x
|
ANNUAL
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
For
the Fiscal Year Ended December 31, 2008
|
|
OR
|
|
¨
|
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
For
the Transition Period from to
|
Commission
File Number
|
Registrant,
State of Incorporation,
Address
and Telephone Number
|
I.R.S.
Employer
Identification No.
|
|
1-8809
|
SCANA
Corporation
(a
South Carolina corporation)
1426
Main Street, Columbia, South Carolina 29201
(803) 217-9000
|
57-0784499
|
|
1-3375
|
South
Carolina Electric & Gas Company
(a
South Carolina corporation)
1426
Main Street, Columbia, South Carolina 29201
(803) 217-9000
|
57-0248695
|
Title
of each class
|
Registrant
|
Common
Stock, without par value
|
SCANA
Corporation
|
5%
Cumulative Preferred Stock par value $50 per share
|
South
Carolina Electric & Gas
Company
|
SCANA
Corporation
|
Large
accelerated filer x
|
Accelerated
filer ¨
|
Non-accelerated
filer ¨
|
Smaller
reporting company ¨
|
South
Carolina Electric & Gas Company
|
Large
accelerated filer ¨
|
Accelerated
filer ¨
|
Non-accelerated
filer x
|
Smaller
reporting company ¨
|
Registrant
|
Description
of Common Stock
|
Shares
Outstanding
at
February 20, 2009
|
SCANA
Corporation
|
Without
Par Value
|
121,182,118
|
South
Carolina Electric & Gas Company
|
$4.50
Par Value
|
40,296,147(a)
|
Page
|
||
4
|
||
|
5
|
|
Business
|
6
|
|
Risk
Factors
|
14
|
|
Unresolved
Staff Comments
|
19
|
|
Properties
|
20
|
|
Legal
Proceedings
|
22
|
|
Submission
of Matters to a Vote of Security Holders
|
23
|
|
24
|
||
|
||
Market
for Registrant's Common Equity, Related Stockholder Matters and Issuer
Purchases of Equity Securities
|
25
|
|
Selected
Financial Data
|
26
|
|
Management's
Discussion and Analysis of Financial Condition and Results of
Operations
|
||
Quantitative
and Qualitative Disclosures About Market Risk
|
||
Financial
Statements and Supplementary Data
|
||
27
|
||
82
|
||
Changes
in and Disagreements with Accountants on Accounting and Financial
Disclosure
|
122
|
|
Controls
and Procedures - SCANA
Corporation
|
122
|
|
Controls
and Procedures - South
Carolina Electric & Gas Company
|
125
|
|
Other
Information
|
125
|
|
|
||
Directors, Executive
Officers and Corporate Governance
|
126
|
|
Executive
Compensation
|
129
|
|
Security
Ownership of Certain Beneficial Owners and Management and Related
Stockholder Matters
|
162
|
|
Certain
Relationships and Related Transactions, and Director
Independence
|
163
|
|
Principal
Accounting Fees and Services
|
164
|
|
|
||
Exhibits, Financial
Statement Schedules
|
165
|
|
|
167
|
|
|
169
|
TERM
|
MEANING
|
AFC
|
Allowance
for Funds Used During Construction
|
CAA
|
Clean
Air Act, as amended
|
CAIR
|
Clean
Air Interstate Rule
|
CGTC
|
Carolina
Gas Transmission Corporation
|
CUT
|
Customer
Usage Tracker
|
DHEC
|
South
Carolina Department of Health and Environmental Control
|
DOE
|
United
States Department of Energy
|
DOJ
|
United
States Department of Justice
|
Dominion
|
Dominion
Transmission, Inc.
|
DT
|
Dekatherm
(one million BTUs)
|
Energy
Marketing
|
The
divisions of SEMI, excluding SCANA Energy
|
EPA
|
United
States Environmental Protection Agency
|
FERC
|
United
States Federal Energy Regulatory Commission
|
Fuel
Company
|
South
Carolina Fuel Company, Inc.
|
GENCO
|
South
Carolina Generating Company, Inc.
|
GPSC
|
Georgia
Public Service Commission
|
KW
or KWh
|
Kilowatt
or Kilowatt-hour
|
LLC
|
Limited
Liability Company
|
LNG
|
Liquefied
Natural Gas
|
MCF
or MMCF
|
Thousand
Cubic Feet or Million Cubic Feet
|
MGP
|
Manufactured
Gas Plant
|
MMBTU
|
Million
British Thermal Units
|
MW
or MWh
|
Megawatt
or Megawatt-hour
|
NCUC
|
North
Carolina Utilities Commission
|
NMST
|
Negotiated
Market Sales Tariff
|
NRC
|
United
States Nuclear Regulatory Commission
|
NSR
|
New
Source Review
|
NYMEX
|
New
York Mercantile Exchange
|
PRP
|
Potentially
Responsible Party
|
PSNC
Energy
|
Public
Service Company of North Carolina, Incorporated
|
Santee
Cooper
|
South
Carolina Public Service Authority
|
SCANA
|
SCANA
Corporation, the parent company
|
SCANA
Energy
|
A
division of SEMI which markets natural gas in Georgia
|
SCE&G
|
South
Carolina Electric & Gas Company
|
SCG
Pipeline
|
SCG
Pipeline, Inc.
|
SCI
|
SCANA
Communications, Inc.
|
SCPC
|
South
Carolina Pipeline Corporation
|
SCPSC
|
The
Public Service Commission of South Carolina
|
SEC
|
United
States Securities and Exchange Commission
|
SEMI
|
SCANA
Energy Marketing, Inc.
|
SFAS
|
Statement
of Financial Accounting Standards
|
Southern
Natural
|
Southern
Natural Gas Company
|
Summer
Station
|
V.
C. Summer Nuclear Station
|
Transco
|
Transcontinental
Gas Pipeline Corporation
|
Williams
Station
|
A.M.
Williams Generating Station, owned by GENCO
|
WNA
|
Weather
Normalization Adjustment
|
Customer
Classification
|
2007
|
2008
|
||||||
Residential
|
41
|
%
|
42
|
%
|
||||
Commercial
|
31
|
%
|
31
|
%
|
||||
Industrial
|
17
|
%
|
17
|
%
|
||||
Sales
for resale
|
7
|
%
|
7
|
%
|
||||
Other
|
2
|
%
|
2
|
%
|
||||
Total
Territorial
|
98
|
%
|
99
|
%
|
||||
NMST
|
2
|
%
|
1
|
%
|
||||
Total
|
100
|
%
|
100
|
%
|
Customer
Classification
|
2007
|
2008
|
||||||
Residential
|
47
|
%
|
48
|
%
|
||||
Commercial
|
33
|
%
|
33
|
%
|
||||
Industrial
|
14
|
%
|
14
|
%
|
||||
Sales
for resale
|
3
|
%
|
2
|
%
|
||||
Other
|
2
|
%
|
2
|
%
|
||||
Total
Territorial
|
99
|
%
|
99
|
%
|
||||
NMST
|
1
|
%
|
1
|
%
|
||||
Total
|
100
|
%
|
100
|
%
|
Cost
of Fuel Used
|
||||||||||||
2006
|
2007
|
2008
|
||||||||||
Per
million British thermal units (MMBTU):
|
||||||||||||
Nuclear
|
$
|
.43
|
$
|
.43
|
$
|
.45
|
||||||
Coal
|
2.54
|
2.53
|
3.21
|
|||||||||
Gas
|
8.18
|
8.28
|
10.92
|
|||||||||
All
Fuels (weighted average)
|
2.57
|
2.66
|
3.50
|
|||||||||
Per
Ton:
|
||||||||||||
Coal
|
$
|
63.13
|
$
|
62.98
|
$
|
79.26
|
||||||
Per
thousand cubic feet (MCF):
|
||||||||||||
Gas
|
$
|
8.57
|
$
|
8.67
|
$
|
11.38
|
%
of Total MWh Generated
|
||||||||||||||
Actual
|
Estimated
|
|||||||||||||
2006
|
2007
|
2008
|
2009
|
2010
|
2011
|
|||||||||
Coal
|
67
|
%
|
63
|
%
|
65
|
%
|
62
|
%
|
63
|
%
|
65
|
%
|
||
Nuclear
|
19
|
%
|
21
|
%
|
18
|
%
|
19
|
%
|
21
|
%
|
19
|
%
|
||
Hydro
|
4
|
%
|
4
|
%
|
4
|
%
|
5
|
%
|
6
|
%
|
5
|
%
|
||
Natural
Gas & Oil
|
10
|
%
|
12
|
%
|
13
|
%
|
14
|
%
|
10
|
%
|
11
|
%
|
||
Total
|
100
|
%
|
100
|
%
|
100
|
%
|
100
|
%
|
100
|
%
|
100
|
%
|
Commitment
|
Contractor
|
Remaining
Regions(a)
|
Expiration
Date
|
Uranium
|
United
States Enrichment Corporation
|
21-25
|
2016
|
Enrichment
|
United States Enrichment Corporation
|
21-24
|
2014
|
Fabrication
|
Westinghouse
Electric Corporation
|
21-22
|
2011
|
SCANA
|
SCE&G
|
||||||||||||
Customer
Classification
|
2007
|
2008
|
2007
|
2008
|
|||||||||
Residential
|
51.1
|
%
|
50.0
|
%
|
40.5
|
%
|
36.8
|
%
|
|||||
Commercial
|
29.6
|
%
|
29.8
|
%
|
30.4
|
%
|
30.5
|
%
|
|||||
Industrial
|
16.1
|
%
|
17.0
|
%
|
28.4
|
%
|
31.6
|
%
|
|||||
Transportation
Gas
|
3.2
|
%
|
3.2
|
%
|
0.7
|
%
|
1.1
|
%
|
|||||
Total
|
100
|
%
|
100
|
%
|
100
|
%
|
100
|
%
|
Project
|
License
Expiration
|
Project
|
License
Expiration
|
Saluda
(Lake Murray)
|
2010
|
Stevens Creek
|
2025
|
Fairfield
Pumped Storage
|
2020
|
Neal
Shoals
|
2036
|
Parr
Shoals
|
2020
|
·
|
The
potential harmful effects on the environment and human health resulting
from a release of radioactive
|
|
materials
in connection with the operation of nuclear facilities and the storage,
handling and disposal of
|
|
radioactive
materials;
|
|
|
·
|
Limitations
on the amounts and types of insurance commercially available to cover
losses that might arise
|
|
in
connection with our nuclear operations or those of others in the United
States;
|
|
|
·
|
Uncertainties
with respect to procurement of enriched uranium fuel and the storage of
spent uranium fuel;
|
|
|
·
|
Uncertainties
with respect to contingencies if insurance coverage is inadequate;
and
|
|
|
·
|
Uncertainties
with respect to the technological and financial aspects of decommissioning
nuclear plants at
|
|
the
end of their operating lives.
|
Facility
|
Present
Fuel Capability
|
Location
|
Year
In-Service
|
Net
Generating
Capacity
(Summer Rating) (MW)
|
Steam
Turbines:
|
||||
Summer(1)
|
Nuclear
|
Parr,
SC
|
1984
|
644
|
McMeekin
|
Coal/Gas
|
Irmo,
SC
|
1958
|
250
|
Canadys
|
Coal/Gas
|
Canadys,
SC
|
1962
|
400
|
Wateree
|
Coal
|
Eastover,
SC
|
1970
|
700
|
Williams(2)
|
Coal
|
Goose
Creek, SC
|
1973
|
610
|
Cope
|
Coal
|
Cope,
SC
|
1996
|
420
|
Cogen
South(3)
|
Biomass/Coal
|
Charleston,
SC
|
1999
|
90
|
Combined
Cycle:
|
||||
Urquhart(4)
|
Coal/Gas/Oil
|
Beech
Island, SC
|
1953/2002
|
555
|
Jasper
|
Gas/Oil
|
Hardeeville,
SC
|
2004
|
857
|
Hydro(5):
|
||||
Saluda
|
Irmo,
SC
|
1930
|
200
|
|
Fairfield
Pumped Storage
|
Parr,
SC
|
1978
|
576
|
Name
|
Age
|
Positions
Held During Past Five Years
|
Dates
|
William
B. Timmerman
|
62
|
Chairman
of the Board, President and Chief Executive Officer
|
*-present
|
Jimmy
E. Addison
|
48
|
Senior
Vice President and Chief Financial Officer
Vice
President-Finance
|
2006-present
*-2006
|
Joseph
C. Bouknight
|
56
|
Senior
Vice President-Human Resources
Vice
President Human Resources-Dan River, Inc.-Danville, VA
|
2004-present
*-2004
|
George
J. Bullwinkel
|
60
|
President
and Chief Operating Officer-SEMI
President
and Chief Operating Officer-SCI and ServiceCare
President
and Chief Operating Officer-SCPC and SCG Pipeline
|
2004-present
*-present
*-2004
|
Sarena
D. Burch
|
51
|
Senior
Vice President-Fuel Procurement and Asset
Management-SCE&G
and
PSNC Energy
Senior
Vice President-Fuel Procurement and Asset Management-SCPC
|
*-present
*-2006
|
Stephen
A. Byrne
|
49
|
Senior
Vice President-Generation, Nuclear and Fossil Hydro-SCE&G
Senior
Vice President-Nuclear Operations
|
2004-present
*-2004
|
Paul
V. Fant
|
55
|
President
and Chief Operating Officer-CGTC (formerly SCPC and
SCG
Pipeline)
Senior
Vice President - SCANA
Senior
Vice President - Transmission Services – SCE&G
Executive
Vice President-SCPC and SCG Pipeline
|
2004-present
2008-present
2004-2007
*-2004
|
Kevin
B. Marsh
|
53
|
President
and Chief Operating Officer - SCE&G
Senior
Vice President and Chief Financial Officer
|
2006-present
*-2006
|
Charles
B. McFadden
|
64
|
Senior
Vice President-Governmental Affairs and Economic Development-
SCANA
Services
|
*-present
|
Francis
P. Mood, Jr.
|
71
|
Senior
Vice President, General Counsel and Assistant Secretary
Attorney,
Haynsworth Sinkler Boyd, P.A.-Columbia, SC
|
2005-present
*-2005
|
2008
|
2007
|
||||||||||
4th Qtr.
|
3rd Qtr.
|
2nd Qtr.
|
1st Qtr.
|
4th Qtr.
|
3rd Qtr.
|
2nd Qtr.
|
1st Qtr.
|
||||
High
|
$40.24
|
$44.06
|
$41.32
|
$42.70
|
$43.73
|
$39.75
|
$45.49
|
$43.51
|
|||
Low
|
$27.75
|
$35.02
|
$36.60
|
$35.83
|
$38.69
|
$32.93
|
$37.91
|
$39.92
|
SCANA
|
SCE&G
|
|||||||
Rating
Agency
|
Senior
Unsecured
|
Senior
Secured
|
Senior
Unsecured
|
Preferred
Stock
|
Commercial
Paper
|
Outlook
|
||
Moody's
|
Baa1
|
A2
|
A3
|
Baa2
|
P-2
|
Stable
|
||
S&P
|
BBB+
|
A-
|
A-
|
BBB
|
A-2
|
Negative
|
||
Fitch
|
A-
|
A+
|
A
|
A-
|
F-2
|
Negative
|
Long-term
(investment grade)
|
Short-term
|
||||
Moody's
(1)
|
S&P
(2)
|
Fitch
(2)
|
Moody's
|
S&P
|
Fitch
|
Aaa
|
AAA
|
AAA
|
Prime-1
(P-1)
|
A-1
|
F-1
|
Aa
|
AA
|
AA
|
Prime-2
(P-2)
|
A-2
|
F-2
|
A
|
A
|
A
|
Prime-3
(P-3)
|
A-3
|
F-3
|
Baa
|
BBB
|
BBB
|
Not
Prime
|
B
|
B
|
C
|
C
|
||||
D
|
D
|
SCANA
|
SCE&G
|
||||||||||||||||||||||||||||||||
As of or for the Year Ended
December 31,
|
2008
|
2007
|
2006
|
2005
|
2004
|
2008
|
2007
|
2006
|
2005
|
2004
|
|||||||||||||||||||||||
(Millions
of dollars, except statistics and per share amounts)
|
|||||||||||||||||||||||||||||||||
Statement
of Income Data
|
|||||||||||||||||||||||||||||||||
Operating
Revenues
|
$
|
5,319
|
$
|
4,621
|
$
|
4,563
|
$
|
4,777
|
$
|
3,885
|
$
|
2,816
|
$
|
2,481
|
$
|
2,391
|
$
|
2,421
|
$
|
2,089
|
|||||||||||||
Operating
Income
|
710
|
633
|
603
|
436
|
596
|
559
|
498
|
468
|
312
|
475
|
|||||||||||||||||||||||
Other
Income (Expense)
|
(183
|
)
|
(160
|
)
|
(164
|
)
|
(162
|
)
|
(219
|
)
|
(122
|
)
|
(117
|
)
|
(121
|
)
|
(121
|
)
|
(111
|
)
|
|||||||||||||
Income
Before Cumulative Effect
of
Accounting Change (1)
|
346
|
320
|
304
|
320
|
257
|
273
|
245
|
230
|
258
|
232
|
|||||||||||||||||||||||
Net
Income (1)
(2)
|
$
|
346
|
$
|
320
|
$
|
310
|
$
|
320
|
$
|
257
|
$
|
273
|
$
|
245
|
$
|
234
|
$
|
258
|
$
|
232
|
|||||||||||||
Common
Stock Data
|
|||||||||||||||||||||||||||||||||
Weighted
Average Number of Common Shares
|
|||||||||||||||||||||||||||||||||
Outstanding
(Millions)
|
117.0
|
116.7
|
115.8
|
113.8
|
111.6
|
n/a
|
n/a
|
n/a
|
n/a
|
n/a
|
|||||||||||||||||||||||
Basic
and Diluted Earnings Per Share (1)(2)
|
$
|
2.95
|
$
|
2.74
|
$
|
2.68
|
$
|
2.81
|
$
|
2.30
|
n/a
|
n/a
|
n/a
|
n/a
|
n/a
|
||||||||||||||||||
Dividends
Declared Per Share
of
Common Stock
|
$
|
1.84
|
$
|
1.76
|
$
|
1.68
|
$
|
1.56
|
$
|
1.46
|
n/a
|
n/a
|
n/a
|
n/a
|
n/a
|
||||||||||||||||||
Balance
Sheet Data
|
|||||||||||||||||||||||||||||||||
Utility
Plant, Net
|
$
|
8,305
|
$
|
7,538
|
$
|
7,007
|
$
|
6,734
|
$
|
6,762
|
$
|
6,905
|
$
|
6,202
|
$
|
5,748
|
$
|
5,580
|
$
|
5,621
|
|||||||||||||
Total
Assets
|
11,502
|
10,165
|
9,817
|
9,519
|
9,006
|
9,052
|
7,977
|
7,626
|
7,366
|
6,985
|
|||||||||||||||||||||||
Capitalization:
|
|||||||||||||||||||||||||||||||||
Common equity
|
$
|
3,045
|
$
|
2,960
|
$
|
2,846
|
$
|
2,677
|
$
|
2,451
|
$
|
2,704
|
$
|
2,622
|
$
|
2,457
|
$
|
2,362
|
$
|
2,164
|
|||||||||||||
Preferred Stock (Not subject to
purchase or sinking funds)
|
106
|
106
|
106
|
106
|
106
|
106
|
106
|
106
|
106
|
106
|
|||||||||||||||||||||||
Preferred Stock, net (Subject to
purchase or sinking funds)
|
7
|
7
|
8
|
8
|
9
|
7
|
7
|
8
|
8
|
9
|
|||||||||||||||||||||||
Long-term Debt, net
|
4,361
|
2,879
|
3,067
|
2,948
|
3,186
|
3,033
|
2,003
|
2,008
|
1,856
|
1,981
|
|||||||||||||||||||||||
Total
Capitalization
|
$
|
7,519
|
$
|
5,952
|
$
|
6,027
|
$
|
5,739
|
$
|
5,752
|
$
|
5,850
|
$
|
4,738
|
$
|
4,579
|
$
|
4,332
|
$
|
4,260
|
|||||||||||||
Other
Statistics
|
|||||||||||||||||||||||||||||||||
Electric:
|
|||||||||||||||||||||||||||||||||
Customers (Year-End)
|
649,571
|
639,258
|
623,402
|
609,971
|
591,435
|
649,636
|
639,312
|
623,453
|
610,025
|
591,497
|
|||||||||||||||||||||||
Total sales (Million KWh)
|
24,284
|
24,885
|
24,519
|
25,305
|
25,027
|
24,287
|
24,888
|
24,538
|
25,323
|
25,046
|
|||||||||||||||||||||||
Generating capability-Net MW
(Year-End)
|
5,695
|
5,749
|
5,749
|
5,808
|
5,817
|
5,695
|
5,749
|
5,749
|
5,808
|
5,817
|
|||||||||||||||||||||||
Territorial peak demand-Net MW
|
4,789
|
4,926
|
4,742
|
4,820
|
4,574
|
4,789
|
4,926
|
4,742
|
4,820
|
4,574
|
|||||||||||||||||||||||
Regulated
Gas:
|
|||||||||||||||||||||||||||||||||
Customers, excluding transportation
(Year-End)
|
774,502
|
759,336
|
738,317
|
716,794
|
693,172
|
307,074
|
302,469
|
297,165
|
291,607
|
284,355
|
|||||||||||||||||||||||
Sales, excluding transportation
(Thousand Therms) (3)
|
848,568
|
823,976
|
997,173
|
1,106,526
|
1,124,555
|
416,075
|
407,204
|
403,489
|
410,700
|
399,601
|
|||||||||||||||||||||||
Transportation customers
(Year-End) (3)
|
474
|
446
|
430
|
365
|
474
|
120
|
115
|
100
|
97
|
110
|
|||||||||||||||||||||||
Transportation
volumes (Thousand Therms) (3)
|
1366,675,
|
1,369,684
|
852,100
|
707,189
|
640,229
|
64,034
|
27,113
|
24,845
|
20,317
|
22,725
|
|||||||||||||||||||||||
Retail
Gas Marketing:
|
|||||||||||||||||||||||||||||||||
Retail customers (Year-End)
|
459,250
|
484,565
|
482,822
|
479,382
|
472,468
|
n/a
|
n/a
|
n/a
|
n/a
|
n/a
|
|||||||||||||||||||||||
Firm customer deliveries
(Thousand Therms)
|
356,288
|
340,743
|
335,896
|
379,913
|
379,712
|
n/a
|
n/a
|
n/a
|
n/a
|
n/a
|
|||||||||||||||||||||||
Nonregulated interruptible customer
deliveries (Thousand Therms)
|
1,526,933
|
1,548,878
|
1,239,926
|
1,010,066
|
917,875
|
n/a
|
n/a
|
n/a
|
n/a
|
n/a
|
Page
|
|||
Item
7.
|
Management's Discussion and Analysis of Financial
Condition and Results of Operations
|
28
|
|
Overview
|
28
|
||
31
|
|||
36
|
|||
41
|
|||
44
|
|||
44
|
|||
47
|
|||
Quantitative
and Qualitative Disclosures About Market Risk
|
47
|
||
Financial
Statements and Supplementary Data
|
50
|
||
Report
of Independent Registered Public Accounting Firm
|
50
|
||
Consolidated
Balance Sheets
|
51
|
||
Consolidated
Statements of Income
|
53
|
||
Consolidated
Statements of Cash Flows
|
54
|
||
Consolidated
Statements of Changes in Common Equity and Comprehensive Income
|
55
|
||
Notes to Consolidated Financial
Statements
|
56
|
||
%
of Revenues (a)
|
2008
|
2007
|
2006
|
|||||||
Regulated
|
65
|
%
|
66
|
%
|
69
|
%
|
||||
Nonregulated
|
35
|
%
|
34
|
%
|
31
|
%
|
||||
%
of Net Income (b)
|
||||||||||
Regulated
|
94
|
%
|
92
|
%
|
89
|
%
|
||||
Nonregulated
|
6
|
%
|
8
|
%
|
11
|
%
|
||||
% of
Assets
|
||||||||||
Regulated
|
93
|
%
|
92
|
%
|
93
|
%
|
||||
Nonregulated
|
7
|
%
|
8
|
%
|
7
|
%
|
2008
|
2007
|
2006
|
||||||||
Reported
(GAAP) earnings per share
|
$
|
2.95
|
$
|
2.74
|
$
|
2.68
|
||||
Deduct:
|
||||||||||
Cumulative
effect of accounting change, net of tax
|
-
|
-
|
(.05
|
)
|
||||||
Reduction
in charge related to propane litigation
|
-
|
-
|
(.04
|
)
|
||||||
GAAP-adjusted
net earnings from operations per share
|
$
|
2.95
|
$
|
2.74
|
$
|
2.59
|
||||
Cash
dividends declared (per share)
|
$
|
1.84
|
$
|
1.76
|
$
|
1.68
|
Millions
of dollars
|
2008
|
2007
|
2006
|
|||||||
Income
Statement Impact:
|
||||||||||
Reduction
in employee benefit costs
|
$
|
0.6
|
$
|
2.5
|
$
|
0.7
|
||||
Other
income
|
14.6
|
13.7
|
12.3
|
|||||||
Balance
Sheet Impact:
|
||||||||||
Reduction
in capital expenditures
|
0.3
|
0.8
|
0.3
|
|||||||
Component
of amount due to Summer Station co-owner
|
0.3
|
0.4
|
0.2
|
|||||||
Total
Pension Income
|
$
|
15.8
|
$
|
17.4
|
$
|
13.5
|
Millions
of dollars
|
2008
|
% Change
|
2007
|
% Change
|
2006
|
|||||||||||
Operating
revenues
|
$
|
2,236.4
|
14.4
|
%
|
$
|
1,954.1
|
4.1
|
%
|
$
|
1,877.6
|
||||||
Less:
Fuel used in generation
|
863.6
|
30.4
|
%
|
662.3
|
7.7
|
%
|
615.1
|
|||||||||
Purchased
power
|
36.1
|
10.4
|
%
|
32.7
|
18.9
|
%
|
27.5
|
|||||||||
Margin
|
$
|
1,336.7
|
6.2
|
%
|
$
|
1,259.1
|
2.0
|
%
|
$
|
1,235.0
|
•
|
2008 vs 2007
|
Margin
increased by $74.5 million due to increased retail electric rates that
went into effect in January 2008 and by $16.6 million due to
residential and commercial customer growth. These increases
were offset by $5.4 million due to lower off-system sales, by $3.5
million due to lower industrial sales and $10.0 million in lower
residential and commercial usage.
|
•
|
2007 vs 2006
|
Margin
increased by $27.3 million due to customer growth and usage and due to
other electric revenue of $5.2 million. These increases were
offset by lower off-system sales of $10.2
million.
|
Classification
(in thousands)
|
2008
|
% Change
|
2007
|
% Change
|
2006
|
|||||||||||
Residential
|
7,828
|
0.2
|
%
|
7,814
|
2.8
|
%
|
7,598
|
|||||||||
Commercial
|
7,450
|
(0.3
|
)%
|
7,469
|
3.0
|
%
|
7,249
|
|||||||||
Industrial
|
6,152
|
(1.8
|
)%
|
6,267
|
1.4
|
%
|
6,183
|
|||||||||
Sales
for resale (excluding interchange)
|
1,850
|
(11.9
|
)%
|
2,100
|
1.2
|
%
|
2,076
|
|||||||||
Other
|
569
|
1.1
|
%
|
563
|
6.8
|
%
|
527
|
|||||||||
Total
territorial
|
23,849
|
(1.5
|
)%
|
24,213
|
2.5
|
%
|
23,633
|
|||||||||
Negotiated
Market Sales Tariff (NMST)
|
435
|
(35.3
|
)%
|
672
|
(24.2
|
)%
|
886
|
|||||||||
Total
|
24,284
|
(2.4
|
)%
|
24,885
|
1.5
|
%
|
24,519
|
•
|
2008
vs 2007
|
Territorial
sales volumes decreased by 252 MWh due to weather and by 115 MWh due to
lower industrial sales volumes as a result of a slowing economy, partially
offset by an increase of 238 MWh due to residential and commercial
customer growth.
|
•
|
2007 vs 2006
|
Territorial
sales volumes increased by 343 MWh primarily due to residential and
commercial customer growth and by 83 MWh due to higher industrial
sales volumes.
|
Millions
of dollars
|
2008
|
% Change
|
2007
|
% Change
|
2006
|
|||||||||||
Operating
revenues
|
$
|
1,238.1
|
12.9
|
%
|
$
|
1,096.4
|
1.7
|
%
|
$
|
1,078.0
|
||||||
Less:
Gas purchased for resale
|
886.1
|
15.9
|
%
|
764.6
|
(2.9
|
)%
|
787.1
|
|||||||||
Margin
|
$
|
352.0
|
6.1
|
%
|
$
|
331.8
|
14.1
|
%
|
$
|
290.9
|
•
|
2008 vs 2007
|
Margin
increased by $3.6 million due to an SCPSC-approved increase in retail gas
base rates at SCE&G which became effective with the first billing
cycle of November 2007, by $1.1 million due to an SCPSC-approved increase
in retail gas base rates which became effective with the first billing
cycle of November 2008, and by $2.4 million
due to other customer growth at SCE&G. The NCUC-approved
rate increase at PSNC Energy, for services rendered on or after November
1, 2008, increased margin by $2.5 million, while an increase in normalized
customer usage contributed $5.0 million and customer growth added
$4.9 million.
|
•
|
2007 vs 2006
|
Margin
increased by $13.6 million due to an SCPSC-approved increase in retail gas
base rates at SCE&G which became effective with the first billing
cycle of November 2006, by $1.0 million due to an SCPSC-approved increase
in retail gas base rates which became effective with the first billing
cycle of November 2007, and by $6.1 million due to other customer growth
at SCE&G. The NCUC - approved rate increase at PSNC Energy,
for services rendered on or after November 1, 2006, increased margin by
$14.3 million. The increase in margin at PSNC Energy also
reflects customer growth in 2007 and significant conservation in 2006 due
to high natural gas prices.
|
Classification
(in thousands)
|
2008
|
% Change
|
2007
|
% Change
|
2006
|
|||||||||||
Residential
|
37,507
|
8.6
|
%
|
34,544
|
5.1
|
%
|
32,879
|
|||||||||
Commercial
|
28,004
|
5.4
|
%
|
26,573
|
3.3
|
%
|
25,718
|
|||||||||
Industrial
|
19,345
|
(9.1
|
)%
|
21,281
|
0.3
|
%
|
21,209
|
|||||||||
Transportation
gas
|
35,124
|
12.7
|
%
|
31,154
|
3.3
|
%
|
30,147
|
|||||||||
Total
|
119,980
|
5.7
|
%
|
113,552
|
3.3
|
%
|
109,953
|
•
|
2008 vs 2007
|
Residential,
commercial and transportation gas sales volume increased primarily due to
customer growth. Industrial gas sales volume decreased
primarily due to a loss of customers as a result of a slowing
economy.
|
•
|
2007 vs 2006
|
Residential,
commercial and transportation gas sales volumes increased primarily due to
customer growth.
|
Millions
of dollars
|
2008
|
% Change
|
2007
|
% Change
|
2006
|
|||||||||||
Transportation
revenue
|
$
|
49.1
|
-
|
|
$
|
49.1
|
85.3
|
%
|
$
|
26.5
|
||||||
Other
operating revenues
|
-
|
-
|
-
|
*
|
475.0
|
|||||||||||
Less:
Gas purchased for resale
|
-
|
-
|
-
|
*
|
439.2
|
|||||||||||
Margin
|
$
|
49.1
|
-
|
|
$
|
49.1
|
(21.2
|
)%
|
$
|
62.3
|
•
|
2008
vs 2007
|
Transportation
revenue is based upon contracts to reserve long-term capacity and is not
dependent upon volumes. In 2008 the transportation revenue
was unchanged from 2007.
|
•
|
2007 vs 2006
|
Transportation
revenue increased as a result of the change to an open access,
transportation-only interstate pipeline company effective November 1,
2006. As a result of this change, CGTC no longer earns
commodity gas revenues, nor does it
incur gas costs.
|
Millions
of dollars
|
2008
|
% Change
|
2007
|
% Change
|
2006
|
|||||||||||
Operating
revenues
|
$
|
631.7
|
8.1
|
%
|
$
|
584.2
|
(3.9
|
)%
|
$
|
608.1
|
||||||
Net
income
|
32.5
|
18.2
|
%
|
27.5
|
(8.6
|
)%
|
30.1
|
•
|
2008 vs 2007
|
Operating
revenues increased primarily as a result of higher average retail prices
and volumes. Net income increased primarily due to higher
margin and lower bad debt expense, partially offset by the GPSC
settlement.
|
•
|
2007 vs 2006
|
Operating
revenues decreased primarily due to lower average retail
prices. Net income decreased primarily due to higher expenses,
including bad debt expense.
|
Millions
of dollars
|
2008
|
%
Change
|
2007
|
%
Change
|
2006
|
|||||||||||
Operating
revenues
|
$
|
1,483.8
|
27.1
|
%
|
$
|
1,167.7
|
23.1
|
%
|
$
|
948.7
|
||||||
Net
income (loss)
|
1.9
|
(32.1
|
)%
|
2.8
|
*
|
(0.4
|
)
|
•
|
2008 vs 2007
|
Operating
revenues increased primarily due to higher market prices which more than
offset the decrease in sales volumes. Net income decreased due
to higher operating expenses.
|
•
|
2007 vs 2006
|
Operating
revenues increased primarily due to customer growth, some of which results
from sales to customers formerly reported in the Gas Transmission segment
now being reported in Energy Marketing. Net income
increased due to higher margin on sales of $3.8 million, offset by higher
operating expenses of $1.0 million.
|
Millions
of dollars
|
2008
|
% Change
|
2007
|
% Change
|
2006
|
|||||||||||
Other
operation and maintenance
|
$
|
674.6
|
4.1
|
%
|
$
|
648.2
|
4.7
|
%
|
$
|
619.2
|
||||||
Depreciation
and amortization
|
319.3
|
(1.3
|
)%
|
323.4
|
(2.7
|
)%
|
332.4
|
|||||||||
Other
taxes
|
168.0
|
4.9
|
%
|
160.2
|
5.5
|
%
|
151.8
|
|||||||||
Total
|
$
|
1,161.9
|
2.7
|
%
|
$
|
1,131.8
|
2.6
|
%
|
$
|
1,103.4
|
•
|
2008 vs 2007
|
Other
operation and maintenance expenses increased by $2.6 million due to higher
generation, transmission and distribution expenses, by $8.9 million
due to higher incentive compensation and other benefits, by $6.4 million
due to higher customer service expense, including bad debt expense, by
$2.0 million due to lower pension income and $2.6 million due to increased
legal expenses related to SCANA Energy’s settlement with the GPSC.
Depreciation and amortization expense decreased by $4.6 million
due to the 2007 expiration of the synthetic fuel tax credit program (see
Income Taxes - Recognition of Synthetic Fuel
Tax Credits) and by $8.5 million due to the 2007 expiration of
a three-year amortization of previously deferred purchase power
costs, partially offset by $10.3 million due to 2008 net property
additions. Other
taxes increased primarily due to higher property
taxes.
|
•
|
2007 vs 2006
|
Other
operation and maintenance expenses increased by $4.6 million due to higher
generation, transmission and distribution expenses, by $19.7 million due
to higher incentive compensation and other benefits and by $4.7 million
due to higher bad debt expense at Retail Gas
Marketing. Depreciation and amortization expense decreased by
$19.8 million due to lower accelerated depreciation of the back-up dam at
Lake Murray in 2007 compared to 2006 (see Income Taxes - Recognition of Synthetic Fuel
Tax Credits), partially
offset by $11.4 million due to 2007 net property
additions. Other taxes increased primarily due to higher
property taxes.
|
Millions
of dollars
|
2008
|
% Change
|
2007
|
% Change
|
2006
|
|||||||||||
Other
revenues
|
$
|
78.6
|
(21.2
|
)%
|
$
|
99.8
|
(31.2
|
)%
|
$
|
145.0
|
||||||
Other
expenses
|
(41.5
|
)
|
(13.9
|
)%
|
(48.2
|
)
|
(48.2
|
)%
|
(93.1
|
)
|
||||||
Total
|
$
|
37.1
|
(28.1
|
)%
|
$
|
51.6
|
(0.6
|
)%
|
$
|
51.9
|
•
|
2008 vs 2007
|
Other
revenues decreased by $11.7 million and other expenses
decreased by $6.7 million due to management and maintenance services no
longer being provided for a non-affiliated synthetic fuel production
facility. Other revenues also decreased by $5.8 million due to
income from the sale of a bankruptcy claim in
2007.
|
•
|
2007 vs 2006
|
Other
revenues decreased by $32.0 million due to lower power marketing
activities and by $26.6 million due to lower fees received for management
and maintenance services for a non-affiliated synthetic fuel production
facility, as discussed at Income Taxes-Recognition of Synthetic Fuel
Tax Credits below. These decreases were partially offset
by $5.8 million related to the sale of a bankruptcy claim and by $1.9
million due to lower partnership losses, also as discussed at Income
Taxes- Recognition of
Synthetic Fuel Tax Credits below.
Other
expenses decreased $31.2 million due to lower power marketing activities,
by $19.4 million due to lower management service expenses incurred, as
discussed at Income Taxes-Recognition of Synthetic Fuel Tax
Credits below and by $8.7 million related to a FERC power marketing
settlement in 2006. These decreases were partially offset by
$7.6 million related to the settlement of propane litigation in
2006.
|
Millions
of dollars
|
2008
|
% Change
|
2007
|
% Change
|
2006
|
|||||||||||
Interest
on long-term debt, net
|
$
|
212.1
|
21.5
|
%
|
$
|
174.5
|
(8.6
|
)%
|
$
|
190.9
|
||||||
Other
interest expense
|
15.2
|
(52.2
|
)%
|
31.8
|
70.1
|
%
|
18.7
|
|||||||||
Total
|
$
|
227.3
|
10.2
|
%
|
$
|
206.3
|
(1.6
|
)%
|
$
|
209.6
|
•
|
2008 vs 2007
|
Interest
on long-term debt increased primarily due to increased long-term
borrowings. Other interest expense decreased primarily due to
lower principal balances on short-term
debt.
|
•
|
2007 vs 2006
|
Interest
on long-term debt decreased primarily due to reduced long-term borrowings
and lower interest rates. Other interest expense increased
primarily due to higher principal balances and interest rates on
short-term debt.
|
Millions
of dollars
|
2007
|
2006
|
||||||
Depreciation
and amortization expense
|
$
|
(8.4
|
)
|
$
|
(28.2
|
)
|
||
Income
tax benefits
|
26.9
|
48.6
|
||||||
Losses
from Equity Method Investments
|
(18.5
|
)
|
(20.4
|
)
|
||||
Impact
on Net Income
|
$
|
-
|
$
|
-
|
Millions
of dollars
|
2009
|
2010
|
2011
|
|||||||
SCE&G:
|
||||||||||
Electric
Plant:
|
||||||||||
Generation (including GENCO)
|
$
|
652
|
$
|
758
|
$
|
897
|
||||
Transmission
|
48
|
46
|
68
|
|||||||
Distribution
|
178
|
184
|
190
|
|||||||
Other
|
40
|
22
|
21
|
|||||||
Nuclear Fuel
|
43
|
78
|
59
|
|||||||
Gas
|
53
|
60
|
59
|
|||||||
Common
and other
|
39
|
16
|
17
|
|||||||
Total
SCE&G
|
1,053
|
1,164
|
1,311
|
|||||||
Other
Companies Combined
|
185
|
109
|
107
|
|||||||
Total
|
$
|
1,238
|
$
|
1,273
|
$
|
1,418
|
Payments
due by periods
|
||||||||||||||||
Millions
of dollars
|
Total
|
Less
than
1
year
|
1-3 years
|
4-5 years
|
More
than
5 years
|
|||||||||||
Long-
and short-term debt (including
|
||||||||||||||||
interest
and preferred stock redemptions)
|
$
|
8,087
|
$
|
522
|
$
|
2,015
|
$
|
542
|
$
|
5,008
|
||||||
Capital
leases
|
3
|
2
|
1
|
-
|
-
|
|||||||||||
Operating
leases
|
50
|
18
|
21
|
4
|
7
|
|||||||||||
Purchase
obligations
|
707
|
689
|
18
|
-
|
-
|
|||||||||||
Other
commercial commitments
|
6,922
|
1,414
|
2,320
|
981
|
2,207
|
|||||||||||
Total
|
$
|
15,769
|
$
|
2,645
|
$
|
4,375
|
$
|
1,527
|
$
|
7,222
|
Future
Value
|
||||||||||||||
Millions
of dollars
|
2009
|
2010
|
2011
|
2012
|
2013
|
After
2013
|
Total
|
|||||||
Plant
Costs
|
$
|
472
|
$
|
648
|
$
|
766
|
$
|
734
|
$
|
752
|
$
|
1,929
|
$
|
5,301
|
Transmission
Costs
|
1
|
2
|
5
|
2
|
16
|
620
|
646
|
Millions
of dollars
|
SCANA
|
SCE&G
|
PSNC Energy
|
|||||||
Lines of Credit: | ||||||||||
Committed long-term (expire December 2011)
|
||||||||||
Total
|
$
|
200
|
$
|
650
|
$
|
250
|
||||
Outstanding
bank loans
|
15
|
285
|
156
|
|||||||
Weighted
average interest rate
|
2.17
|
%
|
1.61
|
%
|
1.72
|
%
|
||||
Outstanding
commercial paper (270 or fewer days) (a)
|
-
|
34
|
46
|
|||||||
Weighted
average interest rate
|
-
|
5.69
|
%
|
6.15
|
%
|
|||||
Uncommitted
(b):
|
||||||||||
Total
|
$
|
78
|
$
|
-
|
$
|
-
|
||||
Used
|
-
|
-
|
-
|
|||||||
Weighted
average interest rate
|
-
|
-
|
-
|
|
Expected
Maturity Date
|
||||||||
December 31,
2008
Millions
of dollars
|
2009
|
2010
|
2011
|
2012
|
2013
|
Thereafter
|
Total
|
Fair
Value
|
Long-Term
Debt:
|
||||||||
Fixed
Rate ($)
|
108.2
|
14.8
|
1,075.3
|
265.5
|
157.9
|
2,670.2
|
4,291.9
|
4,406.5
|
Average
Fixed Interest Rate (%)
|
6.27
|
6.87
|
4.61
|
6.23
|
7.05
|
5.97
|
5.70
|
|
Variable
Rate ($)
|
26.1
|
3.2
|
3.2
|
3.2
|
3.2
|
138.6
|
177.5
|
149.1
|
Average
Variable Interest Rate (%)
|
6.36
|
2.90
|
2.90
|
2.90
|
2.90
|
2.14
|
5.17
|
|
Interest
Rate Swaps:
|
||||||||
Pay
Variable/Receive Fixed ($)
|
3.2
|
3.2
|
3.2
|
3.2
|
12.8
|
0.9
|
||
Pay
Interest Rate (%)
|
4.66
|
4.66
|
4.66
|
4.66
|
4.66
|
|||
Receive
Interest Rate (%)
|
8.75
|
8.75
|
8.75
|
8.75
|
8.75
|
|||
Pay
Fixed/Receive Variable ($)
|
3.2
|
3.2
|
3.2
|
3.2
|
138.6
|
151.4
|
(34.3)
|
|
Average
Pay Interest Rate (%)
|
6.47
|
6.47
|
6.47
|
6.47
|
4.83
|
4.96
|
||
Average
Receive Interest Rate (%)
|
2.90
|
2.90
|
2.90
|
2.90
|
2.14
|
2.20
|
Expected
Maturity Date
|
||||||||
December 31,
2007
Millions
of dollars
|
2008
|
2009
|
2010
|
2011
|
2012
|
Thereafter
|
Total
|
Fair
Value
|
Long-Term
Debt:
|
||||||||
Fixed
Rate ($)
|
123.2
|
108.2
|
14.8
|
619.3
|
265.5
|
1,758.1
|
2,889.1
|
2,942.5
|
Average
Fixed Interest Rate (%)
|
5.96
|
6.27
|
6.87
|
6.78
|
6.23
|
5.91
|
6.15
|
|
Variable
Rate ($)
|
100.0
|
1.6
|
1.6
|
1.6
|
35.2
|
140.0
|
141.1
|
|
Variable
Interest Rate (%)
|
5.27
|
5.78
|
5.78
|
5.78
|
5.78
|
5.78
|
||
Interest
Rate Swaps:
|
||||||||
Pay
Variable/Receive Fixed ($)
|
3.2
|
3.2
|
3.2
|
3.2
|
3.2
|
16.0
|
0.6
|
|
Pay
Interest Rate (%)
|
8.02
|
8.02
|
8.02
|
8.02
|
8.02
|
8.02
|
||
Receive
Interest Rate (%)
|
8.75
|
8.75
|
8.75
|
8.75
|
8.75
|
8.75
|
||
Pay
Fixed/Receive Variable ($)
|
1.6
|
1.6
|
1.6
|
35.2
|
40.0
|
(7.2)
|
||
Pay
Interest Rate (%)
|
6.47
|
6.47
|
6.47
|
6.47
|
6.47
|
|||
Receive
Interest Rate (%)
|
5.78
|
5.78
|
5.78
|
5.78
|
5.78
|
Expected
Maturity:
|
|||||||||||
Options
|
|||||||||||
Futures
Contracts
|
Purchased
Call
|
Purchased
Put
|
Purchased
Put
|
Sold
Call
|
Sold
Put
|
||||||
2009
|
Long
|
Short
|
(Long)
|
(Long)
|
(Short)
|
(Short)
|
(Long)
|
||||
Settlement
Price (a)
|
5.80
|
8.62
|
Strike
Price (a)
|
10.14
|
8.39
|
8.58
|
15.24
|
6.78
|
|||
Contract
Amount (b)
|
64.8
|
11.7
|
Contract
Amount (b)
|
53.3
|
20.8
|
11.0
|
2.6
|
2.8
|
|||
Fair
Value (b)
|
43.8
|
10.9
|
Fair
Value (b)
|
1.1
|
(6.8)
|
3.7
|
-
|
(0.6)
|
|||
2010
|
Strike
Price (a)
|
9.29
|
-
|
-
|
12.56
|
6.45
|
|||||
Settlement
Price (a)
|
6.95
|
-
|
Contract
Amount (b)
|
7.6
|
-
|
-
|
2.0
|
1.0
|
|||
Contract
Amount (b)
|
0.4
|
-
|
Fair
Value (b)
|
0.5
|
-
|
-
|
-
|
(0.1)
|
|||
Fair
Value (b)
|
0.4
|
-
|
|||||||||
(a) Weighted
average, in dollars
|
|||||||||||
(b) Millions
of dollars
|
Swaps
|
2009
|
2010
|
2011
|
2012
|
2013
|
Commodity
Swaps:
|
|||||
Pay
fixed/receive variable (b)
|
177.5
|
30.9
|
7.0
|
4.4
|
3.7
|
Average
pay rate (a)
|
8.319
|
7.939
|
7.778
|
7.771
|
7.845
|
Average
received rate (a)
|
5.965
|
7.163
|
7.325
|
7.227
|
7.163
|
Fair
Value (b)
|
127.3
|
27.9
|
6.6
|
4.1
|
3.4
|
Pay
variable/receive fixed (b)
|
5.7
|
-
|
-
|
-
|
-
|
Average
pay rate (a)
|
5.639
|
-
|
-
|
-
|
-
|
Average
received rate (a)
|
12.656
|
-
|
-
|
-
|
-
|
Fair
Value (b)
|
12.8
|
-
|
-
|
-
|
-
|
Basis
Swaps:
|
|||||
Pay
variable/receive variable (b)
|
79.0
|
25.1
|
5.6
|
3.4
|
3.4
|
Average
pay rate (a)
|
6.073
|
7.162
|
7.578
|
7.327
|
7.253
|
Average
received rate (a)
|
6.030
|
7.118
|
7.530
|
7.252
|
7.179
|
Fair
Value (b)
|
78.4
|
24.9
|
5.6
|
3.4
|
3.4
|
(a) Weighted
average, in dollars
|
|||||
(b) Millions
of dollars
|
December 31, (Millions of
dollars)
|
2008
|
2007
|
|||||
Assets
|
|||||||
Utility
Plant In Service
|
$
|
10,433
|
$
|
9,807
|
|||
Accumulated
Depreciation and Amortization
|
(3,146
|
)
|
(2,981
|
)
|
|||
Construction
Work in Progress
|
711
|
400
|
|||||
Nuclear
Fuel, Net of Accumulated Amortization
|
77
|
82
|
|||||
Acquisition
Adjustments
|
230
|
230
|
|||||
Utility
Plant, Net
|
8,305
|
7,538
|
|||||
Nonutility
Property and Investments:
|
|||||||
Nonutility property, net of accumulated depreciation of $94 and
$84
|
194
|
131
|
|||||
Assets
held in trust, net-nuclear decommissioning
|
54
|
62
|
|||||
Other
investments
|
68
|
82
|
|||||
Nonutility
Property and Investments, Net
|
316
|
275
|
|||||
Current
Assets:
|
|||||||
Cash
and cash equivalents
|
272
|
134
|
|||||
Receivables, net of allowance for uncollectible accounts of $11 and
$10
|
828
|
641
|
|||||
Receivables-affiliated companies
|
-
|
29
|
|||||
Inventories (at average cost):
|
|||||||
Fuel
|
358
|
286
|
|||||
Materials and supplies
|
108
|
107
|
|||||
Emission allowances
|
15
|
33
|
|||||
Prepayments and other
|
232
|
62
|
|||||
Deferred income taxes
|
23
|
9
|
|||||
Total
Current Assets
|
1,836
|
1,301
|
|||||
Deferred
Debits and Other Assets:
|
|||||||
Pension asset, net
|
-
|
224
|
|||||
Regulatory assets
|
905
|
712
|
|||||
Other
|
140
|
115
|
|||||
Total
Deferred Debits and Other Assets
|
1,045
|
1,051
|
|||||
Total
|
$
|
11,502
|
$
|
10,165
|
December 31, (Millions of
dollars)
|
2008
|
2007
|
|||||
Capitalization and
Liabilities
|
|||||||
Shareholders’
Investment:
|
|||||||
Common
equity
|
$
|
3,045
|
$
|
2,960
|
|||
Preferred stock (Not subject to purchase or sinking
funds)
|
106
|
106
|
|||||
Total
Shareholders’ Investment
|
3,151
|
3,066
|
|||||
Preferred
Stock, Net (Subject to purchase or sinking funds)
|
7
|
7
|
|||||
Long-Term
Debt, Net
|
4,361
|
2,879
|
|||||
Total
Capitalization
|
7,519
|
5,952
|
|||||
Current
Liabilities:
|
|||||||
Short-term borrowings
|
80
|
627
|
|||||
Current portion of long-term debt
|
144
|
233
|
|||||
Accounts payable
|
405
|
401
|
|||||
Accounts payable-affiliated companies
|
-
|
27
|
|||||
Customer deposits and customer prepayments
|
97
|
85
|
|||||
Taxes
accrued
|
128
|
156
|
|||||
Interest accrued
|
69
|
51
|
|||||
Dividends declared
|
56
|
53
|
|||||
Other
|
176
|
88
|
|||||
Total
Current Liabilities
|
1,155
|
1,721
|
|||||
Deferred
Credits and Other Liabilities:
|
|||||||
Deferred income taxes, net
|
1,009
|
944
|
|||||
Deferred
investment tax credits
|
103
|
104
|
|||||
Asset
retirement obligations
|
458
|
307
|
|||||
Pension
and other postretirement benefits
|
261
|
185
|
|||||
Regulatory liabilities
|
838
|
830
|
|||||
Other
|
159
|
122
|
|||||
Total
Deferred Credits and Other Liabilities
|
2,828
|
2,492
|
|||||
Commitments
and Contingencies (Note 10)
|
-
|
-
|
|||||
Total
|
$
|
11,502
|
$
|
10,165
|
Years Ended December 31,
(Millions of dollars, except per share
amounts)
|
2008
|
2007
|
2006
|
|||||||
Operating
Revenues:
|
||||||||||
Electric
|
$
|
2,236
|
$
|
1,954
|
$
|
1,877
|
||||
Gas-regulated
|
1,247
|
1,105
|
1,257
|
|||||||
Gas-nonregulated
|
1,836
|
1,562
|
1,429
|
|||||||
Total Operating Revenues
|
5,319
|
4,621
|
4,563
|
|||||||
Operating
Expenses:
|
||||||||||
Fuel
used in electric generation
|
864
|
662
|
615
|
|||||||
Purchased power
|
36
|
33
|
28
|
|||||||
Gas
purchased for resale
|
2,547
|
2,161
|
2,213
|
|||||||
Other
operation and maintenance
|
675
|
648
|
619
|
|||||||
Depreciation and amortization
|
319
|
324
|
333
|
|||||||
Other
taxes
|
168
|
160
|
152
|
|||||||
Total Operating Expenses
|
4,609
|
3,988
|
3,960
|
|||||||
Operating
Income
|
710
|
633
|
603
|
|||||||
Other
Income (Expense):
|
||||||||||
Other
income
|
79
|
99
|
145
|
|||||||
Other
expenses
|
(42
|
)
|
(48
|
)
|
(93
|
)
|
||||
Interest charges, net of allowance for borrowed funds used during
construction of $16, $13 and $8
|
(227
|
)
|
(206
|
)
|
(209
|
)
|
||||
Preferred dividends of subsidiary
|
(7
|
)
|
(7
|
)
|
(7
|
)
|
||||
Allowance for equity funds used during construction
|
14
|
2
|
-
|
|||||||
Total Other Expense
|
(183
|
)
|
(160
|
)
|
(164
|
)
|
||||
Income
Before Income Taxes, Earnings
(Losses) from Equity Method
Investments
and Cumulative Effect of Accounting Change
|
527
|
473
|
439
|
|||||||
Income
Tax Expense
|
189
|
140
|
119
|
|||||||
Income
Before Earnings (Losses) from Equity Method
Investments
|
||||||||||
and Cumulative Effect of Accounting Change
|
338
|
333
|
320
|
|||||||
Earnings
(Losses) from Equity Method Investments
|
8
|
(13
|
)
|
(16
|
)
|
|||||
Cumulative
Effect of Accounting Change, net of taxes
|
-
|
-
|
6
|
|||||||
Net
Income
|
$
|
346
|
$
|
320
|
$
|
310
|
||||
Basic
and Diluted Earnings Per Share of Common Stock:
|
||||||||||
Before
Cumulative Effect of Accounting Change
|
$
|
2.95
|
$
|
2.74
|
$
|
2.63
|
||||
Cumulative
Effect of Accounting Change, net of taxes
|
-
|
-
|
.05
|
|||||||
Basic
and Diluted Earnings Per Share
|
$
|
2.95
|
$
|
2.74
|
$
|
2.68
|
||||
Weighted
Average Common Shares Outstanding (Millions)
|
117.0
|
116.7
|
115.8
|
For the Years Ended December
31, (Millions of dollars)
|
2008
|
2007
|
2006
|
|||||||
Cash
Flows From Operating Activities:
|
||||||||||
Net
Income
|
$
|
346
|
$
|
320
|
$
|
310
|
||||
Adjustments
to reconcile net income to net cash provided from operating
activities:
|
||||||||||
Cumulative effect of accounting change, net of taxes
|
-
|
-
|
(6
|
)
|
||||||
Excess
losses (earnings) from equity method investments, net of
distributions
|
2
|
14
|
23
|
|||||||
Depreciation and amortization
|
327
|
330
|
347
|
|||||||
Amortization of nuclear fuel
|
17
|
19
|
17
|
|||||||
Gain
on sale of assets and investments
|
(10
|
)
|
(9
|
)
|
(3
|
)
|
||||
Allowance for equity funds used during construction
|
(14
|
)
|
(2
|
)
|
-
|
|||||
Carrying cost recovery
|
(5
|
)
|
(6
|
)
|
(7
|
)
|
||||
Cash
provided (used) by changes in certain assets and
liabilities:
|
||||||||||
Receivables
|
(21
|
)
|
17
|
218
|
||||||
Inventories
|
(114
|
)
|
(41
|
)
|
(80
|
)
|
||||
Prepayments and other
|
(103
|
)
|
(23
|
)
|
(2
|
)
|
||||
Pension and postretirement benefits
|
(10
|
)
|
(9
|
)
|
(16
|
)
|
||||
Other regulatory assets
|
(23
|
)
|
40
|
(32
|
)
|
|||||
Deferred income taxes, net
|
76
|
22
|
5
|
|||||||
Regulatory liabilities
|
(13
|
)
|
94
|
9
|
||||||
Accounts payable
|
(14
|
)
|
(38
|
)
|
(77
|
)
|
||||
Taxes accrued
|
(28
|
)
|
35
|
9
|
||||||
Interest accrued
|
18
|
-
|
(1
|
)
|
||||||
Changes
in fuel adjustment clauses
|
(91
|
)
|
(19
|
)
|
3
|
|||||
Changes
in other assets
|
7
|
13
|
30
|
|||||||
Changes
in other liabilities
|
107
|
(27
|
)
|
6
|
||||||
Net
Cash Provided From Operating Activities
|
454
|
730
|
753
|
|||||||
Cash
Flows From Investing Activities:
|
||||||||||
Utility property additions and construction
expenditures
|
(833
|
)
|
(712
|
)
|
(485
|
)
|
||||
Proceeds from sale of assets and investments
|
19
|
10
|
21
|
|||||||
Nonutility property additions
|
(71
|
)
|
(13
|
)
|
(42
|
)
|
||||
Investments
|
(2
|
) |
(10
|
)
|
(25
|
)
|
||||
Net
Cash Used For Investing Activities
|
(887
|
)
|
(725
|
)
|
(531
|
)
|
||||
Cash
Flows From Financing Activities:
|
||||||||||
Proceeds from issuance of common stock
|
42
|
6
|
79
|
|||||||
Proceeds from issuance of debt
|
1,526
|
40
|
132
|
|||||||
Repayments of debt
|
(231
|
)
|
(34
|
)
|
(156
|
)
|
||||
Redemption/repurchase of equity securities
|
-
|
(14
|
)
|
-
|
||||||
Dividends
|
(219
|
)
|
(210
|
)
|
(198
|
)
|
||||
Short-term borrowings, net
|
(547
|
)
|
140
|
60
|
||||||
Net
Cash Provided From (Used For) Financing Activities
|
571
|
(72
|
)
|
(83
|
)
|
|||||
Net
Increase (Decrease) in Cash and Cash Equivalents
|
138
|
(67
|
)
|
139
|
||||||
Cash
and Cash Equivalents, January 1
|
134
|
201
|
62
|
|||||||
Cash
and Cash Equivalents, December 31
|
$
|
272
|
$
|
134
|
$
|
201
|
||||
Supplemental
Cash Flow Information:
|
||||||||||
Cash
paid for-Interest (net of capitalized interest of $16, $13 and
$8)
|
$
|
196
|
$
|
172
|
$
|
212
|
||||
-Income
taxes
|
121
|
76
|
100
|
|||||||
Noncash
Investing and Financing Activities:
|
||||||||||
Accrued construction expenditures
|
92
|
82
|
54
|
Accumulated
|
||||||||||||||||
Other
|
||||||||||||||||
Common
Stock
|
Retained
|
Comprehensive
|
||||||||||||||
Millions
|
Shares
|
Amount
|
Earnings
|
Income
(Loss)
|
Total
|
|||||||||||
Balance
as of December 31, 2005
|
115
|
$
|
1,332
|
$
|
1,349
|
$
|
(4
|
)
|
$
|
2,677
|
||||||
Comprehensive
Income (Loss):
|
||||||||||||||||
Net
Income
|
310
|
310
|
||||||||||||||
Other
Comprehensive Income (Loss), net of taxes $(8)
|
(14
|
)
|
(14
|
)
|
||||||||||||
Total Comprehensive Income (Loss)
|
310
|
(14
|
)
|
296
|
||||||||||||
Deferred
Cost of Employee Benefit Plans, net of taxes $(7)
|
(11
|
)
|
(11
|
)
|
||||||||||||
Issuance
of Common Stock upon Exercise of Options
|
2
|
79
|
79
|
|||||||||||||
Dividends
Declared on Common Stock
|
(195
|
)
|
(195
|
)
|
||||||||||||
Balance
as of December 31, 2006
|
117
|
1,411
|
1,464
|
(29
|
)
|
2,846
|
||||||||||
Comprehensive
Income :
|
||||||||||||||||
Net
Income
|
320
|
320
|
||||||||||||||
Other
Comprehensive Income, net of taxes $3
|
7
|
7
|
||||||||||||||
Total
Comprehensive Income
|
320
|
7
|
327
|
|||||||||||||
Issuance
of Common Stock Upon Exercise of Options
|
9
|
(3
|
)
|
6
|
||||||||||||
Repurchase
of Common Stock
|
(13
|
)
|
(13
|
)
|
||||||||||||
Dividends
Declared on Common Stock
|
(206
|
)
|
(206
|
)
|
||||||||||||
Balance
as of December 31, 2007
|
117
|
1,407
|
$
|
1,575
|
(22
|
)
|
2,960
|
|||||||||
Comprehensive
Income (Loss):
|
||||||||||||||||
Net
Income
|
346
|
346
|
||||||||||||||
Other
Comprehensive Loss, net of taxes $(53)
|
(87
|
)
|
(87
|
)
|
||||||||||||
Total
Comprehensive Income (Loss)
|
346
|
(87
|
)
|
259
|
||||||||||||
Issuance
of Common Stock
|
1
|
42
|
42
|
|||||||||||||
Dividends
Declared on Common Stock
|
(216
|
)
|
(216
|
)
|
||||||||||||
Balance
as of December 31, 2008
|
118
|
$
|
1,449
|
$
|
1,705
|
$
|
(109
|
)
|
$
|
3,045
|
Regulated
businesses
|
Nonregulated
businesses
|
South
Carolina Electric & Gas Company (SCE&G)
|
SCANA
Energy Marketing, Inc.
|
South
Carolina Fuel Company, Inc. (Fuel Company)
|
SCANA
Communications, Inc. (SCI)
|
South
Carolina Generating Company, Inc. (GENCO)
|
ServiceCare,
Inc.
|
Public
Service Company of North Carolina, Incorporated (PSNC
Energy)
|
SCANA
Resources, Inc.
|
Carolina
Gas Transmission Corporation (CGTC)
|
SCANA
Services, Inc.
|
SCANA
Corporate Security Services, Inc.
|
|
Westex
Holdings, LLC
|
December 31,
|
|||||||
Millions
of dollars
|
2008
|
2007
|
|||||
Regulatory
Assets:
|
|||||||
Accumulated
deferred income taxes
|
$
|
171
|
$
|
161
|
|||
Environmental
remediation costs
|
27
|
26
|
|||||
Asset
retirement obligations and related funding
|
265
|
274
|
|||||
Franchise
agreements
|
50
|
52
|
|||||
Deferred
employee benefit plan costs
|
345
|
120
|
|||||
Other
|
47
|
79
|
|||||
Total
Regulatory Assets
|
$
|
905
|
$
|
712
|
Regulatory
Liabilities:
|
|||||||
Accumulated
deferred income taxes
|
$
|
32
|
$
|
35
|
|||
Other
asset removal costs
|
688
|
643
|
|||||
Storm
damage reserve
|
48
|
49
|
|||||
Planned
major maintenance
|
11
|
15
|
|||||
Monetization
of bankruptcy claim
|
43
|
45
|
|||||
Other
|
16
|
43
|
|||||
Total
Regulatory Liabilities
|
$
|
838
|
$
|
830
|
2008
|
2007
|
2006
|
||||||||
SCE&G
|
3.18
|
%
|
3.16
|
%
|
3.19
|
%
|
||||
GENCO
|
2.66
|
%
|
2.66
|
%
|
2.66
|
%
|
||||
CGTC
|
1.92
|
%
|
2.00
|
%
|
2.04
|
%
|
||||
PSNC
Energy
|
3.06
|
%
|
3.28
|
%
|
3.69
|
%
|
||||
Aggregate
of Above
|
3.11
|
%
|
3.12
|
%
|
3.19
|
%
|
Pension
Benefits
|
Other
Postretirement Benefits
|
||||||||||||
December
31,
|
2008
|
2007
|
2008
|
2007
|
|||||||||
Millions
of Dollars
|
|||||||||||||
Fair
value of plan assets
|
$
|
629.4
|
$
|
929.5
|
-
|
-
|
|||||||
Benefit
obligations
|
709.5
|
704.8
|
$
|
192.5
|
$
|
196.8
|
|||||||
Funded
status
|
$
|
(80.1
|
)
|
$
|
224.7
|
$
|
(192.5
|
)
|
$
|
(196.8
|
)
|
Pension
Benefits
|
Other
Postretirement Benefits
|
||||||||||||
December
31,
|
2008
|
2007
|
2008
|
2007
|
|||||||||
Millions
of dollars
|
|||||||||||||
Noncurrent
asset
|
-
|
$
|
224.7
|
-
|
-
|
||||||||
Current
liability
|
-
|
-
|
$
|
(11.6
|
)
|
$
|
(11.9
|
)
|
|||||
Noncurrent
liability
|
$
|
(80.1
|
)
|
-
|
(180.9
|
)
|
(184.9
|
)
|
Pension
Benefits
|
Other
Postretirement Benefits
|
||||||||||||
December
31,
|
2008
|
2007
|
2008
|
2007
|
|||||||||
Net
actuarial loss
|
$
|
49.6
|
$
|
7.5
|
$
|
0.7
|
$
|
1.4
|
|||||
Prior
service cost
|
0.8
|
0.9
|
0.3
|
0.4
|
|||||||||
Transition
obligation
|
-
|
-
|
0.5
|
0.6
|
|||||||||
Total
|
$
|
50.4
|
$
|
8.4
|
$
|
1.5
|
$
|
2.4
|
Pension
Benefits
|
Other
Postretirement Benefits
|
||||||||||||
Millions
of dollars
|
2008
|
2007
|
2008
|
2007
|
|||||||||
Benefit
obligation, January 1
|
$
|
704.8
|
$
|
713.0
|
$
|
196.8
|
$
|
206.9
|
|||||
Service
cost
|
15.1
|
15.3
|
4.0
|
4.4
|
|||||||||
Interest
cost
|
43.2
|
40.5
|
12.0
|
11.7
|
|||||||||
Plan
participants' contributions
|
-
|
-
|
2.7
|
2.6
|
|||||||||
Plan
amendments
|
-
|
7.5
|
-
|
-
|
|||||||||
Actuarial
gain
|
(12.2
|
)
|
(25.1
|
)
|
(9.2
|
)
|
(14.8
|
)
|
|||||
Benefits
paid
|
(41.4
|
)
|
(46.4
|
)
|
(13.8
|
)
|
(14.0
|
)
|
|||||
Benefit
obligation, December 31
|
$
|
709.5
|
$
|
704.8
|
$
|
192.5
|
$
|
196.8
|
Other
|
|||||||||||||
Pension
|
Postretirement
|
||||||||||||
Benefits
|
Benefits
|
||||||||||||
2008
|
2007
|
2008
|
2007
|
||||||||||
Annual
discount rate used to determine benefit obligation
|
6.45
|
%
|
6.25
|
%
|
6.45
|
%
|
6.30
|
%
|
|||||
Assumed
annual rate of future salary increases for projected benefit
obligation
|
4.00
|
%
|
4.00
|
%
|
4.00
|
%
|
4.00
|
%
|
Pension Benefits
|
|||||||
Millions
of dollars
|
2008
|
2007
|
|||||
Fair
value of plan assets, January 1
|
$
|
929.5
|
$
|
912.5
|
|||
Actual
return on plan assets
|
(258.7
|
)
|
63.4
|
||||
Benefits
paid
|
(41.4
|
)
|
(46.4
|
)
|
|||
Fair
value of plan assets, December 31
|
$
|
629.4
|
$
|
929.5
|
Other
Postretirement Benefits*
|
||||||||||
Expected
Benefit Payments
|
Pension Benefits
|
Excluding
Medicare Subsidy
|
Including
Medicare Subsidy
|
.
|
||||||
Millions
of dollars
|
||||||||||
2009
|
$
|
52.7
|
$
|
12.2
|
$
|
11.9
|
||||
2010
|
54.0
|
12.8
|
12.4
|
|||||||
2011
|
60.7
|
13.0
|
12.7
|
|||||||
2012
|
63.5
|
13.2
|
12.9
|
|||||||
2013
|
63.0
|
13.6
|
13.3
|
|||||||
2014-2018
|
318.1
|
74.8
|
73.3
|
Pension
Benefits
|
Other
Postretirement Benefits
|
||||||||||||||||||
Millions
of dollars
|
2008
|
2007
|
2006
|
2008
|
2007
|
2006
|
|||||||||||||
Service
cost
|
$
|
15.1
|
$
|
15.3
|
$
|
14.0
|
$
|
4.0
|
$
|
4.4
|
$
|
4.6
|
|||||||
Interest
cost
|
43.2
|
40.5
|
39.8
|
12.0
|
11.7
|
11.5
|
|||||||||||||
Expected
return on assets
|
(81.1
|
)
|
(79.8
|
)
|
(75.2
|
)
|
n/a
|
n/a
|
n/a
|
||||||||||
Prior
service cost amortization
|
7.0
|
6.6
|
6.8
|
1.0
|
1.1
|
1.1
|
|||||||||||||
Amortization
of actuarial loss
|
-
|
-
|
0.5
|
-
|
0.9
|
1.7
|
|||||||||||||
Transition
amount amortization
|
-
|
-
|
0.6
|
0.7
|
(0.2
|
)
|
0.8
|
||||||||||||
Net
periodic benefit (income) cost
|
$
|
(15.8
|
)
|
$
|
(17.4
|
)
|
$
|
(13.5
|
)
|
$
|
17.7
|
$
|
17.9
|
$
|
19.7
|
Pension
Benefits
|
Other
Postretirement Benefits
|
||||||||||||||||||
December
31,
|
2008
|
2007
|
2006
|
2008
|
2007
|
2006
|
|||||||||||||
Current
year actuarial (gain)/loss
|
$
|
42.1
|
$
|
0.9
|
$
|
n/a
|
$
|
(0.7
|
)
|
$
|
(0.9
|
)
|
$
|
n/a
|
|||||
Amortization
of actuarial loss
|
-
|
-
|
n/a
|
-
|
(0.1
|
)
|
n/a
|
||||||||||||
Current
year prior service cost
|
-
|
0.1
|
n/a
|
-
|
-
|
n/a
|
|||||||||||||
Amortization
of prior service cost
|
(0.1
|
)
|
(0.1
|
)
|
n/a
|
(0.1
|
)
|
(0.2
|
)
|
n/a
|
|||||||||
Amortization
of transition obligation
|
-
|
-
|
n/a
|
(0.1
|
)
|
-
|
n/a
|
||||||||||||
Total
recognized in other comprehensive income
|
$
|
42.0
|
$
|
0.9
|
$
|
n/a
|
$
|
(0.9
|
)
|
$
|
(1.2
|
)
|
$
|
n/a
|
Pension
Benefits
|
Other
Postretirement Benefits
|
||||||||||||||||||
2008
|
2007
|
2006
|
2008
|
2007
|
2006
|
||||||||||||||
Discount
rate
|
6.25
|
%
|
5.85
|
%
|
5.60
|
%
|
6.30
|
%
|
5.85
|
%
|
5.60
|
%
|
|||||||
Expected
return on plan assets
|
9.00
|
%
|
9.00
|
%
|
9.00
|
%
|
n/a
|
n/a
|
n/a
|
||||||||||
Rate
of compensation increase
|
4.00
|
%
|
4.00
|
%
|
4.00
|
%
|
4.00
|
%
|
4.00
|
%
|
4.00
|
%
|
|||||||
Health
care cost trend rate
|
n/a
|
n/a
|
n/a
|
9.00
|
%
|
9.50
|
%
|
9.00
|
%
|
||||||||||
Ultimate
health care cost trend rate
|
n/a
|
n/a
|
n/a
|
5.00
|
%
|
5.00
|
%
|
5.00
|
%
|
||||||||||
Year
achieved
|
n/a
|
n/a
|
n/a
|
2014
|
2013
|
2012
|
Other
|
||||||
Pension
|
Postretirement
|
|||||
Millions
of Dollars
|
Benefits
|
Benefits
|
||||
Actuarial
(gain)/loss
|
$
|
5.9
|
$
|
-
|
||
Prior
service (credit)/cost
|
0.1
|
0.1
|
||||
Transition
obligation
|
-
|
0.1
|
||||
Total
|
$
|
6.0
|
$
|
0.2
|
Percentage of Plan Assets
|
||||||||||
Target
Allocation
|
At
December 31,
|
|||||||||
Asset
Category
|
2009
|
2008
|
2007
|
|||||||
Equity
Securities
|
65%
|
61%
|
71%
|
|||||||
Debt
Securities
|
35%
|
39%
|
29%
|
Weighted
Average
|
|||
Grant-Date
|
|||
Nonvested
Shares
|
Shares
|
Fair
Value
|
|
Nonvested
at January 1, 2008
|
-
|
$
|
-
|
Granted
|
75,824
|
37.33
|
|
Vested
|
-
|
-
|
|
Forfeited
|
1,236
|
37.35
|
|
Nonvested
at December 31, 2008
|
74,588
|
37.33
|
Stock
Options
|
Number
of
Options
|
Weighted
Average
Exercise Price
|
|||||
Outstanding-December
31, 2005
|
439,270
|
$
|
27.53
|
||||
Exercised
|
(53,330
|
)
|
27.52
|
||||
Outstanding-December
31, 2006
|
385,940
|
27.56
|
|||||
Exercised
|
(258,756
|
)
|
27.62
|
||||
Outstanding-December
31, 2007
|
127,184
|
27.45
|
|||||
Exercised
|
(20,720
|
)
|
27.49
|
||||
Outstanding-December
31, 2008
|
106,464
|
27.44
|
2008
|
2007
|
||||||||||
Dollars
in millions
|
Maturity
|
Balance
|
Rate
|
Balance
|
Rate
|
||||||
Medium-Term
Notes (unsecured)
|
2011-2020
|
$
|
950
|
6.51
|
%
|
$
|
915
|
6.35
|
%
|
||
Senior
Notes (unsecured) (a)
|
2034
|
80
|
6.47
|
%
|
40
|
6.47
|
%
|
||||
First
Mortgage Bonds (secured)
|
2009-2038
|
2,335
|
6.07
|
%
|
1,675
|
6.00
|
%
|
||||
GENCO
Notes (secured)
|
2011-2024
|
276
|
5.95
|
%
|
119
|
5.86
|
%
|
||||
Industrial
and Pollution Control Bonds (b)
|
2012-2038
|
228
|
4.63
|
%
|
156
|
5.24
|
%
|
||||
Senior
Debentures(c)
|
2012-2026
|
113
|
7.39
|
%
|
116
|
7.43
|
%
|
||||
Borrowings
Under Credit Agreements
|
2011
|
456
|
1.67
|
%
|
-
|
||||||
Fair
value of interest rate swaps (d)
|
12
|
17
|
|||||||||
Other
|
2009-2027
|
69
|
80
|
||||||||
Total
debt
|
4,519
|
3,118
|
|||||||||
Current
maturities of long-term debt
|
(144
|
)
|
(233
|
)
|
|||||||
Unamortized
discount
|
(14
|
)
|
(6
|
)
|
|||||||
Total
long-term debt, net
|
$
|
4,361
|
$
|
2,879
|
(c)
|
Includes
$12.8 million of fixed rate debt hedged by a variable interest rate
swap in 2008 compared to $16.0 million of such debt in
2007.
|
(d)
|
Represents
unamortized payments received to terminate previous swaps designated as
fair value hedges. See discussion at
Note 9.
|
Year
|
Millions
of
dollars
|
|||
2009
|
$
|
144
|
||
2010
|
25
|
|||
2011
|
1,085
|
|||
2012
|
275
|
|||
2013
|
167
|
SCANA
|
SCE&G (c)
|
PSNC Energy (c)
|
||||||||||||||||
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
|
||||||
Outstanding
bank loans
|
15
|
-
|
285
|
-
|
156
|
-
|
||||||||||||
Weighted
average interest rate
|
2.17
|
%
|
-
|
1.61
|
%
|
-
|
1.72
|
%
|
-
|
|||||||||
Outstanding
commercial paper
(270 or
fewer days) (a)
|
-
|
-
|
34
|
464
|
46
|
157
|
||||||||||||
Weighted
average interest rate
|
-
|
-
|
5.69
|
%
|
5.74
|
%
|
6.15
|
%
|
5.74
|
%
|
||||||||
Uncommitted
(b):
|
||||||||||||||||||
Total
|
$
|
78
|
$
|
78
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||
Used
|
-
|
7
|
-
|
-
|
-
|
-
|
||||||||||||
Weighted
average interest rate
|
-
|
5.10
|
%
|
-
|
-
|
-
|
-
|
Millions
of Dollars
|
2008
|
2007
|
|||||
Net
unrealized losses on cash flow hedging activities, net of taxes of $35 and
$7
|
$
|
(57
|
)
|
$
|
(11
|
)
|
|
Net
unrealized deferred costs of employee benefit plans, net of taxes of $32
and $7
|
(52
|
)
|
(11
|
)
|
|||
Total
|
$
|
(109
|
)
|
$
|
(22
|
)
|
Par
Value
|
Authorized
|
Available
for Issuance
|
$100
|
1,000,000
|
-
|
$
50
|
575,176
|
300,000
|
$
25
|
2,000,000
|
2,000,000
|
Series
|
|||||||||||||
4.50%,
4.60% (A)
&
5.125%
|
4.60%
(B)
&
6.00%
|
Total
Shares
|
Millions
of Dollars
|
||||||||||
Redemption
Price
|
$51.00
|
$50.50
|
|||||||||||
Balance
at December 31, 2005
|
77,043
|
99,361
|
176,404
|
$
|
8.8
|
||||||||
Shares
Redeemed-$50 par value
|
(2,608
|
)
|
(6,600
|
)
|
(9,208
|
)
|
(0.5
|
)
|
|||||
Balance
at December 31, 2006
|
74,435
|
92,761
|
167,196
|
8.3
|
|||||||||
Shares
Redeemed-$50 par value
|
(4,600
|
)
|
(4,629
|
)
|
(9,229
|
)
|
(0.4
|
)
|
|||||
Balance
at December 31, 2007
|
69,835
|
88,132
|
157,967
|
7.9
|
|||||||||
Shares
Redeemed-$50 par value
|
(4,600
|
)
|
(3,400
|
)
|
(8,000
|
)
|
(0.4
|
)
|
|||||
Balance
at December 31, 2008
|
65,235
|
84,732
|
149,967
|
$
|
7.5
|
Millions
of dollars
|
2008
|
2007
|
2006
|
|||||||
Current
taxes:
|
||||||||||
Federal
|
$
|
56
|
$
|
101
|
$
|
94
|
||||
State
|
6
|
13
|
9
|
|||||||
Total
current taxes
|
62
|
114
|
103
|
|||||||
Deferred
taxes, net:
|
||||||||||
Federal
|
114
|
23
|
12
|
|||||||
State
|
14
|
4
|
5
|
|||||||
Total
deferred taxes
|
128
|
27
|
17
|
|||||||
Investment
tax credits:
|
||||||||||
Deferred-state
|
5
|
5
|
5
|
|||||||
Amortization
of amounts deferred-state
|
(3
|
)
|
(3
|
)
|
(3
|
)
|
||||
Amortization
of amounts deferred-federal
|
(3
|
)
|
(3
|
)
|
(3
|
)
|
||||
Total
investment tax credits
|
(1
|
)
|
(1
|
)
|
(1
|
)
|
||||
Total
income tax expense
|
$
|
189
|
$
|
140
|
$
|
119
|
Millions
of dollars
|
2008
|
2007
|
2006
|
|||||||
Income
|
$
|
346
|
$
|
320
|
$
|
304
|
||||
Income
tax expense
|
189
|
140
|
119
|
|||||||
Preferred
stock dividends
|
7
|
7
|
7
|
|||||||
Total
pre-tax income
|
$
|
542
|
$
|
467
|
$
|
430
|
||||
Income
taxes on above at statutory federal income tax rate
|
$
|
190
|
$
|
163
|
$
|
151
|
||||
Increases
(decreases) attributed to:
|
||||||||||
State
income taxes (less federal income tax effect)
|
15
|
12
|
11
|
|||||||
Synthetic
fuel tax credits
|
-
|
(17
|
)
|
(34
|
)
|
|||||
Deductible
dividends-Stock Purchase Savings Plan
|
(7
|
)
|
(7
|
)
|
(7
|
)
|
||||
Non-taxable
recovery of Lake Murray back-up dam project carrying
costs
|
(2
|
)
|
(2
|
)
|
(2
|
)
|
||||
Amortization
of federal investment tax credits
|
(3
|
)
|
(3
|
)
|
(3
|
)
|
||||
Domestic
production activities deduction
|
(1
|
)
|
(4
|
)
|
(1
|
)
|
||||
Other
differences, net
|
(3
|
)
|
(2
|
)
|
4
|
|||||
Total
income tax expense (benefit)
|
$
|
189
|
$
|
140
|
$
|
119
|
Millions
of dollars
|
2008
|
2007
|
|||||
Deferred
tax assets:
|
|||||||
Nondeductible
reserves
|
$
|
95
|
$
|
102
|
|||
Financial
instruments
|
38
|
13
|
|||||
Unamortized
investment tax credits
|
51
|
52
|
|||||
Deferred
compensation
|
21
|
19
|
|||||
Pension
plan income
|
33
|
-
|
|||||
Unbilled
revenue
|
12
|
10
|
|||||
Monetization
of bankruptcy claim
|
16
|
17
|
|||||
Other
|
58
|
22
|
|||||
Total
deferred tax assets
|
324
|
235
|
|||||
Deferred
tax liabilities:
|
|||||||
Property,
plant and equipment
|
1,067
|
977
|
|||||
Pension
plan income
|
-
|
80
|
|||||
Deferred
employee benefit plan costs
|
132
|
47
|
|||||
Deferred
fuel costs
|
51
|
2
|
|||||
Other
|
60
|
64
|
|||||
Total
deferred tax liabilities
|
1,310
|
1,170
|
|||||
Net
deferred tax liability
|
$
|
986
|
$
|
935
|
Unrecognized
|
||||
Millions
of dollars
|
Tax
Benefit
|
|||
Balance
at January 1, 2008
|
$
|
15
|
||
Additions
based on tax positions related to the current year
|
-
|
|||
Additions
for tax positions of prior years
|
-
|
|||
Reductions
for tax positions of prior years
|
-
|
|||
Settlements
|
-
|
|||
Balance
at December 31, 2008
|
$
|
15
|
2008
|
2007
|
|||||||||||||
Millions
of dollars
|
Carrying
Amount
|
Estimated
Fair
Value
|
Carrying
Amount
|
Estimated
Fair
Value
|
||||||||||
Long-term
debt
|
$
|
4,505.6
|
$
|
4,591.7
|
$
|
3,111.7
|
$
|
3,166.1
|
||||||
Preferred
stock (subject to purchase or sinking funds)
|
7.5
|
7.5
|
7.9
|
7.0
|
Fair
Value Measurements at December 31, 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
|
$
|
2
|
-
|
-
|
||||||||
Assets
- Derivative instruments
|
9
|
$
|
26
|
-
|
||||||||
Liabilities
- Derivative instruments
|
2
|
138
|
-
|
Millions
of dollars
|
||||
2009
|
$
|
18
|
||
2010
|
8
|
|||
2011
|
7
|
|||
2012
|
6
|
|||
2013
|
4
|
|||
Thereafter
|
7
|
|||
Total
|
$
|
50
|
Millions
of dollars
|
||||
2009
|
$
|
2,102
|
||
2010
|
985
|
|||
2011
|
849
|
|||
2012
|
504
|
|||
2013
|
494
|
|||
Thereafter
|
2,695
|
|||
Total
|
$
|
7,629
|
Millions
of dollars
|
2008
|
2007
|
||||||
Beginning
balance
|
$
|
307
|
$
|
292
|
||||
Liabilities
incurred
|
1
|
1
|
||||||
Liabilities
settled
|
(2
|
)
|
(2
|
)
|
||||
Accretion
expense
|
17
|
17
|
||||||
Revisions
in estimated cash flows
|
135
|
(1
|
)
|
|||||
Ending
Balance
|
$
|
458
|
$
|
307
|
2008
|
Electric
Operations
|
Gas
Distribution
|
Gas
Transmission
|
Retail
Gas
Marketing
|
Energy
Marketing
|
All
Other
|
Adjustments/
Eliminations
|
Consolidated
Total
|
|||||||||||||||||
Customer
Revenue
|
$
|
2,236
|
$
|
1,237
|
$
|
9
|
$
|
632
|
$
|
1,205
|
$
|
36
|
$
|
(36
|
)
|
$
|
5,319
|
||||||||
Intersegment
Revenue
|
12
|
1
|
40
|
-
|
279
|
368
|
(700
|
)
|
-
|
||||||||||||||||
Operating
Income
|
523
|
120
|
16
|
n/a
|
n/a
|
-
|
51
|
710
|
|||||||||||||||||
Interest
Expense
|
15
|
23
|
5
|
1
|
-
|
-
|
183
|
227
|
|||||||||||||||||
Depreciation
and Amortization
|
254
|
57
|
6
|
2
|
-
|
17
|
(17
|
)
|
319
|
||||||||||||||||
Income
Tax Expense
|
3
|
25
|
5
|
20
|
1
|
3
|
132
|
189
|
|||||||||||||||||
Net
Income (Loss)
|
n/a
|
n/a
|
n/a
|
33
|
2
|
(6
|
)
|
317
|
346
|
||||||||||||||||
Segment
Assets
|
6,602
|
2,074
|
296
|
201
|
139
|
995
|
1,195
|
11,502
|
|||||||||||||||||
Expenditures
for Assets
|
859
|
146
|
11
|
-
|
3
|
72
|
(187
|
)
|
904
|
||||||||||||||||
Deferred
Tax Assets
|
4
|
7
|
18
|
7
|
23
|
2
|
(38
|
)
|
23
|
2007
|
|||||||||||||||||||||||||||
Customer
Revenue
|
$
|
1,954
|
$
|
1,096
|
$
|
9
|
$
|
584
|
$
|
978
|
$
|
29
|
$
|
(29
|
)
|
$
|
4,621
|
||||||||||
Intersegment
Revenue
|
7
|
1
|
40
|
-
|
203
|
340
|
(591
|
)
|
-
|
||||||||||||||||||
Operating
Income
|
464
|
111
|
18
|
n/a
|
n/a
|
-
|
40
|
633
|
|||||||||||||||||||
Interest
Expense
|
16
|
26
|
6
|
1
|
-
|
-
|
157
|
206
|
|||||||||||||||||||
Depreciation
and Amortization
|
258
|
56
|
7
|
3
|
-
|
17
|
(17
|
)
|
324
|
||||||||||||||||||
Income
Tax Expense
|
3
|
20
|
8
|
16
|
2
|
5
|
86
|
140
|
|||||||||||||||||||
Net
Income (Loss)
|
n/a
|
n/a
|
n/a
|
28
|
3
|
(18
|
)
|
307
|
320
|
||||||||||||||||||
Segment
Assets
|
5,925
|
1,956
|
356
|
188
|
123
|
1,112
|
505
|
10,165
|
|||||||||||||||||||
Expenditures
for Assets
|
540
|
154
|
10
|
-
|
2
|
9
|
10
|
725
|
|||||||||||||||||||
Deferred
Tax Assets
|
4
|
8
|
19
|
6
|
6
|
1
|
(35
|
)
|
9
|
2006
|
|||||||||||||||||||||||||
Customer
Revenue
|
$
|
1,877
|
$
|
1,078
|
$
|
179
|
$
|
608
|
$
|
821
|
$
|
66
|
$
|
(66
|
)
|
$
|
4,563
|
||||||||
Intersegment
Revenue
|
9
|
-
|
322
|
-
|
128
|
306
|
(765
|
)
|
-
|
||||||||||||||||
Operating
Income
|
456
|
83
|
30
|
n/a
|
n/a
|
n/a
|
34
|
603
|
|||||||||||||||||
Interest
Expense
|
15
|
24
|
7
|
2
|
-
|
-
|
161
|
209
|
|||||||||||||||||
Depreciation
and Amortization
|
268
|
54
|
8
|
3
|
-
|
15
|
(15
|
)
|
333
|
||||||||||||||||
Income
Tax Expense
|
3
|
16
|
11
|
19
|
-
|
6
|
64
|
119
|
|||||||||||||||||
Net
Income (Loss)
|
n/a
|
n/a
|
n/a
|
30
|
-
|
(11
|
)
|
291
|
310
|
||||||||||||||||
Segment
Assets
|
5,520
|
1,847
|
315
|
208
|
142
|
649
|
1,136
|
9,817
|
|||||||||||||||||
Expenditures
for Assets
|
304
|
174
|
13
|
-
|
3
|
35
|
(2
|
)
|
527
|
||||||||||||||||
Deferred
Tax Assets
|
n/a
|
n/a
|
7
|
3
|
12
|
2
|
10
|
34
|
2008
Millions of dollars, except per share amounts
|
First
Quarter
|
Second
Quarter
|
Third
Quarter
|
Fourth
Quarter
|
Annual
|
|||||||||||
Total
operating revenues
|
$
|
1,533
|
$
|
1,218
|
$
|
1,266
|
$
|
1,302
|
$
|
5,319
|
||||||
Operating
income
|
213
|
131
|
189
|
177
|
710
|
|||||||||||
Net
income
|
109
|
57
|
94
|
86
|
346
|
|||||||||||
Basic
and diluted earnings per share
|
.94
|
.48
|
.80
|
.73
|
2.95
|
2007
Millions of dollars, except per share amounts
|
||||||||||||||||
Total
operating revenues
|
$
|
1,363
|
$
|
1,007
|
$
|
1,079
|
$
|
1,172
|
$
|
4,621
|
||||||
Operating
income
|
163
|
116
|
189
|
165
|
633
|
|||||||||||
Net
income
|
86
|
55
|
92
|
87
|
320
|
|||||||||||
Basic
and diluted earnings per share
|
.73
|
.47
|
.79
|
.75
|
2.74
|
Page
|
|||
Item
7.
|
Management’s Discussion and Analysis of Financial
Condition and Results of Operations
|
82
|
|
Overview
|
82
|
||
83
|
|||
87
|
|||
91
|
|||
93
|
|||
93
|
|||
95
|
|||
Quantitative
and Qualitative Disclosures About Market Risk
|
93
|
||
Financial
Statements and Supplementary Data
|
98
|
||
Report
of Independent Registered Public Accounting Firm
|
98
|
||
Consolidated
Balance Sheets
|
99
|
||
Consolidated
Statements of Income
|
101
|
||
Consolidated
Statements of Cash Flows
|
102
|
||
Consolidated
Statements of Changes in Common
Equity
|
103
|
||
Notes to Consolidated Financial
Statements
|
104
|
||
Millions
of dollars
|
2008
|
%
Change
|
2007
|
%
Change
|
2006
|
|||||||||||
Net
income
|
$
|
273.0
|
11.4
|
%
|
$
|
245.1
|
4.5
|
%
|
$
|
234.6
|
•
|
2008 vs 2007
|
Net
income increased primarily due to higher electric margin of $49.0 million
and higher gas margin of $4.1 million. These increases were
partially offset by increased generation, transmission and distribution
expenses of $1.6 million,
by increased incentive compensation and other benefits of $4.5 million,
by increased depreciation expense of $6.9 million,
by $2.5
million due to higher customer service expense, including bad debt expense
and by $1.2 million due to lower pension income.
|
•
|
2007 vs 2006
|
Net
income increased primarily due to higher electric margin of $14.0 million
and higher gas margin of $14.4 million. These increases were
partially offset by increased generation, transmission and distribution
expenses of $2.8 million, by increased incentive compensation and other
benefits of $8.8 million and by increased depreciation expense of $7.0
million.
|
Millions
of dollars
|
2008
|
2007
|
2006
|
|||||||
Income
Statement Impact:
|
||||||||||
Reduction
in employee benefit costs
|
$
|
2.4
|
$
|
4.3
|
$
|
2.4
|
||||
Other
income
|
14.9
|
14.0
|
12.7
|
|||||||
Balance
Sheet Impact:
|
||||||||||
Reduction
in capital expenditures
|
0.7
|
1.3
|
0.7
|
|||||||
Component
of amount due to Summer Station co-owner
|
0.3
|
0.4
|
0.2
|
|||||||
Total
Pension Income
|
$
|
18.3
|
$
|
20.0
|
$
|
16.0
|
Declaration
Date
|
Dividend
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
|
Millions
of dollars
|
2008
|
%
Change
|
2007
|
%
Change
|
2006
|
|||||||||||||
Operating
revenues
|
$
|
2,248.1
|
14.6
|
%
|
$
|
1,961.7
|
4.0
|
%
|
$
|
1,886.6
|
||||||||
Less:
Fuel used in generation
|
865.9
|
30.7
|
%
|
662.3
|
7.7
|
%
|
615.1
|
|||||||||||
Purchased
power
|
36.1
|
10.4
|
%
|
32.7
|
18.9
|
%
|
27.5
|
|||||||||||
Margin
|
$
|
1,346.1
|
6.3
|
%
|
$
|
1,266.7
|
1.8
|
%
|
$
|
1,244.0
|
•
|
2008 vs 2007
|
Margin
increased by $74.5 million due to increased retail electric rates that
went into effect in January 2008 and $16.6 million due to residential and
commercial customer growth. These increases were offset by $5.4
million due to lower off-system sales, by $3.5 million due to lower
industrial sales and $10.0 million in lower residential and commercial
usage.
|
•
|
2007 vs 2006
|
Margin
increased by $27.3 million due to customer growth and usage and other
electric revenue of $5.2 million. These increases were offset
by lower off-system sales of $10.2
million.
|
Classification
(in thousands)
|
2008
|
%
Change
|
2007
|
%
Change
|
2006
|
|||||||||||
Residential
|
7,828
|
0.2
|
%
|
7,814
|
2.8
|
%
|
7,598
|
|||||||||
Commercial
|
7,453
|
(0.3
|
)%
|
7,472
|
2.8
|
%
|
7,268
|
|||||||||
Industrial
|
6,152
|
(1.8
|
)%
|
6,267
|
1.4
|
%
|
6,183
|
|||||||||
Sales
for resale (excluding interchange)
|
1,850
|
(11.9
|
)%
|
2,100
|
1.2
|
%
|
2,076
|
|||||||||
Other
|
569
|
1.1
|
%
|
563
|
6.8
|
%
|
527
|
|||||||||
Total
territorial
|
23,852
|
(1.5
|
)%
|
24,216
|
2.4
|
%
|
23,652
|
|||||||||
Negotiated
Market Sales Tariff (NMST)
|
435
|
(35.3
|
)%
|
672
|
(24.2
|
)%
|
886
|
|||||||||
Total
|
24,287
|
(2.4
|
)%
|
24,888
|
1.4
|
%
|
24,538
|
•
|
2008 vs 2007
|
Territorial
sales volumes decreased by 252 MWh due to weather and by 115 MWh due to
lower industrial sales volumes as a result of a slowing economy, partially
offset by an increase of 238 MWh due to residential and commercial
customer growth.
|
•
|
2007 vs 2006
|
Territorial
sales volumes increased by 343 MWh primarily due to residential and
commercial customer growth and by 83 MWh due to higher industrial sales
volumes.
|
Millions
of dollars
|
2008
|
%
Change
|
2007
|
%
Change
|
2006
|
||||||||||||
Operating
revenues
|
$
|
567.8
|
9.4
|
%
|
$
|
519.1
|
2.9
|
%
|
$
|
504.6
|
|||||||
Less:
Gas purchased for resale
|
428.7
|
10.9
|
%
|
386.7
|
(2.2
|
)%
|
395.5
|
||||||||||
Margin
|
$
|
139.1
|
5.1
|
%
|
$
|
132.4
|
21.4
|
%
|
$
|
109.1
|
•
|
2008 vs 2007
|
Margin
increased by $3.6 million due to an SCPSC-approved increase
in retail gas base rates which became effective with the first billing
cycle of November 2007, by $1.1 million due to an SCPSC-approved
increase in retail gas base rates which became effective with the first
billing cycle of November 2008, and by $2.4 million
due to other customer growth.
|
•
|
2007 vs 2006
|
Margin
increased by $13.6 million due to an SCPSC-approved increase
in retail gas base rates which became effective with the first billing
cycle of November 2006, and by $1.0 million due to an SCPSC-approved
increase in retail gas base rates which became effective with the first
billing cycle of November 2007, and by $6.1 million due to other customer
growth.
|
Classification
(in thousands)
|
2008
|
%
Change
|
2007
|
% Change
|
2006
|
||||
Residential
|
$
|
12,030
|
9.2
|
%
|
11,014
|
0.8
|
%
|
10,926
|
|
Commercial
|
13,301
|
8.4
|
%
|
12,270
|
2.4
|
%
|
11,984
|
||
Industrial
|
16,615
|
(8.3
|
)%
|
18,126
|
1.4
|
%
|
17,879
|
||
Transportation
gas
|
6,403
|
*
|
2,811
|
13.2
|
%
|
2,484
|
|||
Total
|
$
|
48,349
|
9.3
|
%
|
44,221
|
2.2
|
%
|
43,273
|
•
|
2008 vs 2007
|
Residential,
commercial and transportation gas sales volume increased primarily due to
customer growth. Industrial gas sales volume decreased
primarily due to a loss of customers as a result of a slowing
economy.
|
•
|
2007 vs 2006
|
Residential,
commercial and transportation gas sales volumes increased primarily due to
customer growth.
|
Millions
of dollars
|
2008
|
%
Change
|
2007
|
%
Change
|
2006
|
||||||||||||
Other
operation and maintenance
|
$
|
506.2
|
5.9
|
%
|
$
|
477.9
|
3.7
|
%
|
$
|
460.7
|
|||||||
Depreciation
and amortization
|
265.2
|
(4.1
|
)%
|
276.4
|
(3.3
|
)%
|
285.8
|
||||||||||
Other
taxes
|
154.2
|
5.0
|
%
|
146.9
|
6.6
|
%
|
137.8
|
||||||||||
Total
|
$
|
925.6
|
2.7
|
%
|
$
|
901.2
|
1.9
|
%
|
$
|
884.3
|
•
|
2008 vs 2007
|
Other
operation and maintenance expenses increased by $2.6 million due to higher
generation, transmission and distribution expenses, by $7.3 million
due to higher incentive compensation and other benefits, by $4.1 million
due to higher customer service expense, including bad debt expense and by
$1.9 million due to lower pension income. Depreciation and
amortization expense decreased by $4.6 million
due to the 2007 expiration of the synthetic fuel tax credit program (see
Income Taxes - Recognition of Synthetic Fuel
Tax Credits) and $8.5 million due to the 2007 expiration of a
three-year amortization of previously deferred purchase power
costs. These decreases were offset by $10.3 million due to 2008
net property additions. Other
taxes increased primarily due to higher property
taxes.
|
•
|
2007 vs 2006
|
Other
operation and maintenance expenses increased by $4.6 million due to higher
generation, transmission and distribution expenses and by $14.2 million
due to higher incentive compensation and other
benefits. Depreciation and amortization expense decreased by
$19.8 million due to lower accelerated depreciation of the back-up dam at
Lake Murray in 2007 compared to 2006 (see Income Taxes- Recognition of Synthetic Fuel
Tax Credits), partially
offset by $11.4 million due to 2007 net property
additions. Other taxes increased primarily due to higher
property taxes.
|
Millions
of dollars
|
2008
|
% Change
|
2007
|
% Change
|
2006
|
|||||||||||
Other
revenues
|
$
|
36.0
|
8.1
|
%
|
$
|
33.3
|
(47.8
|
)%
|
$
|
63.8
|
||||||
Other
expenses
|
(16.0
|
)
|
44.1
|
%
|
(11.1
|
)
|
(75.4
|
)%
|
(45.1
|
)
|
||||||
Total
|
$
|
20.0
|
(9.9
|
)%
|
$
|
22.2
|
18.7
|
%
|
$
|
18.7
|
•
|
2008 vs 2007
|
Other
revenues increased by $1.9 million due to increased coal sales to
non-affiliates. Other expenses increased $1.7 million due to
increased coal inventory expenses related to the increased coal sales to
non-affiliates.
|
•
|
2007 vs 2006
|
Other
revenues decreased by $32.0 million due to lower levels of power marketing
activities. Other expenses decreased $31.2 million due to lower
levels of power marketing activities in 2007 and by $8.7 million related
to a FERC power marketing settlement in
2006.
|
Millions
of dollars
|
2008
|
%
Change
|
2007
|
%
Change
|
2006
|
||||||||||||
Interest
on long-term debt, net
|
$
|
138.0
|
25.9
|
%
|
$
|
109.6
|
(11.5
|
)%
|
$
|
123.9
|
|||||||
Other
interest expense
|
17.2
|
(44.9
|
)%
|
31.2
|
93.8
|
%
|
16.1
|
||||||||||
Total
|
$
|
155.2
|
10.2
|
%
|
$
|
140.8
|
0.6
|
%
|
$
|
140.0
|
•
|
2008 vs 2007
|
Interest
on long-term debt increased primarily due to increased long-term
borrowings in 2008 compared to 2007. Other interest expense
decreased primarily due to lower principal balances on short-term
debt.
|
•
|
2007 vs 2006
|
Interest
on long-term debt decreased primarily due to lower interest rates in 2007
compared to 2006. Other interest expense increased primarily
due to higher principal balances and interest rates on short-term
debt.
|
Millions
of dollars
|
2007
|
2006
|
||||||
Depreciation
and amortization expense
|
$
|
(8.4
|
)
|
$
|
(28.2
|
)
|
||
Income
tax benefits
|
26.9
|
48.6
|
||||||
Losses
from Equity Method Investments
|
(18.5
|
)
|
(20.4
|
)
|
||||
Impact
on Net Income
|
$
|
-
|
$
|
-
|
Millions
of dollars
|
2009
|
2010
|
2011
|
|||||||
Electric
Plant:
|
||||||||||
Generation
(including GENCO)
|
$
|
652
|
$
|
758
|
$
|
897
|
||||
Transmission
|
48
|
46
|
68
|
|||||||
Distribution
|
178
|
184
|
190
|
|||||||
Other
|
40
|
22
|
21
|
|||||||
Nuclear
Fuel
|
43
|
78
|
59
|
|||||||
Gas
|
53
|
60
|
59
|
|||||||
Common
and Other
|
39
|
16
|
17
|
|||||||
Total
|
$
|
1,053
|
$
|
1,164
|
$
|
1,311
|
Payments
due by period
|
||||||||||||||||
Millions
of dollars
|
Total
|
Less
than
1
year
|
1-3
years
|
4-5
years
|
More
than
5
years
|
|||||||||||
Long-term
and short-term debt (including
|
||||||||||||||||
interest
and preferred stock redemptions)
|
$
|
6,160
|
$
|
344
|
$
|
949
|
$
|
480
|
$
|
4,387
|
||||||
Capital
leases
|
3
|
2
|
1
|
-
|
-
|
|||||||||||
Operating
leases
|
34
|
15
|
16
|
3
|
-
|
|||||||||||
Purchase
obligations
|
349
|
333
|
16
|
-
|
-
|
|||||||||||
Other
commercial commitments
|
1,545
|
688
|
796
|
25
|
36
|
|||||||||||
Total
|
$
|
8,091
|
$
|
1,382
|
$
|
1,778
|
$
|
508
|
$
|
4,423
|
Future
Value
|
||||||||||||||
Millions
of dollars
|
2009
|
2010
|
2011
|
2012
|
2013
|
After
2013
|
Total
|
|||||||
Plant
Costs
|
$
|
472
|
$
|
648
|
$
|
766
|
$
|
734
|
$
|
752
|
$
|
1,929
|
$
|
5,301
|
Transmission
Costs
|
1
|
2
|
5
|
2
|
16
|
620
|
646
|
Millions
of dollars
|
||||
Lines
of credit:
|
||||
Committed
long-term (expire December 2011)
|
||||
Total
|
$
|
650
|
||
Outstanding
bank loans
|
285
|
|||
Weighted
average interest rate
|
1.61
|
%
|
||
Outstanding
commercial paper (270 or fewer days) (a)
|
$
|
34
|
||
Weighted
average interest rate
|
5.69
|
%
|
||
Uncommitted (b):
|
||||
Total
|
$
|
78
|
||
Used
|
-
|
|||
Weighted
average interest rate
|
-
|
Expected
Maturity Date
|
|||||||||||||
December 31,
2008
Millions
of dollars
|
2009
|
2010
|
2011
|
2012
|
2013
|
Thereafter
|
Total
|
Fair
Value
|
|||||
Long-Term
Debt:
|
|||||||||||||
Fixed
Rate ($)
|
103.7
|
10.4
|
449.9
|
11.0
|
156.7
|
2,320.2
|
3,051.9
|
3,175.8
|
|||||
Average
Interest Rate (%)
|
6.18
|
6.31
|
3.48
|
4.98
|
7.06
|
5.89
|
5.60
|
||||||
Variable
Rate ($)
|
26.1
|
71.4
|
97.5
|
97.5
|
|||||||||
Average
Variable Interest Rate (%)
|
6.36
|
3.28
|
4.10
|
||||||||||
Interest
Rate Swaps:
|
|||||||||||||
Pay
Fixed/Receive Variable ($)
|
71.4
|
71.4
|
(4.5)
|
||||||||||
Average
Pay Interest Rate (%)
|
3.28
|
3.28
|
|||||||||||
Average
Receive Interest Rate (%)
|
1.43
|
1.43
|
Expected
Maturity Date
|
||||||||
December 31,
2007
Millions
of dollars
|
2008
|
2009
|
2010
|
2011
|
2012
|
Thereafter
|
Total
|
Fair
Value
|
Long-Term
Debt:
|
||||||||
Fixed
Rate ($)
|
3.7
|
103.7
|
10.4
|
164.9
|
11.0
|
1,656.9
|
1,950.6
|
1,958.4
|
Average
Interest Rate (%)
|
7.78
|
6.18
|
6.31
|
6.70
|
4.98
|
5.83
|
5.93
|
Expected
Maturity:
|
|||||||
Options
|
|||||||
Futures
Contracts
|
Purchased
Call
|
Purchased
Put
|
|||||
2009
|
Long
|
Short
|
(Long)
|
(Long)
|
|||
Settlement
Price (a)
|
5.76
|
13.14
|
Strike
Price (a)
|
12.43
|
8.39
|
||
Contract
Amount (b)
|
14.3
|
2.8
|
Contract
Amount (b)
|
14.8
|
20.8
|
||
Fair
Value (b)
|
9.4
|
6.6
|
Fair
Value (b)
|
0.1
|
(6.8)
|
||
(a) Weighted
average, in dollars
|
|||||||
(b) Millions
of dollars
|
Swaps
|
2009
|
2010
|
Commodity
Swaps:
|
||
Pay
fixed/receive variable (b)
|
40.8
|
0.7
|
Average
pay rate (a)
|
9.2783
|
11.5542
|
Average
received rate (a)
|
5.9019
|
7.3957
|
Fair
Value (b)
|
26.0
|
0.5
|
Pay
variable/receive fixed (b)
|
2.8
|
-
|
Average
pay rate (a)
|
5.6248
|
-
|
Average
received rate (a)
|
13.0918
|
-
|
Fair
Value (b)
|
6.6
|
-
|
(a) Weighted
average, in dollars
|
||
(b) Millions
of dollars
|
December 31, (Millions of
dollars)
|
2008
|
2007
|
|||||
Assets
|
|||||||
Utility
Plant In Service:
|
$
|
8,918
|
$
|
8,380
|
|||
Accumulated
Depreciation and Amortization
|
(2,794
|
)
|
(2,643
|
)
|
|||
Construction
Work in Progress
|
704
|
383
|
|||||
Nuclear
Fuel, Net of Accumulated Amortization
|
77
|
82
|
|||||
Utility Plant, Net
|
6,905
|
6,202
|
|||||
Nonutility
Property and Investments:
|
|||||||
Nonutility property, net of accumulated depreciation
|
46
|
38
|
|||||
Assets
held in trust, net-nuclear decommissioning
|
54
|
62
|
|||||
Nonutility Property and Investments, Net
|
100
|
100
|
|||||
Current
Assets:
|
|||||||
Cash
and cash equivalents
|
119
|
41
|
|||||
Receivables, net of allowance for uncollectible accounts of $3
and $2
|
483
|
320
|
|||||
Receivables-affiliated companies
|
23
|
29
|
|||||
Inventories (at average cost):
|
|||||||
Fuel
|
172
|
139
|
|||||
Materials and supplies
|
100
|
97
|
|||||
Emission allowances
|
15
|
33
|
|||||
Prepayments
and other
|
155
|
52
|
|||||
Deferred income taxes
|
-
|
5
|
|||||
Total
Current Assets
|
1,067
|
716
|
|||||
Deferred
Debits and Other Assets:
|
|||||||
Due
from parent – pension asset, net
|
-
|
228
|
|||||
Regulatory assets
|
854
|
629
|
|||||
Other
|
126
|
102
|
|||||
Total
Deferred Debits and Other Assets
|
980
|
959
|
|||||
Total
|
$
|
9,052
|
$
|
7,977
|
December
31, (Millions of dollars)
|
2008
|
2007
|
|||||
Capitalization and
Liabilities
|
|||||||
Shareholders’
Investment:
|
|||||||
Common
equity
|
$
|
2,704
|
$
|
2,622
|
|||
Preferred stock (Not subject to purchase or sinking
funds)
|
106
|
106
|
|||||
Total Shareholders’ Investment
|
2,810
|
2,728
|
|||||
Preferred
Stock, net (Subject to purchase or sinking funds)
|
7
|
7
|
|||||
Long-Term
Debt, net
|
3,033
|
2,003
|
|||||
Total
Capitalization
|
5,850
|
4,738
|
|||||
Minority
Interest
|
95
|
89
|
|||||
Current
Liabilities:
|
|||||||
Short-term borrowings
|
34
|
464
|
|||||
Current portion of long-term debt
|
140
|
13
|
|||||
Accounts payable
|
187
|
175
|
|||||
Affiliated payables
|
80
|
178
|
|||||
Customer deposits and customer prepayments
|
56
|
42
|
|||||
Taxes
accrued
|
120
|
116
|
|||||
Interest
accrued
|
50
|
33
|
|||||
Dividends declared
|
44
|
37
|
|||||
Derivative
liabilities
|
55
|
13
|
|||||
Other
|
28
|
33
|
|||||
Total
Current Liabilities
|
794
|
1,104
|
|||||
Deferred
Credits and Other Liabilities:
|
|||||||
Deferred income taxes, net
|
890
|
820
|
|||||
Deferred investment tax credits
|
102
|
103
|
|||||
Asset
retirement obligations
|
437
|
294
|
|||||
Due to
parent – pension and other postretirement
benefits
|
236
|
187
|
|||||
Regulatory liabilities
|
608
|
609
|
|||||
Other
|
40
|
33
|
|||||
Total
Deferred Credits and Other Liabilities
|
2,313
|
2,046
|
|||||
Commitments
and Contingencies (Note 10)
|
-
|
-
|
|||||
Total
|
$
|
9,052
|
$
|
7,977
|
For the Years Ended
December 31, (Millions of
dollars)
|
2008
|
2007
|
2006
|
|||||||
Operating
Revenues:
|
||||||||||
Electric
|
$
|
2,248
|
$
|
1,962
|
$
|
1,886
|
||||
Gas
|
568
|
519
|
505
|
|||||||
Total Operating Revenues
|
2,816
|
2,481
|
2,391
|
|||||||
Operating
Expenses:
|
||||||||||
Fuel
used in electric generation
|
866
|
662
|
615
|
|||||||
Purchased power
|
36
|
33
|
27
|
|||||||
Gas
purchased for resale
|
429
|
387
|
396
|
|||||||
Other
operation and maintenance
|
506
|
478
|
461
|
|||||||
Depreciation and amortization
|
265
|
276
|
286
|
|||||||
Other
taxes
|
155
|
147
|
138
|
|||||||
Total Operating Expenses
|
2,257
|
1,983
|
1,923
|
|||||||
Operating
Income
|
559
|
498
|
468
|
|||||||
Other
Income (Expense):
|
||||||||||
Other
income
|
36
|
33
|
64
|
|||||||
Other
expenses
|
(16
|
)
|
(11
|
)
|
(45
|
)
|
||||
Interest charges, net of allowance for borrowed funds used during
construction of $15, $13 and $8
|
(155
|
)
|
(141
|
)
|
(140
|
)
|
||||
Allowance
for equity funds used during construction
|
13
|
2
|
-
|
|||||||
Total Other Expense
|
(122
|
)
|
(117
|
)
|
(121
|
)
|
||||
Income
Before Income Taxes, Earnings (Losses) from Equity Method Investments,
Minority
|
||||||||||
Interest, Cumulative Effect of Accounting Change and Preferred Stock
Dividends
|
437
|
381
|
347
|
|||||||
Income
Tax Expense
|
158
|
109
|
88
|
|||||||
Income
Before Earnings (Losses) from Equity Method Investments, Minority
Interest,
|
||||||||||
Cumulative Effect of Accounting Change and Preferred Stock
Dividends
|
279
|
272
|
259
|
|||||||
Earnings
(Losses) from Equity Method Investments
|
3
|
(20
|
)
|
(22
|
)
|
|||||
Minority
Interest
|
9
|
7
|
7
|
|||||||
Cumulative
Effect of Accounting Change, net of taxes
|
-
|
-
|
4
|
|||||||
Net
Income
|
273
|
245
|
234
|
|||||||
Preferred
Stock Cash Dividends
|
7
|
7
|
7
|
|||||||
Earnings
Available for Common Shareholder
|
$
|
266
|
$
|
238
|
$
|
227
|
For the Years Ended December
31, (Millions of dollars)
|
2008
|
2007
|
2006
|
|||||||
Cash
Flows From Operating Activities:
|
||||||||||
Net
income
|
$
|
273
|
$
|
245
|
$
|
234
|
||||
Adjustments
to reconcile net income to net cash provided from operating
activities:
|
||||||||||
Cumulative effect of accounting change, net of taxes
|
-
|
-
|
(4
|
)
|
||||||
Losses
(earnings) from equity method investments
|
(3
|
)
|
20
|
22
|
||||||
Minority interest
|
9
|
7
|
7
|
|||||||
Depreciation and amortization
|
265
|
276
|
286
|
|||||||
Amortization of nuclear fuel
|
17
|
19
|
17
|
|||||||
Gain
on sale of assets
|
(8
|
)
|
(4
|
)
|
(3)
|
|||||
Allowance for equity funds used during construction
|
(13
|
)
|
(2
|
)
|
-
|
|||||
Carrying cost recovery
|
(5
|
)
|
(6
|
)
|
(7
|
)
|
||||
Cash
provided (used) by changes in certain assets and
liabilities:
|
||||||||||
Receivables
|
(9
|
)
|
(51
|
)
|
49
|
|||||
Inventories
|
(76
|
)
|
(43
|
)
|
(146
|
)
|
||||
Prepayments
|
(23
|
)
|
(32
|
)
|
(8)
|
|||||
Due to/from parent - pension and other postretirement
benefits
|
(21
|
)
|
(19
|
)
|
(16
|
)
|
||||
Regulatory assets
|
(25
|
)
|
17
|
(10
|
)
|
|||||
Deferred income taxes, net
|
99
|
27
|
14
|
|||||||
Other regulatory liabilities
|
(7
|
)
|
53
|
9
|
||||||
Accounts payable
|
13
|
38
|
(16
|
)
|
||||||
Taxes accrued
|
4
|
4
|
(28
|
)
|
||||||
Interest accrued
|
17
|
-
|
(2
|
)
|
||||||
Changes in fuel adjustment clauses
|
(133
|
)
|
5
|
32
|
||||||
Changes in other assets
|
12
|
45
|
19
|
|||||||
Changes in other liabilities
|
44
|
(59
|
)
|
25
|
||||||
Net
Cash Provided From Operating Activities
|
430
|
540
|
474
|
|||||||
Cash
Flows From Investing Activities:
|
||||||||||
Utility property additions and construction
expenditures
|
(739
|
)
|
(613
|
)
|
(409
|
)
|
||||
Nonutility
property additions
|
(8
|
)
|
(6
|
)
|
(3
|
)
|
||||
Proceeds from sales of assets
|
8
|
5
|
3
|
|||||||
Investment in affiliate
|
(18
|
)
|
-
|
-
|
||||||
Investments
|
(2
|
)
|
19
|
(22
|
)
|
|||||
Net
Cash Used For Investing Activities
|
(759
|
)
|
(595
|
)
|
(431
|
)
|
||||
Cash
Flows From Financing Activities:
|
||||||||||
Proceeds from issuance of debt
|
1,109
|
-
|
132
|
|||||||
Contribution from parent
|
15
|
76
|
9
|
|||||||
Repayment of debt
|
(13
|
)
|
(6
|
)
|
(151
|
)
|
||||
Redemption of preferred stock
|
-
|
(1
|
)
|
-
|
||||||
Dividends
|
(164
|
)
|
(143
|
)
|
(162
|
)
|
||||
Short-term borrowings - affiliate, net
|
(110
|
)
|
44
|
75
|
||||||
Short-term borrowings, net
|
(430
|
)
|
102
|
59
|
||||||
Net
Cash Provided From (Used For) Financing Activities
|
407
|
72
|
(38
|
)
|
||||||
Net
Increase (Decrease) in Cash and Cash Equivalents
|
78
|
17
|
5
|
|||||||
Cash
and Cash Equivalents, January 1
|
41
|
24
|
19
|
|||||||
Cash
and Cash Equivalents, December 31
|
$
|
119
|
$
|
41
|
$
|
24
|
||||
Supplemental
Cash Flow Information:
|
||||||||||
Cash
paid for - Interest (net of capitalized interest of $15, $13 and
$8)
|
$
|
119
|
$
|
104
|
$
|
122
|
||||
-
Income taxes
|
51
|
70
|
93
|
|||||||
Noncash
Investing and Financing Activities:
|
||||||||||
Accrued construction expenditures
|
74
|
58
|
43
|
Accumulated
|
||||||||||||||||||||
Other
|
Other
|
Total
|
||||||||||||||||||
Common
Stock (a)
|
Paid
In
|
Retained
|
Comprehensive
|
Common
|
||||||||||||||||
Millions
|
Shares
|
Amount
|
Capital
|
Earnings
|
Income
(Loss)
|
Equity
|
||||||||||||||
Balance
at December 31, 2005
|
40
|
$
|
571
|
$
|
769
|
$
|
1,022
|
$
|
2,362
|
|||||||||||
Deferred Cost of Employee Benefit Plans,
|
||||||||||||||||||||
net of taxes $(4)
|
$
|
(7
|
)
|
(7
|
)
|
|||||||||||||||
Capital
Contributions From Parent
|
9
|
9
|
||||||||||||||||||
Earnings Available for Common Shareholder
|
227
|
227
|
||||||||||||||||||
Cash
Dividends Declared
|
(134
|
)
|
(134
|
)
|
||||||||||||||||
Balance
at December 31, 2006
|
40
|
571
|
778
|
1,115
|
(7
|
)
|
2,457
|
|||||||||||||
Comprehensive
Income (Loss):
|
||||||||||||||||||||
Earnings Available for Common Shareholder
|
238
|
238
|
||||||||||||||||||
Deferred Cost of Employee Benefit Plans,
|
||||||||||||||||||||
net of taxes $(1)
|
(1
|
)
|
(1
|
)
|
||||||||||||||||
Total
Comprehensive Income (Loss)
|
238
|
(1
|
)
|
237
|
||||||||||||||||
Capital Contributions From Parent
|
76
|
76
|
||||||||||||||||||
Cash
Dividends Declared
|
(148
|
)
|
(148
|
)
|
||||||||||||||||
Balance
at December 31, 2007
|
40
|
571
|
854
|
1,205
|
(8
|
)
|
2,622
|
|||||||||||||
Comprehensive
Income (Loss):
|
||||||||||||||||||||
Earnings Available for Common Shareholder
|
266
|
266
|
||||||||||||||||||
Deferred Cost of Employee Benefit Plans,
|
||||||||||||||||||||
net of taxes $(24)
|
(38
|
)
|
(38
|
)
|
||||||||||||||||
Total
Comprehensive Income (Loss)
|
266
|
(38
|
)
|
228
|
||||||||||||||||
Capital Contributions From Parent
|
15
|
15
|
||||||||||||||||||
Cash
Dividends Declared
|
(161
|
)
|
(161
|
)
|
||||||||||||||||
Balance
at December 31, 2008
|
40
|
$
|
571
|
$
|
869
|
$
|
1,310
|
$
|
(46
|
)
|
$
|
2,704
|
December 31,
|
|||||||
Millions
of dollars
|
2008
|
2007
|
|||||
Regulatory
Assets:
|
|||||||
Accumulated
deferred income taxes
|
$
|
166
|
$
|
156
|
|||
Environmental
remediation costs
|
19
|
17
|
|||||
Asset
retirement obligations and related funding
|
250
|
264
|
|||||
Franchise
agreements
|
50
|
52
|
|||||
Deferred
employee benefit plan costs
|
325
|
109
|
|||||
Other
|
44
|
31
|
|||||
Total
Regulatory Assets
|
$
|
854
|
$
|
629
|
Regulatory
Liabilities:
|
|||||||
Accumulated
deferred income taxes
|
$
|
30
|
$
|
32
|
|||
Other
asset removal costs
|
503
|
472
|
|||||
Storm
damage reserve
|
48
|
49
|
|||||
Planned
major maintenance
|
11
|
15
|
|||||
Other
|
16
|
41
|
|||||
Total
Regulatory Liabilities
|
$
|
608
|
$
|
609
|
Weighted
Average
|
|||
Grant-Date
|
|||
Nonvested
Shares
|
Shares
|
Fair
Value
|
|
Nonvested
at January 1, 2008
|
-
|
$
|
-
|
Granted
|
75,824
|
37.33
|
|
Vested
|
-
|
-
|
|
Forfeited
|
1,236
|
37.35
|
|
Nonvested
at December 31, 2008
|
74,588
|
37.33
|
Stock
Options
|
Number
of
Options
|
Weighted
Average
Exercise Price
|
|||||
Outstanding-December
31, 2005
|
439,270
|
$
|
27.53
|
||||
Exercised
|
(53,330
|
)
|
27.52
|
||||
Outstanding-December
31, 2006
|
385,940
|
27.56
|
|||||
Exercised
|
(258,756
|
)
|
27.62
|
||||
Outstanding-December
31, 2007
|
127,184
|
27.45
|
|||||
Exercised
|
(20,720
|
)
|
27.49
|
||||
Outstanding-December
31, 2008
|
106,464
|
27.44
|
2008
|
2007
|
|||||||||||
Dollars
in millions
|
Maturity
|
Balance
|
Rate
|
Balance
|
Rate
|
|||||||
First
Mortgage Bonds (secured)
|
2009-2038
|
$
|
2,335
|
6.07
|
%
|
$
|
1,675
|
6.00
|
%
|
|||
GENCO
Notes (secured)
|
2011-2024
|
276
|
5.95
|
%
|
119
|
5.86
|
%
|
|||||
Industrial
and Pollution Control Bonds (a)
|
2012-2038
|
228
|
4.63
|
%
|
156
|
5.24
|
%
|
|||||
Borrowings
Under Credit Agreements
|
2011
|
285
|
1.61
|
%
|
-
|
|||||||
Other
|
2009-2027
|
62
|
73
|
|||||||||
Total
debt
|
3,186
|
2,023
|
||||||||||
Current
maturities of long-term debt
|
(140
|
)
|
(13
|
)
|
||||||||
Unamortized
discount
|
(13
|
)
|
(7
|
)
|
||||||||
Total
long-term debt, net
|
$
|
3,033
|
$
|
2,003
|
Year
|
Millions
of dollars
|
|||
2009
|
$
|
140
|
||
2010
|
17
|
|||
2011
|
456
|
|||
2012
|
17
|
|||
2013
|
163
|
Millions
of dollars
|
2008
|
2007
|
|||||
Lines
of credit:
|
|||||||
Committed
long-term (expire December 2011)
|
|||||||
Total
|
$
|
650
|
$
|
650
|
|||
Outstanding
bank loans
|
285
|
-
|
|||||
Weighted
average interest rate
|
1.61
|
%
|
-
|
||||
Outstanding
commercial paper (270 or fewer days)
(a)
|
$
|
34
|
$
|
464
|
|||
Weighted
average interest rate
|
5.69
|
%
|
5.74
|
%
|
|||
Uncommitted
(b):
|
|||||||
Total
|
$
|
78
|
$
|
78
|
|||
Used
by SCANA
|
-
|
7
|
|||||
Weighted
average interest rate
|
-
|
|
5.10
|
%
|
Par
Value
|
Authorized
|
Available
for Issuance
|
$100
|
1,000,000
|
-
|
$50
|
575,176
|
300,000
|
$25
|
2,000,000
|
2,000,000
|
Series
|
|||||||||||||
4.50%,
4.60% (A)
&
5.125%
|
4.60%
(B)
&
6.00%
|
Total
Shares
|
Millions
of Dollars
|
||||||||||
Redemption
Price
|
$51.00
|
$50.50
|
|||||||||||
Balance
at December 31, 2005
|
77,043
|
99,361
|
176,404
|
$
|
8.8
|
||||||||
Shares
Redeemed-$50 par value
|
(2,608
|
)
|
(6,600
|
)
|
(9,208
|
)
|
(0.5
|
)
|
|||||
Balance
at December 31, 2006
|
74,435
|
92,761
|
167,196
|
8.3
|
|||||||||
Shares
Redeemed-$50 par value
|
(4,600
|
)
|
(4,629
|
)
|
(9,229
|
)
|
(0.4
|
)
|
|||||
Balance
at December 31, 2007
|
69,835
|
88,132
|
157,967
|
7.9
|
|||||||||
Shares
Redeemed-$50 par value
|
(4,600
|
)
|
(3,400
|
)
|
(8,000
|
)
|
(0.4
|
)
|
|||||
Balance
at December 31, 2008
|
65,235
|
84,732
|
149,967
|
$
|
7.5
|
Millions
of dollars
|
2008
|
2007
|
2006
|
|||||||
Current
taxes:
|
||||||||||
Federal
|
$
|
32
|
$
|
63
|
$
|
70
|
||||
State
|
3
|
9
|
5
|
|||||||
Total
current taxes
|
35
|
72
|
75
|
|||||||
Deferred
taxes, net:
|
||||||||||
Federal
|
111
|
34
|
9
|
|||||||
State
|
13
|
4
|
5
|
|||||||
Total
deferred taxes
|
124
|
38
|
14
|
|||||||
Investment
tax credits:
|
||||||||||
Deferred-state
|
5
|
5
|
5
|
|||||||
Amortization
of amounts deferred-state
|
(3
|
)
|
(3
|
)
|
(3
|
)
|
||||
Amortization
of amounts deferred-federal
|
(3
|
)
|
(3
|
)
|
(3
|
)
|
||||
Total
investment tax credits
|
(1
|
)
|
(1
|
)
|
(1
|
)
|
||||
Total
income tax expense
|
$
|
158
|
$
|
109
|
$
|
88
|
Millions
of dollars
|
2008
|
2007
|
2006
|
|||||||
Net
income
|
$
|
273
|
$
|
245
|
$
|
230
|
||||
Income
tax expense
|
158
|
109
|
88
|
|||||||
Minority
interest
|
9
|
7
|
7
|
|||||||
Total
pre-tax income
|
$
|
440
|
$
|
361
|
$
|
325
|
||||
Income
taxes on above at statutory federal income tax rate
|
$
|
154
|
$
|
126
|
$
|
114
|
||||
Increases
(decreases) attributed to:
|
||||||||||
State
income taxes (less federal income tax effect)
|
12
|
10
|
8
|
|||||||
Synthetic
fuel tax credits
|
-
|
(17
|
)
|
(34
|
)
|
|||||
Non-taxable
recovery of Lake Murray back-up dam project carrying
costs
|
(2
|
)
|
(2
|
)
|
(2
|
)
|
||||
Amortization
of federal investment tax credits
|
(3
|
)
|
(3
|
)
|
(3
|
)
|
||||
Domestic
production activities deduction
|
(1
|
)
|
(4
|
)
|
(1
|
)
|
||||
Other
differences, net
|
(2
|
)
|
(1
|
)
|
6
|
|||||
Total
income tax expense
|
$
|
158
|
$
|
109
|
$
|
88
|
Millions
of dollars
|
2008
|
2007
|
|||||
Deferred
tax assets:
|
|||||||
Nondeductible
reserves
|
$
|
83
|
$
|
91
|
|||
Unamortized
investment tax credits
|
51
|
51
|
|||||
Deferred
compensation
|
10
|
15
|
|||||
Unbilled
revenue
|
13
|
12
|
|||||
Pension
plan income
|
18
|
-
|
|||||
Other
|
53
|
15
|
|||||
Total
deferred tax assets
|
228
|
184
|
|||||
Deferred
tax liabilities:
|
|||||||
Property,
plant and equipment
|
901
|
830
|
|||||
Pension
plan income
|
-
|
87
|
|||||
Deferred
employee benefit plan costs
|
125
|
43
|
|||||
Deferred
fuel costs
|
51
|
2
|
|||||
Other
|
41
|
37
|
|||||
Total
deferred tax liabilities
|
1,118
|
999
|
|||||
Net
deferred tax liability
|
$
|
890
|
$
|
815
|
Unrecognized
|
||||
Millions
of dollars
|
Tax
Benefit
|
|||
Balance
at January 1, 2008
|
$
|
15
|
||
Additions
based on tax positions related to the current year
|
-
|
|||
Additions
for tax positions of prior years
|
-
|
|||
Reductions
for tax positions of prior years
|
-
|
|||
Settlements
|
-
|
|||
Balance
at December 31, 2008
|
$
|
15
|
2008
|
2007
|
||||||||||||
Millions
of dollars
|
Carrying
Amount
|
Estimated
Fair
Value
|
Carrying
Amount
|
Estimated
Fair
Value
|
|||||||||
Long-term
debt
|
$
|
3,173.2
|
$
|
3,297.1
|
$
|
2,016.0
|
$
|
2,023.9
|
|||||
Preferred
stock (subject to purchase or sinking funds)
|
7.5
|
7.5
|
7.9
|
7.0
|
Fair
Value Measurements at December 31, 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
|
$
|
6
|
$
|
14
|
-
|
|||||||
Liabilities
- Derivative instruments
|
2
|
60
|
-
|
Millions
of dollars
|
||||
2009
|
$
|
15
|
||
2010
|
6
|
|||
2011
|
6
|
|||
2012
|
4
|
|||
2013
|
3
|
|||
Total
|
$
|
34
|
Millions
of dollars
|
||||
2009
|
$
|
1,021
|
||
2010
|
463
|
|||
2011
|
336
|
|||
2012
|
13
|
|||
2013
|
14
|
|||
Thereafter
|
47
|
|||
Total
|
$
|
1,894
|
Millions
of dollars
|
2008
|
2007
|
|||||
Beginning
balance
|
$
|
294
|
$
|
279
|
|||
Liabilities
incurred
|
-
|
-
|
|||||
Liabilities
settled
|
(1
|
)
|
(1
|
)
|
|||
Accretion
expense
|
16
|
16
|
|||||
Revisions
in estimated cash flows
|
128
|
-
|
|||||
Ending
Balance
|
$
|
437
|
$
|
294
|
2008
|
Electric
Operations
|
Gas
Distribution
|
Adjustments/
Eliminations
|
Consolidated
Total
|
|||||||||
Customer
Revenue
|
$
|
2,248
|
$
|
568
|
-
|
$
|
2,816
|
||||||
Intersegment
Revenue
|
-
|
4
|
$
|
(4
|
)
|
-
|
|||||||
Operating
Income (Loss)
|
523
|
40
|
(4
|
)
|
559
|
||||||||
Interest
Expense
|
15
|
-
|
140
|
155
|
|||||||||
Depreciation and
Amortization
|
254
|
20
|
(9
|
)
|
265
|
||||||||
Segment
Assets
|
6,602
|
529
|
1,921
|
9,052
|
|||||||||
Expenditures
for Assets
|
859
|
64
|
(176
|
)
|
747
|
||||||||
Deferred
Tax Assets
|
n/a
|
n/a
|
n/a
|
n/a
|
2007
|
|||||||||||||
Customer
Revenue
|
$
|
1,962
|
$
|
519
|
-
|
$
|
2,481
|
||||||
Intersegment
Revenue
|
-
|
6
|
$
|
(6
|
)
|
-
|
|||||||
Operating
Income (Loss)
|
464
|
41
|
(7
|
)
|
498
|
||||||||
Interest
Expense
|
16
|
-
|
125
|
141
|
|||||||||
Depreciation and
Amortization
|
257
|
19
|
-
|
276
|
|||||||||
Segment
Assets
|
5,925
|
480
|
1,572
|
7,977
|
|||||||||
Expenditures
for Assets
|
540
|
51
|
28
|
619
|
|||||||||
Deferred
Tax Assets
|
n/a
|
n/a
|
5
|
5
|
2006
|
||||||||||||||
Customer
Revenue
|
$
|
1,886
|
$
|
505
|
-
|
$
|
2,391
|
|||||||
Intersegment
Revenue
|
-
|
3
|
$
|
(3
|
)
|
-
|
||||||||
Operating
Income (Loss)
|
456
|
25
|
(13
|
)
|
468
|
|||||||||
Interest
Expense
|
15
|
-
|
125
|
140
|
||||||||||
Depreciation and
Amortization
|
268
|
18
|
-
|
286
|
||||||||||
Segment
Assets
|
5,520
|
440
|
1,666
|
7,626
|
||||||||||
Expenditures
for Assets
|
304
|
83
|
25
|
412
|
||||||||||
Deferred
Tax Assets
|
n/a
|
n/a
|
19
|
19
|
2008
Millions of dollars
|
First
Quarter
|
Second
Quarter
|
Third
Quarter
|
Fourth
Quarter
|
Annual
|
||||||||||
Total
operating revenues
|
693
|
698
|
776
|
649
|
2,816
|
||||||||||
Operating
income
|
125
|
127
|
190
|
117
|
559
|
||||||||||
Net
income
|
59
|
60
|
100
|
54
|
273
|
2007
Millions of dollars
|
|||||||||||||||
Total
operating revenues
|
$
|
633
|
$
|
575
|
$
|
686
|
$
|
587
|
$
|
2,481
|
|||||
Operating
income
|
81
|
109
|
188
|
120
|
498
|
||||||||||
Net
income
|
38
|
54
|
99
|
54
|
245
|
W.
Hayne Hipp (Age 69)
Director
since 1983
|
|||
Mr.
Hipp has been a private investor since The Liberty Corporation’s
acquisition in January 2006. Prior to its acquisition, Mr. Hipp served as
Chairman, Chief Executive Officer and a director of the Liberty
Corporation, a broadcasting holding company headquartered in Greenville,
South Carolina. Mr. Hipp held these positions for more than five
years. Mr. Hipp’s term will expire at the Annual Meeting in
2009 when he reaches the mandatory retirement age.
|
|||
Harold
C. Stowe (Age 62)*
Director
since 1999
|
|||
Mr.
Stowe retired as interim Dean of the Wall College of Business at Coastal
Carolina University in Conway, South Carolina on July 1, 2007, a position
that he held since June 2006. From February 2005 to May 2006,
Mr. Stowe was retired. Prior to his retirement, Mr. Stowe
had served as President of Canal Holdings, LLC, a forest products industry
company, located in Conway, South Carolina, and its predecessor company,
since March 1997. Mr. Stowe is a director of Ruddick Corporation, in
Charlotte, North Carolina.
|
|||
G.
Smedes York (Age 68)
Director
since 2000
|
|||
Mr.
York is Chairman of York Properties, Inc., a full-service commercial and
residential real estate company, in Raleigh, North Carolina. Mr. York
has been associated with York Properties, Inc. since 1970. Mr. York
is also Chairman of the Board of Prudential York Simpson Underwood, a
residential real estate brokerage company, and of McDonald-York, Inc., a
general contractor, both in Raleigh, North Carolina.
|
Bill
L. Amick (Age 65)
Director
since 1990
|
||||||
Mr.
Amick has been the Chairman of The Amick Company, a residential and resort
property real estate development company, since his retirement in October
2006 from Amick Farms, Inc., Amick Processing, Inc. and Amick Broilers,
Inc., a vertically integrated broiler operation. Prior to his retirement,
he served as Chairman of the Board of the Amick entities, all of which are
located in Batesburg, South Carolina. He held those positions for more
than five years. Mr. Amick is a director of Blue Cross and Blue
Shield of South Carolina.
|
||||||
Sharon
A. Decker (Age 52)
Director
since 2005
|
||||||
Mrs.
Decker is the founder and has been the principal of The Tapestry Group, a
faith-based, non-profit organization, located in Rutherfordton, North
Carolina, since September 2004. Mrs. Decker previously served as President
of Tanner Holdings, LLC and Doncaster, apparel manufacturers, from August
1999 until September 2004. Mrs. Decker is a director of Coca-Cola
Bottling Company Consolidated, Inc. and Family Dollar Stores, Inc., both
in Charlotte, North Carolina.
|
||||||
D.
Maybank Hagood (Age 47)*
Director
since 1999
|
||||||
Mr.
Hagood has been President and Chief Executive Officer of Southern
Diversified Distributors, Inc., a provider of logistic and distribution
services, located in Charleston, South Carolina, since November 2003.
Mr. Hagood also has been President and Chief Executive Officer of
William M. Bird and Company, Inc., a subsidiary of Southern
Diversified Distributors, Inc., a wholesale distributor of floor covering
materials, in Charleston, South Carolina, since 1993.
|
||||||
William
B. Timmerman (Age 62)
Director
since 1991
|
||||||
Mr.
Timmerman has been Chairman of the Board and Chief Executive Officer of
SCANA since March 1997. He has been President of SCANA since December
1995.
|
||||||
James
A. Bennett (Age 48)
Director
since 1997
|
||||||
Mr.
Bennett has been Executive Vice President and Director of Public Affairs
of First Citizens Bank, located in Columbia, South Carolina, since August
2002. Previously, he was President and Chief Executive Officer of South
Carolina Community Bank, in Columbia, South Carolina, from May 2000 to
July 2002.
|
||||||
James
M. Micali (Age 60)
Director
since 2007
|
||||||
Mr.
Micali was Chairman and President of Michelin North America, Inc, located
in Greenville, South Carolina, from 1996 until August 2008, and he
continues to consult for Michelin. Mr. Micali is also of
counsel to the law firm Ogletree Deakins LLC in Greenville, South
Carolina, and a Senior Advisor to the General Partner of Azalea Fund III
of Azalea Capital LLC (a private equity firm), also in Greenville, South
Carolina. Mr. Micali has served as a director of Sonoco
Products Company, in Hartsville, South Carolina since 2003. Mr.
Micali served as the Chairman of the South Carolina Chamber of Commerce in
2008. Mr. Micali also serves on the board of Ritchie Bros.
Auctioneers in Vancouver, Canada, and on the board of American Tire
Distributors in Charlotte, North Carolina.
|
Lynne
M. Miller (Age 57)
Director
since 1997
|
|||
Ms.
Miller co-founded Environmental Strategies Corporation, an environmental
consulting firm in Reston, Virginia in 1986, and served as President from
1986 until 1995, and as Chief Officer from 1995 until September 2003 when
the firm was acquired by Quanta Capital Holdings, Inc., a specialty
insurer, and its name was changed to Environmental Strategies Consulting
LLC. Ms Miller has been an environmental consultant since her
retirement from Quanta Capital Holdings, Inc. in August
2006. From August 2005 to August 2006, she was a Senior
Business Consultant at Quanta Capital Holdings. From April 2004 through
July 2005, she was President of Quanta Technical Services
LLC. She was Chief Executive Officer of Environmental
Strategies Consulting LLC, a division of Quanta Technical Services LLC,
from September 2003 through March
2004. Ms. Miller served as a director of Adams
National Bank, a subsidiary of Abigail Adams National Bancorp, Inc., in
Washington, D.C. until October 2008.
|
James
W. Roquemore (Age 54)*
Director
since 2007
|
|||
Mr.
Roquemore is Chief Executive Officer and Chairman of Patten Seed Company,
headquartered in Lakeland, Georgia, and General Manager of
Super-Sod/Carolina, a company that produces and markets turf grass, sod
and seed. He has held these positions for more than five
years. Mr. Roquemore is a director of South Carolina Bank and
Trust, N. A. and SCBT Financial Corporation. He serves on the
Southeast Region and National boards of the Boy Scouts of
America. He is currently the Agribusiness Co-Chairman for “New
Carolina” –South Carolina’s Council on Competitiveness, and is the past
President and current board member of the Palmetto Agribusiness
Council.
|
Maceo
K. Sloan (Age 59)*
Director
since 1997
|
|||
Mr.
Sloan is Chairman, President and Chief Executive Officer of Sloan
Financial Group, Inc., a financial holding company, and Chairman, Chief
Executive Officer and Chief Investment Officer of both NCM Capital
Management Group, Inc., and NCM Capital Advisers, Inc., investment
management companies, in Durham, North Carolina. He has held these
positions for more than five years. Mr. Sloan is Chairman of the
College Retirement Equities Fund (CREF) Board of Trustees. Mr.
Sloan served as Chairman of the Board of M&F Bancorp, Inc. and as
a director of its subsidiary, Mechanics and Farmers Bank, in
Durham, North Carolina, until December 2008.
|
Name
|
Age
|
Positions
Held During Past Five Years
|
Dates
|
W.
B. Timmerman
|
62
|
Chairman
of the Board and Chief Executive Officer
|
*-present
|
J.
E. Addison
|
48
|
Senior
Vice President and Chief Financial Officer
Vice
President – Finance
|
2006-present
*-2006
|
J.
C. Bouknight
|
56
|
Senior
Vice President-Human Resources
Vice
President Human Resources-Dan River, Inc.-Danville, VA
|
2004-present
*-2004
|
S.
D. Burch
|
51
|
Senior
Vice President-Fuel Procurement and Asset Management
|
*-present
|
S.
A. Byrne
|
49
|
Senior
Vice President-Generation, Nuclear and Fossil Hydro
Senior
Vice President-Nuclear Operations
|
2004-present
*-2004
|
K.
B. Marsh
|
53
|
President
and Chief Operating Officer
Senior
Vice President and Chief Financial Officer
|
2006-present
*-2006
|
F.
P. Mood, Jr.
|
71
|
Senior
Vice President, General Counsel and Assistant Secretary
Attorney,
Haynsworth Sinkler Boyd, P.A.
|
2005-present
*-2005
|
·
|
Hiring
and retaining premier executive
talent;
|
·
|
Having
a pay-for-performance philosophy that links total rewards to achievement
of corporate, business unit and individual goals, and places a substantial
portion of pay for senior executives
“at-risk;”
|
·
|
Aligning
the interests of executives with the long-term interests of shareholders
through long-term equity-based incentive compensation;
and
|
·
|
Ensuring
that the elements of the compensation program focus on and appropriately
balance our financial, customer service, operational and strategic goals,
all of which are crucial to achieving long-term results for our
shareholders.
|
·
|
SCANA
achieving earnings per share targets set to reflect published earnings per
share guidance; and
|
·
|
Performance
of our senior executive officers.
|
·
|
SCANA
achieving earnings per share targets set to reflect published earnings per
share guidance; and
|
·
|
Our
achieving annual business objectives relating to one or more of the
following four critical success factors: cost effective operations,
profitable growth, excellence in customer service, and developing our
people.
|
Objective
|
Mr. Timmerman
|
Mr. Addison
|
Mr. Marsh
|
Mr. Byrne
|
Mr.
Mood
|
Financial
Results
|
50%
|
50%
|
50%
|
50%
|
50%
|
Senior
Staff Performance
|
50%
|
||||
Cost
Effective Operations
|
10%
|
30%
|
47.5%
|
||
Profitable
Growth
|
50%
|
||||
Customer
Service
|
30%
|
10%
|
2.5%
|
||
Developing
our People
|
10%
|
10%
|
·
|
Executing
an industry leading contract for construction of new nuclear generation
facilities and the related regulatory filings at the state and federal
level;
|
·
|
Obtaining
approval from the Public Service Commission of South Carolina for siting
and construction of the nuclear plants under the Base Load Review
Act;
|
·
|
Having
three coal fired generation facilities listed among the twenty most
efficient in the United States;
|
·
|
Having
the V. C. Summer Nuclear Plant ranked by an independent rating agency as
third in the nation in capacity factor
achieved;
|
·
|
Responding
early in 2008 to the emerging liquidity crisis and economic decline, and
maintaining financial integrity and results of operations in
2008;
|
·
|
Prudent
management of costs in a difficult economy to ensure earnings guidance was
achieved while still maintaining safe and reliable
operations;
|
·
|
Having
retail gas operations in South Carolina score well in our region, and
nationally, in the J. D. Power Customer Satisfaction
Report;
|
·
|
Having
SCANA’s common stock decline only 16% compared with a decline of 26% for
our peer group, and a decline of 34% for the Dow Jones Industrial
Average;
|
·
|
Being
included in the S&P 500 Index;
and
|
·
|
Having
our long-term credit ratings reaffirmed in
2008.
|
·
|
Type of
program. Although 96% of
these utilities use performance plans, over 80% of them also grant
restricted stock or stock options. Only four of the companies (16%) use
only performance plans for their long-term incentive
grants.
|
·
|
Performance
leverage. The survey also
indicated that most of these companies have wider performance ranges than
SCANA does. SCANA’s TSR performance range was from the
33rd percentile to the 75th percentile; however, the peer group
comparison denoted a performance range from the 28th percentile to
the 83rd percentile.
|
·
|
Payout
leverage. Additionally, the survey indicated that some
of these companies have lower minimum payouts and higher maximum payouts
than we do. Whereas we pay out 50% of target award at threshold
performance (33%), the median threshold payout by the peer group is 25% of
target, and our maximum payout is 150% of target as compared to maximum
median payout by the peer group of 200% of
target.
|
·
|
a
nonqualified defined benefit Supplemental Executive Retirement Plan (the
“SERP”) for our senior
executive
officers;
|
·
|
a
nonqualified defined contribution Executive Deferred Compensation Plan
(the “EDCP”) for our senior
executive
officers.
|
Senior
Staff Member
|
Title
|
Age*
|
Years
of Service*
|
Shares
Held D
Directly
|
Deferred
Compensation Shares (401(k) & EDCP)
|
Accrued
but not vested Performance Shares for LTEP
|
Total
Shares
|
W.
B. Timmerman
|
Chief
Executive Officer
|
62
|
30
|
41,766
|
91,137
|
98,836
|
231,739
|
J.
E. Addison
|
Senior
Vice President and Chief Financial Officer
|
48
|
17
|
3,224
|
13,359
|
16,895
|
33,478
|
J.
C. Bouknight
|
Senior
Vice President
|
56
|
4
|
2,201
|
2,840
|
12,440
|
17,481
|
S.
D. Burch
|
Senior
Vice President
|
51
|
17
|
1,904
|
12,098
|
9,079
|
23,081
|
S.
A. Byrne
|
Senior
Vice President
|
49
|
13
|
3,826
|
24,009
|
21,965
|
49,800
|
K.
B. Marsh
|
President
and Chief Operating Officer
|
53
|
24
|
11,193
|
20,754
|
34,950
|
66,898
|
F.
P. Mood, Jr.
|
Senior
Vice President and General Counsel
|
71
|
4
|
2,950
|
1,449
|
16,794
|
21,193
|
Name
and Principal Position
|
Year
|
Salary
($)
|
Bonus
($)(1)
|
Stock
Awards
($)(2)
|
Option
Awards
($)
|
Non-Equity
Incentive
Plan
Compensation
($)(3)
|
Change
in
Pension
Value
and
Nonqualified
Deferred
Compensation
Earnings
($)(4)
|
All
Other
Compensation
($)(5)
|
Total
($)
|
|
(a)
|
(b)
|
(c)
|
(d)
|
(e)
|
(f)
|
(g)
|
(h)
|
(i)
|
(j)
|
|
2008
|
$1,094,985
|
$186,830
|
$4,614,170
|
-
|
$467,075
|
$334,694
|
$123,448
|
$6,821,202
|
||
W.
B. Timmerman,
Chief Executive
Officer
|
2007
2006
|
$1,043,408
$1,002,700
|
$177,956
$170,459
|
$1,761,331
$301,759
|
-
-
|
$444,890
$426,148
|
$330,605
$274,724
|
$121,481
$73,629
|
$3,879,671
$2,249,419
|
|
J.
E. Addison,
Senior Vice
President
Chief Financial
Officer
|
2008
2007
2006
|
$385,048
$303,846
$278,990
|
$46,891
$36,600
$27,916
|
$715,936
$252,274
$37,505
|
-
-
-
|
$117,229
$91,500
$69,789
|
$43,676
$41,300
$21,981
|
$56,538
$29,242
$30,091
|
$1,365,318
$754,762
$466,272
|
|
K.
B. Marsh,
President and Chief Operating
Officer
|
2008
2007
2006
|
$577,692
$548,115
$516,183
|
$75,400
$71,500
$66,916
|
$1,630,379
$613,229
$106,749
|
-
-
-
|
$188,500
$178,750
$167,290
|
$100,108
$113,085
$59,934
|
$55,229
$53,730
$63,816
|
$2,627,309
$1,578,409
$980,888
|
|
2008
|
$443,077
|
$53,400
|
$1,022,834
|
-
|
$133,500
|
$56,283
|
$43,470
|
$1,752,564
|
||
S.
A. Byrne,
Senior Vice
President
|
2007
2006
|
$418,492
$400,400
|
$50,400
$48,048
|
$375,124
$66,274
|
-
-
|
$126,000
$120,120
|
$62,519
$40,226
|
$42,093
$45,550
|
$1,074,628
$720,618
|
|
F.
P. Mood, Jr.,
Senior Vice President and
General Counsel
|
2008
2007
2006
|
$388,462
$368,462
$350,000
|
$42,900
$37,000
$35,000
|
$779,336
$285,537
$50,033
|
-
-
-
|
$107,250
$92,500
$87,500
|
$54,276
$49,607
$59,582
|
$37,836
$37,465
$41,051
|
$1,410,060
$870,571
$623,166
|
(1)
|
Discretionary
bonus awards as permitted under the 2008 Short-Term Annual Incentive Plan,
which are discussed in further detail under “— Compensation Discussion and
Analysis — Short-Term Annual Incentive Plan — Discretionary
Bonus Award.”
|
(2)
|
The
information in this column relates to performance share and restricted
stock awards (liability awards) under the Long-Term Equity Compensation
Plan. This plan is discussed under “— Compensation Discussion and
Analysis — Long-Term Equity Compensation Plan.” The figures for 2008
reflect accruals for all three performance plan cycles which were in
operation during that year. The amounts in this column are the dollar
amounts recognized for financial statement reporting purposes with respect
to the fiscal year in accordance with SFAS 123(R). The assumptions
made in valuation of stock awards are set forth in Note 3 to our
audited financial statements for the year ended December 31, 2008,
which are included in ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
in Part II above.
|
(3)
|
Payouts
under the 2008 Short-Term Annual Incentive Plan, based on our achieving
our business objectives and our Named Executive Officers’ achieving their
individual financial and strategic objectives, as discussed in further
detail under “— Compensation Discussion and Analysis — Short-Term
Annual Incentive Plan.”
|
(4)
|
The
aggregate change in the actuarial present value of each Named Executive
Officer’s accumulated benefits under SCANA’s Retirement Plan and
Supplemental Executive Retirement Plan from December 31, 2007 to
December 31, 2008, determined using interest rate and mortality rate
assumptions consistent with those used in our financial statements. These
plans are discussed under “— Compensation Discussion and Analysis —
Retirement and Other Benefit Plans,” “— Defined Benefit Retirement Plan,”
“— Supplemental Executive Retirement Plan,” “ — Potential Payments Upon
Termination or Change in Control,” “— Potential Payments Upon Termination
or Change in Control — Retirement Benefits —Supplemental Executive
Retirement Plan.”
|
(5)
|
All
other compensation paid to each Named Executive Officer, including company
contributions to the 401(k) Plan and the Executive Deferred Compensation
Plan, tax reimbursements with respect to perquisites or other personal
benefits, life insurance premiums on policies owned by Named Executive
Officers, and perquisites that exceeded $10,000 in aggregate for any Named
Executive Officer. For 2008, the Company contributions to defined
contribution plans were as follows: Mr. Timmerman $102,829;
Mr. Addison $29,900; Mr. Marsh $49,538; Mr. Byrne
$37,053; and Mr. Mood $30,772. For 2008, tax reimbursements
with respect to perquisites or other personal benefits were as follows:
Mr. Timmerman $128; Mr. Addison $1,607; and
Mr. Byrne $388. Perquisites exceeded
$10,000 for each of Mr. Timmerman and Mr. Addison.
Mr. Timmerman’s All Other Compensation includes perquisites of
$11,575 consisting of expenses related to the Company provided medical
examination, financial planning services, maintenance and monitoring of
residential security systems, and travel expenses associated with his
spouse occasionally accompanying him on business travel. Mr.
Addison’s All Other Compensation includes perquisites of $15,603
consisting of expenses related to the Company provided medical
examination, financial planning services, maintenance and monitoring of
residential security systems, and personal travel on the Company plane for
medical care. Life insurance premiums on policies owned by the
Named Executive Officers did not exceed $10,000 for any Named Executive
Officer.
|
(6)
|
This
column includes not only compensation actually received in 2008, but also
accruals for compensation that could be paid in 2010 and 2011 if
performance criteria under the 2007-2009 and 2008-2010 performance periods
under the Long-Term Equity Compensation Plan are met. Total
compensation represented in this column that was actually received by each
Named Executive Officer for 2008 (including amounts accrued in earlier
years) and compensation accrued for possible payment in future years are
as follows: Mr. Timmerman, $4,676,832 ($2,705,147 of the
amount in column (e) represents accruals for compensation that
may be paid, if at all, in 2010 and 2011); Mr. Addison,
$956,345 ($478,670 of the amount in column (e) represents
accruals for compensation that may be paid, if at all, in 2010 and
2011); Mr. Marsh, $1,875,657 ($955,052 of the amount in column
(e) represents accruals for compensation that may be paid, if at
all, in 2010 and 2011); Mr. Byrne, $1,272,157 ($603,567 of the
amount in column (e) represents accruals for compensation that
may be paid, if at all, in 2010 and 2011); and Mr. Mood, $1,040,230
($462,809 of the amount in column (e) represents accruals for
compensation that may be paid, if at all, in 2010 and
2011).
|
Estimated
Possible Payouts Under
Non-Equity
Incentive Plan Awards(1)
|
Estimated
Future Payouts
Under
Equity Incentive Plan
Awards(2)(4)
|
||||||||||
Name
|
Grant
Date
|
Threshold
($)
|
Target
($)
|
Maximum
($)
|
Threshold
(#)
|
Target
(#)
|
Maximum
(#)
|
All
Other
Stock
Awards:
Number
of
Shares
of
Stock
or
Units
(#)(3)(4)
|
All
Other
Option
Awards:
Number
of
Securities
Underlying
Options
(#)
|
Exercise
or
Base
Price
of
Option
Awards
($/Sh)
|
Grant
Date
Fair
Value
of
Stock
and
Option
Awards
($)(5)
|
(a)
|
(b)
|
(c)
|
(d)
|
(e)
|
(f)
|
(g)
|
(h)
|
(i)
|
(j)
|
(k)
|
(l)
|
W.
B.
Timmerman
|
2-14-08
2-14-08
2-14-08
|
$467,075
|
$934,150
|
$1,401,225
|
16,148
|
64,590
|
113,033
|
17,006
|
—
—
—
|
—
—
—
|
4,221,783
635,174
|
J.
E. Addison
|
2-14-08
2-14-08
2-14-08
|
$117,229
|
$234,457
|
$351,686
|
3,061
|
12,244
|
21,427
|
3,224
|
—
—
—
|
—
—
—
|
800,298
120,416
|
K.
B. Marsh
|
2-14-08
2-14-08
2-14-08
|
$188,500
|
$377,000
|
$565,500
|
5,681
|
22,725
|
39,769
|
5,983
|
—
—
—
|
—
—
—
|
1,485,372
223,465
|
S.
A. Byrne
|
2-14-08
2-14-08
2-14-08
|
$133,500
|
$267,000
|
$400,500
|
3,633
|
14,530
|
25,428
|
3,826
|
—
—
—
|
—
—
—
|
949,736
142,901
|
F.
P. Mood, Jr.
|
2-14-08
2-14-08
2-14-08
|
$107,250
|
$214,500
|
$321,750
|
2,802
|
11,206
|
19,611
|
2,950
|
—
—
—
|
—
—
—
|
732,471
110,183
|
(1)
|
The amounts in columns (c),
(d) and (e) represent the threshold, target and maximum awards that
could have been paid under the 2008 Short-Term Annual Incentive Plan if
performance criteria were met. Target awards were based 50% on SCANA
achieving its earnings per share objectives and 50% on achieving
individual performance objectives. SCANA did not meet the earnings
per share objectives, but all of the Named Executive Officers met their
individual strategic objectives. Accordingly, there was no payout on the
earnings per share component of the award. The amounts shown in
column (g) of the Summary Compensation Table, therefore, reflect the
threshold payout in column (c) above (50% below target in
column (d) above). A discussion of the 2008 Short-Term Annual
Incentive Plan is included under “— Compensation Discussion and
Analysis — Short-Term Annual Incentive Plan.” See also,
“— Compensation Discussion and Analysis — Short-Term Annual
Incentive Plan — Discretionary Bonus Award” for a discussion of the
discretionary bonus paid under this
plan.
|
(2)
|
Represents
total potential future payouts of the 2008-2010 performance share awards
under the Long-Term Equity Compensation Plan. Payout of performance
share awards at the end of the 2008-2010 Plan period will be dictated by
SCANA’s performance against pre-determined measures of TSR and growth
in GAAP-adjusted net earnings per share from operations for each year of
the three-year period. Awards for the 2008 performance period have been
earned at 160% of target for the TSR portion and 175% of target for the
EPS portion, but will not vest until the end of the 2008-2010
cycle.
|
(3)
|
Represents
restricted stock awards. Restricted stock awards are time based and
vest after three years if the Named Executive Officer is still employed by
us at that date, subject to exceptions for death or
disability.
|
(4)
|
A
discussion of the components of the performance share and restricted stock
awards is included under “— Compensation Discussion and
Analysis — Long-Term Equity Compensation Plan — Components of
2008-2010 Performance Share Awards,” “— Performance Criteria for the
2008-2010 Performance Share Awards and Earned Awards for the 2008
Performance Period” and “— Restricted Stock Component of 2008-2010
Long-Term Equity Plan Grant.”
|
(5)
|
The
grant date fair value of performance share awards and restricted stock
awards computed in accordance with SFAS 123(R). The value for
performance share awards is based on the maximum number of shares that
could be earned as shown in column (h)
above.
|
Stock
Awards
|
|||||
Name
|
Date
of Grant
|
Number
of
Shares
or
Units
of
Stock
That
Have
Not
Vested
(#)(1)
|
Market
Value
of
Shares
or
Units
of
Stock
That
Have
Not
Vested
($)(2)
|
Equity
Incentive
Plan
Awards:
Number
of
Unearned
Shares,
Units
or
Other
Rights
That
Have
Not
Vested
(#)(3)(4)
|
Equity
Incentive
Plan
Awards:
Market
or
Payout
Value
of
Unearned
Shares,
Units
or
Other
Rights
That
Have
Not
Vested
($)(2)(4)
|
(a)
|
(g)
|
(h)
|
(i)
|
(j)
|
|
W.
B. Timmerman
|
2-14
-2008
2-14-2008
2-15-2007
|
36,063
17,006
62,773
|
$1,283,843
$605,414
$2,234,719
|
75,356
—
33,774
|
$2,682,674
—
$1,202,354
|
J.
E. Addison
|
2-14
-2008
2-14-2008
2-15-2007
|
6,836
3,224
10,059
|
$243,362
$114,774
$358,100
|
14,286
—
5,412
|
$508,582
—
$192,667
|
K.
B. Marsh
|
2-14
-2008
2-14-2008
2-15-2007
|
12,688
5,983
22,262
|
$451,693
$212,995
$792,527
|
26,512
—
11,979
|
$943,827
—
$426,452
|
S.
A. Byrne
|
2-14
-2008
2-14-2008
2-15-2007
|
8,112
3,826
13,853
|
$288,787
$136,206
$493,167
|
16,954
—
7,452
|
$603,562
—
$265,291
|
F.
P. Mood, Jr.
|
2-14
-2008
2-14-2008
2-15-2007
|
6,256
2,950
10,538
|
$222,714
$105,020
$375,153
|
13,074
—
5,672
|
$465,434
—
$201,923
|
(1)
|
The
awards granted on February 14, 2008 represent performance shares and
restricted stock awarded under the 2008-2010 performance cycle of the
Long-Term Equity Compensation Plan that have been earned, but have not
vested. The first year of the 2008-2010 performance cycle
awards were earned based on achieving SCANA TSR at the 82nd
percentile and growth in SCANA GAAP-adjusted net earnings per share from
operations of 7.7%, and such shares will vest on December 31, 2010 if
the Named Executive Officer is still employed by us at that date, subject
to exceptions for retirement, death or disability. The
restricted stock award will vest on December 31, 2010, if the Named
Executive Officer is still employed by us at that date, subject to
exceptions for death or disability. The awards granted on February 15,
2007 represent performance shares awarded under the 2007-2009 performance
cycle of the Long-Term Equity Compensation Plan that were earned for the
first two years of the cycle based on achieving SCANA TSR at the 59th and
82nd
percentiles respectively, and growth in SCANA GAAP-adjusted net earnings
per share from operations of 5.8% and 7.7% respectively, and such shares
will vest on December 31, 2009 if the Named Executive Officer is
still employed by us at that date, subject to exceptions for retirement,
death or disability.
|
(2)
|
The
market value of these awards is based on the closing market price of SCANA
common stock on the New York Stock Exchange on December 31, 2008 of
$35.60.
|
(3)
|
The
awards granted on February 14, 2008 represent performance shares and
restricted stock awards remaining in the 2008-2010 performance cycle that
have not been earned, and the awards granted February 15, 2007 represent
performance shares remaining in the 2007-2009 performance cycle that have
not been earned. Assuming the performance criteria are met and
the reported payout levels are sustained, the vesting dates of these
awards would be as follows: Mr. Timmerman, 96,547 shares would vest
on December 31, 2009 and 128,425 shares would vest on
December 31, 2010; Mr. Addison, 15,471 shares would vest on
December 31, 2009 and 24,346 shares would vest on December 31,
2010; Mr. Marsh, 34,241 shares would vest on December 31, 2009
and 45,183 shares would vest on December 31, 2010; Mr. Byrne,
21,305 shares would vest on December 31, 2009 and 28,892 shares would
vest on December 31, 2010; and Mr. Mood, 16,210 shares would vest on
December 31, 2009 and 22,280 shares would vest on December 31,
2010.
|
(4)
|
For
the 2009 period remaining in the 2007-2009 awards, performance shares
tracking against SCANA TSR (60% of target shares) are projected to result
in a maximum payout. Therefore, the number of shares and payout value
shown in columns (i) and (j) are based on the maximum
performance measure for the 2009 TSR portion of the shares. Performance
shares tracking against growth in SCANA GAAP-adjusted net earnings per
share from operations (40% of target shares) for the 2009 period remaining
in the 2007-2009 awards are also projected to result in a maximum payout.
Therefore, the number of shares and payout value shown in columns
(i) and (j) are based on the maximum performance measure for the
growth in SCANA's 2009 GAAP-adjusted net earnings per share from
operations portion of the shares.
|
Option
Awards
|
Stock
Awards
|
|||
Name
|
Number
of
Shares
Acquired
on
Exercise
(#)
|
Value
Realized
on
Exercise
($)
|
Number
of
Shares
Acquired
on
Vesting
(#)(1)
|
Value
Realized
on
Vesting
($)(1)
|
(a)
|
(b)
|
(c)
|
(d)
|
(e)
|
W.
B. Timmerman
|
—
|
—
|
60,416
|
$2,150,810
|
J.
E. Addison
|
—
|
—
|
7,509
|
$267,320
|
K.
B. Marsh
|
—
|
—
|
21,373
|
$760,879
|
S.
A. Byrne
|
—
|
—
|
13,269
|
$472,376
|
F.
P. Mood, Jr.
|
—
|
—
|
10,017
|
$356,605
|
(1)
|
Represents
the portion of the 2006-2008 Performance Share Awards that vested based
on SCANA achieving the earnings per share component between threshold
and target and the TSR component at slightly above target. Dollar
amounts in column (e) are calculated by multiplying the number of
shares shown in column (d) by the closing price of SCANA common stock
on the vesting date. In addition to the amounts above, each
Named Executive Officer also received dividends on the shares listed
above. These awards were paid in
cash.
|
Name
|
Plan
Name
|
Number
of
Years
Credited
Service
(#)(1)
|
Present
Value
of
Accumulated
Benefit
($)(1)(2)
|
Payments
During
Last
Fiscal
Year($)
|
(a)
|
(b)
|
(c)
|
(d)
|
(e)
|
W.
B. Timmerman
|
SCANA
Retirement Plan
SCANA
Supplemental Executive Retirement Plan
|
30
30
|
$921,452
$2,626,901
|
$0
$0
|
J.
E. Addison
|
SCANA
Retirement Plan
SCANA
Supplemental Executive Retirement Plan
|
17
17
|
$169,680
$112,299
|
$0
$0
|
K.
B. Marsh
|
SCANA
Retirement Plan
SCANA
Supplemental Executive Retirement Plan
|
24
24
|
$497,647
$509,187
|
$0
$0
|
S.
A. Byrne
|
SCANA
Retirement Plan
SCANA
Supplemental Executive Retirement Plan
|
13
13
|
$150,608
$253,039
|
$0
$0
|
F.
P. Mood, Jr.
|
SCANA
Retirement Plan
SCANA
Supplemental Executive Retirement Plan
|
4
4
|
$76,461
$117,617
|
$0
$0
|
(2)
|
Present
value calculation determined using current account balances for each Named
Executive Officer as of the end of 2008, based on assumed retirement at
normal retirement age (specified as age 65) and other assumptions as
to valuation method, interest rate, discount rate and other material
factors as set forth in Note 3 to our audited financial statements
for the year ended December 31, 2008, which are included in ITEM 8.
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA in Part II
above.
|
Name
|
Executive
Contributions
in
Last FY
($)(1)
|
Registrant
Contributions
in
Last FY
($)(1)
|
Aggregate
Earnings
in
Last
FY
($)(1)
|
Aggregate
Withdrawals/
Distributions
($)
|
Aggregate
Balance
at
Last
FYE
($)(1)
|
(a)
|
(b)
|
(c)
|
(d)
|
(e)
|
(f)
|
W.
B. Timmerman
|
$91,685
|
$89,029
|
($219,896)
|
$0
|
$2,997,060
|
J.
E. Addison
|
$17,810
|
$16,493
|
($34,164)
|
$0
|
$367,312
|
K.
B. Marsh
|
$61,295
|
$35,738
|
($435,964)
|
$0
|
$877,663
|
S.
A. Byrne
|
$24,338
|
$23,253
|
($48,607)
|
$0
|
$520,929
|
F.
P. Mood, Jr.
|
$138,811
|
$17,452
|
($99,645)
|
$0
|
$166,354
|
(1)
|
The
amounts reported in columns (b) and (c) are reflected in
columns (c) and (i), respectively, of the Summary Compensation
Table. No amounts in column (d) are reported, or have been
previously reported, in the Summary Compensation Table as there were no
above market or preferential earnings credited to any Named Executive
Officer’s account. The amounts reported in column (f)
consisting of Named Executive Officer and Company contributions were
previously reported in columns (c) and (i), respectively, of the 2007 and
2006 Summary Compensation Tables in the following amounts: Mr.
Timmerman, $171,810 for 2007, $106,440 for 2006; Mr. Addison,
$23,406 for 2007, $26,959 for 2006; Mr.
Marsh, $67,922 for 2007, $93,806 for 2006; Mr. Byrne,
$44,187 for 2007, $81,719 for 2006; and Mr. Mood,
$42,920 for 2007, and $47,100 for 2006. For years
prior to 2007, amounts would have been included in the Summary
Compensation Table when required by the rules of the Securities and
Exchange Commission.
|
·
|
if
any person or entity becomes the beneficial owner, directly or indirectly,
of 25% or more of the combined voting power of the outstanding shares of
SCANA common stock;
|
·
|
if,
during a consecutive two-year period, a majority of our directors cease to
be individuals who either (i) were directors on the Board at the
beginning of such period, or (ii) became directors after the
beginning of such period but whose election by the Board, or nomination
for election by our shareholders, was approved by at least two-thirds of
the directors then still in office who either were directors at the
beginning of such period, or whose election or nomination for election was
previously so approved;
|
·
|
if
SCANA shareholders approve (i) a merger or consolidation of SCANA
with another corporation (except a merger or consolidation in which
SCANA’s outstanding voting shares prior to such transaction continue to
represent at least 80% of the combined voting power of the surviving
entity’s outstanding voting shares after such transaction), (ii) a
plan of complete liquidation of SCANA, or (iii) an agreement to sell
or dispose of all or substantially all of SCANA’s assets;
or
|
·
|
if
SCANA shareholders approve a plan of complete liquidation, or sale or
disposition of, South Carolina Electric & Gas Company, Carolina
Gas Transmission Corporation (f/k/a South Carolina Pipeline
Corporation) or any of SCANA’s other subsidiaries that the Board
designates to be a material subsidiary. (This last provision would
constitute a change in control only with respect to participants
exclusively assigned to the affected
subsidiary.)
|
·
|
willfully
and continually failed to perform his or her duties after we made demand
for substantial performance;
|
·
|
willfully
engaged in conduct that is materially injurious to us;
or
|
·
|
were
convicted of a felony or certain
misdemeanors.
|
·
|
a
material diminution in his or her base
salary;
|
·
|
a
material diminution in his or her authority, duties, or
responsibilities;
|
·
|
a
material diminution in the authority, duties, or responsibilities of the
supervisor to whom he or she is required to report, including a
requirement that he or she report to one of our officers or employees
instead of reporting directly to the
Board;
|
·
|
a
material diminution in the budget over which he or she retains
authority;
|
·
|
a
material change in the geographic location at which he or she must perform
the services; and
|
·
|
any
other action or inaction that constitutes a material breach by us of the
agreement under which he or she provides
services.
|
·
|
an
amount intended to approximate three times the sum of: (i) his or her
annual base salary (before reduction for certain pre-tax deferrals) plus
(ii) his or her full targeted annual incentive award, in each case as
in effect for the year in which the change in control
occurs;
|
·
|
if
the participant’s benefit under the SERP is determined using the final
average pay formula under the Retirement Plan, an amount equal to the
present lump sum value of the actuarial equivalent of his or her accrued
benefit under the Retirement Plan and the SERP through the date of the
change in control, calculated as though he or she had attained age 65 and
completed 35 years of benefit service as of the date of the change in
control, and as if his or her final average earnings under the Retirement
Plan equaled the amount determined after applying cost-of-living increases
to his or her annual base salary from the date of the change in
control until the date he or she would reach age 65, and without regard to
any early retirement or other actuarial reductions otherwise provided in
any such plan (this benefit will be offset by the
actuarial equivalent of the participant’s benefit provided by the
Retirement Plan and the Participant’s benefit under the
SERP);
|
·
|
if
the participant’s benefit under the SERP is determined using the cash
balance formula under the Retirement Plan, an amount equal to the present
value as of the date of the change in control of his or her accrued
benefit, if any, under our SERP, determined prior to any offset for
amounts payable under the Retirement Plan, increased by the present value
of the additional projected pay credits and periodic interest credits that
would otherwise accrue under the plan (based on the plan’s actuarial
assumptions) assuming that he or she remained employed until reaching
age 65, and reduced by his or her cash balance account under the
Retirement Plan, and further reduced by an amount equal to his or her
benefit under the SERP; and
|
·
|
an
amount equal to the projected cost for medical, long-term disability and
certain life insurance coverage for three years following the change in
control as though he or she had continued to be our
employee.
|
·
|
a
benefit distribution of all amounts (or remaining amounts) of pre-2005
deferrals and hypothetical earnings thereon held in each participant’s
EDCP ledger account as of the date of the change in
control;
|
·
|
a
benefit distribution under the Long-Term Equity Compensation Plan equal to
100% of the target performance share award for all performance periods not
completed as of the date of the change in control, if
any;
|
·
|
a
benefit distribution under the Short-Term Annual Incentive Plan equal to
100% of the target award in effect as of the date of the change in
control;
|
·
|
any
amounts previously earned, but not yet paid, under the terms of any of our
other plans or programs; and
|
·
|
under
the Long-Term Equity Compensation Plan and related agreements, all
nonqualified stock options awarded and non-vested target performance
shares would become immediately exercisable or vested and remain
exercisable throughout their original term or, in the case of performance
shares, vested and payable within 30 days of the change in
control.
|
·
|
the
monthly pension amount that would have been payable at normal retirement
age or, if applicable, delayed retirement age under the Retirement Plan
(as such terms are defined under the Retirement Plan), to the participant
determined based on his or her compensation and disregarding the Internal
Revenue Code limitations and any reductions due to the participant’s
deferral of compensation under any of our nonqualified deferred
compensation plans (other than the SERP),
over
|
·
|
the
monthly pension amount payable to the participant at normal retirement age
or, if applicable, delayed retirement age under the Retirement
Plan.
|
·
|
the
benefit that otherwise would have been payable under the Retirement Plan
as of the determination date, based on his or her compensation and
disregarding the Internal Revenue Code limitations,
minus
|
·
|
the
Participant’s benefit determined under the Retirement Plan as of the
determination date.
|
·
|
a
single sum distribution of the value of the participant’s grandfathered
benefit under the SERP determined as of the last day of the month
preceding the payment date; or
|
·
|
a
lifetime annuity benefit with an additional death benefit payment as
follows: a lifetime annuity that is the actuarial equivalent of the
participant’s single sum amount which provides for a monthly benefit
payable for the participant’s life, beginning on the payment date. In
addition to this life annuity, commencing on the first day of the month
following the participant’s death, his or her designated beneficiary will
receive a benefit of 60% of the amount of the participant’s monthly
payment continuing for a 15 year period. If, however, the beneficiary
dies before the end of the 15 year period, the lump sum value of the
remaining monthly payments of the survivor benefit will be paid to the
beneficiary’s estate. The participant’s life annuity will not be reduced
to reflect the “cost” of providing the 60% survivor benefit feature.
“Actuarial equivalent” is defined by the SERP as equality in value of the
benefit provided under the SERP based on actuarial assumptions, methods,
factors and tables that would apply under the Retirement Plan under
similar circumstances.
|
·
|
a
single sum distribution of the value of the participant’s
non-grandfathered benefit determined as of the last day of the month
preceding the payment date;
|
·
|
an
annuity for the participant’s lifetime that is the actuarial equivalent of
the participant’s single sum amount, and that commences on the payment
date; or
|
·
|
an
annuity that is the actuarial equivalent of the participant’s single sum
amount, that commences on the payment date, and that provides payments for
the life of the participant and, upon his or her death, continues to pay
an amount equal to 50%, 75% or 100% (as elected by the participant prior
to benefit commencement) of the annuity payment to the contingent
annuitant designated by the participant at the time the election is
made.
|
·
|
If
a participant has terminated employment before attaining age 55, the
participant’s non-grandfathered benefit will be paid in the form of a
single sum distribution of the value of the participant’s
non-grandfathered benefit determined as of the last day of the month
preceding the payment date.
|
·
|
If
a participant has terminated employment after attaining age 55, and the
value of the participant’s non-grandfathered benefit does not exceed
$100,000 at the time of such termination of employment, such benefit shall
be paid in the form of a single sum distribution of the value of the
participant’s non-grandfathered benefit determined as of the last day of
the month preceding the payment
date.
|
·
|
In
the absence of an effective election, and assuming that the provisions in
the two bullet points immediately above do not apply, non-grandfathered
SERP benefits owed to the participant will be paid in the form of an
annuity for the participant’s lifetime that is the actuarial equivalent of
the participant’s single sum amount, and that commences on the payment
date.
|
|
Calculation
of Benefits Potentially Payable to our Named Executive Officers Under the
SERP if a Triggering Event had Occurred as of December 31,
2008
|
·
|
an
annual retainer of $45,000 required to be paid in shares of SCANA common
stock;
|
·
|
a
fee of $6,500 for attendance at regular quarterly meetings of the Board of
Directors;
|
·
|
a
fee of $6,000 for attendance at all-day meetings of the Board of Directors
other than regular meetings;
|
·
|
a
fee of $3,000 for attendance at half-day meetings of the Board of
Directors other than regular
meetings;
|
·
|
a
fee of $3,000 for attendance at a committee meeting held on a day other
than a day a regular meeting of the Board of Directors is
held;
|
·
|
a
fee of $300 for telephonic meetings of the Board of Directors or a
committee that last fewer than 30
minutes;
|
·
|
a
fee of $600 for telephonic meetings of the Board of Directors or a
committee that last more than 30 minutes;
and
|
·
|
reimbursement
of reasonable expenses incurred in connection with all of the
above.
|
·
|
a
single sum payment;
|
·
|
a
designated number of installments payable monthly, quarterly or annually,
as elected (and in the absence of an election, annually), over a specified
period not in excess of 20 years;
or
|
·
|
in
the case of a post-2004 ledger account, payments in the form of annual
installments with the first installment being a single sum payment of 10%
of the post-2004 ledger account determined immediately prior to the date
such payment is made with the balance of the post-2004 ledger account paid
in annual installments over a total specified period not in excess of 20
years.
|
·
|
payments
will be paid, or begin to be paid, as soon as practicable following the
director’s separation from service from the Board for any reason except as
otherwise provided below;
|
·
|
if
a director dies prior to the payment of all or a portion of the amounts
credited to his ledger account, the balance of any amount payable will be
paid in a cash lump sum to his designated
beneficiaries;
|
·
|
if
a director ceases to be a nonemployee director but thereafter becomes our
employee, all pre-2005 ledger accounts will be paid as soon as practicable
after he or she becomes our employee in a single lump sum payment and all
post-2004 ledger accounts will be paid as soon as practicable after he or
she has incurred a separation from service as a nonemployee director (as
determined in accordance with Internal Revenue Code Section
409A);
|
·
|
if
a director’s post-2004 ledger account balance is less than $100,000
($5,000 for pre-2005 ledger accounts) at the time for payment specified,
such amount will be paid in a single sum payment;
and
|
·
|
in
the case of any post-2004 ledger accounts that are payable on separation
from service from the Board and that are subject to an additional deferral
period of 60 months as a result of the modification of the manner of
payment, no payment attributable to any post-2004 ledger accounts will be
accelerated to a date earlier than the expiration of the 60 month
period.
|
·
|
provide
that all, or a portion of, the amount previously deferred by the director
immediately be paid in a lump sum cash
payment,
|
·
|
provide
that all, or a portion of, the installments payable over a period of time
immediately be paid in a lump sum cash payment,
or
|
·
|
provide
for such other installment payment schedules as SCANA deems appropriate
under the circumstances.
|
(1)
|
The
annual retainer of $45,000 is required to be paid in SCANA common stock.
Shares were purchased on January 7, 2008 and January 8, 2008, at a
weighted average purchase price of $42.28 in order to satisfy the retainer
fee obligation.
|
Plan
Category
|
Number
of securities
to
be issued
upon
exercise
of
outstanding
options,
warrants
and
rights
|
Weighted-average
exercise
price
of
outstanding options, warrants
and
rights
|
Number
of securities
remaining
available
for
future issuance under equity compensation plans
(excluding
securities
reflected
in column (a))
|
(a)
|
(b)
|
(c)
|
|
Equity
compensation plans approved by security holders:
|
|||
Long-Term
Equity Compensation Plan
|
106,464
|
27.44
|
3,209,564
|
Non-Employee
Director Compensation Plan
|
n/a
|
n/a
|
n/a
|
Equity
compensation plans not approved by security holders
|
n/a
|
n/a
|
n/a
|
Total
|
106,464
|
27.44
|
3,209,564
|
Name
of Beneficial Owner
|
Amount
and Nature of
Beneficial
Ownership
(1)(2)(3)(4)(5)
|
Percent
of
Class
|
||
W.
B.
|
Timmerman
|
77,578
|
*
|
|
J.
E.
|
Addison
|
15,995
|
*
|
|
K.
B.
|
Marsh
|
26,299
|
*
|
|
S.
A.
|
Byrne
|
16,240
|
*
|
|
F.
P.
|
Mood,
Jr.
|
4,899
|
*
|
|
B.
L.
|
Amick
|
62,072
|
*
|
|
J.
A.
|
Bennett
|
2,908
|
*
|
|
S.
A.
|
Decker
|
2,306
|
*
|
|
D.
M.
|
Hagood
|
1,541
|
*
|
|
W.
H.
|
Hipp
|
20,570
|
*
|
|
J.
M.
|
Micali
|
1,000
|
*
|
|
L.
M.
|
Miller
|
3,906
|
*
|
|
J.
W.
|
Roquemore
|
1,000
|
*
|
|
M.
K.
|
Sloan
|
2,094
|
*
|
|
H.
C.
|
Stowe
|
3,125
|
*
|
|
G.
S.
|
York
|
15,097
|
*
|
|
All
executive officers and directors
as
a group (18 persons)
|
268,012
|
*
|
(1)
|
Includes
shares purchased through February 16, 2009, by the Trustee under SCANA’s
Stock Purchase Savings Plan.
|
(2)
|
Includes
Restricted Stock granted on February 14, 2008, subject to a
three-year vesting period, in the following amounts:
Messrs. Timmerman — 17,006; Addison — 3,224; Marsh —
5,983; Byrne — 3,826; Mood — 2,950 and other executive officers as a
group — 3,714.
|
(3)
|
Hypothetical
shares acquired under the Director Compensation and Deferral Plan are not
included in the above table. These hypothetical shares do not have voting
rights. As of February 16, 2009, the following directors had acquired the
following numbers of hypothetical
shares: Messrs. Amick — 21,635; Bennett —
19,358; Hagood — 8,289; Hipp — 14,455; Micali — 3,976;
Roquemore — 3,807; Sloan — 25,411; Stowe — 16,767; and
York — 25,539; Mrs. Decker — 0; and Ms. Miller —
26,512.
|
(4)
|
Hypothetical
shares acquired under the Executive Deferred Compensation Plan are not
included in the above table. These hypothetical shares do not have voting
rights. As of February 16, 2009, the following officers had acquired the
following numbers of hypothetical
shares: Messrs. Timmerman — 55,325; Addison —
588; Marsh — 5,649; Byrne — 11,595 and Mood —
0.
|
(5)
|
Includes
shares owned by close relatives and/or shares held in trust for others, as
follows: Messrs. Amick — 480 and Mr. Mood —
500.
|
SCE&G
|
|||||||
2008
|
2007
|
||||||
Audit
Fees(1)
|
$
|
1,687,425
|
$
|
1,578,546
|
|||
Audit-Related
Fees(2)
|
64,233
|
73,105
|
|||||
Tax
Fees(3)
|
-
|
190
|
|||||
All
Other Fees
|
-
|
-
|
|||||
Total
Fees
|
$
|
1,751,658
|
$
|
1,651,841
|
(1)
|
Fees
for audit services billed in 2008 and 2007 consisted of audits of annual
financial statements, comfort letters, consents and other
services related to Securities and Exchange Commission ("SEC") filings and
accounting research.
|
Additions
|
||||||||||||||||||
Description
|
Beginning
Balance
|
Charged
to
Income
|
Charged
to
Other
Accounts
|
Deductions
from
Reserves
|
Ending
Balance
|
|||||||||||||
SCANA:
|
||||||||||||||||||
Reserves
deducted from related assets on the balance sheet:
|
||||||||||||||||||
Uncollectible
accounts
|
||||||||||||||||||
2008
|
$
|
9,940,587
|
$
|
14,330,497
|
$
|
142,504
|
$
|
13,367,968
|
$
|
11,045,620
|
||||||||
2007
|
13,988,579
|
8,623,366
|
-
|
12,671,358
|
9,940,587
|
|||||||||||||
2006
|
24,863,825
|
16,935,990
|
-
|
27,811,236
|
13,988,579
|
|||||||||||||
Reserves
other than those deducted from assets on the balance
sheet:
|
||||||||||||||||||
Reserve
for injuries and damages
|
||||||||||||||||||
2008
|
$
|
7,672,648
|
$
|
2,928,653
|
$
|
(22,960
|
)
|
$
|
4,167,861
|
$
|
6,410,480
|
|||||||
2007
|
9,028,774
|
6,670,687
|
107,025
|
8,133,838
|
7,672,648
|
|||||||||||||
2006
|
6,328,361
|
6,734,385
|
400,895
|
4,434,867
|
9,028,774
|
|||||||||||||
SCE&G:
|
||||||||||||||||||
Reserves
deducted from related assets on the balance sheet:
|
||||||||||||||||||
Uncollectible
accounts
|
||||||||||||||||||
2008
|
$
|
1,689,968
|
$
|
5,078,232
|
$
|
142,504
|
$
|
3,859,861
|
$
|
3,050,843
|
||||||||
2007
|
5,201,167
|
(87,797
|
)
|
-
|
3,423,402
|
1,689,968
|
||||||||||||
2006
|
1,574,069
|
7,481,886
|
-
|
3,854,788
|
5,201,167
|
|||||||||||||
Reserves
other than those deducted from assets on the balance
sheet:
|
||||||||||||||||||
Reserve
for injuries and damages
|
||||||||||||||||||
2008
|
$
|
6,040,021
|
$
|
2,863,562
|
$
|
-
|
$
|
3,601,296
|
$
|
5,302,287
|
||||||||
2007
|
6,908,317
|
6,098,007
|
-
|
6,966,303
|
6,040,021
|
|||||||||||||
2006
|
4,892,076
|
5,980,520
|
-
|
3,964,279
|
6,908,317
|
|||||||||||||
SCANA
CORPORATION
|
||
BY:
|
/s/W.
B. Timmerman
W.
B. Timmerman, Chairman of the Board,
President,
Chief Executive Officer and Director
|
|
DATE:
|
February
27, 2009
|
/s/W.
B. Timmerman
W.
B. Timmerman, Chairman of the Board,
President,
Chief Executive Officer and Director (Principal Executive
Officer)
|
|
/s/J.
E. Addison
J.
E. Addison, Senior Vice President
and
Chief Financial Officer
(Principal
Financial Officer)
|
|
/s/J.
E. Swan, IV
J.
E. Swan, IV, Controller
(Principal
Accounting Officer)
|
Other
Directors*:
|
|||
B.
L. Amick
|
L.
M. Miller
|
||
J.
A. Bennett
|
J.
W. Roquemore
|
||
S.
A. Decker
|
M.
K. Sloan
|
||
D.
M. Hagood
|
H.
C. Stowe
|
||
W.
H. Hipp
|
G.
S. York
|
||
J.
M. Micali
|
DATE:
|
February
27, 2009
|
SOUTH
CAROLINA ELECTRIC & GAS COMPANY
|
||
BY:
|
/s/K.
B. Marsh
K.
B. Marsh
President
and Chief Operating Officer
|
|
DATE:
|
February
27, 2009
|
/s/W.
B. Timmerman
W.
B. Timmerman, Chairman of the Board,
Chief
Executive Officer and Director
(Principal
Executive Officer)
|
||
/s/J.
E. Addison
J.
E. Addison, Senior Vice President
and
Chief Financial Officer
(Principal
Financial Officer)
|
||
/s/J.
E. Swan, IV
J.
E. Swan, IV, Controller
(Principal
Accounting Officer)
|
Other
Directors*:
|
|||
B.
L. Amick
|
L.
M. Miller
|
||
J.
A. Bennett
|
J.
W. Roquemore
|
||
S.
A. Decker
|
M.
K. Sloan
|
||
D.
M. Hagood
|
H.
C. Stowe
|
||
W.
H. Hipp
|
G. S. York | ||
J. M. Micali |
DATE:
|
February
27, 2009
|
Applicable
to
Form 10-K of
|
|
|||||
Exhibit
No.
|
SCANA
|
SCE&G
|
Description
|
|||
3.01
|
X
|
Restated
Articles of Incorporation of SCANA Corporation as adopted on
April 26, 1989 (Filed as Exhibit 3-A to Registration Statement
No. 33-49145 and incorporated by reference herein)
|
||||
3.02
|
X
|
Articles
of Amendment dated April 27, 1995 (Filed as Exhibit 4-B to
Registration Statement No. 33-62421 and incorporated by reference
herein)
|
||||
3.03
|
X
|
Restated
Articles of Incorporation of South Carolina Electric & Gas
Company, as adopted on May 3, 2001 (Filed as Exhibit 3.01 to
Registration Statement No. 333-65460 and incorporated by reference
herein)
|
||||
3.04
|
X
|
Articles
of Amendment effective as of the dates indicated below and filed as
exhibits to the Registration Statements or Exchange Act reports set forth
below and are incorporated by reference herein
|
||||
May 22,
2001
|
Exhibit 3.02
|
to
Registration No. 333-65460
|
||||
June 14,
2001
|
Exhibit 3.04
|
to
Registration No. 333-65460
|
||||
August 30,
2001
|
Exhibit 3.05
|
to
Registration No. 333-101449
|
||||
March 13,
2002
|
Exhibit 3.06
|
to
Registration No. 333-101449
|
||||
May 9,
2002
|
Exhibit 3.07
|
to
Registration No. 333-101449
|
||||
June 4,
2002
|
Exhibit 3.08
|
to
Registration No. 333-101449
|
||||
August 12,
2002
|
Exhibit 3.09
|
to
Registration No. 333-101449
|
||||
March 13,
2003
|
Exhibit 3.03
|
to
Registration No. 333-108760
|
||||
May 22,
2003
|
Exhibit 3.04
|
to
Registration No. 333-108760
|
||||
June 18,
2003
|
Exhibit 3.05
|
to
Registration No. 333-108760
|
||||
August 7,
2003
|
Exhibit 3.06
|
to
Registration No. 333-108760
|
||||
February
26, 2004
|
Exhibit
3.05
|
to
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)
|
Applicable
to
Form 10-K
of
|
|||||
Exhibit
No.
|
SCANA
|
SCE&G
|
Description
|
||
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)
|
||||
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 filed on May 21, 2008
and incorporated by reference herein)
|
|||
3.10
|
X
|
By-Laws
of SCANA as amended and restated as of February 19, 2009 (Filed as
Exhibit 3.01 to Form 8-K filed February 23, 2009 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)
|
|||
4.01
|
X
|
X
|
Articles
of Exchange of South Carolina Electric & Gas Company and SCANA
Corporation (Filed as Exhibit 4-A to Post-Effective Amendment
No. 1 to Registration Statement No. 2-90438 and
incorporated
by reference herein)
|
||
4.02
|
X
|
Indenture
dated as of November 1, 1989 between SCANA Corporation and The Bank
of New York, as Trustee (Filed as Exhibit 4-A to Registration
No. 33-32107 and incorporated by reference herein)
|
|||
4.03
|
X
|
Indenture
dated as of April 1, 1993 from South Carolina Electric & Gas
Company to NationsBank of Georgia, National Association (Filed as
Exhibit 4-F to Registration Statement No. 33-49421 and
incorporated by reference herein)
|
|||
4.04
|
X
|
First
Supplemental Indenture to Indenture referred to in Exhibit 4.03 dated
as of June 1, 1993 (Filed as Exhibit 4-G to Registration
Statement No. 33-49421 and incorporated by reference
herein)
|
|||
4.05
|
X
|
Second
Supplemental Indenture to Indenture referred to in Exhibit 4.03 dated
as of June 15, 1993
(Filed
as Exhibit 4-G to Registration Statement No. 33-57955 and
incorporated by reference herein)
|
|||
*10.01
|
X
|
X
|
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)
|
||
*10.02
|
X
|
X
|
SCANA
Executive Deferred Compensation Plan as amended and restated effective as
of January 1, 2009 (Filed herewith)
|
Applicable
to
Form
10-K of
|
|||
Exhibit
No.
|
SCANA
|
SCE&G
|
Description
|
*10.03
|
X
|
X
|
SCANA
Supplemental Executive Retirement Plan as amended and restated effective
as of January 1, 2009
(Filed
herewith)
|
*10.04
|
X
|
X
|
SCANA
Director Compensation and Deferral Plan as amended and restated effective
as of January 1, 2009 (Filed herewith)
|
*10.05
|
X
|
X
|
SCANA
Executive Benefit Plan as amended and restated effective as of January 1,
2009 (Filed herewith)
|
*10.06
|
X
|
X
|
SCANA
Long-Term Equity Compensation Plan as amended and restated effective as of
January 1, 2009
(Filed
as Exhibit 4.04 to Post-Effective Amendment No. 1 to Registration
Statement No. 333-37398 and incorporated by reference
herein)
|
*10.07
|
X
|
X
|
SCANA
Supplementary Executive Benefit Plan as amended and restated
effective as of January 1, 2009
(Filed
herewith)
|
*10.08
|
X
|
X
|
SCANA
Short-Term Annual Incentive Plan as amended and restated effective as
of January 1, 2009
(Filed
herewith)
|
*10.09
|
X
|
X
|
SCANA
Key Executive Severance Benefits Plan as amended and restated effective as
of January 1, 2009
(Filed
herewith)
|
*10.10
|
X
|
X
|
SCANA
Supplementary Key Executive Severance Benefits Plan as amended and
restated effective as of January 1, 2009 (Filed herewith)
|
*10.11
|
X
|
X
|
Description
of SCANA Whole Life Option (Filed as Exhibit 10-F for the year ended
December 31, 1991, under cover of Form SE, Filed No. 1-8809 and
incorporated by reference herein)
|
10.12
|
X
|
Service
Agreement between SCE&G and SCANA Services, Inc., effective
January 1, 2004
(Filed
as Exhibit 10.16 to Form 10-Q for the quarter ended
March 31, 2004 and incorporated by reference herein)
|
|
12.01
|
X
|
Statement
Re Computation of Ratios (Filed herewith)
|
|
12.02
|
X
|
Statement
Re Computation of Ratios (Filed herewith)
|
|
21.01
|
X
|
Subsidiaries
of the registrant (Filed herewith under the heading “Corporate Structure”
in Part I,
Item I
of this Form 10-K and incorporated by reference herein)
|
|
23.01
|
X
|
Consents
of Experts and Counsel (Consent of Independent Registered Public
Accounting Firm)
(Filed
herewith)
|
|
23.02
|
X
|
Consents
of Experts and Counsel (Consent of Independent Registered Public
Accounting Firm)
(Filed
herewith)
|
|
24.01
|
X
|
X
|
Power
of Attorney (Filed herewith)
|
Applicable
to
Form 10-K
of
|
|||
Exhibit
No.
|
SCANA
|
SCE&G
|
Description
|
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)
|