x
|
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF
1934
|
¨
|
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF
1934
|
Commission
|
Registrant,
State of Incorporation,
|
I.R.S.
Employer
|
File
Number
|
Address
and Telephone Number
|
Identification
No.
|
1-8809
|
SCANA
Corporation
|
57-0784499
|
|
(a
South Carolina corporation)
|
|
|
1426
Main Street, Columbia, South Carolina 29201
|
|
|
(803)
217-9000
|
|
1-3375
|
South
Carolina Electric & Gas Company
|
57-0248695
|
|
(a
South Carolina corporation)
|
|
|
1426
Main Street, Columbia, South Carolina 29201
|
|
(803)
217-9000
|
|
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
|
|
Description
of
|
Shares
Outstanding
|
Registrant
|
Common
Stock
|
at
October 31, 2007
|
SCANA
Corporation
|
Without
Par Value
|
116,664,933
|
South
Carolina Electric & Gas Company
|
$4.50
Par Value
|
40,296,147 (a)
|
(a)Owned
beneficially and of record by SCANA Corporation.
|
|
Page
|
|||||
|
3
|
||||
PART I.
FINANCIAL INFORMATION
|
|||||
|
|||||
4
|
|||||
|
Item
1.
|
Financial
Statements
|
5
|
||
|
|
5
|
|||
|
|
7
|
|||
|
|
8
|
|||
|
|
9
|
|||
|
|
10
|
|||
|
Item
2.
|
Management’s
Discussion and Analysis of Financial
Condition and Results of Operations
|
19
|
||
|
Item
3.
|
26
|
|||
Item
4.
|
27
|
||||
28
|
|||||
|
Item
1.
|
Financial
Statements
|
29
|
||
|
|
Condensed
Consolidated Balance Sheets
|
29
|
||
|
|
Condensed
Consolidated Statements of Income
|
31
|
||
|
|
Condensed
Consolidated Statements of Cash
Flows
|
32
|
||
|
|
Notes
to Condensed Consolidated Financial
Statements
|
33
|
||
|
Item
2.
|
Management’s
Discussion and Analysis of Financial
Condition and Results of Operations
|
41
|
||
|
Quantitative
and Qualitative Disclosures About Market Risk
|
46
|
|||
Controls
and Procedures
|
46
|
||||
|
|||||
PART
II. OTHER INFORMATION
|
47
|
||||
|
|
||||
Unregistered
Sales of Equity Securities and Use of Proceeds
|
47
|
||||
Exhibits
|
47
|
||||
|
|
||||
48
|
|||||
|
|
||||
49
|
|
||||||||
|
September
30,
|
December
31,
|
||||||
Millions
of dollars
|
2007
|
2006
|
||||||
Assets
|
|
|||||||
Utility
Plant In Service
|
$ |
9,639
|
$ |
9,227
|
||||
Accumulated
Depreciation and Amortization
|
(2,964 | ) | (2,815 | ) | ||||
|
6,675
|
6,412
|
||||||
Construction
Work in Progress
|
338
|
326
|
||||||
Nuclear
Fuel, Net of Accumulated Amortization
|
66
|
39
|
||||||
Acquisition
Adjustments
|
230
|
230
|
||||||
Utility
Plant, Net
|
7,309
|
7,007
|
||||||
|
||||||||
Nonutility
Property and Investments:
|
||||||||
Nonutility property, net of accumulated depreciation of $81 and
$70
|
124
|
132
|
||||||
Assets held in trust, net-nuclear decommissioning
|
61
|
56
|
||||||
Other investments
|
88
|
88
|
||||||
Nonutility Property and Investments, Net
|
273
|
276
|
||||||
|
||||||||
Current
Assets:
|
||||||||
Cash and cash equivalents
|
127
|
201
|
||||||
Receivables, net of allowance for uncollectible accounts of $11
and
$14
|
470
|
655
|
||||||
Receivables - affiliated companies
|
31
|
32
|
||||||
Inventories (at average cost):
|
||||||||
Fuel
|
296
|
300
|
||||||
Materials and supplies
|
102
|
93
|
||||||
Emission allowances
|
38
|
22
|
||||||
Prepayments and other
|
27
|
39
|
||||||
Deferred income taxes
|
23
|
34
|
||||||
Total Current Assets
|
1,114
|
1,376
|
||||||
|
||||||||
Deferred
Debits and Other Assets:
|
||||||||
Pension asset, net
|
228
|
200
|
||||||
Emission allowances
|
-
|
27
|
||||||
Regulatory assets
|
776
|
792
|
||||||
Other
|
114
|
139
|
||||||
Total Deferred Debits and Other Assets
|
1,118
|
1,158
|
||||||
Total
|
$ |
9,814
|
$ |
9,817
|
|
September
30,
|
December
31,
|
||||||
Millions
of dollars
|
2007
|
2006
|
||||||
Capitalization
and Liabilities
|
||||||||
Shareholders’
Investment:
|
|
|
||||||
Common equity
|
$ |
2,930
|
$ |
2,846
|
||||
Preferred stock (Not subject to purchase or sinking
funds)
|
106
|
106
|
||||||
Total Shareholders’ Investment
|
3,036
|
2,952
|
||||||
Preferred
Stock, net (Subject to purchase or sinking funds)
|
7
|
8
|
||||||
Long-Term
Debt, net
|
2,956
|
3,067
|
||||||
Total Capitalization
|
5,999
|
6,027
|
||||||
|
||||||||
Current
Liabilities:
|
||||||||
Short-term borrowings
|
570
|
487
|
||||||
Current portion of long-term debt
|
118
|
43
|
||||||
Accounts payable
|
249
|
414
|
||||||
Accounts payable - affiliated companies
|
30
|
27
|
||||||
Customer deposits and customer prepayments
|
80
|
85
|
||||||
Taxes accrued
|
117
|
121
|
||||||
Interest accrued
|
49
|
51
|
||||||
Dividends declared
|
54
|
51
|
||||||
Other
|
103
|
126
|
||||||
Total Current Liabilities
|
1,370
|
1,405
|
||||||
|
||||||||
Deferred
Credits and Other Liabilities:
|
||||||||
Deferred income taxes, net
|
967
|
947
|
||||||
Deferred investment tax credits
|
104
|
120
|
||||||
Asset retirement obligations
|
304
|
292
|
||||||
Postretirement benefits
|
194
|
194
|
||||||
Regulatory liabilities
|
759
|
714
|
||||||
Other
|
117
|
118
|
||||||
Total Deferred Credits and Other Liabilities
|
2,445
|
2,385
|
||||||
|
||||||||
Commitments
and Contingencies (Note 5)
|
-
|
-
|
||||||
Total
|
$ |
9,814
|
$ |
9,817
|
Three
Months Ended
|
Nine
Months Ended
|
||||||||||||
September
30,
|
September
30,
|
||||||||||||
Millions
of dollars, except per share amounts
|
2007
|
2006
|
2007
|
2006
|
|||||||||
Operating
Revenues:
|
|||||||||||||
Electric
|
$
|
602
|
$
|
584
|
$
|
1,515
|
$
|
1,444
|
|||||
Gas - regulated
|
146
|
185
|
773
|
914
|
|||||||||
Gas - nonregulated
|
331
|
293
|
1,161
|
1,037
|
|||||||||
Total Operating Revenues
|
1,079
|
1,062
|
3,449
|
3,395
|
|||||||||
|
|||||||||||||
Operating
Expenses:
|
|||||||||||||
Fuel used in electric generation
|
209
|
200
|
518
|
464
|
|||||||||
Purchased power
|
9
|
7
|
27
|
19
|
|||||||||
Gas purchased for resale
|
399
|
410
|
1,573
|
1,624
|
|||||||||
Other operation and maintenance
|
156
|
153
|
490
|
460
|
|||||||||
Depreciation and amortization
|
76
|
98
|
253
|
251
|
|||||||||
Other taxes
|
41
|
38
|
120
|
114
|
|||||||||
Total Operating Expenses
|
890
|
906
|
2,981
|
2,932
|
|||||||||
|
|||||||||||||
Operating
Income
|
189
|
156
|
468
|
463
|
|||||||||
|
|||||||||||||
Other
Income (Expense):
|
|||||||||||||
Other income
|
18
|
48
|
65
|
120
|
|||||||||
Other expenses
|
(14
|
)
|
(32
|
)
|
(39
|
)
|
(76
|
)
|
|||||
Interest
charges, net of allowance for borrowed funds
|
|||||||||||||
used during construction of $4, $2, $9 and $5
|
(51
|
)
|
(52
|
)
|
(156
|
)
|
(159
|
)
|
|||||
Gain
on sale of assets
|
1
|
-
|
2
|
-
|
|||||||||
Preferred dividends of subsidiary
|
(2
|
)
|
(2
|
)
|
(6
|
)
|
(6
|
)
|
|||||
Allowance
for equity funds used during construction
|
1
|
-
|
2
|
-
|
|||||||||
Total Other Expense
|
(47
|
)
|
(38
|
)
|
(132
|
)
|
(121
|
)
|
|||||
|
|||||||||||||
Income
Before Income Tax Expense, Losses from Equity
|
|||||||||||||
Method Investments and Cumulative Effect of Accounting
Change
|
142
|
118
|
336
|
342
|
|||||||||
Income
Tax Expense
|
46
|
25
|
93
|
93
|
|||||||||
|
|||||||||||||
Income
Before Losses from Equity Method
|
|||||||||||||
Investments
and Cumulative Effect of Accounting Change
|
96
|
93
|
243
|
249
|
|||||||||
Losses
from Equity Method Investments
|
(4
|
)
|
(4
|
)
|
(11
|
)
|
(11
|
)
|
|||||
Cumulative
Effect of Accounting Change, net of taxes
|
-
|
-
|
-
|
6
|
|||||||||
|
|||||||||||||
Net
Income
|
$
|
92
|
$
|
89
|
$
|
232
|
$
|
244
|
|||||
|
|
|
|
|
|||||||||
Basic
and Diluted Earnings Per Share of Common Stock:
|
|
|
|
|
|||||||||
Before Cumulative Effect of Accounting Change
|
$
|
.79
|
$
|
.76
|
$
|
1.99
|
$
|
2.06
|
|||||
Cumulative Effect of Accounting Change, net of taxes
|
|
-
|
|
-
|
|
-
|
|
.05
|
|||||
Basic and Diluted Earnings Per Share
|
$
|
.79
|
$
|
.76
|
$
|
1.99
|
$
|
2.11
|
|||||
Weighted
Average Shares Outstanding (millions)
|
116.7
|
116.1
|
116.7
|
115.5
|
|||||||||
|
|||||||||||||
See
Notes to Condensed Consolidated Financial
Statements.
|
|
Nine
Months Ended
|
||||||
|
September
30,
|
||||||
Millions
of dollars
|
2007
|
2006
|
|||||
Cash
Flows From Operating Activities:
|
|
|
|||||
Net
income
|
$
|
232
|
$
|
244
|
|||
Adjustments
to reconcile net income to net cash provided from operating
activities:
|
|
||||||
Cumulative effect of accounting change, net of taxes
|
|
-
|
(6
|
)
|
|||
Excess losses, net of distributions from equity method
investments
|
|
13
|
11
|
||||
Depreciation and amortization
|
|
258
|
255
|
||||
Amortization of nuclear fuel
|
|
14
|
14
|
||||
Hedging
activities
|
9
|
(15
|
)
|
||||
Allowance
for equity funds used during construction
|
(2
|
)
|
-
|
||||
Carrying cost recovery
|
|
(4
|
)
|
(5
|
)
|
||
Gain
on sale of assets
|
(2
|
)
|
-
|
||||
Cash provided (used) by changes in certain assets and
liabilities:
|
|
|
|||||
Receivables, net
|
|
186
|
385
|
||||
Inventories
|
|
(37
|
)
|
(51
|
)
|
||
Prepayments and other
|
|
12
|
(6
|
)
|
|||
Pension asset
|
|
(28
|
)
|
(10
|
)
|
||
Other regulatory assets
|
|
3
|
(49
|
)
|
|||
Deferred income taxes, net
|
|
31
|
(8
|
)
|
|||
Regulatory liabilities
|
|
21
|
26
|
||||
Postretirement benefits
|
|
4
|
7
|
||||
Accounts payable
|
|
(133
|
)
|
(247
|
)
|
||
Taxes accrued
|
|
(4
|
)
|
12
|
|||
Interest
accrued
|
(2
|
)
|
(3
|
)
|
|||
Changes in fuel adjustment clauses
|
|
(30
|
)
|
19
|
|||
Changes in other assets
|
|
20
|
13
|
||||
Changes in other liabilities
|
|
(26
|
)
|
21
|
|||
Net
Cash Provided From Operating Activities
|
|
535
|
607
|
||||
Cash
Flows From Investing Activities:
|
|
|
|
||||
Utility
property additions and construction expenditures
|
|
(489
|
)
|
(311
|
)
|
||
Proceeds
from sale of assets
|
2
|
18
|
|||||
Nonutility
property additions
|
|
(3
|
)
|
(27
|
)
|
||
Investments
|
|
(9
|
)
|
(21
|
)
|
||
Net
Cash Used For Investing Activities
|
|
(499
|
)
|
(341
|
)
|
||
Cash
Flows From Financing Activities:
|
|
|
|||||
Proceeds
from issuance of debt
|
-
|
132
|
|||||
Proceeds
from issuance of common stock
|
|
6
|
60
|
||||
Redemption/repurchase
of equity securities
|
(9
|
)
|
-
|
||||
Repayment
of debt
|
|
(33
|
)
|
(148
|
)
|
||
Dividends
|
|
(157
|
)
|
(148
|
)
|
||
Short-term
borrowings, net
|
|
83
|
(123
|
)
|
|||
Net
Cash Used For Financing Activities
|
|
(110
|
)
|
(227
|
)
|
||
Net
Increase (Decrease) In Cash and Cash Equivalents
|
|
(74
|
)
|
39
|
|||
Cash
and Cash Equivalents, January 1
|
|
201
|
62
|
||||
Cash
and Cash Equivalents, September 30
|
$
|
127
|
$
|
101
|
|||
Supplemental
Cash Flow Information:
|
|
|
|||||
Cash
paid for - Interest (net of capitalized interest of $9 and
$5)
|
$
|
133
|
$
|
162
|
|||
- Income taxes
|
|
46
|
67
|
||||
|
|
|
|||||
Noncash
Investing and Financing Activities:
|
|
|
|||||
Accrued
construction expenditures
|
|
34
|
16
|
See
Notes to Condensed Consolidated Financial
Statements.
|
|
||||||||||||||
SCANA
CORPORATION
|
||||||||||||||
CONDENSED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE
INCOME
|
||||||||||||||
(Unaudited)
|
||||||||||||||
|
|
|
||||||||||||
|
Three
Months Ended
|
Nine
Months Ended
|
||||||||||||
|
September
30,
|
September
30,
|
||||||||||||
Millions
of dollars
|
2007
|
2006
|
2007
|
2006
|
||||||||||
Net
Income
|
$
|
92
|
$
|
89
|
$
|
232
|
$
|
244
|
||||||
Other
Comprehensive Income, net of tax:
|
|
|
||||||||||||
Unrealized gains (losses) on hedging
activities:
|
|
|
||||||||||||
Unrealized
holding gains (losses) arising during period
|
(9
|
)
|
(16
|
)
|
(8
|
)
|
(36
|
)
|
||||||
Reclassification
adjustment for losses included in net income
|
4
|
4
|
15
|
21
|
||||||||||
Deferred
cost of employee benefit plans, net of taxes
|
1
|
-
|
1
|
-
|
||||||||||
Total
Comprehensive Income (1)
|
$
|
88
|
$
|
77
|
$
|
240
|
$
|
229
|
||||||
|
||||||||||||||
(1)
Accumulated
other comprehensive loss totaled $20.8 million as of September
30, 2007
and $28.9 million as of
|
||||||||||||||
December
31, 2006.
|
||||||||||||||
|
||||||||||||||
See
Notes to Condensed Consolidated Financial
Statements.
|
|
|
September
30,
|
|
December
31,
|
|
||
Millions
of dollars
|
|
2007
|
|
2006
|
|
||
Regulatory
Assets:
|
|
|
|
|
|
||
Accumulated
deferred income taxes
|
|
$
|
174
|
|
$
|
174
|
|
Under-collections
- electric fuel and gas cost adjustment clauses
|
|
|
107
|
|
|
95
|
|
Deferred
purchased power costs
|
|
|
2
|
|
|
9
|
|
Environmental
remediation costs
|
|
|
27
|
|
|
29
|
|
Asset
retirement obligations and related funding
|
|
|
272
|
|
264
|
||
Franchise
agreements
|
|
|
51
|
|
|
55
|
|
Deferred
regional transmission organization costs
|
|
|
6
|
|
|
8
|
|
Deferred
employee benefit plan costs
|
122
|
142
|
|||||
Other
|
|
|
15
|
|
|
16
|
|
Total
Regulatory Assets
|
|
$
|
776
|
|
$
|
792
|
Regulatory
Liabilities:
|
|
|
|
|
|
||
Accumulated
deferred income taxes
|
|
$
|
36
|
|
$
|
38
|
|
Over-collections
- gas cost adjustment clauses
|
|
|
8
|
|
|
8
|
|
Other
asset removal costs
|
|
|
633
|
|
|
599
|
|
Storm
damage reserve
|
|
|
48
|
|
|
44
|
|
Planned
major maintenance
|
|
|
13
|
|
|
6
|
|
Other
|
|
|
21
|
|
|
19
|
|
Total
Regulatory Liabilities
|
|
$
|
759
|
|
$
|
714
|
|
|
|
Pension
Benefits
|
|
Other
Postretirement Benefits
|
|
||||||||
Three
months ended September 30,
|
|
2007
|
|
2006
|
|
2007
|
|
2006
|
|
||||
Millions
of dollars
|
|
|
|
|
|
|
|
|
|
||||
Service
cost
|
|
$
|
3.5
|
$
|
3.5
|
$
|
0.9
|
|
$
|
1.1
|
|
||
Interest
cost
|
|
9.2
|
10.0
|
2.8
|
3.0
|
|
|||||||
Expected
return on assets
|
|
(18.2
|
)
|
(18.8
|
)
|
-
|
-
|
||||||
Prior
service cost amortization
|
|
1.5
|
1.7
|
0.2
|
0.4
|
|
|||||||
Transition
obligation amortization
|
|
-
|
0.2
|
0.2
|
0.2
|
|
|||||||
Amortization
of actuarial loss
|
|
-
|
0.1
|
|
0.1
|
0.6
|
|
||||||
Net
periodic benefit (income) cost
|
|
$
|
(4.0
|
)
|
$
|
(3.3
|
)
|
$
|
4.2
|
|
$
|
5.3
|
|
|
Pension
Benefits
|
|
Other
Postretirement Benefits
|
|
||||||||
Nine
months ended September 30,
|
|
2007
|
|
2006
|
|
2007
|
|
2006
|
|
||||
Millions
of dollars
|
|
|
|
|
|
|
|
|
|
||||
Service
cost
|
|
$
|
10.5
|
$
|
10.5
|
$
|
3.3
|
|
$
|
3.5
|
|
||
Interest
cost
|
|
29.9
|
29.8
|
8.8
|
8.7
|
|
|||||||
Expected
return on assets
|
|
(58.4
|
)
|
(56.4
|
)
|
-
|
-
|
||||||
Prior
service cost amortization
|
|
4.9
|
5.1
|
0.8
|
0.8
|
|
|||||||
Transition
obligation amortization
|
|
-
|
0.4
|
0.6
|
0.6
|
|
|||||||
Amortization
of actuarial loss
|
|
-
|
0.5
|
0.7
|
1.3
|
|
|||||||
Net
periodic benefit (income) cost
|
|
$
|
(13.1
|
)
|
$
|
(10.1
|
)
|
$
|
14.2
|
|
$
|
14.9
|
September
30,
|
December
31,
|
|||||||
|
2007
|
2006
|
||||||
|
Millions
of dollars
|
|||||||
Lines
of credit:
|
|
|
||||||
Committed
long-term
|
$ |
1,100
|
$ |
1,100
|
||||
Uncommitted
(a)
|
103
|
103
|
||||||
|
||||||||
(a)
SCANA or SCE&G may use $78 million of these lines of
credit.
|
September
30,
|
December
31,
|
||||||
Millions
of dollars
|
2007
|
|
2006
|
||||
|
Amount
|
Weighted
Average
Interest
Rate
|
|
Amount
|
Weighted
Average
Interest
Rate
|
||
SCANA
|
-
|
-
|
-
|
-
|
|||
SCE&G
|
$
|
280
|
5.58%
|
|
$
|
238
|
5.38%
|
Fuel
Company
|
|
147
|
5.68%
|
|
|
124
|
5.38%
|
PSNC
Energy
|
|
143
|
5.74%
|
|
|
125
|
5.40%
|
Total
|
$
|
570
|
5.65%
|
|
$
|
487
|
5.38%
|
6.
|
SEGMENT
OF BUSINESS INFORMATION
|
|
External
|
Intersegment
|
Operating
|
Net
|
Segment
|
||||||||||
Millions
of dollars
|
Revenue
|
Revenue
|
Income
(Loss)
|
Income
(Loss)
|
Assets
|
||||||||||
|
|
|
|
|
|
||||||||||
Three
Months Ended September 30, 2007
|
|||||||||||||||
Electric
Operations
|
$
|
602
|
$
|
2
|
$
|
195
|
n/a
|
||||||||
Gas
Distribution
|
144
|
-
|
(8
|
)
|
n/a
|
||||||||||
Gas
Transmission
|
2
|
10
|
4
|
n/a
|
|||||||||||
Retail
Gas Marketing
|
78
|
-
|
n/a
|
-
|
|||||||||||
Energy
Marketing
|
253
|
62
|
n/a
|
$
|
1
|
||||||||||
All
Other
|
6
|
87
|
n/a
|
(8
|
)
|
||||||||||
Adjustments/Eliminations
|
(6
|
)
|
(161
|
)
|
(2
|
)
|
99
|
||||||||
Consolidated
Total
|
$
|
1,079
|
$
|
-
|
$
|
189
|
$
|
92
|
Nine
Months Ended September 30, 2007
|
|||||||||||||||
Electric
Operations
|
$
|
1,515
|
$
|
6
|
$
|
361
|
n/a
|
$
|
5,872
|
||||||
Gas
Distribution
|
766
|
-
|
65
|
n/a
|
1,857
|
||||||||||
Gas
Transmission
|
7
|
30
|
13
|
n/a
|
287
|
||||||||||
Retail
Gas Marketing
|
421
|
-
|
n/a
|
$
|
20
|
129
|
|||||||||
Energy
Marketing
|
740
|
174
|
n/a
|
2
|
102
|
||||||||||
All
Other
|
19
|
255
|
n/a
|
(17
|
)
|
572
|
|||||||||
Adjustments/Eliminations
|
(19
|
)
|
(465
|
)
|
29
|
227
|
995
|
||||||||
Consolidated
Total
|
$
|
3,449
|
$
|
-
|
$
|
468
|
$
|
232
|
$
|
9,814
|
Three
Months Ended September 30, 2006
|
|||||||||||||||
Electric
Operations
|
$
|
584
|
$
|
3
|
$
|
167
|
n/a
|
|
|||||||
Gas
Distribution
|
136
|
-
|
(13
|
)
|
n/a
|
||||||||||
Gas
Transmission
|
49
|
65
|
7
|
n/a
|
|||||||||||
Retail
Gas Marketing
|
73
|
-
|
n/a
|
$
|
(3
|
)
|
|||||||||
Energy
Marketing
|
220
|
48
|
n/a
|
1
|
|||||||||||
All
Other
|
21
|
79
|
n/a
|
(5
|
)
|
||||||||||
Adjustments/Eliminations
|
(21
|
)
|
(195
|
)
|
(5
|
)
|
96
|
||||||||
Consolidated
Total
|
$
|
1,062
|
$
|
-
|
$
|
156
|
$
|
89
|
Nine
Months Ended September 30, 2006
|
|||||||||||||||
Electric
Operations
|
$
|
1,444
|
$
|
7
|
$
|
376
|
n/a
|
|
$
|
5,476
|
|||||
Gas
Distribution
|
747
|
-
|
41
|
n/a
|
1,706
|
||||||||||
Gas
Transmission
|
167
|
294
|
25
|
n/a
|
368
|
||||||||||
Retail
Gas Marketing
|
435
|
-
|
n/a
|
$
|
21
|
139
|
|||||||||
Energy
Marketing
|
602
|
79
|
n/a
|
-
|
90
|
||||||||||
All
Other
|
50
|
229
|
n/a
|
(8)
|
562
|
||||||||||
Adjustments/Eliminations
|
(50)
|
(609)
|
21
|
231
|
1,090
|
||||||||||
Consolidated
Total
|
$
|
3,395
|
$
|
-
|
$
|
463
|
$
|
244
|
$
|
9,431
|
|
FOR
THE THREE AND NINE MONTHS ENDED SEPTEMBER 30,
2007
|
Third
Quarter
|
Year
to Date
|
||||||||||||
2007
|
2006
|
2007
|
2006
|
||||||||||
Reported
(GAAP) earnings per share:
|
|
$
|
.79
|
$
|
.76
|
$
|
1.99
|
$
|
2.11
|
||||
Deduct:
|
|
|
|
|
|
||||||||
Cumulative
effect of accounting change, net of taxes
|
|
|
-
|
|
-
|
|
-
|
|
.05
|
||||
Reduction
in propane litigation accrual upon settlement
|
-
|
-
|
-
|
.04
|
|||||||||
GAAP-adjusted
net earnings per share from operations
|
|
$
|
.79
|
$
|
.76
|
$
|
1.99
|
$
|
2.02
|
Declaration
Date
|
Dividend
Per Share
|
Record Date
|
Payment Date
|
February
15, 2007
|
$.44
|
March
9, 2007
|
April
1, 2007
|
April
26, 2007
|
.44
|
June
11, 2007
|
July
1, 2007
|
August
2, 2007
|
.44
|
September
10, 2007
|
October
1, 2007
|
October
24, 2007
|
.44
|
December
10, 2007
|
January
1, 2008
|
Third
Quarter
|
Year
to Date
|
|||||||||||||||
Millions
of dollars
|
2007
|
%
Change
|
2006
|
2007
|
%
Change
|
2006
|
||||||||||
Operating
revenues
|
$
|
602.0
|
3.0
|
%
|
$
|
584.5
|
$
|
1,514.7
|
4.9
|
%
|
$
|
1,444.0
|
||||
Less: Fuel
used in generation
|
209.2
|
4.8
|
%
|
199.7
|
517.9
|
11.7
|
%
|
463.8
|
||||||||
Purchased
power
|
9.3
|
32.9
|
%
|
7.0
|
27.2
|
43.2
|
%
|
19.0
|
||||||||
Margin
|
$
|
383.5
|
1.5
|
%
|
$
|
377.8
|
$
|
969.6
|
0.9
|
%
|
$
|
961.2
|
|
Third
Quarter
|
|
Year
To Date
|
|
||||||||||||||
Millions
of dollars
|
2007
|
%
Change
|
2006
|
|
2007
|
|
%
Change
|
2006
|
|
|||||||||
Operating
revenues
|
$
|
144.1
|
6.0
|
%
|
$
|
136.0
|
$
|
766.6
|
2.6
|
%
|
$
|
747.2
|
|
|||||
Less:
Gas purchased for resale
|
97.5
|
0.7
|
%
|
96.8
|
534.5
|
(3.4
|
)%
|
553.5
|
||||||||||
Margin
|
$
|
46.6
|
18.9
|
%
|
$
|
39.2
|
$
|
232.1
|
19.8
|
%
|
$
|
193.7
|
|
|
Third
Quarter
|
|
Third
Quarter
|
|
Year
To Date
|
|
||||||||||||||
Millions
of dollars
|
2007
|
%
Change
|
2006
|
|
2007
|
|
%
Change
|
2006
|
|
|||||||||
Transportation
revenue
|
$
|
11.0
|
89.7
|
%
|
$
|
5.8
|
$
|
34.5
|
*
|
$
|
16.7
|
|||||||
Other
operating revenues
|
0.6
|
**
|
108.2
|
2.0
|
**
|
444.5
|
|
|||||||||||
Less:
Gas purchased for resale
|
-
|
**
|
99.1
|
-
|
**
|
412.9
|
||||||||||||
Margin
|
$
|
11.6
|
(22.1
|
)%
|
$
|
14.9
|
$
|
36.5
|
(24.4
|
)%
|
$
|
48.3
|
|
|
Third
Quarter and Year to Date
|
|
Third
Quarter
|
|
Year
To Date
|
|
||||||||||||||
Millions
of dollars
|
2007
|
%
Change
|
2006
|
|
2007
|
|
%
Change
|
2006
|
|
|||||||||
Operating
revenues
|
$
|
78.4
|
8.0
|
%
|
$
|
72.6
|
$
|
421.4
|
|
|
(3.1
|
)%
|
$
|
434.7
|
|
|||
Net
income (loss)
|
$
|
(0.2
|
)
|
92.9
|
%
|
$
|
(2.8
|
)
|
$
|
19.5
|
(6.7
|
)%
|
$
|
20.9
|
|
|
Third
Quarter
|
|
Year
To Date
|
|
||||||||||||||
Millions
of dollars
|
2007
|
%
Change
|
2006
|
|
2007
|
|
%
Change
|
2006
|
|
|||||||||
Operating
revenues
|
$
|
314.4
|
17.3
|
%
|
$
|
268.1
|
$
|
914.0
|
|
|
33.5
|
%
|
$
|
684.5
|
|
|||
Net
income (loss)
|
$
|
1.6
|
*
|
$
|
0.2
|
$
|
2.3
|
*
|
$
|
(0.4
|
)
|
|
Third
Quarter
|
|
Year
To Date
|
|
||||||||||||||
Millions
of dollars
|
2007
|
%
Change
|
2006
|
|
2007
|
|
%
Change
|
2006
|
|
|||||||||
Other
operation and maintenance
|
$
|
155.8
|
1.8
|
%
|
$
|
153.0
|
$
|
489.9
|
6.6
|
%
|
$
|
459.7
|
||||||
Depreciation
and amortization
|
75.8
|
(22.8
|
)%
|
98.2
|
252.7
|
0.5
|
%
|
251.5
|
||||||||||
Other
taxes
|
40.6
|
4.9
|
%
|
38.7
|
120.0
|
4.7
|
%
|
114.6
|
|
Third
Quarter
|
|
Year
to Date
|
|
|||||||||
Millions
of dollars
|
2007
|
2006
|
|
2007
|
|
2006
|
|
||||||
Depreciation
and amortization recapture (expense)
|
$
|
3.2
|
$
|
(21.6
|
)
|
$
|
(15.9
|
)
|
$
|
(23.0
|
)
|
||
Income
tax benefits:
|
|
|
|
||||||||||
From
synthetic fuel tax credits
|
1.2
|
10.5
|
|
|
18.9
|
|
14.6
|
||||||
From
accelerated depreciation
|
(1.2
|
)
|
13.4
|
|
|
6.1
|
|
14.2
|
|||||
From
partnership losses
|
1.9
|
3.6
|
|
|
5.5
|
|
9.4
|
||||||
Total
income tax benefits
|
1.9
|
27.5
|
|
|
30.5
|
|
38.2
|
||||||
|
|
|
|
||||||||||
Losses
from Equity Method Investments
|
(5.1
|
)
|
(5.9
|
)
|
|
(14.6
|
)
|
|
(15.2
|
)
|
|||
|
|
|
|
||||||||||
Impact
on Net Income
|
$
|
-
|
$
|
-
|
|
$
|
-
|
$
|
-
|
||||
Carrying
costs recognized in other income
|
$
|
2
|
$
|
1
|
$
|
4
|
$
|
5
|
|
SCANA
|
|
SCE&G
|
|||||
Rating
Agency
|
Senior
Unsecured
|
|
Senior
Secured
|
Senior
Unsecured
|
Preferred
Stock
|
Commercial
Paper
|
Outlook
|
|
Moody's
|
A3
|
|
A1
|
A2
|
Baa1
|
P-1
|
*
|
|
Standard
& Poor’s (S&P)
|
BBB+
|
|
A-
|
BBB+
|
BBB
|
A-2
|
Negative
|
|
Fitch
|
A-
|
|
A+
|
A
|
A-
|
F-1
|
Stable
|
As
of September 30, 2007
|
Expected
Maturity
|
|
|||||||
|
|
|
|
|
|||||
|
|
|
|
|
|
There-
|
|
Fair
|
|
Millions
of dollars
|
2007
|
2008
|
2009
|
2010
|
2011
|
After
|
Total
|
Value
|
|
Long-Term
Debt Issued:
|
|
|
|
|
|
|
|
|
|
Fixed
Rate ($)
|
3.7
|
123.2
|
108.2
|
14.8
|
619.3
|
2,023.6
|
2,892.8
|
2,990.5
|
|
Average
Fixed Interest Rate (%)
|
7.78
|
5.96
|
6.27
|
6.87
|
6.78
|
5.95
|
6.15
|
n/a
|
|
Variable
Rate ($)
|
100.0
|
100.0
|
100.2
|
||||||
Average
Variable Interest Rate (%)
|
5.73
|
5.73
|
n/a
|
||||||
|
|||||||||
Interest
Rate Swap:
|
|||||||||
Pay
Variable/Receive Fixed ($)
|
-
|
3.2
|
3.2
|
3.2
|
3.2
|
3.2
|
16.0
|
0.3
|
|
Average Pay Interest Rate (%)
|
-
|
8.39
|
8.39
|
8.39
|
8.39
|
8.39
|
8.39
|
n/a
|
|
Average Receive Interest Rate (%)
|
-
|
8.75
|
8.75
|
8.75
|
8.75
|
8.75
|
8.75
|
n/a
|
Expected Maturity: |
|
|
|
|
|
|
||||||
|
Futures
Contracts
|
|
|
Options
|
||||||||
|
|
|
Purchased
Call
|
Sold
Call
|
Sold
Put
|
|||||||
2007
|
Long
|
Short
|
|
|
|
(Short)
|
(Long)
|
|||||
Settlement
Price (a)
|
7.32
|
7.92
|
|
Strike
Price (a)
|
8.74
|
12.09
|
6.31
|
|||||
Contract
Amount (b)
|
10.4
|
1.7
|
|
Contract
Amount (b)
|
5.7
|
1.3
|
0.5
|
|||||
Fair
Value (b)
|
9.2
|
1.6
|
|
Fair
Value (b)
|
0.2
|
-
|
-
|
|||||
|
|
|
||||||||||
2008
|
|
|
||||||||||
Settlement
Price (a)
|
8.11
|
8.05
|
|
Strike
Price (a)
|
9.00
|
11.73
|
6.26
|
|||||
Contract
Amount (b)
|
33.7
|
0.4
|
|
Contract
Amount (b)
|
13.0
|
3.2
|
1.1
|
|||||
Fair
Value (b)
|
31.3
|
0.4
|
|
Fair
Value (b)
|
0.8
|
-
|
-
|
|||||
2009
|
||||||||||||
Settlement
Price (a)
|
8.98
|
-
|
||||||||||
Contract
Amount (b)
|
6.9
|
-
|
||||||||||
Fair
Value (b)
|
6.3
|
-
|
||||||||||
|
|
|
|
|
|
|
|
|||||
(a)
Weighted average, in dollars
|
||||||||||||
(b)
Millions of dollars
|
|
|
|
|
|
Expected
Maturity
|
|||
Swaps
|
2007
|
2008
|
2009
|
2010
|
Commodity
Swaps:
|
|
|
|
|
Pay
fixed/receive variable (b)
|
74.0
|
182.8
|
18.3
|
0.8
|
Average
pay rate (a)
|
8.9762
|
8.9793
|
9.6172
|
8.4950
|
Average
received rate (a)
|
7.3467
|
8.0363
|
8.9042
|
8.1328
|
Fair
value (b)
|
60.6
|
163.6
|
17.0
|
0.7
|
|
||||
Pay
variable/receive fixed (b)
|
0.7
|
3.0
|
-
|
-
|
Average
pay rate (a)
|
7.3002
|
8.0126
|
-
|
-
|
Average
received rate (a)
|
8.6821
|
8.8261
|
-
|
-
|
Fair
value (b)
|
0.9
|
3.4
|
-
|
-
|
|
||||
Basis
Swaps:
|
||||
Pay
variable/receive variable (b)
|
9.5
|
26.9
|
6.7
|
3.9
|
Average
pay rate (a)
|
7.1433
|
7.9990
|
8.5990
|
8.1931
|
Average
received rate (a)
|
7.0943
|
7.9721
|
8.5585
|
8.1319
|
Fair
value (b)
|
9.4
|
26.8
|
6.7
|
3.9
|
|
||||
(a)
Weighted average, in dollars
|
|
|
|
|
(b)
Millions of dollars
|
|
|
|
|
|
|
|
September
30,
|
|
December
31,
|
|
||
Millions
of dollars
|
|
2007
|
|
2006
|
|
||
Assets
|
|
|
|
||||
Utility
Plant In Service
|
|
$
|
8,231
|
$
|
7,876
|
||
Accumulated
Depreciation and Amortization
|
|
|
(2,612
|
)
|
|
(2,483
|
)
|
|
|
|
5,619
|
|
5,393
|
||
Construction
Work in Progress
|
|
|
315
|
|
316
|
||
Nuclear
Fuel, Net of Accumulated Amortization
|
|
|
66
|
|
39
|
||
Utility
Plant, Net
|
|
|
6,000
|
|
5,748
|
||
|
|
|
|
||||
Nonutility
Property and Investments:
|
|
|
|
||||
Nonutility property, net of accumulated depreciation
|
|
|
34
|
|
31
|
||
Assets held in trust, net - nuclear decommissioning
|
|
|
61
|
|
56
|
||
Other investments
|
|
|
25
|
|
25
|
||
Nonutility Property and Investments, Net
|
|
|
120
|
|
112
|
||
|
|
|
|
||||
Current
Assets:
|
|
|
|
||||
Cash and cash equivalents
|
|
|
22
|
|
24
|
||
Receivables, net of allowance for uncollectible accounts of $5
and $5
|
|
|
314
|
|
311
|
||
Receivables - affiliated companies
|
|
|
31
|
|
41
|
||
Inventories (at average cost):
|
|
|
|
||||
Fuel
|
|
147
|
|
147
|
|||
Materials and supplies
|
|
93
|
|
85
|
|||
Emission allowances
|
|
|
38
|
22
|
|||
Prepayments
and other
|
|
|
17
|
20
|
|||
Deferred
income taxes
|
|
|
20
|
19
|
|||
Total Current Assets
|
|
|
682
|
669
|
|||
|
|
|
|||||
Deferred
Debits and Other Assets:
|
|
|
|||||
Pension asset, net
|
|
|
228
|
200
|
|||
Due from affiliates - pension and postretirement
benefits
|
|
|
43
|
41
|
|||
Emission allowances
|
|
|
-
|
27
|
|||
Regulatory assets
|
|
|
674
|
702
|
|||
Other
|
|
|
102
|
127
|
|
||
Total Deferred Debits and Other Assets
|
|
|
1,047
|
1,097
|
|
||
Total
|
|
$
|
7,849
|
$
|
7,626
|
|
|
|
September
30,
|
|
December
31,
|
|
||
Millions
of dollars
|
|
2007
|
|
2006
|
|
||
Capitalization
and Liabilities
|
|
|
|
||||
Shareholders’
Investment:
|
|
|
|
|
|
||
Common equity
|
|
$
|
2,600
|
|
$
|
2,457
|
|
Preferred stock (Not subject to purchase or sinking
funds)
|
|
|
106
|
106
|
|
||
Total Shareholders’ Investment
|
|
|
2,706
|
2,563
|
|
||
Preferred
Stock, net (Subject to purchase or sinking funds)
|
|
|
7
|
8
|
|
||
Long-Term
Debt, net
|
|
|
2,004
|
2,008
|
|
||
Total
Capitalization
|
|
|
4,717
|
4,579
|
|
||
|
|
|
|
||||
Minority
Interest
|
|
|
88
|
86
|
|
||
|
|
|
|
||||
Current
Liabilities:
|
|
|
|
||||
Short-term borrowings
|
|
|
427
|
362
|
|
||
Current portion of long-term debt
|
|
|
13
|
14
|
|
||
Accounts payable
|
|
|
107
|
155
|
|
||
Accounts payable - affiliated companies
|
|
|
167
|
147
|
|
||
Customer deposits and customer prepayments
|
|
|
39
|
40
|
|
||
Taxes accrued
|
|
|
101
|
112
|
|
||
Interest accrued
|
|
|
31
|
33
|
|
||
Dividends declared
|
|
|
42
|
23
|
|
||
Other
|
|
|
50
|
63
|
|
||
Total Current Liabilities
|
|
|
977
|
949
|
|
||
|
|
|
|
||||
Deferred
Credits and Other Liabilities:
|
|
|
|
||||
Deferred income taxes, net
|
|
|
826
|
807
|
|
||
Deferred investment tax credits
|
|
|
103
|
118
|
|
||
Asset retirement obligations
|
|
|
291
|
279
|
|
||
Postretirement benefits
|
|
|
194
|
194
|
|
||
Due to affiliates - pension and postretirement
benefits
|
|
|
6
|
6
|
|
||
Regulatory liabilities
|
|
|
582
|
541
|
|
||
Other
|
|
|
65
|
67
|
|
||
Total Deferred Credits and Other Liabilities
|
|
|
2,067
|
2,012
|
|
||
Commitments
and Contingencies (Note 4)
|
|
|
-
|
-
|
|
||
Total
|
|
$
|
7,849
|
$
|
7,626
|
|
|
Three
Months Ended
|
|
Nine
Months Ended
|
|
||||||||
|
|
September
30,
|
|
September
30,
|
|
||||||||
Millions
of dollars
|
|
2007
|
|
2006
|
|
2007
|
|
2006
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||
Operating
Revenues:
|
|
|
|
|
|
|
|
|
|
||||
Electric
|
|
$
|
604
|
$
|
587
|
$
|
1,520
|
|
$
|
1,451
|
|||
Gas
|
|
|
82
|
|
77
|
|
375
|
|
|
358
|
|||
Total Operating Revenues
|
|
|
686
|
|
664
|
|
1,895
|
|
|
1,809
|
|||
|
|
|
|
|
|
|
|||||||
Operating
Expenses:
|
|
|
|
|
|
|
|||||||
Fuel used in electric generation
|
|
|
209
|
|
200
|
|
518
|
|
|
464
|
|||
Purchased power
|
|
|
9
|
|
7
|
|
27
|
|
|
19
|
|||
Gas purchased for resale
|
|
|
62
|
|
62
|
|
283
|
|
|
287
|
|||
Other operation and maintenance
|
|
|
116
|
|
115
|
|
362
|
|
|
344
|
|||
Depreciation and amortization
|
|
|
64
|
|
86
|
|
217
|
|
|
216
|
|||
Other taxes
|
|
|
38
|
|
35
|
|
110
|
|
|
104
|
|||
Total Operating Expenses
|
|
|
498
|
|
505
|
|
1,517
|
|
|
1,434
|
|||
|
|
|
|
|
|
|
|||||||
Operating
Income
|
|
|
188
|
|
159
|
|
378
|
|
|
375
|
|||
|
|
|
|
|
|
|
|||||||
Other
Income (Expense):
|
|
|
|
|
|
|
|||||||
Other income
|
|
|
8
|
|
24
|
|
22
|
|
|
59
|
|||
Other expenses
|
|
|
(4
|
)
|
|
(18
|
)
|
|
(10
|
)
|
|
(45
|
)
|
Allowance
for equity funds used during construction
|
1
|
-
|
2
|
-
|
|||||||||
Interest charges, net of allowance for borrowed
funds
|
|
|
|
|
|
||||||||
used during construction of $4, $2, $8 and $5
|
|
|
(35
|
)
|
|
(34
|
)
|
|
(107
|
)
|
|
(106
|
)
|
Gain on sale of assets
|
|
|
1
|
|
-
|
|
2
|
|
-
|
||||
Total
Other Expense
|
|
|
(29
|
)
|
|
(28
|
)
|
|
(91
|
)
|
|
(92
|
)
|
|
|
|
|
|
|
||||||||
Income
Before Income Taxes, Losses from Equity
|
|
|
|
|
|
||||||||
Method Investments, Minority Interest, Cumulative Effect
of
|
|
|
|
|
|
||||||||
Accounting Change and Preferred Stock Dividends
|
|
|
159
|
|
131
|
|
287
|
|
283
|
||||
Income
Tax Expense
|
|
|
53
|
|
30
|
|
77
|
|
71
|
||||
|
|
|
|
|
|
||||||||
Income
Before Losses from Equity Method Investments,
|
|
|
|
|
|
||||||||
Minority Interest, Cumulative Effect of Accounting
Change
|
|
|
|
|
|
||||||||
and Preferred Stock Dividends
|
|
|
106
|
|
101
|
|
210
|
|
212
|
||||
Losses
from Equity Method Investments
|
|
|
(5
|
)
|
|
(6
|
)
|
|
(15
|
)
|
|
(16
|
)
|
Minority
Interest
|
|
|
2
|
|
2
|
|
5
|
|
5
|
||||
Cumulative
Effect of Accounting Change, net of taxes
|
|
|
-
|
|
-
|
|
-
|
|
4
|
||||
|
|
|
|
|
|
||||||||
Net
Income
|
|
|
99
|
|
93
|
|
190
|
|
195
|
||||
Preferred
Stock Cash Dividends Declared
|
|
|
2
|
|
2
|
|
6
|
|
6
|
||||
|
|
|
|
|
|
||||||||
Earnings
Available for Common Shareholder
|
|
$
|
97
|
$
|
91
|
$
|
184
|
|
$
|
189
|
|||
|
|
|
|
|
|
|
|
|
|
||||
See
Notes to Condensed Consolidated Financial
Statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine
Months Ended
|
|
||||
|
|
September
30,
|
|
||||
Millions
of dollars
|
|
2007
|
|
2006
|
|
||
Cash
Flows From Operating Activities:
|
|
|
|
|
|
||
Net income
|
|
$
|
190
|
$
|
195
|
||
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
|
|
|
15
|
16
|
|||
Minority interest
|
|
|
5
|
5
|
|||
Depreciation and amortization
|
|
|
215
|
216
|
|||
Amortization of nuclear fuel
|
|
|
14
|
14
|
|||
Allowance
for equity funds used during construction
|
(2
|
)
|
-
|
||||
Carrying cost recovery
|
|
|
(4
|
)
|
(5
|
)
|
|
Gain
of sale of assets
|
(2
|
)
|
-
|
||||
Cash provided (used) by changes in certain assets and
liabilities:
|
|
|
|||||
Receivables, net
|
|
|
(11
|
)
|
49
|
||
Inventories
|
|
|
(25
|
)
|
(50
|
)
|
|
Prepayments
|
|
|
3
|
(4
|
)
|
||
Pension asset
|
|
|
(27
|
)
|
(9
|
)
|
|
Other regulatory assets
|
|
|
(6
|
)
|
(16
|
)
|
|
Deferred income taxes, net
|
|
|
18
|
(3
|
)
|
||
Regulatory liabilities
|
|
|
11
|
22
|
|||
Postretirement benefits
|
|
|
-
|
7
|
|||
Accounts payable
|
|
|
(10
|
)
|
(63
|
)
|
|
Taxes accrued
|
|
|
(11
|
)
|
(6
|
)
|
|
Interest accrued
|
|
|
(2
|
)
|
(5
|
)
|
|
Changes
in fuel adjustment clauses
|
|
|
7
|
38
|
|||
Changes in other assets
|
|
|
21
|
1
|
|||
Changes in other liabilities
|
|
|
(21
|
)
|
6
|
||
Net
Cash Provided From Operating Activities
|
|
|
378
|
404
|
|||
Cash
Flows From Investing Activities:
|
|
|
|
||||
Utility
property additions and construction expenditures
|
|
|
(415
|
)
|
(248
|
)
|
|
Non-utility
property additions
|
(3
|
)
|
-
|
||||
Proceeds
from sale of assets
|
2
|
-
|
|||||
Short-term
investments-affiliate
|
10
|
-
|
|||||
Investments
|
|
|
(12
|
)
|
(23
|
)
|
|
Net
Cash Used For Investing Activities
|
|
|
(418
|
)
|
(271
|
)
|
|
Cash
Flows From Financing Activities:
|
|
|
|||||
Proceeds
from issuance of debt
|
-
|
132
|
|||||
Repayment of debt
|
|
|
(5
|
)
|
(144
|
)
|
|
Retirement
of preferred stock
|
(1
|
)
|
-
|
||||
Dividends
|
|
|
(102
|
)
|
(122
|
)
|
|
Contribution from parent
|
|
|
73
|
3
|
|||
Short-term borrowings - affiliate, net
|
|
|
8
|
75
|
|||
Short-term borrowings, net
|
|
|
65
|
(77
|
)
|
||
Net Cash Provided From (Used For) Financing
Activities
|
|
|
38
|
(133
|
)
|
||
Net
Decrease In Cash and Cash Equivalents
|
|
|
(2
|
)
|
-
|
||
Cash
and Cash Equivalents, January 1
|
|
|
24
|
19
|
|||
Cash
and Cash Equivalents, September 30
|
|
$
|
22
|
$
|
19
|
||
Supplemental
Cash Flow Information:
|
|
|
|
||||
Cash paid for - Interest (net of capitalized interest of $8 and
$5)
|
|
$
|
82
|
$
|
89
|
||
-
Income taxes
|
|
|
45
|
64
|
|||
Noncash
Investing and Financing Activities:
|
|
|
|||||
Accrued construction expenditures
|
|
|
26
|
14
|
|||
See
Notes to Condensed Consolidated Financial
Statements.
|
|
|
|
|
|
|
September
30,
|
December
31,
|
||||||
Millions
of dollars
|
2007
|
2006
|
||||||
Regulatory
Assets:
|
|
|
||||||
Accumulated
deferred income taxes
|
$ |
168
|
$ |
169
|
||||
Under-collections - electric
fuel and gas cost adjustment clauses
|
46
|
49
|
||||||
Deferred
purchased power costs
|
2
|
9
|
||||||
Environmental
remediation costs
|
17
|
18
|
||||||
Asset
retirement obligations and related funding
|
261
|
254
|
||||||
Franchise
agreements
|
51
|
55
|
||||||
Deferred
regional transmission organization costs
|
6
|
8
|
||||||
Deferred
employee benefit plan costs
|
110
|
128
|
||||||
Other
|
13
|
12
|
||||||
Total
Regulatory Assets
|
$ |
674
|
$ |
702
|
Regulatory
Liabilities:
|
|
|
||||||
Accumulated
deferred income taxes
|
$ |
32
|
$ |
34
|
||||
Over-collection
- gas cost adjustment clause
|
4
|
-
|
||||||
Other
asset removal costs
|
464
|
438
|
||||||
Storm
damage reserve
|
48
|
44
|
||||||
Planned
major maintenance
|
13
|
6
|
||||||
Other
|
21
|
19
|
||||||
Total
Regulatory Liabilities
|
$ |
582
|
$ |
541
|
|
|
Pension
Benefits
|
|
Other
Postretirement Benefits
|
|
||||||||
Three
months ended September 30,
|
|
2007
|
|
2006
|
|
2007
|
|
2006
|
|
||||
Millions
of dollars
|
|
|
|
|
|
|
|
|
|
||||
Service
cost
|
|
$
|
3.5
|
$
|
3.5
|
$
|
0.9
|
$
|
1.1
|
||||
Interest
cost
|
|
|
9.2
|
10.0
|
2.8
|
3.0
|
|||||||
Expected
return on assets
|
|
|
(18.2
|
)
|
(18.8
|
)
|
-
|
-
|
|||||
Prior
service cost amortization
|
|
|
1.5
|
1.7
|
0.2
|
0.4
|
|||||||
Transition
obligation amortization
|
|
|
-
|
0.2
|
0.2
|
0.2
|
|||||||
Amortization
of actuarial loss
|
|
|
-
|
0.1
|
0.1
|
0.6
|
|||||||
Amount
attributable to Company affiliates
|
|
|
(0.7
|
)
|
(0.6
|
)
|
(1.2
|
)
|
(1.4
|
)
|
|||
Net
periodic benefit (income) cost
|
|
$
|
(4.7
|
)
|
$
|
(3.9
|
)
|
$
|
3.0
|
$
|
3.9
|
|
|
Pension
Benefits
|
|
Other
Postretirement Benefits
|
|
||||||||
Nine
months ended September 30,
|
|
2007
|
|
2006
|
|
2007
|
|
2006
|
|
||||
Millions
of dollars
|
|
|
|
|
|
|
|
|
|
||||
Service
cost
|
|
$
|
10.5
|
$
|
10.5
|
$
|
3.3
|
$
|
3.5
|
||||
Interest
cost
|
|
|
29.9
|
29.8
|
8.8
|
8.7
|
|||||||
Expected
return on assets
|
|
|
(58.4
|
)
|
(56.4
|
)
|
-
|
-
|
|||||
Prior
service cost amortization
|
|
|
4.9
|
5.1
|
0.8
|
0.8
|
|||||||
Transition
obligation amortization
|
|
|
-
|
0.4
|
0.6
|
0.6
|
|||||||
Amortization
of actuarial loss
|
|
|
-
|
0.5
|
0.7
|
1.3
|
|||||||
Amount
attributable to Company affiliates
|
|
|
(1.9
|
)
|
(1.9
|
)
|
(3.8
|
)
|
(4.1
|
)
|
|||
Net
periodic benefit (income) cost
|
|
$
|
(15.0
|
)
|
$
|
(12.0
|
)
|
$
|
10.4
|
$
|
10.8
|
September
30,
|
December
31,
|
|||||||
2007
|
2006
|
|||||||
Millions
of dollars
|
||||||||
Lines
of credit:
|
||||||||
Committed
long-term
|
$ |
1,100
|
$ |
1,100
|
||||
Uncommitted
(a)
|
103
|
103
|
||||||
(a)
SCANA or SCE&G may use $78 million of these lines of
credit.
|
|
|
|
|
|
|
Earnings
(Loss)
|
|
|
|
||||
|
|
|
|
Operating
|
|
Available
to
|
|
|
|
||||
|
|
External
|
|
Income
|
|
Common
|
|
Segment
|
|
||||
Millions
of Dollars
|
|
Revenue
|
|
(Loss)
|
|
Shareholder
|
|
Assets
|
|
||||
Three
Months Ended September 30, 2007
|
|
|
|
|
|
|
|
|
|
||||
Electric
Operations
|
|
$
|
604
|
$
|
195
|
|
n/a
|
|
|||||
Gas
Distribution
|
|
|
82
|
(4
|
)
|
n/a
|
|
||||||
All
Other
|
|
|
-
|
-
|
(5
|
)
|
|
||||||
Adjustments/Eliminations
|
|
|
-
|
(3
|
)
|
102
|
|
||||||
Consolidated
Total
|
|
$
|
686
|
|
$
|
188
|
$
|
97
|
|
Nine
Months Ended September 30, 2007
|
|
|
|
|
|
|
|
|||||
Electric
Operations
|
|
$
|
1,520
|
$
|
361
|
|
n/a
|
$
|
5,872
|
|||
Gas
Distribution
|
|
|
375
|
|
23
|
|
n/a
|
479
|
||||
All
Other
|
|
|
-
|
|
-
|
$
|
(15
|
)
|
-
|
|||
Adjustments/Eliminations
|
|
|
-
|
|
(6
|
)
|
|
199
|
1,498
|
|||
Consolidated
Total
|
|
$
|
1,895
|
$
|
378
|
$
|
184
|
$
|
7,849
|
Three
Months Ended September 30, 2006
|
|
|
|
|
|
|
|
|
|
||||
Electric
Operations
|
|
$
|
587
|
$
|
166
|
|
n/a
|
|
|||||
Gas
Distribution
|
|
|
77
|
(6
|
)
|
n/a
|
|
|
|||||
All
Other
|
|
|
-
|
-
|
$
|
(6
|
)
|
|
|
||||
Adjustments/Eliminations
|
|
|
-
|
(1
|
)
|
97
|
|
|
|||||
Consolidated
Total
|
|
$
|
664
|
|
$
|
159
|
$
|
91
|
|
Nine
Months Ended September 30, 2006
|
|
|
|
|
|
|
|
|||||
Electric
Operations
|
|
$
|
1,451
|
$
|
376
|
|
n/a
|
$
|
5,476
|
|||
Gas
Distribution
|
|
|
358
|
|
9
|
|
n/a
|
408
|
||||
All
Other
|
|
|
-
|
|
-
|
$
|
(16
|
)
|
1
|
|||
Adjustments/Eliminations
|
|
|
-
|
|
(10
|
)
|
|
205
|
1,548
|
|||
Consolidated
Total
|
|
$
|
1,809
|
$
|
375
|
$
|
189
|
$
|
7,433
|
Third
Quarter
|
Year
to Date
|
|||||||||||
Millions
of dollars
|
2007
|
|
2006
|
2007
|
2006
|
|||||||
|
|
|
|
|
|
|||||||
Net
income
|
$
|
98.4
|
$
|
92.6
|
$
|
189.5
|
$
|
194.6
|
|
Declaration
Date
|
Amount
|
Quarter
Ended
|
Payment
Date
|
February
15, 2007
|
$36.0
million
|
March
31, 2007
|
April
1, 2007
|
April
26, 2007
|
39.7
million
|
June
30, 2007
|
July
1, 2007
|
August
2, 2007
|
39.7
million
|
September
30, 2007
|
October
1, 2007
|
October
24, 2007
|
35.0
million
|
December
31, 2007
|
January
1, 2008
|
|
Third
Quarter
|
|
Year
To Date
|
|
||||||||||||||
Millions
of dollars
|
2007
|
%
Change
|
2006
|
|
2007
|
|
%
Change
|
2006
|
|
|||||||||
Operating
revenues
|
$
|
603.8
|
2.9
|
%
|
$
|
587.0
|
$
|
1,520.3
|
4.8
|
%
|
$
|
1,450.9
|
|
|||||
Less:
Fuel used in electric generation
|
209.2
|
4.8
|
%
|
199.7
|
517.9
|
11.7
|
%
|
463.8
|
|
|||||||||
Purchased power
|
9.3
|
32.9
|
%
|
7.0
|
27.2
|
43.2
|
%
|
19.0
|
|
|||||||||
Margin
|
$
|
385.3
|
1.3
|
%
|
$
|
380.3
|
$
|
975.2
|
0.7
|
%
|
$
|
968.1
|
|
|
Third
Quarter
|
|
Year
To Date
|
|
||||||||||||||
Millions
of dollars
|
2007
|
%
Change
|
2006
|
|
2007
|
|
%
Change
|
2006
|
|
|||||||||
Operating
revenues
|
$
|
82.2
|
7.5
|
%
|
$
|
76.5
|
$
|
374.6
|
4.6
|
%
|
$
|
358.1
|
|
|||||
Less:
Gas purchased for resale
|
62.3
|
1.3
|
%
|
61.5
|
282.6
|
(1.4
|
)%
|
286.6
|
|
|||||||||
Margin
|
$
|
19.9
|
32.7
|
%
|
$
|
15.0
|
$
|
92.0
|
28.7
|
%
|
$
|
71.5
|
|
|
Third
Quarter
|
|
Year
To Date
|
|
||||||||||||||
Millions
of dollars
|
2007
|
%
Change
|
2006
|
|
2007
|
|
%
Change
|
2006
|
|
|||||||||
Other
operation and maintenance
|
$
|
116.1
|
1.0
|
%
|
$
|
115.0
|
$
|
362.2
|
5.4
|
%
|
$
|
343.6
|
|
|||||
Depreciation
and amortization
|
63.7
|
(26.3
|
)%
|
86.4
|
216.9
|
0.2
|
%
|
216.5
|
||||||||||
Other
taxes
|
37.3
|
6.3
|
%
|
35.1
|
|
109.8
|
5.5
|
%
|
104.1
|
|
|
Third
Quarter
|
|
Year
to Date
|
|
|||||||||
Millions
of dollars
|
2007
|
2006
|
|
2007
|
|
2006
|
|
||||||
Depreciation
and amortization recapture (expense)
|
$
|
3.2
|
$
|
(21.6
|
)
|
$
|
(15.9
|
)
|
$
|
(23.0
|
)
|
||
Income
tax benefits:
|
|
|
|
||||||||||
From
synthetic fuel tax credits
|
1.2
|
10.5
|
|
|
18.9
|
|
14.6
|
||||||
From
accelerated depreciation
|
(1.2
|
)
|
13.4
|
|
|
6.1
|
|
14.2
|
|||||
From
partnership losses
|
1.9
|
3.6
|
|
|
5.5
|
|
9.4
|
||||||
Total
income tax benefits
|
1.9
|
27.5
|
|
|
30.5
|
|
38.2
|
||||||
|
|
|
|
||||||||||
Losses
from Equity Method Investments
|
(5.1
|
)
|
(5.9
|
)
|
|
(14.6
|
)
|
|
(15.2
|
)
|
|||
|
|
|
|
||||||||||
Impact
on Net Income
|
$
|
-
|
$
|
-
|
|
$
|
-
|
$
|
-
|
||||
Carrying
costs recognized in other income
|
$
|
2
|
$
|
1
|
$
|
4
|
$
|
5
|
|
|
SCE&G
|
||||
Rating
Agency
|
|
Senior
Secured
|
Senior
Unsecured
|
Preferred
Stock
|
Commercial
Paper
|
Outlook
|
Moody's
|
|
A1
|
A2
|
Baa1
|
P-1
|
*
|
Standard
& Poor’s (S&P)
|
|
A-
|
BBB+
|
BBB
|
A-2
|
Negative
|
Fitch
|
|
A+
|
A
|
A-
|
F-1
|
Stable
|
|
|
|
|||||||||
As
of September 30, 2007
|
Expected
Maturity
|
|
|
||||||||
|
|
|
|
|
|
There-
|
|
Fair
|
|||
Millions
of dollars
|
2007
|
2008
|
2009
|
2010
|
2011
|
after
|
Total
|
Value
|
|||
|
|
|
|
|
|
|
|
|
|||
Long-Term
Debt Issued:
|
|
|
|
|
|
|
|
|
|||
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
|
6.71
|
5.83
|
5.93
|
n/a
|
Expected
Maturity
|
|||
Futures
Contracts - Long
|
2007
|
2008
|
2009
|
Settlement
Price (a)
|
7.28
|
8.13
|
8.98
|
Contract
Amount (b)
|
3.2
|
14.7
|
3.5
|
Fair
Value (b)
|
2.7
|
13.7
|
3.1
|
|
Expected
Maturity
|
||
Commodity
Swaps
|
2007
|
2008
|
2009
|
|
|
|
|
Pay
fixed/receive variable (b)
|
24.2
|
74.1
|
7.2
|
Average
pay rate (a)
|
8.7236
|
8.7175
|
9.6552
|
Average
received rate (a)
|
7.3902
|
8.0196
|
8.9674
|
Fair
value (b)
|
20.5
|
68.2
|
6.7
|
(a)
Weighted
average, in dollars
|
|
(b)
Millions
of
dollars
|
|
Issuer
Purchases of Equity Securities
|
||||
(d)
|
||||
Maximum
number
|
||||
(c)
|
(or
approximate
|
|||
Total
number of
|
dollar
value) of
|
|||
(a)
|
shares
(or units)
|
shares
(or units)
|
||
Total
number of
|
(b)
|
purchased
as part of
|
that
may yet be
|
|
shares
(or units)
|
Average
price paid
|
publicly
announced
|
purchased
under the
|
|
Period
|
purchased
|
per
share (or unit)
|
plans
or programs
|
plan
or program
|
July
1-31
|
321,166
|
$39.00
|
321,166
|
|
August
1-31
|
116,857
|
38.26
|
116,857
|
|
September
1-30
|
84,763
|
38.62
|
84,763
|
|
Total
|
522,786
|
522,786
|
*
|
|
SCANA
CORPORATION
|
|
SOUTH
CAROLINA ELECTRIC & GAS COMPANY
|
|
(Registrants)
|
By:
|
/s/James
E. Swan, IV
|
November
2, 2007
|
James
E. Swan, IV
|
|
Controller
|
|
(Principal
accounting officer)
|
|
Applicable
to
Form 10-Q 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
Registration No. 333-145208-01
|
||||
|
May 18,
2004
|
Exhibit 3.06
|
to
Registration No. 333-145208-01
|
|||
|
June 18,
2004
|
Exhibit 3.07
|
to
Registration No. 333-145208-01
|
|||
|
August 12,
2004
|
Exhibit 3.08
|
to
Registration No. 333-145208-01
|
|||
|
March
9, 2005
|
Exhibit
3.09
|
to
Registration No. 333-145208-01
|
|||
|
May
16, 2005
|
Exhibit
3.10
|
to
Registration No. 333-145208-01
|
|||
|
June
15, 2005
|
Exhibit
3.11
|
to
Registration No. 333-145208-01
|
|||
|
August
16, 2005
|
Exhibit
3.12
|
to
Registration No. 333-145208-01
|
|||
March
14, 2006
|
Exhibit
3.13
|
to
Registration No. 333-145208-01
|
||||
May
11, 2006
|
Exhibit
3.14
|
to
Registration No. 333-145208-01
|
||||
June
28, 2006
|
Exhibit
3.15
|
to
Registration No. 333-145208-01
|
||||
August
16, 2006
|
Exhibit
3.16
|
to
Registration No. 333-145208-01
|
||||
|
March
13, 2007
|
Exhibit
3.17
|
to
Registration No. 333-145208-01
|
|||
May
22, 2007
|
Exhibit
3.18
|
to
Registration No. 333-145208-01
|
||||
June
22, 2007
|
Exhibit
3.19
|
to
Registration No. 333-145208-01
|
||||
August
21, 2007
|
Exhibit
3.01
|
to
Form 8-K filed August 23, 2007
|
||||
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
Registration Statement No. 333-145208-01 set forth below and are
incorporated by reference herein
|
||||
|
May 7,
2001
|
Exhibit 3.21(a)
|
||||
|
May 22,
2001
|
Exhibit 3.21(b)
|
||||
|
June 14,
2001
|
Exhibit 3.21(c)
|
||||
|
August 30,
2001
|
Exhibit 3.21(d)
|
||||
March 13,
2002
|
Exhibit 3.21(e)
|
|||||
May 9,
2002
|
Exhibit 3.21(f)
|
|||||
June 4,
2002
|
Exhibit 3.21(g)
|
Applicable
to
Form 10-Q
of
|
||||||
Exhibit
No.
|
SCANA
|
SCE&G
|
Description
|
|||
|
August 12,
2002
|
Exhibit 3.21(h)
|
||||
|
|
|
March 13,
2003
|
Exhibit 3.21(i)
|
||
|
|
|
May 22,
2003
|
Exhibit 3.21(j)
|
||
|
|
|
June 18,
2003
|
Exhibit 3.21(k)
|
||
|
|
|
August 7,
2003
|
Exhibit 3.21(l)
|
||
3.07
|
X
|
Articles
of Correction dated March 17, 2006, correcting March 14, 2006 Articles
of
Amendment (Filed as Exhibit 3.22 to Registration Statement No.
333-145208-01 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 3.23 to Registration Statement No.
333-145208-01 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)
|
||||
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)
|