
884.3
|
|
(14.7
|
)%
|
$
|
1,037.0
|
|
|
32.4
|
%
|
$
|
783.2
|
|
•
|
2006 vs 2005
|
Other
operation and maintenance expenses increased by $11.1 million primarily
due to increased electric generation, transmission and distribution
expenses, by $3.1 million due to increased gas distribution expenses,
by
$4.6 million due to lower pension income and other postretirement
benefits
and by $2.0 million due to higher customer service expenses. These
increases were partially offset by $13.9 million due to decreased
incentive compensation expense. Depreciation and amortization expense
decreased by $185.8 million due to lower accelerated depreciation
of the
back-up dam at Lake Murray in 2006 compared to 2005 (see Income Taxes
-Recognition
of Synthetic Fuel Tax Credits),
partially offset by $6.7 million due to property additions and higher
depreciation rates. Other taxes increased primarily due to higher
property
taxes of $6.0 million.
|
•
|
2005 vs 2004
|
Other
operation and maintenance expenses increased by $11.5 million due
to
increased electric generation, transmission and distribution expenses,
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 (see
Income
Taxes
- 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 increased $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.
|
Millions
of dollars
|
|
2006
|
% Change
|
2005
|
% Change
|
2004
|
|
|||||||||||
Gain
on sale of assets
|
|
$
|
3.0
|
|
76.5
|
%
|
$
|
1.7
|
|
21.4
|
%
|
$
|
1.4
|
|||||
Other
revenues
|
|
|
60.8
|
|
(62.4
|
)%
|
162.4
|
|
57.5
|
%
|
|
103.1
|
||||||
Other
expenses
|
|
|
(45.1
|
)
|
|
(67.9
|
)%
|
|
(140.7
|
)
|
|
55.1
|
%
|
|
(90.7
|
)
|
||
Total
|
|
$
|
18.7
|
|
(20.1
|
)%
|
$
|
23.4
|
|
69.6
|
%
|
$
|
13.8
|
|||||
•
|
2006 vs 2005
|
Other
revenues decreased $91.5 million due to lower power marketing activities,
$10.8 million due to the termination of a contract to operate a steam
combustion turbine at the United States Department of Energy (DOE)
Savannah River Site and by $4.3 million due to lower carrying costs
recognized on the unrecovered balance of the Lake Murray back-up
dam
project as discussed at Income Taxes
- Recognition
of Synthetic Fuel Tax Credits
below. These decreases were partially offset by higher interest income
of
$8.7 million and higher third-party coal sales revenue of $4.8
million.
Other
expenses decreased by $90.6 million due to lower power marketing
activities and $4.4 million due to the termination of the DOE’s Savannah
River Site contract. These decreases were partially offset by increased
charges of $8.7 million related to the settlement of the FERC power
marketing matter (see Note 10 to the consolidated financial statements)
and higher expenses to support third-party coal sales of $3.6
million.
|
•
|
2005 vs 2004
|
Other
revenues increased $42.8 million due to higher power marketing activity
and $10.9 million due to carrying costs recognized on the unrecovered
balance of the Lake Murray back-up dam project.
Other
expenses increased $43.1 million due to higher power marketing activity
and $.8 million due to the charge associated with the FERC power
marketing
matter. (See Note 10 to the consolidated financial
statements.)
|
Millions
of dollars
|
|
2006
|
%
Change
|
2005
|
%
Change
|
2004
|
|
|||||||||||
Interest
on long-term debt, net
|
|
$
|
123.9
|
|
(7.1
|
)%
|
$
|
133.3
|
|
|
(0.2
|
)%
|
$
|
135.4
|
|
|||
Other
interest expense
|
|
|
16.1
|
|
46.4
|
%
|
|
11.0
|
|
|
*
|
|
3.5
|
|
||||
Total
|
|
$
|
140.0
|
|
(3.0
|
)%
|
$
|
144.3
|
|
|
3.9
|
%
|
$
|
138.9
|
|
•
|
2006 vs 2005
|
Interest
on long-term debt decreased primarily due to lower interest rates
and the
redemption of outstanding debt in 2005. Other interest expense increased
primarily due to higher principal balances and interest rates on
short-term debt.
|
•
|
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.
|
Millions
of dollars
|
2006
|
2005
|
|||||
|
|
|
|||||
Depreciation
and amortization expense
|
$
|
(28.2
|
)
|
$
|
(214.0
|
)
|
|
|
|||||||
Income
tax benefits:
|
|||||||
From
synthetic fuel tax credits
|
30.0
|
179.0
|
|||||
From
accelerated depreciation
|
10.8
|
81.8
|
|||||
From
partnership losses
|
7.8
|
28.9
|
|||||
Total
income tax benefits
|
48.6
|
289.7
|
|||||
|
|||||||
Losses
from Equity Method Investments
|
(20.4
|
)
|
(75.7
|
)
|
|||
|
|||||||
Impact
on Net Income
|
-
|
-
|
Millions
of dollars
|
|
2007
|
2008
|
2009
|
|
|||||
|
|
|
||||||||
SCE&G:
|
|
|
|
|
|
|
|
|||
Electric
Plant:
|
|
|
|
|
|
|
|
|||
Generation
(including GENCO)
|
|
$
|
220
|
|
$
|
361
|
$
|
255
|
|
|
Transmission
|
|
|
45
|
|
|
52
|
35
|
|
||
Distribution
|
|
|
151
|
|
|
155
|
153
|
|
||
Other
|
|
|
28
|
|
|
38
|
17
|
|
||
Nuclear
Fuel
|
|
|
55
|
|
|
6
|
26
|
|
||
Gas
|
|
|
50
|
|
|
59
|
52
|
|
||
Common
and Other
|
|
|
28
|
|
|
10
|
12
|
|
||
Total
|
|
$
|
577
|
|
$
|
681
|
$
|
550
|
|
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)
|
|
$
|
4,559
|
|
$
|
493
|
|
$
|
499
|
|
$
|
377
|
|
$
|
3,190
|
|
Capital
leases
|
|
|
2
|
|
|
1
|
|
|
1
|
|
|
-
|
|
|
-
|
|
Operating
leases
|
|
|
49
|
|
|
27
|
|
|
22
|
|
|
-
|
|
|
-
|
|
Purchase
obligations
|
|
|
278
|
|
|
199
|
|
|
76
|
|
|
2
|
|
|
1
|
|
Other
commercial commitments
|
|
|
1,432
|
|
|
490
|
|
|
821
|
|
|
29
|
|
|
92
|
|
Total
|
|
$
|
6,320
|
|
$
|
1,210
|
|
$
|
1,419
|
|
$
|
408
|
|
$
|
3,283
|
|
Millions
of dollars
|
2006
|
2007
|
|||||
Property
additions and construction expenditures, net of AFC
|
|
$
|
412
|
|
$
|
522
|
|
Nuclear
fuel expenditures
|
|
|
17
|
|
|
55
|
|
Investments
|
|
|
22
|
|
|
19
|
|
Total
|
|
$
|
451
|
|
$
|
596
|
|
|
|
Millions
of dollars
|
|
|
Lines
of credit (total and unused):
|
|
|
|
|
SCE&G
and Fuel Company
|
|
|
|
|
Committed
long-term (expires December 2011)
|
|
$
|
650
|
|
Uncommitted
(a)
|
|
|
78
|
|
Short-term
borrowings outstanding:
|
|
|
||
Commercial
paper (270 or fewer days)
|
|
$
|
362.2
|
|
Weighted
average interest rate
|
|
|
5.38
|
%
|
|
Expected
Maturity Date
|
|||||||
December 31,
2006
Millions
of dollars
|
2007
|
2008
|
2009
|
2010
|
2011
|
Thereafter
|
Total
|
Fair
Value
|
Long-Term
Debt:
|
|
|
|
|
|
|
|
|
Fixed
Rate ($)
|
3.7
|
3.7
|
103.7
|
10.4
|
164.9
|
1,667.9
|
1,954.3
|
2,001.2
|
Average
Interest Rate (%)
|
7.78
|
7.78
|
6.18
|
6.31
|
6.70
|
5.83
|
5.93
|
|
Expected
Maturity Date
|
|||||||
December 31,
2005
Millions
of dollars
|
2006
|
2007
|
2008
|
2009
|
2010
|
Thereafter
|
Total
|
Fair
Value
|
Long-Term
Debt:
|
|
|
|
|
|
|
|
|
Fixed
Rate ($)
|
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:
|
|
|
|
|
|||
|
Futures
Contracts
|
||
2007
|
Long
|
Short
|
|
|
|
|
|
Settlement
Price (a)
|
6.82
|
6.61
|
|
Contract
Amount (b)
|
28.6
|
2.9
|
|
Fair
Value (b)
|
21.8
|
2.0
|
|
|
|
|
|
2008
|
|
|
|
|
|
|
|
Settlement
Price (a)
|
8.46
|
-
|
|
Contract
Amount (b)
|
5.2
|
-
|
|
Fair
Value (b)
|
4.9
|
-
|
|
|
|
|
|
(a)
Weighted average, in dollars
|
|
|
|
(b)
Millions of dollars
|
Expected
Maturity
|
||
Commodity
Swaps
|
2007
|
2008
|
|
|
|
Commodity
Swaps:
|
|
|
Pay
fixed/receive variable (b)
|
53.7
|
32.6
|
Average
pay rate (a)
|
8.8558
|
8.7337
|
Average
received rate (a)
|
7.1309
|
8.3193
|
Fair
value (b)
|
43.3
|
31.1
|
|
|
|
(a)
Weighted average, in dollars
|
|
|
(b)
Millions of dollars
|
December 31,
(Millions of dollars)
|
|
2006
|
2005
|
|
|||
Assets
|
|
|
|
|
|
||
Utility
Plant In Service:
|
|
$
|
7,876
|
$
|
7,687
|
|
|
Accumulated
Depreciation and Amortization
|
|
|
(2,483
|
)
|
|
(2,295
|
)
|
|
|
|
5,393
|
|
5,392
|
|
|
Construction
Work in Progress
|
|
|
316
|
|
160
|
|
|
Nuclear
Fuel, Net of Accumulated Amortization
|
|
|
39
|
|
28
|
|
|
Utility Plant, Net
|
|
|
5,748
|
|
5,580
|
|
|
Nonutility
Property and Investments:
|
|
|
|
|
|
||
Nonutility property, net of accumulated depreciation
|
|
|
31
|
|
28
|
|
|
Assets held in trust, net-nuclear decommissioning
|
|
|
56
|
|
52
|
|
|
Other investments
|
|
|
25
|
|
28
|
|
|
Nonutility Property and Investments, Net
|
|
|
112
|
|
108
|
|
|
Current
Assets:
|
|
|
|
|
|
||
Cash and cash equivalents
|
|
|
24
|
|
19
|
|
|
Receivables, net of allowance for uncollectible accounts of $5
and $2
|
|
|
311
|
|
366
|
|
|
Receivables-affiliated companies
|
|
|
41
|
|
32
|
|
|
Inventories (at average cost):
|
|
|
|
|
|
||
Fuel
|
|
|
147
|
|
62
|
|
|
Materials and supplies
|
|
|
85
|
|
72
|
|
|
Emission allowances
|
|
|
22
|
|
54
|
|
|
Prepayments
and other
|
|
|
20
|
|
12
|
|
|
Deferred income taxes
|
|
|
19
|
|
22
|
|
|
Total Current Assets
|
|
|
669
|
|
639
|
|
|
Deferred
Debits:
|
|
|
|
|
|
||
Pension asset, net
|
|
|
200
|
|
303
|
|
|
Due from affiliates-pension and benefits
|
|
|
41
|
|
31
|
|
|
Emission allowances
|
27
|
-
|
|||||
Regulatory assets
|
|
|
702
|
|
584
|
|
|
Other
|
|
|
127
|
|
121
|
|
|
Total Deferred Debits
|
|
|
1,097
|
|
1,039
|
|
|
Total
|
|
$
|
7,626
|
$
|
7,366
|
|
December
31, (Millions of dollars)
|
|
2006
|
2005
|
|
|||
Capitalization
and Liabilities
|
|
|
|
|
|
||
Shareholders’
Investment:
|
|
|
|
|
|
||
Common equity
|
|
$
|
2,457
|
|
$
|
2,362
|
|
Preferred stock (Not subject to purchase or sinking funds)
|
|
|
106
|
|
|
106
|
|
Total Shareholders’ Investment
|
|
|
2,563
|
|
|
2,468
|
|
Preferred
Stock, net (Subject to purchase or sinking funds)
|
|
|
8
|
|
|
8
|
|
Long-Term
Debt, net
|
|
|
2,008
|
|
|
1,856
|
|
Total
Capitalization
|
|
|
4,579
|
|
|
4,332
|
|
Minority
Interest
|
|
|
86
|
|
|
82
|
|
Current
Liabilities:
|
|
|
|
|
|
|
|
Short-term borrowings
|
|
|
362
|
|
|
303
|
|
Current portion of long-term debt
|
|
|
14
|
|
|
183
|
|
Accounts payable
|
|
|
155
|
|
|
84
|
|
Accounts payable—affiliated companies
|
|
|
147
|
|
|
142
|
|
Customer deposits and customer prepayments
|
|
|
40
|
|
|
35
|
|
Taxes accrued
|
|
|
112
|
|
|
140
|
|
Interest
accrued
|
|
|
33
|
|
|
35
|
|
Dividends declared
|
|
|
23
|
|
|
40
|
|
Other
|
|
|
63
|
|
|
38
|
|
Total Current Liabilities
|
|
|
949
|
|
|
1,000
|
|
Deferred
Credits:
|
|
|
|
|
|
|
|
Deferred income taxes, net
|
|
|
807
|
|
|
801
|
|
Deferred investment tax credits
|
|
|
118
|
|
|
119
|
|
Asset retirement obligations
|
|
|
279
|
|
|
309
|
|
Postretirement benefits
|
|
|
194
|
|
|
148
|
|
Due to affiliates-pension and benefits
|
|
|
6
|
|
|
12
|
|
Regulatory liabilities
|
|
|
541
|
|
|
488
|
|
Other
|
|
|
67
|
|
|
75
|
|
Total Deferred Credits
|
|
|
2,012
|
|
|
1,952
|
|
Commitments
and Contingencies (Note 10)
|
|
|
-
|
|
|
-
|
|
Total
|
|
$
|
7,626
|
|
$
|
7,366
|
|
For
the Years Ended December 31,
(Millions
of dollars)
|
|
2006
|
2005
|
2004
|
|
|||||
Operating
Revenues:
|
|
|
|
|
|
|
|
|||
Electric
|
|
$
|
1,886
|
$
|
1,912
|
|
$
|
1,692
|
|
|
Gas
|
|
|
505
|
509
|
|
|
397
|
|
||
Total Operating Revenues
|
|
|
2,391
|
2,421
|
|
|
2,089
|
|
||
Operating
Expenses:
|
|
|
|
|
|
|
|
|||
Fuel used in electric generation
|
|
|
615
|
618
|
|
|
467
|
|
||
Purchased power
|
|
|
27
|
37
|
|
|
51
|
|
||
Gas purchased for resale
|
|
|
396
|
417
|
|
|
313
|
|
||
Other operation and maintenance
|
|
|
461
|
441
|
|
|
431
|
|
||
Depreciation and amortization
|
|
|
286
|
465
|
|
|
221
|
|
||
Other taxes
|
|
|
138
|
131
|
|
|
131
|
|
||
Total Operating Expenses
|
|
|
1,923
|
2,109
|
|
|
1,614
|
|
||
Operating
Income
|
|
|
468
|
312
|
|
|
475
|
|
||
Other
Income (Expense):
|
|
|
|
|
|
|
|
|||
Other revenues
|
|
|
61
|
163
|
|
|
103
|
|
||
Other expenses
|
|
|
(45
|
)
|
(140
|
)
|
|
(90
|
)
|
|
Gains on sale of investments and assets
|
3
|
-
|
1
|
|||||||
Allowance for equity funds used during construction
|
|
|
-
|
-
|
|
|
14
|
|
||
Interest charges, net of allowance for borrowed funds used during
construction of $8, $3 and $9
|
|
|
(140
|
)
|
(144
|
)
|
|
(139
|
)
|
|
Total Other Expense
|
|
|
(121
|
)
|
(121
|
)
|
|
(111
|
)
|
|
|
|
|
|
|
|
|
|
|||
Income
Before Income Taxes (Benefit), Losses from Equity Method Investments,
Minority
|
|
|
|
|
|
|
|
|||
Interest, Cumulative Effect of Accounting Change and Preferred Stock
Dividends
|
|
|
347
|
191
|
|
|
364
|
|
||
Income
Tax Expense (Benefit)
|
|
|
88
|
(150
|
)
|
|
120
|
|
||
|
|
|
|
|
|
|
|
|||
Income
Before Losses from Equity Method Investments, Minority
Interest,
|
|
|
|
|
|
|
|
|||
Cumulative Effect of Accounting Change and Preferred Stock
Dividends
|
|
|
259
|
341
|
|
|
244
|
|
||
Losses
from Equity Method Investments
|
|
|
(22
|
)
|
(77
|
)
|
|
(2
|
)
|
|
Minority
Interest
|
|
|
7
|
6
|
|
|
10
|
|
||
Cumulative
Effect of Accounting Change, net of taxes
|
4
|
-
|
-
|
|||||||
|
|
|
|
|
|
|
|
|||
Net
Income
|
|
|
234
|
258
|
|
|
232
|
|
||
Preferred
Stock Cash Dividends
|
|
|
7
|
7
|
|
|
7
|
|
||
Earnings
Available for Common Shareholder
|
|
$
|
227
|
$
|
251
|
|
$
|
225
|
|
For
the Years Ended December 31, (Millions of dollars)
|
|
2006
|
2005
|
2004
|
|
|||||
Cash
Flows From Operating Activities:
|
|
|
|
|
|
|
|
|||
Net
income
|
|
$
|
234
|
$
|
258
|
|
$
|
232
|
|
|
Adjustments
to reconcile net income to net cash provided from operating activities:
|
|
|
|
|
|
|
|
|||
Cumulative effect of accounting change, net of taxes
|
(4
|
)
|
-
|
-
|
||||||
Losses from equity method investments
|
|
|
22
|
77
|
|
|
2
|
|
||
Minority interest
|
|
|
7
|
6
|
|
|
10
|
|
||
Depreciation and amortization
|
|
|
286
|
465
|
|
|
221
|
|
||
Amortization of nuclear fuel
|
|
|
17
|
18
|
|
|
22
|
|
||
Gain on sale of assets
|
|
|
(3)
|
(1
|
)
|
|
(1
|
)
|
||
Allowance for equity funds used during construction
|
|
|
-
|
-
|
|
|
(14
|
)
|
||
Carrying cost recovery
|
|
|
(7
|
)
|
(11
|
)
|
|
-
|
|
|
Cash provided (used) by changes in certain assets and
liabilities:
|
|
|
|
|
|
|
|
|||
Receivables, net
|
|
|
49
|
(87
|
)
|
|
(19
|
)
|
||
Inventories
|
|
|
(146
|
)
|
(119
|
)
|
|
(44
|
)
|
|
Prepayments
|
|
|
(8)
|
18
|
|
|
(10
|
)
|
||
Pension asset
|
|
|
(13
|
)
|
(17
|
)
|
|
(14
|
)
|
|
Regulatory assets
|
|
|
(10
|
)
|
(30
|
)
|
|
(17
|
)
|
|
Deferred income taxes, net
|
|
|
14
|
19
|
|
|
44
|
|
||
Other regulatory liabilities
|
|
|
9
|
(165
|
)
|
|
42
|
|
||
Postretirement benefits
|
|
|
(3
|
)
|
6
|
|
|
7
|
|
|
Accounts payable
|
|
|
(16
|
)
|
6
|
|
|
(17
|
)
|
|
Taxes accrued
|
|
|
(28
|
)
|
(12
|
)
|
|
34
|
|
|
Interest accrued
|
|
|
(2
|
)
|
-
|
|
|
(4
|
)
|
|
Changes in fuel adjustment clauses
|
|
|
32
|
(32
|
)
|
|
8
|
|
||
Changes in other assets
|
|
|
19
|
(13
|
)
|
|
13
|
|
||
Changes in other liabilities
|
|
|
25
|
24
|
|
|
36
|
|
||
Net
Cash Provided From Operating Activities
|
|
|
474
|
410
|
|
|
531
|
|
||
Cash
Flows From Investing Activities:
|
|
|
|
|
|
|
|
|||
Utility property additions and construction expenditures
|
|
|
(409
|
)
|
(330
|
)
|
|
(434
|
)
|
|
Nonutility property additions
|
|
|
(3
|
)
|
(1
|
)
|
|
(5
|
)
|
|
Proceeds from sales of assets
|
|
|
3
|
2
|
|
|
2
|
|
||
Investments
|
|
|
(22
|
)
|
(18
|
)
|
|
(20
|
)
|
|
Net
Cash Used For Investing Activities
|
|
|
(431
|
)
|
(347
|
)
|
|
(457
|
)
|
|
Cash
Flows From Financing Activities:
|
|
|
|
|
|
|
|
|||
Proceeds from issuance of debt
|
|
|
132
|
121
|
|
|
136
|
|
||
Contribution from parent
|
|
|
9
|
95
|
|
|
38
|
|
||
Repayment of debt
|
|
|
(151
|
)
|
(264
|
)
|
|
(110
|
)
|
|
Redemption of preferred stock
|
|
|
-
|
(1
|
)
|
|
-
|
|
||
Dividends
|
|
|
(162
|
)
|
(158
|
)
|
|
(158
|
)
|
|
Distribution to parent
|
|
|
-
|
-
|
|
|
(29
|
)
|
||
Short-term borrowings - affiliate, net
|
|
|
75
|
(7
|
)
|
|
-
|
|
||
Short-term borrowings, net
|
|
|
59
|
150
|
|
|
13
|
|
||
Net
Cash Used For Financing Activities
|
|
|
(38
|
)
|
(64
|
)
|
|
(110
|
)
|
|
Net
Increase (Decrease) in Cash and Cash Equivalents
|
|
|
5
|
(1
|
)
|
|
(36
|
)
|
||
Cash
and Cash Equivalents, January 1
|
|
|
19
|
20
|
|
|
56
|
|
||
Cash
and Cash Equivalents, December 31
|
|
$
|
24
|
$
|
19
|
|
$
|
20
|
|
|
Supplemental
Cash Flow Information:
|
|
|
|
|
|
|
|
|||
Cash
paid for - Interest (net of capitalized interest of $8, $3 and
$9)
|
|
$
|
122
|
$
|
140
|
|
$
|
144
|
|
|
- Income taxes
|
|
|
93
|
26
|
|
|
22
|
|
||
Noncash
Investing and Financing Activities:
|
|
|
|
|
|
|
|
|||
Accrued construction expenditures
|
|
|
43
|
29
|
|
|
38
|
|
Accumulated
|
|||||||||||||||||||
Other
|
Other
|
Total
|
|||||||||||||||||
Common
Stock (a)
|
Paid
In
|
Retained
|
Comprehensive
|
Common
|
|||||||||||||||
Shares
|
Amount
|
Capital
|
Earnings
|
Income
(Loss)
|
Equity
|
||||||||||||||
(Millions)
|
|||||||||||||||||||
|
|
|
|
|
|||||||||||||||
Balance
at December 31, 2003
|
40
|
$
|
571
|
$
|
636
|
$
|
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
|
571
|
674
|
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
|
571
|
769
|
1,022
|
2,362
|
||||||||||||||
Capital Contributions From Parent
|
9
|
9
|
|||||||||||||||||
Earnings Available for Common Shareholder
|
227
|
227
|
|||||||||||||||||
Deferred Cost of Employee Benefit Plans,
|
|||||||||||||||||||
net of taxes $(4)
|
$
|
(7
|
)
|
(7
|
)
|
||||||||||||||
Cash Dividends Declared
|
(134
|
)
|
(134
|
)
|
|||||||||||||||
Balance
at December 31, 2006
|
40
|
$
|
571
|
$
|
778
|
$
|
1,115
|
$
|
(7
|
)
|
$
|
2,457
|
|
|
December 31,
|
|
||||
Millions
of dollars
|
|
2006
|
2005
|
|
|||
Regulatory
Assets:
|
|
|
|||||
Accumulated
deferred income taxes
|
|
$
|
169
|
|
$
|
170
|
|
Under-collections-electric
fuel and gas cost adjustment clauses
|
|
|
49
|
|
|
56
|
|
Purchased
power costs
|
|
|
9
|
|
|
17
|
|
Environmental
remediation costs
|
|
|
18
|
|
|
18
|
|
Asset
retirement obligations and related funding
|
|
|
254
|
|
|
240
|
|
Franchise
agreements
|
|
|
55
|
|
|
56
|
|
Regional
transmission organization costs
|
|
|
8
|
|
|
11
|
|
Deferred
employee benefit plan costs
|
128
|
-
|
|||||
Other
|
|
|
12
|
|
16
|
||
Total
Regulatory Assets
|
|
$
|
702
|
|
$
|
584
|
|
|
December 31,
|
|
||||
Millions
of dollars
|
|
2006
|
2005
|
|
|||
Regulatory
Liabilities:
|
|||||||
Accumulated
deferred income taxes
|
$
|
34
|
$
|
36
|
|||
Other
asset removal costs
|
438
|
394
|
|||||
Storm
damage reserve
|
|
|
44
|
|
38
|
||
Planned
major maintenance
|
6
|
9
|
|||||
Other
|
|
|
19
|
|
11
|
||
Total
Regulatory Liabilities
|
|
$
|
541
|
|
$
|
488
|
Rate Per KWh
|
Effective Date
|
$.01764
|
January-April
2005
|
$.02256
|
May
2005-April 2006
|
$.02516
|
May-December
2006
|
Effective
Date
|
|
Residential
|
|
Small/Medium
|
|
Large
|
|
|||
January-October
2005
|
|
$.903
|
|
$.903
|
|
$.903
|
|
|||
November
2005
|
|
|
1.297
|
|
|
1.222
|
|
|
1.198
|
|
December
2005
|
|
|
1.362
|
|
|
1.286
|
|
|
1.263
|
|
January
2006
|
|
|
1.297
|
|
|
1.222
|
|
|
1.198
|
|
February-October
2006
|
|
|
1.227
|
|
|
1.152
|
|
|
1.128
|
|
November
2006
|
1.115
|
1.004
|
.963
|
|||||||
December
2006
|
1.240
|
1.130
|
1.090
|
Before
|
After
|
|||||||||
Application
of
|
Application
of
|
|||||||||
December
31, 2006
|
SFAS
158
|
Adjustments
|
SFAS
158
|
|||||||
Millions
of dollars
|
||||||||||
Deferred
debits - pension asset, net
|
$
|
316.7
|
$
|
(117.2
|
)
|
$
|
199.5
|
|||
Deferred
debits - regulatory assets
|
575.2
|
127.1
|
702.3
|
|||||||
Due
from affiliates - pension and postretirement
|
26.6
|
14.9
|
41.5
|
|||||||
Deferred
debits - other
|
124.8
|
2.3
|
127.1
|
|||||||
Total
deferred debits
|
1,070.1
|
27.1
|
1,097.2
|
|||||||
Total
assets
|
7,599.2
|
27.1
|
7,626.3
|
|||||||
Common
equity
|
2,464.1
|
(6.7
|
)
|
2,457.4
|
||||||
Total
shareholders’ investment
|
2,570.4
|
(6.7
|
)
|
2,563.7
|
||||||
Total
capitalization
|
4,585.6
|
(6.7
|
)
|
4,578.9
|
||||||
Current
liabilities - other
|
49.5
|
12.9
|
62.4
|
|||||||
Total
current liabilities
|
935.8
|
12.9
|
948.7
|
|||||||
Deferred
credits - deferred income taxes, net
|
811.7
|
(4.5
|
)
|
807.2
|
||||||
Deferred
credits - postretirement benefits
|
158.2
|
35.8
|
194.0
|
|||||||
Due
to affiliates - pension and postretirement
|
9.0
|
(3.5
|
)
|
5.5
|
||||||
Deferred
credits - other
|
74.2
|
(6.9
|
)
|
67.3
|
||||||
Total
deferred credits
|
1,992.0
|
20.9
|
2,012.9
|
|||||||
Total
capitalization and liabilities
|
7,599.2
|
27.1
|
7,626.3
|
Pension
Benefits
|
Other
Postretirement Benefits
|
||||||||||||
December
31,
|
December
31,
|
||||||||||||
2006
|
2005
|
2006
|
2005
|
||||||||||
Millions
of Dollars
|
|||||||||||||
Fair
value of plan assets
|
$
|
912.5
|
$
|
854.3
|
-
|
-
|
|||||||
Benefit
obligations
|
713.0
|
711.4
|
$
|
206.9
|
$
|
202.1
|
|||||||
Funded
status
|
199.5
|
142.9
|
(206.9
|
)
|
(202.1
|
)
|
|||||||
Unrecognized
net actuarial loss
|
n/a
|
88.4
|
n/a
|
44.4
|
|||||||||
Unrecognized
prior service cost
|
n/a
|
71.3
|
n/a
|
5.2
|
|||||||||
Unrecognized
transition obligation
|
n/a
|
0.6
|
n/a
|
4.3
|
|||||||||
Amount
recognized, end of year
|
$
|
199.5
|
$
|
303.2
|
$
|
(206.9
|
)
|
$
|
(148.2
|
)
|
Noncurrent
asset
|
$
|
199.5
|
n/a
|
-
|
n/a
|
||||||||
Current
liability
|
-
|
n/a
|
$
|
(12.9
|
)
|
n/a
|
|||||||
Noncurrent
liability
|
-
|
n/a
|
(194.0
|
)
|
n/a
|
||||||||
Prepaid
benefit cost
|
n/a
|
$
|
303.2
|
n/a
|
n/a
|
||||||||
Accrued
benefit cost
|
n/a
|
-
|
n/a
|
$
|
(148.2
|
)
|
December
31, 2006
|
Pension
Benefits
|
Other
Postretirement
Benefits
|
Total
|
|||||||
Millions
of dollars
|
||||||||||
Transition
Obligation
|
-
|
$
|
0.1
|
$
|
0.1
|
|||||
Prior
Service Costs
|
-
|
0.2
|
0.2
|
|||||||
Actuarial
Losses
|
$
|
5.9
|
0.5
|
6.4
|
||||||
Total
|
$
|
5.9
|
$
|
0.8
|
$
|
6.7
|
|
|
Retirement
Benefits
|
Other
Postretirement Benefits
|
|
|||||||||
|
|
2006
|
2005
|
2006
|
2005
|
|
|||||||
|
|
Millions
of dollars
|
|
||||||||||
Benefit
obligation, January 1
|
|
$
|
711.5
|
|
$
|
669.5
|
|
$
|
202.1
|
|
$
|
197.5
|
|
Service
cost
|
|
|
14.0
|
|
|
12.2
|
|
|
4.6
|
|
|
3.5
|
|
Interest
cost
|
|
|
39.8
|
|
|
38.3
|
|
|
11.5
|
|
|
10.7
|
|
Plan
participants’ contributions
|
|
|
-
|
|
|
-
|
|
|
2.1
|
|
|
2.3
|
|
Plan
amendments
|
|
|
0.6
|
|
|
-
|
|
|
4.0
|
|
(0.3
|
)
|
|
Actuarial
(gain) loss
|
|
|
(14.4
|
)
|
|
27.1
|
|
|
(5.5
|
)
|
|
1.5
|
|
Benefits
paid
|
|
|
(38.5
|
)
|
|
(35.6
|
)
|
|
(11.9
|
)
|
|
(13.1
|
)
|
Benefit
obligation, December 31
|
|
$
|
713.0
|
|
$
|
711.5
|
|
$
|
206.9
|
|
$
|
202.1
|
|
|
|
2006
|
2005
|
|
|||
Annual
discount rate used to determine benefit obligations
|
|
|
5.85
|
%
|
|
5.60
|
%
|
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
|
|
$
|
3.1
|
|
$
|
(2.7
|
)
|
|
|
Retirement
Benefits
|
|
||||
|
|
2006
|
2005
|
|
|||
|
|
Millions
of dollars
|
|
||||
Fair
value of plan assets, January 1
|
|
$
|
854.3
|
$
|
846.7
|
|
|
Actual
return on plan assets
|
|
|
96.7
|
|
43.2
|
|
|
Benefits
paid
|
|
|
(38.5
|
)
|
|
(35.6
|
)
|
Fair
value of plan assets, December 31
|
|
$
|
912.5
|
$
|
854.3
|
|
|
Other
Postretirement Benefits*
|
|
||||||||
Expected
Benefit Payments
|
Pension
Benefits
|
Excluding
Medicare Subsidy
|
Including
Medicare Subsidy
|
|
||||||
|
|
Millions
of dollars
|
|
|||||||
2007
|
|
$
|
39.7
|
|
$
|
10.0
|
|
$
|
9.7
|
|
2008
|
|
|
40.1
|
|
|
10.3
|
|
|
10.0
|
|
2009
|
|
|
40.5
|
|
|
10.3
|
|
|
10.0
|
|
2010
|
|
|
40.9
|
|
|
10.6
|
|
|
10.3
|
|
2011
|
|
|
41.3
|
|
|
10.8
|
|
|
10.4
|
|
2012-2016
|
|
|
212.8
|
|
|
57.4
|
|
|
56.0
|
|
|
|
Retirement
Benefits
|
Other
Postretirement Benefits
|
|
|||||||||||||||
|
|
2006
|
2005
|
2004
|
2006
|
2005
|
2004
|
|
|||||||||||
|
|
Millions
of dollars
|
|
||||||||||||||||
Service
cost
|
|
$
|
14.0
|
$
|
12.2
|
|
$
|
11.1
|
|
$
|
4.6
|
$
|
3.5
|
|
$
|
3.3
|
|
||
Interest
cost
|
|
|
39.8
|
38.3
|
|
|
37.4
|
|
|
11.5
|
10.7
|
|
|
11.4
|
|
||||
Expected
return on assets
|
|
|
(75.2
|
)
|
(76.3
|
)
|
|
(71.0
|
)
|
|
n/a
|
n/a
|
|
|
n/a
|
|
|||
Prior
service cost amortization
|
|
|
6.8
|
6.9
|
|
|
6.6
|
|
|
1.1
|
0.8
|
|
|
1.4
|
|
||||
Amortization
of actuarial loss
|
|
|
0.5
|
-
|
|
|
-
|
|
|
1.7
|
1.2
|
|
|
1.9
|
|
||||
Transition
amount amortization
|
|
|
0.6
|
0.8
|
|
|
0.8
|
|
|
0.8
|
0.8
|
|
|
0.8
|
|
||||
Amount
attributable to Company affiliates
|
|
|
(2.5
|
)
|
(1.9
|
)
|
|
(1.7
|
)
|
|
(5.4
|
)
|
(4.8
|
)
|
|
(5.5
|
)
|
||
Net
periodic benefit (income) cost
|
|
$
|
16.0
|
$
|
(20.0
|
)
|
$
|
(16.8
|
)
|
$
|
14.3
|
$
|
12.2
|
|
$
|
13.3
|
|
|
|
Retirement
Benefits
|
Other
Postretirement Benefits
|
|
|||||||||||||||
|
|
2006
|
2005
|
2004
|
2006
|
2005
|
2004
|
|
|||||||||||
Discount
rate
|
|
|
5.60
|
%
|
5.75
|
%
|
|
6.00
|
%
|
|
5.60
|
%
|
5.75
|
%
|
|
6.00
|
%
|
||
Expected
return on plan assets
|
|
|
9.00
|
%
|
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
|
%
|
9.00
|
%
|
|
9.50
|
%
|
|||
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
|
|
|
2012
|
2011
|
|
|
2011
|
|
|
|
Target
Allocation
|
Percentage of Plan Assets
At
December 31,
|
|
||||||
Asset
Category
|
|
2007
|
2006
|
2005
|
|
|||||
Equity
Securities
|
|
|
70
|
%
|
72
|
%
|
|
72
|
%
|
|
Debt
Securities
|
|
|
30
|
%
|
28
|
%
|
|
28
|
%
|
|
Number
of
Options
|
Weighted
Average
Exercise Price
|
|||||
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
|
(291,177
|
)
|
$
|
27.48
|
|||
Forfeited
|
-
|
-
|
|||||
Outstanding-
December 31, 2005
|
439,270
|
$
|
27.53
|
||||
Exercised
|
(53,330
|
)
|
$
|
27.52
|
|||
Forfeited
|
-
|
-
|
|||||
Outstanding-
December 31, 2006
|
385,940
|
$
|
27.56
|
|
|
2005
|
2004
|
|
||||
Earnings
Available for Common Shareholder-as reported (millions)
|
|
$
|
250.8
|
|
$
|
225.2
|
|
|
Earnings
Available for Common Shareholder-pro forma (millions)
|
|
250.6
|
|
|
224.1
|
|
|
Weighted-Average
|
Maturity
|
December 31,
|
||||||||||
|
Interest
Rate
|
Date
|
2006
|
2005
|
|||||||||
|
Millions
of dollars
|
||||||||||||
First
Mortgage Bonds (secured)
|
6.00
|
%
|
2009-2036
|
$
|
1,675
|
$
|
1,550
|
||||||
First &
Refunding Mortgage Bonds (secured)
|
9.00
|
%
|
2006
|
-
|
131
|
||||||||
GENCO
Notes (secured)
|
5.92
|
%
|
2011-2024
|
123
|
127
|
||||||||
Industrial
and Pollution Control Bonds
|
5.24
|
%
|
2012-2032
|
156
|
156
|
||||||||
Other
|
2007-2014
|
80
|
97
|
||||||||||
Total
debt
|
2,034
|
2,061
|
|||||||||||
Current
maturities of long-term debt
|
(13
|
)
|
(183
|
)
|
|||||||||
Unamortized
discount
|
(13
|
)
|
(22
|
)
|
|||||||||
Total
long-term debt, net
|
$
|
2,008
|
$
|
1,856
|
Year
|
|
Millions
of dollars
|
|
|
|
||||
2007
|
|
$
|
13
|
|
2008
|
|
|
13
|
|
2009
|
|
|
138
|
|
2010
|
|
|
16
|
|
2011
|
|
|
171
|
|
|
|
2006
|
2005
|
|
|||
|
|
Millions
of dollars
|
|
||||
Lines
of credit (total and unused)
|
|
|
|
|
|
||
Committed
|
|
$
|
650
|
$
|
525
|
|
|
Uncommitted
(a)
|
|
|
78
|
|
78
|
||
Short-term
borrowings outstanding
|
|
|
|
|
|
||
Commercial
paper (270 or fewer days)
|
|
$
|
362.2
|
$
|
303.1
|
|
|
Weighted
average interest rate
|
|
|
5.38
|
%
|
|
4.40
|
%
|
Par
Value
|
Authorized
|
Available
for Issuance
|
$100
|
1,000,000
|
-
|
$
50
|
592,405
|
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, 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
|
|||||||||
Shares
Redeemed-$50 par value
|
(2,608
|
)
|
(6,600
|
)
|
(9,208
|
)
|
(0.5
|
)
|
|||||
Balance
at December 31, 2006
|
74,435
|
92,761
|
167,196
|
$
|
8.3
|
|
|
2006
|
2005
|
2004
|
|
|||||
|
|
Millions
of dollars
|
|
|||||||
Current
taxes:
|
|
|
|
|
|
|
|
|||
Federal
|
|
$
|
69.6
|
$
|
(8.4
|
)
|
$
|
47.4
|
|
|
State
|
|
|
5.3
|
9.5
|
|
|
(4.4
|
)
|
||
Total
current taxes
|
|
|
74.9
|
1.1
|
|
|
43.0
|
|
||
Deferred
taxes, net:
|
|
|
|
|
|
|
|
|||
Federal
|
|
|
8.6
|
(7.5
|
)
|
|
28.1
|
|
||
State
|
|
|
5.2
|
(9.8
|
)
|
|
4.1
|
|
||
Total
deferred taxes
|
|
|
13.8
|
(17.3
|
)
|
|
32.2
|
|
||
Investment
tax credits:
|
|
|
|
|
|
|
|
|||
Deferred-state
|
|
|
5.0
|
5.1
|
|
|
10.0
|
|
||
Amortization
of amounts deferred-state
|
|
|
(3.3
|
)
|
(1.9
|
)
|
|
(2.1
|
)
|
|
Amortization
of amounts deferred-federal
|
|
|
(2.7
|
)
|
(2.7
|
)
|
|
(3.6
|
)
|
|
Total
investment tax credits
|
|
|
(1.0
|
)
|
0.5
|
|
|
4.3
|
|
|
Synthetic
fuel tax credits - federal
|
|
|
-
|
(134.2
|
)
|
|
40.5
|
|
||
Total
income tax expense (benefit)
|
|
$
|
87.7
|
$
|
(149.9
|
)
|
$
|
120.0
|
|
|
|
2006
|
2005
|
2004
|
|
|||||
|
|
Millions
of dollars
|
|
|||||||
Net
income
|
|
$
|
230.0
|
$
|
258.1
|
|
$
|
232.5
|
|
|
Income
tax expense (benefit)
|
|
|
87.7
|
(149.9
|
)
|
|
120.0
|
|
||
Minority
interest
|
|
|
7.0
|
5.5
|
|
|
10.3
|
|
||
Total
pre-tax income
|
|
|
324.7
|
113.7
|
|
|
362.8
|
|
||
Income
taxes on above at statutory federal income tax rate
|
|
$
|
113.6
|
$
|
39.8
|
|
$
|
127.0
|
|
|
Increases
(decreases) attributed to:
|
|
|
|
|
|
|
|
|||
State
income taxes (less federal income tax effect)
|
|
|
7.9
|
1.9
|
|
|
4.9
|
|
||
Synthetic
fuel tax credits
|
|
|
(33.5
|
)
|
(181.9
|
)
|
|
(2.9
|
)
|
|
Allowance
for equity funds used during construction
|
|
|
0.1
|
-
|
|
|
(5.0
|
)
|
||
Non-taxable
recovery of Lake Murray back-up dam project carrying costs
|
|
|
(2.3
|
)
|
(3.8
|
)
|
|
-
|
|
|
Amortization
of federal investment tax credits
|
|
|
(2.7
|
)
|
(2.7
|
)
|
|
(3.6
|
)
|
|
Amended
returns for prior years
|
|
|
-
|
(2.1
|
)
|
|
-
|
|
||
Other
differences, net
|
|
|
4.6
|
(1.1
|
)
|
|
(0.4
|
)
|
||
Total
income tax expense (benefit)
|
|
$
|
87.7
|
$
|
(149.9
|
)
|
$
|
120.0
|
|
|
|
2006
|
2005
|
|
|||
|
|
Millions
of dollars
|
|
||||
Deferred
tax assets:
|
|
|
|
|
|
||
Nondeductible
reserves
|
|
$
|
90.6
|
|
$
|
72.1
|
|
Unamortized
investment tax credits
|
|
|
58.2
|
|
|
59.2
|
|
Federal
alternative minimum tax credit carryforward
|
|
|
22.1
|
|
|
44.0
|
|
Deferred
compensation
|
|
|
25.0
|
|
|
25.4
|
|
Unbilled
revenue
|
|
|
10.5
|
|
|
16.4
|
|
Other
|
|
|
9.0
|
|
|
8.6
|
|
Total
deferred tax assets
|
|
|
215.4
|
|
|
225.7
|
|
Deferred
tax liabilities:
|
|
|
|
|
|
|
|
Property,
plant and equipment
|
|
|
828.9
|
|
|
824.5
|
|
Pension
plan income
|
|
|
74.1
|
|
|
110.5
|
|
Deferred
employee benefit plan costs
|
50.5
|
-
|
|||||
Deferred
fuel costs
|
|
|
25.7
|
|
|
44.5
|
|
Other
|
|
|
24.4
|
|
|
24.4
|
|
Total
deferred tax liabilities
|
|
|
1,003.6
|
|
|
1,003.9
|
|
Net
deferred tax liability
|
|
$
|
788.2
|
|
$
|
778.2
|
|
|
|
2006
|
2005
|
|
||||||||||
|
|
Carrying
Amount
|
Estimated
Fair
Value
|
Carrying
Amount
|
Estimated
Fair
Value
|
|
||||||||
|
|
Millions
of dollars
|
|
|||||||||||
Long-term
debt
|
|
$
|
2,021.0
|
$
|
2,068.0
|
|
$
|
2,038.3
|
|
$
|
2,125.8
|
|
||
Preferred
stock (subject to purchase or sinking funds)
|
|
|
8.3
|
7.8
|
|
|
8.8
|
|
|
8.2
|
|
|
|
Millions
of dollars
|
|
|
2007
|
|
$
|
27
|
|
2008
|
|
13
|
|
|
2009
|
|
9
|
|
|
Thereafter
|
-
|
|||
|
|
$
|
49
|
|
|
|
Millions
of dollars
|
|
|
2007
|
|
$
|
689
|
|
2008
|
|
359
|
|
|
2009
|
|
489
|
|
|
2010
|
|
49
|
|
|
2011
|
|
18
|
|
|
Thereafter
|
|
106
|
|
|
|
|
$
|
1,710
|
|
Millions
of dollars
|
|
2006
|
2005
|
|
|||
Beginning
balance
|
|
$
|
309
|
|
$
|
124
|
|
Liabilities
incurred
|
1
|
-
|
|||||
Liabilities
settled
|
(1
|
)
|
-
|
||||
Accretion
expense
|
|
|
16
|
|
|
7
|
|
Revisions
in estimated cash flows
|
(46
|
)
|
-
|
||||
Adoption
of FIN 47
|
|
|
-
|
|
|
178
|
|
Ending
Balance
|
|
$
|
279
|
|
$
|
309
|
|
2006
|
Electric
Operations
|
Gas
Distribution
|
All
Other
|
Adjustments/
Eliminations
|
Consolidated
Total
|
|||||||||||
Customer
Revenue
|
$
|
1,886
|
$
|
505
|
-
|
-
|
$
|
2,391
|
||||||||
Intersegment
Revenue
|
-
|
3
|
-
|
(3
|
)
|
-
|
||||||||||
Operating
Income (Loss)
|
456
|
25
|
-
|
(13
|
)
|
468
|
||||||||||
Interest
Expense
|
15
|
-
|
-
|
125
|
140
|
|||||||||||
Depreciation and
Amortization
|
268
|
18
|
-
|
-
|
286
|
|||||||||||
Segment
Assets
|
5,520
|
440
|
-
|
1,666
|
7,626
|
|||||||||||
Expenditures
for Assets
|
304
|
83
|
-
|
25
|
412
|
|||||||||||
Deferred
Tax Assets
|
n/a
|
n/a
|
-
|
19
|
19
|
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
|
||||||||||||||||
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
|
2006
Millions of dollars
|
|
First
Quarter
|
Second
Quarter
|
Third
Quarter
|
Fourth
Quarter
|
Annual
|
|
|||||||||
Total
operating revenues
|
$
|
592
|
$
|
553
|
$
|
664
|
$
|
582
|
$
|
2,391
|
|
|||||
Operating
income
|
103
|
113
|
159
|
93
|
468
|
|
||||||||||
Income
before cumulative effect of accounting change
|
46
|
53
|
93
|
38
|
230
|
|||||||||||
Cumulative
effect of accounting change, net of taxes (1)
|
4
|
-
|
-
|
-
|
4
|
|||||||||||
Net
income
|
50
|
53
|
93
|
38
|
234
|
|
2005
Millions of dollars
|
|
|
||||||||||||||
Total
operating revenues
|
|
$
|
573
|
|
$
|
523
|
|
$
|
696
|
|
$
|
629
|
|
$
|
2,421
|
|
Operating
income (loss)
|
|
|
(59
|
)
|
|
78
|
|
|
178
|
|
|
115
|
|
|
312
|
|
Net
income
|
|
|
52
|
|
|
40
|
|
|
106
|
|
|
60
|
|
|
258
|
|
William
C. Burkhardt (Age 69)*
Director
since 2000
|
|||
Mr.
Burkhardt has served as Chairman and Chief Executive Officer of Titan
Holdings, LLC, a real estate investment company, located in Raleigh,
North
Carolina, since May 2004. He was Chief Executive Officer of Capital
Bank,
in Raleigh, North Carolina, from October 2003 until retiring in May
2004.
From May 2000 until October 2003, Mr. Burkhardt pursued personal
interests. Mr. Burkhardt retired as President and Chief Executive
Officer
of Austin Quality Foods, Inc., a production and distribution company
of
baked snacks for the food industry, located in Cary, North Carolina,
in
May 2000, having served in that position since 1980. Mr. Burkhardt
is a
director of Capital Bank, in Raleigh, North Carolina and Plaza Belmont
II,
in Kansas City, Missouri.
|
|||
W.
Hayne Hipp (Age 66)
Director
since 1983
|
|||
Mr.
Hipp is a private investor. Prior to its acquisition in January 2006,
Mr. Hipp was Chairman, Chief Executive Officer and a director of The
Liberty Corporation, a broadcasting holding company headquartered
in
Greenville, South Carolina. He held these positions for more than
five
years.
|
|||
Harold
C. Stowe (Age 60)*
Director
since 1999
|
|||
Mr.
Stowe has been acting Dean of the Wall College of Business at Coastal
Carolina University in Conway, South Carolina since June 1, 2006.
Mr.
Stowe retired in February, 2005 as President of Canal Holdings, LLC,
a
forest products industry company, located in Conway, South Carolina.
Prior
to his retirement, Mr. Stowe had served as President of Canal Holdings,
LLC, and its predecessor company since March 1997. Mr. Stowe is a
director
of Ruddick Corporation, in Charlotte, North Carolina.
|
|||
G.
Smedes York (Age 66)
Director
since 2000
|
|||
Mr.
York is Chairman and Treasurer of York Properties, Inc., a full-service
commercial and residential real estate company, in Raleigh, North
Carolina. Mr. York has been associated with York Properties, Inc.
since
1970. Mr. York also is Chairman of the Board of York Simpson Underwood,
a
residential brokerage company, and of McDonald-York, Inc., a general
contractor, both in Raleigh, North Carolina.
|
Bill
L. Amick (Age 63)
Director
since 1990
|
|||
Mr.
Amick is the Chairman of The Amick Company, a real estate development
company that develops residential and resort properties. On October
30,
2006, Mr. Amick retired from Amick Farms, Inc., Amick Processing,
Inc. and
Amick Broilers, Inc., a vertically integrated broiler operation.
Prior to
his retirement, he served as Chairman of the Board of the Amick entities
all of which are located in Batesburg, South Carolina. He held those
positions for more than five years. Mr.
Amick
is a director of Blue Cross and Blue Shield of South Carolina.
|
|||
Sharon
A. Decker (Age 49)
Director
since 2005
|
|||
Mrs.
Decker is the founder and has been the principal of The Tapestry
Group
LLC, a faith based consulting and communications company, located
in
Rutherfordton, North Carolina, since September 2004. Mrs. Decker
previously served as president of Tanner Holdings LLC and Doncaster,
apparel manufacturers, from August 1999 until September 2004. Mrs.
Decker
is a director of Coca-Cola Bottling Company Consolidated, Inc. and
Family
Dollar Stores, Inc., both in Charlotte, North Carolina.
|
|||
D.
Maybank Hagood (Age 45)*
Director
since 1999
|
|||
Mr.
Hagood has been President and Chief Executive Officer of Southern
Diversified Distributors, Inc., a provider of logistic and distribution
services, located in Charleston, South Carolina, since November,
2003.
Mr. Hagood also has been President and Chief Executive Officer of
William M. Bird and Company, Inc., a subsidiary of Southern Diversified
Distributors, Inc., a wholesale distributor of floor covering materials,
in Charleston, South Carolina, since 1993.
|
|||
William
B. Timmerman (Age 60)
Director
since 1991
|
|||
Mr.
Timmerman has been Chairman of the Board and Chief Executive Officer
of
SCANA since March 1, 1997. He has been President of SCANA since
December 13, 1995.
|
James
A. Bennett (Age 45)
Director
since 1997
|
||||
Mr.
Bennett has been Executive Vice President and Director of Public
Affairs
of First Citizens Bank, located in Columbia, South Carolina, since
August
2002. Previously, he was President and Chief Executive Officer of
South
Carolina Community Bank, in Columbia, South Carolina, from May 2000
to
July 2002.
|
||||
Lynne
M. Miller (Age 55)
Director
since 1997
|
||||
Ms.
Miller has been an environmental consultant since her retirement
from
Quanta Capital Holdings, Inc., a specialty insurer, in August 2006.
From
August 2005 to August 2006 she was a Senior Business Consultant at
Quanta
Capital Holdings. From April 2004 through July 2005, she was President
of
Quanta Technical Services LLC. She was Chief Executive Officer of
Environmental Strategies Consulting LLC, a division of Quanta Technical
Services LLC, from September 2003 through March 2004. Ms. Miller
co-founded Environmental Strategies Corporation, an environmental
consulting firm in Reston, Virginia, in 1986, 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. Ms.
Miller is
a director of Adams National Bank, a subsidiary of Abigail Adams
National
Bancorp, Inc., in Washington, D.C.
|
||||
Maceo
K. Sloan (Age 57)*
Director
since 1997
|
||||
Mr.
Sloan is Chairman, President and Chief Executive Officer
of Sloan Financial Group, Inc., a 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, in Durham, North Carolina. He has held these
positions for more than five years. Mr. Sloan is a trustee of Teachers
Insurance Annuity Association-College Retirement Equity Fund (TIAA-CREF)
Funds Boards, Chairman of the Board of M&F Bancorp, Inc. and a
director of its subsidiary, Mechanics and Farmers Bank, in Durham,
North
Carolina.
|
Name
|
Age
|
Positions
Held During Past Five Years
|
Dates
|
W.
B. Timmerman
|
60
|
Chairman
of the Board and Chief Executive Officer
|
*-present
|
J.
E. Addison
|
46
|
Senior
Vice President and Chief Financial Officer
Vice
President - Finance
|
2006-present
*-2006
|
J.
C. Bouknight
|
54
|
Senior
Vice President-Human Resources
Vice
President Human Resources-Dan River, Inc.-Danville, VA
|
2004-present
*-2004
|
S.
D. Burch
|
49
|
Senior
Vice President, Fuel Procurement and Asset Management
Deputy
General Counsel and Assistant Secretary
|
2003-present
*-2003
|
S.
A. Byrne
|
47
|
Senior
Vice President-Generation, Nuclear and Fossil Hydro
Senior
Vice President-Nuclear Operations
|
2004-present
*-2004
|
P.
V. Fant
|
53
|
Senior
Vice President-Transmission Services
President
and Chief Operating Officer-CGTC (formerly SCPC and SCG)
Executive
Vice President-SCPC and SCG Pipeline
|
2004-present
2004-present
*-2004
|
K.
B. Marsh
|
51
|
President
and Chief Operating Officer
Senior
Vice President and Chief Financial Officer
President
and Chief Operating Officer-PSNC Energy
|
2006-present
*-2006
*-2003
|
F.
P. Mood, Jr.
|
69
|
Senior
Vice President, General Counsel and Assistant Secretary
Attorney,
Haynsworth Sinkler Boyd, P.A.
|
2005-present
*-2005
|
· |
Hiring
and retaining premier executive talent;
|
· |
Having
a pay-for-performance philosophy that links total rewards to achievement
of corporate, business unit and individual goals, and places a substantial
portion of pay for senior executives
"at-risk";
|
· |
Aligning
the interests of executives with the long-term interests of shareholders
through long-term equity-based incentive compensation;
and
|
· |
Relating
the elements of the compensation program to focus on the proper balance
of
financial, customer-service, operational and strategic
goals.
|
· |
Achieving
earnings per share targets which were set to reflect SCANA’s published
earnings per share growth guidance; and
|
· |
Achieving
annual business objectives relating to our four critical success
factors:
cost effective operations, profitable growth, excellence in customer
service, and developing our people.
|
Objective
|
Mr.
Timmerman
|
Mr.
Marsh
|
Mr.
Addison
|
Mr.
Mood, Jr.
|
Mr.
Bouknight
|
Mr.
Byrne
|
Senior
Staff Performance
|
50%
|
|||||
Financial
Results
|
50%
|
50%
|
50%
|
50%
|
50%
|
50%
|
Cost
Effective Operations
|
20%
|
30%
|
10%
|
40%
|
||
Profitable
Growth
|
10%
|
10%
|
10%
|
|||
Customer
Service
|
10%
|
10%
|
37.5%
|
10%
|
10%
|
|
Developing
our People
|
10%
|
12.5%
|
20%
|
· |
Two
primary factors that held down financial performance (mild weather
and
loss of industrial customers) were not within the control of our
employees;
|
· |
Our
management team has made tremendous progress this year dealing with
long-term strategic issues, such as planning for future expansion
of
generation, coping with pending environmental challenges, and dealing
with
a host of federal regulatory changes that are both complex and often
not
well defined; and
|
· |
There
were a number of exceptional short term accomplishments in the past
year,
including having three of our coal fired plants rated among the 20
most
efficient plants in the United States.
|
· |
a
tax qualified defined benefit retirement plan (the “Retirement Plan”),
|
· |
a
non-tax qualified defined benefit Supplemental Executive Retirement
Plan
(the “SERP”) for our senior executive officers,
|
· |
a
tax qualified defined contribution plan (the “401(k) Plan”),
and
|
· |
a
non-tax qualified defined contribution Executive Deferred Compensation
Plan (the “EDCP”) for our senior executive
officers.
|
Name
and
Principal
Position
|
Year
|
Salary
($)
|
Bonus
($)(1)
|
Stock
Awards
($)(2)
|
Option
Awards
($)
|
Non-
Equity
Incentive Plan Compen-sation
($)(3)
|
Change
in Pension Value and Nonquali-
fied
Deferred
Compensa-tion
Earnings
($)(4)
|
All
Other
Compen-sation
($)(5)
|
Total
($)
|
(a)
|
(b)
|
(c)
|
(d)
|
(e)
|
(f)
|
(g)
|
(h)
|
(i)
|
(j)
|
W.B.
Timmerman, Chief Executive Officer
|
2006
|
$1,002,700
|
$170,459
|
$-1,398,181
|
0
|
$426,148
|
$274,724
|
$73,629
|
$549,479
|
J.
E. Addison, Chief Financial Officer(6)
|
2006
|
$278,990
|
$27,916
|
$-156,699
|
0
|
$69,789
|
$21,981
|
$30,091
|
$272,068
|
K.
B.
Marsh,
President and Chief Operating Officer (7)
|
2006
|
$516,183
|
$66,916
|
$-478,476
|
0
|
$167,290
|
$59,934
|
$63,816
|
$395,663
|
F.
P. Mood, Jr., Senior Vice President and General Counsel
|
2006
|
$350,000
|
$35,000
|
$27,075(8)
|
0
|
$87,500
|
$59,582
|
$41,051
|
$600,208
|
J.
C. Bouknight, Senior Vice President
|
2006
|
$290,000
|
$29,000
|
$-160,656
|
0
|
$72,500
|
$38,872
|
$32,901
|
$302,617
|
S.
A.
Byrne,
Senior Vice President
|
2006
|
$400,400
|
$48,048
|
$-346,911
|
0
|
$120,120
|
$40,226
|
$45,550
|
$307,433
|
Name
|
Grant
Date
|
Estimated
Possible Payouts Under Non-Equity Incentive Plan Awards(1)
|
Estimated
Future Payouts Under Equity Incentive Plan Awards(2)
|
All
Other Stock Awards:Number of Shares of Stock or Units
(#)
|
All
Other Option Awards: Number of Securi-ties Under-lying
Options
(#)
|
Exer-cise
or Base Price of Option Awards
($/Sh)
|
Grant
Date Fair Value of
Stock
and Option A-wards
|
||||
Thresh-old
($)
|
Target
($)
|
Maximum
($)
|
Thresh-old
(#)
|
Target
(#)
|
Maxi-mum
(#)
|
||||||
(a)
|
(b)
|
(c)
|
(d)
|
(e)
|
(f)
|
(g)
|
(h)
|
(i)
|
(j)
|
(k)
|
(l)
|
W.
B. Timmerman
|
2-16-06
|
$426,148
|
$852,295
|
$1,278,443
|
35,044
|
70,088
|
105,132
|
||||
J.
E. Addison
|
2-16-06
|
$69,789
|
$139,578
|
$209,367
|
4,356
|
8,711
|
13,067
|
||||
K.
B.
Marsh
|
2-16-06
|
$167,290
|
$334,580
|
$501,870
|
12,397
|
24,794
|
37,191
|
||||
F.
P.
Mood,
Jr.
|
2-16-06
|
$87,500
|
$175,000
|
$262,500
|
5,811
|
11,621
|
17,432
|
||||
J.
C. Bouknight
|
2-16-06
|
$72,500
|
$145,000
|
$217,500
|
4,308
|
8,615
|
12,923
|
||||
S.
A.
Byrne
|
2-16-06
|
$120,120
|
$240,240
|
$360,360
|
7,697
|
15,393
|
23,090
|
Option
Awards
|
Stock
Awards
|
||||||||
Name
|
Number
of
Securities
Underlying
Unexercised
Options
(#)
Exer-cisable(1)
|
Number
of
Securities
Underlying
Unexercised
Options
(#)
Unexercisable
|
Equity
Incentive Plan
Awards:
Number
of
Securities
Underlying Unexercised Unearned Options
(#)
|
Option
Exercise Price
($)
|
Option
Expiration
Date
|
Number
of Shares or Units of Stock That Have
Not
Vested
(#)
|
Market
Value of Shares or Units of Stock That Have Not Vested
($)
|
Equity
Incentive
Plan
Awards:
Number
of
Unearned
Shares,
Units
or
Other
Rights
That
Have
Not
Vested
(#)(2)(4)
|
Equity
Incentive
Plan
Awards:
Market or Payout
Value
of
Unearned
Shares,
Units
or
Other
Rights
That
Have
Not
Vested
($)(3)
(4)
|
(a)
|
(b)
|
(c)
|
(d)
|
(e)
|
(f)
|
(g)
|
(h)
|
(i)
|
(j)
|
W.
B. Timmerman
|
123,067
|
$27.52
|
02/21/2012
|
99,153
|
$4,027,595
|
||||
J.
E.
Addison
|
10,157
|
$412,577
|
|||||||
K.
B.
Marsh
|
32,968
|
$1,339,160
|
|||||||
F.
P.
Mood,
Jr.
|
14,692
|
$596,789
|
|||||||
J.
C. Bouknight
|
11,102
|
$450,963
|
|||||||
S.
A.
Byrne
|
21,492
|
|
$27.52
|
02/21/2012
|
19,276
|
$782,991
|
Option
Awards
|
Stock
Awards
|
||||||||||||
Name
|
Number
of
Shares
Acquired
on
Exercise
(#)
|
Value
Realized
on
Exercise
($)
|
Number
of
Shares
Acquired
on
Vesting
(#)
|
Value
Realized
on
Vesting
($)
|
|||||||||
(a)
|
(b)
|
(c)
|
(d)
|
(e)
|
|||||||||
W.
B.
Timmerman
|
|||||||||||||
J.
E.
Addison
|
|||||||||||||
K.
B.
Marsh
|
25,939
|
$
|
297,779
|
||||||||||
F.
P.
Mood,
Jr.
|
|||||||||||||
J.
C.
Bouknight
|
|||||||||||||
S.
A.
Byrne
|
27,938
|
$
|
317,369
|
Name
|
Plan
Name
|
Number
of
Years
Credited
Service
(#)(1)
|
Present
Value
of Accumulated Benefit
($)(1)
(2)
|
Payments
During
Last
Fiscal
Year
($)
|
|||||||||
(a)
|
(b)
|
(c)
|
(d)
|
(e)
|
|||||||||
W.
B.
Timmerman
|
SCANA
Ret. Plan
SCANA
SERP
|
28
28
|
$
$
|
792,631
2,090,423
|
0
0
|
||||||||
J.
E.
Addison
|
SCANA
Ret. Plan
SCANA
SERP
|
15
15
|
$
$
|
128,406
68,597
|
0
0
|
||||||||
K.
B.
Marsh
|
SCANA
Ret. Plan
SCANA
SERP
|
22
22
|
$
$
|
423,655
369,986
|
0
0
|
||||||||
F.
P.
Mood,
Jr.
|
SCANA
Ret. Plan
SCANA
SERP
|
2
2
|
$
$
|
35,333
54,862
|
0
0
|
||||||||
J.
C.
Bouknight
|
SCANA
Ret. Plan
SCANA
SERP
|
2
2
|
$
$
|
31,379
42,836
|
0
0
|
||||||||
S.
A.
Byrne
|
SCANA
Ret. Plan
SCANA
SERP
|
11
11
|
$
$
|
110,324
174,521
|
0
0
|
Name
|
Executive
Contributions
in
Last FY
($)(1)
|
Registrant
Contributions
in
Last FY
($)(1)
|
Aggregate
Earnings
in
Last
FY
($)
|
Aggregate
Withdrawals/
Distributions
($)
|
Aggregate
Balance
at
Last
FYE
($)
|
|||||||||||
(a)
|
(b)
|
(c)
|
(d)
|
(e)
|
(f)
|
|||||||||||
W.
B.
Timmerman
|
$
|
53,220
|
$
|
53,220
|
$
|
155,692
|
0
|
$
|
2,652,609
|
|||||||
J.
E.
Addison
|
$
|
13,572
|
$
|
13,387
|
$
|
19,862
|
0
|
$
|
325,102
|
|||||||
K.
B.
Marsh
|
$
|
46,962
|
$
|
46,844
|
$
|
143,723
|
0
|
$
|
1,105,338
|
|||||||
F.
P.
Mood,
Jr.
|
$
|
23,550
|
$
|
23,550
|
$
|
7,434
|
0
|
$
|
68,533
|
|||||||
J.
C.
Bouknight
|
$
|
15,945
|
$
|
15,945
|
$
|
7,471
|
0
|
$
|
62,580
|
|||||||
S.
A.
Byrne
|
$
|
52,877
|
$
|
28,842
|
$
|
24,551
|
0
|
$
|
439,168
|
· |
if
any person or entity becomes the beneficial owner, directly or indirectly,
of 25% or more of the combined voting power of the outstanding shares
of
SCANA common stock;
|
· |
if,
during a consecutive two-year period, a majority of our directors
cease to
be individuals who either (a) were
|
· |
if
SCANA shareholders approve (a) a merger or consolidation of SCANA
with
another corporation (except a merger or consolidation in which SCANA
outstanding voting shares prior to such transaction continue to represent
at least 80% of the combined voting power of the surviving entity's
outstanding voting shares after such transaction), (b) a plan of
complete
liquidation of SCANA, or (c) an agreement to sell or dispose of all
or
substantially all of SCANA’s assets; or
|
· |
if
SCANA’s shareholders approve a plan of complete liquidation, or sale or
disposition of, South Carolina Electric & Gas Company, Carolina Gas
Transmission Corporation, or any of SCANA’s other subsidiaries that the
Board designates to be a material subsidiary. (This last provision
would
constitute a change in control only with respect to participants
exclusively assigned to the affected subsidiary.)
|
· |
willfully
and continually failed to perform his or her duties after we made
demand
for substantial performance;
|
· |
willfully
engaged in conduct that is materially injurious to us;
or
|
· |
were
convicted of a felony or certain
misdemeanors.
|
· |
he
or she were assigned to duties inconsistent with his or her duties,
or had
a reduction or alteration in the nature or status of his or her
responsibilities, from those in effect 90 days prior to the change
in
control;
|
· |
we
reduced his or her base salary as in effect 30 days prior to the
occurrence of certain preliminary actions preceding the change in
control
(such as the execution of agreements relating to a change in control,
public announcements by us of our intentions, transfers of securities
representing at least 8½% of SCANA's common stock or the adoption of
board resolutions with respect thereto);
|
· |
after
the change in control, we required him or her to be based more than
25
miles from his or her location as of the effective date of the
Supplementary Severance Plan;
|
· |
we
failed to continue to offer any annual or long-term incentive programs
for
officers which were in effect on the effective date of the change
in
control, or other employee benefit plans, policies, practices or
arrangements in which he or she participates, unless similar plans
of
equal value are put in place, or we failed to permit him or her to
continue participation on substantially the same basis as existed
on the
date of the change in control;
|
· |
we
failed to obtain a satisfactory agreement from any successor to assume
and
perform the Supplementary Severance Plan;
or
|
· |
we
purported to terminate him or her without using a notice of termination
that satisfies the requirements of the Supplementary Severance
Plan.
|
· |
An
amount intended to approximate three times the sum of: (i) his or her
annual base salary (before reduction for certain pre-tax deferrals)
and
(ii) his or her full targeted annual incentive award, in each case as
in effect for the year in which the change in control
occurs;
|
· |
An
amount equal to the present value as of the date of the change in
control
of his or her accrued benefit, if any, under our Supplemental Executive
Retirement Plan, determined prior to any offset for amounts payable
under
the SCANA Retirement Plan, increased by the present value of the
additional projected pay credits and periodic interest credits that
would
otherwise accrue under the plan (based on the plan's actuarial
assumptions) assuming that he or she remained employed until reaching
age
65, and reduced by his or her cash balance account under the SCANA
Retirement Plan; and
|
· |
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 he or she had continued to be our employee.
|
· |
A
benefit distribution of all amounts credited to his or her Executive
Deferred Compensation Plan ledger 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;
|
· |
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;
|
· |
Under
the Long-Term Equity Compensation Plan and related agreements, all
nonqualified stock options awarded and non-vested target performance
shares would become immediately exercisable or vested and remain
exercisable throughout their original term or, in the case of performance
shares, vested and payable within 30 days of the change in control;
and
|
· |
Any
amounts previously earned, but not yet paid, under the terms of any
of our
other plans or programs.
|
· |
A
single sum distribution of the value of the participant’s benefit under
the SERP determined as of the last day of the month preceding the
date he
or she first becomes eligible to receive benefits; or
|
· |
A
lifetime annuity benefit with an additional death benefit payment
as
follows: A lifetime annuity that is the actuarial equivalent of the
participant’s single sum amount which provides for a monthly benefit
payable for the participant’s life, beginning on the first day of the
month following the date on which he or she first becomes eligible
to
receive benefits. In addition to this life annuity, commencing on
the
first day of the month following the participant’s death, his or her
designated beneficiary will receive a benefit of 60% of the amount
of the
participant’s monthly payment continuing for a 15 year period. If,
however, the beneficiary dies before the end of the 15 year period,
the
lump sum value of the remaining monthly payments of the survivor
benefit
will be paid to the beneficiary’s estate. The participant’s life annuity
will not be reduced to reflect the “cost” of providing the 60% survivor
benefit feature. “Actuarial equivalent” is defined by the SERP as equality
in value of the benefit provided under the SERP based on actuarial
assumptions, methods, factors and tables that would apply under the
Retirement Plan under similar
circumstances.
|
· |
an
annual retainer of $45,000 (required to be paid in shares of SCANA's
common stock effective January 1, 2006);
|
· |
a
fee of $6,500 for attendance at regular quarterly meetings 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 half-day meetings of the Board 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 $300 for telephonic meetings of the Board of Directors or
a
committee that last fewer than 30
minutes;
|
· |
a
fee of $600 for telephonic meetings of the Board of Directors or
a
committee that last more than 30 minutes;
and
|
· |
reimbursement
of reasonable expenses incurred in connection with all of the
above.
|
Name
|
Fees
Earned
or
Paid
in Cash
($)
|
Stock
Awards
($)(1)
|
Option
Awards
($)
|
Non-Equity
Incentive Plan Compensation
($)
|
Change
in Pension
Value
and Nonqualified Deferred Compensation Earnings(2)
($)
|
All
Other Compensation
($)
|
Total
($)
|
|||||||||||||||
(a)
|
(b
|
)
|
(c
|
)
|
(d
|
)
|
(e
|
)
|
(f
|
)
|
(g
|
)
|
(h
|
)
|
||||||||
B.
L. Amick
|
$
|
43,500
|
$
|
45,000
|
|
|||||||||||||||||
J.
A. Bennett
|
$
|
71,000
|
$
|
45,000
|
$
|
3,830
|
||||||||||||||||
W.
C. Burkhardt
|
$
|
75,800
|
$
|
45,000
|
|
|||||||||||||||||
S.
A. Decker
|
$
|
77,600
|
$
|
45,000
|
|
|||||||||||||||||
D.
M. Hagood
|
$
|
73,400
|
$
|
45,000
|
|
|||||||||||||||||
W.
H. Hipp
|
$
|
38,000
|
$
|
45,000
|
|
|||||||||||||||||
L.
M. Miller
|
$
|
81,800
|
$
|
45,000
|
||||||||||||||||||
M.
K. Sloan
|
$
|
76,400
|
$
|
45,000
|
||||||||||||||||||
H.
C. Stowe
|
$
|
57,900
|
$
|
45,000
|
||||||||||||||||||
G.
S. York
|
$
|
68,000
|
$
|
45,000
|
|
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
|
385,940
|
27.56
|
3,210,827
|
Non-Employee
Director Compensation Plan
|
n/a
|
n/a
|
113,883
|
Equity
compensation plans not approved by security holders
|
n/a
|
n/a
|
n/a
|
Total
|
385,940
|
27.56
|
3,324,710
|
Name
of
Beneficial
Owner
|
Amount
and Nature of Beneficial Ownership(1)
(2) (3) (4) (5)
|
Percent
of Class
|
W.
B. Timmerman
|
61,090
|
*
|
J.
E. Addison
|
14,040
|
*
|
K.
B. Marsh
|
19,156
|
*
|
F.
P. Mood, Jr.
|
1,568
|
*
|
J.
C. Bouknight
|
1,540
|
*
|
S.
A. Byrne
|
31,467(3)
|
*
|
B.
L. Amick
|
11,669
|
*
|
J.
A. Bennett
|
3,808
|
*
|
W.C.
Burkhardt
|
13,122
|
*
|
S.
A. Decker
|
2,205
|
*
|
D.
M. Hagood
|
1,541
|
*
|
W.
H. Hipp
|
15,773
|
*
|
L.
M. Miller
|
3,738
|
*
|
M.
K. Sloan
|
1,910
|
*
|
H.
C. Stowe
|
2,850
|
*
|
G.
S. York
|
13,770
|
*
|
All
executive officers and directors as a group (18 persons)
|
222,076(6)
|
*
|
(1)
|
Includes
shares purchased through February 22, 2007, by the Trustee under
SCANA's
Stock Purchase Savings Plan.
|
SCE&G
|
||||||||||
|
|
2006
|
2005
|
|
||||||
Audit
Fees(1)
|
|
$
|
1,424,242
|
|
$
|
1,389,564
|
|
|||
Audit-Related
Fees(2)
|
|
|
42,471
|
|
|
50,073
|
|
|||
Tax
Fees(3)
|
|
|
58,672
|
|
|
51,727
|
|
|||
Total
Fees
|
|
$
|
1,523,385
|
|
$
|
1,491,364
|
|
(1)
|
Fees
for audit services billed in 2006 and 2005 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.
|
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
|
|
|
|
|
|
|||||||||||
2006
|
$
|
24,863,825
|
$
|
16,935,990
|
-
|
$
|
27,811,236
|
$
|
13,988,579
|
|||||||
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
|
|||||||||||
|
||||||||||||||||
Reserve
for investment impairment
|
||||||||||||||||
2006
|
-
|
-
|
-
|
-
|
-
|
|||||||||||
2005
|
-
|
-
|
-
|
-
|
-
|
|||||||||||
2004
|
$
|
125,000
|
-
|
-
|
$
|
125,000
|
-
|
|||||||||
|
||||||||||||||||
Reserves
other than those deducted from assets on the balance sheet:
|
||||||||||||||||
Reserve
for injuries and damages
|
||||||||||||||||
2006
|
$
|
6,328,361
|
$
|
6,734,385
|
$
|
400,895
|
$
|
4,434,867
|
$
|
9,028,774
|
||||||
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
|
|||||||||||
|
||||||||||||||||
SCE&G:
|
||||||||||||||||
Reserves
deducted from related assets on the balance sheet:
|
||||||||||||||||
Uncollectible
accounts
|
||||||||||||||||
2006
|
$
|
1,574,069
|
$
|
7,481,886
|
-
|
$
|
3,854,788
|
$
|
5,201,167
|
|||||||
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
|
|||||||||||
|
||||||||||||||||
Reserves
other than those deducted from assets on the balance sheet:
|
||||||||||||||||
Reserve
for injuries and damages
|
||||||||||||||||
2006
|
$
|
4,892,076
|
$
|
5,980,520
|
-
|
$
|
3,964,279
|
$
|
6,908,317
|
|||||||
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
|
|
SCANA
CORPORATION
|
|
|
BY:
|
/s/W.
B. Timmerman
W.
B. Timmerman, Chairman of the Board,
President,
Chief Executive Officer and Director
|
|
DATE:
|
March
1, 2007
|
|
/s/W.
B. Timmerman
W.
B. Timmerman, Chairman of the Board,
President,
Chief Executive Officer and Director (Principal Executive
Officer)
|
|
/s/J.
E. Addison
J.
E. Addison, 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, 2007
|
|
SOUTH
CAROLINA ELECTRIC & GAS COMPANY
|
|
|
BY:
|
/s/K.
B. Marsh
K.
B. Marsh
President
and Chief Operating Officer
|
|
DATE:
|
March
1, 2007
|
|
|
/s/W.
B. Timmerman
W.
B. Timmerman, Chairman of the Board,
Chief
Executive Officer and Director
(Principal
Executive Officer)
|
|
|
/s/J.
E. Addison
J.
E. Addison, 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, 2007
|
|
Applicable
to
Form 10-K of
|
|
||||
Exhibit
No.
|
SCANA
|
SCE&G
|
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
|
|||
February
26, 2004
|
Exhibit
3.05
|
to
Form 10-K for the year ended December 31, 2004
|
||||
|
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
|
|||
March
14, 2006
|
Exhibit
3.01
|
to
Form 8-K dated March 17, 2006
|
||||
May
11, 2006
|
Exhibit
3.01
|
to
Form 8-K filed May 15, 2006
|
||||
June
28, 2006
|
Exhibit
3.01
|
to
Form 8-K filed June 29, 2006
|
||||
August
16, 2006
|
Exhibit
3.01
|
to
Form 8-K filed August 17, 2006
|
||||
|
|
|
|
|||
3.05
|
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)
|
||||
3.06
|
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
|
|||||
|
August 12,
2002
|
Exhibit 3.13
|
|
Applicable
to
Form 10-K
of
|
|||||
Exhibit
No.
|
SCANA
|
SCE&G
|
Description
|
||
|
|
|
March 13,
2003
|
Exhibit 3.14
|
|
|
|
|
May 22,
2003
|
Exhibit 3.15
|
|
|
|
|
June 18,
2003
|
Exhibit 3.16
|
|
|
|
|
August 7,
2003
|
Exhibit 3.17
|
|
3.07
|
X
|
Articles
of Correction dated March 17, 2006, correcting March 14, 2006 Articles
of
Amendment (Filed as Exhibit 3.02 to Form 8-K dated March 17, 2006
and
incorporated by reference herein)
|
|||
3.08
|
|
X
|
Articles
of Correction dated September 6, 2006, correcting August 16, 2006
Articles
of Amendment (Filed as Exhibit 3.01 to Form 8-K filed September
7, 2006
and incorporated by reference herein)
|
||
3.09
|
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)
|
|||
3.10
|
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)
|
|||
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 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)
|
||
4.04
|
X
|
X
|
First
Supplemental Indenture to Indenture referred to in Exhibit 4.03 dated
as of June 1, 1993 (Filed as Exhibit 4-G to Registration
Statement No. 33-49421 and incorporated by reference
herein)
|
||
4.05
|
X
|
X
|
Second
Supplemental Indenture to Indenture referred to in Exhibit 4.03 dated
as of June 15, 1993
(Filed
as Exhibit 4-G to Registration Statement No. 33-57955 and
incorporated by reference herein)
|
||
*10.01
|
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
|
Amendment
to SCANA Executive Deferred Compensation Plan as adopted December
20, 2005
(Filed as Exhibit 10.02 to Form 10-Q for the quarter ended
March 31, 2006 and incorporated by reference
herein)
|
||
*10.03
|
X
|
X
|
Amendments
to SCANA Executive Deferred Compensation Plan as adopted on November
1,
2006 (Filed herewith)
|
||
*10.04
|
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)
|
|
Applicable
to
Form
10-K of
|
|
|
Exhibit
No.
|
SCANA
|
SCE&G
|
Description
|
*10.05
|
X
|
X
|
Amendment
to SCANA Director Compensation and Deferral Plan as adopted December
20,
2005 (Filed as Exhibit 10.01 to Form 10-Q for the quarter ended March
31, 2006 and incorporated by reference herein)
|
*10.06
|
X
|
X
|
Amendments
to SCANA Director Compensation and Deferral Plan as adopted on November
1,
2006 (Filed herewith)
|
*10.07
|
X
|
X
|
SCANA
Supplemental Executive Retirement Plan as amended and restated as
of
July 1, 2000 (Filed as Exhibit 10.04 to Form 10-Q for the
quarter ended September 30, 2006 and incorporated by reference
herein)
|
*10.08
|
X
|
X
|
Amendments
to the SCANA Supplemental Executive Retirement Plan as adopted on
November
1, 2006 (Filed herewith)
|
*10.09
|
X
|
X
|
SCANA
Key Executive Severance Benefits Plan as amended and restated as
of
July 1, 2001 (Filed as Exhibit 10.05 to Form 10-Q for the
quarter ended September 30, 2006 and incorporated by reference
herein)
|
*10.10
|
X
|
X
|
Amendments
to the SCANA Key Executive Severance Benefits Plan as adopted on
November
1, 2006 (Filed herewith)
|
*10.11
|
X
|
X
|
SCANA
Supplementary Key Executive Severance Benefits Plan as amended and
restated as of July 1, 2001 (Filed as Exhibit 10.06 to
Form 10-Q for the quarter ended September 30, 2006 and
incorporated by reference herein)
|
*10.12
|
X
|
X
|
Amendments
to the SCANA Supplementary Key Executive Severance Benefits Plan
as
adopted on November 1, 2006 (Filed herewith)
|
*10.13
|
X
|
X
|
SCANA
Executive Benefit Plan as established effective as of July 1, 2001
(Filed
herewith)
|
*10.14
|
X
|
X
|
Amendments
to the SCANA Executive Benefit Plan as adopted on November 1, 2006
(Filed
herewith)
|
*10.15
|
X
|
X
|
SCANA
Supplementary Executive Benefit Plan as established effective as
of July
1, 2001 (Filed herewith)
|
*10.16
|
X
|
X
|
Amendments
to the SCANA Supplementary Executive Benefit Plan as adopted on November
1, 2006 (filed herewith)
|
*10.17
|
X
|
X
|
SCANA
Long-Term Equity Compensation Plan as amended and restated as of
January
1, 2005 (Filed as Exhibit 10.01 to Form 8-K dated May 5, 2005 and
incorporated by reference herein)
|
*10.18
|
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)
|
*10.19
|
X
|
X
|
SCANA
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)
|
*10.20
|
X
|
X
|
Amendments
to SCANA Short-Term Annual Incentive Plan as adopted on November
1, 2006
(Filed herewith)
|
10.21
|
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)
|
Applicable
to
Form 10-K
of
|
|||
Exhibit
No.
|
SCANA
|
SCE&G
|
Description
|
*10.22
|
X
|
Independent
contractor agreement with Neville O. Lorick (Filed as Exhibit 99.1
to Form
8-K filed
June
15, 2006 and incorporated by reference herein)
|
|
12.01
|
X
|
Statement
Re Computation of Ratios
|
|
12.02
|
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)
|
|
24.01
|
X
|
X
|
Power
of Attorney (Filed herewith)
|
31.01
|
X
|
Certification
of Principal Executive Officer Required by Rule 13a-14 (Filed
herewith)
|
|
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)
|
|
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)
|