x
|
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
o
|
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 o
|
Non-accelerated filer o
|
Smaller reporting company o
|
|||
South
Carolina Electric & Gas Company
|
Large accelerated filer o
|
Accelerated filer o
|
Non-accelerated filer x
|
Smaller reporting company o
|
Description
of
|
Shares
Outstanding
|
|
Registrant
|
Common
Stock
|
at
October 31, 2008
|
SCANA
Corporation
|
Without
Par Value
|
117,518,117
|
South
Carolina Electric & Gas Company
|
$4.50
Par Value
|
40,296,147 (a)
|
(a)Owned
beneficially and of record by SCANA Corporation.
|
Page
|
|||||
Cautionary
Statement Regarding Forward-Looking Information
|
3
|
||||
PART I.
FINANCIAL INFORMATION
|
|||||
SCANA
Corporation Financial Section
|
4
|
||||
Item
1.
|
Financial
Statements
|
5
|
|||
Condensed
Consolidated Balance Sheets
|
5
|
||||
Condensed
Consolidated Statements of Income
|
7
|
||||
Condensed
Consolidated Statements of Cash Flows
|
8
|
||||
Condensed
Consolidated Statements of Comprehensive Income
|
9
|
||||
Notes
to Condensed Consolidated Financial Statements
|
10
|
||||
Item
2.
|
Management’s
Discussion and Analysis of Financial Condition and Results of
Operations
|
21
|
|||
Item
3.
|
Quantitative
and Qualitative Disclosures About Market Risk
|
28
|
|||
Item
4.
|
Controls
and Procedures
|
29
|
|||
South
Carolina Electric & Gas Company Financial Section
|
30
|
||||
Item
1.
|
Financial
Statements
|
31
|
|||
Condensed
Consolidated Balance Sheets
|
31
|
||||
Condensed
Consolidated Statements of Income
|
33
|
||||
Condensed
Consolidated Statements of Cash Flows
|
34
|
||||
Notes
to Condensed Consolidated Financial Statements
|
35
|
||||
Item
2.
|
Management’s
Discussion and Analysis of Financial Condition and Results of
Operations
|
44
|
|||
Item
3.
|
Quantitative
and Qualitative Disclosures About Market Risk
|
50
|
|||
Item
4T.
|
Controls
and Procedures
|
51
|
|||
PART
II. OTHER INFORMATION
|
52
|
||||
Item
1.
|
Legal
Proceedings
|
52
|
|||
Item
1A.
|
Risk
Factors
|
52
|
|||
Item
6.
|
Exhibits
|
56
|
|||
Signatures
|
57
|
||||
Exhibit
Index
|
58
|
September
30,
|
December
31,
|
|||||||
Millions
of dollars
|
2008
|
2007
|
||||||
Assets
|
||||||||
Utility
Plant In Service
|
$
|
10,127
|
$
|
9,807
|
||||
Accumulated
Depreciation and Amortization
|
(3,113
|
)
|
(2,981
|
)
|
||||
Construction
Work in Progress
|
670
|
400
|
||||||
Nuclear
Fuel, Net of Accumulated Amortization
|
76
|
82
|
||||||
Acquisition
Adjustments
|
230
|
230
|
||||||
Utility
Plant, Net
|
7,990
|
7,538
|
||||||
Nonutility
Property and Investments:
|
||||||||
Nonutility property, net of accumulated depreciation of $90 and $84
|
175
|
131
|
||||||
Assets held in trust, net-nuclear decommissioning
|
57
|
62
|
||||||
Other investments
|
71
|
82
|
||||||
Nonutility Property and Investments, Net
|
303
|
275
|
||||||
Current
Assets:
|
||||||||
Cash and cash equivalents
|
122
|
134
|
||||||
Receivables, net of allowance for uncollectible accounts of $11 and
$10
|
498
|
641
|
||||||
Receivables - affiliated companies
|
-
|
29
|
||||||
Inventories (at average cost):
|
||||||||
Fuel and gas supply
|
318
|
286
|
||||||
Materials and supplies
|
112
|
107
|
||||||
Emission allowances
|
19
|
33
|
||||||
Prepayments and other
|
88
|
62
|
||||||
Deferred income taxes
|
17
|
9
|
||||||
Total Current Assets
|
1,174
|
1,301
|
||||||
Deferred
Debits and Other Assets:
|
||||||||
Pension asset, net
|
242
|
224
|
||||||
Regulatory assets
|
799
|
712
|
||||||
Other
|
116
|
115
|
||||||
Total Deferred Debits and Other Assets
|
1,157
|
1,051
|
||||||
Total
|
$
|
10,624
|
$
|
10,165
|
September
30,
|
December
31,
|
|||||||
Millions
of dollars
|
2008
|
2007
|
||||||
Capitalization
and Liabilities
|
||||||||
Shareholders’
Investment:
|
||||||||
Common equity
|
$
|
3,060
|
$
|
2,960
|
||||
Preferred stock (Not subject to purchase or sinking
funds)
|
106
|
106
|
||||||
Total Shareholders’ Investment
|
3,166
|
3,066
|
||||||
Preferred
Stock, net (Subject to purchase or sinking funds)
|
7
|
7
|
||||||
Long-Term
Debt, net
|
3,822
|
2,879
|
||||||
Total Capitalization
|
6,995
|
5,952
|
||||||
Current
Liabilities:
|
||||||||
Short-term borrowings
|
80
|
627
|
||||||
Current portion of long-term debt
|
259
|
233
|
||||||
Accounts payable
|
323
|
401
|
||||||
Accounts payable - affiliated companies
|
-
|
27
|
||||||
Customer deposits and customer prepayments
|
80
|
85
|
||||||
Taxes accrued
|
102
|
156
|
||||||
Interest accrued
|
62
|
51
|
||||||
Dividends declared
|
56
|
53
|
||||||
Other
|
90
|
88
|
||||||
Total Current Liabilities
|
1,052
|
1,721
|
||||||
Deferred
Credits and Other Liabilities:
|
||||||||
Deferred income taxes, net
|
984
|
944
|
||||||
Deferred investment tax credits
|
103
|
104
|
||||||
Asset retirement obligations
|
320
|
307
|
||||||
Postretirement benefits
|
184
|
185
|
||||||
Regulatory liabilities
|
858
|
830
|
||||||
Other
|
128
|
122
|
||||||
Total Deferred Credits and Other Liabilities
|
2,577
|
2,492
|
||||||
Commitments
and Contingencies (Note 6)
|
-
|
-
|
||||||
Total
|
$
|
10,624
|
$
|
10,165
|
Three
Months Ended
|
Nine
Months Ended
|
||||||||||||
September
30,
|
September
30,
|
||||||||||||
Millions
of dollars, except per share amounts
|
2008
|
2007
|
2008
|
2007
|
|||||||||
Operating
Revenues:
|
|||||||||||||
Electric
|
$
|
671
|
$
|
602
|
$
|
1,735
|
$
|
1,515
|
|||||
Gas - regulated
|
179
|
146
|
871
|
773
|
|||||||||
Gas - nonregulated
|
416
|
331
|
1,412
|
1,161
|
|||||||||
Total Operating Revenues
|
1,266
|
1,079
|
4,018
|
3,449
|
|||||||||
Operating
Expenses:
|
|||||||||||||
Fuel used in electric generation
|
267
|
209
|
672
|
518
|
|||||||||
Purchased power
|
8
|
9
|
28
|
27
|
|||||||||
Gas purchased for resale
|
519
|
399
|
1,912
|
1,573
|
|||||||||
Other operation and maintenance
|
160
|
156
|
504
|
490
|
|||||||||
Depreciation and amortization
|
83
|
76
|
242
|
253
|
|||||||||
Other taxes
|
40
|
41
|
127
|
120
|
|||||||||
Total Operating Expenses
|
1,077
|
890
|
3,485
|
2,981
|
|||||||||
Operating
Income
|
189
|
189
|
533
|
468
|
|||||||||
Other
Income (Expense):
|
|||||||||||||
Other income
|
17
|
19
|
53
|
67
|
|||||||||
Other expenses
|
(12
|
)
|
(14
|
)
|
(31
|
)
|
(39
|
)
|
|||||
Interest
charges, net of allowance for borrowed funds
|
|||||||||||||
used during construction of $4, $4, $11 and $9
|
(56
|
)
|
(51
|
)
|
(163
|
)
|
(156
|
)
|
|||||
Preferred
dividends of subsidiary
|
(2
|
)
|
(2
|
)
|
(6
|
)
|
(6
|
)
|
|||||
Allowance
for equity funds used during construction
|
4
|
1
|
8
|
2
|
|||||||||
Total Other Expense
|
(49
|
)
|
(47
|
)
|
(139
|
)
|
(132
|
)
|
|||||
Income
Before Income Tax Expense and
|
|||||||||||||
Earnings
(Losses) from Equity Method Investments
|
140
|
142
|
394
|
336
|
|||||||||
Income
Tax Expense
|
50
|
46
|
141
|
93
|
|||||||||
Income
Before Earnings (Losses) from Equity
Method Investments
|
90
|
96
|
253
|
243
|
|||||||||
Earnings
(Losses) from Equity Method Investments
|
4
|
(4
|
)
|
7
|
(11
|
)
|
|||||||
Net
Income
|
$
|
94
|
$
|
92
|
$
|
260
|
$
|
232
|
|||||
Basic
and Diluted Earnings Per Share of Common Stock
|
$
|
.80
|
$
|
.79
|
$
|
2.22
|
$
|
1.99
|
|||||
Weighted
Average Shares Outstanding (millions)
|
117.1
|
116.7
|
116.8
|
116.7
|
|||||||||
See
Notes to Condensed Consolidated Financial
Statements.
|
Nine
Months Ended
|
|||||||
September
30,
|
|||||||
Millions
of dollars
|
2008
|
2007
|
|||||
Cash
Flows From Operating Activities:
|
|||||||
Net
income
|
$
|
260
|
$
|
232
|
|||
Adjustments
to reconcile net income to net cash provided from operating
activities:
|
|||||||
Excess (earnings) losses from equity method investments, net of
distributions
|
(3
|
)
|
13
|
||||
Depreciation and amortization
|
245
|
258
|
|||||
Amortization of nuclear fuel
|
12
|
14
|
|||||
Allowance
for equity funds used during construction
|
(8
|
)
|
(2
|
)
|
|||
Carrying cost recovery
|
(4
|
)
|
(4
|
)
|
|||
Cash
provided (used) by changes in certain assets and
liabilities:
|
|||||||
Receivables, net
|
172
|
186
|
|||||
Inventories
|
(66
|
)
|
(37
|
)
|
|||
Prepayments and other
|
(46
|
)
|
12
|
||||
Pension asset
|
(13
|
)
|
(28
|
)
|
|||
Other regulatory assets
|
42
|
3
|
|||||
Deferred income taxes, net
|
32
|
31
|
|||||
Regulatory liabilities
|
(3
|
)
|
21
|
||||
Postretirement benefits
|
1
|
4
|
|||||
Accounts payable
|
(64
|
)
|
(133
|
)
|
|||
Taxes accrued
|
(54
|
)
|
(4
|
)
|
|||
Interest
accrued
|
11
|
(2
|
)
|
||||
Changes in fuel adjustment clauses
|
(120
|
)
|
(30
|
)
|
|||
Changes in other assets
|
(8
|
)
|
18
|
||||
Changes in other liabilities
|
18
|
(17
|
)
|
||||
Net
Cash Provided From Operating Activities
|
404
|
535
|
|||||
Cash
Flows From Investing Activities:
|
|||||||
Utility
property additions and construction expenditures
|
(646
|
)
|
(489
|
)
|
|||
Proceeds
from sale of assets
|
3
|
2
|
|||||
Nonutility
property additions
|
(48
|
)
|
(3
|
)
|
|||
Investments
|
15
|
(9
|
)
|
||||
Net
Cash Used For Investing Activities
|
(676
|
)
|
(499
|
)
|
|||
Cash
Flows From Financing Activities:
|
|||||||
Proceeds
from issuance of common stock
|
23
|
-
|
|||||
Proceeds
from issuance of debt
|
1,063
|
6
|
|||||
Repayment
of debt
|
(114
|
)
|
(9
|
)
|
|||
Redemption/repurchase
of equity securities
|
-
|
(33
|
)
|
||||
Dividends
|
(165
|
)
|
(157
|
)
|
|||
Short-term
borrowings, net
|
(547
|
)
|
83
|
||||
Net
Cash Provided From (Used For) Financing Activities
|
260
|
(110
|
)
|
||||
Net
Decrease In Cash and Cash Equivalents
|
(12
|
)
|
(74
|
)
|
|||
Cash
and Cash Equivalents, January 1
|
134
|
201
|
|||||
Cash
and Cash Equivalents, September 30
|
$
|
122
|
$
|
127
|
|||
Supplemental
Cash Flow Information:
|
|||||||
Cash
paid for - Interest (net of capitalized interest of $11 and
$9)
|
$
|
145
|
$
|
133
|
|||
-
Income taxes
|
113
|
46
|
|||||
Noncash
Investing and Financing Activities:
|
|||||||
Accrued
construction expenditures
|
42
|
34
|
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
|
2008
|
2007
|
2008
|
2007
|
||||||||||
Net
Income
|
$
|
94
|
$
|
92
|
$
|
260
|
$
|
232
|
||||||
Other
Comprehensive Income (Loss), net of tax:
|
||||||||||||||
Gains (losses) on hedging activities:
|
||||||||||||||
Unrealized
holding losses arising during period, net
|
(35
|
)
|
(7
|
)
|
(15
|
)
|
(6
|
)
|
||||||
Realized
losses on derivatives designated as cash flow hedges
|
(2
|
)
|
(2
|
)
|
(5
|
)
|
(2
|
)
|
||||||
Reclassification
adjustment for losses included in net income
|
2
|
4
|
1
|
15
|
||||||||||
Deferred
cost of employee benefit plans, net of taxes
|
-
|
1
|
-
|
1
|
||||||||||
Other
Comprehensive Income (Loss), net of tax
|
(35
|
)
|
(4
|
)
|
(19
|
)
|
8
|
|||||||
Total
Comprehensive Income (1)
|
$
|
59
|
$
|
88
|
$
|
241
|
$
|
240
|
||||||
|
||||||||||||||
(1) Accumulated other comprehensive loss totaled $40.7
million as of September 30, 2008 and $22.3 million
as
|
||||||||||||||
of December
31, 2007.
|
||||||||||||||
|
||||||||||||||
See
Notes to Condensed Consolidated Financial
Statements.
|
September
30,
|
December
31,
|
||||||
Millions
of dollars
|
2008
|
2007
|
|||||
Regulatory
Assets:
|
|||||||
Accumulated
deferred income taxes
|
$
|
171
|
$
|
161
|
|||
Under-collections
– electric fuel and gas cost adjustment clauses
|
152
|
45
|
|||||
Environmental
remediation costs
|
27
|
26
|
|||||
Asset
retirement obligations and related funding
|
252
|
274
|
|||||
Franchise
agreements
|
49
|
52
|
|||||
Deferred
employee benefit plan costs
|
108
|
120
|
|||||
Other
|
40
|
34
|
|||||
Total
Regulatory Assets
|
$
|
799
|
$
|
712
|
Regulatory
Liabilities:
|
|||||||
Accumulated
deferred income taxes
|
$
|
33
|
$
|
35
|
|||
Over-collections
– electric fuel and gas cost adjustment clauses
|
21
|
19
|
|||||
Other
asset removal costs
|
680
|
643
|
|||||
Storm
damage reserve
|
50
|
49
|
|||||
Planned
major maintenance
|
8
|
15
|
|||||
Monetization
of bankruptcy claim
|
43
|
45
|
|||||
Other
|
23
|
24
|
|||||
Total
Regulatory Liabilities
|
$
|
858
|
$
|
830
|
Pension
Benefits
|
Other
Postretirement Benefits
|
||||||||||||
Millions
of dollars
|
2008
|
2007
|
2008
|
2007
|
|||||||||
Three
months ended September 30,
|
|||||||||||||
Service
cost
|
$
|
3.5
|
$
|
3.5
|
$
|
0.8
|
$
|
0.9
|
|||||
Interest
cost
|
10.6
|
9.2
|
2.9
|
2.8
|
|||||||||
Expected
return on assets
|
(19.9
|
)
|
(18.2
|
)
|
-
|
-
|
|||||||
Prior
service cost amortization
|
1.8
|
1.5
|
0.2
|
0.2
|
|||||||||
Transition
obligation amortization
|
-
|
-
|
0.1
|
0.2
|
|||||||||
Amortization
of actuarial loss
|
-
|
-
|
-
|
0.1
|
|||||||||
Net
periodic benefit (income) cost
|
$
|
(4.0
|
)
|
$
|
(4.0
|
)
|
$
|
4.0
|
$
|
4.2
|
Nine
months ended September 30,
|
|||||||||||||
Service
cost
|
$
|
11.3
|
$
|
10.5
|
$
|
3.0
|
$
|
3.3
|
|||||
Interest
cost
|
32.4
|
29.9
|
9.0
|
8.8
|
|||||||||
Expected
return on assets
|
(60.8
|
)
|
(58.4
|
)
|
-
|
-
|
|||||||
Prior
service cost amortization
|
5.3
|
4.9
|
0.8
|
0.8
|
|||||||||
Transition
obligation amortization
|
-
|
-
|
0.5
|
0.6
|
|||||||||
Amortization
of actuarial loss
|
-
|
-
|
-
|
0.7
|
|||||||||
Net
periodic benefit (income) cost
|
$
|
(11.8
|
)
|
$
|
(13.1
|
)
|
$
|
13.3
|
$
|
14.2
|
Fair
Value Measurements at September 30, 2008 Using
|
||||||||||||
Millions
of dollars
|
Quoted
Prices in Active
Markets
for Identical Assets
(Level
1)
|
Significant
Other Observable Inputs
(Level
2)
|
Significant
Unobservable Inputs
(Level
3)
|
|||||||||
Assets:
|
||||||||||||
Available
for sale securities
|
$ | 3 | - | - | ||||||||
Derivative
instruments
|
21 | $ | 1 | - | ||||||||
Liabilities:
|
||||||||||||
Derivative
instruments
|
28 | 11 | - |
SCANA
|
SCE&G
|
PSNC Energy
|
|||||||||||||||||
September
30,
|
December
31,
|
September
30,
|
December
31,
|
September
30,
|
December
31,
|
||||||||||||||
Millions
of dollars
|
2008
|
2007
|
2008
|
2007
|
2008
|
2007
|
|||||||||||||
Lines
of credit:
|
|||||||||||||||||||
Committed
long-term (expire
December
2011)
|
|||||||||||||||||||
Total
|
$
|
200
|
$
|
200
|
$
|
650
|
$
|
650
|
$
|
250
|
$
|
250
|
|||||||
Used
|
15
|
-
|
258
|
-
|
125
|
-
|
|||||||||||||
Weighted
average interest rate
|
3.48
|
%
|
-
|
3.32
|
%
|
-
|
3.38
|
%
|
-
|
||||||||||
Uncommitted
(a ):
|
|||||||||||||||||||
Total
|
$
|
78
|
$
|
78
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
|||||||
Used
|
-
|
7
|
-
|
-
|
-
|
-
|
|||||||||||||
Weighted
average interest rate
|
-
|
5.10
|
%
|
-
|
-
|
-
|
-
|
||||||||||||
Short-term
borrowings outstanding:
|
|||||||||||||||||||
Bank loans/commercial paper (270
or
fewer days)
|
$
|
-
|
$
|
7
|
$
|
27
|
$
|
464
|
$
|
53
|
$
|
157
|
|||||||
Weighted
average interest rate
|
-
|
5.10
|
%
|
2.95
|
%
|
5.74
|
%
|
3.00
|
%
|
5.74
|
%
|
External
|
Intersegment
|
Operating
|
Net
|
Segment
|
|||||||||||
Millions
of dollars
|
Revenue
|
Revenue
|
Income
(Loss)
|
Income
(Loss)
|
Assets
|
||||||||||
Three
Months Ended September 30, 2008
|
|||||||||||||||
Electric
Operations
|
$
|
671
|
$
|
3
|
$
|
195
|
n/a
|
||||||||
Gas
Distribution
|
177
|
-
|
(9
|
)
|
n/a
|
||||||||||
Gas
Transmission
|
2
|
9
|
3
|
n/a
|
|||||||||||
Retail
Gas Marketing
|
80
|
-
|
n/a
|
$
|
-
|
||||||||||
Energy
Marketing
|
336
|
86
|
n/a
|
1
|
|||||||||||
All
Other
|
9
|
93
|
n/a
|
(1
|
)
|
||||||||||
Adjustments/Eliminations
|
(9
|
)
|
(191
|
)
|
-
|
94
|
|||||||||
Consolidated
Total
|
$
|
1,266
|
$
|
-
|
$
|
189
|
$
|
94
|
Nine
Months Ended September 30, 2008
|
||||||||||||||||
Electric
Operations
|
$
|
1,735
|
$
|
9
|
$
|
421
|
n/a
|
$
|
6,223
|
|||||||
Gas
Distribution
|
865
|
-
|
68
|
n/a
|
2,000
|
|||||||||||
Gas
Transmission
|
6
|
30
|
12
|
n/a
|
315
|
|||||||||||
Retail
Gas Marketing
|
448
|
-
|
n/a
|
$
|
21
|
140
|
||||||||||
Energy
Marketing
|
964
|
254
|
n/a
|
2
|
144
|
|||||||||||
All
Other
|
25
|
266
|
n/a
|
(5
|
)
|
1,327
|
||||||||||
Adjustments/Eliminations
|
(25
|
)
|
(559
|
)
|
32
|
242
|
475
|
|||||||||
Consolidated
Total
|
$
|
4,018
|
$
|
-
|
$
|
533
|
$
|
260
|
$
|
10,624
|
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
|
|
FOR
THE THREE AND NINE MONTHS ENDED SEPTEMBER
30, 2008
|
Third
Quarter
|
Year
to Date
|
|||||||||||
Millions
of dollars
|
2008
|
2007
|
2008
|
2007
|
||||||||
Earnings
per share
|
$
|
.80
|
$
|
.79
|
$
|
2.22
|
$
|
1.99
|
|
Third
Quarter
|
|
Year to
Date
|
Declaration
Date
|
Dividend
Per Share
|
Record
Date
|
Payment Date
|
|
February
14, 2008
|
$
|
.46
|
March
10, 2008
|
April
1, 2008
|
April
24, 2008
|
.46
|
June
10, 2008
|
July
1, 2008
|
|
July
31, 2008
|
.46
|
September
10, 2008
|
October
1, 2008
|
|
October 29,
2008
|
|
.46
|
December 10, 2008
|
January
1, 2009
|
Third
Quarter
|
Year
to Date
|
||||||||||||||||
Millions
of dollars
|
2008
|
%
Change
|
2007
|
2008
|
%
Change
|
2007
|
|||||||||||
Operating
revenues
|
$
|
671.4
|
11.5
|
%
|
$
|
602.0
|
$
|
1,735.1
|
14.6
|
%
|
$
|
1,514.7
|
|||||
Less: Fuel
used in generation
|
267.5
|
27.9
|
%
|
209.2
|
671.8
|
29.7
|
%
|
517.9
|
|||||||||
Purchased
power
|
7.4
|
(20.4
|
)%
|
9.3
|
28.3
|
4.0
|
%
|
27.2
|
|||||||||
Margin
|
$
|
396.5
|
3.4
|
%
|
$
|
383.5
|
$
|
1,035.0
|
6.7
|
%
|
$
|
969.6
|
|
Third
Quarter
|
|
Year to
Date
|
Third
Quarter
|
Year
to Date
|
||||||||||||||||
Millions
of dollars
|
2008
|
%
Change
|
2007
|
2008
|
%
Change
|
2007
|
|||||||||||
Operating
revenues
|
$
|
177.1
|
22.9
|
%
|
$
|
144.1
|
$
|
865.3
|
12.9
|
%
|
$
|
766.6
|
|||||
Less: Gas
purchased for resale
|
129.8
|
33.1
|
%
|
97.5
|
624.0
|
16.7
|
%
|
534.5
|
|||||||||
Margin
|
$
|
47.3
|
1.5
|
%
|
$
|
46.6
|
$
|
241.3
|
4.0
|
%
|
$
|
232.1
|
|
Third
Quarter
|
|
Year to
Date
|
Third
Quarter
|
Year
to Date
|
||||||||||||||||
Millions
of dollars
|
2008
|
%
Change
|
2007
|
2008
|
%
Change
|
2007
|
|||||||||||
Transportation
revenue
|
$
|
11.7
|
6.4
|
%
|
$
|
11.0
|
$
|
36.5
|
5.8
|
%
|
$
|
34.5
|
|||||
Other
operating revenues
|
-
|
*
|
0.6
|
-
|
*
|
2.0
|
|||||||||||
Revenues
|
$
|
11.7
|
0.9
|
%
|
$
|
11.6
|
$
|
36.5
|
-
|
%
|
$
|
36.5
|
|
Third Quarter and Year to
Date
|
|
Transportation
revenue increased primarily due to customer
growth.
|
Third
Quarter
|
Year
to Date
|
||||||||||||||||
Millions
of dollars
|
2008
|
%
Change
|
2007
|
2008
|
%
Change
|
2007
|
|||||||||||
Operating
revenues
|
$
|
81.3
|
3.7
|
%
|
$
|
78.4
|
$
|
448.2
|
6.4
|
%
|
$
|
421.4
|
|||||
Net
income (loss)
|
(0.5
|
)
|
*
|
(0.2
|
)
|
20.6
|
5.6
|
%
|
19.5
|
|
Year
to Date
|
Third
Quarter
|
Year
to Date
|
||||||||||||||||
Millions
of dollars
|
2008
|
%
Change
|
2007
|
2008
|
%
Change
|
2007
|
|||||||||||
Operating
revenues
|
$
|
421.4
|
34.0
|
%
|
$
|
314.4
|
$
|
1,217.5
|
33.2
|
%
|
$
|
914.0
|
|||||
Net
income
|
1.5
|
(6.3
|
)%
|
1.6
|
1.6
|
(30.4
|
)%
|
2.3
|
|
Third
Quarter
|
|
Year to
Date
|
Third
Quarter
|
Year
to Date
|
||||||||||||||||
Millions
of dollars
|
2008
|
%
Change
|
2007
|
2008
|
%
Change
|
2007
|
|||||||||||
Other
operation and maintenance
|
$
|
160.4
|
3.0
|
%
|
$
|
155.8
|
$
|
504.4
|
3.0
|
%
|
$
|
489.9
|
|||||
Depreciation
and amortization
|
83.0
|
9.5
|
%
|
75.8
|
241.6
|
(4.4
|
)%
|
252.7
|
|||||||||
Other
taxes
|
40.2
|
(1.0
|
)%
|
40.6
|
127.2
|
6.0
|
%
|
120.0
|
|
Third
Quarter
|
|
Year to
Date
|
Third
Quarter
|
Year
to Date
|
|||||||
Millions
of dollars
|
2008
|
2007
|
2008
|
2007
|
||||
Income
Statement Impact:
|
||||||||
Reduction
in employee benefit costs
|
$
|
0.2
|
$
|
0.4
|
$
|
0.4
|
$
|
1.9
|
Other
income
|
3.6
|
3.4
|
11.0
|
10.3
|
||||
Balance
Sheet Impact:
|
||||||||
Reduction
in capital expenditures
|
0.1
|
0.1
|
0.2
|
0.6
|
||||
Component
of amount due to Summer Station co-owner
|
0.1
|
0.1
|
0.2
|
0.3
|
||||
Total
Pension Income
|
$
|
4.0
|
$
|
4.0
|
$
|
11.8
|
$
|
13.1
|
Three
Months Ended
|
Nine
Months Ended
|
||||||
Millions
of dollars
|
September
30, 2007
|
September
30, 2007
|
|||||
Depreciation
and amortization recapture (expense)
|
$
|
3.2
|
$
|
(15.9)
|
|||
Income
tax benefits:
|
|||||||
From
synthetic fuel tax credits
|
1.2
|
18.9
|
|||||
From
accelerated depreciation
|
(1.2)
|
6.1
|
|||||
From
partnership losses
|
1.9
|
5.5
|
|||||
Total
income tax benefits
|
1.9
|
30.5
|
|||||
Losses
from Equity Method Investments
|
(5.1)
|
(14.6)
|
|||||
Impact
on Net Income
|
$
|
-
|
$
|
-
|
SCANA
|
SCE&G
|
PSNC Energy
|
|||||||||||||||||
September
30,
|
December
31,
|
September
30,
|
December
31,
|
September
30,
|
December
31,
|
||||||||||||||
Millions of dollars |
2008
|
2007
|
2008
|
2007
|
2008
|
2007
|
|||||||||||||
Lines
of credit:
|
|||||||||||||||||||
Committed
long-term (expire
December
2011)
|
|||||||||||||||||||
Total
|
$
|
200
|
$
|
200
|
$
|
650
|
$
|
650
|
$
|
250
|
$
|
250
|
|||||||
Used
|
15
|
-
|
258
|
-
|
125
|
-
|
|||||||||||||
Weighted
average interest rate
|
3.48
|
%
|
-
|
3.32
|
%
|
-
|
3.38
|
%
|
-
|
||||||||||
Uncommitted
(a
):
|
|||||||||||||||||||
Total
|
$
|
78
|
$
|
78
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
|||||||
Used
|
-
|
7
|
-
|
-
|
-
|
-
|
|||||||||||||
Weighted
average interest rate
|
-
|
5.10
|
%
|
-
|
-
|
-
|
-
|
||||||||||||
Short-term
borrowings outstanding:
|
|||||||||||||||||||
Bank loans/commercial paper (270
or fewer days)
|
$
|
-
|
$
|
7
|
$
|
27
|
$
|
464
|
$
|
53
|
$
|
157
|
|||||||
Weighted
average interest rate
|
-
|
5.10
|
%
|
2.95
|
%
|
5.74
|
%
|
3.00
|
%
|
5.74
|
%
|
Future
Value
|
||||||||||||
Millions
of dollars
|
2007
|
2008
|
2009-2010
|
2011-2012
|
After
2012
|
Total
|
||||||
Plant
Costs
|
$
|
21
|
$
|
183
|
$
|
1,095
|
$
|
1,431
|
$
|
2,681
|
$
|
5,411
|
Transmission
Costs
|
-
|
-
|
-
|
2
|
636
|
638
|
As
of September 30, 2008
|
Expected
Maturity
|
||||||||
There-
|
Fair
|
||||||||
Millions
of dollars
|
2008
|
2009
|
2010
|
2011
|
2012
|
After
|
Total
|
Value
|
|
Long-Term
Debt Issued:
|
|||||||||
Fixed
Rate ($)
|
118.7
|
108.2
|
14.8
|
1,017.5
|
265.5
|
2,448.1
|
3,972.8
|
3,926.2
|
|
Average
Fixed Interest Rate (%)
|
5.87
|
6.27
|
6.87
|
5.54
|
6.23
|
5.97
|
5.89
|
||
Variable
Rate ($)
|
1.6
|
1.6
|
1.6
|
35.2
|
40.0
|
41.0
|
|||
Variable
Interest Rate (%)
|
3.51
|
3.51
|
3.51
|
3.51
|
3.51
|
||||
Interest
Rate Swaps:
|
|||||||||
Pay
Variable/Receive Fixed ($)
|
3.2
|
3.2
|
3.2
|
3.2
|
12.8
|
0.5
|
|||
Pay Interest Rate (%)
|
6.95
|
6.95
|
6.95
|
6.95
|
6.95
|
||||
Receive Interest Rate (%)
|
8.75
|
8.75
|
8.75
|
8.75
|
8.75
|
||||
Pay
Fixed/Receive Variable ($)
|
1.6
|
1.6
|
1.6
|
35.2
|
40.0
|
(10.6)
|
|||
Pay Interest Rate (%)
|
6.47
|
6.47
|
6.47
|
6.47
|
6.47
|
||||
Receive Interest Rate (%)
|
3.51
|
3.51
|
3.51
|
3.51
|
3.51
|
Expected
Maturity:
|
|||||||||||||
Futures Contracts
|
Options
|
||||||||||||
Purchased
Call
|
Purchased
Put
|
Purchased
Put
|
Sold
Put
|
Sold
Call
|
|||||||||
2008
|
Long
|
Short
|
(Long)
|
(Short)
|
(Long)
|
(Long)
|
(Short)
|
||||||
Settlement
Price (a)
|
7.65
|
7.76
|
Strike
Price (a)
|
11.25
|
9.06
|
9.37
|
10.75
|
17.14
|
|||||
Contract
Amount (b)
|
29.9
|
1.1
|
Contract
Amount (b)
|
22.0
|
5.0
|
14.6
|
0.4
|
1.2
|
|||||
Fair
Value (b)
|
23.6
|
0.9
|
Fair
Value (b)
|
0.1
|
0.9
|
(2.9)
|
(0.1)
|
-
|
|||||
2009
|
|||||||||||||
Settlement
Price (a)
|
7.99
|
9.53
|
Strike
Price (a)
|
12.53
|
7.90
|
8.42
|
10.75
|
18.0
|
|||||
Contract
Amount (b)
|
71.4
|
18.8
|
Contract
Amount (b)
|
52.4
|
10.4
|
22.4
|
0.6
|
2.7
|
|||||
Fair
Value (b)
|
61.0
|
16.3
|
Fair
Value (b)
|
0.4
|
1.9
|
(3.3)
|
(0.2)
|
-
|
|||||
(a)
Weighted average, in dollars
|
|||||||||||||
(b)
Millions of dollars
|
Swaps
|
2008
|
2009
|
2010
|
Commodity
Swaps:
|
|||
Pay
fixed/receive variable (b)
|
75.6
|
152.8
|
6.5
|
Average
pay rate (a)
|
9.569
|
9.495
|
10.104
|
Average
received rate (a)
|
7.638
|
8.040
|
8.874
|
Fair
value (b)
|
60.3
|
129.4
|
5.8
|
Pay
variable/receive fixed (b)
|
20.0
|
24.5
|
-
|
Average
pay rate (a)
|
7.683
|
8.027
|
-
|
Average
received rate (a)
|
10.850
|
12.20
|
-
|
Fair
value (b)
|
28.2
|
37.2
|
-
|
Basis
Swaps:
|
|||
Pay
variable/receive variable (b)
|
10.3
|
34.7
|
12.8
|
Average
pay rate (a)
|
7.703
|
8.167
|
8.636
|
Average
received rate (a)
|
7.648
|
8.124
|
8.590
|
Fair
value (b)
|
10.2
|
34.5
|
12.7
|
(a)
Weighted average, in dollars
|
|||
(b)
Millions of dollars
|
September
30,
|
December
31,
|
||||||
Millions
of dollars
|
2008
|
2007
|
|||||
Assets
|
|||||||
Utility
Plant In Service
|
$
|
8,637
|
$
|
8,380
|
|||
Accumulated
Depreciation and Amortization
|
(2,763
|
)
|
(2,643
|
)
|
|||
Construction
Work in Progress
|
651
|
383
|
|||||
Nuclear
Fuel, Net of Accumulated Amortization
|
76
|
82
|
|||||
Utility
Plant, Net
|
6,601
|
6,202
|
|||||
Nonutility
Property and Investments:
|
|||||||
Nonutility property, net of accumulated depreciation
|
42
|
38
|
|||||
Assets held in trust, net - nuclear decommissioning
|
57
|
62
|
|||||
Nonutility Property and Investments, Net
|
99
|
100
|
|||||
Current
Assets:
|
|||||||
Cash and cash equivalents
|
55
|
41
|
|||||
Receivables, net of allowance for uncollectible accounts of $3 and
$2
|
313
|
320
|
|||||
Receivables - affiliated companies
|
1
|
29
|
|||||
Inventories (at average cost):
|
|||||||
Fuel and gas supply
|
118
|
139
|
|||||
Materials and supplies
|
104
|
97
|
|||||
Emission allowances
|
19
|
33
|
|||||
Prepayments
and other
|
62
|
52
|
|||||
Deferred
income taxes
|
3
|
5
|
|||||
Total Current Assets
|
675
|
716
|
|||||
Deferred
Debits and Other Assets:
|
|||||||
Due from parent - pension asset, net
|
247
|
228
|
|||||
Regulatory assets
|
732
|
629
|
|||||
Other
|
103
|
102
|
|||||
Total Deferred Debits and Other Assets
|
1,082
|
959
|
|||||
Total
|
$
|
8,457
|
$
|
7,977
|
September
30,
|
December
31,
|
||||||
Millions
of dollars
|
2008
|
2007
|
|||||
Capitalization
and Liabilities
|
|||||||
Shareholders’
Investment:
|
|||||||
Common equity
|
$
|
2,729
|
$
|
2,622
|
|||
Preferred stock (Not subject to purchase or sinking
funds)
|
106
|
106
|
|||||
Total Shareholders’ Investment
|
2,835
|
2,728
|
|||||
Preferred
Stock, net (Subject to purchase or sinking funds)
|
7
|
7
|
|||||
Long-Term
Debt, net
|
2,565
|
2,003
|
|||||
Total
Capitalization
|
5,407
|
4,738
|
|||||
Minority
Interest
|
94
|
89
|
|||||
Current
Liabilities:
|
|||||||
Short-term borrowings
|
27
|
464
|
|||||
Current portion of long-term debt
|
140
|
13
|
|||||
Accounts payable
|
139
|
175
|
|||||
Accounts payable - affiliated companies
|
268
|
178
|
|||||
Customer deposits and customer prepayments
|
41
|
42
|
|||||
Taxes accrued
|
111
|
116
|
|||||
Interest accrued
|
35
|
33
|
|||||
Dividends declared
|
43
|
37
|
|||||
Other
|
39
|
46
|
|||||
Total Current Liabilities
|
843
|
1,104
|
|||||
Deferred
Credits and Other Liabilities:
|
|||||||
Deferred income taxes, net
|
864
|
820
|
|||||
Deferred investment tax credits
|
103
|
103
|
|||||
Asset retirement obligations
|
306
|
294
|
|||||
Due to parent - postretirement and other benefits
|
182
|
187
|
|||||
Regulatory liabilities
|
624
|
609
|
|||||
Other
|
34
|
33
|
|||||
Total Deferred Credits and Other Liabilities
|
2,113
|
2,046
|
|||||
Commitments
and Contingencies (Note 6)
|
-
|
-
|
|||||
Total
|
$
|
8,457
|
$
|
7,977
|
Three
Months Ended
|
Nine
Months Ended
|
||||||||||||
September
30,
|
September
30,
|
||||||||||||
Millions
of dollars
|
2008
|
2007
|
2008
|
2007
|
|||||||||
Operating
Revenues:
|
|||||||||||||
Electric
|
$
|
674
|
$
|
604
|
$
|
1,744
|
$
|
1,520
|
|||||
Gas
|
102
|
82
|
423
|
375
|
|||||||||
Total Operating Revenues
|
776
|
686
|
2,167
|
1,895
|
|||||||||
Operating
Expenses:
|
|||||||||||||
Fuel used in electric generation
|
268
|
209
|
673
|
518
|
|||||||||
Purchased power
|
7
|
9
|
28
|
27
|
|||||||||
Gas purchased for resale
|
81
|
62
|
326
|
283
|
|||||||||
Other operation and maintenance
|
121
|
116
|
375
|
362
|
|||||||||
Depreciation and amortization
|
72
|
64
|
207
|
217
|
|||||||||
Other taxes
|
37
|
38
|
117
|
110
|
|||||||||
Total Operating Expenses
|
586
|
498
|
1,726
|
1,517
|
|||||||||
Operating
Income
|
190
|
188
|
441
|
378
|
|||||||||
Other
Income (Expense):
|
|||||||||||||
Other income
|
8
|
9
|
22
|
24
|
|||||||||
Other expenses
|
(5
|
)
|
(4
|
)
|
(12
|
)
|
(10
|
)
|
|||||
Interest charges, net of allowance for borrowed
funds
|
|||||||||||||
used during construction of $4, $4, $10 and $8
|
(38
|
)
|
(35
|
)
|
(108
|
)
|
(107
|
)
|
|||||
Allowance
for equity funds used during construction
|
3
|
1
|
7
|
2
|
|||||||||
Total
Other Expense
|
(32
|
)
|
(29
|
)
|
(91
|
)
|
(91
|
)
|
|||||
Income
Before Income Tax Expense, Earnings (Losses) from
Equity
|
|||||||||||||
Method
Investments, Minority Interest and Preferred Stock
Dividends
|
158
|
159
|
350
|
287
|
|||||||||
Income
Tax Expense
|
59
|
53
|
127
|
77
|
|||||||||
Income
Before Earnings (Losses) from Equity Method
Investments,
|
|||||||||||||
Minority
Interest and Preferred Stock Dividends
|
99
|
106
|
223
|
210
|
|||||||||
Earnings
(Losses) from Equity Method Investments
|
3
|
(5
|
)
|
3
|
(15
|
)
|
|||||||
Minority
Interest
|
2
|
2
|
7
|
5
|
|||||||||
Net
Income
|
100
|
99
|
219
|
190
|
|||||||||
Preferred
Stock Cash Dividends Declared
|
2
|
2
|
6
|
6
|
|||||||||
Earnings
Available for Common Shareholder
|
$
|
98
|
$
|
97
|
$
|
213
|
$
|
184
|
|||||
See
Notes to Condensed Consolidated Financial
Statements.
|
Nine
Months Ended
|
|||||||
September
30,
|
|||||||
Millions
of dollars
|
2008
|
2007
|
|||||
Cash
Flows From Operating Activities:
|
|||||||
Net income
|
$
|
219
|
$
|
190
|
|||
Adjustments to Reconcile Net Income to Net Cash Provided From Operating
Activities:
|
|||||||
Excess
(earnings) losses from equity method investments, net of
distributions
|
(3
|
)
|
15
|
||||
Minority interest
|
7
|
5
|
|||||
Depreciation and amortization
|
207
|
215
|
|||||
Amortization of nuclear fuel
|
12
|
14
|
|||||
Allowance
for equity funds used during construction
|
(7
|
)
|
(2
|
)
|
|||
Carrying cost recovery
|
(4
|
)
|
(4
|
)
|
|||
Cash provided (used) by changes in certain assets and
liabilities:
|
|||||||
Receivables, net
|
35
|
(11
|
)
|
||||
Inventories
|
(14
|
)
|
(25
|
)
|
|||
Prepayments
|
(10
|
)
|
3
|
||||
Due from parent - pension asset
|
(19
|
)
|
(27
|
)
|
|||
Other regulatory assets
|
32
|
(6
|
)
|
||||
Deferred income taxes, net
|
46
|
18
|
|||||
Regulatory liabilities
|
(4
|
)
|
11
|
||||
Due to parent - postretirement benefits
|
(5
|
)
|
-
|
||||
Accounts payable
|
(17
|
)
|
(10
|
)
|
|||
Taxes accrued
|
(5
|
)
|
(11
|
)
|
|||
Interest accrued
|
2
|
(2
|
)
|
||||
Changes
in fuel adjustment clauses
|
(128
|
)
|
7
|
||||
Changes in other assets
|
6
|
19
|
|||||
Changes in other liabilities
|
3
|
(21
|
)
|
||||
Net
Cash Provided From Operating Activities
|
353
|
378
|
|||||
Cash
Flows From Investing Activities:
|
|||||||
Utility
property additions and construction expenditures
|
(558
|
)
|
(415
|
)
|
|||
Non-utility
property additions
|
(4
|
)
|
(3
|
)
|
|||
Proceeds
from sale of assets
|
1
|
2
|
|||||
Short-term
investments - affiliate
|
-
|
10
|
|||||
Investments
|
3
|
(12
|
)
|
||||
Net
Cash Used For Investing Activities
|
(558
|
)
|
(418
|
)
|
|||
Cash
Flows From Financing Activities:
|
|||||||
Proceeds
from issuance of debt
|
678
|
-
|
|||||
Repayment of debt
|
(8
|
)
|
(5
|
)
|
|||
Retirement
of preferred stock
|
-
|
(1
|
)
|
||||
Dividends
|
(121
|
)
|
(102
|
)
|
|||
Contribution from parent
|
14
|
73
|
|||||
Short-term borrowings - affiliate, net
|
93
|
8
|
|||||
Short-term borrowings, net
|
(437
|
)
|
65
|
||||
Net Cash Provided From Financing Activities
|
219
|
38
|
|||||
Net
Increase (Decrease) In Cash and Cash Equivalents
|
14
|
(2
|
)
|
||||
Cash
and Cash Equivalents, January 1
|
41
|
24
|
|||||
Cash
and Cash Equivalents, September 30
|
$
|
55
|
$
|
22
|
|||
Supplemental
Cash Flow Information:
|
|||||||
Cash paid for - Interest (net of capitalized interest of $10 and
$8)
|
$
|
95
|
$
|
82
|
|||
-
Income taxes
|
35
|
45
|
|||||
Noncash
Investing and Financing Activities:
|
|||||||
Accrued construction expenditures
|
36
|
26
|
|||||
See
Notes to Condensed Consolidated Financial
Statements.
|
September
30,
|
December
31,
|
|||||||
Millions
of dollars
|
2008
|
2007
|
||||||
Regulatory
Assets:
|
||||||||
Accumulated
deferred income taxes
|
$
|
166
|
$
|
156
|
||||
Under
collections – electric fuel clause
|
121
|
-
|
||||||
Environmental
remediation costs
|
19
|
17
|
||||||
Asset
retirement obligations and related funding
|
241
|
264
|
||||||
Franchise
agreements
|
49
|
52
|
||||||
Deferred
employee benefit plan costs
|
99
|
109
|
||||||
Other
|
37
|
31
|
||||||
Total
Regulatory Assets
|
$
|
732
|
$
|
629
|
Regulatory
Liabilities:
|
||||||||
Accumulated
deferred income taxes
|
$
|
30
|
$
|
32
|
||||
Over-collections – electric
fuel and gas cost adjustment clauses
|
21
|
19
|
||||||
Other
asset removal costs
|
498
|
472
|
||||||
Storm
damage reserve
|
50
|
49
|
||||||
Planned
major maintenance
|
8
|
15
|
||||||
Other
|
17
|
22
|
||||||
Total
Regulatory Liabilities
|
$
|
624
|
$
|
609
|
Fair
Value Measurements at September 30, 2008 Using
|
||||
Millions
of dollars
|
Quoted
Prices in Active Markets for Identical Assets
(Level
1)
|
Significant
Other Observable Inputs
(Level
2)
|
Significant
Unobservable Inputs
(Level
3)
|
|
Assets:
|
||||
Derivative
instruments
|
$ |
11
|
-
|
-
|
Liabilities:
|
||||
Derivative
instruments
|
3
|
-
|
-
|
Millions
of dollars
|
September 30, 2008
|
December
31, 2007
|
|||||
Lines
of credit:
|
|||||||
Committed long-term (expire December 2011)
|
|||||||
Total
|
$
|
650
|
$
|
650
|
|||
Used
|
258
|
-
|
|||||
Weighted
average interest rate
|
3.32
|
%
|
-
|
||||
Uncommitted
(a):
|
|||||||
Total
|
$
|
78
|
$
|
78
|
|||
Used
by SCANA
|
-
|
7
|
|||||
Weighted
average interest rate
|
-
|
5.10
|
%
|
||||
Short-term
borrowings outstanding:
|
|||||||
Commercial
paper (270 or fewer days)
|
$
|
27
|
$
|
464
|
|||
Weighted
average interest rate
|
2.95
|
%
|
5.74
|
%
|
Earnings
(Loss)
|
|||||||||||||
Operating
|
Available
to
|
||||||||||||
External
|
Income
|
Common
|
Segment
|
||||||||||
Millions
of Dollars
|
Revenue
|
(Loss)
|
Shareholder
|
Assets
|
|||||||||
Three
Months Ended September 30, 2008
|
|||||||||||||
Electric
Operations
|
$
|
674
|
$
|
195
|
n/a
|
||||||||
Gas
Distribution
|
102
|
(4
|
)
|
n/a
|
|||||||||
All
Other
|
-
|
-
|
$
|
3
|
|||||||||
Adjustments/Eliminations
|
-
|
(1
|
)
|
95
|
|||||||||
Consolidated
Total
|
$
|
776
|
$
|
190
|
$
|
98
|
Nine
Months Ended September 30, 2008
|
|||||||||||||
Electric
Operations
|
$
|
1,744
|
$
|
421
|
n/a
|
$
|
6,223
|
||||||
Gas
Distribution
|
423
|
23
|
n/a
|
515
|
|||||||||
All
Other
|
-
|
-
|
$
|
3
|
-
|
||||||||
Adjustments/Eliminations
|
-
|
(3
|
)
|
210
|
1,719
|
||||||||
Consolidated
Total
|
$
|
2,167
|
$
|
441
|
$
|
213
|
$
|
8,457
|
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
|
Third
Quarter
|
Year
to Date
|
|||||||||||
Millions
of dollars
|
2008
|
2007
|
2008
|
2007
|
||||||||
Net
income
|
$
|
99.8
|
$
|
98.4
|
$
|
218.9
|
$
|
189.5
|
Declaration
Date
|
Amount
|
Quarter
Ended
|
Payment
Date
|
|
February
14, 2008
|
$
|
40.7
million
|
March
31, 2008
|
April
1, 2008
|
April
24, 2008
|
40.8
million
|
June
30, 2008
|
July
1, 2008
|
|
July
31, 2008
|
41.3
million
|
September
30, 2008
|
October
1, 2008
|
|
October
29, 2008
|
42.2
million
|
December
31, 2008
|
January
1, 2009
|
Third
Quarter
|
Year
to Date
|
||||||||||||||||
Millions
of dollars
|
2008
|
%
Change
|
2007
|
2008
|
%
Change
|
2007
|
|||||||||||
Operating
revenues
|
$
|
674.4
|
11.7
|
%
|
$
|
603.8
|
$
|
1,744.3
|
14.7
|
%
|
$
|
1,520.3
|
|||||
Less:
Fuel used in electric generation
|
268.6
|
28.4
|
%
|
209.2
|
672.9
|
29.9
|
%
|
517.9
|
|||||||||
Purchased power
|
7.4
|
(20.4
|
)%
|
9.3
|
28.3
|
4.0
|
%
|
27.2
|
|||||||||
Margin
|
$
|
398.4
|
3.4
|
%
|
$
|
385.3
|
$
|
1,043.1
|
7.0
|
%
|
$
|
975.2
|
Third
Quarter
|
Year
to Date
|
||||||||||||||||
Millions
of dollars
|
2008
|
%
Change
|
2007
|
2008
|
%
Change
|
2007
|
|||||||||||
Operating
revenues
|
$
|
101.4
|
23.4
|
%
|
$
|
82.2
|
$
|
423.0
|
12.9
|
%
|
$
|
374.6
|
|||||
Less:
Gas purchased for resale
|
80.9
|
29.9
|
%
|
62.3
|
326.1
|
15.4
|
%
|
282.6
|
|||||||||
Margin
|
$
|
20.5
|
3.0
|
%
|
$
|
19.9
|
$
|
96.9
|
5.3
|
%
|
$
|
92.0
|
Third
Quarter
|
Year
to Date
|
||||||||||||||||
Millions
of dollars
|
2008
|
%
Change
|
2007
|
2008
|
%
Change
|
2007
|
|||||||||||
Other
operation and maintenance
|
$
|
120.7
|
4.0
|
%
|
$
|
116.1
|
$
|
374.9
|
3.5
|
%
|
$
|
362.2
|
|||||
Depreciation
and amortization
|
71.7
|
12.6
|
%
|
63.7
|
207.2
|
(4.5
|
)%
|
216.9
|
|||||||||
Other
taxes
|
36.9
|
(1.1
|
)%
|
37.3
|
116.6
|
6.2
|
%
|
109.8
|
Third
Quarter
|
Year
to Date
|
|||||||
Millions
of dollars
|
2008
|
2007
|
2008
|
2007
|
||||
Income
Statement Impact:
|
||||||||
Reduction
in employee benefit costs
|
$
|
0.7
|
$
|
0.9
|
$
|
1.8
|
$
|
3.2
|
Other
income
|
3.7
|
3.5
|
11.2
|
10.5
|
||||
Balance
Sheet Impact:
|
||||||||
Reduction
in capital expenditures
|
0.2
|
0.2
|
0.5
|
1.0
|
||||
Component
of amount due to Summer Station co-owner
|
0.1
|
0.1
|
0.2
|
0.3
|
||||
Total
Pension Income
|
$
|
4.7
|
$
|
4.7
|
$
|
13.7
|
$
|
15.0
|
Three
Months Ended
|
Nine
Months Ended
|
||||||
Millions
of dollars
|
September
30, 2007
|
September
30, 2007
|
|||||
Depreciation
and amortization recapture (expense)
|
$
|
3.2
|
$
|
(15.9)
|
|||
Income
tax benefits:
|
|||||||
From
synthetic fuel tax credits
|
1.2
|
18.9
|
|||||
From
accelerated depreciation
|
(1.2)
|
6.1
|
|||||
From
partnership losses
|
1.9
|
5.5
|
|||||
Total
income tax benefits
|
1.9
|
30.5
|
|||||
Losses
from Equity Method Investments
|
(5.1)
|
(14.6)
|
|||||
Impact
on Net Income
|
$
|
-
|
$
|
-
|
Millions
of dollars
|
September 30,
2008
|
|
December 31, 2007
|
||||
Lines
of credit:
|
|||||||
Committed long-term (expire December 2011)
|
|||||||
Total
|
$
|
650
|
$
|
650
|
|||
Used
|
258
|
-
|
|||||
Weighted
average interest rate
|
3.32
|
%
|
-
|
||||
Uncommitted (a):
|
|||||||
Total
|
$
|
78
|
$
|
78
|
|||
Used
by SCANA
|
-
|
7
|
|||||
Weighted
average interest rate
|
-
|
5.10
|
%
|
||||
Short-term
borrowings outstanding:
|
|||||||
Commercial paper (270 or fewer days)
|
$
|
27
|
$
|
464
|
|||
Weighted
average interest rate
|
2.95
|
%
|
5.74
|
%
|
Future
Value
|
||||||||||||
Millions
of dollars
|
2007
|
2008
|
2009-2010
|
2011-2012
|
After
2012
|
Total
|
||||||
Plant
Costs
|
$
|
21
|
$
|
183
|
$
|
1,095
|
$
|
1,431
|
$
|
2,681
|
$
|
5,411
|
Transmission
Costs
|
-
|
-
|
-
|
2
|
636
|
638
|
|
|||||||||
As
of September 30, 2008
|
Expected
Maturity
|
||||||||
There-
|
Fair
|
||||||||
Millions
of dollars
|
2008
|
2009
|
2010
|
2011
|
2012
|
after
|
Total
|
Value
|
|
Long-Term
Debt Issued:
|
|||||||||
Fixed
Rate ($)
|
3.7
|
103.7
|
10.4
|
423.1
|
11.0
|
2,096.9
|
2,648.8
|
2,656.6
|
|
Average
Interest Rate (%)
|
7.78
|
6.18
|
6.31
|
4.90
|
4.98
|
5.88
|
5.73
|
Expected
Maturity:
|
|||||||||||
Futures
Contracts
|
Options
|
||||||||||
Purchased Call
|
Purchased
Put
|
||||||||||
2008
|
Long
|
Short
|
Long
|
Long
|
|||||||
Settlement
Price (a)
|
7.68
|
-
|
Strike
Price (a)
|
10.50
|
9.37
|
||||||
Contract
Amount (b)
|
5.3
|
-
|
Contract
Amount (b)
|
10.3
|
14.6
|
||||||
Fair
Value (b)
|
4.3
|
-
|
Fair
Value (b)
|
0.1
|
(2.9)
|
||||||
2009
|
|||||||||||
Settlement
Price (a)
|
7.98
|
13.14
|
Strike
Price (a)
|
12.59
|
8.42
|
||||||
Contract
Amount (b)
|
18.5
|
4.0
|
Contract
Amount (b)
|
27.2
|
22.4
|
||||||
Fair
Value (b)
|
16.5
|
6.6
|
Fair
Value (b)
|
0.2
|
(3.3)
|
||||||
(a) Weighted
average, in dollars
|
|||||||||||
(b)
Millions of dollars
|
Swaps
|
2008
|
2009
|
2010
|
||
Commodity
Swaps:
|
|||||
Pay
fixed/receive variable (b)
|
23.8
|
52.8
|
0.7
|
||
Average
pay rate (a)
|
9.612
|
9.461
|
11.554
|
||
Average
received rate (a)
|
7.647
|
8.035
|
9.159
|
||
Fair
value (b)
|
18.9
|
44.9
|
0.6
|
||
Pay
variable /receive fixed (b)
|
7.5
|
13.3
|
-
|
||
Average
pay rate (a)
|
7.609
|
8.028
|
-
|
||
Average
received rate (a)
|
10.460
|
12.425
|
-
|
||
Fair
value (b)
|
10.3
|
20.7
|
-
|
||
(a)
Weighted average, in dollars
|
|||||
(b)
Millions of dollars
|
SCANA
CORPORATION
|
|
SOUTH
CAROLINA ELECTRIC & GAS COMPANY
|
|
(Registrants)
|
By:
|
/s/James
E. Swan, IV
|
November
3, 2008
|
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
|
||||
May
15, 2008
|
Exhibit
3.01
|
to
Form 8-K filed May 21, 2008
|
||||
July
9, 2008
|
Exhibit
3.01
|
to
Form 8-K filed July 10, 2008
|
||||
August
28, 2008
|
Exhibit
3.01
|
to
Form 8-K filed August 28, 2008
|
||||
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)
|
Applicable
to
Form 10-Q
of
|
||||||
Exhibit No.
|
SCANA
|
SCE&G
|
Description
|
|||
March 13,
2002
|
Exhibit 3.21(e)
|
|||||
May 9,
2002
|
Exhibit 3.21(f)
|
|||||
June 4,
2002
|
Exhibit 3.21(g)
|
|||||
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
|
Articles
of Correction dated May 20, 2008, correcting May 15, 2008 Articles of
Amendment (Filed as Exhibit 3.02 to Form 8-K on May 21, 2008 and
incorporated by reference herein)
|
||||
3.10
|
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)
|
||||
3.11
|
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)
|
||||
10.01
|
X
|
X
|
Engineering,
Procurement and Construction Agreement, dated May 23, 2008,
between
South
Carolina Electric & Gas Company, for itself and as Agent for the South
Carolina
Public
Service Authority and a Consortium consisting of Westinghouse Electric
Company
LLC
and Stone &Webster, Inc. (portions of the exhibit have been omitted
and filed separately with the Securities and Exchange Commission pursuant
to a request for confidential treatment pursuant to Rule 24b-2 under the
Securities Exchange Act of 1934,
as
amended) (Filed as Exhibit 10.01 to Form 10-Q for the quarter ended March
31, 2008
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)
|