Text

VC Summers Nuclear Station Annual Financial Rept for 1993
	ML20065M821
Person / Time
Site:	Summer
Issue date:	12/31/1993
From:	Edwards T, Rainey J; SOUTH CAROLINA ELECTRIC & GAS CO.
To:	;
Shared Package
ML20065M825	List: ML20065M821; RC-94-0108, Forwards 1993 Santee Cooper Annual Rept & 1993 Annual Rept Scana;
References
	NUDOCS 9404260210
	Download: ML20065M821 (33)
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Q 4 $.h9 ' ] [. )... VH)Clitt hi ( j 4e' 4 E ff$urniinIIv of Taxes 2,087 7 .35 % 1 1 Average Rc'sidential Consumption Average Residential Cost / In Kilauwtthoun Cents PerKilewatthour' i 1992 ..~.y_ _.._ 199.g,,g. _.. 1992 _. _1. 993..,_.. _._. 3 ~ s p.-.._ m ,.[ s.-.~w. .._,.-y ...-.--n-. .f ^ .d y,. ,,,,,.g. + 4mg~ -.:--..ncs. ~9]fif S $y ~ m, ph ~idlfu;.+ a,? l 4 [-l-7 ,q 4. 4 4 y,. ll .2, _ w$ g.j 4_ yy 4 l?y + 3:,..JV -f f- --.}3 ' sp[ ~ ^ i I y a v A 1 ~o~ % p' M.-w p u-$ 4 f -c .sgp$h,lh . -.lLp,, y,. y. a.: u,,.

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.-4 a n... Lf, A49 '. ~~.k.,qh._ ..:ji ~~A, _e-12_ 9.735 12.754 - 18.15' 5.81 8.28 ' 5.88: 9,452 '.T13 National Average E Santec Coogwr

_ = _ - _ _ - _ _ _ _ _ } Corpbrate Statistics ' Calendar Year 1993 1992 .1991 1990 .1989 3 i Total Utility Plant. Net including Nuclear Fuel (at year end) (in thousands of dollars) 2,190,396 2,015,526 1.852,471 1,786,059 1,761,109 N Bonded indebtedness (at year end) (in thousands of dollars) ' 2,677,810 2,569,010. 2.237,729 1,937,721 .1,950.665 y Operating Revenues (in thousands of dollars) . 56.956 , 56,884 -.54356-, 55,236 Residential 60,251 Commercial 60,802

57,994 58,064 56,156 -

55,039 Public Street Lighting & Other 2,032. 2,077 - 2,010 - 1,904 " 2,001 Industrial 168,339 173,278. 184,707 182,662 182,453 Wholesale 292,606 251,418 - 256,071 252,988 - 254,849 M,scellaneous 5,453

5,153

.4,842 - 5,914 5,216 ' l Total 589,483 546,878 - 562,578 - 553,980 554,794 - K Operating & Maintenance Expenses Charged to Operations (in thousands of dollars) 363,112 '332,018 - 344320-341,743. 342,009 c Payments in Lieu of Taxes Charged to Operations (in thousands of dollars) 3,643 - 3,643 3364 < 3,426-3,449 Payments to the State Charged to Reinvested Earnings (in thousands of dollars) 5,997 ' 5.816 5,640 5,629 ' 5366 Net Operating Revenues Available for Debt Service (in thousands of dollars) 243,627 235324 245,706 233,179 235,147 Reinvested Earnings (in thousands of dollars) 37,583 . 29,717 40,968 1 40,001 . 43,492 k Debt Service Coverage: Priority Obligation & Expansion Bonds 2,1 i : L74 1.74 1.60 ~ 1.62 - Kilowatthour Sales (in thousands) l' Residenual 1,024,861 981,1 A3 935,650' 900,626 ' -. 863.026-Commercial 1,152,137 1,113,505 1,062,371; I,027,319 - 976,504 Public Street Lighting & Other 38,481 : - 40,642 ~ 36304 34,939_. 35,180 Industrial 5,155,259 5,502,276. 5,474394 ' 5.533,130 ' 5,196.833 l Wholesale 7,059,116. 6.395.055 6,088,552 6.052,241 '6,249,916 ' Total 14,429,854 14,032,641 ~ 13,597,271 '13,548,255 ' 13321,459 l1 Number of Customers (at year end) Residential 80,913 78.671. 76,824 74,922 70,497 L Commercial 15,362 15,250 15,158 14,950 14,759/ Public Street Lighting & Other 395-294 294-298:

286 Industrial 31 32 -

~32 34 . 34 Wholesale 5 5 .5 6 6 Total 96,706 94,252 92,313 f 90,210 85.582 Residential Statistics (average) Kilowatthour l 12.071 11,885 - Consumption / Customer 12,754 ~ 12449 12,151- - Cents /Kilowatthour - 5.88 5.81 6.08 6.04 '6.40 Generating Capabdity (at year end) (megaetts) 2,780 2,780 - - 2,780 2.780. 2,780 Power Requirements and Supply (kilowatthours in millions) Generation-Hydro. - 508 556 599 548 -545: Steam 11,974 10,843 - 11,233 11,006 11,152 Combustion Turbine - 4-1 3 ' 22 Nuclear 2,030 2,499 1,776 2,031-1,801' Total - 14,516 13,898 13,608 13,588 : -13,520.-

Purchases, Net interchanges Etc.

678 713 681 615 499 1 Total 15,194 14,611 14,289 . 14.203 'l4,019 Territorial Peak Demand (megawatts) - 2,655 2,620-2,571 2,508 2.707 _______m_____-m.___ m

Comparativc Highlights ' Calendar Year 1993 1992 % Change Financial (Thousands cfDottars) Total Revenues & Income $ 608,826 $ 569,500 6.91 Total Expenses & Interest Charges 594,838 563,936 5.48 l Other 23,595 24,153 (2.3 I). Reinvested Earnings $ 37,583 $ 29,717 26.47 Debt Service Coverage 1.46 times 1.35 times 8.15 i Debt / Equity Ratio 80/20 80/20 Statistical Retail Customers Served 96,670 94,215 2.61 Average Annual Residential Consumption (KWH) 12,754 12.449 .2.45 Average Residential Cost (cents per KWH) 5.88 5.81 1.20 i Energy Sales (MWH) 14,429,854 14,032,641 2.83 Territorial Peak Demand (MW) 2,655. 2,620 1.34 ) ~

Theinksion ofSantee Cooper is ioje ihe siate\\ leading re5onra jor improving the quality offife /or the people ofSouth Carolina "

To fulfHI this mission, Santee Cooper is committed to: being the losvest cost produur and distributor of reliab/c enag y, water, and other cuential ser+ias providing excellent customer servia

fthi Pfla nilly ti (juality n'alk}orce~ tht'ongl1 t'/fl't'ti5f t'Hlf oyi l

n i'oli'<'Ulc'nt it!!d trilining operating ac< ording to the highest ethical standards frottYt ng all! cili' rollH]ent being a leader in cronomic development. .l .a i

A _..m n-_-...i.-.- m .in.A a .e .s,..--- m.,_- ? I k I t k [ b W &m; 3 3 r vu I Yh e d 4 1 4 / i 4 5 m f m)Dhn$ROlntf,,'qli p ~- .: v.. + 3 .c,. ~e w: -].Gr.ahQtt)Ed.WQtdC ' S e' G ,s s %, i; d[J, n 1993, we at Santee Cooper responded to s j K 4 t + i j j k 'M i w ~ -~

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0 Y y L,f f TS Y e h;. .QSMN>N' n[iwkAMbs' kM+.y,y economic Challenges with solid accomphosh-m m.. m, y.4..,w. n... - 9 .n. pnJ n. -m 1Rn f JU. ; M%q,. s,.,... 4 m ml1(.. f.. 4, - tilrougl) W. Illents, oVerCanle adVerSitV rcSoltrCe-e 4 l gd3 .p q r, bW 3 ?m;'p@S[\\ m p; o mmmwn's.]ApIdd.h[%h.% d A kwem y nf wy thh M OM 'J'a d $dh h/d.$d,'hN N fE .] y g s % a.% m. ll! ness, and pursued nCW opportun I eS of=serVlCe q f N NDhhy fQh '{ -M!%g o w % uw g f y g g g. Q G M M. m[ W~ M m h.J h %..g p WWM1%,w y; for our customers and the people of, South S w 6 % %q#s wg rg, i e. q 1 c %w sas W ms,w #1 w wfww%%um;gpmmwW: w Lsarolina. gt was also a year in whiCh we began 4 6 m 1 y g g-4 9-pp.%/qy4 9 ' developing a Strategic plan to Cllart ollr C(H}rse f,or i b' [e [m"o?syrp'yM h eM d.M.dg<u.4M'Nhp7.A d @n3:pppo$m p l 4 d T g Wh Q ;#p&q b:jfky.g%g g the future, and it ended with the unanticipated j b 4 LJ tg:) ie i t MM w ,,w p M99.w p 1 retirement of our Pres,ident and C,h. f.E,xecutive h k.@%qpgg' 64bphM,hMM,MW QW{ ^ ,JqJ 1 v+ d M "d D j g'M @n)%g%e,,$3O[$NhQL. j Officer, the selection of a new President and dyh. - ww. bh. j. b,XCCl[tive Off.icer, and reoiganiiation of. c 3 je y O h.Mg' [,,,p,Qy d $pg i N' %Q g{gy ' ? j: g ;# / Qy y(c.Q gysy7 :mb7y ydgA g&mQ,p%y .,pA.W.y4pg Qaypfu.m fy&g g f % 94 executive managentent. s - - - wqwpH syr% g)m@Q ~ y .w a r um - upwan In February, U.S. Senator E,rnest F,. Ilollings q;p w m m e,%m m40p; <t % s 1 4 h.. w.t46%f Ydu Wy,Mh.Wf6 M,, il announced to a shocked Lowcountry that the f. her 7 mn4 w nn' w n q U Charleston Naval Base and Charleston Naval QMMEMg a s m$p[ungmwmm% ;ww.m' _ o .opy r + a -F Ji Shipyard would be on a list for closure. As the t y sOk SYDNd%n@4 %Nk..sa nW ?.W We Wrnm wz aj e: EWvSW imm - w d -Q AM g Qiw c - -3 reg on held ts hreath, the Defense Base L*losure \\, 4 r c

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%f.s. M d p Jg%gg%gpg,.;WppMJR.QQ s'W&g;y$ -q and ]{calignment Commission revealed that the r, , np a %y: 4,y y.pgg g)yyy b M /.%l My.d %{p%g.

a aas,y +4pa worst fears were indeed true. Despite fighting the p

+;c k 0 @M!gdh,h-gjhp ;Qpp!D, QM/m y, ,ywwar t y quu ~- d M .q wpweg a n m w w w. (g y p r -(qm (h 'b/Mi# g-tela M n n w,. 4 vi good fight, the base, sliipyard, and certain other 4.n wnmm. n mynp ~ n 3 %y n@gfgh ' g.s y. : M L :b m"M f ac'.,p9loLLv. ul, q F l.< military facilities will close by 1997. M M.ay,' ' g r ah4 y- .s v F MMM.eps 9 MW.w6 a.m >gep,p 9, .I, hen, one of. he biggest changes of 1993 y t km nne. h y,%iyyy, PN_j.Y. N[M.Q h:/K Occurred in March when the flags came down, the w. c m + h w-ww.. + ~ wan:nwa. h

w .k s e,* - A-10 aircraft made their final departures,and the center on a portion of the ti>rmer base complex, o gates were locked at Myrtle lleach Air Force AVX is the world's largest manuliteturer offeramic llase,which became an early victim of the Defense capacitors, and the expansion will eventuall) bring f ^ Ilase Closure and Realignment Commission.The up to 1,000 newjobs to the Grand Strand. base had been served by Santec Cooper since Also in February, Alumax of Sonth Caridin2ls. i 1957. Revenues from energy sales to the base in Santee Cooper's largest industrial customer, an-1. 1992, the last full year of operation, were $1.8 nounced a 20 percent cutback in production. million, approximately one-third of 1 percent of World aluminum prices had tumbled, following Santec Cooper's annual revenues, the " dumping" of aluminum on the world market q in the wake of this base closure, agreement by cash starved new republics in the former Soviet could not be reached on development of a plan for

Union, reuse of the 2,700-acre complex and fitcilities left Alumax, a primary aluminum smelter, repre- -

behind. In response to a request from Governor sents about 15 percen't ofSantee Cooper's electrical - Carroll A. CampbellJr., Santee Cooper served as load. The cutback, permitted under their con-the state's agent in negotiating a land swap be-tract, did not entail job layoffs. It did, however, tween the Air Force and the Somb Carolina mean an income loss of over one-half million 1 Forestry Commission. As a result, two parcels of dollars a month to Santee Cooper.The good news land on the former base property were made avail-is that Alumax is projected to increase production able for major economic development projects. during 1994. Foremost among these projects was the Even with rnilitary cutbacks, an industrial slow-announcement in May by AVX Corporation of a down and a hesitant economic recovery, Santee $12 million expansion with construction of a Cooper recorded increases in kilowatthour sales, 60,000-square-fi>ot research and development revenues, and reinvested earnings. Seasonabic ): Peak Demand innywm . Capacity inphpam IM9 1990 1901-1992 1993 Llysg. 1990 -1991' 1992 1993 ,_.2_-. ~.--...,_-,,g..y.m ,m 5 H - a._ a g c a 1.-_. a g + '.m o.J ~ L., y c.: f p w _. ..f a a.+ ~

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Rates Centint Kifedatthour.Comparrlseith Utilitin Badd on the NatiwalAwray. ReNentiall Commercial - Industrial -__ n.- ...-w,,-4ers-....va-w.nm -.. ~ -.. ~, - - o ..u. w w...._ - - - A .~ L. 1, - _. a G. u r_ u ~ ,. ~. p 1 28 ' Ssi;. 7.n l ? 52F _-. O 4 : 127L ' I KNationalAtbray $5antu C0cter weather along with helt-tightemng by employees holders, and the people of South Carolina, and savings from advance bond refundings made We have been responsive in and responsible 1993 a good year. for meeting the ever increasing demand for elec-On the legislative front, there were several tric service by our retail customers and the 15 threats that would have proposed privatizing electric cooperatives that receive Santee Cooper Santee Cooper. None was successful. Santee power. Energy usage has increased 38 percent and Cooper was excluded from the state's reorganiza-area population has grown 30 percent since 1985. l tion plan, It was recommended and approved by In hlay, a new load study presented to man-the legislatare that Santee Cooper remain an in-agement and the board of directors projected - dependent, quasi-state agency. continued growth for Santec Cooper. The 20-These many challenges being successfidly met year growth in energy sales is projected to be and the new opportunities seized, Santee Cooper about 4.1 billion kilowatthours or about 28.5. will continue to be a major player in the parade of percent. This translates into an average annual progress that is uniquely South Carolina's role in - compound growth rate of1.33 percent. the Sunbelt's New South. As we move toward the need for increased To fulfdl this role, we have begun to build for capacity to generate electricity, the board of di-the next generation, rectors' wisdom in 1990 to build Cross 115ccomes - Santee Cooper is well-positioned to build for more apparent with each passing day.The nearly-the next generation because of our aggressive and one-half billion dollar investment is the single timely decision to increase electric generating biggest fmancial decision Santee Cooper has ever capacity, a skilled and dedicated work force, a made. strong management team, and a commitment to Cross 1 is being built at a cost of $818 per serve in the best interests ofour customers, bond-installed kilowatt, considerably below ~ today's

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i ergy consumption patterns, concentrating power use in off peak hours. The off peak rate is pro-jected to save customers approximately 25 percent j Fuel Generating Cost on their electric bills. In addition, a pilot real-Cenhyer Kiladtthwr t me power rate will be off.ered to industrial ON Coal Nuclear, customers, providing them the opportunity to view prices f,or electricity f. rom hour to hour and adjust their operations and power consumption _.,.4 fbr greatest savings. eqqq2MgMM[ygj mgingqqi a _w hdkd a In 1993, energy sales totalled 14.4 billion kilo-3.- C .2 .1 watthours ofelectricity, an increase of 397 million n KWil over last year. Peak demand fbr 1993 y reached 2,655 megawatts, compared to 2,620 in 1992. Due to weather conditions, heating and cooling degree days for the year increased 13 percent from 1992. In terms ofenergy consumption, Santee Cooper national average of $1,200 per kihnvatt. Cost experienced increases of 4.5 percent by tesidential savings are being realized on a prepurchased steam customers,3.5 percent by commercial customers, generator, fiworable interest rates and a buyer's 10.6 percent by Central Electric Power Coopera-market for materials and labor. tive, and an increase of 4.0 percent by the To pay for this investment, the board of direc-municipalities of Bamberg and Georgetown. tors in December approved a three-step rate Public street lighting and other sales decreased.3 increase effective April 1,1994,1995 and 1996. percent. Industrial sales decreased by 6.3 percent. The overallincreases among all customer classes Growth in the number ofcustomers was steady. A is 9.8 percent. Phasing in the increases lessens the total of 2,242 residential and 112' commercial impact on customers, particularly those on lim-customers was added, which represents increases ited or fixed incomes. of 2.8 and 0.7 percent respectively, it is important to note that Santee Cooper's last rate increase was nearly nine years ago. It {Fg}{gg"U{" ]lg}} must be remembered that even with all the m-creases in place, Santec Cooper is projected to Construction on Unit 1 of the Cross Generat-remain the overall least-cost provider of electric ing S ta tion, a 540-megawatt coal-fired companion power of any generating utility in South Carolina to Unit 2, neared 75 percent completion by year's and among the lowest in the Southeast. end. It is scheduled fbr testing in November 1994 A new time-of-use rate will be offered for with commercial operation set fbr h!ay 1995. ] residential customers willing to adjust their en-Total projected cost ihr the unit is $484 million. t

i l Construction of the Santec Cooper Regional ments in excess of $261 million and more than Water System began in February 1993 and is on 1,400 new job opportunities, schedule, with a September 1994 completion date. In Santec Cooper's direct service territory of At that time,lhur Lowcountry water entities will llerkeley, Georgetown, and Ilorry counties, in-begin receiving water taken, treated and trane dustrial and commercial projects announced or ported from Lake bloultrie. The 536 million under construction in 1993 will result in over system will have the capability to provide up to 24 5500 million in capital investment with approxi-million gallons of potable water a day to a con-mately 5,350 newjobs, tinually developing region. Growth continues to be the economic palette The system will serve 30,000 customers who from which Santee Cooper can paint a favorable receive water from the llerkeley County Water financial picture, and Sanitation Authority, Moncks Corner Public ymmmm hm.mgMgg Works Commission, Summerville Commission-g ers of Public Works and the City of Goose Creek. The 23 miles of transmission lines have been Successful financial management helped installed and a one-million gallon water tank in maintain Santee Cooper's competitive edge in llerkeley County near Carnes Crossroads has been 1993. Total savings in long-term financing of inore than $105.0 million were realized over the completed. Water holds the key thr unlocking sustainable growth for the Lowcountry. life of $932.6 million ofoutstanding bonds which The Santec Cooper lloard of Directors ap-wcw advance refunded. Average annual savings proved the Santee Cooper Water Project's first over the life of the new bonds will be approxi-operating budget, which totaled $1.3 million. mately $3.2 million. Total revenues were 5589.5 milhon, up e.8 hfhffb h E#"'" "E' "E '" penses increased 8.4 percent to $445.1 nu.llion. Statewide, South Carolina industries an-Reinvested earnings were $37.6 million, up 26.5 nounced plans for industrial construction or percent from 1992. expansion representing $2.5 bilhon in new in-Santee Cooper's financial stability was main-vestment. This is projected to bring 12,582 jobs tained, with revenue bond ratings of A-1 with to the state.This was the fifth best year ihr capital Moody's and A+ with Standard & Poor's and investment in South Carolina's history. Fitch Investors Services. Santee Cooper main-llusiness and industrial growth in Santee tained a debt service coverage of 1.46 times, Cooper's service territory increased. Economic Santee Cooper Mini-llonds continued to be in growth remained steady in the areas served by high demand by our customers and citizens of ' Santec Cooper and Central Electric Power South Carolina, who invested $29.5 million in Cooperative Inc. Ihr which it generates power. the issue. Of that total,just over $24 million were During the past year,20 firms announced signifi-in current interest bearing bonds and $5.5 million cant new facilities and expansions within the were in capital appreciation bonds. This brings 35-rounty electric cooperative service area.Those the total of mini-bonds sold since first offered in announcements represent future capital invest-1988 to $151 million. .,y

.hhNkhbb more favorable position to meet long-term envi-ronmental standards compared to most other Our Give Oil For Energy Recovery or GOFER utth.. ties m the Southeast. Cost compliance for program is essentially complete. At year's end, cleaner a.ir and other statutory environmental. there were 244 GOFER tanks statewide with 42 mandates will be relatively minimal and. of the state's 46 counties having at least one 275-manageable. gallon collection tank. Nearly 360,000 gallons of used motor oil from do-it yourselfers were col-g 7g lected m 1993 and 600,000 gallons have been collected since the first gallon was poured on July " Building The Next Generation"is the theme 30,1990. According to the S.C. Used Oil Part-of this annual report. In addition to a description nership, Santee Cooper's GOFER program of progress experienced during the past year, the collected about 70 percent of all the used motor oil report features perspectives ofwhy and how Santee collected in the state last year. Cooper is accomplishir.g its mission. The GOFER program has won six major envi-ronmental awards. Working with electric cooperatives, county and municipal governments and even regional councils of governments, we I have turned an environmental problem into us-ohn S. Rainey able electric power at our generating stations. Chairman, Board of Directors Santee Cooper is well-positioned to meet cur-rent or future state and federal environmental ~ compliance standards.We continue making strides MM, for meeting Phase 1 requirements of the 1990 T. Graham Edwards Clean Air Act,effectiveJan.1,1995.Much ofour President and Chief Executive Officer generation is relatively new. We are in a much

' l - 1 Energy $ ales -[') i At the end of 1993, Santee Cooper was serving Industrial's were 5,155 gigawatthours, down 6.3 96,670 residential, commercial, and other retail percent over the previous year.The average cost of customers located in Berkeley, Horry, and power to industrial customers was 3.27 cents per Georgetown counties.This was an increase of2,455 kilowarthour,3.8 p reent more than in 1992 and' or 2.6 percent over 1992. Of this increase,2,242 33.7 percent lower than the national average. were residential and 213 were commercial &others. Sales to Central Electric Power Cooperative Inc. There was no change in public street lights. to its 15 members co-ops increased 10.6 percent to Sales to these retail customers were 2,215 6,813 gigawatthours. Central is Santee Cooper's gigawatthours, up 3.8 percent over the previous largest single customer. The electric cooperatives period. distribute power to approximately 350,000 custom-The average annual consumption ofelectricity by ers in 35 counties. Santee Cooper residential customers increas-d to Sales to the municipalities of Bamberg and 12,754 kilowatthours,2.5 percent more than 1992. Georgetown increased 4.0 percent. Total Energy Sales (in Gigawatis) 1997 1994 1995 19 % -1997 1998 1999 3XD 321' 2012 208 _ 3Xil 2M6 ^ l_ ~ ? ~ ~ us. w' n = 2 ~~ Mm Lis,In 1s.co :js.ns ' 1Aw;11.mf r< '. iws ' 1 ut at wi su i u,no ts.sse Total Peak Demand (in Megawalts)

1997 1994 1995 1996 1997 1998 1999 2GX) ' 3X)].'2312 2021 - 2(X)4

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g BUILDING fHE NEXT GENERATION is more than constructing power. - plants. It also means attracting, retaining and expanding business and industry. South Carolina continues to evolve from an economic foundation built on textiles and agriculture, to a service-based economy demanding highly educated workers for increasingly competitive world markets. Assisting the state through this economic evolution is Santee Cooper, South Carolina's state-owned electric utility. Whether it's along the Grand Strand,in Berkeley or Georgetown counties, or-- p a statewide mission, Santee Cooper is there. It's [- ~ f not unusual to find Santee Cooper doins ~ g! more than providitis low-cost elec- ~- D" J tric power.The state has benefited and will w j:: economic development and jobs for South q ( continue to benefit from technical assistance for h j Carolinians today and tomorrow. Tourism is marching toward becoming the sg Q ?i fb state's number one industry. For years it has y jj[ ' A 't become apparent that economic diversification - }g ) ' should become a priority. Hard work is paying - f o; [" G oft. Leaders know putting all our economic ,'? i eggs in one basket offers nothing but depen-1 k (' 7; *, y,f ' j, - 1 - dence on a singular way oflife. L a 1 p The world has changed. The mili-

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h7 J. tary economy, once considered a paragon of l fjf stability, recession proof, and possessing per-- 4 i,h r manent inoculation from inflation, is .s g "] /k downsizing. In February, the Defense Base . h, g Closure and Realignment Commission or BRAC, announced that Charleston Naval Base, Charleston Naval Shipyard, and other facilities were on a list for closure.The very next month, based on i a previous BRAC closure schedule, Myrtle Beach Air Force Base closed its doors. The BRAC Commission came to Charleston and heard the often-impassioned testimony. But the decision was made to close the base and shipyard. The Navy and its influence will largely leave the Lowcountry, despite fighting the good fight. The Naval Base and Naval Shipyard have been Santee Cooper customers for over a half century. Santee Cooper's military ties run deep. Declared a i National Defense Project in early 1941, as European war clouds ominously gathered across the Atlantic, Santee Cooper's first power,in February 1942, i

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went to a manufacturer offerrochrome alloys for the market prices.The production adjustment has not war effort. affected employment at the plant,and Alumax plans Alumax of South Carolina, Santee Cooper's larg-to increase production during I994. est industrial customer, announced on Feb.18 a In the post Cold War era, Americans must seek decision to temporarily adjust aluminum produc-new answers to age-old questions: how to better tion to 80 percent ofcapacity at their Mount Holly educate its children, provide good jobs for its young plant in llerkeley County. The production adjust-people, and maintain and enhance the state's quality ment is in response to market conditions resulting

oflife, from economic recovery.

With a state committed to the future, Santee Another factor is the increased availability of Cooper is poised to embrace new horizons with the .tluminum on the world market from Russia and the promise of an even better world built upon unlimited Commonwealth of Independent States at below possibilities-the possibilities of the next generation. The. year in industry produced solid evidence of-economic diversification. Despite gloomy military news, there were bright spots there,;too. nJune, Conway's Conbraco Industries announced a $16 millior. expansion that will result in up to 300 new jobs at a facility that alread < employs 350. Conbraco, based in Matthews, N.C., is one of the nation's leading makers of boiler-trimming valves, bronze and stainless-steel water gauges, nd safety and a relief valves, in 1993, Conbraco's annual payroll at the Conway facility was 57 million. In October, Santee Cooper announced that it will play a role in the manage-ment and redevelopment ofland at the closed Myrtle lleach Air Force Ilase. Santee Cooper's involvement was in response to a request by Governor Carroll A. CampbellJr. i lly midyear, base redevelopment also occurred on another front-this time at the Charleston Naval llase and Charleston Naval Shipyard. The lluilding Eco-nomic Solutions Together, or llEST committee, was formed after the llRAC ' group voted to close those facilities in 1996. Santec Cooper has representatives on this tri-county panel, which is studying ways to redevelop the properties. Perhaps the biggest economic news in Santee Cooper's service area was the s12 militon expansion announced in September by AVX Corp. With 2,100 employees, the ceramic capacitor manufacturer is llorry County's largest employer.

i i l 1 i The expansion will include building a 60,000-tives distributing Santee Cooper generated pmver, square-foot research and development center. according to Palmetto Economic Development Approximately 150 scientists and technicians will Corp. Headquartered in Columbia, PEDC is an be needed as a result of the expansion. AVX Presi-economic development effbrt of Santee Cooper and dent Benedict Rosen says plans include the Central Electric Power Cooperative Inc. Central construction of additional buildings fbr new prod-represents the 15 electric co-ops to which Santee ucts and consolidations, and the need for up to Cooper provides power. i,oco new cmployees The most expansion has occurred in Aiken AVX purchased 67 acres ofproperty at the fbrmer County,in areas served by Aiken Electric Coopera - Myrtle Beach Air Force Base in a land swap. It was tive Inc. Beaulieu of America, the nation's the first reuse of the 3,800 acres at the now-closed second-largest carpet maker, announced plans to base.The governor of South Carolina and Santee locate an 585 million polypropylene plant that will Cooper Chairman John S. Rainey were on hand for employ up to 450 workers. The facility is now the announcement. In 1992, AVX moved its corpo-operating in its new 400,000-square-foot building. rate headquarters from New York to Myrtle Beach. Metal Service and Supply announced plans to West of the Grand Strand, rural development build a ao, coo-square-foot facility cast of made great strides. In October, the IBo-acre Aiken that would employ 20 people. Now in full Loris industrial Park was announced The operation, the plant receives large coils of steel and Harry County Development Board, the Greater aluminum directly from mills by rail or truck. Loris / Northern Horry County Development The firm then reprocesses coils into small coils or Commission, the S.C. Dept. of Commerce, and blanks for use by customers. State-of-the-art equip-Santee Cooper officials were on hand. Diversified ment is used to handle coils of steel weighing up to development will be promoted at the site,which will 50,000 pounds and measuring up to 72 inches wide. i be served by Santee Cooper. The equipment works with tolerances as small as The military news in the Lowcountry was, by no two-thousandths of an inch wide. means, all bad. On June 14, the C-17, the newest Menardi-Criswell, a division of Hosokawa In-cargo aircraft to enter U.S. military service, arrived ternational, opened a new Ioo,0co-square-at the Charleston Air Force Base before a crowd of foot facility in southern Edgefield County.The 2,000 onlookers. As many as 50 of the C-17s supplier of industrial filtration media, Menardi-may eventually be based in Charleston. The ad-Criswell employs 300 people. vanced aircraft is designed to replace the Air Force's Operations include manufacturing, and research aging flect of C-141 Starlifters. and development.The firm will ultimately consoli-More than half of the state's new industrialjobs date operations nmv 'ocated in Augusta, Ga. and come from existing industrial expansions. In 1993, McAllen, Texas, to the South Carolina site. more than o,200 new jobs and s I,8 billion in In Aiken and Edgefield counties alone, the eco-capital investment can be attributed to expan-nomie development scorecards show s150 million. sions of South Carolina industries.That's according in new capital investment and 1,400 new to the S.C. Dept. of Commerce. A significant manufacturing jobs amount of the new industrial gmwth and expansion In Newberry County, Knight Industries opened occurred in the areas served by the electric coopera-a $1.2 million facility on a 12-acre site that launders

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1 J !.ntw st s A v i 1 f 3 ! R 8t.f ' N p 4 T' S r' 3 4 l a s m. L, 1 in a publJe ceremony heldJune I4 at the Charleston Air Force Base, the C.01 Globemaster Ill cargo circraft was welcomed to the Lowcountry by local, state, s < n.yrw 3 +%, and federal dignitaries. n i . g..,, ~.',:3 e-4 America's global oorlift ~ v >$ capability was strengthened ik when Charleston Air Force Base took delivery o[the first g operational C-l1. \\'i

1 q cloth and employs I00 people. The plant is doubling its size.The firm produces fiberglass rods served by Newberry Electric Cooperative Inc. and tubes.The added space will be used fbr produc-Also in Newberry, Precision Fiberglass Indus-tion and warehousing. This will allow the firm to tries' completed a 25,000-square-foot expansion, add new product lines. / Commercial growth for the next generation,"at least along the Grand Strand, is being built for a song ( American music meccas have always struck the right chord, capturing th: imag of musicians dreaming of making it big and music lovers who flock to hear it. Ih t just as regions change and grow, a reflection of a changing American economy, the musi,.d landscape has fbilowed suit. On the pop / rock scene,it wasn't long ago that Athens, Ga. was the center of" college rock." Then, Austin, Texas, gradually assumed the unofficial title of the hip hangout for live music and new talent of any variety. Seattle, Wash., known for its brand of now-commer-cially acceptable "grunge rock," commands the national musical consciousness. But perhaps the biggest story of all is how in less than five years, Nashville,Tenn.just doesn't have a legitimate claim to the often-used title," Music City, U.S.A."While there will ahvays be a Grand Ole Opry,it's luster has dimmed oflate by the rows upon rows ofmusic halls in B ranson, Mo., owned by the biggest names in country music.The Ozarks have never been the same. And,i the last severalyears, neither has Myrtle Beach.They're calling the crownjewel of the Grand Strand "Branson by the sea."These days, big-name entertainers have built facilities that rival the elegance and stateliness of the old Ocean Forest Hotel. From Surfside Beach to North Myrtle Beach, the Grand Strand offers a potpourri of family entertainment. It all began in the 1970s when a group began playing in a small nightchib near the famous Myrtle Beach Pavilion.The nightclub was The Bowery, and the group, Alabama, has gone on to become one of the most famous groups in the history of country music. Alabama now has their own theater at the Grand Strand, as does Dolly Parton. Investment in the five theaters represents a Slo million ind ustry. Sand, surf, and country music are an all-American combination that's hard to beat. h. gu.- __,___m___-*__.---- - - - - ^ - - - " - ~ ~ " " ^ ^ ' -

. ~ _....... ~. l \\. l i J .s .i 4 ) l Country music supergroup Alabama opened its theater at Barefoot Landing joining four other venues featuring family-style entertainment along the Grand Strand. a gd., l E a i l

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la} ~ s$ Sunshine, sand, and surf = continue to attract g

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~ j. of s:sitors each year to South Caronna's number. s% one vocation destination, -Q.u. n,e t, y Myrtle Beach. rQ$? .e ww._ - 4Er h es;g,; gg. l . wye--,*i; , - =. - - -,, --,.ew w-e r w,-w,...--== (' ~ ~f*' -~" 5" k _ ;,;Y i ~~ .{ 2 i .f*' r /.q, yf.4. The recently expanded .} ~ y. 9: Myrtle Beach Convention Center provides modern, spacious meeting facilities . j l '; for trade shows, concerts. ^^ and other cultural events. ' \\" y c N \\ \\ \\'

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\\r L /r b;: / m h$$y s k The ever-changing Myrtle Beach 'j skyline is dramatic testimony to 'I f the demand for additional - accommodations. 'i 'l l In 199.1, Santee Cooper provided Qy ' _ E; !? I energy conservation information to customers in the Myrtle Beach

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[' area. Also, all customers received - ,.e. a Power Tips booklet that detailed money-saving measures. '~ i k L-_'_..l--_._...---_.----.-__-----_-.-_-_.-----_.-.___._----__-

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Tourism statewide continues to march toward Kmart adding ' square footage to accommodate becoming South Carolina's number one industry. growth. In 1993, Advance Auto Parts put the fin-Santee Cooper powers the star-studded nightlife ishing touches on a new store for an early 1994 along the Grand Strand and the retirement,golfand opening. traditionahacation hot spots on Hilton Head Island. In Myrtle Beach, Santee Cooper's 51.2 million, Of course, Myrtle Beach is no slouch when it comes 14,000-square-foot customer service center is only to golf. the tip of an economic iceberg. Carolina First, in Berkeley County, the commercial growth - the Greenville-based savings and loan, began con-continued, despite the military situation. U.S. High-struction on a 51 million,16,000-square-foot main way 52 in Moncks Corner, the county seat, is an branch office for its Myrtle Beach headquarters at enterprise zone with recent openings of new retail the corner of21st Ave. North and Oak St. Opening outlets and expansions of current businesses. In the in May, the building will occupy the old Santee last few years, Taco Bell and Captain D's restaurants Cooper office site. The Grand Strand parade of and BiLo opened new facilities,with Wal-Mart and progress continues. ny/%ff ' } [ _- } 'l ','L' ! Residential growth has come from a segment of the population one mightL not associate with growth-retirees.; Americans are living longer and looking for places to spend their gol a relaxed lifestyle, free from life's hectic pace. South Carolina is filling the bill. In case you haven't noticed, there is an increasing touch ofgray in our citizenry as retirees increasingly bypass Florida and relocate in the Grand Strand and Waccamaw Neck. - Rural development is ongoing as evidenced by the180-acre Loris Industrial Park on U.S. Highway 701.The Horry County Development Board, the Greater Loris / North-ern Ilorry Development Commission, S.C. Department of Commerce, and Santee Cooper officials were on hand for the Oct. 5 announcement. Diversified development will be promoted at the site which will be served by Santee Cooper. m-

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I ~ ~ 1 The 536 million Santee Cooper Regional OUR NEXT GENERATION ofpower plants.! Water System ended 1993 on budget and 1 is being constructed as an addition to l slightly ahead of schedulc.The 24 mil-the Cms: Genemting Station in. lI lion gallons per day system will distribute water Berkeley County. It is a 540-megawatt, ) via 23 miles of pipelines to four Lowcountry j water utih.. ties which constitute the Lake coal-fired unit that will meet our.. ) Moultrie Water Agency. l customers *needs wellinto the next l l They are the Berkeley County Water and century.The pmcess of constructing the.j Sanitation Authority, the Moncks Corner Pub-a lic Works Commission, the Summerville - new unit has been a model of efficiency. \\ j Commissioners of Public Works, and the city THIS HlGH-TECH PLANT is being con-ofGoose Creek. An intake and water treatment structed for well below the national _f plant on Lake Moultrie near Moncks Corner . overage on a per kilowatt cost...and in j will process the potable water. The water sys-3 tem is accounted for scparately from Santee fact will come in at 15 percent below t L,ooper's electric system. 4 our original budget. ] At year's end. the 540-megawatt Unit 1 ALTHOUGH the next genetation of e x pan siEn at the Cross Generating Station in South Camlinions wont remember how 1 Berkeley County was approximately 75 percent I 5 we built this new genemting station, h i they'll certainly be glad we did.
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k:$ ' " dy.fhl swwaume%ww.weauwauww.mwame > k' I. [.' ~ j)- y .) bi 'y - i A 2.5-million gallon clearwellis one element of the ' ~ ' ).h surface water treatment plant under construction [ hh h flfl locf. sea.2djccent to Lake Moultrie near Moncks i Corner. Water wtli b delivered to four Lowcountry _;;g...Q Q water s(stems in Septe:nber 1994. f .f. w, h ..p r ? y 4MTM Qw@Ov~, '
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% d h &ps.ad w w w.,c.w 3Ghae m.w;& n M & ndOwMA G LR& m asa$ l complete. Including transmission fitcilities, coal in 1993. Santee Cooper added a 3,500 gallon oil l stockpile, and aluminum railcars, the new unit's cost collection truck to its fleet. GOFER tanks are to-is approximately S484 million. A conuuercial oper-cated in 42 or the state's 46 counties. ating date is set for May 1995. Two electric vehicles, converted GMC S-15 j Santee Cooper began an in-house recycnns pickup trucks, were placed into service in Moncks l program and named a waste management admin-Corncr :nd M rtle Beach.They are primarily used y istrator. Certain types of paper have been identified by meter readers. I for recycling. Each area or floor at the Moncks Santee Cooper completed several maj o r t ran s-l l Corner complex has several recycling coordinators mauon une projects in 1993. The planning, to fully implement the system.The program w;11 be engineering, and implementation of new transmis-expanded to include other work locations. sion line construction, or existing transmission line i The Give Oil For Energy Recovery or GOFER rebuilds, are key indications that Santee Cooper pmgram passed the one-hau-monon ganon power continues to be much in demand. mark in used motor oil collections from do-it-Expenditures for transmission line construction yourself oil changers. Seventy-nine GOFER tanks or maintenance typically represent considerable an-were added to the system, bringing the total to 244 nual capital outlay by electric utilities. Ratep.yers e I
I and bondholders should view these expenditures 3,000 tourism-related jobs. Golf, retire-as a necessary investment.This investment serves ment living, and hunting augment the fishing to ensure a reliable supply of electric power for culture that began more than a half century ago. today's customers-and those of tomorrow. Santee Cooper has several demand-side Recreation continues to be an increasingly management programs in place including: important byproduct of Santee Cooper's hydro-(1) A Residential Good Cents program, which electric beginnings. Forty-six lake f acilitics, promotes energy-efficient homes with a reduced which include marinas, fish camps, boat landings, electric rate;(2) A Commercial Good Cents pro-and the Santee Canal State Park, are all part of gram, which promotes the construction of new Santee Cooper's commitment to recreation, ci-energy-efficient commercial buildings;(3) A loan ther directly or through cooperative ventures. program at an attractive interest rate for energy-In October, Santee Cooper opened a second efficient home impmvements; (4) An off-peak stump free channel on Lake h1arion. The 100-storage water heating program, which provides foo' wide, Um-mile-long channel connects the rebates and monthly credits to customers for al-Goat Island area of Clarendon County with the lowing Santee Cooper to control their operation 'nouth of Wyboo Creek near the Santee Dam. during peak periods; and (5) Audits of homes or The new Wyboo Channel connects with the commercial buildings to provide recommenda-lake's first stump-free channel, providing an un-tions on energy-conservation measures. obstructed path from Wyboo Creek in Clarendon Residential Good Cents, Commercial Good County to Eutaw Springs in Orangeburg County. Cents, and off-peak storage water-heating pro-The project took five months to complete and grams are also offered to the direct-service was a joint effort of Santec Cooper and the customers of Central Electric Power Cooperative S.C. Wildlife and hlarine Resources Department. Inc. and municipalities. Divers used special underwater chain saws to Santee Cooper is currently evaluating and clear trees and underwater stumps posing a haz-developing additionalprograms to obtain demand ard to safe boating. savings as recommended. In December,the targest public boat land-ing in the state opened on Lake Alarion at Taw Caw Creek. The John C. Land Ill Boating BUIE. DING THE MEXT GENERATION... and Sportfishing Facility, named fi>r Clarendon is responding to not only the needs of Santee County Sen. John C. Land III, has six launch Cooper customers, but all the state's citizens. ramps, fi>ur boarding docks, a paved parking lot hiceting the demand for low-cost, reliable elec-fhr 170 cars, and a 120-foot pier. tric power will always he the cornerstone of our - The facility, designed to attract and accommo-mission. But our commitment goes beyond that. date large fishing tournaments, was constructed Santec Cooper has always helped our state grow with ftmds from a variety of state and federal by providing an array of services and resources. sources, including Santec Cooper. The investments made today will pay dividends Lakes h1arion and hioultrie have an estimated fbr the coming tomorrows as we prepare to annual economic impact of $187 million and embrace the 2Ist century,
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., ) l first time in its 5l-year history. ($ ,b '?5 W W4y. t; bgn - 1 y.. 'fd - y -h$ !h h Nhhk$ Boating safety on Lake Marion improved when y the new stump-free Wyboo Channel opened in 'l
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,,. n v . ;, y. 4 October. It provides an unobstructed path from gy Wyboo Creek in Clarendon County to Eutow l Springs in Orangeburg County. Santee Cooper began experimenting with alternatively powered vehicles when the engines of two GMC 5-15 pickups were replaced with electric motors. The trucks are used by meter readers in the Berkeley and Harry. Georgs town districts. l l
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p- $W WWm wTW*4 : amjfg $MPW"e?WWWWN for the Moncks Corner corporate facihties. Q%@pqQq, A t,> g w g m ..gm;f;g gg 4 q gq y.p% A g The study was developed to forecast growth, 9p s u. cu n a gg s y. a ~ .g 34b Epk M@ space, and strategies for dealing with the future development of the corporate facili. h~{ %g h{6 ' g.. m s ^ r ties over the next 10 years. IW @Nh p I 2 " Q, M$y %@Wlqh% b@
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. i a yp Q Corporate Communications developed M k[k2. %fg* "Mh;hd9jdh[g %@w@;g {i 4 hN-a quarterly video magazine to inform em. R.. gf i ployees of company progress. changes. and 7y kg g M challenges Produced by Santee Cooper's in-4 sy m up
F"gg pg.;f Q' 4 glg p house video unit,the production focuses on g ' *gA
[ y; Q6 h employees and is used to address major $bg pWg ' N# D y hkM .Wdh [P M gg. Mg issues affecting Santee Cooper, hgi e'* Video and audio-visual production were f ^ also expanded in support of other areas at i km N M d m MM Mbh@di M Santee Cooper and in community outreach QffMhD " I IN' Y[ ^. k efforts related to the United Way, Berkeley F MSk CountyWater and Sanitation Authority, Ber-dd $Q@i JQ , y% ,[ Ny.j@ggtw A@ k-keley County School District, junior k wh k-AhM . tMe m s of Achievement Berkeley County Kids Who Care About Our Environment. business edu-T
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g y dhjghhNb f NY M (ation partnerships, and Berkeley County M . k' hfh g Chamber of Commerce. A[ [g q i hf Id 3 mh o @o % 1 ayQ;V
g N qu The Santec Cooper Environmental Essay Q
y$;ym m QQ g a@ - .- a - p--- m t,74p +, x, ~ s ye e Contest for South Carchna,s seventh-grad-W .; y ac M ers was conducted for the third year.The y"f gy$}h 1*I W% ' 1993 theme was " Trees-OurValuable Re- .jpg 'y ^ gy source." Almost 3.000 students submitted .' W3@!Q$ y. p@d g a e Og,o,%s - entnes m the contest with a fast and second n L4 pipp. ,g q y ua @ @f Mg g sa m m4 OgMy place wmner selected from each congres-h si nal destrict and one statewide winner. h b# 3~FN>($pMp?ps (g-pg(v;p N [j$&qp$na p+ 1t. l n A new corporate procedure was also e ~ hh h% j introduced to provide company wide coor-h h f d[d",vC'TV hNk [hh psh' dmation and tracking of all advertising and $ deMQ ddeME U public relations efforts. NhMN(Mh EOI$ SOOOIO$$0E 4 N bNh[ Santee Cooper's 1992 Annual Report, gpM pfn h hN J corporate identity ads, and photography for [ Mn , M@h c 5% PMN[ Aq Nk 'h. M k-h hh Pubhcations received first place recognition N W, YB@BNjg'- in competitions sponsored by the Advertising 37 / N. 4m 9 < MMlf t. s, Federation of Charleston and the Carolinas gag m,ric1 - 4 ,. ye v mm - 1 k 1 Association of Business Communicators.The 1992 Annual Report was also ludged second place in the competition sponsored by the dynacn/ture quarter. acre fry production ponds were built American Public Power Association, and The Aquaculture unit spent most of 1993 to raise the fish to an eight-to 12 inch earned a Silver Wing Certificate of Ment constructmg production and grow out ponds stocking size. from the S.C. Chapter of the Pubhc Relations and refurbishmg an existing metal building for control of filamentous algae.20.000 Society of America. 3 into a fish hatchery. A wet and dry labora. Tilapia fish were stocked in theWinyah Station Other major accomphshments include tory.an environmental room. hatching tanks, coohng reservoir. Tilapia were spawned at the implementation of photographic editing aquaria, air and water systems, agro hghts, the Georgetown hatchery facihty for stock-and enhancement software and photo imag-and necessary plumbmg and fdter systems ing next year in theWinyah coohnE reservoir. ing hardware to improve pubhcation quahty. were installed.This hatchery facihty will bc used to produce geneticallt modafied (ster. Building Services Customer Services ite) tnploid grass carp used for biological A 3,000-square foot service and shop Construction began on a 14.000-square-control of the no6ous aquatic plant Hydolla build >ng was constructed to house mainte-foot customer service retail facihty in Myrtle in the Santee Cooper Lakes, nancs and repair operations by Buildmg Beach Completion of the facihty is expected Two 10-acre grow out ponds, six half-Serv ces personnel. by April 1994.The former retail office site acre fingerkng production ponds, and five h manpower / space study was completed was sold in August 1993. L
A business analysis of the customer infor-Diuribution provid ng new underground service toWood-mation system was completed in 1993.The Santee Cooper provided distribution and land Park in St. Stephen; analysis provided recommendations to en' retail service to 96,670 customers in Berke-
Extending and designing facihties for hance the efficiency of current customer ley, Horry, and Georgetown counties, the new Santee Cooper RegionalWater Sys-service operations.These enhancements in-co npared to last year's total of 94.2I S.for an tem; clude introducing new rates, redesigning the increase of 2.6 percent Energy sales for retail

Adoptingdirectionalpruningtechniques, retail computer displays, and adding other customers were 2.215,479 megawatthours, prolonging the tree trimming cycle to three related customer service programs. Results with revenues of $123,085,000 for the year.
years. of the analysis include the development of Retail energy sales increased 3.8 percent.and As the post-Hurricane Hugo facihty im-appropriate system infrastructures to access retail revenues were up S.2 percent. provements have been completed in the St. critical information regarding customer ac-Berkeley Distnct - The Berkeley District Stephen and Bonneau Beach areas, efforts counts. provided new service to 159 residential and are being concentrated in the Moncks Corner A customer satisfaction survey was com-IS commercial customers in the Moncks area. In 1993, overhead service to subdivi-pleted in conjunction with the Corporate Corner St. Stephen, and Bonneau Beach ar-sions, such as Land-O Pines, and sections of Goals Program, and it shows Santee Cooper cas, including underground service to the the main feeders have been reconstructed in continues to receive excellent ratings conjunction with completion of the fuse from its customers, coordination project and the two-year Though satisfaction with Santec 7 distribution system improvement plan. Cooper was already high,as shown in A new retail office is in the planning the previous year's survey.the high rat-ings continued even in the face of the [ stages for the Berkeley District. Horry-Georgetown Dwision - A vegeta-1994 rate increase announcement. / tion management program for Two electric vehicles added to [. distnbution was implemented in 1993. Santee Cooper's flect are being used by establishing an integrated and system-Customer Services in the Berkeley and dSh atic approach for clearing and maintaining Horry-Georgetown districts.The use of these vehicles and electnc golf carts in-the distnbution right of-way.The new program uses directional pruning tech-creases Santee Cooper's experience with niques to direct future hmb growth this rapidly developing technology, away from conductors and supports Design Engineering healthier tree growth.The overall re-sult of this program has been a reduction Design was completed on 17 major of tree-related service interruptions. transmission hnes.four major substauon Also introduced in 1993 was the projects,and numerous related Communica-new Moncks Corner Town Hall and Fire Trade-a-Tree program which provides re. tions and Supervisory Control and Data Department.The district rehabikty factor, a placement trees for those customers who Acquisition (SCADA) design projects.These measurement of available power service,ex-allow removal of trees from under the lines. projects were necessary to meet increased ceeded the targeted amount of having service The Horry-Georgetown Division pro-customer demand on Santee Cooper's sys-to customers 99.988 percent of the time por vided new service to 1,396 single-family and t em. year,with an average interruption time of not multifamily homes and 258 commercial cus-Survey completed a major portion of the more than Ii minutes per outage, per cus-tomers. Projects completed dunng the year surveying and plat preparanon for the lands tomer. Major projects completed dunng the included; included in the proposed land swap between year included:
Installing 278,847 feet of overhead pri.
the S.C. Forestry Commission near Shaw Air . Finishing the post-Hurncane Hugo re-mary for new construccon and rebuilds of Force Base and the U S. Air Force at the now build of the distribution feeders in the St. existing lines; closed Myrtle Beach Air Force Base. Stephen and Bonneau Beach areas;
Instalhng 156,919 feet of underground Drafting has prepared numerous draw-
. Completing the expansion of the St. primary for new construction and replace-ings and plans for the acquisition of the Stephen 3412 KV Substation and adding two ment of existing lines: Myrtle Beach Air Force Base's distribution new breakers and a station circuit switcher
Instalhng new services or additions to system and other cusung facihues.
for improved rei ability and flexibility; existing services to Alabama Theater at Maps and Records completed the Digital . Beginning construction on the low-pro-Barefoot Landing, Myrtle Beach Convention Transmission Corndor Mappmg Project, file 115-12 KV Eastside Substation that will Center, AVX Industries,Conbraco,Lowe's at which will be used as a base for the develop-replace the older existing 34-12 KV facility Seaboard Commons, Champus Business ment of the Transmission Dectrical Facihties on Jenkms Street in Moncks Corner; Center, Waccamaw Riverfront Project in information System. . instalkn2 10 SCADA controlled distri-Conway. Horry County industrial Park, Maps and Records also ass!sted with the bution capacitor banks to reduce hne losses, Debordieu Plantauon, Wild Wing Plantauon, evaluations of hardware devices that will be . Instalkng underground primary distn-HiddenWoods commercial complex, Outback ( critical components within the Corporate bution circuits in the expansion of First St. Steak House, Denny's, Bojangles, Spring l Internetwork Design and implementation Johns, Sterling Oaks,and Stony Landing sub-Hruse Restaurant, Myrtle Beach Pavihon. { Project. divisions in Moncks Corner, as well as and Waccamaw Pottery:
l lnstalling new steel towers and replac-trols and monitors 43 distribution and 12 Waterway adjacent to Outlet Park at [-. ing and upgrading overhead primary at the transmission substations within the Horry-Waccamaw.When completed,it will include l Intracoastal Waterway near Waccamaw. Georgetown Division and Berkeley District. four hotels,a dozen theme restaurants,and l Pottery; The weather monitoring system for storm over 200,000 square feet of retail shops. Relocating existing overhead primary and hurricane tracking was improved with Santee Cooper continues to support the along Oak Street in Myrtle Beach for road the addition of a direct satellite connection economic development of the rural areas in improvements; and enhanced display and graphic capabilities. the state through the Santee Cooper Eco-Replacing and upgrading facilities in nomic Development investment Fund Windjamn er Village in Garden City. Inlet Economic Dcrelopment (SCEDIF). Since the program's inception in Harbor.Debordieu Plantation. inlet Pointe in Santee Cooper's commitment to eco-1988,127 projects have been funded totaling i. Garden City Beach. Brookgreen Gardens, nomic development continued to provide over $4.35 million.The SCEDIF program is I and George Bishop Boulevard atWaccamaw significant capital investment and job creation administered through the Palmetto Economic Pottery; both in areas served directly by Santee Coo-Development Corporation,a non-profit or-l
Installing metering facilities at Myrtle per and throughout 35 counties served by ganization jointly funded Sy Santee Cooper Beach Air Force Base for redevelopment the 15 electnc cooperatives which receive and Central Electric Power Coperative Inc.

Replacing overhead facilities with un-power from Santee Cooper.
In many instances, these member coopera-derground service at Lakewood Campground. The industrial and commercial projects tives have provided matching funds which Distribution Planning began the transfer announced or under construction m 1993 in proved to be instrumental in either the ex-of software and data from the MicroVAX 11 Santee Cooper's direct service area in Berke-pansion of an existing industry or the location computer system to the IBM RS6000 com-ley. Georgetown, and Horry counties will of new facilities in their respective service puter system installed in 1992.The answering result in capital investment of over $500 areas. Since 1988 the combined efforts of portion of the Santee Cooper trouble call million and will create approximately 5,350 these member cooperatives have resulted in software was successfully installed resultmg new jobs upon completion. the creation of 7,0l7 new jobs and added in in faster response to customers during power New industrial plant locations and ex-excess of $1.3 billion in capitalinvestment in outages. A distribution system contingency pansions in Santee Cooper's direct service the rural areas of South Carohna. study was completed to ensure sufficient area accounted for over 1,350 new jobs and distribution line and substation capacities are approximately $50 million in capital invest-Employee Relations availab'e to serve all customers in the event nient in 1993.The largest of the new facilities . The Employee Handbook was updated of the failure of a substation power trans-is the construction of a Claims Processing with new information on company policies former. The 1994-95 Distribution System Center by Blue Cross and Blue Shield in and programs and the Americans with Dis-Improvement Plan was initiated. Horry County,with 550 new jobs and an $8 abilities and Family and Medical Leave acts. Total electrical peak for the summer load million investment. Major plant expansions All full-time employees received personal in the Horry-Georgetown Division increased already begun in Horry County by AVX and benefit statements which detailed their health, by six megawatts over 1992.from S33 MW to Conbraco Industries will provide 550 new dental, leave,and retirement plans. Employee 539 MW.This was remarkable considering jobs and over $31 million in expanded plant premiums for the primary health insurance the closure of the Myrtle Beach Air Force facihties. program remained the same for the third Base and the loss ofits 9.8 MW load. Hao the The Grand Strand area continues to at-consecutive year. Mandatory utilization re-base not closed the total increase in the load tract sigmficant commercial development with view of health insurance claims continued. would have been 16 MW.To meet future load two major announcements during 1993.The The company actively recruited qualified growth, a new distribution substation, first is the proposed 1.000-acre theme park applicants at high schools, colleges,and mili-Forestbrook, was energized. Also, two new and resort complex to be developed byTim-tary job fairs throughout the year. Area distribution breakers at Little River and berland Properties Inc.on a portion of the colleges visited included Trident Technical Racepath substations were energized to serve now closed Myrtle Beach Air Force Base.The College,Clemson University, South Carolina the distribution load more efficiently. overall project is a 5300 million capital invest-State University, Charleston Southern Uni-Bucksport 3412 KV Substation was retired ment and will create approximately 3,000 versity,and North Carolina A&T. from service in the Conway area. jobs when completed.The proposed project, In 1993,128 new employees were hired Several major transmission projects were larger than Disney World's Magic Kingdom, and 199 employees were promoted to posi-' completed to improve the reliability and avail-includes two hotels, a 27-hole golf course tions of greater responsibihty. At year's end, abihty of power to the Grand Strand.The with a golf instructional school, and villa the company had a total of 1,776 regular three existing 150 MVA power transformers accommodations. employees. at Perry Road 230-115 KV Substation were Also announced is the development of a The annual company picnic was held for replaced with two 250 MVA transformers 200-acre tract byWCl investments of Myrtle employees, retirees, and their families in with load-tap-changing capabihty, which will Beach. Total capital investment is estimated at Myrtle Beach with over 2,600 people attend. provide increased capacity and better voltage $150 million and creates 1,000 new jobs. ing. Also held during 1993 were various control.The Red Bluff to Nixon's Crossroads Phase One will include a $7.5 milhon Gatlin employee golf, volleyball, softball, and bowl-115 KV Une was energized, providing addi-Brothers Theater seating 2,000 people and a ing activities. tional support to the North Myrtle Beach Magic on Ice Theater that will seat 1,000 at a Other projects completed were the area. cost of $4 million. Phase One of the develop-degendering of job titles and the evaluation of The distribution SCADA System con-ment will be located on the Intracoastal early retirement incentive programs. h__ _ - _ _ _ _ _ _ _ _. _
Eyua/Opf>ortunityAdministration and a long-term transportation :ontract. system to install the markers was applied at The focus of strengthening Santee Coal contract negotiations resulted in a - Winyah Station to construct foundations for Cooper's cultural diversity in the work force more competitive price per ton,which should relocated oil supply and waste oil recovery and purshasing was concentrated by assem-result in significant fuel cost savings over the tanks. Pilings were installed to support the bling information to enhance management balance of the contract term. Fuel Procure-large loads associated with these structures. awareness.These reports closely monitored ment resolved coal transportation issues General Construction provided support systems and processes that were previously concerning the base rate and private railcar to Grainger Station to significantly improve implemented. In 1993, 348 reports were volume discounts.The resolution reached as the performance of dikes impounding its ash completed. a result of this negotiation has helped ensure ponds. By using an innovative combination of An aeomated hiring analysis report was a consistent and competitve long-term coal portable barges and heavy excavation equip-designed and implemented to cut the comple-transportation rate over the hfe of the com ment General Construction was able to tion time to half that of manual reporting. tract. transfer large quantities of water from Supervision used these reports to help in. The expansion of the Railcar Repair Shop Grainger's inactive ash pond to its present crease the level of overall diversity pal atWinyah Station will allow a yearly increase pond reducing the water levels and the need achievement to its largest annual change in of 50 percent in the quantity of privately for continuous monitoring of the idle im-over seven years. A pilot diversity program owned railcars Santee Cooper can repair and poundment. course was held and will be customized be-mamtain in-house.This will continue to help General Construction was involved in a fore training employees. reduce the overall dehvery cost of coal. number of environmentally supportive The efforts of the Equal Opportunity projects this year. A new closed-loop, heavy Procurement Program began to achieve state-Genera / Counsc/ equipment wash facihty was constructed at wide recognition. Request for speakers about The second South Carolina Environmen-Camp 11, Lake Marion Maintenance, to pre-this program from regional and state-wide tal Symposium, held in March 1993,provided vent contaminated runoff from entering the organizations mcreased during the year.Mem-South Carolina's business, environmental,and adjacent lake system. bership and attendance in thesc organizations academic leaders a forum to discuss how General Construction assisted Environ-also increased to better facihtate minority industry and environment can work together. mental Services in removing underground and women-owned business participation. With the theme" Common Ground: En-fuel storage tanks. vironmental Leadership and Economic Site preparation for a new Material Flood Control Success," the conference was cohosted by Reclamation Center at the Moncks Corner As a result of heavy rainfall which began Santee Cooper.NationalWildhfe Federation, corporate facilities was completed in i in Octooer 1992 and cantinued through the CoHege of Charleston and the University of December. first week of Aprd 1993,two spilkng opera-South Carohna. General Construction also built a new tions were conducted for e total of 100 days. For the third year, Santee Cooper spon-parking facility at the Moncks Corner corpo. The first operation, which lasted 29 days, sored the Summer Internship Program for 10 rate facili ies and completed the work ahead t began onJan.8 and continued through Feb.5. rising college seniors.This program empha-of schedule and within budget. During this operation, a total of 1,370,999 sizes environmental and educational concerns Site work was also completed for a new + acre-feet was spilled,with a maximum daily and provides valuable hands-on educational crew quarters at Aiken.which will enhance average discharge of 55.292 cubic feet per experiences for the students who spend nine Santee Cooper's ability to respond to cus-second (cfs).which occurred on january 13. weeks learning about Santee Cooper while tomers in that part of South Carolina. The volume of water which flowed into the rotating through four major areas of opera-The issue of seismic stability of the East lake system, measured at Camden and tion. Pinopolis Dam was addressed throughout Columbia, was 2,576.862 acre-feet during the year, with completion of the Phase 11 this period, with a peak daily average inflow General Construction Study and the commencement of Phase til of 78,957 cfs,which or. curred on Jan. 23 Pihngs used for navigation markers in the Investigations,The purpose of the Phase h The second operation, which lasted 71 Santee Cooper lake system are typically in-Study was to define, through extensive days, began on Feb.10 and continued through stalled by outside contractors.This year, due geotechnicalinvestigations,the extent of any April 21, During this period, a total of to newly acquired technology and equipment seismicity problems at the East Dam and the - 2,170,124 acre-feet was spilled,with a maxi-and an increasing need for this type of work, East Dam Extension. mum daily average discharge of 50,000 cfs, General Construction installed and replaced General Construction is applying a me-which occurred on April 2.The volume of navigation markers on the lakes. thodical, analytical, and collaborative ap-water which flowed into the lake system General Construction coordinated with proach to this review while coordinating during this period was 5,556.619 acre-feet, Property Management and the 5.CfWildhfe each step with the Federal Energy Regulatory with a peak daily average inflow of 97,806 cfs, and Marine Resources Dept.to construct a Commission, which licenses the Santee which occurred on March 28. new 5 mile-long, stump-free navigation chan-Cooper Proi nel along the northern shore of Lake Marion. Fuc/Procurernent & Transportation This channel provides a 100-foot-wide corri-Generation andLoad Growth During 1993, Fuel Procurement andTrans-dor that has been cleared to a 10-foot depth Santee Cooper facihties, which include - portation contmoed efforts to minimize the of stumps and snags for safer boating travel in one-third ownership of the VC. Summer cost of fuctTwo major endeavors were the the lake. Nuclear Station, generated 14,515,949 net renegotiation of a long-term coal contract The same technology used in the lake megawarthours of electricity this year.This
was an increase of 618.072 megawatthours, hanced annually. MIS also developed disaster during the past year to help finance various l or 4 percent, over last year recovery plans for the voice network. conservation measures.Since it began in 1982, Of the total energy generated.82.2 per. Working with the Corporate informa-the Good Cents Loan Program has loaned j cent was produced using coal,14 0 percent tion Resources Council (CIRCLMIS produced over $4.4 mdlion, j by nuclear,3.S percent by hydroelectric and the third annual Corporate Information Santee Cooper's H O Advantage Pro-2 i 0.3 percent by oil.The peak hourly demand Resources Pian.This document identified criti-gram also continued to make marked gains in l for the year of 2.655 MW occurred on July cal corporate technology needs and allowed 1993. Designed to decrease peak demand for 29.This was an increase of I percent over CIRC to prioritize and apprnve all major hot water, the program offers a rebate of 1992. projects. This process ensures corporate $150 toward the purchase of an 80-gallon or computing standards are followed and low larger high-efficiency water heater and a $5 Managcrnentlnfortnation Systenu cost solutions are implemented. monthly credit for up to 10 years.The pro-In 1993 Management Information gram uses special timers in conjunction with Systems (MIS) implemented a Fuels Manage. Marketing a larger heated water storage capacity to ment information System,co-sponsored the One of Santee Cooper's corporate goals maintain customer convenience while reduc-business process re engineering efforts for is to promote the efficient use of electricity ing system peak demand. By the end of 1993, i redesign of the Customer Information System, through load management and energy con-more than 12,823 Santee Cooper retail and and responded to over 12.000 internal re-servation To help customers reduce energy wholesale customers had joined the pro-quests for assistance with computer related costs and hve more comfortably, Santee gram,for a total of 30.663 installations since technical issues (i e. computer installs, Help Cooper offers a number ofload management its introduction in 1990. 1 Desk calls. consulting requests,and program-and conservation programs. To help retail customers conserve water ming assistance). and reduce their power bills. Santee The Fuels Management in-Cooper introduced its Water Miser formation System will process the Program Kit in 1993. The program myriad of functions that are re-offers customers aWater Miser Con-quired to account for the servation Kit which includes an acquistuon, consumption. inven-energy-efficient showerhead and sev-tory, and quality control of fossil eral other items to help conserve j fuels used by the company. energy and water. By limiting the Strengths of this system includa amount of hot water they use, cus-enhanced audit trails. contract ad-8 tomers conserve water which ministration, and reduced protects a vital natural resource, turnaround time for processing 4 holds down water and sewer costs, quakty checks on fuel and payment bh and adds savings to electric bils, to vendors. jj During 1993,734 customers partici-T he re-engineering effort asso-pated in this program. ciated with customer service . g.m y For commercial customers, business processmg was performed. Santee Cooper offers the Commer-in part, to improve computer sys-cial Good Cents Program for new tem support. This will enhance customer The Good Cents Home Program, for buildings. In 1993,24 customers participated service and make the new rate structures example, offers discount electric rates to in the prograrn.The total square footage of more functional. Total estimated savings as-retail and wholesale customers who build or commercial building space constructed to sociated with the computer system improve their homes to meet certain energy Good Cents standards is 293.767 since the i enhancements are approximately $250.000 efficiency standards. In 1993,2,951 custom-program's inception in 1991, within two years. ers built or purchased homes using Good Santee Cooper's involvement as a U.S. MIS supported mternal management and Cents New Home Standards.That brings the Environmental Protectior, Agency Green-staff with support of computer systems and total of homes since the Firogram began in hghts Electric Utihty Ally continued to j voice and data network enhancements. All 1987 to 10.381 in the existing home market, progress. A survey of Santee Cooper's facili-buildings within the Moncks Corner corpo-961 customers made the necessary changes ties was completed and a plan was developed rate facihties are new connected with fiber in their homes to quahiy for Good Cents to retrofit hghting that is both economical optic cable to enhance communication speeds Improved Home certification for a total of and more efficient. and response time within the computer sys-5.740 since inception. At the end of 1993, Santee Cooper's Energy Education Pro-tem network.This wdl improve rehabihty and over 16.121 retail and wholesale customers gram is designed to teach young people to provide company employees with better re-had participated in Santee Cooper's Good use energy efficiently and safely. During the sponse capabihties as they perform their job Cents Program. 1993 school year 25 schools in Berkeley, functions. The Good Cents Loan Program is an Georgetown, and Horry counties partici-mis successfully tested disaster recovery incentive for retail customers to improve or pated in conservation and safety programs. procedures twice during 1993.These proce-retrofit their homes to reduce energy costs. More than 25.000 publications were distrib. dures were first developed at the time of Spurred by low interest rates in 1993,177 uted and 10.000 presentments were made. Herricane Hugo m 1989 and have been en-customers responded to low-interest loans Senior vocational students were hon.
n ored by Santee Cooper at funcheons in Ber-Nuc/ car Operations cate individuals about the hazards of contact keley,Georgetown,and Harry counties. Local The VC. Summer Nuclear Station, an with overhead and underground power lines. business representatives and motivational 885 megawatt generating station jointly Since April, demonstrations have been speakers spoke and shared experiences with owned with S.C. Electr e and Gas Co.,was a presented to 23 schools, fire departments, the students. safe, reliable, and economic contributor to and other community groups located in Santee Cooper conducted energy edu-Santee Cooper's energy supply in 1993. Charleston, Berkeley.Dorchester,and Horry cation semmars in July and August for Santee Cooper's one-third share of Sum-counties, in addition. demonstrations have approximately 70 teachers and administrators, mer Station's generation was slightly more been made to Ii Santee Cooper groups. in the spring of 1993,a plan was devel-than two billion kilowatthours of electricity, With almost 2,000 individuals in atten-oped to inform Santee Cooper customers or 14 percent of the company's total genera-dance,the full-scale unit has proven to be an about the April 1994 rate increase.Informa-
tion, asset in promoting Santee Cooper's public tion on how to best communicate the For the second year in a row, Summer and employee safety programs.
proposed rate increase to the utihty's cus. Station was selected by the Nuclear Regula-Out of 3,846,863 work hours of expo-tomers va is gathered from focus group tory Commission as one of the safest and sure, Santee Cooper experienced $8 j meetings held with small customer groups best operated nuclear plants in the United recordable injuries.The incidence rate for throughout Santee Cooper's service area. States. Only five of the 79 nuclear plant days away from work was.31 percent, well A plan was developed to communicate complexes were singled out for such an honor. below the national average for electric utifi-the proposed rate increase as ties. Total injury rate was 3.01, clearly as possible and to inform the lowest ever recorded at customers about conservation e Spy Santee Cooper. g
'#4
~~ - Santee Cooper was awarded methods they can use to reduce their power consumption and the third place for its 1992 safety impact of the rate increase in-record by the American Public cluded in the plan were a special Power Association in March. report explaming the rate in-Santee Cooper competed with other APPA utihties with two crease and two booklets devoted %.m @g*MMM qd& W ,,g g _,[Q)MS% M million or more work hours. to power use tips.One was de-4M.# The National Safety Council signed for residential customers, and the other was for business gf. g ggd g My[f presented awards to 46 units.and g# owners and managers. Both ggwygyMy74g %gMA%Dfh. 42 units earned awards from the QY4 South Carolina Occupational were filled with money-saving hQtf,gg]ggggy%ge p hg Safety Council. The President's {g;;j% p%g ideas to help customers keep W fi gg Safety Award for crew safety was their homes and businesses Qhg;[Qggggy,ghM e awarded to 93 crews or sections. more comfortable and energy-efficient. Safe service awards were pre-sented to 282 employees for Mo19uito Abatch.cnt The Institute of Nuclear Power Operations working five years or more without a dis-The Mosquito Abatement program em-has selected Summer Station to be evaluated abling injury. Safe driver awards were phasized source reduction management in 1994 by an international panel from the presented to 129 employees for driving five techniques during 1993. These techniques World Association of Nuclear Operators or more years without having a preventable consist of the permanent elimination of (WANO).The WANO evaluation replaces motor vehicle accident.Six employees were mosquito breeding habitat on Santee Cooper the normal INPO operational evaluation. cited for avoiding injury by wearing protec. property, which wol proYlde a long-term, Being selected for the WANO evaluation is tive devices or equipment. Six units were " environment-friendly" control, reserved for those plants which have demon. recognized for completing the year with no More than 136.324 acres of projectlands strated consistent superior performance in recordable employee injuries,and two units and waters were treated with approved chemi-all aspects of operation. Stations undergoing were recognized for completing 20 or more cal and biological agents to provide disease a WANO evaluation will retain the INPO I years without a disabling injury. Industrial vector control and nuisance insect manage-rating for the next evaluation period. During Hygiene trained 452 employees to use respi-ment. Emphasis was placed on biological 1993, Summer Station completed a success-rators. Collection of 353 samples was made control, usmg the mosquito fish. Combusio ful SS-day refueling outage.The next refuchng to monitor for possible contaminants in the ofEnts, and the bacterial spore suspension of outage is scheduled for September 1994.The work place. Hazard Communication refresher Bacdus thanngensis in all feasible areas. outage is scheduled to last 90 days, as the training was also conducted for all Santee Testing was conducted to determine the three steam generators will be replaced. Cooper employees. In addition, Industrial resistance of target mosquitoes to the chemi-Hygiene assisted in training 752 employees in cal pesticides used in the adult control OccupationalSafety and confined space regulations. operations. //calth Management in 1993. Occupational Health conducted More than 2.400 inspections were con-in 1993, construction was completed on annual medical surveillance examinations for ducted to acquire entomological data from a mobile Power Line Hazards Awareness 1.634 employees and 264 pre-placement ap-throughout the lakes. Demonstration unit designed to help edu-plicants. Health briefings regarding i l m 1
l l 1 l hypertension and exercise were conducted formance testing. An increased number of system was expanded in transmission substa-for 316 employees. instruments and meters were calibrated or tions, switching stations,' and generating in compliance with federal and state repaired. stations to provide system controllers greater Occupational Safety and Health Administra-Particulate emissions tests were con-remote control and monitoring of the power tion (OSHA) regulations, information and ducted to demonstrate Santee Cooper's system. training on the blood-bourne pathogens stan-compliance with the applicable regulations. New remote terminal units were installed dard was provided to 1,510 employees. All permits were renewed based on the re-at the Hilton Head 115 KV Switching Station. The hepatitis B vaccine was provided for sults of these tests. Winyah Generating Station, Sycamore 69 KV 228 of those employees determined to be at Several permits which determine, regu-Switching Station,and Pinewood iIS-69 KV potential risk. late,or restrict possible environmentalimpact Substation. SCADA capabdities were ex-Information on the prescription safety were issued for the Santee Cooper Regional panded or updated at South Bethune 230-69 glasses program in regards to American Water System, Aquaculture Center, gen. KV Switching Station, Flat Creek 230 69 KV National Standards Institute standards and erating stations, and substations. Substation, Darlington 230-69 KV Substa-OSHA regulations was presented at seven Several environmental programs such as tion Perry Road 230-115 KV Substation,and locations within the company. UST and Used Oil Management, were also St. Stephen Powerhouse. As part of Santee Cooper's wellness pro-continued or implemented this year. Spill Final plans were made for procurement gram, 761 flu vaccine injections were Prevention Control and Countermeasure of a new SCADA! EMS computer and associ-administered. Individual he.alth counseling Plans were updated and reissued to all.ppli-ated software, which is scheduled for was provided to 301 employees, and 737 cable substations to inform employees how installation by the fall of 1994, referrals were made to other community to prevent, control, and cleanup oil spills health care providers, which may occur at their facihty Production Engineeringand Santee Cooper also initrated projects for Conitruction Management Performance and reimbursement for excavating, removing.and Construction of the 540-megawatt Unic EnvironmentalServicef disposing of leaking underground storage I at Cross Station continued with major Wide Area Network connectivity was tanks.During the year,16 USTs were removed. progress being made toward meeting the completed for theWinyah, Cross,andjefferies Environmental Services managed used scheduled initial operation date of Novem-on-line performance monitoring systems. oil collection, implemented new site collec-ber 1994. Construction of the unit began in Performance-related data are now available tion stations, and tracked the progress of the summer of 1991, from the individual systems concurrently, Santee Cooper's Give Oil For Energy Recov-The project is under the management of contmuously transmitted to the Moncks ery Program. Since its conception in 1990, Santee Cooper's Station Construction unit Corner corporate facihties,and archived on nearly 600,000 gallons of GOFER used motor and Gilbert / Commonwealth,an engineering a laser optical mass storage device,and then oil have been collected,with approximately firm located in Readmg, Penn. Major efforts available to Performance Services engineers 360.000 gallons collected in 1993.There are this year were focused on supporting the for analysis. 244 GOFER collection sites throughout the construction activities. Santee Cooper and Thirty baseline nitrous oxide (NOx) state with at least one site in 42 of South Gilbert / Commonwealth relocated all lead emission tests were conducted for all nine of Carolina's 46 counties. personnel to the job site to facilitate timely r Santee Cooper's coal 4 red units in support Solid waste management at Santee communications between the construction of the effort to estabbsh nominal NOx emis. Cooper is also being studied. One study was contractors and the project team. sionlevelsaspartof theLow NOxTechnology initiated to determine if ash by products pro-Construction activity intensdied through-Study test program.The results of these tests duced from burning coal could be utihzed as out the year. At the start of 1993,the project will be used to determine a compliance strat-construction fill material or as a secondary was 26 percent complete, with a construc-egy for meeting NOx emission regulatory raw material for other products. Newly pro-t:en work force of approximately 300.The requirements. posed industrial waste landfill regulations, peak of the construction came in November i Pre-outage and post-outage turbine per-another area of concern for Santee Cooper 1993 with over 1,000 workers. formance tests were also performed on seven operations, were followed closely through-At the year's end,the project completion units at Santee Cooper's four generating sta-out the year. stands at 75 percent,with emphasis shifting tions. from construction to the start up and test A series of cooling tower capability tests Power Sufp/)' activities. at Cross Unit 2 provided baseline data for the Power Supply lowered system operating As the project approaches completion,it chemical treatment program that is being costs by engaging in e:onomy sales and pur-continues to be an economic success.The conducted to evaluate tower performance chases with neighboring utilities. budget remains unchanged and reflects an smce the unit was cleaned to remove heavy System controllers purchased 152,003 expected construction cost of $818 per in-sitting found in October 1992. megawatthours of economy energy from the stalled kilowatt. With only two contracts The Performance Services Calibration interconnected utilities in 1993 to displace scheduled to be awarded in the spring of Lab performed 1.519 calibrations in 1993,a higher cost generation.This resulted in savings 1994,the project cost is projected to be less 261 percent increase over 1992. Test grade of approximately $487,000. Also.171,406 than the approved budget. pressure and temperature instruments, data megawatthours of energy were sold to the Construction of the Santee Cooper acquisition equipment, and field cabbration interconnected utilities for a total of $3.3 million. RegionalWater System began in February. equipment were calibrated in support of per-Santee Cooper's transmission SCADA Items completed in 1993 include approxi-
~- mately 23 miles of transmission pipehnes, a pressure,and fuel flow of the steam genera-Santee Cooper maintained a high level of one million gallon elevated storage tank,two tor and will sound alarms or shut down the unit availability. with an average of 90.49 2.5 million gallon ground storage tanks. and unit if unsafe operating conditions occur. percent. four metering stations.All remaining facilities Following the success of a similar project Sales of fly ash,one of the byproducts of were on schedule at year's end.This system, last year on Jefferies Unit 3. the obsolete generation, were $147,377. Fly ash market-when completed in September 1994, will pneumatic boiler controls on Unit 4 were ing efforts will continue to increase the use of provide up to 24 milho1 gallons of potable replaced with a computerized electronic con-this resource. water per day to the Lake Moultne Water trol system.This new control system operates Cross Station won the Production Agency comprised of the city of Goose Creek, faster and more rehably and can keep the Department's Goals Program competition by Berkeley County Water and Sanitation Au-boiler much closer within its operatmg pa-meeting nine of the 10 goals.Winyah Station thority Summerville Commissioners of Public rameters, providing better fue! efficiency with won the heat rate category with a lSS BTU / Works, and Moncks Corner Pubhc Works less wear and tear on equipment. KWH improvement, equating to an approxi. Commission. A plant-wide data acquisition system for mate annual savings of $1.3 milhon. The project is under the management of Winyah units was completed with the instal. Production Operations performed sev-Santee Cooper's Capital Projects unit and lation of the Unit 4 equipment.This system eral major maintenance outages during 1993 Hobbs, Upchurch, PA., an engineering firm monitors temperatures, pressures, and flow to ensure continued reliabihty and efficiency j located in Southern Pines, N.C. rates throughout the units, checks for alarm of generating units. A program to study NOx emissions was conditions, and displays the information to Grainger Station completed an outage initiated in 1993 in response to the on Un t I, which included the installation U.S. EPA's pending NOx reduction leg-of a new boiler high temperature reheater. islation.The study involved performing ~.y aggy An outage was also completed on Unit 2, ^ which included a complete rebuild and base-kne NOx testing on all coal-fired upgrade of the electrostatic precipita-umts to determine present emissions levels. The final report. due in early tors to ensure continued high particulate 1994,will include recommendations on collection efficiency. how Santee Cooper may implement a je'feries Station completed a boiler NOx reduction program in an eco-outage on Steam Unit 4 and a maior nomically sound manner. overhaul on Hydro Unit 3.The hydro Ash Pond B at Winya 5tation is overhaul was significant because it was nearing the end of its present design hfe. the first in the unit's SI-year history. A recently completed study indicates This overhaul included removal of the the dikes forming this pond may be raised waterwheel and repairs to the thrust to provide for additional storage at ap-bearing. wicket gates, and generator proximately one-third the cost of the field. same amount of storage in a new pond Winyah Station completed major Final designs for the pond dike raising turbine and boiler outages on Units 1. were completed in 1993 with implemen-2, and 4. Units I and 2 HP/IP turbines tation set for early 1994. were completely disassembled, in-The flue-gas desulfuritation system at the unit operators, spected, and repaired to restore operating Winyah Station's Unit 4 was upgraded with Under agreement with the U.S. Army efficiency and ensure high rehability. Units I new stainless steel module knings, a new Corps of Engineers. Santee Cooper's Capital and 2 boilers and cosidensers were non-stainless steel reheat duct. and a new alloy Projects unit was selected to upgrade the destructive tested and repaired to ensure reheat damper to better resist the extremely controls for all three generating units at the their rehability. A new stainless steel, high-corrosive nature of the system. St. Stephen Powerhouse. Installation and start gressure feedwater heater was installed on An ignition fuel si tank atWinyah Station's up is scheduled for the middle of next year. Umt 2 to improve efficiency and reduce main-i Unit I was relocated for increased fire safety To meet the requirements of the Clean tenance. A six year turbine generator j at the station.This relocation included the Air Act, work began on design, procurement. inspection and maintenance outage was com-addition of new tanks for receiving waste oil and installation of continuous emissions moni-pleted on Unitd. Components were inspected from Santee Cooper's GOFER Program and toring systems for eight coal-fired units.This and repaired to maintain high reliabihty and ) the necessary pipehnes and pumps to oper-should be completed in 1994 with an esti-efficiency. In addition, new controls of mod-ate the system. mated total cost of 54 miihon. ern design were installed on the Unit 4 sulfur Construction management was provided dioxide scrubber. inr the 102 space parking lot built at the l)roduction Operations A major inspection was completed on Mods Corner corporate facihties. Afanageturnt Myrtle Beach Combustion Turbine Umt I, A computerized burner management Santee Cooper's power generation in-which included a complete overhaul of the safety system was installed on Unit 2 at creased 4 A percent over 1992. Santee Cooper turbme/ compressor and application of spe-Grainger Station. Identical to the Unit i finished the year with a heat rate on coal-cial coatings for performance improvements. 1 system which was installed last year, this fired units of 9,979 BTU /KWH.a decrease of The Central Maintenance Complex at system continuously monitors furnace flame, 75 BTU /KWH over the previous year. Winyah Station provided major machine shop
I services to all generating stations and.most with fold-ins of the Bamberg Stevens and Santee Cooper lands to be responsible for notably. supported turbine maintenance work Bamberg Varnville lines. Other major im-proper disposal of their trash. Another pro-from Jefferies Hydro Unit 3. Myrtle Beach provements were the completion of the gram initiated by Property Management Umt I;and Winyah Units I,2, and 4. 23 mile South Bethune to Flat Creek 230 KV encourages local groups and clubs to accept line and 230 KV facilities at the Flat Creek and responsibility for cleanup of trash and litter at l Program For South Bethune stations. various public boat la. Aching facilities. Dubbed l Employee Participation The $15 milhon Cross to Dalzell 230 KV " Adopt-A-landing," this program has dem. Emphasizing Santee Cooper's corporate line project continued toward an October onstrated a cooperative effort between Santee culture of employee involvement and partici-1994 in-service date to coincide with comple. Cooper and local community groups to en-pative marngement to meet its future goals tion of Cross Unit I. Work is progressing on sure litter free recreational facilities. and remain competitive. PEP teams in 1993 the two remaining transmission line segments in cooperation with the S.C.Wildhfe and achieved an estimated net annual savings of along with the 230 KV facilities at the Dalzell Marine Resources Dept.,$antee Cooper de- $ 1,l92,191. Station. veloped the John C. Land lli Boating and During the year. 1,523 employees par-Consideration of future nceds for Central Sportfishing Facility, the largest in South ticipated on 251 teams, with a cumulative Electric Power Cooperative inc.and its mem-Carohna., Located on the Clarendon County participation rate of 85 percent, exceeding ber cooperatives was provided for by the side of Lake Marion.the facility has six launch-1l the corporate goal of 75 percent participa-completion of several projects.The Aiken-ing ramps, four boardmg docks. a 120-foot tion. Teams were encouraged to focus on Neeses Lake I 15 KV Line was rebuilt.and the event pier, and a paved parking area to ac-i efficiency and effectiveness in daily work rou-facilities for service to Beaulieu of America commodate 170 vehicle and boat trailer units. ] tines with continuous improvement as a for Aiken Electric Cooperative lnc.was com. An adjoining grass overflow parking area theme. pleted. A!so, the line from the Hemingway accommodates an additional 200 vehicles. The teams have placed more emphasis Substation to Santee Electric Cooperative's The facility was designed to accommodate on selectmg projects relating to corporate Hemingway Substation was upgraded to 115 state and national professional fishing tour-goals as the following projects demonstrate: KV. naments, with the first sport fishing + TheTower Spotters,an employee team in the Horry-Georgetown Division, key tournament scheduled for May 1994. from Engineering and Operations, recom-projects completed included the Forest Brook An additional 2.257 acres of prime wild-mended the purchase of PLS-C ADD software 115-12 KV Substation, upgrade of the Red hfe and wate fowl habitat were included in to assist in designing transmission imes.The Bluff to Nixons line to I15 KV and the the Wildhfe Management Area Program ad-software would improve budget estimates, replacement of two transformers at the Perry ministered by the S.C.Wildhfe and Marine reduce the number of design criteria Road 230-Il5 KV Substation. Resources Dept. Approximately 21,000 acres violations, decrease material waste, and are leased to the S.C. Wildlife and Marine improve safety and quality. The estimated Property Management Resources Dept.on a gratis basis for use as tangible savings of this project totals Santee Cooper's reservoirs Lake Marion part of the State'sWildhfe Manag ment Area $612.489. and Lake Moultrie, have a combined surface program. The SWAT Team of Mosquito Abate-ar ea of approximately 154.075 acres.Through The wood duck nesting program,in co-ment completed a project that reduces the its land management programs, Property operation with the S.C, Waterfowl crew's travel time by l8 percent.This repre. Management administered 39.895 acres of Association, has been expanded to include an sents an annual savings of $18.225 in fleet land surrounding these lakes. An additional additional 700 wood duck nest boxes on 1 operation costs and increased production 10,535 acres associated with generating and Santee Cooper lands and waters. A total of ~ 'l time. transmission facilities located throughout 1,200 boxes will be in place by 1996.
The Performance investigators reduced South Carolina were also managed by Prop-Santee Cooper's Property Management j
performance test set-up and teardown time erty Management. Approximately 4,450 Division,in cooperation with the S.C. Wild-by 70 percent which enhanced testing safety parcels of property were leased for residen-hie and Marine burces Dept., designed and increased testing capabaties by 100 tial, commercial, public, and various and constructed a l.4-mile nature trailon the percent. miscellaneous uses. Revenues from these Santee CooperWildhfe Management Area in The fourth PEP survey was mailed to all leases totaled $745,000 during the year. Orangeburg County.The trail, located near employees with an excellent response rate of One hundred ninety-four access signs Eutaw Springs,is open from March through 43 percent. Results of the survey indicated are maintained on major roadways in areas August. Outdoor enthusiasts, school chil-employee involvement continues to surroundmg the lakes to guide the pubhc to dren, and the general public can enjoy the strengthen communication and teamwork, various points of access. interrelationship between sound forest man-and employee myolvement is becoming a in cooperation with the S.C. Wildlife and agement activides and various wildlife habitats. - natural part of Santee Cooper's corporate Marine Resources Dept., Property Manage. Approximately 104 acres were prepared .j culture. ment provides maintenance and repairs on for planting in conjunction with Santee 18 pubhc boat launching ramps and parking Cooper's reforestation program. A relatively ProjectAdministration areas. new machine,the Bracke Scarifier /Mounder, . Major transmission projects completed An anti-httering program," Pack It In - was used and its effectiveness evaluated in in 1993 include the 33-mile rebuild of the Pack It OutT was expanded to include addi-reforestation activities on Santee Cooper's Elloree to St. George 69 KV Line and comple-tional public use areas and boat launching woodlands. This method of reforestation tion of the Sycamore 69 KV Switching Station facihties.The program encourages users of causes minimal disturbance to the topsoil N g 9
a. while ehminating competing vegetation and extent, customers may choose to use addi-transmission system. Costs per acre de-providing a debris-free area for planting seed-tional power. Santee Cooper expects this creased by 6.7 pe cent.and total expenditures lings. response to price to benefit all customers fell slightiy. Other forest management activities in-through a more efficient use of our total Contract reclearing in the form of mow-ciude the treatment of vegetation to release resources. ing and helicopter application of selective natural pine regeneration from competition Another innovative pilot rate is the resi-herbicides combined for clearing of an addi-on 527 acres. Also, the planting of 39.000 dential time-of-use rate. This rate prices tional 3,400 acres.The proportion of total genetically improved loblolly pine seedlings, energy differently to residential customers acreage maintained through contracts has 15.000 longleaf pine seedlings, and 36.000 deper4ing on whether they use power dur-slowly increased (from 26.6 percent in 1989 hardwood seedhngs of six different species ing an on-peak or an off-peak period. to 30.8 percent in 1993) and should continue was accomplished on 185 acres. Some of to grow at a modest rate. these new trees will reclaim borrow areas Reliability The conwact to remove the threat of and abandoned agricultural fields and provide Santee Cooper is one of 30 member damage to Santee Cooper's transmission lines tiratier and wildlife habitat for future organizations in the Southeastern Electric from trees off the right of way met estab-generations. Reliability Council (SERC), which includes lishad schedules in the 175 miles that were power suppliers in the region with a generat-maintained. During the year, all lines in the Rates & Forecasting ing capacity of 25 megawatts or more.The Western Transmission District were com-In 1992, Rates & Forecasting personnel council assists member systems a their coor-pleted with the subsequent relocation of the began working with Resource Management dination of planning and operations to achieve clearing operations to the CentralTransmis-International to develop a new load forecast maximum reliability of power supply. sion District in midyear. For the second to plan Santee Cooper's 20-year demand and Santee Cooper is also one of eight power consecutive year, no outages occurred de-energy requirements,The load forecast is to systems in the Virginia-Carolinas Rehability spite the hazardous conditions of removing serve as the foundation for all of Santee Group (VACAR), which also indudes S.C. trees in close proximity to energized conduc. Cooper's long range planning such as the Electric & Gas Co., Carolina Power & Light tors.it is anticipated that by the end of 1994, Integrated Resource Plan, financial forecasts, Co "de Puwer Co., Virginia Power,Yadkin, all rights of way will have had danger tree and rate studies. Karabala Power and Light Co., and the maintenance performed. meeting the 12-year in the spring of 1993. Rates & Forecast-Southeastern Power Administration. The removal cycle established in 1983. ing, in conjunction with R.W. Beck and member systems maintain a coordination Erosion control measures were under- . Associates, began working on a rate study to agreement to safeguard the reliabihty of their taken on several rights of way in the Northern place new rates into effect beginning April I, service. and Western Transmission Districts, in con-1994,1995, and 1996. Santee Cooper maintains interconnec-junction with these operations,Right-of-Way in August,the proposed rates were pre-tions with the Southern Co. and the Management, working with Clemson Univer-sented to Santee Cooper's Board of Directors Southeastern Power Administration at the sity. the U.S. Soil Conservation Service, the for their review. Details of the proposed R.B. Russell Dam; with the Southern Co. at Nature Conservancy, the Audubon Society, ra,tes were placed at each of Santee Cooper's McIntosh;with South Carolina Electric & Gas and civic groups, experimented successfully retail offices for review by customers. Also, Co. at Bushy Park, North Charleston, St. with various seeding compositions including during October.public meetings were held to George Mateeba, Columbia, and the V.C. many wildflower plantings to enhance visually communicate the proposed rate increase and Summer Nuclear Station; with the South, sensitwe areas. to receive questions and comments from eastern Power Administration Duke Power customers. Co., South Carolina Electric & Gas Co.,and System Of)erations-7echnical in preparing the proposed rates, Santee the Southern Co. at Lake Thurmond; and Ducing 1993, System Operations Tech-Cooper worked closely with its large indus-with Carolina Power & Light Co.at Darlington, nical personnel constructed a new substation trias customers to develop rates which would Hemingway, Kingstree, Lugoff, and the at Sycamore and were involved in 27 other maintain their competitweness in today's glo-Darlington County Plant. projects which included constructing addi-bal marketplace and to improve the efficient To further strengthen the ability to pro-tional bays at several substations,the addition use of Santee Cooper's generating resources. vide rehable service to customers, formal of capacitor banks, upgrading of transform-As a result,a pilot economy power rate was interchange agreements were established with ers, and the addition of SCADA and fault j introduced.This rate allows customers to Cajun Electric Power Cooperatwe in Baton recorder equipment at several other substa. J purchase power and energy requirements on Rouge, La. and Oglethorpe Power Corp. in tions.One new industria! customer.Beaulicau I an hour by hour basis, based on Santee Tucker, Ga. of America,was added to the system in the l Cooper's costs to produce the power in each Aiken area. hour.This real-time power purchasing system Right ofWay Managernent Other noteworthy projects included the allows large customers to respond to Santee With the excellent reclearing conditions installation of a new telephone switchboard Cooper's variable cost of producing power. prevalent throughout the summer and fall, and radio console in the Energy Control As costs increase and Santee Cooper begins production during that period overcame the Center for expanded communication capa-to reach a peak condition. customers may poor first quarter that was plagued by wet bilities and the installation of upgraded choose to restrict their use of power. As the weather problems. Acreage totals for Santee metering packages in cooperative and indus-cost of power decreases and the generating Cooper crews increased S.6 percent over trial substations, All 258 cooperative resources are not being used to their fullest 1992 with 11.428 acres recleared across tl:e substations were equipped with the new v D
metering packages which allow remote data Courses leading to two-year, four year which will serve Beauheu of America,a new reading capab& ties. Upgrading of the rnerer-or graduate college degrees were completed industrial customer. ing packages m industrial substations began by 129 employees through the tuition aid and is scheduled to be completed in 1994, program.with nme employees receiving their Ttcatury Several environmental projects were ex-degrees. During 1993 Santee Cooper sold two l~ panded during the year These included the Santee Cooper and the Berkeley County refunding bond issues totallmg reprocessing of substation equipment oil.the School District collaborated on the con- $1.016,485.000.These issues had an average recovery of frecn from substation air condi-struction of an experimental outdoor interest cost of S.81 percent and $37 per, tioners, and phase-out of the use of challenge course The ROPES course is used cent. respectively. These issues resulted in freon-based products in meter cleaning op-by students. educators, and Santec Cooper savings to the ratepayers over the hfe of the crations. employees for hands-on training stressing bonds of $105,183.000.or an average annual team building. problem solving,and personal savings of $3169.000. Sys/cm IVanning development.This course is the only one in in addition Santee Cooper offered its System P!anning continued rese;,,; Berkeley County. sixth annual Mini-Bond issue.Mmi-Bond sales ways to make significant reduction < ' e totaled $29,509,800,with 55,454.800 in capi-cost of future transmission.coan-tal appreciation bonds and $24.055.000 munications, and SCADA in current interest bearing bonds. construction projects while main-taming the current evel of system lla/cr Qua///y l long-range expansion plans for ~ Management rehabihty. Efforts to implement Santee Cooper entered into a toint Santee Cooper's 230 KV transmis-agreement with the University of South sion system were further refined. Carohna and conducted cooperative l Extensive stud *s were per. research to develop a computerized formed to analyze alternatives for f. 4 ecosystem model of Lake Hson. estabbshing a 230 KV interconnec-In 1993.this unit instrated a Iebra i Mussel monitoring program in th-tion at Duke Power Company's Hodges Substation in Greenwood ~ Santee Cooper Lakes. Water Quahty j County This proicct, scheduled for Management also began work with i completion in the fall of 1994, will the Berkeley County Health Depart-l enable increased power transfers to ment to address the continuing be made w!th Duke Power Co.at a lower cost than is currently possible. y problem of the disposal of fish re-mains in the lakes by commercial Through joint efforts of System landings. Plannmg and Corporate Forecasting. The in house laboratory pro-Rates and Marketing, with information pro. Transmission Operations vides scroce te units throughout Santee vided by all departments and divisions of Transmissioa Operations inspected and Cooper.During the ycar.the laboratory con-Santee CooperAe 19931ntegrated Resource mamtained the Santee Cooper transmission ducted 20.250 analyses on 2.090 water Planning Report was developed,The report system, which covers two thirds of South samp!cs. outi,ned the latest efforts to formulate and Carohna.Through ongoing preventative main-Using federally approved herbicides, En. j maintain a lcast-cost integrated resource plan tenance programs,a 99.997 reliability index vironmental Resources personnel chemically mcorporating both supply and demand-side was achieved for the transmission system, treated 6.825 acres of noxious aquatic veg-options capable of meeting customer re-surpassing the 1993 corporate goal. etation throughout the Santee Cooper Lakes quir ements through 2013.The planning efforts Major proiccts completed during the year at a cost of $1.6 million. Aerial applications also included the development ofinitial strat-included: were completed on 6.415 acres, while the egies for achievingleast cost comphance with
Relocating transmission facihties to al-remaining 410 acres were treated using the Clean Air Act of 1990.
Iow for the upgrade of $ C. Highway 278 on ground-based equipment.This was the larg-H.! ton Head Stand; est amount of acreage ever treated in a single Training and Development
Reacating transmission facihties on year at Santee Cooper.
A total of 2.283 internal and external Hilton Head Island for the construction of a Assisted by the U. S. Army Corps of training programs were conducted in 1993. new shopping complex Engineers. Santee Cooper personnel treated Subject areas included management.profes-
Constructing 230 KV addit.ons to the 73 acres of noxious aquatic vegetation in the sional, technical. computer, and skills South Bethune Switching Station; stilkng basin of the St. Stephen Powerhouse.
development. Employee attendance, includ-
Upgrading the line between Hemingway With assistance from the U.5, Army Corps mg federally mandated programs.was 8.548.
and Hemingway Cooperative Substation to of Engineers and the S.C. Water Resources listings of corporate training programs. con-115 KV; Commission,$antee Cooper stocked 50.000 temng 199 courses.were revised and updated
Constructing a l I S KV bay at Aiken No.
sterile grass carp in Lake Moultrie To date. in the comprehensive course catalog which l Substation and a 115 KV kne from Aiken more than 450.000 grass carp have been was distributed throughout the company. No. I Substation to P,per Day mdustrial site, stocked in the two takes. mW 1
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~ J i ..--__..;..._m,--...---_-..-___..~_..--......-_-_..-_.- .....----.--...4.-. q .m.... ~. ] To the Advisory Board and Board of Directors of the South Carolina Public Service Authority: ,l 1 We have audited the accompanying balance sheets of the South Carolina Public Service Authority (a component unit of the State of South Carolina-Note 1) as of December 3 l. 1993 and 1992 and the related statements of accumulated earnings reinvested in th'e business reinvested earnings, and cash flows for each of the two years then ended. These l financial statements are the responsibility of the Authority's management.Our responsibility .) is to express an opinion on these financial statements based on our audits. The financial statements of the South Carolina Public Service Authority for the year ended December d 31,1991 were audited by other auditors whose report dated February 19,1992 expressed b 4 an unqualified opinion on those statements. 'I 1 1 2 We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the acccunting principles used and significant ~, estimates made by management, as well as evaluating the overall financial statement ,y presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the South Carolina Public Service Authority as of December 31,1993 and 1992, and the results ofits operations and its cash flows for the two years then ended in conformity with generally accepted accounting principles. ' Y = Charlotte, North Carolina February 18,1994 L m,- ...d...... _, eb
m .z..... BALANCE SHEETS ' South Carolina Public Scryice Authority December 31,1993 and 1992 ASSETS 1993. 1992 - (Thousands) Utllity Plant-At Cost: ~ Electric plant in service $ 2,540,433 $ 2,475,764 Less accumulated depreciation 814,425 746,749 Electric plant in service 1,726,008 1,729.015 Construction in Progress 450,306-267,411 Nuclear fuel-at amortized cost 14,082 19,100 Utility plant - net 2,190,396 2,015,526 Other Physical Property (Net of Accumulated Depreciation) l,748 1.A97 Cash and Investments Held by Trustee (Designated) 440,417 607,l l 2 Current Assets: Cash and investments held by trustee 50,794 46.536 Bond funds - current portion 90,031 99,205 Accounts receivable - net of allowance for doubtful accounts of $2,907,000 and $2.522,000 in 1993 and 1992, respectively 57,339 50,288 Accrued interest receivable 3,203 3,329 inventories, at average cost Fuel (coal and oil) 26,901 46,506 Materials and supplies 32,716 30,600 Prepaid expenses 1,312 986-Total current assets 262,296 . 277,450 Deferred Debits and Other Assets: Unamortized debt expense 25,838 21,518 - Unamortized loss on refunded debt 305,131 223,429 Costs to be recovered from future revenue 365,075 341,481 Other - 31,754 29,645 Total deferred debits and other assets 727,798 616.073 ' Total $ 3,622,665 $ 3,517,658 -The accompanying notes are an integral part of these financial statements. Dr -w. >. ur' .r .r r -w w-w.- b* - - 1 9 t= u 1 4-
e t' LIABILITIES AND CAPITALIZATION - -I993 l992' - (Thousands) Long-Term Debt: Electric Reven'ue Bonds -Priority Obligations 42,100 $ '44.705 Electric System Expansion Revenue Bonds 1,079,455 - - 1,516.440 Capitalized lease obligations 49,448 ' 52,673 Revenue Bonds 1,370,910 852,950 ' Totallong-term debt (net of current portion) 2,541,913 2, 4 o.768. 't Less: Reacquired debt 10,550 5,345 Unamortized debt discount and premium - net 55,268-42,537z . Long-term debt - net 2,476,095 ~ 2,4 I 8,886 current Liabilities: Current portion of long-term debt 33,704 34,266 - Accrued interest on long-term debt 68,362 80,506 '- ~ Commercial paper notes 108,250. 121,750 Mini-Bonds and Revenue Bonds (Series M) 154,865 123,795 l Accounts payable 29,179 28.129 Other 18,794-24,490-- .j Total current liabilities 413,154 412,936-i Deferred Credits and Other Non-Currert Liabilities: Construction fund liabilities 32.233-25.576 Nuclear decommissioning costs 27,756 24,361 Unamortized gain on reacquired debt 470 366 Other 16,835 10,797 Total deferred credits and other non-current liabilities ' 77,294 ' 61,300 i Commitments and Contingencies Capital Contributions - U.S. Government Grants '34,438 34,438I - Accumulated Earn!ngs Reinvested in the Business 621,684 l 590,098 = Total $ 3,622,665 $ 3,517,658 - i +-
w 14: V '. 7.......,. ..t_._... ____m ...__m..., [.......--_... STATEMENTS OF ACCUMULATED EAllNINGS REINVESTED IN THE BUSINESS ,l.. ......-..... -. -.....:_.--,__.._---__.-.=._.-.........._-__-__......__._.-__._A South Carolina Public Service Authority I Years Ended December 3i,1993,1992, and 1991 1993 1992. 1991 t (Thousands) - Accumulated earnings reinvested in the business - beginning of year . $ 590,098 $ 566,197 $ 530,869 - Reinvested earnings for the year - 37,583 19,717-- 40,968 Total 627,681 595,914 ' 571,837 - Distribution to the State of South Carolina 5,997 5,816 5.640 Accumulated earnings reinvested in the business - end of year $ 621,684 $ 590.098 $ 566,l97 - Ji I, h .] i r .j l I i The accompariying notes are an integral part of these financial statements.
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--] l L-..---. -.._-...,.__ STATEMENTS OF REINVESTED EARNINGS- - - _ _. - - - - - _.j l- . South Carolina Public Service Authority Years Ended December 31,1993,1992, anci 1991 1993 .1992 1991 4 (Thousands) Operating Revenues: i Sale of electricity $ 584,030 $. 541,725 $ 557,736 Other operating revenues 5,453 5,153 4,842 Total operating revenues 589,483 546,878 562,578 Operating Expenses: Operation expense: Production 237,685 217,223 232,219 Purchased and interchanged power - net 12,863 10,425 9,220 i Transmission 4,068 3,197 3,028 Distribution 3,594 3,810, 3.698. Customer accounts 3,571 3,919 ' 3,639 Sales 1,6 l 8 1,295. 1,266 Administrative and general 48,087 39,784 41,037 Maintenance expense 51,626 52,365 50,213 Total operation and maintenance expense 363,112 332,018 344,320. Depreciation and amortization 78,329 75,025 70,846 Sums in lieu of taxes 3,643 3,643 3,364 Total operating expenses 445,084 410,686 ..418,530 Operating income 144,399 136,192 144,048 Other Income: interest income 17,493 21,980 - 29,302 Other - net 1,850 642 52 Total other income 19,343 22,622. ~ 29.354 Intere'st Charges: Interest on long-term debt 122,557 129,894 133,619-Other '27,197 23.356 23,279. L-. Total interest charges 149,754 I53,250 156,898 Costs to be recovered from future revenue 23,595 24,'153 24,464-Reinvested Earnings 5 37,583 29,717 $ 40,968 The accompanying notes are an integral part of these financial statements. ,-,i
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i STATEMENTS OF CASH FLOWS L.....-...,-.-.--..--..-----..
] South Carolina Public Service Authority Years Ended December 3I, I993, I992, and I991 1993 1992 1991-(Thousands) 1 Cash Flows From Operating Activities: Operating Income $ 144,399 $ 136,192 5 144,048 '] Adjustments to reconcile operating income to net cash H provided by operating activities: Depreciation and amortization 86,9i3 85,602 79,180' i i Other income 1,850 33 52 Changes in assets and liabilities: Accounts receivable, net (7,051) (4,692) 6,850 Inventories 17,439 (II,437) (644)' Prepaid expenses (326) 70 19 Other deferred debits (7,659) (4.380) (7,102) Accounts payable 1,050 (1,253) ' (4,508) i Other current liabilities (6,612) 6,174 3,302 Other non-current liabilities 16,090 33,244 (839) Net cash provided by operating activities 251,143 239,553 220,258 Cash Flows From Investing Activities: Net Decrease (Increase) in investments 106,127 (215A41) (144,161) Interest on investments 29,379 39,769 22,544 Net cash provided by (used in) investing activities 135,506 (175,272) (121,617) Cash Flows From Noncapital-Related Financing Activities: Distribution to the State of South Carolina (5,997) (5,815) (5,640) Cash Flows From Capital-Related Financing Activities: Proceeds from sale of bonds 978,435 544,843 398,808 (Repayments) Proceeds net from sale of commercial pr.per (13,500) (2,250) 4,000 Repayment and refunding of bonds (969,868) (228,003) (99,184)- Interest paid on borrowings (183,548) (167,613) (141,703) Construction and betterments of utility plant (240,513) (235,279)- (145,622) Bond issuance costs (15,021) _ (7,699) (4,604) Other (3,148) (3,052) ' (2,961) Net cash (used in) provided by capital-related financing activities. (447,163) (99,053) 8,734 ' I Net (Decrease) Incecase in Cash and Cash Equivalents (66,51 l} (40,587) -101.735 Cash and Cash Equivalents at the Beginning of the Year 188,496 229.083 127,348 Cash and Cash Equivalents at the End of the Year $ 128,985 $ 188,496 $ 229,083 __m._m.._m._____-_.m._________.__m_.-.-__-____m__ .____.-__,i--i._
t t I993 .1992 1991 (Thousands) Reconciliation of Cash and Cash Equivalents: Cash and investments held by trustee (designated) $ ' 440,427 $ 607,112 $ 430,419 - Cash and investments held by trustee 50,794 46.536 50,023 Bond funds - currene portion 90,031 99,205 95,444 Less investments, not considered cash and cash equivalents 459,267 564,357 346,803 Cash and cash equivalents at the end of the year $ 121,985 5 188,496 $ 229,083 The accompanying notes are an integral part of these financial statements. 4 2 b
l' j. f-NOTES TO FINANUAL $TATEMENTS varies substantially from reinvested earnings for the year principally Note I Summary ofSignig< ant Auounting Iblicies; due to costs to be recovered from future revenue and working capital requirements. A - Reporting A.ntay - The South L,aroh.na Public Service 1 - Ru/assi catwns - C,ertain prior year amounts have been
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Authon.ry (the " Authority ), a component unit of. he State of t reclass.fied to conform to the current year presentation. i S.outh C.arolina, was created.m 1934 by the S, tate Leg. latu.e. is The lloard of Directors is appomted by the Governor of South Note 1 Carolina. The purpose of the Authority is to provide electric ~
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i J power to the people of South Carolina. Capital projc(ts are funded by bonds issued by the Authority and internally generated in 1992, the Authority's Board of Directors authorized the funds. The lloard of Directors sets rates charged to customers to construction ofa regional water system. The Authority executed pay debt service and operating expenses and to provide ftmds a contract with the Lake Aloultric Water Agency, ajoint municipal j required under bond covenants. water system consisting of the following members: City of J 11 - Syricm of& counts - The accounting records of the Authority Summerville Commission of Public Works, Town of hloncks are in accordance with generally accepted accounting principles Corner Commission of Public Works, City of Goose Creek and applicable to governmental entities (Note 12) and are maintained the County of Berkeley. The I.ake !\\1oultric Water Agency will substantially in accordance with the Unifbrm System ofAccounts purchase all of the capacity of the water system and sell such prescribed by the Federal Energy Regtdatory Commission (FERC). capacity to the four members. The water system is estimated to C - Utility lYant - Utihty plant is recorded at cost, which indudes commence initial operation in September 1994 and begin materials, labor, overhead, and interest capitalized during commercial operation in January 1995. The estimated construction. The costs of repairs and minor replacements are conatruction costs for the water system are approximately charged to appmpriate operation and mamtenance expense $36,000,000. The construction costs incmred as of December accounts. The costs of renewah and betterments are capitalized. 31,1993 totalled approximately $26,989.000. The original cost of utility plant retired and the cost of removal less salvage aie charged to accumulated depreciation. Notel D - Depeiation - Depreciation is computed on a straight-line Coas to be Raoveredfrom Future Rmnue: lasis over the estimated usefullives of the various dasses of the plant. Annual depreciation provisions, expressed as a percentage The Authority's electric rates are established based upon debt of average depreciable utility plant in service,were approximately service and operating fund requirements. Straight-line 3J% ihr each of the three years in the period ended December depreciation is not considered in the cost of service calculation 31,1993. Amortization of capitalked leases is also indaded in used to design rates. The differences between debt principal depreciation expense. maturities (adjusted for the effects of p enJums, discounts and E - Rmnue Ruognidon andFue/Cosn - Substantially all wholesale arnortizations of deferred gains and loses) and straight-line and industrial revenues are billed and recorded at the end ofeach depredation are recognized as costs to be recovered from future month. Prior to 1992, revenues from retail customers were revenue. The recovery of outnanding amounts associated with cons to be recovered from future revenue will coincide with the recognized as hilled on a monthly cyde basis. Beginning in 1992 any revenues for electricity delivered to retail customers which retirement of the outstanding long-term debt of the Authority, has not been billed is being accrued. Fuel costs are reDected in Note 4 operating expenses as fuel is cimsumed. Y - Bond inuana Cons - Unamonized debt discount, premium Cash andInvcaments Hdd by Trwta (Designatedh and expense are amortized to income over the terms of the Unexpended funds from the sale of bonds, debt service funds,. related debt issues. Unamortized gains or iosses on tefunded debt other special funds, and cash and investments are held and are generally deferred and a mortized to income over the terms of maintained by trustees and their use designated in accordance the refunding debt issues. with appliedle provisions of various trust indentures, bond ' G - Gnb and Cash Epivaknn - For purposes of the statements resolutions, lease agreements, and the Enabling Act included in ofcash dows, the Authority considers highlyliquid investments the South Carolina law. Such funds consist principally of with original maturities ofless than three months and cash on investments in government securities carried at amortized cost. deposit with financial institutions as cash and cash equivalents. Cub - Cash is categorized as fbliows: Category 1 includes bank iI - State Diuribution - The distribution to the State of South balances entirely covered by federal depository insurance. Category Carolina is determined utilizing a formula required under the 2 includes bank balances that are uncollateralized or collateralized 1949 InJenture which is based essentially on operating cash with securities beki by pledging financialinstitutions but not in dows and mandatory reserve requirements. Such calculation the Authority's name.
Intwiment, : Trust indentures and resolutions authorize the December 31,1993, the Authority's repurchase agreements - ' Authority to invest in obligations ofthe U.S. Treasury, agencies, totalled 580,477,000. instmmentalities, and certificates of deposit. The Authority's The Authority's investments are categorized to give an - investments consist of U.S. Government securities, certificates indication of the level ofiisk assumed by the Authority at year-of deposit, and repurchase agreements. The Authority requires end. Category 1 includes inerments that are insured or that securities underlying repurchase agreements have a. market registered or for which the securities are held by trust agents in l value of at least.102 percent of the cost of the repurchase the Authority's name. Category 2 includes uninsured ccrtificates - agreement. Securities underlying repurchase agreements are of deposit which'are cohateralized with securities held by the delivered by broker / dealers to the Authority's trust agents. At pledging financialinstitution but not in the Authority's name. i a l993 investments Cash Total 'i Category Category Catego y Category Carrying ' Market. I 2 2 Value Value ("housands) Cash and Investments Held by Trustee (Designated) General improvement Funds. $ 57,568 $ I,650 $ 55 205 $ 59,478 $ 59,292 Debt Service Reserve Funds. 162,729 0 0 55 162,784 172.038 Other Special Funds. f 57,066 0 0 28 157,094 157,151 Funded interest. 61,067 0 0 4 -61,071 61,908 Total Cash and Investments Held by Trustee (Designated).. $ 438,430 $1,650 $ 55 5 292 $ 440,427 $ 450,389 Cash and investments Held by Trustee (Undesignated) Revenue Fund. $ 44,764 5 0 $ 0 $ (2.098) $ 42.666 $ 42,643 [ Special Reserve Fund. 7,616 0 100 412 8,128 8,143. Total Cash and Investments Held by Trustee (Undesignated)........ $ 52,380 0 $ 100 ' $ (1,686)'. $. 50,794 - $ 50,786 Bond Funds Current Portion Interest - $ 24,120 0 $ 0 $ 36.686 $ 60.806 $ 60.806 ,j Bond Principal _ 16,245 0 0 0 16.245 16.247 Funded interest 12.542 -0 0 0 12,542 12.542-l Lease-438 0 0 0' 438-438 Total Bond Funds Current Portion... $ ' 53,345 5 0 0 $ 36,686 -5. 90,031 $ 90.033 - Y 1 e
I992 Investments ' Cash Total Category Category Category Category Carrying Market r. i l 2 l 2 Value Value [' (Thousands) Cash and Investments Held by Trustee (Designated) l General Improvement Funds 5 75,558 5 1,400 $ 51 $ (582) $ ' 76,4' ' $ 76,519 l. Debt Service Reserve Funds 162.850 0 0 235 163 C.s 170,917 - - ) Other Special Funds 269,519 0 0 77 ,269,596 - 268.376 j Funded Interest - 98,004 0 0 0 98,004 99,251- .) Total Cash and Investments Held by Trustee (Designated) $ 605,931 $ 1,400 $ 51 $ (270)' $ 607,112- $ 615,063 Cash and Investments i Held by Trustee (Undesignated) Revenue Fund.. $ 42,680 0 $ 0 $ (1,260) :$. 41,420 $ ' 41,424 i 5pecial Reserve Fund 4,742 0 100 274 5,116. 5,145 Total Cash and Investments 1 Held by Trustee (Undesignated).. $ 47,422 5 0 $ 100 $ ( 986) $ 46,536 5 46,569 Bond Funds - Current Portion
Interest,
$ 14,870 0 $ 0 $ 51,119 $ 65,989 $ 65,989 Bond Principal 15,554 0 0 6 15,560 15,654. Funded Interest. 17,217 0 0 0 17,217 17,217 Lease 439 0 0 0 .439 -439 1 1 Total Bond Funds - Current Portion.. $ 48,080 0 0 $ 51.125 $ 99,205 $ 99,290 ] 1 I l l. L-
Note 5 Long Term Debt Outstoneng-The Authority's long-term debt at December 31,1993 and 1992 consisted of the following: I. -} l . December 31, - 1993 1992 (Thousands) Electric Revenue Bonds Priority Obligations: (mature through 2006) ' Interest rate 4.10% _. $ 44,705 47,245- + Electric System Expansion Revenue Bonds:(mature through 2022) Interest rates vary from 5.20% - 8.75%. 1,099,525 1,539,535-Capitalized lease obligations: (mature through 20l5) Interest rates vary from 2.00% - 5.00% _ 52,672 55,819 Revenue Bonds: (mature through 2032) interest rates vary from 2.70% - 7.00% __ 1,378,715-858,435 - Total Long-Term Debt. 2,575,617-12,501,034 - . Current Portion - Long-Term Debt _ 33,704 34,266 Total Long-Term Debt - Net. $ 2,54I,913 $ 2.466,768 Matueities of long-term debt through 1998 are as follows: Priority Expansion Capitalized flevenue 1 Obhgations Bonds Leases Bonds Total Year Ending December 31, (Thousands) 1994 $ 2,605 5 20,070 ' $ 3,224 $ 7,805 $ 33,704 1995. 2,720 21,405 3,318 27,170 54,613 .1996 - 2,845 23.165 3,418 10,670 40,0981 1997_ 2,975 19,160 3,527 18,380 44,042 1998 3,105 19,980' 3,609 15.800 42,494' Total $ 14,250 $ 103,780 $ 17.096 5 79,825 '5 214,951 4 The fai; <alue of the Authority's debt is estimated based on the rate adjustments. quoted market prices for the same or similar issues or on the in 1993, the Authority issued $385,125,000 ia 1993 Reftmding current rates offered 'to the Authority for debt with the same Series A&B 11onds and $631,360,000in 1993 Refunding Series remaining maturities. Based on the borrowing rates currently C Bonds.These refundings reduced the Authority's total debt, available to the Authority for tax-exempt bonds and other debt service over the life ofits bonds by approximately $66,501,000,. with similar terms and average maturities, the fair value ofdebt resulting in an economic gain'mcr the life of the bonds of is approximately $2.85 billion and $2.8 billion at December 31, - approximately $30,249,000 after adjusting for funds used fmm 1993 and 1992, respectively. the refunding of other than the' 1993 Refunding Series A&B - J} The Aut.hority refunds and defeases debt primarily as a means ' Bond proceeds and the 1993 Refunding Series C liond proceeds. of reducing debt service, the eby postponing or reducing future i-h + e
Amounts outstanding, original loss on refunding, and the unamorti7cd loss at December 31,1993 are as follow: Refunding issue Refunded Bonds Refunded Amount Original Unamortized Outstanding Loss Loss . (Thousands) 1982 Refunding $ 100,000 of the 1981 Series C and $ 127,000 of the 1982 Series A. 62,588 - 350-1985 Refunding $ 150,000 of the 1982 Series B 30,570 1,901 1 Cash Defeasance $ 20,000 of the 1982 Series A 2,763 2.100 1986 A&B Refunding $ 42,725 of the 1980 Series A $ 42,000 of the 1981 Series A $ 61,000 of the _1981 Series B $ 4,420 of the 1981 Series C $ 7,820 of the 1982 Series A $ 9,010 of the 1982 Series B 43,736 ' 5,595 1986 C&D Refunding $280,275 of the 1982 Refunding Series 97,109 83,474 1987 A Refunding $160,510 of the 1985 Refunding Series 160,510 48,038 38,397 1988 A Refunding $ 18,220 of the 1980 Series A $ '18,315 of the 1981 Series A $ 9,110 of the 1982 Refunding Series 5 5,000 of the 1985 Refunding Series $120,890 of the 1985 A Refunding Series 125.890 28,644 19,623 1991 A,B&C Refunding & $ 4,855 of the 1980 Series A improvement Series $ 8,075 of the 1981 Series A $ 13,500 of the 1985 Series $ 32,500 of the 1985 A Refunding Series 32,500 4,856 2,585 Commercial Paper $ 27,000 of the 1985 Subordinate Series _- 2,579 - 495 83 1992 A Refunding $ 3,370 of the 1985 Refunding Series $ 5,405 of the 1985 A Refunding Series $ 100,010 of the 1986 Refunding Series A $ 22,555 of the 1988 Refunding Series A $ 15,370 of the 1991 Refunding Series B $ 12,085 of the 1991 Series D 158,795 ~ 42,188 -. 39,842 1993 A&B Refunding $ 86,180 of the 1974 Series. $ 93,360 of the 1979 Series A $ 4,980 of the 1985 A Refunding Series $ 14,935 of the 1986 Refunding Series A - $ 23,675 of the 1986 Refunding Series B $135,705 of the 1991 Refunding & Improvement Series B and C. .179,295 38,870'. 38,870, i 1 1993 C Refunding $167,660 of the 1977 Refunding Series $ ' t,565 of the 1979 Series A 900 of the 1985 Refunding Series $: 2,390 of the 1985 A Refunding Series 5.6,365 of the 1986 Refunding Series A $ 14,905 of the 1988 Refunding Senes A $100,110 of the 1991 Refunding & improvement Series B and C $279,905 of the 1991 Se' ries D. 406,140 72,311' ~ 72,311 ' Total $ 1,065,709 $ 472,168 ' $ 305,131
The Authority's bond indentures provide for.certain 1993 1992 1991 restrictions, the most significant ofwhich are: 1.The Authority covenants to establish rates sufficient to pay Average annual effective interest rate - 2.40% 2.96% 4.48% all debt service, re luired lease payments, capital improvement fund requirements and all costs ofoperation and maintenance of At December 31, 1993 the Authority had a Revohing Credit the Authority's electric system and all necessary repairs, replacements, and renewals thereof. Agreement with NatmnsBank for $150,000,000. This agreementis 2, The Authority is restricted from issuing additional parity used to support the Authority'sissuance ofcommercial paper, There bonds unles, certain conditions are met. were no bormwings under the agreement during 1993 or 1992. As of December 31,1993, the Authority is in compliance in 1988 and 1989 the Authority issued bonds (Mini-Bonds) with all debt covenants. in smaU denominations which are due on demand by the registered owner under a Mini-Bond Resolution. In 1990 the
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Note 4 including the existing 1988 and 1989 Mini-Bonds were frozen Commew lPajvrand3h.. Bonde a m-cxu pt fut Refunding purposes. Under the. Revenue Bond The Board of Directors has authorized the issuance of Resolution, small denomination bonds due on demand (Series commercial paper not to exceed $150,04000 The paper is M Bonds) were ismed.The pledge ofrevenues securing Revenue issued for valid corporate purposes with a term not to exceed 270 Bonds is junior and subordinate to the pledge of revenues days. For the years ended December 31,1993,1992, and 1991, securing the Priority Obligations, Electric System Expansion the information related to commercial paper was as follows: Revenue Bonde, and the 1988 and 1989 Mini-Bonds and capital a gat n, but inuperiono se hen and plege drevenues I993 1992 199f securing the Commercial Paper payments to the Contingency Effective interest rate Fund, Capital improvement Fund, Special Reserve Fund and (at December 31) 2.52% 2.69% 4.20% the payments to the State. At December 31, 1993, the Authority had two Revolving. Average annual amount Credit Agreements with NationsBank for $40,000,000. These outstanding $I17,700,000 $115,410,000 $123.880,000 agreements are used to provide liquidity for the put feature on all outstanding Mini-Bonds. There were no horrowings under Average annual maturity 52 days 62 days 44 days 1 g g93 Commercial Paper and Mini-Bonds outstanding at December 31, are: 1993 1992 (Thousands) C.,mmercial Paper.- $ 108,250 $ 121,750 Mini-Bonds: -l 1988 Series, bearing interest at 7.75% and due 2003 - $.16,622 $ 16,641 .j 1989 Series, bearing interest at 7.00% and due 2004.. 18,615 18,299 Total Mini-Bonds 5 35,237 $ 34,940 1 Revenue Bonds (Series M):- l990 Series bearing interest at 7.30% and due 2005, and 2006 $ 22,185 $ 21,842 1 1991 Series bearing interest at 6.875% and due 2007, and 2008 - 28,030 27.671 1992 Series bearing interest at 6.25% and due 2007,2008, and 2009 39,816 39,342 1993 Series bearing interest at 5.35% and due 2010,2011, ar.d 2012 29,597- ] I Total Revenue Bonds (Series M) $ 119,628 $ 88,855 Total Mini-Bonds and Revenue Bonds (Series M). - $ 154,865 $ 123,795 Total Commercial Paper, Mini-Bonds, and Revenue Bonds (Series M) $ 263,115 5 245,545 b
l M steam generators must be replaced due to stress corrosion Summer Nu&ar Starianc cracking. SC E&G estimates replaceme nt of the ateam gener ators wi!! cost approximately 5156 million of which, the Authority's The Authority and South Carolina Electric and G,as (SCE&G) share w.dl be approximately $52 mdlion, exclus.ive of the are parties to a joint ownership agreement providing that the Authon.ty s mdirect costs. Replacement of the generators is Authority and SCE&G shall own the S.ummer Nuclear Station j scheduled for 1994. SL,E&G has filed suit against the i with undivided interests of 33%% and 66M%, respectivdv. manufacturer of the generators seekm.g damages for the SLE6(G is soldy responsible for the design, construction, replacement of the generators; In January 1994, SCE&G and budgeting, management, operation, maintenance, and the Author.ity reached a settlement agreement with the decommissionmg of the Summer Nudcar Stanon, and the manufacturer of the steam generators renolv.mg the dispute Authon.ty is obligated to pay its ownersh.ip share of all costs mg the steam generators. Terms of the settlement will mvolv. ' relating thereto. The Authority receives 33%% of the net remain confidena. l and +here wd. l be no material adverse impact a dectricitygenera ed. At December 31,1993 and 1992 the plant on the Authority. An order dismissmg tlu.s suit was entered by accounts included approximately $4W,514,000 and the j. dge on January 12,1994. u $436,409,000, respectively, representing the Authon.tv s .The suppb.er under the on..gmal uranium supply contract investment,induding capitalized interest,in the Summer Nudcar breached the contract m 1975 due to uranium market condm..ons. Station. I.or each of the three years ended December 31,1993, SL,E&G,...mmated action seek.mg specdic performance of the 1992 and 1991, the Authon.tvs operatmn and mam.tenance contract provmons, and a final settlement was reached and expemes induded $38,772.000,541,431,000 and $30,880,000, approved by all parties in April 1980. By terms ofthe settlement, respectivelv, f.or the Sunuuer Nudcar Station. the Authon.ty has received approximatelv 510,243,000 m. eash. Nudear tud costs are being amortired based on energ) as partial settlement of the lawsm.t. Additionally,the agreement expended which m. dudes a component ihr estimated disposal ? provides for dehvery of uranium, long-term dchven.es of costs ofspent nudcar fuel. Tlus amortization is induded in fuel equipment and services (m. duding convenion and fuel expense and.is recovered thmugh the Authority,s rates. fabn. canon) at a d.ncount. The cash and discounts received (and. SL,E&G has an on-site spent fuel storage capability until at related interest earned) which approximated $16,572,000, were least 2008 and expects to be able to expand.its storage e <pacityro recorded as def. erred credits. During prior refueling outages accommodate the spent fuel output for the lif.e of the plant deferred cred.its and rdated interest were used to ottset additional tiuough rod consolidation, dry cask storage or other technology .m fuel costs associated with replacement energv dun.ngthe Summer as it becomes avadable. In addition, there.is sufh..cient onmte Nuclear Station tefuding outages.The remainder ot the det. erred storage capacity over the lif.e of Summer Nudcar Station to credits was used during the scheduled refueling outage in 1993. permit storag'e of the entire reactor core in event that complete ,The E,nergy P h.o ey Act or 1992 gave the Department of unloading shouki become des.irable or necessary for any rer. son. 1;,nergy (DOE) the authority to assess utih.. ties for the .The Nudear Regtdatory Comnu.ssmn (N RC) has published decomnu.ssmmng of.its facilities used (br the enrichment of fmal regulatiom on decomnu.ssmnmg of.nudear ficih..nes that uramum mduded m.nudcarfuelcosts. Inorderrodecomnu..ssmo require a licensee of a nudear reactor to provide mu..umum these facilm..es the DOE estimates that it wouki need to charge financial assurance of its ability to decomnu.snon its nt. dear utth. ies a total of $150,000,000 annually for fifteen (15) yean . r facih.. ties. In compliance with the applicable NRC regulations, based on enrichment services to date. Based on an estimate from the Authority established an external trust fund and began SCE&G, coven.ng the fifteen years, the Authon.ry 's one third making depm.ts mto this fund in September 1990, in add..itmn share of the liabih.ty totalled 52,483,000. Such amount has been to providing for the minimum requirements imposed by the defened and will be recovered through rates as paid.These costs. NRC, the Authorny makes deposits into an internal ftmd m.the are mduded on the balance sheet m deferred cred.its and other amount necessary to fund the ditrerence between a site-specific noncurrent liabih..ues. decomm.isuonmg study completed m. 1991 and the NRC.s The maximum liability for pubh. da.ims ansmg from any c imposed minimum requirement. Santee Cooper,s one-third nudear m.cident has been established at 59.4 billion by the share of the estimated decomniissioning costs of. he Rummer t Pn.ce-Anderson Indemnih. cation Act. This $9.4 billion would Nudear Station equals approximardy 576,266,000 m 1990 be covered by nudear liability insurance of about 5200 million dollars. The Authority accrues fi>r its share of the estimated decommissioning costs over the remaining lif'e of the facility. per site, with potential retrospective assessments ofup to S 79.273 md. b.on per b.censee for each nudcar m.eident occurring at any - . These costs are being recovered through the Authon.tys rates. Based on current decommiwioning cost estimates devdoped reactor in the United States (payable at a rate not to exceed 510
"" P*' *. #"** pegear as nits ne-thirdinterestm by SCE&G, these funds, which totalled approximately at on, the Authority would be responsible.
umrna car $25,073,000 at December 31,1993, along with future deposits for the maximum assessment of $26.425 million, not to exceed mto both the extern.t! and intern.tl decommissioning accounts .approximately 53.3 million per.meident,peryear. This amount and investment earnings, are estimated to provide sufh..cient funds for the Authority's one-third share of the total is subj.ect to further increases to reflect the increase of (0 inflation,(ii) the hcensing for operation of additional nucicar decomnu.ssionmg costs.
* * " "

I #"""""'I^I
""Y SCE&G has determined that the Summer Nudear Station liability insurance required to be maintained by the NRC.

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Additionally, SCE&G and the Authority maintain with - 31,1993,1992, and 1991, totalled $753,000, $1,021,000, and A merican Nndear Insurers (ANI) and Nuclear Electric Insurance $ J,431,000, respecth ely. Limited (NEll) $500 million primary and $1.4 billion excess property and decontamination insurance to cmtr the costs of g cleanup of the facilityin the event ofan accident. In addition to contract trith Ce nera/E/utric Power Cooperatin, Inc.: the premiumn paid on the excess policy, SCE&G and the Power supply and transmission services are provided to C,entral Authon.ty could also be assessed a retroactive premium, not to m accordance w. h a power system coord.manon and integration it exceed 7.5 times the annual premium, in the event of property damage to any nuclear generating facility covered by NE.IL agree ment. In addition, the Authority will be the sole supph.er of liased on the current annual premium and the Authon:ty s one-Centrafs energy needs excluding energy Central receives from the Southeastern Power Administration and SCE&G. third interest, the Authority's maximum retroactive premium would be $4.1 million. Note 10 The Authority is self-insured for any retroactive premium assessments, claims in excess ofstated coverage, or cost increase, Commitmentr and Contingencies due to the purchase of replacement power. Rudget - The Authority's capital budget provides for expenditures of approximately $224,545,000_ during the year Note 8 ending December 31,1994, and $320,256,000 during the two I. eases; years thereafter. These projects will be nnanced by internally The Authority has capitallease contracts with C,entral E.lectnc generated ftmds and additional borrowings. Fu/me Generation - The Autho..ity's lloard of Directors Power L,ooperative, Inc. (L,entral), covering a steam electne generating plant, transmission facih.. ties, and various other approved the construction of a second 540-megawatt coal-facih..nes. The Icase terms range f. rom three to twenty-three fueled electric generating unit at the Cross Plant with power vears. Quarterly lease payments are based on a sum equal to the generation to beg,m no later than Alay 1995. The cetimated cost of construction is expected to total interest on and pn.ne pal of L,entral,s. debtedness to the Rural m E,lectnh. canon Adnu..mstranon for funds borrowed to construct approximately S484.0 million which m.cludes $441.5 nu.llion for the abme-mentioned facih..t es. The Authority has options to the generating um.t, $25.9 mdlion for related transtmssmn fitcilities, 59.3 million fbr coal cars and $7.3 nu.llion for the purchase the leased properties at any time during the period of entral.. debtedness uut ai coal stoapile. the lease agreements for sums equal to C. sm Pmchase Cemmitments - The Authon.ty has contracted fbr remaining outstanding on the pmperties at the time the optmns are exercised or to return the properties at the tennination of the longterm coal purchases under contracts with outstanding lease.,The Authority plans to exercise each and eury optmn to minimum obligations at December 31,1993 as folh>ws: acquire ownership of suth facilities prior to expiration of the Years ending December 31: Amount lea'ses. (Thousands) Future minimum lease payments on Central leases, at December 31,1993 were: 1994. $ 103,162 Years ending December 31: Amount 1995 103,162 (Thousands) 1996-- 103,162 1997. 103,162' 1994. $ 5,240 1998 83,516 1995. 5,233 Thereafter. 360,351 l 996.. 5,229 1997. 5.229 Total. $ 856.515 1998 5,198 Thereafter. 46,405 The Authority's outstanding minimum obligations under existing purchased power contracts as of December 31,1993 Total minimum lease payments. 72.534 were approximately $130.7 million. The terms of the contracts-Less, amounts representmg interest... 19.862 range from 1 to 42 years. The Authority has commitments of approximately $130.1 - Balance at December 31,1993 $ 52,672 million fbr~ its one-third share under the joint ownership agreement with SCE&G for the purchase, conversion, Property under capitalized leases and related accumulated enrichment and fabrication of uranium. amortization included in utiliiy plant at December 31,1993 C/ean dir 4ct - The Authority endeavors to ensure that its totalled $100,207,000 and $56,672,000, respectively, and at facilities comply with applicable emironmental regulations and December 31, 1992 totalled $100,995,000 and $54,491,000, standards. respecthrly. Congress has promulgated comprehensive amendments to Operating lease payments during the yvars ended December the Clean Air Act, including the addition of a new federal A@m l
program relating to acid precipitation. The Authority has 1993, financial statements the pension benefit obligation for evaluated the potentialimpact of this legislation, including new retired and active members was appmximately $12.6 billion. The. limits on the a'Jowable rates of emission of sulfur dioxide and amortized cost of anet, of the System was approximately $9.3 nitmgeu oxide. While the legislation contains a number of new billion. The unfunded pension obligation was approximately restrictions, the most significant new requirements, relating to $3.2 billion. The pension benefit obligation is a standardized acid precipitation,would not begin to impact the Authority until measure ofthe present value ofpension benefits, adjusted for the the year 2000. effect of projected salary inercases, estimated to be payable in. Under the Clean Air Act, among other things, specific the fi ure as a result of employee service to date.The measure, reduuions in sulfur dioxide and nitrogtn oxide emissions from which is an actuarial present value ofcredited projected benefits', - lbssil-fueled generating units will be re" red in two phases. In is intended to help users assess the System fimding status on a general, Phase 1 comphance must he impemented byJanuary 1, going-concern basis, assess progress made in accumulating, 1995 and Phase 11 compliance by January 1,2000. SpeciGe sufficient assets to pay bencfits when due, and make comparisons regulations, rules and procedures fbr implementing the Clean among public employee retirement systems. The System does Air Act are currently being promulgated by the EPA. The not make separate measurements of assets and benefits payable-Authority currently projects it can meet Clean Air Act compliance for individual emplayers. The Authorityi contribution with it s existing units but may need to environmentally dispatch represented approximately one and a half percent of the total the order of operation. The Authority estimates that approxi-contribution to the System. mately $28 million through the year 2000 may be necessary for Ten-year historical trend information showing the System's continuous emissions momtoring equipment and the installation progress in accumulating sufficient assets to pay benefits when oflow nitrous oxide burner technology. due is presented in the System's June 30,1993 Comprehensive Energy Policy At ofl992 - The Energy Policy Act of 1992 Annual Pinancial Report. (Energy Act) pmmotes energy efficiency, alternative fucl use, The Authority also provides deferred compensation benefits and increased competition fbr electric utilities and wiP have a to certain employees who are eligible m retire with ten years of significant impact on the utility industry. Under the Energy Act, service and have reached the age of 50. The cost of these benefits Independent Power Producers (IPPs) are allowed access to a are accrued on an actuarially determined basis. As of December utility's transmission lines to sell their electicity to other utilitics, 31,1993, there were 37 active participants and 22 retirees. The ' thus enhancing their incentive to build generation plants fbr the actuarial accrued liability at December 31,1993,1992 and 1991, utility's large industrial and commercial customers. At this time, was appmximately $3,255,000, $2,956,000 and $2,676,000, the Authority is not able to determine what impact open respecth ely. transmission access will have on the financial results of the Acthority. Mate 12 Other Post-Retirement Bene)ite Retirement Pian The Authority provides certain health, dental and life insurance benefits for retired employees. Substantially all ofthe Authority's Substantially all Authority fidl-time employees must participate emplovces may become cligible for these benefits if they retire at in the South Carolina Retirement System (" System"), a cost-any agc with 30 years of service or at age 60 with at least 20 years - sharing, multiple-employer public employee retirement system. o[senice. Currently, approximately 242 retirces meet these The payroll fbr employees covered by the System fbr each of the requirements. The cost of the health, dental and life insurance y years ended December 31,1993,1992 and 1991, was $ 65,727,000, benefits are recognized as expense as the preiniums are paid. For $61,558.000, and $57,125,000, respectively. the years ended December 31,1993,1992 and 1991, these costs Vested employees who retire at age 65 or with 30 years of totalled $515,000, $371,000 and $329,000, respectively. senice at any age are entitled to a retirement benefit, payable During their first ten years of service, full-time permanent monthly for life. The annual benefit amount is equal to 182 employees can earn up to 15 days vacation leave per year. After percent of their average final compensation times years ofsemce. ten years of senice, employees carn an additional day vacation - i Benefits fidly vest on reaching five years of senice. Reduced IcEe for each year of service over ten until they reach the retirement benefits are payable as early as age 55. The System maximum of 25 days per year. Employees carn annually a half aho pmvides death and disability benefits. Benefits are established day per month plus three additione.1 days at year end for sick - by state stature. jc,yc, Employees are required by State statute to contribute 6 percent Employees may carry fbnvard up to 45 days of vacation leave of salary. The Authority is required by the same statute to and 180 days of sick leave from one calendar year to the next. contribute 7.55 percent of total payroll. The contribution Upon termination, the Authority pays employees for accumulated requirement Ihr each of the years ended December 31,1993, vacation leave at the pay rate then in effect. In addition, the - ~ .1992 and 1991, was $5,063 000, $4,742,000 and $4,449,000 Authority pays employees upon retirement 20 percent'of their : from the Authority and $3,944.000, $3,689,000 and $3,431.000 accumulated'sickleave at the pay rate then in effect. These costs from employees. are carried as a deferred debit and a liability on the balance sheet ' I An actuarial valuation is performed fbr the System annually, and will be recovered through rates as thcy are paid. According to the South Carolina Retirement Systems, June 30, 1 1
Note 13 Credit Rhk andMajor Cunomers: Concentrations of credit risk with respect to the receivables are limited due to the large number ofcustomers in the Authority's customer base and their dispersion across different industries. Tlie Authority maintains an allowance for uncollectible accounts ' losses based upon the expected collectibility of all accounts receivable. Sales to two major customers for the years ended December 31, were: 1993 1992 1991 (Thousands) y Central Electric Power Cooperative. Inc. 5 277,000 $ 236.000 $ 242.000 Alumax of South Carolina. Inc. $ 72,000 $ 82,000 $ 88.000 During calendar years 1988 through 1990, Alumax received rate relief of 34.4 million which was subject to repayment if the monthly price of 21uminum was $.72 per pound or more as stated in 1986 dollars. Alumax is not eligible fce any additional rate relief. On December 31,1993, Alumais obligation to repay such rate relief ended. In February,1993, Alumax announced a 20 percent reduction in pnxluction at their plant sened by the Authority.The reinvested earnings impact on the Authority for 1993 is estimated to be 55.6 million. O'
n-AUDIT COMMITTEE CHAIRMAN'S LETTER F The Finance-Audit Committee of the Board of Directors is composed of four independent directort i lxon S. Goodall, chairman; B.L Hendricks; D. Gene Rickenbaker; and Johnnie (Joe) Young. The Committee meets monthly with members of management and Internal Audit to review and discuss their activities and resnonsibilities. The Finance-Audit Committee oversees Santee Cooper's financial reporting and internal auditing processes on behalfof the Board of Directors. Monthly briefings on the financial statements and periodic reports from management and the internal auditors pertaining to operations and representations were received. In fulfdling its responsibilities, the Committee also reviewed the overall scope and specific plans for the respective audits by the internal auditors and the independent public accountant.The Committee discussed the Company's fnancial statements :,nd the adequacy ofits internal controls. The Committee met with the independent public accountant and with the General Auditor, without management present, to discuss the results of the examination, the evaluation of Santee Cooper's intern.d controh, and the overall quality of Santee Cooper's financial reporting. ,y i
f. 6h 14 i
Iron S. Goodall, Chairman Finance-Audit Committee
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5 With Record ofAccomplishment, Ken Ford Steps Down as President j ~ t p$ ' J t i n / 4 y an k_ Stating that the time had come fbr him to pass t hallenges and greatest opportunities for serving the baton and for the company to move ahead to its co tomers and the people of South Carolina, new challenges, President and Chief Executive "I know Santee Cooper is in very good hands Officer Ken Ford announced his retirement Oct. with the strong leadership of the board, its 22 "I feh that passing of the baton would be best chairman and the new management team." done when Santec Cooper is in its strongest Ford said he projects a bright future for position," he told employees. Santee Cooper, resulting from a strong and Ile explained that recovery from his recent interactive management-employee relationship. spinal surgery was taking longer and was more "I think the development, through a team concept, taxing than he had anticipated. Following the of the goals progriun and the strategic plan has 1 advise of his doctors that optimum recovery could had a solidifying impact on senior management, best be achieved by withdrawing from the day-to-and those programs will have the same influence day pressures of managing a major corporation, he throughout the entire organization." stated,"IfI can't give the full 100 percent to the Examining his career at Santee Cooper that company,it's best to step aside and allow someone began in 1978 as its chief financial officer, Ford capable of doing so to take the reins " recalled how Santee Cooper "came of age," With a sense of great optimism, Ford said evolving from a relatively small utility with 1,312 that Santec Cooper was the stmngest it had ever megawatts of generation and less than 45,000 been financially and faced some of the greatest customers to a major South Carolina energy and
4 Santee Cooper's new President and Chief Executive Officer T. Graham Edwards commends Ford for his dedication and leadership. m_ , _. %glM " Ken Ford coritributed tremendously to this q5 "y3 e 3%g organization and the people we serve. He came ' ] in at a tir.1e in 1989 when circumstances were - L 'lj somewhat rocky for Santee Cooper with lots of l changes and challenges facing us. We had to ,yP. T rebound from a devastating hurricane that a t_ flattened our transmission system; we were facing .[ challenges from the legislature and legal battles {} involving fuel contracts and other matters; and we were preparing for the economic impact of 3 f military downsizing afTecting our service area. it - seemed like everything was just going on at one gp f time, and Ken provided the stable force needed u M - for ihis organization. He was probably one of the j few people who could step in and provide.the a
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j leadership and stability that were needed."
3D . - 2 6 Ford said that his greatest pride at Santee h. ljj; Cooper came from what its ' employees have { shmvn in sticking together during some difficult times over the past five years.
s jQh "Whether it was Ilurricane Hugo, the coal
-[ contract situation or ' hreat of privatization, the t employees and their families have always stood '] shoulder to shoulder in addressing these ~ economic resource that by the end of1994 will be challenges." H operating with over 3,200 megawatts ofgeneration Ford concluded by repeating what he tohl and serving more than 10.,000 customers. employees following Santee Cooper's successful' 0 "We should all be very proud because when recovery from Hurricane Hugo'."No person was you look at the total picture by counting electric too big and no job was too small to meet the co-op customers, Santee Cooper power is today challenges we faced, and I'll never forget that. I used by one'ofevery three South Carolinians, and feel that same spirit of commitment has applied - - with our new regional water system,we are probably throughout the organization during my term as in the position we were 50 years ago with electricity." president and CEO." i
Advi.sory Board Afanagement Carroll A. Campbell Jr. T. Graham Edwards Ron H. Holmes Governor President and Chief becutive Offcer Vice President James M. Miles Robert V. Tanner Secretory of State Chief Operating oflicer Robert F. Petracca Vice President T.Travis Medlock Bill McCall Jr. Property and Transportation Atorney General becutive Vice President Productuon Byron C. Rodgers Jr. Earle E. Morris Robert E. Raincar Vice President, Engineering and Comptroller General becutive Vice President Construction Management Engineering and Operations Grady L. Patterson Jr. Jerry L. Stafford State Treasurer John H.Tiencken Jr. Vice President becutive Vice President Corporate Communications General Counsel William R. Sutton Emily S. Brown Vice President Senior Vice President Planning and Power Supply Administration and Finance L.F. " Butch" Volf Maxie C. Chaplin Vice President Vice President System Operations-Production Operations Transmission and Construction Zack W. Dusenberry Elaine G. Peterson Vice President ( Harry-Georgetown Division H.Roderick Murchison Treasurer Changes in Executive Afanagement in October, President and CEO Kenneth R. Ford announced his resignation and retirement fbr heahh reasons associated with spinal surgery. T. Graham Edwards was named the new President and CEO. Along with the change at the top, other reorganizational changes took place in October. Santee Cooper's Board of Directors named Robert V.T;mner to the position of Chief Operating Officer. Also,11111 McCall was promoted to Executive Vice President of Production. and Emily S. Ilrown was promoted to Senior Vice President of Administration and Finance.
4 Schedule ofRefimdedBonds Outstanding As of Deumber 31,1993 (In Thousands) Cc8 Date January 1,1994 July 1,1995 July 1,1995 January 1,1996 juty 1,1996 July 1,2004 Juh 1,2002 Series 1979.A REF 1985 REF 1985 A REF 1988 A REF - 1986-A & B REF 19918 & C REF 1991 D original Maturity D;.ta July i Rate Amount Rate Amount Rate Amount Rate Amount . Rate Amount Rate Amount Rate
Amount, 1994 1995 1996 6.10 1,565
'1997 8.80 900 8.60 2,390 1998 9.00 1.060 8 70 4.930 1999 9.05 1.160 8.75 5,405 ' 7.80 6,365 2000 9.10 1,150 - 7.80 13,200 2001 7.90. 835 6 60 15,370 5.90 5.870 2002 7.90 900-
6.00 6,215 '
2003 9.00 32,500* 8 00 4,695 2004 8.00 5,070 2005 9'ls 5.000* 8.00 5,475 2006. 8.00 5,910 2007 8.10 6,390 7.00 4,025 .2003 8.10 6,905 2009 7.00 8,915* 2010 2011 .2012 7.00 25,610* 2013 2014 2015 2016 2017 2018 2019 8.00 65,565* 2020 7.00 23,675* 2011 9.20 120,890* 77/e - 37,460* 7.10 135,705* 2022 9W 160,510' .2023 2024 6.50. 130,275* 2025 2026 6% 61,560* 2027 2028 2029 2030 - 2031 65 s. 149,630* / .. p Totals . Per Series $1,565 $169.780 - $166.165 $37,460 $144.985 $251,185 - $291,990 Totals Per Call Date $1,565 $335.945 537,460 $144,985 $251,185 ' $291,990 .I
Term Bornis
Scheduie ofBonds Outstanding As of December 31.1993 c-(in Thousands) - ttturity - 1967 1973 1974 1977 1978 1979A 1982 Refunding 1945 Refunding 1985A Refunding Octe - Series - Series Series Series Series Series. Series. Series Series - July I Int. Rate Amt. . Int. Rate Amt. Int. Rate Amt. Int. Rate Amt. Int. Rate Amt. Int. Rate Amt, int. Rate Amt. Int. Rate Amt. Int. Rate Amt. + -1994 4 10 2,605* 5% 1.700* 6.40 1,910 5.20 720 5 '/* 1.440 6 00 1.425 8% 750-8.20 705 i 8.00 -. 510 -1995 4.10 2.720* $1/4 l,795* 6.40 2.035 5.30 785 5 30 1,515 6.05 I,490 8.40 765 8.20 - - 2.425 =1996 4.10 2.845* Sh ' l.900* 6 40 2.155 5.40 830 5.35 1.585 8 60 825 8.40 2.030 1997 - 4 10 2.975* 5% 2,010' 5.45 890 5 40 1.670 1998 4.10 3,105* 5% 2.125* 5'/2 935 5 40 1.760 -1999 4 10 3.245' Sh 2,245* Sill 1.005 5.70 1.850* 2000 4 10 3,395* Sh 2.375* 5.55 1.065 5 70 f.940* I 2001 4.10 3,545" 5% 2,510* 5.60 1.130 5 70 2,045* 2002 4 10 3.705* 5% 2.655* 5.60 1.220 5.70 2,145* 2003' 4 10 3.870* - 5% 2.810* 5% l.295* 5.70 2.260* I 2004 4.10 4.045* 5% 2.970* 5% 1.380* 5.70 2.380' 2005 4.10 4.230* 5% 3.140* 5% 1.460* 5.70 2 500a ( -- 2006 4.10 4.420" 5% 1,325' 5% 1.570* 5.70 2.630* 2007 5% 3.515* 5% 1.795* 5.70 7.385* 2006-5% 3.715* 5% 1.945* 5 70 7.845' ] 7 2009 5% 3,930' 5% 2.080* 5 /s 8.330* 2010 5% 4.155' 5% 2.225* 57/s 8.845* ' 2011 5% 11,520* 5% 2,180* 57!s 9,390* (q 7 -1 2012 5% 12.180* 5% 2,300* 5 /s 9.980* 201) 5% 12.880* 5% 2,500* 57/s 10.590* i 7 2014 5% 2.640* 5 /s 11.250* 2015 5% 21.065* 5% l 1.950* 20l6 5% 21.235' 57 s 12.555' .] / 7 2017 5% 34.580* 5 /s 13,190* j 2018 5% 50.600* 2019 2020 a 2021 2022 2023 1 2024 2025 2026 -2027 2028 '2029 2030 ~ 2031 '1
2032 Add _
Total Outstanding - As of 12/31/93 44.705 83.455 6,100 108.830 187.630 2,915 750' 2.295. - 4.965. Bonds Redeemed As of 12/31!93 - 6,895 16,545 16.720 6,l70 12,370 .12.160 3,865 4,140 6,715 Bonds Refunded As of I1/3 fl93 0 0 - 86,180 ' .0-0- 94.925. 289,385 169,780 166,165-L l.ess:. Accreted Value. As of 11/31/93 Nec ~ ' Origmallssue Amt. 51,600 100.000. 109.000 - 115.000 ~ 200,000 110.000 - 294,000 ' 176.215. 177,845 :
Term Bonds (3) These are floatmg aucten tax exempt (* FLOATS") and (4) 510.260,000 are serial bonds and
' (1) includes accreton on Capital Appreciate Bonds through 12136/93. residualinterest tax exempt (" RITES") bonds whch have - 59.000.000 are term imnds. L i (2) Maturities are on January I instead ofJuly 1. a sermannual bond equivalent yield of 5.40% per annum ~ (5) included in year that payment is made. on those matunng 6/30/2006 and 5 60% per annum on - (bclusive of Funded and Accrued - those with a final rnatunty of 6/2&'2013 Interest.) ' (For Deta4 on Calls See" Schedule of Refunded Bonds Outstandir.g.")' 2_: z____________________
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y< 0' fw e ' ![ l mW ' 1992 A Renmding 1992 M Min 6-Bond 3992 8 1993 A&B bfunding 1993 C hfundmg 1993 M Min 6-Bond Tot.4 Total Total Series le r6es (2) Series Senes Series (2) Series (2) Prmipal hvenos Debt int. hte Amt. ' int I se Anw Int, hae Amt. Int. hte Amt. Int. hte Amt. Int. hte Amt. Natudtas(5) Interest (5) service (5) 4'I4 - 1.115 2.70 2.010 30.480 124.564 155.044 . 4.70 1.165 3 40 7325 51.295 128.705 180.000 ' 4.90 . l.220 3 60 9.450 36.600 137.135 173.815 L ~ 5.10 1J80 3 80 12370 40.515 145.010 185.525 530 2,405 4 00 '5.480 38.885 148,140 187,025 g j5% 7.940 4 20 6.955 41.475 145.537 187.012 5.60 2385 5 20 335 4 8u 16.995 4 30 4.055 52.890 143.259 196,149 d l 5.70 22,505 5.30 360 5.00 6.990 9.40 455 52,240 140.677 192.917 90 7.400 5.50 380 5 00 9.810 4W 3.625 56.695 137.284 193.979 I l,00 5.940 5 60 405 5.20 6.260 4% 12.030 59.927 133.952 193.879 5.70 435 5 20 10.115 4% 12.590 78,205 (I) 136.189 214394 (1) 4.~0 6.290 5.80 460 5 30 7.080 4% 6.40 74.489 126.!21 200.610 3
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a UtilityCustwerPmlife Steam Generation Electric Dunng 1993 we added 6,974 net new customers, rais-McA n Urquhart. ing the total electric customer base by 1.5% to 468,874 at Wateree g $ eve ^EI E Williams year end. Territorial sales of electricity in 1993 totaled 16.9 iMh billion kilowatt-hours (KWH), a 6 9% increase from 1992. s N' % Hydro Generation Sales to ultimate consumers represented 93% of KWH sales Columbia Canal Y" Fairfield Pumped Storage in 1993 while sales to wholesale customers accounted for 7% Neal Shoals Parr a' Saluda Natural Gas Stevens Creek During 1993 we added 3,853 nel new customers, OCEAN bringing the consolidated natural gas customer base to g =mmon om Burton 234,736 at year-end, a 1.6% increase over 1992. adys Residential customers comprise 90% of the consolidated ,e. "f,i"!'" Faber Place natural gas customer base. Consolidated sales of natural doeville gas totaled 717 million therms in 1993, a 5.8% decrease Parr from 1992. Approximately 73% of consolidated therm sales Urquhart Williams in 1993 were to ultimate consumers while sales to whole-sale consumers accounted for 27% Nuclear Generation Summer Station 500,000 20 250.000 ,fj 4._ l f: 90= (_ 7 -g 2m.0m, p g b l o g 5 , _64 g 3m m0 r is0.0m g e n i 10 i ,i q'l h h _.T { [ _f: n l> g i L. 200 000 p___ 100.000 a + e 5 l ,[ I _,[._. 100.000 [.N;', J 50,000 t v p i l [ g g
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a 'n Omngeourg f Cow GEORG!A 4 W@ \\ neston r b Cha W s.nu SCANA Corporchon, ~~
3 heodquartered in Columbia, M
SC, is a $4 billion energy-y based holding company which, {g through eleven direct wholly owned subsidiones, engages principolly in electric and natural gas utihty operations and yg other energy-related businesses. SCANA's principot subsidiary, South Carolino Electric l j Mb & Gas Company (SCE&G), is a regulated public uhlity GW:2 P~ engaged in the generation, Ircosmission, distribution and ' j sole of electricity and in the purchase and sale, primarily ft,lrij 0 of reloit, of natural gas in South Carolino. SCE&G provides M elecinc service to opproximately 469,000 customers in o u nu gfgzg 15,000 square-mile crea in the central, southem and QQ southwestem poriions of the state. Natural gas service is j Wed provided to approximately 221,000 customer f) D W operations of SCE&G and South Corchna P (, yjh g lbEbsQ gas services are provided throughout the state on a direct or supplemental basis The total population of the f[?nexg Company's uhhty service creas is approximately three mil- [fi f/M fjg lion. SCE&G also provides urban bus sennce in the metro. politan areas of Columbio and Charleston.SCANA' g[ ppb g y beyond South Carolina and include acquiring and operat-deht hI ing oil and gas producing properties; markehng notural If gas and light hydrocarbons; producing, storing, distribut-ing ond selkng propone; providing fiber ophc, video and d[ih:[ radio communicahons; and power plant management and N@6,5*j .M maintenance services At year-end 1993, the Company h*m and its subsidiaries had 4,788 employees. 4
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k financialCUperatingflighlights % Increase 1993 1992 (Decrease) (Millions of dollars except statistics and per share amounts) Common Stock Data Earnings Per Weighted Average Share of Common Stock 3.72 S 2.84 31.0 Dividends Declared Per Share of Common Stock S 2.74 S 2.68 2.2 Book Value Per Share of Common Stock (Year-End) S 28.59 S 26.46 8.0 Market Price Per Share of Common Stock (Year-End) S 49.75 S 40.50 22.8 Common Stockholders' Equity (Year-End) S 1,333.0 S 1,161.9 14.7 Common Stock Outstanding: Average (Thousands) 45,203 41,475 9.0 Year-End (Tho.usands) 46.619 43,911 6.2 Total Company Total Operating Revenues S ',264.2 S 1,138.4 11.0 Total Operating Expenses $ 1,018.9 S 928.6 9.7 Net income S 168.0 S 117.6 42.9 Property Additions and Construction Expenditures S 526.0 $ 387.9 35.6 Utility P ant Net S 3.004.1 S 2,810.3 6.9_ c Electric Operations Electric Operating Revenues S 940.1 S 829.5 13.3 Electric Operating income S 222.0 $ 180.6 22.9 Territorial Sales (Million KWH) 16,880 15,794 6.9 Customers (Year-End) 468.874 461,900 1.5 Generating Capability - Net MW (Year-End) 3,864 3,912 (1.2) Territorial Peak Demand - Net MW 3,557 3,380 5.2 i Gas Utility Operations l Gas Operating Revenues S 320.2 S 305.3 4.9 Gas Operating Income S 29.4 S 34.9 (15.8) Sales (Thousand Therms) 717,417 761,721 (5.8) Customers Q' ear-End) 234,736 231,153 1.6 .l g ggg g; gg Ahuulthe Cater 1 ms of them ) SCANA Corporation's common stock is owned by more than 42,000 share- ) holders who reside in all 50 states and several foreign countries. Of the more than J 46 million common shares outstanding,11.4% is owned by active and retired B SCANA employees. n h ] Through its Shareholder Services Department, SCANA offers a variety of h _ _ _ _soo services to shareholders, including direct deposit of dividends, seasonal addresses _ [ _F f h certificates, and a toll-free number (1-800-763-5891) for shareholder inquiries. p y ij The Company also offers a Dividend Reinvestment and Stock Purchase Plan. o ~j[ ~ ~i Participants may purchase shares of common stock through automatic reinvest-j f j [ ment of cash dividends and/or by making optional cash payments of up to $36,000 J l e E in any calendar year, without brokerage commissions or service charges. The Plan f features a direct purchase option which permits any U.S. resident to make a first-e L 0 time purchase of stock directly from the Company. I E J V V V o '9 '9 4
Fellow Shareho'ldersi j I am pleased to provide.you with the 1993 demand and total sales of natural gas to residential j Annual Report for SCANA Corporation, which reflects and commercial customers also set records. Our H the most successful year in the Company's 147-natural gas pipeline system, including the two lique- -l year history. This success is attributable in part to fled natural gas storage facilities, worked flawlessly. d purposeful changes in the Company inificted over Despite supply limitations, the pipeline companyL j the past several years as well as to the efforts of and propone company managed inventories and, highly skilled and dedicated employees. I am excit-flowing supplies to keep energy available to indus - y ed to be able to outline the progress that has been tries which were without an alternate fuel source, made and hope you will get a sense of the momen-thereby allowing them to continue operations. In ret-1 tum we are building, rospect, it was our employees' dedication, compo-j Earnings for 1993 were $3.72 per common fence and 'can do'_ ottitude, together.with the wis : W share, a significant increase over the $2.84 per dom of our. supply strategies and some very long - share reported for the previous year, in 1992 eam-work days, which enabled our customers to have ings were reduced from $3.11 to $2.84 per share the energy they needed during the crisis.'. as a result of a nonrecurring, cumulative electric rate Construction continues significantly ahead of. - refund stemming from a South Carolina Supreme schedule and on budget for our new Cope Electric Court decision. Thus a better comparison from con-Generating Station, with commercial operation
i tinuing operations shows an increase in 1993 eam-scheduled for early 1996. With supply shortages of; ings per share of 20%, despite a 9% increase in electricity occurring on many systems affected by the average number of common shares outstand-the recent cold weather, I am pleased that we have ing. The specific reasons for the increase in eam-thls additional 385 megawatts of baseload capacia -
ings are explained in some detail elsewhere in the ty under construction in order to meet our cus-' report. However, it is worth noting that eamings from tomers' future needs. 4 our natural gas exploration and production compa-In addition to the outstanding operating perfor-ny contributed S.25 per share in 1993, up S.20 per mance meritioned above, South Carolina Electric & ' a share from 1992. This is a relatively new business Gas Company continued its preparations for a less i for SCANA Corporation and reflects the growth regulated, more competitive business environment, potential available to us as we continue to seek and Through the formation of strategic business units focus on opportunities in energy-related businesses and completion of organizational effectiveness beyond our traditional electric and natural gas utility reviews, SCE&G has become more decentralized businesses. operationally and more focused on _its various cus-The indicated annual dividend rate was raised tomers. Despite an overall electric rate increase of - 2.9% effective April 1,1994 to $2.82 per common 7.4% which went into effect June 1,1993,- our. share. The magnitude of the increase reflects the electric rates are among the lowest in the Southeast, fundamental progress of our businesses in sales and we enjoy a significant competitive price advana and eamings. SCANA Corporation has increased its lage over our neighboring regulated utilities and dividend 19 years in a row, and 41 of the last 42 most electric cooperatives, years. In January 1994 we settled the litigation with ' Record cold weather in January 1994 placed Westinghouse Electric Corporation conceming the-substantial demands on each of SCANA's energy steam generators il fumished for our V. C. Summer subsidiaries. All were more than equal to the task. Nuclear Station As I previously reported, these gen-New records were set for electric energy sales and erators have experienced unusual wear and mainte; we had a new winter peak demand for the system. nonce requirements which made it necessary for us a All generating plants performed well, and we experi-to replace them with new equipmenicWhile the enced no voltage reductions or rotating blackouts as terms of the settlement were sealed by the court, I was the case with several other companies. Peak am satisfied that the result will provide substantial J k. (; n_.__ __1_____ _ _ -
- benefits to our cus- ' tomers without the expense and risk of a : trial. New generators. s ) will be installed dur-' ( ing a refueling outage) V J
scheduled for the
'o fourth quarter of 1994, f" - p 'In January 1994-the Supreme Court of South Carolina issued a decision which upholds prior rulings ' d of the state's Public j. .that permit industrial ~ - j s ...g Service Commission 'interruptible natural ~ gas sales to be regu- " "'""' S'"# '" " " * " 'o "u'" ' '""" " " "" T $ o T"l[r Y ? $7b7,,7 7 ""* " "* lated on the basis of i Nalue of service' l - rather than a strict cost of service. This ruling is very As a group, active and retired employees own l Important in that it affirms a 30-year practice of our 11.4%'of the common stock of our Company. Their L natural gas companies to negotiate sales prices level of financial investment is unique.: Much more directly with industrial customers which can use - Importantly, however, it is the cumulative commit-allemate fuels in price competition with natural gas. ment to success, the expertise and hard work of our - This very progressive ruling takes on added signifi-employees which moves us forward every day. conce when viewed in light of the increasing dereg-I am very proud of the progress outlined in this ulation and price competition in the electric industry, report and with the momentum which we have particularly for industrialloads. achieved. It will not be easy to surpass the best ' In 1994 we will complete the divestiture of year in our Company's history, but we have out-SCANA Development Corporation, which will con-standing human resources, a strong financial con-clude our direct participation in the real estate dition and a history of operational excellence to development business. During my tenure, a key drive us forward. goal for SCANA Corporation has been to focus on energy and energy-related businesses. I am pleased that after this transaction, we will have Respectfully submitted,. substantially achieved that goal. Many positive things have occurred in the past twelve months which are outlined in some detail in e = =< M. A x this report While the energy industry in general, and the electric industry in particular, continue to Lawrence M. Gressette, Jr. change and become more competitive, SCANA Chairman of the Board, President and Corporation is moving forward with great success, Chief Executive Officer adopting to the new realities while continuing to February 7,'1994 meet the needs of our customers, shareholders, and employees. 3 d
A DVER. VIEW D S A'i Nw u SCANA Corporauonisafamily South Catulinaliectric D Das N l ofcanpanies nithinvestments Unmpany W s concentratedInenergy-mlated gyggg,gggpg,gyggg j ?{ businesses. N'egenerate and a delimrelectilcity. N'cmaintain SCANA's largest subsidiary I andoperateponvrplantsfor continues on a fost track thirdparties. N's ann, develop preparing for competition in the electric utility industry. We are andpaducenaturalgas
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mscrws. N'e marketandtrans-a successful, regulated utility part naturalgas. N'c sell into an excellent tree-market propane. N'eamleadersin the competitor. During 1993 we fieldaffiberopuctelecommuni-laid important structural callans. And ne encouras, groundwork for the cnonges we ~US ~ k
U Y # 9'*^
communityandeconomic mented a strateg. " business ic developmentihmughmatching unit concept and continued to grantandloanpmgrams.SCANA refine our control processes to pIvvidestheenerg}'andsenices better track and minimize costs. IhathelpSouthCarolinaandthe A strengthened commitment to research and technology na#anymw. #urstrategyof diversifyIngIntaenagy-m/ated ",s ePP "" h expan e bus ess that end we are streamlining our fic/dshasapraren trackrecan/ opportunities and new services. customer inquiry services to in27statesIhmughoutthe in collaboration with the Electric make it easier for our customers countly, as1993peredtobea Power Research Institute, we to do business with us. successfulandpralltableyear. are developing programs to During 1993 construction of recycle more waste products, a new $450 miilion baseload N'c nilican#mmla focussur refine high speed circuit breaker generating station near Cope, SC affartsanenergy-stated technology and generate inter-continued ahead of schedule and businesses. H'campmudalaur est in solar-powered photo-on budget. The 385-megawatt l accompIlshmentsanderc/ted voltaic panels. coal-fired facility is the sixth aboutthefutum. Another important part of fossil plant on SCE&G's system. our transformation is targeting it also will be one of the most
n y -
77gg.g customer service environmentally-sensitive plants ' _ ' i and new technolo-ever constructed when it begins gies. We are com-operations in 1996. mitted to a customer SCE&G was granted a two-focused, continuous phase increase in retail electric improvement con-base rates in 1993 totaling .j . l: t. cept that stresses $60.5 million or 7.4 percent on gg q.. ~y customer service and an annual basis. The additional the highest standards revenue will allow us to recover tg - = p g7 ] of performance.To carrying costs associated with 4
y,[ . (' QI f y _f Q.~ ^ Qh Q.I _}, 1 the ongoing construction of the fidential and have been sealed new plant. This represented our by the court. However, it is our first electric rate increase in opinion that the settlement was l nearly four years. However, dur-in the best interest of all parties ing the remainder of the decade, and avoided what could have we will incur capital expendi-been a costly and uncertain trial. tures that could require addi-During 1993 Summer tional rate actions. These Station continued its tradition of expenditures involve completion operational excellence. For the of the plant Cope and compli-fourth consecutive time the ance with requirements of the plant was recognized as having Clean Air Act. We will maintain one of the highest safety perfor-our competitive position by con-mance records in the nation. trolling costs, selling aggres-The Nuclear Regulatory sively, and pursuing economic Commission granted this latest development opportunities. ' excellent" rating to only five of the 109 nuclear power plants Nuc/ car #pemflans operating in the United States. In addition, the Commission's succeeded in making progress One of the most significant latest Systematic Assessment of during 1993 for natural gas to be i short-term challenges we face Licensee Performance (SALP) the fuel of choice for this conver-involves replacing the steam report rated Summer Station's sion. We reached on agreement generators at the V.C. Summer overall performance as ' excel-with the federal government to be Nuclear Station. These Ihree lent" for the 18-month period the fuel supplier for 275 natural large heat exchangers have from September 1991 through gas vehicles ordered for its experienced tube cracks and February 1993. Savannah River Site facility, leaks since the beginning of Restructuring of the natural plant operations in 1984 and Natus/#as#pestlans gas industry continues. The must be replaced to ensure con-Federal Energy Regulatory tinued reliability. The work will We continue moving Commission's Order 636 will be done in conjunction with a aggressively to increase off-result in cost shifting among refueling outage scheduled for peak and nonweather-related some customer classes and a the fall of 1994 and represents sales of natural gas. We envi-greater responsibility to be a reli-the largest modification antici-sion going beyond the meter to able supplier of natural gas to our pated during the life of the plant. offer services for appliances utility markets. We will systemati-In a related matter, we reached and other equipment. Substantial cally evaluate our gas purchasing a settlement with Westinghouse opportunities exist to capture and delivery practices as the Electric Corporation in January new markets in space and evolution of the natural gas 1994 that resolved a dispute water heating and air condition-industry continues. over the steam generators. ing. Particularly promising is a SCE&G filed suit in May 1990 new market for natural gas against Westinghouse in the vehicles. The Comprehensive U.S. District Court for South National Energy Policy Act of Carolina seeking compensation 1992 included mandates for for damages to Summer Station. govemment fleets and others to Terms of the settlement are con-convert to alternative fuels. We o___
for natural gas. The ownership totalinvestment of about $248 ,'M and sale of the gas will be han-million. None of these reserves -f died by unregulated suppliers is delivered to South Carolina, dealing directly with end-users. thereby forcing geographic Our current mission is to match diversity and growth. We will natural gas supplies with prices continue to seek attractive our customers will pay.We have acquisitions that complement m ;g 4,, structured the company to oper-our existing domestic reserve ate successfully in this increas-
base, g -
ingly competitive environment, and have implemented a natur-SCANA14dmcarbans,lan. al gas supply plan that includes flexible sales agreements. Order 636 allows direct This strategy aligns our sales of natural gas to end-wellhead commitments with users. SCANA Hydrocarbons stored gas and spot purchases operates in this capacity. Our to create the proper volume of advantage over competitors is natural gas available at the our knowledge of end-users' proper times for our customers, needs and our reputation as a while minimizing its cost. We high-quality marketing compa-also are considering expansion ny. We continue to build that into North Carolina markets as advantage by maintaining our part of a growth plan. reputation with existing cus-tomers and working to develop SCANA Patmicum Ilesources,Inc. relationships with new customers that are mutually beneficial. SCANA's largest non-regulot-With offices in Columbia and ed subsidiary is capitalizing on Houston, SCANA Hydrocarbons attractive new business oppor-is handling expanded marketing tunities by acquiring high value responsibilities for Petroleum oil and natural gas reserves as Resources. We sold approxi-South Carolina Pipeline restructuring occurs in the mately 57.3 billion cubic feet of Corporattua domestic exploration and pro-natural gas in 1993 from duction industry. We nearly Petroleum Resources and other Order 636 will have a sub-doubled our reserves in 1993 third-party suppliers to cus-stantial impact on SCANA's gas with the purchase of NICOR tomers in 27 states. These sales transmission subsidiary as well Exploration and Production represent a 119 percent increase by changing the method by Company of Denver. Petroleum over 1992. which we contract to receive Resources now ranks among natural gas. While Pipeline the largest independent oil and Corporation still has an obliga-natural gas producers in the tion to be a supplier (as it is still country. Houston-based regulated by The Public Service Petroleum Resources now owns Commission of South Carolina), approximately 238 billion cubic over time we will become pri-feet equivalent of proven natural marily c transportation vehicle gas reserves, representing a O
Sul;urtian Pmpane Gmup,Inc. MPX Sptems.Inc. the state. By utilizing the public safety network as our wireless Aggressive marketing is the SCANA's telecommunications platform and capitalizing on our thrust of Suburban Propane subsidiary operates a fiber optic. fiber infrastructure, we will be Group, fully integrated now based network consisting of uniquely positioned to vigorous-from the merger of three sepa-more than 600 miles of fiber ly pursue new markets as appli-rate companies in prior years, optics in South Carolina, cations unfold that are driven by This subsidiary serves 30,000 Georgia and Alabama. We lease the 'information super highway.' customers primarily in South these facilities to major carriers Carolina. Our focus is on pro-in those states. We expanded in SUMemlopmmt Corlmralian viding the highest level of ser-1993 by building additional vice at a competitive price. We capacity in Georgia and Alabama Consistent with our strategic continue to add customers in and continue to look for new plan to concentrate our efforts on the areas we already serve, communications-related ventures core energy businesses, we while pursuing growth through in other southeastern states. have entered into an agreement additional acquisitions of other We also developed and are to sellin 1994 substonlially all retail propone operations. marketing an emergency radio of the assets of SCANA During 1993 we added two network that will make common Development Corporation, our new offices in Columbia and communication available to all real estate subsidiary. Upon Darlington, SC to sell propane public safety and law enforce _ completion of the sole, SDC and gas appliances. We now ment agencies within the stoie of operations will be discontinued. a sell, install and repair all types South Carolina. This public safety The sale will not have a material of natural and propane gas network can provide independent impact on results of operations. oppliances from 19 separate communications for individual stores. Propone sales in 1993 agencies. But more importantly, totaled approximately 20 mil-it ties together all emergency lion gallons. service providers in the event of a natural disaster or other emer-Primesauth, lac. gency situations. Approximately 40 percent of the state is cut-We curtailed Primesouth's rently covered by this system. construction activities in 1993 We will continue to aggressively to better focus its expertise on market this critical public safety maintaining and operating network throughout the rest of power plants for third parties. p Construction projects in South ( e Carolina and North Carolina are Q L] being completed but no new projects will be undertaken. We also operate power plants for clients in Pennsylvania, New York, Michigan and Virginia. { y a b i' 1 7 1l.
m yv. ^ ~. g> rd - l l.b.G.%%% n M L J.. '.,. ' '; %i F .. N %1aad . SCANA Curpurallan F. C. McMaster 1 A5 COMMITTEES of THE BOARD OF DIRECTORS President i Member of Executive Commitfeo B. L. Amick A5 Winnsboro Petroteum Company 2 Member of Audit Committee 2 Chairman of the Board and Winnsboro, South Carolina 3 Member of Management Chief Executive Officer Development and Corporate Amick Forms, Inc. Henry Ponder, Ph.D. 2,3.5 Peha hk Batesburg, South Carolina President 4 Member of Nuclear Oversight M UnwsW. Committee W. B' Bockhart, Jr 2A5 Nashville, Tennessee 5 Member of Long-Term PMner Compensof;on Committee Bookhart Forms J. B. Rhodes 2.3.5 6 Chairman of Executive Elloree, South Carolino Chairman and Chief Executive Officer Comminee Rhodes Oil Company, Inc. Walterboro, South Carolina DIRECTORS EMERITI ho rmon ofit$e o d Southeastem Freight Lines, Inc. W. B. Timmerman W. R. Bruce, Sr. Columbia, South Carolino Senior Vice President, K. W. French Chief Financial Otticer, J. B. Guess, Ill H. M. Chapman 1.3.5 Controller and Assistant Secretary J. F. Hassell, Jr. F. M. Hipp Chairman SCANA Corporation J. H. Lumpkin, Sr. NationsBank South Columbia, South Carolina A. C. Mustard Atlanta, Gr,orgia E. C. Wall, Jr.1,3.5 E. W. Pike, Jr. J. B. Edwards, DMD 1.4 5 President V. C. Summer President Canal Industries. Inc. Medical University of South Carolina Conway, South Carolino Charleston, South Carolino John A. Warren 4.5,6 Elaine T. Freeman 2A5 Chairman of the Board Emeritus Executive Directcr SCANA Corr. oration ETV Endowment of South Carolina Columbia, South Carolino Spartanburg, South Carolina L. M. Gressette, Jr. I Chairman of the Board, President and Chief Executive Officer SCANA Corporation Columbio, South Carolina B. A. Hagood.3.5 2 Chairman of the Board William M. Bird and Company, Inc. Charleston, South Carolina W. H. Hipp 1.3.5 President ana Chief Executive Officer The Liberty Corporation Greenville. South Carolino B.D.Kenyon President and Chief Operating Otticer South Carolina Electric & Gas Company Columbia, South Carolina a
m,7 ]* l [' ~ jp j. q;.- SCANA DillHERS l l SCANA Corporation B. T. Horton, Jr. 00SNS L.M. Gressette, Jr. Vice President and Treasurer HydrDCafhDRs,lHC. Chairman of the Board, President Max Earwood and Chief Executive Officer (1) hDny Kinloch President and Treasurer P Cathy B. Novinger Transit and Fleet Maintenance and C. A. Rompey Jr. Senior Vice President Community Affairs Executive Vice President and Administration, Govemmental and General Manager Public Affairs C. B. McFadden Vice President B. J. MacInnis W. B. Timmerman Customer Relations-Vice President Senior Vice President, Chief Financial Southern Division Off cer ontroller and Assistant S. C. McMeeM'., Jr. Pdmesouth,Inc. Vice Prement J. M. Woods, Ill K. B. Marsh Custo.ner Relations-President and Treasurer Vice President-Finance, NorQern Division Treasurer and Secretary (3) J. C. Chapman W. E. Moore, Jr. Senior Vice President and A. H. Gibbes Vice President Assistant Secretary General Counsel and Assistant Fossil and Hydro Operations J. L. Skolds MPX Systems, lac. (1) Also Chairman and Chief Vice President L. M. Gressette, Jr. Executive Officer of all subsidiaries Nuclear Operations (2) Also Chief Financial Officer of all President subsidiaries Particia T. Smith ( (3) Also Secretary of all subsidiaries Vice President and General Counsel M' D Blackwell Executive Vice President and M. S. Tibshrany General Manager HillCEHS DI PHINCH8Al Vice President SUBSlHIAIUf3 Power Delivery Suburban Propane Cruup,Inc. South Carolina Pipeline W. B. Timmerman President South Carolina [lectric C Cas Corporation C0mpany D. L. Sharp Max Earwood Executive Vice President and President and Treasurer B. D. Kenyon Genomi Managa H. T hur President and Chief Operating Otticer J. M. Clark, Jr. e and General Counsel G. J. Bullwinkel, Jr. Senior Vice President B. J e P es ent SCANA 00 Vel 0pmm11CDrporallDH Fossil and Hydro Production A. H. Gibbes R. W. Stedman SCANA PatrDieum Resources, lac. President and Treasurer Senior Vice President Max Earwood Judith H. Battle Administrative Support Group President and Treasurer V ce President-Finance and Accounting. J. H. Young, Jr. G. J. Wilson, Jr. Controller and Assistant Secretary Senior Vice President Executive Vice President and Customer Relations General Manager M. L. Holmes, Sr. Vice President J. E. Addison R. L Easterwood Commercial Operations Vice President and Controller V ce President W. A. Darby B. S. Samuel Vice President Vice President l Gas Operchons Residential Development I
f IIN ANCI AL ' EVI T gg labh idCimhmts - Management Report.. 3 8" """ SS Independents 7 Auditors' Report [ r i2s , __ _ j-Sa .11 j t __f [. - __.,,_ [ .9 32 e ( (( sm Consolidated: _[ b Financial Statements? [ t 12: __[ _ ] _.._ _ P> I 4 s2o t i, Notes to Consolidated i ___S ' Financial Statements ' _ ( g (. i so o% ph '95 Management's Discussion & Analysis of l A highor elecinc sale margin and The market price of SCANA's common odditional nonoporch,1g income from stock increased nearly 23% during Financial Condition & SCANA 1%troleum Resources, Inc. lod to I993, pushing the market to-book talio gegUggS ng gRg7gglngg a 31% increase in earnings por shore. to 174% of yoor-end l 26 . Selected' Financial Data - ~30 Common Stock Information. 22-1 1 1 'l l 10
1 ~ afanagementHeport ladependentAuditors' Report The management of SCANA Corporation SCANA CORPORATION: (Company) is responsible for the preparation and We have audited the Consolidated Balance Sheets integrity of the financial data included in the accompa-and Consolidated Statements of Capitalization of nying Consolidated Financial Statements. These state-SCANA Corporation and subsidiaries (Company) as of ments have been prepared in conformity with generally December 31,1993 and 1992 and the related accepted accounting principles, as applicable. In situ. Consolidated Statements of income and Retained ations that prevent exact accounting measurements, Earnings and of Cash Flows for each of the three years management has used informed judgments and esti-in the period ended December 31,1993. These finan-mates. Financial information presented elsewhere in cial statements are the responsibility of the Company's f this Annual Report is consistent with these financial management. Our responsibility is to express an opin- - statements. ion on these financial statements based on our audits. The Company maintains and relies upon a system We conducted our audits in accordance with gen-i of internal accounting controls designed to provide rea-erally accepted auditing standards. Those standards sonable assurance that all transactions are properly require that we plan and perform the audit to obtain recorded in the books and records and that assets are reasonable assurance about whether the financial protected against loss or unauthorized use. The degree statements are free of material misstatement. An audit of internal accounting control is based upon the deter-includes examining, on a test basis, evidence support-mination of the optimum balance between the cost ing the amounts and disclosures in the financial state-Incurred in maintaining a system of internal controls ments. An audit also incluries assessing the account-( and the benefits to be derived. The system of internal bg principles used and significant estimates made by accounting controls is supported by written policies and marngement, as well as evaluating the overall knan-guidelines and is complemented by the selection, cial statement presentation. We believe that our audits training and development of professional financial provide a reasonable basis for our opinion. managers and by a staff of internal auditors who con-In our opinion, such financial statements present duct comprehensive intemal audits. fairly, in all material respects, the financial position of The Board of Directors provides oversight for the the Company at December 31,1993 and 1992, and preparation of the financial statements through its Audit the results of its operations and its cash flows for each Committee, which is composed entirely of nonemploy-of the three years in the period ended December 31, ee directors. The Audit Committee meets periodically 1993 in conformity with generally accepted accounting i l with management and internal auditors to review their principles. I activities and responsibilities. The Audit Committee also meets periodically with the Company's indepen- - -- [ g ~ ~ ,j f dent auditors, Deloitte & Touche. The internal and inde-pendent auditors have free access to the Audit Deloitte & Touche Committee to discuss internal accounting controls, Columbia, South Carolina audihng and financial reporting matters. February 7,1994 W.B. Timmerman Senior Vice President, Controller and Chief Financial Officer February 7,1994 to
. Cansalidatedflalance Shesis December 31, 1993 1992: ' ASSETS Ohousands o/po#ard Utility Plant (Notes 1,3 and 4): Electric $3,328,915 $3,203,849 ' Gos. 451 A93 411,564-3,769 -3,287 1 l Transit. ' Common 72,804. 65,124 - i] Total._ . 3,856,981 3,683,844 <I Less occumulated depreclotion and amortization. 1,259.689 1,192,873 0 Total. 2,59),292 2,490,971 d Construction work in progress 349,530 250,229
1 Nuclear fuel, net of occumulated amortizatiori.
29 037' 39,916 ~
I
. Acquisition adjustment-gas, net of occumulated amortization. 28,166 29,163. Utility Plant, Net. 3,004,075 2,810,279- -l Nonutility Property'and investments (net of occumuloted depreclotion and depletion)(Note 8). 393,72B 250,084 = - Current Assets: ~ Cash and temporary cash investments (Note 8). 20,766 32,050 Receivables. 174.,121 _138,684 - Inventories (at overage cost): Fuel (Notes 3 ond 4) f 2,977 52,598? Materials and supplies 46,890 46,274-Prepayments. 21,626 ..22,628-Accumulated deterred income taxes 8,607 Total Current Assets. ?35,187 292,234 Deferred Debits: Unamortized debt expense. 13.076 10,104 - Accumulated deferred income taxes (Notes 1 and 7) 45,599 Unamortized deferred retum on plant investment (Note 1). 14,860 .19,106 - Nuclear plant decommissioning fund (Note 1) 25,103 . 20,841. . Other (Notes 1 and 10). 254A97 109,474, Total Deferred Debits 307.536 205.1241 Total S4.040,520 S3,557,721 12 L:
l
December 31, 1993 1992
- CAPITAllZATION AND LIABILITIES. (Tnousands otoollaro i Stockholders' investment (Note 5): $1,161.896 Common equity. 31,333,045 Preferred stock (Not subject to purchase or sinking funds). 26,027
26,027-Total Stockholders' investment.
1,359,072 1,187,923 Preferred Stock, Net (Subject to purchase or sinking ' funds)(Notes 6 ond 8) 52,840 . 56,154 Long-Term Debt Net (Notes 3,4 and 8). 1,424,399 1,204,754. Total Capitalization 2,836.311 ' 2,448,831. l l. l . Current Liabilities. Short term borrowings (Notes 8 and 9), 43,019 41,156 Current portion of long-term debt (Note 3) 34.322 24,704~ q Current portion of preferred stock (Note 6) 2,504 2,485' Accounts payable 129,495 101,785 Estimated rate refunds and related interest (Note 2) 2,509 l17,8)1 q Customer deposits 13A03 14,102 Taxes accrued. 50,063 65,004L Interest accrued 21,784 '20,295. l Dividends declared 33,637 31,302 Other. 12,649 8,438. f. Total Current liabilities. 343,480 330,082 Deferred Credits: ,539,439 Accumulated deterred income taxes (Notes 1 cnd 7) 568,172 ,j Accumulated deferred investment tax credits (Notes 1 and 7) 94,981 98,639' s Accumulated reserve for nuclear plant decommissioning (Note 1), '25,103 20,841'- Other (Note 1). 172.479. I13,889 Total Deferred Credits 860,735 772 M ' Commitments and Contingencies (Note 10) h Total $4.040,526 $3,557,721 ' j l i i s l l-l :. l. ' Sce holes to Conschcded Fnancd Statemew 13 u a
A ki~ fllankelidated Statements ofIncome amilietained [amings for the Years Ended December 31, 1993 1992 1991 (7housanch of Do#ars ' exceptpershore amounts). L1 ~ Operating Revenues (Notes 1 ond 2): . Electric $ 940.121 S. 829,477 $- 867,215 Gas. 320,195 305,275' 276,742' Transit. 3,85) 3,623. 3,869 ?I Total Operating Revenues. 1,264,167 1,138,375 1,147,826 l .j E 5 . Operating Expenses: h Fuel used in electric generation. 228,688 206,151 224,867 ' L Purchased power. 13.057 7,323 9,816 a Gas purchased for resale. 209,743 191,577 -171,869. f Other operation (Note 1). 223 239 215,800 208,614-- Maintenance (Note 1) 67,652 65,442 61,599 Depreciation and amort!20tica (Note 1).. 112.844 108,315 102,669. Income taxes (Notes I and 7). 90.007 60,947-77,5621 Other taxes. 73,626 73,040 68,470 Total Operating Expenses. 1,018.856 928,595 925,466.- Operating Income. 245.311 209,780 222,360 { Other income (Note 1): ] Other income, net of locome taxes. 21,147 6,388 - 8,201-Allowance for equity funds used during construction 8,929 5,495 ' 3,454 l Total Other income. 30.076 11,883 11,655. l Income Before Interest Charges and Preferred Stock Dividends ; 275,387 -.221,663 234,015 ' l' Interest Chorges (Credits): ' interest on long-term debt, ne+. '98.695 93,052 88,690. Other interest expense. . 8,672 8,819 7,648' l; Allowance for borrowed funds used during construction (Note 1) . (6,178) (4,271) L (4,880) - TotalInterest Charges, Nel. 101.189 97,600. 91,458 Iricome Before Preferred Stock Cash Dividends of Subsidiary. 174,198 124,063 142,557, v - Preferred Stock Cos'h Dividends of Subsidiary (At stated rates) (6.217) (6.473)4 (F,706) Net income, 167,981 117,590-
135,851-Retained Earnings of Beginning of Year.
462,893 457,393' 428,626.
Common Stock Cash Dividends Doctored (Note 5).
(124.494) -(112,090). (1.05,868) E Other. 1 (1,216) ; Retained Eamings at End of Year. '$ 506,380 - 'S 462,893 $ 457,393 ' Not income, .S 167,961 . S 117,590 $ "135,851 . Weighted Average Number of Common Shores Outstonding (Thousands). 45,203 41,475-40,361 = ' Eomings Per Weighted Average Shore of Common Stock. 53.72- $2.84 - $3.37 -
See Notes to ContoUated Financial Statements.
i 14 __ EI..n____ __ ____ _ _ _ _ _ _ _ _. _. - j
m; hem o q l i gP ConsnudatedStatementsofCashUmss ? For the Years Ended December 31/ 1993 1992 1991'-
Cash flows From Operating Activities

Ohousands of Do# cts) : 5167,981 $117,590 . $135,851 ' Net income :...-..,_.......;....._. - Adjustments to reconcile net income to net cash provided from operating activities: Depreciation,' depletion and amortization. 158,024 126,695. .117,402 I ' Amortization of nuclear fuel 18,150 23,190 .18,384 ~ (
Deferred income taxes, net.......
65,205 (10,783) i 30,199 Deterred investment tax credits, net................... (3.653) ' (3,667) - (3,646) ; l 4 - Net regulatory asse! - odoption of SFAS No.109., (31,531) Dlvidends declared on preferred stock of subsidiary. 0.2!? ' 6,473 6,706 Allowance for funds used during construction. (15,107) (9,766) ; - (8,334); Unamortized loss on reacquired debt.. (17,063)- (81)
171 Nuclear refueling ocerual.......
(6.086) 11,862-(6,192) l q], Equity in (eamings) losses of investees..... (319). 652 . 412 ' Over (under) collections, fuel odjustment clause. (14,308) 7,482. ' (1,207)' H Changes in certain current assets and liabilities: ] Oncrease) decreasein receivables (35,244) (8,918) ' (2,506) - (increase) decrease in inventories.._... (10.995) (234) ' 7,785-Increase (decrease) in occounts payable........................ 28.109 7,282. ~ 6,978 - Increase (decrease) in estimated rote refunds and related interest. (15/302) 17,811 increase (decrease) in taxes accrued... (14,941) 1,691 9,095 l increase (decroase) in interest ocerued. (7.511) 663 4,410 c Other, net 3,955 12,354 3,567 - .(. i Not Cash Provided From Operating Activities. 275.532 300,296 319,075 - Cash Flows From investing Activitles: Utility property additions and construction expenditures. (322,381) (277,636) (239,140) Increase in nonutdify property and investments: Acquisition of oil and gas producing properties, (122,621) (74,766) . (3,167) Nonutility property (81,044) (35,462) (20,750) investments. (4,066) (2,591) ~ 4,895 Repurchase /reissuance of common stock for immaterial acquisition, net of cash acquired. .. (25,514) Principot noncash item: ' Allowance for funds used during construction 15.107 9,766 8,334 : cj Not Cash Used For Investing Activities. (515.005) ,(380,689) (275,3421 : ^ Cash Flows From Financing Activities: lt Proceeds: issuance of mortgage bonds 600.000 ' 300,000 issuance of common stock. I29.066 .126,809- ~ issuance of notes...,....... 85.000 150,900 Issuance of bank notes and loons. ' Other long-term debt. 63.059 3,354 ~ 80,000-
I 3,005 j
Repoyments: ) l ' Mortgage bonds. (430,000) (35,890) - -(8,000): ? Otherlongderm debt (71,700) (95,217) ' (81,016) ; a E , Notes.. - (1.535) (310)' (76,6m : U (3,65(6_ y Repurchase of common stock. Preferred stock.., (3,295) (3,199).. -(2,0.9) R Dividend payments: ~ Common stock -(122.129) (109,383)
(104,910)-
. Short-term borrowings, not~_ (6,247) (6,558) - (6,718) ; Preferred stock.... 1,063 20,390 .(113,304). p
Fuel financings, net (18348)
(6.628) - (4,292) ' l Not Cash Provided By (Used For) Financing Activities. 228.139 44,268- ' (21,167)? Net increase (Decrease) in cash and Temporary Cash investments (11,284) .(36,125) 22,566 Cash and Temporpory Cash investments, January 1. 32.050 68,175 45,609 Cash and Temporary Cash investments, December 31 S 20.766 S 32,050 ' S 68.175-Supplemental Cash information: Cash paid for-Interest.. ' $ 113,010 ' $100,340 -S.90,623 - Income taxes. 93,337 -81,819 ' ' T 45,357 Noncash Financing Activities: Capital lease obligations recorded................. -.. .4,965 ' 2,864 Department of Energy Decontamination and Decommissioning Obligation, See Notes to Consondated AnancialStatements .; i L j j ss l
LConsa!!da!cd Statements of Capitalitation ' Dacember 31, 1993 1992' - Common Equity (Note 5): (Tncurands ofDoRats) } - Common stock, without por value, authorized 75,000,000 shares; issued and outstanding, 1993 46,619,457 shares and 1992 - 43,910,631 shares S L 826,665 . $ 699,003 - Retained eamings 506,380 ' 462,893-TotalCommon Equity 1,333,045 47 % -1,161,896 : 48 % h South Carolino Electric & Gas Company: ~j Cumulative Preferred Stock (Not subject to purchase or sinking funds)(Note 5):
$100 Par Value - Authorized 200,000 shares
.. $ ' 50 Par Value - Authorized 125,209 sharos Shares Outstanding Redemption Price Eventual Series 1993 1992 Current Through Minimum $100 Por-8.40% 197,668 197,668 102.80 11-30-96 101.00 19,767 19,767 $ 50 Par . 5.00% 125.209 125,209 52.50 52.50 6,260 6,260 Total Preferred Stock (Not subject to purchase or sinking funds) 26,027 1% 26,027 1% y South Carolino Electric & Gas Company:
i Cumulative Proterred Stock (Subject to purchase or sinking funds)(Notes 6 and 8):
1 - $100 Par Value - Authorized 1,550,000 shares Shores Outstanding Redemption Price H ] Eventual Series 1993 1992 Current Through Minimum 7,70% 92,992 - 96,000 101.00 101.00 9,299 ' 9,600 8.12 % 131,899 136,265 102.03 102.03 13,190 .13,626 0 224,891 232,265 $ 50 Por Value - Authorized 1,639,886 shares Shares Outstanding _ Redemption Price Eventual _ 993 1992 Current Through . Minimum 1 Series 4.50% 20,800 22,400 51.00 51.00 1,040-1,120' 4.60 % 3,834 5,334 50.50 50.50 - 192 267 4.60%(A) 30,052 32,052 51.00 51,00 1,503 1,602 50.50 4,080 '4,250 4.60%(B) 81.600 85,000 50.50 5.125 % 74,000 - 75,000 - 51.00 51.00 3,700 -3,750 50.50 4A80 4,640. 6.00 % 89,600 92,800 50.50 . 8.72% ? 160,000 192,000' 51.00 12-31-98 50.00 8.000 9,600-9.40% 197,191 203,678 51.175 51,175 9,860
10,184-657,077 -
708,264 ~ $ 25 Par Value'. Authorized 2,000,000 shares; None outstanding in 1993 and 1992 ' Total Preferred Stock (Subject to purchase or sinking funds) 55,344 = 58,639 Less: Current portion, including sinking fund requirements 2,5041 2,485 Total Preterred Stock, Net (Subject to purchase or sinking funds) 52,840 - 2% 56,154. 2%' g c f? 1a .-____.~____-___---l---_--_-_-_-_-
i=- j. f December 31, 1993L 1992 E - Long-Term Debt (Notes 3,4 and 8): GhousandsotDolas) SCANA Corporation: . Bank Notes, due 1995 (various rates between 3.875% and 3.89%) 60,000 60,000-. ' Medium-term Notes: Series Year of Maturity' 5.76 % 1998 20,000 7.17% 1999 '42,400' L 42,400 ' E 6.60 % 1999 30,000 30,000 M 6.15% 2000 20.000' b 6.51 % 2003 20.000 E South Carolina Electric & Gas Company: First Mortgage Bonds:. 6% 2000 100,000 61/4% 2003 100.000 71/8% 2013 150,000 w [ 71/2% 2023 150.000 75/8% 2023 100,000 First uou herunuir6 Mortgage Bonds: 47/8% 1995 16,000 -16,000 - 5 45% 1996 10,000 15,000-6% 1997. 15,000 15,000-61/2% 1998 20.000 20,000 8% 1999 35,000' i. L 91/8% 1999 15,000 8% 2001 35,000 - 71/4% 2002 30,000 30,000 9% 2006 14 5.000 = 145,000 91/8% 2006 50,000. 8.40% 2006 .50,000 - 83/8% 2007
30,000 30,000 8.90 %
2008 10 1/8% 2009 ' 35,000 97/8% 2009 .50,000 83/4% 2017 100,000 87/8% 2021 155,000 - 155,000 Polluhon Control Focilities Revenue Bonds: 5.95% Series, due 2003 .6,760. ' 6.855: Fairfield County Series 1984, due 2014 (6.50%) 56,820-56,820, Richland County Series 1985, due 2014 (6.50%) 5,210 5,210 Fairfield County Series 1986, due 2014 (6.50%) 1,090 1,090. Colleton and Dorchester Counties Series 1987, due 2014 (6.60%) 4,365 4,365 Capitol! zed Lease Obligahons, due 1991 1997 (various rotes between 5 3/4% and 10%) ' 2,B97-4,875 q !l Installment Note Payable, due 1996 2,277 Depai1 ment of Energy Decontamination and Decommissioning Obligation 4.634 South Corolino Generating Company, Inc.: Berkeley County Pollution Control Focliihes Revenue Bonds, due 2014 (6.50%) 35,850-35,850 Note,7.78% due 2011 71,100 74,800. South Carolino Fuel Company, Inc.: Nuclear and Fossil fuelliabikty 36,750 .55,698 1 ) South Carolino Pipeline Corporation: ' -7 '4
Notes,6.72% due 2013 25,000' Note, 9.27%, due 1991-1994 a,000
.16,000 /i ' SCANA Development Corporchon, Inc.: j . Notes, due 1994-2004 (vonous rates between 8.5% and 12.0%) 1,770-1,384 - 3, - Bank Loons, due 1994-1998 (various rates between 6% and 6 25%) 13,839 10,952 Primescuth: 902 -; j i! . Term Loan and Capitalized Leose Obligabon Total Long-Term Debt 1,464,7G2 1,233,201. '3 Less - Current maturities, including sinking fund requirements 34,322 24,704. - Unamortized discount - ~ 6,041 3,743-Total Long-Term Debt, Net 1,424.399 50 %.1,204,754_ 49%. H Total Capitalization $2,036,311 - 100%'. $2,448,831 100% 9 d See Notes to Consor, dated financiot Sta'errents. 1 17 7) .i
y fintas la Consolitiated financM Statements [
SUMMARY
OF SIGNifl0 ANT ACCOUNTING POUCIES: $262.2 million as of December 31,1993 and 1992, respectively. A.~ Organization and Principles of Conse'idation SCE&G's share of the direct expenses associated with operating - SCANA Corporation (Company), a South Carolina corporahon, Summer Station is inclJded in the Company's 70ther operation' and is a public utihty holding company within the meaning of the Public ' Maintenance' expenses... Utility Holding Company Act of 1935, but is exempt from registration D. Allowance for Funds Used During Construction Allowance for funds used during construction (AFC), a noncash T acco ponying Consohdated Financlot Statements reflect Hm, reflects the period cost of capital devoted to plant under con-the consolldction of the accounts of the Company and its wholly struction. This accounting practice results in the inclusion, as a owned subsidiaries: component of construction cost, of the costs of debt and equity capl- @cteduses tal dedicated to construction investment. AFC is included in rate South Carolina Electric & Gas Company (SCE&G) base investment and depreciated as a component of plant cost in South Carolina Fuel Company, Inc. establishing rates for utility services. The Company's regulated sub-. South Carolina Generahng Company, Inc. (GENCO) sidiaries calculated AFC using composite ratos of 9.3%,9.6% and South Carolina Pipeline Corporation (Pipeline Corporation) 9.7% for 1993,1992 and 1991, respectively,' These rates do not Nonregulatedbusinesses exceed the maximum allowable rate as calculated under FERC Order ~ SCANA Petroleum Resources, Inc. (Petroleum Resources) No. 561. Intarest on nuclear fuel in process is capitalized at the i SCANA Hydrocarbons, Inc. actual interest amount. Suburban Propane Group, Inc. E. Deferred Refum on Plant investment i SCANA Development Corporation Commencing July 1,1987, as approved by a PSC order on - MPX Systems, Inc Primesouth, Inc. ' that dote, SCE&G ceased the deterral of carrying costs associated SCANA Capital Resources, Inc. with 400 MW of electric genera'ing capocity previously removed investments in joint ventures in real estate are rePOried using rying costs on a straight-line basis over a ten-year period.. q the equity method of occounting Significant Intercompany balances Amortization of deferred carrying costs, included in ' Depreciation l' L and transactions have been ehminated in consolidation. and amortization,' was approximately $4.2 million for each of - (e in January 1994 the Company signed on agreement to self in 1993' 1992 and 1991' 1994 substantially all of the real estate assets of SCANA s Davelopment Corporation to 1.iberty Properties Group, Inc. of F. Revenue Recognition. H Gi9enville, South Carolina for $91.5 million. Under the terms of the Customers' meters are read and bills are rendered on a agroment, a portion of the sales price will be received in cash at monthly cycle basis.. Base revenue is recorded dunng the accounts the fline of closing. The remainder of the sales price, which is relot. Ing period in which the meters are read.. ed to 09ttain projects currently under construction, will be received in Fuel costs for electric generation are collected through the fuel - cash as those projects are completed. The transaction will not have component in retail electric rates. The fuel component contained in a material impact on results of operations. electric rates is established by the PSC during semiannual fuel cost hearings. Any difference between actual fuel cost and thof contained ' n n emnd induWMednbg N he c o n g cords of the Compony's regulated subsidi-fuel cost component during the next semiannual fuel cost hearing. ories are maintained in accordance with the Uniform System of At December 31,1993 and 1992 SCE&G had overcollected.' - Accounts prescribed by the Federal Energy Regulatory Commission ; through the electric fuel clause component approximately. (FERC) and as adopted by The Public Service Commission of South $9.2 million and $17.7 million, respectively, which are included CaroHm (PSC). in
Deferred Credits-Other."
Customers subject to the gas cost adjustment clouse are billed - K . C. Utility Plant. bosed on a fixed cost of gas determined by the PSC during annual :. h; - Utility plant is stated substantially at original cost. The costs of additions, renewals and betterments to utility plant, including direct gas cost recovery hearings. ' Any difference between actual gas cost labor, Inatorial cnd indirect chorges for engineering, supervision and and that contained in the rates is deferred and included when estab-a an allowance for funds useo during construction, are added to utliity lishing gas costs during the next onnual gas cost recovery hearing. g L ' plant accounts. The original cost of utihty property retired or other-At December 31,1993 ond 1992 the Company had undercollected. / ' wise disposed of is removed from utility plant accounts and through the gas cost recovery procedure approximately $12.0 mil-j . enerally charged. along with the cost of removal, less salvage, to lion and $6.2 million, respcctively, which are included in ' Deferred ; g accumulated depreciation. The costs of repairs, replacements and Debits-Other.' ~' renewals of items of property determined to be less than a unit of G. Depreciation, Depletion and Amortization . property are charged to maintenance expense" Provisions for depreciation are recorded using the straight-line SCE&G, operator of the V. C. Summer Nuclear Station (Summer 1 method for financial reporting purposes and are based on the esti- . Station), and the South Carolina Public Service Authority (PSA) are . rnated service lives of the various classes of property. The compns- _ joint owners of Summor Station in the proportions of two-thirds and. te weighted average depreciation rates were as followsf c one-third, respectively; The parties share the ' operating costs and - energy output of the plant in these proportions, Each party, how# '10931 1992-1991 -. ever, provides its own financing. Plant in service related to SCE&G's SCE&G-2 97 % - 3.00%. . 2.97% portion of Summer Station was approximatefy $920.2 million and GENCO 2.64% 2.63 %
2.59%
$916.0 million as of December 31,1993 and 1992, respectivety.
Accumulated depreciation associated with SCE&G's share of Pipeline Corporation 2.39 %
2.62%. 12.62 % v Summer Station was approximately $285.3 million and Aggregate of Above 2.92% - 2.96 % ' 2.94% - 1a ___m._. _ _. _ _ _ _ _ _ _. -.
- Nuclear furI amortizatiort which is included in ' Fuel used iri in occordance with Statement No.109, deferred tax assets and ' ~ electric generation" and is recovered through the fuel cost compo-liabilities are recorded for the tax effect of temporary differences - nent of SCE&G's rates, is recorded using the units-of production between the book and tax basis of assets and liabilities al currently. method. Provisions for amortization of nuclear fuelinclude amounts enacted tax rates. Deferred tax assets and liabilities are adjusted for necessary to satisfy obligations to the United States Department of changes in such rates through charges or credits to regulatory assets ' Energy under a contract for disposal of spent nuclear fuel. or liabilities if they are expected to be recovered from, or passed ' The acquisition adjustment relohng to the purchase of certain through to, customers of the Company's regulated subsidiaries;. gas properties in 1982 is being amortized over a 40-year period otherwise, they are charged or credited to income tax expense, using the straight-line method. Prior to the adoption of Statement No.109 on January 1,1993, Depreciation, depletion and amortization of the capitalized the Company recorded a deferred income tax provision on all matera costs of oil and gas producing proporties is provided for on the 101 timing differences between De inclusion of items in pretax finan-units-of-production basis. Units-of-production rates are based on clal income and taxable income each year, except for those which estimated proven reserves. were expected to be passed through 10, or collected from, customers ; f the Company's regulated subsidiaries. Accumulated deferred - H. Nuclect Decommissioning income taxes were generally not adjusted for changes in enacted tax - Decommissioning of Summer Station is presently projected to to es. ' commence in the year 2022 when the operating license expires. The expenditures (on a before-tax basis) related to SCE&G's share J. Pension Expense of decommissioning activities are currently estimated, in 2022 dol-The Company has a noncontributory defined benefit pension lors assuming a 4.5% annual rate of inflation, to be approximately plan covering substantially all permanent employees.1 Benefits are $545.3 million including partial reclamation costs. SCE&G is pro-based on years of accredited service and the employee's average - viding for its share of estimated decommissioning costs of Summer annual base eamings received during the last three years of employ- ? Station over the life of Summer Station. SCE&G collected through ment. The Company's policy has been to fund pension costs rotos $2.5 million and $1.6 million in 1993 and 1992, accrued to the extent permitted by the applicable Federal income tax respectively. The amounts collected are deposited in an external regulations as determined by on independent actuary < trust fund in comphance with the financial assurance requirements. Net periodic pension cost, as determined by an independent of the Nuclear Regulatory Commission. Management intends for the actuary, for the years ended December 31,1993,1992 and 1991 fund, including eamings thereon, to provide for all eventual decom-included the tollowing components: missioning expenditures on an after-tax basis. m3 m2 m0 In addition, pursuant to the National Energy Policy Act passed by Congress in 1992, SCE&G has recorded a liability for its estimat-(Thousands otDo# cts) ed share of amounts required by the U.S. Department of Energy for Service cost-benefas earned its decommissioning fund.. SCE&G will recover the costs associated during the penod. S' 7.629 $ 7,174 $ 6,367 with this liabihty, totchng $4.6 million at December 3111993, Interest cost on projected through the fuel cost component of its rates; accordingly, these benefit obligation. 20.413 - 19,628 18,334-amounts have been deferred and are included in ' Deferred Debits-Adjustrnents: Refum on plan ossets (50.389) ' (28,607).'(51,440) : Other' and 'Long-term Debt, Net,' Not amortization and deferrol 25.936 8,096 < 36,263 -
1. Income Taxes Net periodic pension cost -
S 3,5sil $ 6,291 - $ 9,524 The Company and its subsidiaries file cansolidated Federal and State income tax returns. Incorne taxes are allocated to oil subsid-The folkrwing table sets forth the funded status of the plan,' as forles based on their contributions to consolidated taxable income. determined by an independent actuary, at December 31, '1993 and W The Company adopted Statement of Financial Accounting 1992: 'j Standards No.109, ' Accounting for income Taxes
effective 4
m3 22-q January 1,1993. Prior years' financial statements have not been restated. Deferred tax assets and liabilities were adjusted from the (Thousands otDobrs). :
]
amounts recorded at December 31,1992 under prior standards to Actuarial present value of benofF obligations: I the amounts required ct January 1,1993 under Statement No.109 Vested benefit obligation 32o4,704 $177,030. ' .) at currently enacted income tax rates. The adjustments were Nonvested bonerit obligation 14,o85. 17,110 l- . charged or credited to regulatory assets of liabilit es if the Company Accumulated benefit obilgation' $218,879 $195,640 ' J; l.~ expects to recover the resulting odditional income tax expense from, or poss through the resulting reductions in income tax expense to, Projected benefit obligation $295,718.. $258,440 6 L ' customers of tne Company's regulated subsidiaries; otherwise they. Plan ossets at talt value (invested _. rirnarily in equity and debt securities) 351.648 304,1141 . ere charged or cred ted to income tax expense. The cumulativa p w effect of odopting Statement No.109 on retained eamings as of Plan assets greater than. 0 ' January 1,1993, as well as the effect of odoption on net income for - projected benefit obligation 55,930 45,674
the year ended December 31,1993, was not materialJ The com-Unrecognized not transmon liabihty 10,713 11,555 '
y bined effect of adopting Statement No.109 and adjusting deferred unrecognized prior service costs 9,294 10.563 tax assets and liabililles for the change in 1993 of the corporate Unrecognized net gain (644a7) (63,633) Federal income tax rate from 34% to 35% resulted in balances of Pensi o r ed b $100.8 million in regulatory assets (included in ' Deferred Debits-Other') and $69.3 million in regulatory liabihties (included in ' Deferred Credits-Other") for tne Company's regulated subsidiaries. a to d' v = a
The occumulated benefit obligation is based on the plan's Accumulated postrat!rement berwfit obligations for: benefit formulos without considering expected future solary. Retirees S 40,865 increases. The following table sets forth the assumphons used in Other M!y eligible porticipants 25.767 the amounts shown above for the years 1993,1902 and 1991. Other active participants 6.841 1992 and Accumulated postrefirement benefit obligation 73,473 1993 1991 Plon assets at fair value - Annual discount rate used to determine Plan ossets less occumulated postretirement benefit obligations 7.25 % 8.0% benefit obligation (73.473) Expected long-term rate of retum on Unrecognized not ironsition liability 64 925 plan assets 7 25 % 8.0% Unrecognized prior service costs Discount rate used in determining Unrecognized not (goin) foss 4,248 pension cost 8.0% 8.0% Postrotirement benefit liability recognized Assumed annual rate of future salary in Consolidated Bolonce Sheet S (4,300) ~ increases for projecbd benefit obilgotion 4.75 % 5.5% The change in the annual discount rote used to determine - The occumulated postrattrement obli ation is based upon the plan's 0 L benefit obligations from 8.0% to 725% cs of December 31,1993 benefit provisions and the following ossumptions: increased the projected benefit obligation and reduced the unrecog-Assumed hea!!h care cost trend rate used to nized not gain by approximately $4.1 milhon. measure expected 1994 costs 12.25 % in oddition to pension benotifs, the Company provides certain Ultimate health care cost trend rate . health care and life insurance benefits to active and retired (to be achieved in 2004) 525%. employees. On January 1,1993 the Company odopted Statement No.106 ' Employers Accounting for Postretirement Benefits Other Discount rate used in determining post- ' Thon Pensions.* The Statement requires that the cost of postretire_ rehremmt beem costs 7.2% l ment benefits other than pensions be accrued during the years the Assumed annual rate of solary increases - 4.75 % j employees render the service necessary to be eligible for the opplic~ The effect of a one-percentage-point increase in the assumed ' l; able benefits. The Company previously expensed these benefits, health core cost trend rcte for each future year on the oggregate of which are primarily health care, as cloims were incuned. The occu-the service and inforest cost components of net periodic mulated obligation for these benefits at January 1,1993 was postretirement benefit cost for the year ended December 31,1993 opproximately $68 million (fronsition llobility) and the annualized and the accumulated postretirement benefit obligation as of increase in expenses (net of payments to current retirees), including December 31,1993 would be to increase such amounts by the amortization of the transition liability over approximately 20 $60,000 and $1.7 million, respectively. years as provided for by the Statement, is opproximately $4.7 mil-lion. In its' June 1993 electric rate order (see Note 2A) the PSC K. Debt Premium, Discount and Expense, Unomortized Loss on approved the inclusion in rates of the portion of increased expenses Reacquired Debt ~ related to electric operations Such expenses had been deferred
Long-term debt premium, discount and expense are being -
through May 31,1993 pursuant to o December 10,1992 omortized as components of ' Interest on long-term debt, net" over [ _occounhng directive allowing deferral pending consideration of the terms of the tcspective debt issues. Gains or losses on reac-L recovery in future rate proceedings. The Company expensed quired debt that is refinanced are doferred and amortized over the - l ' opproximately $4.3 million, net of payments to current retirees, for term of the replacement debt. the year ended December 31,1993. L Environmental Net periodic postratirement benefit cost. as determined by on -Independent actuary for the yect ended December 31,1993 The Company has on environmental ossessment program to. -Included Ine following components (thousands of dollars): Identh and assess current and former operations sites that could require environmental cleonup. As site ossessments are initiated. - Service cositanofits eamed during the period S L908 On estimate is mie of the amount of expenditures, if arr6 neces- ~~~~~ -Interest cos; on occumulated postretirement sory in %stigate or4 clean up each site. These estimates are benefit obhgation 0,5 W uned os cdditional information becomes available; therefore octual expeditures could significantly differ from the origino! estimates; Adjustments: Retum on plac ossets Amounts estimated and ocerued to dote for site ossessmen's and" Amortization of unreconnized cleanup relate primarily to regulated operations; such amounts have trans. tion obligation
344 i
been deferred and are being amortized and recovered through rotes.- - Other not omortization ond deferral . over a ten-year periort Such amounts totaled $19.6 million and Net periodic postretirement benefit cost $ 10,754- $18 3 million at December 31,1993 and 1992, respectivety, and are included in ' Deterred Debits-Other.* - The following table se+s forth the untund3d status of the plan, M. Gas Futures Contracts. ' as determined by on independent octuary, at December 31,1993 The Company sells gas futures contracts to hedge prirnsks -
(thousands of dollars)

-
for o portion of Petroleum Resources' production. Gains r 4 ;ses on such contracts, which are not material, are recognizr v ir. rently with the revenue from thc cssociated gas sales. 20 m,, L. u
1. _ _
MM MlM ' NI.Postemployment Benefits recovery of take-or-poy charges and shift the allocations among '. Lin November 1992 the financial Accounting Standards Board Pipeline Corporation's customers (including SCE&G) but that oli such lssued Statement No.112
Employers' Accounting for Postemplay-charges should be uthmately recovered. The case hos been remitted mont Benehts? The Statement, which is effective for colondor year to the PSC by the Supreme Court and the Company onhcipates the 1994, establishes certain conditions for the recognition of oosts of -
PSC will issue on Order outhorizing full recovery of incurred take-or-benefits to former employees offer employment but before retirement. pay costs on a prospective volumetric basis after the completion of,, The Statoment requires recognition of the obligotion to provide post-occounting verification by the PSC Staff of the principal and associctm!' employment benefits if such obligation is attributable to services pre-Interest costs. elously rendered, the obligation relates to rights which vest, payment E. On August 8,1990 the PSC lssued an order, effecNo . of the bonefits is probable, and the amount of such benefits can be November 1,1990, approving changes in Pipeline Corpr,fotion's reasonably estimated.- The Company does not anticipate that appli-gas rate design for salos for resale service and upholdir g the.- cat;on of this Statament will have a significont impact on results of 'value of-service' method of regulation for its direct in justrial ; operations F 'ol position. service. Direct industrial customers seeking ' cost-of service' based rates initiated two separate oppeals to the Circulf Court, which
0. Tempoi avestments The Comg.. Asiders teraporary cash investments having reversed and remanded to the PSC its August 8,1930 order.1...
original maturities'of three monttu or less to be cash equivalents. Pipeline Corporation oppealed that decision to the Supreme Court which reversed the two Circuit Court decisions and reinstated the - Temporary cash investmeth & metally in the form of commercial paper, certificates of derait and repechase agreements. PSC Order. The Supreme Court held that the industrial customer group s appeal was premature and foiled to exhaust administrative P. Reclassifications remedies. Additionally, the Supreme Court inforpreted the rate- ~ Certain amounts from b p % nave been reclassified to making stotutes of South Carolino to give discretion to the PSC in conform wl'h the 1993 presuntJ selecting the rnethodology to be used in setting rates for natural gas service.
2. RATE MMT[RS:
F. On July 3.1989 ine PSC granted SCE&G opproximately A. On June 7,1993 the PSC issued an order on the $21.9 million of a requested $27.2 million annual increase in retail Company's pending electric rate proceeding allowing on authorized electric revenues based upon on allowed retum on common equity of. retum on common equity of 11.5% resulting in a 7.4% annual 13,25% The Consumer Advocate appealed the decision to the increase in retall electric rates, or a projected $60.5 million annually Supreme Court which, on August 31,1992, found that the evidence In' based on a test year. These rates ors to be implemented in two the record of that case did not support a retum on common equity phases over o twayear period: phase one, effective June 1993, higher than 13.0% and remanded to the PSC a portion of its July producing $42.0 million annuolly and phase 1wo, effective June 1989 order for a determination of the proper retum on common equity 1994, producing $18.5 million annually, based on a test year. consistent with the Supreme Court's opinion. On January 19,1993 B, On September 14,1"' N PSC issued on order granting the PSC issued on order allowing a retum on common equity of. p SCE&G o S 25 increase in trc a from S.50 to S.75 in both 13.0% opproving a refund based on the difference in rates created by - Columbia and Chorleston, Sous ;rolina, however, the PSC also the diftetence between the 13.0% and the 13.25% retum on common required S.40 fares for low income customers and denied SCE&G's equity and making other non-material adjustments to the calculation I request to reduce the number of routes and frequency of service. of cost-of-service. The total refund, before interest and income taxes, The new rates were placed into effect on Octobor 5,1992. SCE&G was approximately $14.6 mil! ion and was charged against 1992 : hos appealed the PSC's order to the Circuit Court. During oral orgu- ' Electric Revenues? The refund plus interest was made during 1993.. ments in February 1994 the Circuit Court retained jurisdiction and G. On November 28,.1989 the PSC granted SCE&G an increase il remanded the decision to the PSC for the limited purpose of answer-in firm reloil natural gas rates, effective November 30,1989, de. j ing questions concoming the opplicable regulatory pnnciples used signed to increase annual revenues by $10.1 million, or 89 5% out R by the PSC in determining these transit roles. of the requested increase of opproximately $11.3 mit! ion. In its order ~ 1 C. Since November 1,1991 SCE&G's gos rate schedules for the PSC authorized a 12.75% retum on common equity.- The Con- !1 its residential, small commercial and small industrial customers sumer Advocate oppealed to the Supreme Court which on August 31 - 3 have included a weather normalization adjustment (WNA) The 1992 remonded the order to the PS0 tor redetermination of the proper : H - WNA min)mizes fluctuations in gas revenues due to obnormal amount of litigation expenses to include in the test period. In January weather conditions ad has been opproved through November - 1993 the PSC reduced the amount of litigation expense and ordered a : 1994 subject to on annual review by the PSC. The PSC order was refund fotoling approximately $163.000 which was charged against s based on a retum on common equity of 12.25% (see Note 2G). 1992 'Gos Revenues? The refund was made during 1993.. ' The WNA become attactive the first bilkng cycle in December 1991. D. In May 1989 the PSC approved o volumetric and direct
3. LONG TERM DEBT:
billing method for Pipeline Corporation to recover take-or-pay costs The annual orwune of long-tem debt maturities, including the. Incurred from its interstate pipeline suppliers pursuant to FERC- . omounts due unc'ar the nucer and fossil fuel agreement (see Note opproved final and nonoppealable settlements, in December 1992 4), and Ming 'and requiremt nft tot the yeais 1994 through 1998 3 the South Carohna Supreme Court (Supreme Court) opproved Pipehne ore summarize 1 r's to..,ws: k Corporation's full recovery of the take-ot-pay charges 6mposed by its Year Amoun! Year' Amount k suppliers and trootment of these charges os a cost of gos However, the Supreme Court doctored the PSC-approved ' purchase deficiency" (rtousands otDo#c's) methodology for recovory of these costs to be unlawful retroactive 1994 $34,322 1997 $34,591 ratomaking and remanded the docket to the PSC to reconsider its 1995 94,067 1998 59,228 }'; recovery methodology. The Company believes that the ehmination of 1996 69,269 the purchase deficiency method of recovery will offect the timing for a 21 jf J
o J' l Approximately $10.9 million of the current portion of long-term At any time when dividends have not been paid in full or , debt for 1994 may be satisfied by either deposit and cancellation of declared and set oport for prryment on all series of preferrev stock, - ' bonds issued upon the basis of property odditions or bond retire-SCE&G may not redeem any shares of preferred stock (unk u all ment credits, or by deposit of cash with the Trusteec shares of preferred stock then outstanding are redeemed) or pur-During 1993 certain issues of SCE&G's First and Refunding chase of otherwise acquire for value ony shores of preferred stock - Mortgage Bonds were redeemed and replaced with SCE&G's First except in accordonce with an offer made to all holders of preferred. Mortgage Bondsc. stock. SCE&G may not redeem any shores of preferred stock -, In January 1994 the Company arranged for unsecured bank (unless all shares of preferred stock then outstanding are redeemed) - .' loons totaling $60 mHilon, due January 13,1995 at interest rates or purchase or otherwise ocquire for value ony shares of preferred - between 3.875% and 3.89% Proceeds from the loca were used to stock (except out of monies set aside os purchase funds or sinking. repay a $60 milhon bank loan due January 14,1994; accordingly, funds for one or more series of preferred stock) of any time when it '4 such loan is included in long-term debt at December 31,1993. Is in default under the provisions of the purchase fund or sinking. Substantially all utility plant and fuel inventories are pledged as fund for any series of preferred stock. collateral in connection with long-term debt. The aggregate annual amounts of purchase fund or sinking. ~' fund requirements for preferred stock for the years 1994 through.
4. Fl!EL TINANCINGS:
1998 are summarized as follows: Nuclear and fossil fuel inventories are financed through the Year. Amount Year Amount issuance of short-term commercial paper, These short-term borrow-ings are supported by on irrevocable revolving credit agreement ghousands of Do#as) 1994 $2,504 1997 $2,440 - which expires July 31,-1996. Accordingly, the amounts outstand. 1995 2,515 1998 2,440 : Ing have been included in long-term debt. The credit ogreement 1996 2,482 provides for o moximum amount of $75 million that may be out-standing at any time. The changes in Total Preferred Stock (Subject to purchase or Commercial paper outstanding totaled $36.8 million and sinking funds)* during 1993,1992 and 1991 are summarized as $55.7 mliiion at December 31,1993 and 1992 at weighted aver-goqiows: oge interest rates of 3.47% and 3.81% respectively, Number Thousands-of Shores of Donors
5. STOCKHOLDERS'(NVESTMENT (includmg Preterred Stock Nat Subject to Purchese or Sinnung f unds):
Bolonce Docernber 31,1990 1,050,201 . $64,460 The changes in ' Common Stock / without por value,' during Shores Redeerned: 1993,1992 and 1991 are summarized as follows: $100 par value . (628) : (63) 50 por value (51,169) (2.559) Balonce December 31,1991 998,404 61,838 of Shores of Dollors Dolonce December 31,1990 40,882,176 $575,251 vol e (6,098) (610) Repurcho,e of comtnon stock (1,000.000) (37,425) 50 por value (51,777) (2,589) Acquisition of propone operottons 902,311 33,769 Other (160) 2 Be<cnce DecemMr 31,1992 940.529' 58,639. [3 Bolonce December 31,1991 40,784,327 571,597 (7,374) (73n _ 3 issuonce of common stock 3.126,304 127,406 So par vehJe (51.18D (2 558)c Dontfi Decomw 31,19S2 43,91o.63) 099,003 Enro Demmber 31[ 1993 881,909 ' S55,344 Inuance of common stock 2.709,826 127.662 Octanw becember 31,1993 - 46 619. 0 7 5826 065
7. INCOME TAXES:
The Restated Articles of incorporahon of the Company do not Total income tax expense for 1993,1992 and 1991 is as - limit the dividends that may be payable on its common stock. follows: However, the Restated Articles of Incorporation of SCE&G and the m M2. M1 - indenture underlying its First and Refunding Mortgage Bonds contain ' provisions that may limit the payment of cash dividends on its com. Chouonds otDo#as) mon stock.' In addition, with respect to hydroelectric projects, the Current taxes: Federal Power Act may require the appropriation of a portion of the Federot $ 59.590 $67,240 1 $43,485 L eamings therefrom. At December 31,1993 approxirnately $10.6 State 6A00 8.146 5.284 - million of retained eamings were restricted as to payment of cash. Total current taxes' 05.933 75,386 48,769 - dividends on common stock;. . Cash dividends on common stock were declared at an annual tote per share of $2.74, $2.68 ond F62 for 1993,1992 and 23 219 (11'888) - ~ 25 548 . Stow bo3 413 . 4 853 - 1991, respectively. Total deferred taxes 29,222 (11,475) '30.201 ._ )
6. PRf fERRED STOCK (SubRet to Purchase er SinHng Fuads):
Investment tax credits: (3.659) (3.645) The call premium of the respective series of preferred stock in Amortization of amounts deterred (credit) (3 659) no case exceeds the amount of the annual dividend. Retirements Totof income tax expense 597.562 - $60,252 - $75,325 under sinking fund requirements ore at par value y
1 ,. Total. income taxes differ from amounts computed by applying ' Total deferred taxes
charged (credited) to income tax expense
..the statutory Federal income tax rate of 35% for 1993 and 34% for ' result from timing differences in recognition of the following items: - 1992 and 1991 to prefox income as follows: 1992: M9L 1993 1992 1991 (houmndWDo# ors) : (Thowands of Do# ors) ChargM (credited) to expense: . Not income.. , $167.G81 $117,590 S135,851 Accelerated depreciation and amortization - $ 2,313. $23,900 - Totalincome tax expens* Deferred fuel accounting (2,958) 461- - Charged to operating expenses 1. 90.007 60,947 77,562 Pronerty taxes .562-1,692 Chorged (credited) to other income - LS55 (695) (2,237) Cycle billing (1,321) 3,608: Prefened stock d!vidends 6.217 6,473 6,706 Toke-or-pay controefs. (1,118) . (1,099)' Total prelox Mcome S2t,5J60 S184,315 S217,882 intangibledrillingcosts. 5,122 ' 276. L incorne taxes on obove at Nuclear refueling occruot - (4,430) 2,052 (] statutory federalincome tax rote. $ 03,016 $ 62,667 $ 74,080 Electric rate refund (6,571) increases (decreases) attributable to: Injuries and domoges (1,377) . Allowance for funds used Other, not (1,697)~ -(689). -
l

Total defoned taxes
$(11,475) : S30,201-l lud n fuel). (3 125) (1,868) (1,174) ri ortiz 1.4 B6 1,444 1,444 The Intemal Revenue Service hos examined and closed consol-Depreclotion differences 2,794 2,129 L613 Idated Federal income tax retums of the Company through 1989 Amort totion of investment tax cred!ts (3.659) (3,659). (3,645)
and is currently examining the 1990 and 1991 Federal income tax Stufe income bxes (less Fedural retums. No adjustments are currently proposed by the examining -
income tax effect) RoG8 5,649 ' 6,559 - agent. The Company does not anticipate that any adjustments. < Deferred income bx flowbork at (3,226) which might result from this examination will have a significant-higher than statutory rates - (4,411) (5,565) Alternate fuel production tax credil . (L 373) (275) impact on the eamings or financial position of the Company. Other differences, not (1 234) (270) (326) Totot incomeiox expense $ e1,562 $ 60,252 S 75,325
8. FINANCIAL INSTRUMENTS:
The canying amounts and estimated fair values of the The Omnibus Budget Reconciliation Act was signed into law on Company's financial instruments at December 31,'1993 and 1992 {D August 10,1993, increasing the corporate tax rate from 34% to 35% are as follows (thousands of dollars): ^ effective January 1,1993. The impact of this change on the Com-u93 - 1892 pany's financial position and results of operations was not material. gm The tax effects of significant temporary differences comprising cerrpo retr canying : - Fair - the Company's not deferred tax liability of $559.6 million at Amum vee knount value. December 31,1993 determined in accordance with Statement No. cae and tempaory 109 (see Note 11) ore as follows (thousands of dollars): cae investments
20. m s 2036e s ' 32,05a. S 32,05a -
Investments 5,312 15.2M 5.066 .10.185 DefMmd bx osses: sho!t term bonoMngs 43019 ' 43,o19 41,156 41,156 Unomortiled investment tax credits S 53.839 Tdal WTenn Debi 1 4".B. 721 L55t873 1,229,458 ' 1,272,922 Cycle billing 15.cS4 Tdal Pretened Stock Nuclear operchons expenses 4,9c8 (subjeci so purcnose . 51 Ble. 58.639 53,771 Deforred compensation 5.315 or sinking funds) ' 55 344 Uncollet.fible accounts LS92 Gas futures contracts W 650 ' .338 260 Other postrehrement benefits 1.631 The information presented herein is based on pedinent information inges and a m ges 722 available to the Company as of December 31,1993 and 1992, Oms 8m . Although the Company is not aware of any factors that would signifi-Total deferred tax assets 90379 can!!y offect the estimat6d fair value amounts, such financial instru. ments have not been comprehensively revolued since December 31,- Deterre tax liabmties: Accelerated depreciation and amorttration 604.09) 1993 and the current estimated fair value may differ significantly from the estimated fair volue at that date; inbngde dillling costs 15.70s t The following methods and assumptions were used to estimate < L ReacquirW dobl L5N l the fair value of the above classes of financialinstrumentst. Property taxes E4c6 Pension expense 6,206 Cash and temporary cash investments, including commercial ' Toppoy controds. W8 paper, repurchase agreements, treasury bills and notes are valued oHheir canying amount Nuclear system mointenance 3 65 Early ret rement programs L90) Fair values of investments and long-term debt are based on Nuclear deconlomination fund L417 quoted market prices for Similar instruments, Or for those instru-ments for which there are no quoted market prices available, fair Othw - MM values are based on not present value calculations. Investments Total deferred tax liotxtihes fq4_ which are not considered to be financial instruments (goodwill) ' Net deforred hx liability $55A565 have been excluded from the canying amount and estimated fair 23
MMM value. Settlement of long-term debt may not be possible or may not B. Nuclear insurance - to o prudent management decision. The Price-Anderson indemnification Act, which deals with pub- .Short-term borrowings are valued at their carrying amount. lic liability for o nuclear incident, currently establishes the liabihty ; The fair value of preferred stock (subject to purchase or ~ limit for third-party claims associated with any nuclear incident at sinking funds) and gas futures contracts is oshmated on the basis $9.4 billion. Each reactor licensee is currently liable for up to.. of market prices. $79.3 million per reactor owned for each nuclear incident occurring. Potential taxes and other expenses that would be incurred in on at any reactor in the United States, provided that not more than $10 actual sole or settlement have not been taken into consideration. million of the liabihty per reactor would be assessed per year. SCE&G's maximum assessment, based on its two-thirds ownership of Summer Station, would be approximately $52.9 million per incl- ]
9. SHORMERM BORROWINGS:
dent, but not more than $6.7 million per year., 1 The Company pays 'ees to banks as compensation for its lines SCE&G currently maintains policies (for itself and on behalf of j of credit. Commercial paper borrowings are for 270 days or less. the PSA) with Nuclear Electric insurance Limited (NEll) and : j Details of lines of credit and short-term borrowings of December 31, American Nuclear Insurers (ANI) providing combined property and 1993,1992 and 1991 and for the years then ended are as follows: decontamination insurance coverage of $1.4 blilion for any losses 1993 1992 1991 in excess of $500 million pursuant to existing primary coverages. [ SwonsWDNars) (with ANI) on Summer Station. SCE&G pays annual premiums and, l Authorized knes of credit at year end $175 0 $153.9 $141,7 in addrhon, could be ossessed a retroactive premium not to exceed - Unused lines of credit at year-end 5148o $127.8 $141.6 71/2 times its annual premium in the event of property damage, loss to any nuclear generating facilities covered by NEIL Based on Short-term bomMngs Oncluding the current annual premium, this retroactive premium would not { ys commercial paper) dunng the year: exceed $8.1 million.. Maximum outstonding S3o4 8 $143.0 $134.0 To the extent that insurable claims for property damage, ~decon- - Average outstanding S117.2 $ 75.3 $ 74.3 tomination, repair and replacement and other costs and expenses. Weighted overage daily interest rates: orising from o nuclear incident at Summer Station exceed the policy - Commercloi paper 113% 3.69 % 6.31 %~ limits of insurance, or to the extent such insurance becomes un-Bank loans 157% 4.47 % 6.32 % available in the future, and to the extent that SCE&G's rotes would ny mco@ cost of any purchased replacement power, SCE&G ; ShorMerm borrow!ngs outstonding of will retain the risk of loss os o se!f-insurer. SCE&G hos no reason to yeonend anticipate a serious nuclear incident at Summer Station. If such on incident were to occur, it could have o materially adverse impact on - e overage interest rate 4% 89% ggp,, 3 g the Company's financial position. Weighted overage interest Inte 100% C. Litigation In January 1994 SCE&G, acting on behalf of itself and the PSA. (os co-owners of Summer Station), reached a settlement with
10. COMMi1MEMS AND CONTINGENCIE Westinghouse Electric Corporation (Westinghouse) resolving a dis-L A. Construction pute involving steam generators provided by Westinghouse to -
SCE&G entered into a contract with Duke / Fluor Daniel in Summer Station which are defective in design, workmanship and .1991 to design, engineer and build a 385 MW coal-fired electric materials. Terms of the settlement are confidential by agreement of 1 generating plant near Cope, South Carolina in Orangeburg County, the porties and order of the court. SCE&G had filed an action in May - Construction of the plant began in November 1992 ond commercial 1990 against Westinghouse in the U.S. District Court for South operation is expected in late 1995 or early 1996. The estimated Carolino; an order dismissing this suit was issued on January 12, 9 ' price of the Cope piant, excluding financing costs and AFC but 1994. ' including on allowance for escalation, is $450 million. In addition, D. Environme'ntal l the transmission lines for interconnection with the Company's - As described in Note I L, the Company has on environmental - . system are expected to cost $26 million. assessment program to identify and assess current and former operJ Under the Duke / Fluor Daniel contract SCE&G must make ations sites that could require environmental cleanup. As site specified (nonthly minimum payments. These minimum payments ossessments are initiated, an estimate is made of the amount of _do not include amounts for inflation on a porhon of the contract . exponditures, if any, necessory to investigate and cleon up each - - which is subject to escalahon (approximately 34% of the total con-site. These estimates are refined as additional information becomes tract amount). The aggregate amount of such required minimum available; therefore octual expenditures could significantly differ from5 . payments remaining at December 31,1993 is os follows (thousands the original estimates. Amounts estimated and ocerued to date for gl of dollars); site ossessments and cleanup relate primarliy to regulated opero-h 1994 $168,152 . tions; such omounts have been doferred and are being arnortized : P 1995' - 59,766 : and recovered through rates over o ten-year period. 1996 5,603 Total $233,521 Through December 31,1993 SCE&G paid $142.0 million under the contract. 24 wa:_.__2____2_________:_
E k[ 11; SIGMfid 0F Mt31 NESS INf 0RMATiOW 1991 j . Segment inform 0fion af December 31,1993,1992 and 1991 Electric Gas Transit ' Total ond for the years then ended is os follows: gruumsotDoearo : 1933 Operating revenues $ 867,215 $276,742.$ 3,869 $1,147,826 q UecMc Gas Trendt ' TMai Operating expenses, excluding depreciation wuenM and amorttration ~ 580.265 233.509 0,023 " 822,797 Operoting remues S 940.121 $U0,195 S 3,851 $1,264,167 Depreciation and { - Opercting upeses, omodizahon 88,803 13,720 146 102.669 eulumng sorwic!m Total operating expenses -669,068 247,229 9,169 ' 925,466 andomcataton 620.291 275,984 9,737 906,012 Operatingincome(loss) $ 198,147 $ 29,513 $(5,300) - 222,360 Deprecfcte and amomcation 07,849 14.820 175 112,644 Add - Othor income. net 11,655: fl Totot operding upent.es 718,140 700.804 _9.912 1.01 B,650 Less -Interest charges 91,458 ]l [! Opwoting trcome Coas) S 221.981 S 29.J91 $(6,061) 245,31 p - Preferred stock dividends. ' 6,706 Net income $ 135.851. ~ ' Md Other incomo, net 31076 ten Interest cricrges 101,169 Capita l 8xpenditures: - Prefned siccuMdenes 6 2t7 Identitiobie $ 205,704 $ 25,380 $ 89.$ 231,173. j Net tr4 cme 3, 167.981 Ut Itzed for overall Company operations 7,D67 Capitof emeneures Total $ 239,140 T I l@ ntfulde $ 279.082 $ 23.761 S 604 $ 30BA47 Identifiable ossets of ' priMnd tw ovwM Compeoy opmsas 13.934 December 31,1991: Totc S 322 381 Utthty plant, not $2,333,877 $280,805 $ 1,073 $2,615,755 Inventories . 83,637 -7,242 476. 91,355 ~ identifwe cuers 01 Total $2,417,514 $288,047 $ 1,549. 2,707,110. Onember 31,1933. Uttufy p!ct Mt $2,628 374 S312A37 51673 $2,942AB4 Assets utilized for overall Company operations - 598,752 ~ lovemons 77,805 22,019 463 100,287 Totol assetsi $3,305.862 J Tcfd 52,706.179 $334,456 $ 2,130 3.0423 71 Assets u!Weti for ovucH Cortpsy opweticos 99 USS !cid usses 5[040.536
12. QUARTf RLY flRNCIAL DATA (UNAUDITED):
1992 Electric Gos Transit Total FMt Swerid - TNrd fourfu g% gg ' 0"" "U" 0 0"# ^*d . Operahng revenues $ 829.477 $305.275 $ 3,623 $1,138.375 ng depr ation sr 0) 5321 840 $250,382 3359,453 sao2A92 - $1.2A4.167 and omorttzotion 554,897 256,178 9,205 820,280 0"0 )I Depreciation and !rew (o00) (53 ] 1 4 ' 41370 p ce ' 5149 ' ' 2n311 1 omodizahon 93.978 14,174' 163 108,315 "" (0W). MM WS - MA27 3L55 167M1 [" Total operahng expenses 648.875 270,352 9.368 928,595 Operchng hcome (loss) $ 180.002 $ 34.923 $(5,745). 209,780 ca.. a - Add, Other income nel 11,883-Less -Interest charges 97,600 q Preferred stock dividends . 6,473- ,d Nat income $ 117,590 !I992 First ;Second J Thtrd~ Fourth. Capital expenditures', Quoda.. Omder. Auons O ndei - hab ~ identificble $ 234,918 '$ 33,495 - $ - 346 $ 268,759. 1ol01 operotmg > a . titilized for overall Company operations 8,877 revenues (000f $297A14. $255,343, $305,594 $280.024 '. $1,138,375 i
Total"
$ 277,636 Opercemg income (000) 56,978 ' 40,203 L 64,486 48,113 : : 209.780. - Identifioble ossels at Not income (000) 34,132 16.753 ' 39.643 - 27.062 117,590 ?
December 31,1992:
Eonungs per weighted -
Utility plant, not
. $2.456.691 $299.591 - $ 1,240 $2,757,522 overage snore of j Inventories 82,717 8.155 481 91,353 cornmon stock 'q Total S2,539A08 $307,746 $ 1,721. 2,848,875 ; os reporke .83 .41 ,96 64 2.84 ' d Assets utilized for overall Company operchons 708,8_46 Totof ossets $3,557,721 dy -_.-_w.___-_._
Alanagement's illscussion and Roalysis oflimcial Condition and liesults of flycrations LIQUIDITY AND CAPITAL RESOURCES SCE&G hos placed a new bond indenture (New Mortgage) The cash requirements of the Company orise primarily from dated April 1,1993 on substantially oil of its electric properties under which its future rnortgage-backed debt (New Bonds) will be i l SCE&G's operational needs, the Company's construchon progrora issued. New Bonds are expected to be issued under the New ond the need to fund the activities or investments of the Company's nonregulated subsidiaries. The ability of the Company's regulated PAortgage on the basis of a like principal amount of Class A Bonds issued under the Old Mortgage which have been deposited with the subsidiaries to replace existing plant investment, os weV as to Trustee of the New Mortgage (of which $157 million were available I expand to meet future demand for electricity and gas, will depend for such purpose as of December 31,1993), until such time os all upon their ability to attract the necessory financial capital on recson. presently outstonding Class A Bonds are retired. Thereafter, New - ob!e terms. The Company's regulated subsidiaries recover the costs Bonds will be issuoble on the basis of propeity additions in a princl. of providing services through rates charged to customers. Rates for pol amount equal to 70% of the original cost of electric and com-L regulated servicos are generally based on historical costs. As mon plant pmperties (compored to 60% of value for Class A Bonds hl customer growth and inflation occur and the regulated subsidiaries Under the Old Mortgage),. cash deposited with the Trustee, and expand their construction programs, it is necessary to seek in. retirement of New Bonds. New Bonds will be issuable under the I creases in rates. As a result the Company's future financial position and results of operations will be offected by the regulated subsidl. New Mortgage only if adjusted net eamings (os therein defined) for 12 consecutive months out of the 18 months immediately preceding ories' ability to obtain adequate and timely rate rehef. the month of issuance are at least twice the annual interest require-Due to continuing customer growth, SCE&G entered into o con, ments on all outstanding bonds (including Class A Bonds) and New - tract with Duke / Fluor Daniel in 1991 to design, enginwr and build a 385 MW cool-Dred electric generating plant near Cope, South Bonds to be outstanding (New Bond Ratio). For the year ended December 31,1993 the New Bond Ratio was 5.0. Carolina in Orangeburg County. Construction of the plant began in November 1992 with commercial operation expected in late 1995 On April 29,1993 the Securities and Exchange Commission (SEC) declared ettective a registration statement for the issuance of l-or early 1996. The estimated price of the Cope plant, excluding up to $700 million of first Mortgage Bonds by SCE&G under the L . financing costs and allowance for funds used during construction New Mortgage. The following series, oggregating S600 million, (AFC) but including an allowance for escalation, is $450 million. In have been issued under such registrofion statement: . addition, the transmission lines for interconnection with the
On June 9,1993, $100 million,7 5/8% Series due June 1, Company's system are expected to cost $26 million. Until the com.
pletion of the new plant, SCE&G is contracting for addihonal capaci. 2023 to repay short-term borrowings in a like amount.. i
On July 1,1993, $100 million,6% Series due June 15,2000; ty as necessary to ensure that the energy demands of its customers and $150 million, 71/8% Series due June 15, 2013; and on July can be met.
20,1993, $150 million, 71/2% Series due June 15, 2023, to As discussed in Note 2A of Notes to Consolidated Financial Statements, on June 7,1993 The Pubhc Service Commission of redeem, on July 20,1993 S382,035.000 of First and Refunding South Carolino (PSC) issued on order granting SCE&G o 7.4% Mortgage Bonds maturing between 1999 and 2017 and bearing. Interest at rates between 8% and 9 7/8% per annum. annual increose in retall electric rates to be implemented in two
On December 20,1993, $100 million,61/4% Series due phases of $42.0 mitilon annually effective June 1993 and $18.5 December 15, 2003 to repoy short-term borrowings in a like million annually effective June 1994, based on a test year.
amount. Approximately 28% of total cash requirements (excluding divi. donds) was provided from Intemoi sources in 1993 as cornpored to The following additional financing transactions have occurred since December 31,1992: 40% in 1992.
On January 15,1993 the Company closed on on unsecured The Company has in effset a medium-term note program for bank loan in the principal amount of $60 million, due January 14,-
the issuonce from time to time of unsecured medium-term debt 1994, and used the proceeds to pay off a loan in a like amount. securities. The proceeds from the sales of it ese securities may be The interest rate is the three month LIBOR plus 30 bo'ois points and used to fund additional business octivities in nonutility subsidiaries, to reduce short-term debt incurred in connection therewith or for gen, is reset quarterly.- On January 14,1994 the Company refinanced. the loan with unsecured bank loans totaling S60 mHhon, due eral corporate purposes. In 1993 the Company issued $60 million of such medium. term notes. The proceeds from the sales of these January 13,1995 of interest rates between 3.875% cnd 3.89%. securities were used for the funding of nonutility subsidiary activities.
On April 15,1993 the Company arranged for o $15 million term -
At December 31,1993 the Company has ovallable for issuance loan, due April 14,1994, to repay short-term borrowings in a like.. amount. The interest rate is the three month LIBOR plus 16 basis ; $67.6 million under the current registration statement. SCE&G's first and Refunding Mortgage Bond indenture, dated points and is reset quarterly
On June 1,1993 SCE&G redeemed the following amodnts'of First i
- April 1,1945 (Old Mortgage), contains provisions prohibiting tne and Refunding Mortgage Bonds: $35 milhon,101/8% Series due issuance of additional bonds thereunder (Class A Bonds) unless net 2009 and $13 million, 9 7/8% Series due 2009s eomings (as therein denned) for 12 consecutive months out of the.
On June 2,1993 the Company entered into 0 $123 mHlion.
- 15 months prior to the month of issuonce is of leost twice the
onnual interest requirements on all Class A Bonds to be outstanding -
90-day bank loon (90-day bank loon) to finance the acquisition byi (Bond Ratio). For the year ended December 31,1993 the Bond Petroleum Resources of opproximately 125 billion cubic feet equivos Ratio was 3.70J The issuance of additional Class A Bonds is lent of natural gas reserves through the purchase of NICOR ' restricted also to on additional principal omount equal to 60% of. Exploration and Production Company. (NICOR)., unfunded net properly additions (which unfunded not properly oddi-
On July 1,1993 the Company issued $60 million of mediums
. tions totaled approximately $219,9 million at December 31,1993), term notes bearing interest of the following rates and maturing on.. Class A Bonds issued on the basis of retirements of Class A Bonds the following dates in the following amounts: $20 miluon, 5.76%, (which retirement credits totaled $10.9 million of December 31, due July 1,1998; $20 million, 6.15%, due July 3, 2000; S20 - 1993), and Class A Bonds issued on the basis of cash on deposit million, 6.51%, due July 1, 2003. The proceeds were used to repay a portion of the 90-day bank loan discussed above. witn tne Trustee. ne . i ~ r -________________,A_
i_. e in early August 1993 the Company issued 1,467,000 shares of inc. of Greenville, South Carolina for $91.5 million. Under the terms common stock with not proceeds totaling $69,345,090. The pro-of the agreement, a portion of the sales price will be received in coeds were used to repoy the remainder of the 90-doy bank loan cash at the time of closing. The remainder of the sales price, which previously discussed and for general corporate purposes. is related to certain projects currently under construction, will be - 1
On September 30,'1993 Pipeline Corporation sold unsecured received in cash as those projects are completed. The net proceeds :
promissory' notes totaling $25 million, 6.72% due September 30, from the sale will be used to retire Development Corporation's debt 2013. The proceeds were used to repay short-term borrowings in 0 and for general corporate purposes, including the funding of other - like amount. nonutility subsidiaries' business activities. The transaction will not Without the consent of of least a majority of the total voting have o material impact on results of operations. L power of SCE&G's preferred stock, SCE&G may not issue or assume Estimated capital requirements for construction in the year l; any unsecured indebtedness if, after such issue or assumption, the 1994 ore reflected in the Cash Requirements chart. i total principal amount of all such unsecured indebtedness would The Company anticipates that its 1994 cash requirements off exceed 10% of the aggregate principal amount of all of SCE&G's $559.7 will be met through infomally generated funds (approxit secured indebtedness and capital and surplus; provided, however, motely 38% excluding dividends), the sales of odditional equity. that no such consent shall be required to enter into agreements for securities and the incurrence of odditional short-term and long-term j payrnent of principal, interest and premium for securities issued for indebtedness. The timing and amuunt of such financing will depend. 1 (.. . pollution control purposes. upon market conditions and other factors. Actual 1994 expendiJ j t Pursuant to Section 204 of the Federal Power Act, SCE&G ond tures moy very from the estimates set forth above due to factors - 1 I GENCO must obtain FERC outhority to issue short~ term indebted-such as inflation and economic conditions, regulation and legislo- /j ness. The FERC has authorized SCE&G to issue up to $200 million tion, rates of load growth, environmental protection standords and of unsecured promissory notes or commercial paper with maturity the cost and ovallobil!!y of capital. dates of 12 months or less but not later than December 31,1995. The Company expects that it hos or can obtain adequate GENCO has not sought such authorization. sources of financing to meet its projected cash requirements. The Company hos $175.0 million authorized lines of credit V and has unused lines of credit of $148.0 million at December 31, Environmental Matters i 1993. In addition, the Company has a credit agreement for a maxi. The Clean Air Act requires electric utilities to reduce substan-mum of $75 million to finance nuclear and fossil fuel inventories, flally emissions of sulfur dioxide and nitrogen oxide by the year, with $38.2 million available of December 31,1993. 2000. These requirements are being phased in enr two periodsc SCE&G's Restated Articles of incorporation prohibit issuance of The first phase has a compliance date of Jarmory 1,.1995 and the additional shores of preferred stock without consent of the preferred second, January 1, 2000. The Company c sets all requirements of stockholders unless net comings (as defined therein) for the 12 Phase I and therefore will not have to implement changes until com-l consecutive months immediately preceding the month of issuance is pliance with Phase il requirements is necessary; The Company then d at least one and one-half times the oggregate of all interest charges will most likely meet its complinnce requirements through the bum-ond preferred stock dividend requirements (Preferred Stock Ratio). Ing of natural gas and/or lower sulfur cool, the addition of scrubbers I For the year ended December 31,1993 the Preferred Stock Ratio to cool-fired generating units, and the purchase of sulfur dioxide ; was 2.52. emission allowances. Low nitrogen oxide bumers will be installed 7q On October 12,1993 the Company registered with the SEC to reduce nitrogen oxide emissions. 11 2,000,000 odditional shares of the Company's common stock to be The Company is continuing to refine o compliance plan that issued and sold under the Dividend Reinvestment and Stock must be filed with the U.S. Environme& Drotection Agency (EPA) Purchase Plan (DRP). by January 1,1996 - The Company currenty estimates that air ' During 1993 the Company issued 529,954 shores of the emissions control equipment will require copi of expenditures of 3 Company's common stock $252 million over the 1994-1998 period to,etrofit existing facilities 1 Ell the Company issued per year. Ta meet compliance requirements prough the year 2003,. .J MBRIS. under the DRP. In addition, and on increased operation and maintenano cost of $31 million s) 705,498 shares of its com-the Company anticipates total capital expenditees of $275 million, mon stock pursuont to its The South Carolina Solid Woste Policy and Management Act of U *####"" Stock Purchase-Sovings Plan 1991 requires promulgation of regulations addressag specified. q h 7" (SPSP). The Company has ' subjects, one of which offects the management of industrial solid ; f5 o cms authorized and reserved for msteE This regulation will establish minimum critorio for Industriat l a wwruemwcrmes issuance, and registered landflits os mandated under the Act. The proposed regulation, if5 O ud_av o_upsms__ _.__$.'350 under effective registration
odopted as a final regulation in its present form, could significonfly1 statements. 2,065,824 and.
Impact SCE&G's and GENCO's engineering, design and operoflon of f .S3ao 872,420 shares of common - existing and future ash management facilities: Potential cost ) - ~ ~ ~ ~ ) stock pursuant to the DRP impacts could be substantial.: y S2w and the SPSP, respective!y/ As described in Note IL of Notes to Consolidated Financial. g[T in January 1994 the ' Statements, the Company has an environmentot assessment pro-9 s200 Company signed on agree. gram to identify and ossess current and former operations sites that i b ment to sollin 1994 could require environmental cleanup. ' As site assessments are initir J .SLW oted, on estimate is made of the amount of expenditures, if any,; substantially oil of the real y$ k estate ossets of SCANA. necessary to investigate and clean up each site. These estimates 0 sioo M -- Development Corporation are refined as odditional information becomes available; therefore j - ' - - ~ ~ ~ ~~ ~ d E SSo (Development Corporation) actuoi expenditures could significantly differ from the original esti-j {; to liberty Properties Group, mates. Amounts estimated and accrued to date ($19.6 million) for. 27 %tekbng 160100mithes anQ shallMm 00r10 wings. r_ -__-__L_.__"_-___--__-_-_____-._ L-_. ---_D
site ossessments and cleanup of regulated operations have been The Company's regulated business operations are likely to be deferred and are being omortized and recovered through rates over a impacted by the Nahonal Energy Policy Act (NEPA) and FERC Order ten-year period. Estimates to date include, among other things, the No. 636c NEPA is designed to create a more competitive wholesale costs estimated to be associated with the matters discussed in the power supply market by creahng ' exempt wholesale generators' and by potentially requiring utilities owning transmission facilities to pro-following paragraphs. vide transmission access to wholesalers? Order No. 636 is intended - o The Company and its principal subsidiary, SCE&G, each own two decommissioned rnanufactured gas plant sites which contain to deregulate the markets for interstate sales of natural gas by - residues of by-product chemicals. The Company and SCE&G have requiring that pipelines provide transportation services that are equal
each maintained an active review of their respective sites to monitor in quality for all gas suppliers whether the customer purchases gas -
the nature and extent of the residual contamination; from the pipeline or another supplier. In the opinion of the in September 1992 the EPA notified SCE&G, the City of Company, it will be able to meet successfully the challenges of - Charleston and the Charleston Housing Authority of their potential these ottered business climates. liability for the investigotion and cleanup of the Calhoun Park Areo i Other Site in Chor!eston, South Carchna. This site originally encompassed in November 1992 the Financial Accounting Stondards Board opproximately 18 ocres and included properties which were the Esd Stow h 1 W ' Employers' Accounting for i locotions for industrial operations, including a wood preserving (cre-Postemployment Benefits." The Statement, which is effective for' col-osota) plant and one of SCE&G s decommissioned manufactured endar year 1994, establishes certain conditions for the recognition - - gas plants. The original scope of this investigation has been of costs of benefits to former employees oiler employment but before expanded to opproximately 30 acres including odjacent properties retirement.. The Statement requires recognition of the obligation to l owned by the National Park Service and City of Charleston, and pri-rovide postemployment benefits if such obligation is attributable to - vote properties. The site has not been placed on the National services previously rendered, the obligation relates to rights which Priority L.ist, but may be added before cleanup is initiated. The vest, payment of the benefits is probable and the amount of such potentially responsible parties (PRP) have agreed with the EPA t benefits con be reasonably estimated. The Company does not Innovative approach fo site investigat on and participate in ar}Superfund Accelerated Cleanup Model, allowing the anticipate that application of this Statement will have o significant cleanup called impact on results of operations or financial position. pre-c!annup site investigations process to be compressed signif - . cantly. The PRPs have negotiated an administrative order by con-RESULTS OF OPERATIONS sent for the conduct of a Remedial Investigation / Feasibility Study-Earnings and Dividends i (Rl/FS) and a corresponding Scope of Workc Actual field work Eamings per shore of common stock, the percent increase. began November 1,1993 after finot approval and authorizofion was (decrease) from the previous year and the rate of retum eamed on. l~ ' granted by EPA. SCE&G is olso working with the City of Charleston common equdy for the years 1991 through 1993 were os follows: to investigate potential contamination from the manufactured gas plant at the city's aquarium site. 1993 1992 1991' During 1993 SCE&G settled its obilgations at the yellow Water Earnings per share. S3.72 $2.84 . $3.37, Road Superfund Site near Jacksonville, Florida, the Spencer Perc increase (decrease) Transformer and Equipment Site in West Virginia and Elliott's Auto Ports in Benton, Arkansas. No further expenses are anticipated for Rerum eamed on common equity (year-end) 12.6% 10.1 % i 13.2% - q E&G hos been listed as a PRP and has recorded liabillfies, which are not considered material, for the Macon-Dockery waste
1993 Eamings per share and retum on common equity increased.
disposot site near Rockingham, North Corolina, the Aqua-Tech in 1993 primarily due to o higher electric sales margin and addi-Environmental Inc. site in Greor, South Carolina and o landfill tional nonoperating income ' ' owned by Lexington County in South Carolina. . 1992 Eomings per share and retum on common equity in 1992 dacreased primarily due to the recording of on $11;l million (after Litigation in January 1994 SCE&G, ochng on behalf of itself and the PSA intaast and bcome taxes) ress ogainst sambgs related to the (as co-owners of Summer Stofion), reached a settlersent witti August 31,1992 retail electric rate ruling from the South Corolino - Supreme Court (see Note 2F of Notes to the Consolidated Financial 7 Westinghouse resoMng a dispute involving steam genrators pro. Statements) and increases in other operoting and interest expenses < . vided by Westinghouse lo Summer Station which are defective in design, workmanship and materlots. Terms of the settlement are The Company's financial statements include AFCJ AFC is a Utility occounting practice whereby a portion of the cost of both = .E E confidential by agreement of the parties and order of the court.. equity and borrowed funds used to finance construction (which.is - SCE&G had filed on ochon in May 1990 against Westinghouse in
the U.S District Court for South Carolina; on order d!smissing this shown on the balance sheet as construction work in progress) is "
i sult was issued on January 12,1994. capitalizedc Both an equity and debt portion of AFC are included in nonoperating income os noncash items which have the effect of.- c b . Regulatory Matters
increasing reported net income. AFC represented opproximately ;
O' . On June 7,1993 the PSC issued an order on SCE&G's pend-5.8% of income before income taxes in 1993, 5.5% in 1992 and '. - Ing electric rote proceeding otlowing an authorized retum on com- ' 3.9% in 1991<. mon equity of 11.5%l resulhng in o 7.4% annual increase in retail in 1993 the Company's Board of Directors raised the quartetty electric rates, or o projected S60.5 million annually on a test year cash dividend on common stock to 68.5 cents per shore from 67. basis. These rotes are to be implemented in two phoses over a cents per shorec The increase, effective with the dividend payable two-year period: phase one, effective June 1993, producing $42.0 on April 1,1993, raised the indicated annual dividend rate to $2.74 million annually, and phase two, effective June 1994, producing per shore from $2.68. The Company has increased the dividend $18.5 mulion annually, on a test year basis. rate on its common stock in 40 of the last 41 years. o E
a' Electric Operoflons Increase in income and rollects the increase in the corporate tax rate N 1993 The increase in electric sales margin from 1992 to 1993 is from 34% to 35% retroactive to January 1,1993. primarity a result of increased residential and commercial KWH
1992 Other operation and maintenance expenses increased for :
soles due to weather and customer growth, on increase in retail 1992 primarily due to increases in administrative and general. electric rotes beginning in June 1993 ond the recording in 1992 of expenses, increases in nuclear regulatory fees and nuclear and. o $14.6 million reserve os discussed below. transmission systems molntenancec The increase in dopreciation
1992 The 1992 electric sales margin decreased from 1991 due and amortization expense reflects additions to plant in service.
to the recording of a $14.6 million reserve, before interest and income taxes decreased primortly due to the tax impact of the rate.. ~ income taxes, related to the August 31,1992 ruling from the South refund (see Note 2F of Notes to Consolidated Financial Statements) - Carokno Supreme Court (see Note 2F of Notes to Consolidated and to other decreases in income. Other taxes increased primarily. Financial Statements) and o $1.9 million billing-related htigation from higher property taxes caused by property additions and settlement included in 1991 electric operating revenues.. Increased due to increases in state license fees. increased millage rates, in addition to the above, other taxes Wormer weather and on increase in the number of electric cus-tomers resulted in on all-hme peak demand record of 3,557 MW on Other e July 29,1993c The previous year's record of 3,380 MW was set on July 13, M2, $14.7 million in 1993 primarily due to additional income from - Gas Operations - Petroleum Resources related to higher natural gas prices and addi-1993 In 1993 the gas sales margin decreased from 1992 as a tienal income resulting from the acquisition of NICOR in June 1993. 4 result of higher gas prices which reduced Pipe!!ne Corporation's Interest Expense sales due to the compehtiveness of altamative fuels. This reduction
1993 Interest on long-term debt increased approximately $5.6 was part olly ottset by increases in higher margin residential and million in 1993 compared to 1992 due to the issuance of $72.4 -
commerclot sales and increased transportation volumes. million medium-term notes during the latter part of 1992 and $60 1 e 1992 The gas sales morgin for 1992 increased from 1991 as a million medium-lerm notes in July 1993 to finance acquisitions of result of recoveries of $4.2 million allowed under a weather normal-natural gas reserves and the issuance of $200 million of SCE&G's. . tzahon adjustment which became effective the first billing cycle in First Mortgage Bonds to finance utility construction; The result ng December 1991; increases in residential usage due to cooler weath-increases more than offset the interest savings resulting from the c er during 1992; and increased transportation volumes. redemption of $382 million of First and Refunding Mortgage Bonds'~ Other Operating Expenses. with the proceeds from the issuonce of $400 million of First
1993 Other operation and maintenance expenses increased for Mortgage Bonds by SCE&G of lower Interest rates, 1993 primarily due to the implementation of Financial Accounting

1992 Interest ot} long-term debt increased approximately $4,4 Standards Board Statement No.106 (see Note IJ of Notes to million in 1992 compared to 1991 due to the issuances of $145 -
Consolidated financial Statements) pursuant to the June 1993 PSC million and $155 million of First and Refund #ng Mortgage Bonds on.. electric rate order and the amortization of environmental expenses. July 24,1991 and August 29,1991, respectiwly, which more than-The depreciat on and amortizahon increase reflects additions to offset the decreases in interest expense resulting from the repayment plant in service. The increase in income taxes corresponds to the of debt and lower Interest rates on remaining debt.: lDS MBIglu [hp0HSBS $$ DwMc Sales Margrn Q% Ormrotims and Maintenance tQ img term Debt M Gas Saw Myyn .$700 gl Depreaatim and Amorfwhm phr _,__ , _ _ $ (oo n income rans n p a swo 2 oawrows saco 9 { Y SU. ^? p 3 db }( t i .l J t sse s2so tl o e L e p r p } .s+w l } ( h j R ^ S2m 4 J g
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SelecteHinancialBdta for the Years Ended December 31, 1993 1992 1991-1990-1989 1983 Statement ofincome Dato Ghousands of Donats except statstics and per share amounts) Operating Revenues: Ekx:tric $ 940,121 $ 829,477 - $ 867,215 $ - 851,146 $ 841,453 $636,319 -Gas 320,195 305,275 276,742 292,380 297,069 337,282; Transit 3.851 3,623 3,869 '4,033 4,102 3,242 ' Total 0perating Revenues 1,264,167 1,138,375 1,147,826 1,147,559 1,142,624 976,843 Operating Expenses: fuel used in electric generation . and purchased power 241,745 213,474 234,683 223,972 .241,352 272,716. Gas purchased for resale. 209,743 191,577 171,869 191,939 ,212,112 277,091 Other operation and maintenance .290.891' 281,242 270,213 265,887 249,464 =125,231 ' Depreciation and amortization 112,844-108,315 102,669 97,801 102,296. 45.000 ' Taxes 163,633 133,987 146,032 142,003-124,216 106,932' Total 0perating Expenses - 1,018,856 928,595 925,466 921,602 929,440 -826,970 Operating income 245,311 209,780 222,360 225,957. 213,184: 149,873 i Other income 30,076 11,883 11,655 54,874 7,125' 11,571 . Income Before Interest Charges and Preferred Stock Dividends 275,387 221,663 234,015 280,831' 220,309 - '161,444 ' interest Chorges, Net 101,169 97,600 91,458 92,317 90,421 ~ 57,506 Preferred Stock Cash Dividends of Subsidiary 6,217 6,473 6,706 6,911 7,263 17,186 Net income $ 167,981 $ 117,590 $ 135,851 $ 181,603 ' $ 122,625 $ 86,752 Percent of Operating income (Lot.s) Before income Taxes Electric 90% 85% 89 % - 89% 91 % 93%- Gos 13% 18% 14 % 14% - 12 % 10% Transit (3%) (3%) (3%) (3%) - = (3%) (3%) - Common Stock Dato ' Weighted Average Number of Common 37,844: Shares Outstanding (Thousands) 45,203 41,475 . 40,361 40,882 40,296 Eamings Per Weighted Average Shore of Common Stock $3 72 $2.84 $3.37 $4.44 ' $3.04 $2.29 . Dividends Declared Per Share .ot Common Stock ' S2.74 $2.68. $2.62 $2.52 $2.46 $2.00 Common Shares Outstanding (Year-End)(Thousands) - 46.619 43,911 40,784 40,882 40,296 ~ 38,728 Book Value Per Share of Common .$22.79. .- $18.33 -- ) Stock (Year-End) $28 59 $26.46 $25.23 $24.56 30
uI ,j l J ' For the Years Ended December 31, 1993 1992 1991 -1990- -1989 1983-Bolance Sheet Data (7housanas of Dohs except sfotshes and per shore amounfs) Utility Plant, Not $3,004.075 $2,810,279 $2,664,651 S2,549,763 '. $2,444,278 $2,018,942. Total Assets $4,040,526 $3,557,721 $3,305,862 $3,144,936 $2,984,507 $2,365,777 ,j i Common Eq' lty ' $ 1,333.04 5 $1,161,896 $1,028,990 $1,003,877 S 918,235 S 709,908 u Preferred Stock (Not Subject to Purchase or Sinking fund Requirements) 26,027 26,027 .26,027 26,027 26,027 26,262 Preferred Stock, Net (Subject to Purchase or Sinking Fund Requirements) - 52,840 56,154 59,469 62,704 66,099 157,589-R Long-Term Debt, Nel 1,424,399 1,204,754 1,122,396 ' 938.933 1,003,972 796,518-1 Total Capitalization $2,836,311 $2,448,831 $2,236,882 $2,031,541 $2,014,333 $1,690,277 Other Statistics O Electric: Customers (Year-End) 468,874 461,900 453,660 446,516 435,004 366,424 Territorial Sales (Mellion KWH) 16,850 15,794 15,695 15,385 14,885 12,063 Residential: Average annual use per 12,891' 12,009 customer (KWH) 14,077 13,037 13,246' 13,330 Average annual rate per KWH S 0707 $0695 S.0700 S.0707 ' S.0699 S.0642 ~ Generating Capability - Net MW l (Year-End) 3,864 3,912 3,912 3,891 3,89) 3,359' I Territorial Peak Demand - Net MW 3,557 3,380 3,300 3,222 3,144 - 2,700 I ( Gas: Customers (Year-End) 234,736 231,153 225,819 220,817 205,657 187,638 ~ Sales (Thousand Therms) 717.417 761,721 694,801 711,821 J 714,585 671,429 Residential: Average annual use per j customer (therms) 605 577 521 497 575 '610: Average annual rate .S.77 S.77-S.69 . S.65 per therm $36 S.74 Transit: Number'of Coaches 93 95 102 109 84 112 l Revenue Passengers l Carried (Thousands) 4E68 5,837 6,395 6,788 6.430 9,744-a l a L l m k
f s L Ell!Hilin!) E10Ch It!a[!!!Hilli!H1 1993 1992-4th. 3rd 2nd 1st 4th 3rd ~2nd-1st Otr. Ott Qtr,. Ott Qtr. Otr. . Otr. Otr.- l . Price Range: (a) High 52 1/4- - 51 7/8 48 3/8 46 1/2 43 1/8 - '-44 3/4 41 3/4 44 3/8 - ( Low 47 7/8. 475/8 '45 40 1/8 '39 3/8 40 1/2 38 5/8 - 38 5/8 ' b,
Dividends Por Shore; 1993 Amoent Date Dettamd Date Poid
~ Eh! Quarter $.685 f ebrucry 16,1993' April 1,1993 Second Quader .6S5 April 29,1993 July 1,1993 Third Quoiter .685 August 211903 October 1,1993 ' foudh Quorter - 6B5 October 19,1993 . Janucry 1,1994 1992 Amount. Date Doctored Date Pold First Quarter S.67 February 18,1992. April 1; 1992 ' Second Quarter .67 April 22,1992 _ ' July 1,1992. Third Quarter .67 - August 26,1992. October 1,1992 Fourth Quarter. .67 - October 20,1992 . January 1,1993 - December 31, i 1993 1992~ Number of common shores outstanding 46.619,457 43,910,631 - Number of common stockholders of record 41.564 42,937-3 1' . The principal market for SCANA common stock is the New York Stock Exchangec The ticker symbol used is SCG. The corporate nome SCANA is used in newspaper stock listings. (c) As reported on the New York Stock Exchange Composite Listing. SECURmES RATINGS (As of December 31,1993) SCANA CORPORATION SOUTH OkROLINA ELECTRIC & GAS COMPANY-- Rating . First Mortgage - First and Refunding ' Preferred - Commerclol. _ Agency Medium-Term Notes . Bonds Mortgage Bonds Stock Paper :. Duff & Phelps NR A+ ' A+. A NR Mood /s.. A3 . Al Al al' ! P Standard & Poor's. A- 'A A: A-A-1 : NR - Not Roted d y1
. l
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NDliC8 Ul Afilmal MUtI!Og by making an initial cash investment of at least $250 but SCANA Corporation's 1994 Annual Meeting of Stockholders will be not more than $36,000. A Prospectus describing the Plan heldIn Columbia, SC on Thursday, April 26. Tho mmt/Dg willbegin and enrollment information are available upon request. at 10.00 a m in the Ballrootn ot the Adam's Mark Hotel (formerly ShlCk UCCCTdhCCQing Ulld }TBf1SICT the Columbia Mamott Hotel),1200 Hampton Street A formal SCANA Corporation maintains stockholder records, issues nollce at the meeting and o proxy Statement Will be mailed to all dividend checks and acts as Transfer Agent and Registrar for stockholders in Match Stockholders who are unable to attend tho the Company's common stock and SCE&G's pre! erred stock. Annual Meoling should return their proxy card promptly by mail' Stockholders may send certificates directly to the Company's Mailiriy AddrcSS Shareholder Services Department (Mail Code 054) for trans-SCANA Corporation, Columbia, SC 29218 fer. There is no charge for this service. The Company recom-l C0!p0fala ll!Uldyuafluts mends that certificates be mailed by registered or certified l 1426 Main Street, Columbla, SC 29201 mail. Signatures required for transfer must be guaranteed by l Phone: (803) 748-3000 an official of a financial institution that is an approved mem-SIUCh hChDugd llSliHQS ber of a Medallion Signature Guarantee Program. The common stock of SCANA Corporation is listed and trad-000dhDIdCIIU4 UNIUS ed on the New York Stock Exchange and has unlisted trad-Questions conceming replacement of interest checks, tax ing privileges on the Boston, Cincinnati, Midwest, Pacific information, transfers and other bond account information and Philadelphia exchanges. The trading symbol is SCG. should be directed to the appropriate Bond Trustee and Newspaper listings of daily stock transactions use the name Paying Agent listed below. A listing of issues under each classi ication of SCE&G bonds is shown under the heading f SCANA. The 5% Series cumulative preferred stock of South Carolina Electric & Gas Company (SCE&G), SCANA's princi. long-Term Debt" on page 17 of this report. pal subsidiary, is also listed and traded on the NYSE. The SCE&G first and Refunding Mortgage Bonds: Imding symbol is SAC Pr; the newspaper listing is ScrE pf. Chemical Bank SCE&G's other series of cumulative preferred stock are not Corporate Trust Department-15th Floor actively traded and market prices are not published. 450 West 33rd Street, New York, NY 10001 hptCICd 1934 00Himm1 SIDCh DVidend Dalm; Phone: (800) 648-8380 Declaration Ex-Dividend Dividend Dividend SCE&G firs / Mortgoge Bonds: Date Date Record Date Payment Date NationsBank of Georgia, N.A. Feb.15 Mar. 4 Mar.10 Apr.1 715 Peachtree Street, NE - 6th Floor, Atlanto. GA 30308 Apr. 28 Jun.6 Jun.10 Jul.1 Phone. (800) 848-8198 Aug.24 Sep.2 Sep.9 Oct.1 Qct.18 _ Dec. 5 Dec. 9 Jan.1L9)L AmMOIS Note: Dividend declaraflon, record and payment dates are Deloitte & Touche, Certified Public Accountants subject to the discretion of the Board of Directors Dates 1426 Main Street, Columbia, SC 29201 shown are based on the assumption that past pattems will htVCSIDT C0mmuniculi0nS prevail. Dividends on SCE&G's issues of cumulative pre-Interim reports providing summary financial statements and i terred stock are paid quarterly on the some dates as the Company news are mailed to stockholders following the l common stock dividends. close of the first, second and third quarters. A copy of Sl0Chh0! del hlquhiCS SCANA's 1993 Annual Report on Form 10 K (as filed with Stockholders with questions about stock transfer require-the Securities and Exchange Commission) and the rnents, replacement of lost or stolen stock certificates, divi. Statistical Supplement to the 1993 Annual Report to dend payments (including replacement of lost or stolen divi. Stockholders are ovallable without chorge. Inquiries con-dond checks), direct deposit of dividends, address changes, corning activities of SCANA Corpc.ation and !!s subsidiaries elimination of duplicate mailings or other stock ownership and requests for Company pubF. cations should be addressed matters may write the Shareholder Services Department to the investor Relations Department (Mail Code 054) at the (Mail Code 054) at the Company's mailing address, or call Company's mailing address. (800) 763-5891. Colts not received during normal busi-hivestur Contact ness hours (8:00 a m. to 5'00 p.m., Monday through H. John Winn, til Friday) will be recorded and handled the next business day. Manager - Investor Relations and Shoreholder Services Ultiddid HClHV8SimCHI Elall Phone: (803) 748-3240, FAX: (803) 733-2887 The Plan provides stockholders and other investors with a h1tOShfis' ASSuciall011 convenient and economical method of purchasing shares of For information about this organization's activities, write to: } SCANA's common stock without brokerage commissions or Association of SCANA Corporation Investors service charges. Participants in the Plan may purchase c/o Mr. Paul Quattlebaum, Jr. shares through automatic reinvestment of cash dividends 22 Broughton Road, Charleston, SC 29407 and/or by making optional cash payments of up to $36,000 l. during a calendar year Persons not presentiy owning This mport is issued solely for the purpose of providing information. 1 L shares of the Company's common stock may join the Plan It is not intended for use in connection with any sale or purchase of, or any solicitation of offers to buy or soll, any securities 33 ........-.--d
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ML20065M821

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