ML20070U589
| ML20070U589 | |
| Person / Time | |
|---|---|
| Site: | Summer  |
| Issue date: | 12/31/1990 |
| From: | SOUTH CAROLINA ELECTRIC & GAS CO. |
| To: | |
| Shared Package | |
| ML20070U581 | List: |
| References | |
| NUDOCS 9104090180 | |
| Download: ML20070U589 (40) | |
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[j] lilectric and Natural Gas Service ton
( E Natural Gas Sersice NflI k e Supplemental Natural Gas Supplier ulort h
%,gQy.g Internal Combustion Steam Gcneration: Ilydro Generation: Generation: Nuclear Generation:
wwmumwaumm mnazemmmemmmamemnmaammamumaxmnwamannn Canadys Columbia Canal Hurton Summer Hagood Fairikld Pumped Storage Canadys McMeekin Neal Shoals Colt Urquhart Parr Faber Place Wateree Saluda liardeeville Williams Stevens Creek Parr ,_, Gas transmission .
l'rquhart lines are represented Williams in grey.
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Utility Senice Area
,,,, one, mwngwrrgqwmes ymnp eadquartered in emp g i 7 ~ W Q ,'
q A, W 4 Columbia, SC, SCAN A i n W. ,1 t '
m,a Corporation is a holding ,
' 0; ? , W 7 5 4 company ellgaged in a '
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. . . . variety of regulated
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electric and gas utility and
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nonregulated diversified busmesses.
SCANNs principal sub-sidiary, South Carolina lilectric
& Gas Company (SCIM, ..
provides electric service to more than 446,000 customers A
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in a 15,000 square mile service area in the central, southern and southwestern portions of the state that extends into 24 of South Carolinai 46 counties. -
SCE&G and South Carolina j Pipeline Colpotation, SCANNs gas transmission subsidiary, i, provide natural gas availability I throughout the state on a direct , a service or supplemental basis.
The total population of SCANNs ,
combined utility service area is - -
4 .
approximately three milhon. -
SCE&G also provides transit service in the metropolitan areas of Columbia and Charleston. Other regulated g ,
utility subsidiaries are engaged ,
in electric generation and fossil and nt. clear fuel financing. L_ ,_ ,_ _ ___m_
ihn prodominant marufacturing industries in Major nonregulated businesses propane distribution; and SCANNs utility service area operating primarily throughout natural gas production -
include synthetic fibers and the Southeast include libor properties various textile products; chem- optie based telecommueica- SCANA and its sub-ical and allied products; fiber- tions; real estate development sidiaries had approximately glass and fiberglass products; and property management; 4,600 employees at year end.
paper and wood products; metal commercial construction, ,
> +
+o 4 oe, m fabrication; and stone, clay and maintenance and power plant -
sand mining and processing. management services; retail
l t
) Cllsl0lller Prollle Electric Electric Customers Electric sales "h""'""d F """d ' "'"""""""*
System wide electric sales grew by 3.4 percent in 1990 wuarmmesm2mamn memammzweme -
to 15.4 billion kilowatt hours (KWill, llesidential and com-mercial sales accounted for 460 lu the increase. The electric ? .,
customer base grew by 2.6 440 15.0 g j i percent to 446,514 at year- t _ l . I j end. The number of residen- 420 1 l 12.0
[ } l ; j tial customers increased 2.5 l [
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percent, while conunercht 400 ! ! 9.0 4 a
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customer growth was t , !
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l percent. 0ver the last four 3sg c l 6.0 t 1
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years, total electric customers < ! y l
o j q l l" and KWil sales increased at
.i 6 .i f .4, 3,3 .g .j .)y .yg average annual rates of 2.4 and 3.0 percent, respectively.
""' d "" d "I '"* *"'I"I ' "d "I"I "hdi 'jd " "I customers 336 s04 57.356 724 2.430 44ula ;
Nil {lllal Gits .orTotai xwii saies 33 o 2s.5 29.5 9o iooo System wide natural gas sales in 1990 totaled 712 mil- Natural Gas Customers Natural Gas Sales lion therms, down 0.4 percent ahousandt gannai imanons or owrms>
from 1989, primarily the ,,, , __,,,,,,,,
result of an unseasonably mild winter. The Compa$y had 220,817 customers at 230 750 ,
year-end 1990, up 7.4 per- l , ,
cent over 1989. The acquisi- 220 i 700 1 s j l i tion of Peoples Natural Gas ! g l l Company of South Carolina 210 h- 650 y i '
in October was the principal lq? ( l' d
1 ; !
factor. An aggressive residen- l 200 I ls 600 5 tial water heater sales pro- , a s f l l .
gram also contributed to this ? ! b I 5 1
! : 8 L__
190 550 increase. Over the last four i I ! i $ @ [
years, consolidated natural i I
$ j k b I bj l$ !
gas customers and therm M 'M M M '90 Sh 'C N N '90 -
sales increased at average Hesidential Commercial Industrial Wholesale Total annual rates of 3.5 at1d 1.7 tustomers 199.713 20.450 cao 24 220.817 percent respectively, o of alThenn Sain 13 6 123 45 6 2sD 100 2
Financial & Operating Ilighlights
% Increase
. 1990 1989 (Decrease)
Ollitions ofI)ollars e.rcept statistics and
.. per share amounts)
Financial Total 0perating Ilevenues $ 1,133.2 $ 1,123.3 0.9 Total Operating lixpenses $ 907.3 $ 9 10.1 (0.3)
Not income $ 181.6 $ 122.6 48.1 Earnings Per Share of Conunon Stock $ 4.44 $ 3.04 46.1 Dividends Declared Per Share of Conunon Stock $ 2.52 $ 2.46 2.4 -
llook Value Per Share of Common Stock (Year lind) $ 24.56 $ 22.79 7.8 Market Price Per Share of Common Stock (Year lind) $ 34.63 $ 35.75 (3.1)
Common Stockholders' liquity (Year l!nd) $ 1,003.9 $ 918.2 9.3 Common Stock Outstanding (Thousands; Year lind) 40.882 40,296 1.5 Property Additions and Construction lixpenditures 5 2?9.7 $ 181.5 26.6 Utility Plant, Net $ 2,549.8 $ 2,444.3 4.3 Eierric Operations Electric Operating llevenues 5 836.8 $ 822.1 1.8 lilectric 0perating Income $ 201.5 $ 193.8 4.0 Sales (Nlilllon KWil) 15,385 I4,885 3.4 Customers (Year lind) 446.514 435.001 2.6 Generating Capability - Net MW (Year lind) 3,891 3,891 -
Territorial Peak Demand -Net MW 3,222 3,144 2.5 Gas Operations Gas Operating flesenues S 292.4 $ 297.1 (1.6)
Gas Operating income $ 29.1 $ 24.4 19.3 Sales (Thousand Therms) 711,821 714,585 (0.4 )
Customers (Year lind) 220.817 205,657 7.4 Transit Operations Transit Operating Ilevenues $ 4.0 $ 4.1 (2.4)
Transit Operating income (l.oss) $ (4.7) $ (5.1 ) (7.8 )
llevenue Passengers Carried (Thousands) 6,788 6,430 5.6 mwmw. mmmmmmmmmmmawe aanwammammmunremmammemammmmmmmum About the cover- For small l'inancial & Operating liighlights.... ......... . ........ .. ..... 1 l farms and giant industries, bustling suburbs and growing cities, C hai rma n's I.e t t er.. . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . 2 l SCANA companies provide energy and related services that serve as a
'hasis for economic growth I.""'I"II"VI"" ** '- - 4
~
and a better way oflife.
1:inancial & Operating Charts... . .... . . . . .. . . . . . 16
, Officers & Directors . . ... ... . . . . . . ...........-18 Financial lleview. . . . . . . . . . . . 20 l This report is printed on rergeled paper. Investor information. .. . . . . . . . . . 40 l 1 l
a Yearin Review cliable and affordable energy and related services .
have been provided by SCANA Corporation and its cor-porate predecessors for more than 140 years. During . -
our evolution from a small gas light company founded 4
.in 1846 to a diversified holding company today, SCANA -
has ahvays prcvided u wrnerstone for economic growth in thel l areas it serves. The same characteristics that have helped us successfully capitalize on opportunities in the past - commit-ment, expertise and insight - are still at work today.
- mmmmm:mrmmanamma SCANA's companies produce and distribute electric- j power, bring natural gas to homes, businesses and industries, d
. provide communications services, manage natural resources, H develoli sites for new industry, operate power plants, construct .
' buildings and hospitals, and produce natural gas, 1
cmmmammmummmma All of our businesses adhere to a set of fundamental . ]j;
<- principles. We believe in customer satisfaction Otir electric rates are among the lowest in the Southeast and our level of customer service continues to improva. We believe in a clean ;
environment. Our operational commitment is to meet or j exceed the requirements of all pertinent _ laws and regulations. !
- We believe in contributing to a better way oflife. Our econom- g ic development investments stimulate matching grants that-j spur critical water and sewer phmt construction in small towns across our service area, We believe in quality education, ,
Our scholarship program helps more than 90 outstandhig high j school students attend college each year. And finally we 1 believe in providing a sound return on our stockholders' D investment. Our history of operall.ng existing htisinesses suc-
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cessfully while making sound investment decisions has provid-ed significant returns to our stockholders as SCANA develops as a growing energy company.
ummmanumsmmammm The following brief review of our activities during 1990 is intended to highlight current accomplishments as part of the achievements of our longer-term strategies.
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M' , mployees Earn '
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- South Carolina'lilectric . . .' y: i
- & Gas Company (SCE&G)and
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'j j Ilis emNloyees were honored in - .
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LJune with Edison Electric. .
l; Linstitute's nationally acclaimed ,
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g h EdisoiAward in recognition of r-l
."Immanitarian concern for its . .
f customers and dedication to1 . -
. 1 Lthe restoration of service"~
_ j L : following 1989's llurricano .,',
e .
Lllugo.The Ecilson Award is the-- ,,
lE i highest honor awarded by the .
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nvironmental - plants, scarching for addition. $55 million annually. SCE&G's .
-Policy Ptit alivays to recycle waste prod- electric rates have declined by
- :In Writing ucts and using more recycled about to percent since 1984,- .. y prodhets. This annual report is but the capital spending and printed on recycled paper, additierial operating expenses -
h SCE&G took several: associated with the Clean Air steps hi1990 to strengtlien its an & ' Act alone could increase elec-OS
- commitment to conduct busi.
Under Development' tric rates as much as 15 per-ness in a way that exhibitsL cent over the next ten years- I; ccological concern and in November SCE&G -f produces results. announced plans to upgrade' i We adopted a written The live coal plants . environmental control equip. "
environmental policy tyhich sepplying power to SCE&G's - ment at its McMeekin generat ' .
formally docume'nts our. system are not immediately Ing station. This $35 million ,
beliefs, intentions and . ~affected by the Clean Air Act project willimprove air quality j commitments toward the onyl- Amendments of1990 adopted at the'32 year old plant by !
ronment, SCE&G pledges to by Congress. These live plants, reducing fly ash timissions and !
continue to meet or exceed the which were built for the most improving the dispersal of requirements of alllocal, state part over 25 years ago and sulfur dioxide emissions. Even and federal environmental Lprovide more than 70 percent . though McMeekin's air emis- 1 laws and regulations, and to of our customers' clectric sions are below existing per. l
!!nvestigate and encourage new needs, have a system average mitted limits, SCANA's lloard ;
technologies whose ultimate sulfur dioxide emission rate of Directors felt the project i benefit is a cleanor environ- that is well belowlimits was necessary for SCE&G to 1 ment.We will aggressively imposed by the Act for opera- achieve its environmental -
oversee all of our actMiles to _ tions through 1999. goals and get a head start on ensure continued compliance llowever, to comply tha new emission standards 1 with these pledges, with limits required afbr that for the year 2000.
We continued to show date, we anticipate capital mammmmmmmmam i ortlays of $200 $400 million Recycling Christmas treesis 'o concern for the environment just one of the usays SCE&G during 1990 through reforest- in the second half of this demonstratedits concernfor .
Ing an ash storage area, reev- decade. Associated operating the environment. In cooperation y n'#h A "
cling more than 75 percent of and maintenance costs are c jm>g > d d j't the ash from our generating expected to increase by equipmentfor grinding trees intofree mulchfor the public.
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a coal'lired generating plant load demands. These pro- ,
Shfinking Reserve that could begin commercial grams hiclude promoting the Margin . operation In the mid to late design and construction of, 4 PeakDemand During the past five 1990s. 0ur last coal fired generating plant came on line in 1973.
new homes that maximize energy elTiciency, olTering spe-cial rates for off peak electric ,
years SCE&G's electric sales Additionally we have - usage, and encouraging the q l grew 18 percent while'our l been working to delay the .use of high:efliciency heating peak load demand increased need for new generating and cooling systems by o'ur by 19 percent. We have install- capacity with electric market- residential and large commer-
- ed no new generating capacity- Ing programs that reduce peak chtl and industrial custoniers.:
since the V.C. Summer Nuclear mmmm m mmamune m e m m w m Statiori came on lina in 1984. -
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customer demand by utilizing: i our reserve margin. The ..
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reserve margin stood at 21. -
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I-peak, indicating that addition- .
al generation is needed to - -
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Incet our customers' service -
. requirements in the coniing - .
decade. " .
In May construction -
began on a 93 megawatt com- -
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bustion turbine that will help.
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meet immediate peak load demand. It is expected to Electric marketing's standby generator program,in which begin commerelal operation in customers recewe a monthlyfee -
1991. Adding peak generating to accept standby status during units such as combustion Periods ofpeak den 'nd, is an '
important part ofSCE&G's turbines, however,is only part strategy to delay the needfor
.of the solution. We are study- nem generatingfacilities.
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Nuclear Station continued its (4+.4 .
E outstanding operating per- .' L'L
' formatice during 1990. For the - : p$ ' -
- year, which included a 62 day ~- -; '
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tthe tmit's capacity facto was:
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- 79 percent [c'ompared to a1 ~ requalifying for operators' finding was " superior perfor-Lnationalindustry average of ? licenses The control room mance in the majority of 66lpercentfEliminating the simulator is being upgraded to assessment areas."
, N " refueling outage, Summer E provide an even more realistic Maintaining the oper-
> lStatioEs capachy factor was; training vehicle, and each ating safety, reliability and 195 percent. operator will be scheduled to efficiency of Summer Station is iThe refueUng outage - spend a greater amotmt of a key component of SCE&G's (was completed in May ahead . time an the Limulator. corporate strategy to remain a Lotschedule and under budget. In June SCE&G high quality, low-cost provider e iBased on theh!nnS 18 month received excellent marks from of energy. There is no substi-fuel cycle!(he next refueling : 'the NltC in the agency's tute for operational excellence outage willtake place in the; - Sys'tematic Assessment of. at Summer Station.
- fall of 1991. - 1.icensee Performance (sal.P)
Shwen ah's
' SCE&G has an out-. report. The report was based Employee training at Summer
- standing success rate for ini- on' operations at the plant for Station has been expanding ,
- tiallicensing of control room - the 18 month period ending rcgIlfd t Ir c.: ? operators. Considerable effort - April 30,1990. SCE&G Regulatory Commissionforits
- was expended during 1990 to- received the highest Category IS'estment in and deeelopment ofsuperior practicaltrammy
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meet'and exceed evolving 1 ratingin four of the seven aids. Plant employees haec Nuclear Hegulatory Commis- areas evaluated and a Cate- been instrumentalin the sion (NHC) requirements for creau n f these training tools.
gory 2 rating in the other the training, qualifying and three areas. The NRC's overall 9
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l Preventive maintenance completed in 1990 on the intake towers at Saluda lh dro will allow the plant to continue providing re table and economicalpower for years to come.
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- nereasing F0cus On- q
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The Customer f( -
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-One key element'of our
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strategy toincrease customerL 1- , jf d. . - b
_ gj satisfactionislow rates; and { , ~.. .. .; .;.,.
E SCE&G's customers enjoy ,
,, y~ - . 'l some of thelowest electric = -
rates in the country. Our resli 1 .
- ~ D-dential rates are' 3 pecent , ' f
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below the Southeast average i.
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and 7 percent below the
.g;f natio'nal average. 0ur com-mercial and industrial rates able,we plan to do an even with comments about our -
are 7 and 9 percent, respec- betterjob. We developort a quality of service so that comprehensive training pro, appropriate action can be tak-tively,'below the regional ~ aver age and 15 percent below the. gram that willbe offered to all en. As a result we are provid-national average. We continu -- employees during 1991. Our ing our customers with more ously strive to maintain our . :ofilcers continued to make . personalized services and a competitive position. regular visits to our larger greater array of choices.
commercial and industrial cus- We recognize that nq0E@ng < tomers. We formed citizens' SCE&G must maintain the
' @VOWay- advisory commitiees in a pilot. highest lesti of customer satis, Commum, cation program to dwelop direct faction po: ible to be success-
, access to coirlmunity leaders. ful as an energy provider in m . _
These activitiesmil prevido us the 90s.
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The other key determi- mAmmmamaramwanum
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- nnnt of customer satisfaction Shoten above- For llw eigMh straight year, SCE&G employee volunteen helped make the cold weadner more corriortablefor As superior service. During
- elderly awl needy customers by caulkm, g temdows. weatherstrip-1990 we asked our customers
, phig doors and installing pbstic nuer tvindoles as part ofSCE&G's their opinion about the quality Weatheri:ation Prograrr.
l of service that they received.
While the response was favor-11
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,m equisitions Key y;gg' g" '.
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ipWine Corporation -
To Strategic .
Achieves llecord
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Expansion - -
Throughput -
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L mmm mummmeass c s ;
U' 4 SCANA continued? ..
,1 . ,.; Total throughput on
[ ' expansion.ofits natural gas "'. / :$ South Carolina Pipeline t'
distribut on and propane, Lbusinesses during 1990 with; f/w
'( & AJ C
.,.E Corporation's system in 1990
- was a record 87.5 millLa MCF, d
'several strategic acqulillions. .
g,,,_,,,,, a 5.3 percent increase over [
In October SCANA _
Peoples NatwalGas 1989. Ociter than expected fcompleted the merger withi g . industrial sales and greater
^ Peoples Natural Gas Company- ,' -transportation volumes for end ,
users offset reduced shles to
- of South Carolins,ln regulatedi [
- public utility with 10,300 natu- resale customers. Pipeline
- ral gas customers and 2,800 Corporation continued pur-lpropano customers, SCE&G continues a chasing on the spot market so In; August Chrotano, emphasize the sale of gas that it could compete clioclive-
- SCANA's retail propane sub- water heaters as a phrt ofits ly with alternative fuels.
sidiary, purchased tho ~assets1 business expansion. During in 1990 Pipeline Cor-
~o f Southern Gas Company in- 1990 we added 9,150 new poration also renegotiated its Aiken; one of the fastest grow- water heating customers. Gas - supply contracts for natural Ling regions in our state. With was the fuel Uhoice to heat gas, lowering the cost of gas to the addition of Southern's 91 percent of the new homes its resale customers, one of 1,400 propane customers and and apartments in our service which is SCE&G.
People's 2,800 propane cus; area where gas is available.
A high pressure tie in was-
- tumers, Carotane doubled its completed between the natural Show,,above_.
size in 1990 and enhanced its The merger ofSCANA and gas systems sercing Columbia Peoples NaturalGas Company and West Columbia as part of
- position as one of the major
multi million dallar natural
. propane suppliers in the state. ofSouth Carolina in October opened new marketsin the gas main replacement project.
eastern portion of the state and By year end,661 of M miles ,
continued SCANA's expansion ofmain had been replaced.
ofits naturalgas distribution Originally estimated as a andpropane businesses. 20 year project. work willbe completed by the end ofI991, ten years ahead ofschedule.
12'
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OiVPTSifif tl Ol)Prall0llS A portion of our net
- Investinent S0ld proceeds frota the sale of T0l00010H11111108t Telecorn* USA is being used for the acquisition of producing natural gas reserves,'lwo As a result of the acquisillons, representing pro.
August 1990 inorger between duction of 21 million cubic feet Telecorn* USA and MCI Com- per day, were closed in 1990.
munications Corporation, These investments SCANA sold its 12 percent broaden signllicantly our interest in Telecom USA for natural gas business and are
$140 million, resulting in a closely aligned with our ener.
one time nAct tax gain of $46 gy expertiso Through addl.
tional development of these ml"ph O pf'f4h K()3 per her optic facil- reserves share.
and other acquisi-Ithd ylfpid investment of tions, we intend to increase
$19 million, continued to our position in the natural gas operate successfully. production areas, i
SCANA sign {llcantly broadened Its naturalgas business with the purchase ofproducing naturalgas reservesin *Ihtas and Loulslana.
14
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Per Corninon Share Per Coinmon Share orar endi hent er$
umawamawamnumrvanan le r s w a m a a a w a ut twanc' AMU:a&m w t W E DIvidendh lleClared E Mhrket Irite E 1 totn ong ill' o 4'perations M I:hrttings frein Ungoing Operations uselslloolYnlue ines including ott - itne Gain oli Sale mese One. lime Gain on sale of of TelecometM imestment 1elecornalM imestment 53m 540m 20s i I suo g 532m F- In n_ __ l '
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i i i i i lllll w v v w w w v u w w wwwww 1:arning in 1W0 lutluded a i *te time gain The market tobook ratio was 141% at 1:Arnino from ongoing operations of 511J per shhre on sale of SLAW 3ehr end two. continue to provide a aonskient return imestmentlnleietom.lM for ritockholdert Capital Structure Average Annual Use Per Electric Generating Capability llesidential Electric Custainer and Peak 1)emand (kilowatt houtst (megawatts)
It%%!mumut4auiwatWomrmmmuw tygarmutwmancmenmmMas,Nr rmrmumaante!wm252Jannte IIIII long Term liebt. Net WWE Generating Lapability MW8 Preferred $ lock #881erritorial Peak Dernand t" 4 Cnmmon Lyull) 1(0% , 13.5l0 4(KO 80% 13.(KO ,-
- 3(KO I
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% v '88 89 w w w w 19 w w w w 19 w Maintaining a well balanced rapital Average annual KWil use per residential providing customers with reliable service at structure is a key financial goal. customer has grown 2 l% annually mer a competitise price requires an integrated the pe=1 live years plan that addresses both the demand for electricity and sources of suppl).
- . Generation Fuel Mh Total Gas Systeni Supph.
Uncludes Gl.NCO) SC Pipeline'Cerporallon' l
! M& ' rim;%% L :.u;) J :;Mn; a GMith 's -. WG W ' DW:Lul. AA l' anus Coai Esue Spot N!arket Purchases
- E E Nuclear t ! Contract Delheries Southern i uses flydro and Other and Transco
- ems 'Iransportation of l Customer Owned Gas i ,, -.
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5
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'! 125%
' 1: 20%'
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1990 1990 Customer electriciti needs are met through .but 15% of the record 1990 throughpui a balanced mh of(msll, nuclear and hydro volume represented customer 9wned gas gent ration. transpor.ed on hpchne's systrm.
1 i
- Average flesidential filectric Itates (annual rmt in rents lwr KWin
- wwscwawmeaww smwnsuman nnewwuwwkuantwin l
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'56 '57 'bh '69 '90 SCl%G's average annual residential electric rate at year end 1990 was 10% telow the comparable rate in 1954
}I
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Directors & Ollicers 1)lrer(ors F. C. McMaster L4 ()lTicer:s ,
President
- 11. L Amick r.4 Winnsboro Petroleum SCANA Corporation Chairman of the Board and Company Winnsboro, South Carolina L M. Gressette, Jr.
Chief Executive Omcer Amick Farms _ llenry Ponder, Ph.D. 2a Chaltman of the Board, Batesburg. South Carolina President .
President and W. B. Bookhart, Jr. 2.4 Fisk University Chief Executive Omcer Partner Nashville. Tennessee Cathy 11. Novinger W.11. Bookhart Farms J.11. Chodes ra Senior Vice President Ellorce. South Carolina Chief Sxecutive Omcer Administration and W. T. Cassels, Jr. 2a Ithodes Oil Company. Inc. Governmental Aflairs Waherboro, South Carolina W. B,'ummerman Chairman of the Board Southeastern Freight 1.ines E, C. Wall, Jr. l.3 Senior Vice President and Columbia, South Carolina President Controller Canal Industries, (nc- Chief Financial Omcer
- 11. M. Chapman i.a Vice Chairman Comvay, South Carolina R. L Cohen > 0q l C&S/ Sovran Corporation John A. Warren 43 Vice President W Atlanta, Georgia Chairman of the Board Corporate Development Ii' J.11. Ethvards, DMD L4 Emeritus B. T. Ilorton, Jr. ~ ! 2 President SCANA Corporation Treasurer I '
Columbia, South Carolina Barbara D. lilair Med! cal University of South Carolina Secretary Charleston, South Carollna - } hly"l[,;',',{ftN>"nI"llt s ll"" E. C. Boberts L M. Gressette, Jr.1 3 hiember ofInvestment, compen. General Counsel and Chairman'of the Board, sation & stanagement Development Assistant Secrethry and corporate entonnam President and _
N Chief Executive Omcer 4 3ie$"),'7M"ed,['"l"lll" p Principal Subsitilaries SCANA Corporation comminee-Columbia. South Carolina 5 chairmanof thelhecuuve South Carolina Electric &
Comml"" Gas Company B. A. llagood za President 11. D. Kenyon D.irectors E,mer,iti
- Wm. M. Ulrd and Co., Inc. President imd Charleston. South Carolint J. A. Add !/ Chief Operating Omcer J. F. llassell, Jr. 2.4 IfNO"CP A.IUrench f 0. W. Dixon, Jr.
Bettred Chairman and Executive Ylec President Chief Executive Omcer l U 6"P88' NI Operations
- Pre Stress Concrete R M. IllPP B. W. Stedman J. H. Lumpkin Senior Vice President Company, Inc.
A. C. Mustard Administration Charleston. South Carolina .
E. W Pike, Jr.
W.11. Ilipp L2 J.11. Young, Jr.
President and 1 CJummer Senior Vlec President Chief Executive OfDeer - Customer Belations The 1.lberty Corporation Greenville, South Carolina
- 18
l l
G. J. Ilullwinkel, Jr. Patricia T. Smith SCANA ilydrocarbons. Inc.
Vice President Vice President hinx !!arwood Customer llelations- llates. Purchasinund President and Treasurer Southern Division llegulatory AITalrs C. A. llampey, Jr. ;
W. A. Darby J. G. Illack,11 lixecutive Vice President and i
.Vice President Assistant Treasurer General hianager 4 Gas Operations 11. J. h1acInnis
- 11. D. Ilazel South Carolina Pipeline Vice President [
Vice P.esident Corpor4 ion George Fasano, Jr.
Administration. hlax 1:arwood Controller Southern Division President and Treasurer
- 11. T. Ilorton, Jr. 11.T. Arthur Primesouth,Inc.
Vice President and Vice President and J hl. Woods,til Treasurer General Counsel President and Treasurer Johnny Kinloch 11. hl. Kightlinger J. C. Chapman ,
Vice President Vice President Senior Vice President and i Transit and Supply and lingineering Assistuit Secretary Fleet Maintenance 11. J. MacInnis J. A.SchlMleric C. II. McFadden Vice President Controlle: !
, Vice President Operations
- 1 Iluman liesources and 11. A. Steinarker South Carolina lleal1. state Corporate Communications Vice President Dewlopment Company,Inc.
S. C. McMeekin, Jr. Contract Administration A.11. Gihbes i Ylee President George Fasano, Jr. President and Treasurer Customer llelations- Controller Judith II. Ilattle i Northern Division Controller i D. C. McNamara SCANA Petroleum i
. Vice President Ilesources,Inc. MPX Splems,lar.
I!!ectric Marketing / Sales Max I!arwood L M. Gressette, Jr.
K.11. Marsh President and Treasurer President Vice President and G. J, Wilson, Jr. W.11. Timmerman Controller lixecutive Vice President and Senior Vice President W. !!. Moore, Jr. General Manager J.11. Young, Jr.
Vice President W.11. Timmerman Senior Vice President Fossil and Ilydro Operations - Senior Vice President
- 11. C. Iloberts C. A. Ilampiy, Jr. Carotane,Inc.
Vice President and Vic6PreaJent W.11. Timmerman General Counsel and : George Fasano, Jr. President )
- Assistant Secretary Controller J. M. Clark l J. l., Skolds 11.T. Arthur Vice President and Vice President Assistant Secretary General Manager Nuclear Operations K.11. Marsh Controller 1
9
lillillntialllevleW e have coiltintied to eillphasize -
ofleCllnology to improve ollr WCost Conta Conipetitiveness. As a restilt, our electric rates today are 10.3 percent below those in effect in March 1984 and remain extremely competitive with surrounding investor-owned tu!!ities ext eleClric C00peraliVes, J We intend to mali t N'\( pini ip flexibility in selecting our optiordle.icus (liligenlly on Ctislomer siltisfaction and to keep a long term view toward opportunities for growth. Tlie restilt shotild be the IllaXilullm rolllin for lis as stockholders.
Management ileport . . . . . . . . .. 21
--r % //,du~dE ,
lleport ofIndepend(ni Public Arrountants .. . . 21 Consntidated l'inanelal Statements. . .. . 22 Notes to ConsoliJuled Iinanelal Statements . 8 Management's Discusslou & Anahsis of 11nancial Condition & ilesults of Operation . .. 35 Common Stock information... . .. , 37 Selected Financial Data. . . 38 .
20
1 L
Militilgeriierit itei>0ri itei> ort orinaciiciideiit The Management of SCANA Corporation Pilblic Accountants i (Company)is responsible for the preparation and srANr ColirollATION:
- integrity of the financial data included in the uten n- We have audited the Consolidated llalance
. panying Consolidated Financta' Stateres. 't hose Shens and Consolidated Statements of Capitalization statements have Men preparen ir. cNibrmity ulth of SCANA Corporation and subsidiaries (Company) as generally acc9pted acumitug prindples, as applica- of December 31,1990 and 1989 and the related ble. In sNations that prevent aan rccounting Consolidated Statements ofincome and lletnined mecmremerts, management ha used informed judg- F.arnings and of Cash Flows for each of the three years ments and estimaus Financialinformation presented in the period ended December 31,1990. These Gnan-elset nere in this Annual lleport is consistent with clal statements are the responsibility of the Company's these flurnciW statements. management. Our responsibllity is to express an opin.
The Company maintains and relies upon a lon on these financial statements based on our audits, system ofinternal accounting controls designed to We conducted our audits in accordance with prmide reasonable assurance that all transactions are generally accepted auditing standards. Those stan-properly recorded in the books and records and that dards require that we plan and perform the eudits to assets are protected against loss or unauthorized use. obtain reasonable assurance about whether the finan-The degree ofinternal accounting control is based clal statements are free of material misstatement. A upon the determination of the optimum balance audit includes examining, on a test basis, evidence between the cost incurred in maintaining a system of supporting the amounts and disclosures in the finan-Internal controls and the benefits to be derived. The clal statements. An audit also includes assessing the system ofInternal accounting controls is supported by accounting principles used and significant estimates written policies and guidelines and is complemented made by management, as well as evaluating the over-by the selection, training and development of profes- ah finnnelal statement presentation. We believe that sional financial managers and by a statiofinternal our audits provide a reasonable basis for our ophdon.
auditors who conduct comprehensive internal auolts. In our opinion, such financial statements pre-The lloard of Directors provides oversight for sent fairly, in all material respects, the financial post-the preparation of the financial statements through its tion of the Company at December 31,1990 and 1989, dit Committee, whkh is composed entirely of and the results ofits operations and its cash flows for h*homployee directors. The Audit Committee meets each of the three years in the period ended Decembnr periodically with management and internal auditors to 31,1990, in conformity with generally accepted review their activities and responsibilltles. The Audit accounting principles. '
Committee also meets periodically with the Company's independent auditors, Deloitte & Touche. The internal and independent auditors have free access to the y- -- N 44
. Audit Committee to discuss internal accounting con- Cohimbla, South Carolina trols, auditing and financial reporting matters. February 11,1991
.=
M'h W.11. Timmerman n ., , ,
m Senior Vice president Chief Financial Officer 1
21 l
, ~ -- " '
e C0llS0liflulP(l3l8H00SlleetS 1)erember 31, Iwo 19s9 ' ANNI"l h (limusancIs ofI)ollarst " l~tility Plant (Notes 1,4 and 5h lilectric $2,sss,919 $2,794,405 . Gas 3! 9,71;. 333;(,40
't ransit 3,s33 4,034 Common 53,403 49,074 Total 3,315,s72 3,181,153 1.ess accumulated depreciation and amorti/ation 1,037,123 95(i,137 Total 2,27s,747 2,225.01(>
Construction uork in progress 196 4(,4 129,287 Nuclear fuel, net of accumulated anuirti/ation 4 3,, a 57,821 _Arquisition adjustment gas, net of accumulated amorti/ation 31,15s 32,154 litilit) Plant, Net 2,549,7(,3 2,444,27h Other Propert) and innestments: Nonutil ty aroperty (substantially at rost, het of accumu ated depreciationi 129,54s (,7,542 investments (Notes I and 3) h,304 6N,673 lotal Other Property and Insestments 137,532 136,215 Current Assets: Cash and temporary rash insestments 45/in9 10,465 lleceivables 124,577 133,190 Insentories (at average costi: Fuel (Notes 4 and 51 61,s5s 48,200 Materials and supplies 44,365 43,838 Prepayments 19s54 1 N,661 lotalCurrent Awels 296,463
- - -._ _254,'15 4_ . .
Deferred Debits: l'namortlied debt expense 6,469 6,901 Arrumulated deferred income lases (Notes 1 and M 33,43s 22,038 linamorti/ed deferred return on plant intestment (Notes I and 2) 27,595 31,N44 Nuclear plant decommksioning fund (Note il 14,hs3 12,016 Other (Note 1) 75,670 76,h61 Total Deferred liebits ,_ _
~ lt ii,Us 149,660 Total 5:t 144,936 $2,984,507 9
9 22
December 31, l'no 19S9 (Al'Il Al.1/Al'l0N AND 1.1\llilII'll'.S flhousands ofiloItars/
. Stockholders' intestment (Note 6h Common Equits 51.003.s77 5 91N,235 l' referred Stock (Not $ubject to l'urchase or 5 inking l'unds) 26.027 26.027 1.029.904 944,262 Total Stockholders' Imestment Preferred Stock (Subject to l'ulihase or sinking i unds) (Note 7) 64,460 68,035 93s.433 1,003,972 tong lerm liebt Net (Note 4) ____ __
Total Capithlitation 2,033,297 2,016.272 Current 1.labillties: Short term borrowings (Note 91 134.070 37.587 Current portion oflong term debt (Note 41 67,16s 33.687 87,7s6 104,002 Accounts papble 14,190 13,412 Customer deposits 34.21s 40,377 Tases accrued 24,222 25,493 Interest accrued l)ividends declared 27,506 26.544 9.12s 11,273 Other
'lotal Current l. labilities 4Ih.25s 292.375 Deferred Credits:
507.667 459,144 Accumulated deferred income takes (Notes 1 and si 105,932 109,351 Accumulated deferred imestment tas credits (Notes 1 and Si Accumulated reserse for nuclear plant decommissioning (Note il 14,6s3 12,016 65,049 65,349 Other (Note 11 ~ 693,351 675,S60 Total Deferred Credits . - ~ . . a g $ ', N ep 4 i See Notes to Consolidated linancial Statements. 23
wmmwmuw-umn se au COUS0lldated SlutelH0HlS OflH00me and lleinined EarniHgS
~
For the icars I:nded December 31, 1990 1989 19ss , (thousands ofDollars " e.rcept per share amounts) Operating liesenues (Notes 1 and 21: . Flectric 5 536,A09 $ 822,112 $ 787,956 Gas 292,3s0 297,069 291.30s Transit 4,033 4,102 4,060 Total Operating Revenues 1,133,222 1.123,283 1,083,324 Operating Espenses: Fuel used in electric generation 20N,595 224,035 224,278 Purchased and interchange power, net 1,040 (2,024) (6.412) Gas purchard for resale 191.526 212.112 209,344 Other operation (Note 1) 19N,N01 180.126 174,758 Maintenance (Note 1) 67,499 69,338 54,050 Depreciation and amortization (Note 1) 97,801 102,296 97,389 Income taxes (Notes i and 8) 77,392 65,535 69,030 Other tnes 64,611 5S,681 56,217 Total Operating Expenses , 907.265 910,099 878,654 Operating income 225,957 213,184 204,670 Other income (Note lh Allowance for equity funds used during construction 1,630 2,194 1,821 Gain on sale of imestment, net ofincome taxes (Note 3) 46,150 - - Other income, net of!ncome taxes 7,094 4.931 2,326 Total 0ther Income 54,874 7,125 4,147 income Nefore interest Charges and Preferred Stock Dividends 280,x31 220,309 208,817 Interest Charges (Credits): Interest on long term debt, net 85,244 86,178 75,07! Other interest expense 10,552 8.244 9,35! Allowance for horrowed funds used during construction (Note il (3,479) (4,001) (4,3 /0) Total Interest Charges, Nel 92,317 90,421 80,f5i Preferred Stock Cash Dhidends of Subsidiary (At stated .vs) 6,911 7,263 F,014 Net income 181,603 122,625 l'.0,746 Iletained Earnings at lleginning of Year 344,65 '121,155 T,97,120 Common Stock Cash Dbidends Declared (Note b) (101,916) (99,128) (96,711) Other 4.287 - - Fletained Earnings at End of Year S 428,626 $ 344,652 I321.155 . Net Income $ 181,603 $ 122,625 $ 120,746 Common Shares Outstanding (Thousands) 40,ss? 40,296 40,296 Earnings Per Share of Common Stock $4 44 $3.04 $3,00 See Notes to Corsolidated Financial Statements. 24 l l
- _ _ - _ _ _ _ . - _ - . 1
w Eb4 4 i k .
-- I -
C0llS0llda(Od Statemea(S Of Cash Fl0WS
~
l'or the5 cars I nded December 31, 1990 1989 1988 ' (Ihousands ofIhollars) Cash I' lows I rom 0perating Arthiiles:
. Net income 5 181,603 5 122,625 5 120,746 Adjustments to reconcile net income to nel cash provided from operating activities:
Gain on sale of imestment, net of income taxes (46,1501 - - Depreciation and amortitation 47.s01 102,296 97.389 Amortization of nuclear fuel 22,585 19,584 14,732 Deferred income taxes, net 7,120 34,759 32,246 Deferred lmestment tax credits, net (3,399) (4,282) (3,544) Dividends declared on preferred sto(L of subsidiary 6,911 7,263 8,014 Allowance for funds used during constructi n (5,109) (6,195) (6,191) Application of deferred credits to storm cuts (Note 21 - (13,783) - Nuclear refueling accrutd (2,671) 8,863 (4,002) Fquity earnings In investees (Note 1) (1,062) (357) (1,140) Chrages in certain current assets an6 liabilities: (Increase) decrease in receivables 8.613 (9.292) (18,857) (Increasel decrease in imentories (14,385) (7,805) 1.333 increase (decrease) in arcounts payable (16,216) 3,969 17,244 increase (decrease) in customer de' posits 778 (3,298) I,450 increase (decrease)in taxes accrued (18,241) 4,401 (424)
!ncrease (decrease)in interest accrued (1,271) 7,555 1,254 Other, net 3,416 26,270 (1,450)
Net Cash Provided i: rom Operating Activities 220.323 292,573 258,800 Cash Ilows I rom Investing Activities: Property additions and construction espenmtures (229.682) (181,545) (182,890) Sale of[mestment 139,780 - - Other property and imestments (56,182) (24,210) (40,643) Principal noncash item: Allowance for funds used during construcuon a,109 6,195 6,191 Net Cash Used Ior Investing Activities (140,966) (199,560) (217.342) Cash I' lows I rom Financing Activilles: llank notes sold 3.164 153,000 - Note sold - 34,000 - Increase (decrease)in short term borrowings, net 96,483 (61,264) 77,286 Decrease in fuel financings, net (10,458) (6,158) (778) term debt (21,907) (92,231) (19,794) lleduction lletirement ofoflongferred pre stock (3,578) (9,208) (7,388) Payment of dividends on preferred stock of subsidiary (6,975) (7,441) (8,163) Payment of dividends on common stock (100,942) (98.524) (96,144) Net Cash Used For Financing Activities (44,213) (87,826) (54,981) Net increase (Decrease) in Cash and Temporar) Cash lm estments 35,144 5,187 (13,523) Cash and Temporary Cash Im estments, January 1 10,465 5,278 18,801 Cash and Temporary Cash investments, December 31 5 45,609 $ 10,465 5 5,278 Supplemental Cash information: Cash paid for -Interest 5 96,387 $ 86,155 $ 83,173 Income taxes 94.800 22,836 47,218 Noncash Financing Activities: Direct billing obligations under supplier take or pay arrangements (Note 2) - - $ 50,036 See Notes to Consolidated FinnncialStatements. 25
- n. ,
Consolidated Statements of Capitali/ation December 31. Iwo 19s9 tomnwr. I quit 3 (Note 61- f t housands of Dollarsi Comr. u stm L, no par salue. author. /*d '5JKKL(hki . :iate nsued
- and outstandmg lWO - 4(tu 2.17o .harn hnd 19s9 - 40.246.147 sharn 5 J 3.2 $ 1 5573.543 lictained earnings 42k62n 3141,52 lotal Common 1 quitt I,ou p ?? 3r, 91s,235 46%
South ( arolina 1.lectrie & Gas C9mpany tumulathe Preferred Stock (Sol Subject to Purchase or Sinking f undsl(Note 61. g
$ UK) Par Value - Authorved 2(Kijpl sharn 550 Par Vtdue - Authorized 125.209 shares
$harn Outstandm[ ,
liedemptu Pre e , I untual
$crin 1990 1939 ( urrent 1hniuch %mmum
$100 Par 8 40% 197,66h 197 66% 164 70 11 30-91 101 00 Pt7ta 19,7fJ 556 Par 5On 125,299 125,209 52.50 - 32 W h.2ho 6.260 f otal Preferred $tock (Not Subject to Purchase or $1nking f undst 26.0?7 15 26.027 1%
$outh Carolina t iertric & Gas ( ompany tumulathe Preferred Stock (subject to Purchase or $1nking f undsll\ote it 5100 Par Value - Authorized 1.550.000 sharn
% ares Outstandme Itedempuun Price I nentual Series lWu 1989 Lurrent 1hrou@ Wn! mum 7.70% % 270 103,6h3 101.00 -
101 00 %s2; 10,3cs
$ 12% 14tt721 145.221 102.03 -
102 03 14 072 14.522 2 awl 244.404
$50 Par Value - Authorized 1.677.9% sharn
$ hares Outstanding lb dempaon Pr.re I sentual
$criM IWO 1959 (.urrent '{ hrough On! mum 4.50% 23,60i' 27.200 51 00 -
51.00 1,2 AD 1,360 4.60 % h.334 9.h34 50 50 -- 50 50 417 492 4.60%( A) 36.012 3 ( 052 51 00 .- 51 00 1301 1,903 4 60%(HI 91.M60 95,200 50 50 - 50 50 4.3% 4.760 5 125% 77.030 78JK10 51 00 - Silk) 3. A30 3.900 6 00 % Yi,200 102,4(K) 50.50 _ 50.50 4,900 5,120 h 72% 235,Il7 2%dKW) 52.(K) 12 31 93 50 00 l2 7Ah 14,4(K) 9 40% 217,507 224.269 51175 - 5t175 10.575 11,213 . k i l .210 % 2.455 t a a ue
- u oI /e , I kh sbaIes', \tino outh and@ffn1 } nam llh%h Total Preferred $tock ($ubject to Purchase or $ inking l unds) 64.4n0 ., 6403A 3%
26
December 31, 1"*l 19Yi longilerm Debt (Notes 4 and Sh Ilhmmb 4/lbliaN south Carolina l'lectric & bas Con' Dam I trst and liefunding Wrtgage i'.onds
- icar of Scrics Sturity 101T2% 1990 0 (dO 5% PnD ltUni 5% UNI N00" WM 47m, pn3 lowo 16]m 5 45% PN6 11000 159 0 h% 1997 15.M d l Slk10 61 F2% P/94 20.0ini 20.( H IO 8% l?N 3 T. .lH M 3:iil(Hi 9 l!$% PN9 15.010 l 5]Mll 8% 2tuil n 000 35jou 71/4% 2(N12 30.00il 30 0.H) 91/$% 2(M Hp $U 0410 30.0(W )
h 40% 2006 30,000 50D10 k Th"t. Jon? 30.004 30.000 A 90% 2tkis 30.000 30 lH O 10 1/5% 20in 3i000 35 000 9 7/Yk 2009 30.000 50Jhki 12.15% 2010 U.s90 35h90 8 14% 2017 100.000 ItoDo Polluuon Control I arilities ibaenue lionds 5.97 series.due 2003 7.010 7.105 li tirfh 'd Count) heries 1954. duc 2014 h ariable rate - 6 20% through Y3191) 17.ON 5790 luchland Count), duc 2014 hartable rale - 6 20% through V3 t Nil 5.? IO 5.210 I airfield Count) heries 19% due 20l4 h ariable rate - 6 20% through mil 88ll l . l n0 1, j (H) Colleton and Dorchester Counhes Series 19si, due 2014 hurlable rate - 6.20% through V319H 4E 4.36; Capitahied 1 caw Obhgations, due 1991 1997 h arious rates between 5 :t 4% and 10%l 5.4 't h 7 909 llank loans, due 1992 hariable rate - k 24% at IU314m 71000 7590 South Carohna Generating Compan), inca
!!erkeley Count) Pollution Centrol I ac ihties lin enue lionds. due 2014 h ariable rate - 6 40% through 9'33111) DMU 35550 Term Iman, due 1992 hariable rate - 813% at 12'3 l?)01 66.im RMHI South Carohna i url Conipan), Inc.:
Nuclear fuel habilit) 41017 60.522 I ossil fuelliabilit) N'01 16.554 south Carohna hpehne Corporation Note,9.27% due 1990-1994 32.ON 343300 South Carolina lleal litate Dnelopment Company, Inc.- Notes. due 1990 1991 lat sarious rates) 4h 4s7 Ildnh I.oan, dile 1991 hkriable rate - 10 0% at lY,tlS01 1 /2 04' - llank Inan, due 1992 hariable rate - 10 0% at t r31"M t 022 3.154 Itank lx.an, due 1992 Hariable rate - 10 0% at 12'3190) 4 3'h 4 441 Note,9.13% due 2Ml IUN - Primesouth, inca Term loan,10 35%, duc 1995 920 -
. Capitalized irase Obligation, due 1994 h ariable rate - 10 0% at i r3 thoi 31 -
$ CAM Corporation-
!!ank Notes, due 1992 hariable rate - A 52% at 12/3 th0i 703No 70D 0
. lotal 1.007.461 1.039.092 (Pss - long term debt maturitirs, including sinking fund requirements 67.16% 33 6s7 Unamortized discount 1,%2 1.433
'lotallongJlerm Debt Nel ' % 911 *h% 1 9 13.972 50 6
'l otal ('apitali/ation._ _. . - . - . . - - - . - . . . -
M 03 '47 ihn 52.016 ?72 100% l See Notes to Consolidated FinancialStatements. 9 ., (
_,__,__ _ - _ _ . _ _ _ . _ . _ . . _ - - - - - - . - - - - - - - - - - - - - - - - - - ' - ' - - ' - - ' - - - ~ - - - - - ' - ' - - ' - - ' - - - - - - ~ ' - - - ' ~ - - - ~ " ' k (,LN N.hII ' 2 $ [ .1 O I. I k3f " 4 Notes to Coilsolidated Fintilicial Statemerits
/* 'Sutritnary of Alptil[iraitt irrouttlitty Policia 51W5 million as ofluremtwr 31. lWu and PW respminel)
\. Dryanizatioti and Prindples of( on*nhdation
$(lMrs Outte of the dirnet npensm awinated with operatmg summer .
%m n iMWed in We Gimp @ %her opvaud and st\b\ Girporation (Qimpanyl a South Carnhna corporation, is a m intenance*
a npenws ' pubhr utiht) holdmg rompan) widdn the nwaning of the Publo llikt) lloiding Compan) Art of 1935, but is owmpt from regisu ation tmder m e M i M i ed Dmm ( onurudon ' nu h Art Allow ante for funds uwd during ronstruction t Al rl. a teonash The arrompatning Conwhdated f inandal $tatenwnb tenert the item, redub the irriod rmt of (apittd dnoted to plant under omstrur-consolidation of the'armunb of the Compan) and ib wholly owned sub- tion 1his arrountmg prartue resulb in the inchnion,la a ton unent of sidiaries- nmuturtion rost tronstruction work in progrewt of the rosh o debt Ilrptd ledidihhd and t quit) rapital dedicated to ronstruction unesunrtit Al C will uhi-south ( arolina I:lectrir & Gas Gimpan) b0 AGI match be inchuled in rate base Omstment and depreciated as a rompo.
%outh Larolma Generating ( umpan). Inc. IGlWn nent Of plant ont in ntablishing ratei, for utihh wruns lhe South ( atohna i uel Compan).100. Compain s regulated subskhanes ralculated d L uWng romposite Niles South Larohna hpchne torpornuon ihpchne Corporatmni aluch of yf,O W and 7.% for 1990.1%9 and 19% respminel).1 hew w hol!) ow ns ( arohna laplot atmn torporauon ratm do not etreed the madmum allowable rate au alrubited under honregulated bumenes IIU( UMI" N" I""'"'"""" "' ""I'"Y"""" '"Y"" "'
( arotane. Inc. N'" "d""II"L" "" ""* "I Mr\ $) stems. Inc i Delerrrd Heiurn on 11 ant haestment
\ it i flewurrn. Inc. tonino Seud,canihnanean u m D % menn empa o r da. $0w;toingrJuh L IM as approud b) a N onin on dato-d o +f r
%CAN A thdrocarbont Inc. W "I "I"dN* f""""""K f"D"'") P'""""'D '""'"' d I"'m r ate baw iupertane Grn Oimpany and began anmrii/mg the arrumulated deferted carrying rush on a kLAN \ Petroleutu linourtn. Inr
' sua@t4me bam out a tenpar p nod (we Note M Amoru/auon of deferred t arning rosts Im luded in "Deptertation and amortization, in Detolwr lWO the tompan) acquired Peopin Natural GM we approdniately H 2 minom for UNO.1%9 and 1M (mmpany of South Larohua (Peoplesh a dntributor of natural gas in northeastern South Carolina, through an eschange of stork t he trano i Deineriation and \nnrdration action u as arrounted for as a ponhng of internts and had no signifionit Pnnkions he depreciatmn are recorded using the straight hne eftert on financial position or rnulo of operatintw Peoplm u o merged mc0nl W DnanM repeung purpe.n and are beed on the ntimau d into MAN und its awets are operated by SG Mi A subsidiar) of ,
synic, g,,, of the urious clawes of pnipch) bee Note 2HI 1he rom. Peopin. Supertane Gas Compnn), a propane supplier, o e arymred in poi,ue weighu d metage depreciation rates were e folkms the transaction and k a sulnidiar) 01 the Company lmestments in joint senturn in real estate are reported using the n ,o ,m pm equit) method of arrounting SigniDrant intermmpan) balanen and g w, tramartions base t+en channated in tonehdation
;e, 3 g, 3yf tw o ?vs Uh ph it $wlcm of Arrounb piteluu-( orporanon ? W+ 2M4 2 We 4rregate of ume 29W 31h 32h
't he arrounting records of the (.ompam s regulated subsidiaries -
are maintained in arterdance with the l'niform $)uem of Arrounb pre-Nuclear fuel amoruzauon. n hich h included in *l uel uwd in cler-scribed by the f ederal I nerg Heguhitor) tommtssion H I 110 and
- tric generauon' and is termered through the fuel rost component of adopted b) The Pubhr sentre Comnnwinn of south tarolma (P50 $U Mii ratn. h recorded using the umb.of production method.
C. l tilit) Plant Prmkion for amortiration of nuclear fuelimiude amounb nerewar) to 4 W tk Nu d Main Dmrunent onnno unde a Ollht) plant k stated substantially at origmal omt 'I he rmb of contract for disposal of spent nuclear fuel additions, renewah and Imtierments to udhty phint,includmg dirnt T he arqunition adjmtment relaung to the purchne of certain re labor, material and indtrert charges for engmeerlog. supenNon and an propertin in 1%2 h bemg amorti/ed mer a 4) ear period using the allowante for fund
- uwd dunng construction. are added to utihty piant unughbbne method arrounts The original cost of utiht) propert) reured or otherwhe dk-posed of h remMed from utilH) plltnt arrounb and gennad) charged. b Wkar DM onunMoM along with the rost of remmah lew sah age. to arrumulated deprecia-On Januan 3. lWo the Nuclear Hegulator) tommbw n (Nilo tion. The costs of repairs. rephu ements and renew als of hemy of prop- apprmed $0 Aks request for an cuendon of Ib operaung licenw for ert) determined to be less than a unit of propert) are charged to Summa $tation Decommiwinnmg of Summer Mation k prewnth prm maintenance espenw. ,
jerted to commence in the ) car 2022 The espenduurn ion a bdore.in
$0AG operator of the L C. summer Nuricar $tation 15ummer basin related to $U AGi share of deconuniwiuning artniues are rur.
$tationi, and the $outh Carohna Pubbr $enice Authortt) ht body corpo-nd) esumated to he approumatei) $Et7 million On 2022 dolhus rate and pohtic of the $ tate of South Caruhnal arejoint owners of esuming a % annual rate ofinnationi $0 AG h prmiding for atmiab i
$ummer Mation in the proportium of two thirds and one-third. rnper- ed decommiwiemng rusts of its share of hummer Manon mer the hfe of thel), lhe parties share the operating rmb and enern output of th"
$ununer Station and has estabbshed a rewne for this purpme. 50 Mi plant in thew proportions i ach pany, howner, prmidm ib own h prnenth fundmg the revne with amounb rollected through electric Anancing Plant in wnire related to $0 AG's portion of summer Mation rawappfoumatch 511 muhon annualk for 1990, l%9 and 19W net wm approdmately $907 ndlhon and $401 milhon at lkrember 31 lWo of tant and intenM for the fund, including earnings to prmide for all and 1%9. resperthel) Arrumulated depreciation aworiated w1th nentual derommiwinning npenditurn on an after tu hasis.
$0 AGMhare of Summer Nation was approumatch $223 4 milkon and 2S
l he %)l( luo imidshed Onal f ehdanom on denimnuwintung of Itm hdionI!T tabo u b forp thi f umied suit.h of (N p ia as Ie inn lear f arthtms limse regulabons addrew det omnoetuff idaumf neterummd la an udpen:hqit le it. art at Nt en,ie r R 196 and low tmeds imimg, fumbne methoth and emitoimientaliniew tegogemWib . _ _ _ _ . _ _ _. _ . _ _ hnd INlulted biethed rinIrir udhtms to Mlhnlll 4 deldinnthW%lofimg (Inli 18 at l tHlrd Iles eftllect, IIl . _ . .. l } M , O[ _, _
, b) My lWO tert!!)ing Onhorial auurante fut dn ommisuonit1 t osb </ hen ntti o/lmtham in lM Tl h establishNI h trtWI lL!ful w hH h h flinintamed I4 all mdm binarial prehen!ItilDe of hellent OblTutoins pendent trustee and i omphn with the finam lid auuram e req'uironmnb \cstnttmtnfb obbrauun Ws 9si ilMi472 of the $ll( rule 'llm aweb of tlm trust fund were apprmamald) M 2 %f nw?id! tmlo fh M'hbli t'n ....!M _ M tailhon at Decemimt 31 l'NI ami were rei ntd"d in Sm irar plant k runiulawd imnofH obipOnti~~ l'2 to I TI.244 dm ommisdoning fund' in "lkferrHI lithin
- 6,p did bhrht"niisntsi mm 'ill E ll Inrotne laws M"" #""" #1 I"" ' # '"' OI
- D'#
plan auen greater than qlew thani
.! he t.telf an) hnd Ib subsidihris Ole Wmbdated i ederal hnd propledbemnlOSgumin iGt 12fiHe Suite income las returm inuium tam hre hhm ated to all subsiduirl" t nrewrntsed net tranuunn luitiuut B49 N,4 ?
ha,ed on their contribuunta to t onwkdated tashhle inunne. t nnin$nDed phot wrio r rush ' 12 m t o.l.4t. Itn ause th\ hiw s and 0mincial an ounting statidatds thfier in their I, prgegnved ne:t gani . D wi t 144 Mid ret ognition and memurement of eroqotnir ments thfierennw hrhe l'emion liabihn ree ortuird in Imtween (11 the anmunt of tauhk innaue and reported pretas Onatrud I onsolutated Italani c Mo+n s . Mo i Cl m2 6
""~
inrotne for a )q at and @ the th\ haws of hueb or hahiktms had the it reported hinuunb in the AfuthiIa! staternents. O r ordingly , the ( uitipany 'lhe herutnuhited imne01 ohhgation ts luiwd on !!m phiniImtm0t prinides deferred income tam for substanthdl) all timmg d& rem et fortnuhn without runsidermg eumt In! futute salar) mrreaw$ Ihe foh prmrlpall) un clerated la\ depreciation. eu ept for rertam ham thfler- lowit$ table sob forth the huumphoIn mHIin the anmuno shewn ow n arming prior to 19V ikferred im onm tat ptmiuons are inehul- ohme ed in itnlolne rutrenth with dirrnpunthng rrethts or r harges to ~pm ^pn9 ~ ~'jng nrrufttuinted drferred innmm taws ~' W W h ium au M N linestinent its of edits werr pnetall) deferred atal are Immt deu nmue bi twht ohHgabom A n's a trv k tri nnmrtl/ed mer the depreciable hws of the respertin hwts l y, coed bing terpI ente i,f return In Ihv emher IN tlm lInancial An ounung Standarth Board on plan auch *n kn% k (rt (I MB) hsued Statetuent \o 9h *Artpunting for Infottw lhws * 'ihis lusroutil rate med in deternuning
$tatement requires the uw of the "habilih nmthod* wherebs a drierred pension ont An 4W kW tu liabillt) or hwet would he reragnl/ed'for deferrH1 tu r0thequem es knHwil knnual tale of future salat) of all temporary differemrs t he Statrumnt (1) requirm that u deferred tonenws he pnijcont bendu tu habilit) or asselim adjusted for the Pflert of a a hange in tag law or oWauon 5h $h m ratet W prohibits net of tu artnunting and reportmg, and Ctl teqmrn In 19%9 the ( ony>an) rompleted an rarly n tirement nu entne pn'-
recogmtion oI b deferred tn habiht) for las imnenb that are lioned gram which im rt awd pnsmn habiht) b) % A ndlhon 'llus nmmmt n through to rmtonwrs when tem}mrary differeturs o'tginhte and for the Iming anmrtved mer eight )ents, the hieragt renininmp wrure lih of Nlmt) component of Al C The bonpan) don not anticipale that apple the employen participaung in the program (huon of tho $talement will hme a signini ant impart on resuhs of oper- in ruldition to pension Imac0h the Lomirany prosida a ertain atioin 'Ihe balafn e sheet will require wrtale rnlassi0ratons to rompl) henhh rare, kupplemental retirement and hfe linuthm e Imtm0b to y with the prmoloth of thh $tatenmnt lhe requirements of the arthe Imd retired employees ( urrently. burb he henb are pnerally
$tatement nmst he adopted b) the i ompany no later than lanuary 1. rhatged to e\peno when claina and premhims are paid 'Ihe nnnual 19R the i MH is cuttently cornklermp thnogn that rould indude a emb of prmidmg kurb hene0b to retired employen are not Ogm0(ant.
dela) in the %talementi effn itse date in beiember 1*HI the ! OB ksued Statement % lhh *l mployeri krountmg for postretirement Bencilb Other 'Ihan pemhon
- T he
- 1. Pemion i \peine Wienmul reymres that the rmt of postrel1rtment bene 0b other than
'lhe lompan) has n noncontributor) de0ned Imm 0t pemion phtn pensium he arrrued durmg thi yents the emplo)en render the herwe rmering substanthdy idl emplo)en. Benefib are based on 3rars of tmrnsar) to he chvible for the appht able imochb Thhough the arrrethled wntre and the eniplayet i awrap annual haw i arnings (ompany has not yet determmed ttm impan of tha $thtement, n (ould rn ened during the last three years of employment 'i he ( om pany i pol- rnuit m Ugm0rantly gn ater npeme immg terogni/ed for prmhkm of ic) has imen to fund pension nr.h arrrued to the ntent permitted b) the Ihne henchb lhe i omp:m) nperb that the increased benents hppbrable i ederal income in regulations e determined l) an indepen- npense will nther he termered currend) through ratm or that a regu-dent actuar). lator) aswt wi" he recorded to ren"rt amounb to he termered through Nel perinthe penslen rost. m deternuned b) on independent acto, ratm in the future e the oish are paid therefore, thk Statement should ar), for the years ended lloremtwr 31, l'NR 19k9 and I'm included not haw a ugni0 rant impact on the Compatni Unannal pauuon or the folkming componenb rnulb of operauum The reuuiremenb wik he efierthe for incal y ars
- begmning after December 15.19W l'Ath80"!!'H' 31 _ _lLl?L 19" J Hnenue Hem'nWon flhomwls of twllarM Aenire rmt4mnenh earned ( uste h no ters are read had buls are rendered on a monthh during the periad i iMo i 5.2:n 5 H27 nele basa IW menue is rn ord-d durme the arrounting period in lmernt rmt un projected twncht obhgation 17 Ter 16347 14 920 Ehich the meters are read
\djustmenb.
heturn on plan aweb ct 11h 141.240 121.46:11 I url rmb he electrk enernum are cobrmd Mm@ tk fud
\et h!!intli/alinn and deferral (12,717) 29Mi InJd4 neprm m wM West min W fM rgem mWed in 4
. . . - _ . Fri ?M Moh t o'.I .... 1 M 9._ W M.E_.1 M D
]()
Ings Any thnerence berneen actual fuel rest and that tontamed in the annualincreme in 5u Es aholnak electrii rn:e on Januar) 5 1+w fuel component h deferreo nd tmluded when determining the fuel omt SCI AG Oled w:th the I i h( for apprm al to redut e its w holmnle electrir e component during the ont wmiarinual fuel rost hearing At Dn ember rate to (orrespond u nh the retnil eiertnr rute reduction pur%nt to the " 31.19W $Cl &G had mercollected. through the ciertric fuel dauw com- July 11%4 PM ortler thee Note 21! i An mienenor. howner. protnt-ponent. n;iprnimately $6 7 milhon, w hkh n included in *lleferred ed the nmthod of thvi teduction. nhhough not the amount in May ?na . tredit41ther? At !)etember 31.1989 $0L Mi had unden ollected the illit demed the ina nereiri peution in August IWU thi mter-apprmimately $9 0 milhon w hich e included in " Deferred DebitoOther
- wnor appealed its one to the 13 (mu*t of Apimah. w here it is currently Customeroubject to the gas cost adjustment riauw are billed anhitmg action.
based on 8 Owd rat of gas determined by the P5C during wmiannutd II On \ member 2k 19 A9 the PM granted $Cl % an inctene in rm (mt renner) hearings An) difkrence between actual gm rmt and firm retail natural gm rain that hre dedgn"ti to increaw armuni ren that contalned in the f$tn h deferred and im Iuded when stabbshing enun by $10.1 noihun Tim reprnents apprmimatel) WLN of gas unts during the nnt seminnnual gas rost termery henrmg At $(.lMA requnt for an increau of hppraimately 511 'l tullkon in as lieremln r 31,1990 anti 19k9. $Cl h(> had underrouetted 6pprosirnately order die PM huihon/ed a 12 in 1eturn on tornin90 eymts lhe new
$13 million and $k3 milhon. rnporthel). theough the gas rmt termer) rates herame encruw on Nowmber 30. Un9 on Januar) k 1990 ttw proecdure, w hich are included in *1>eferred Debitoother
- Ps0 denied the (unsumi t Adwau4 pet!!mn for recomiderauon nnd rehearing of the gas rate orU r. On i+brunn 12. PN0 the (onsunwr k Dtbt Premium. lkount and i speme Adsorate appealed the declen to the Circuit Court 1he vnw h still long term debt premium, dkrount and npense are being amor- pending adion by the CirrWt (murt hhile the outcome of tim 'r.auer e.
tired m components of
- Interest on long term debt. net
- mer the terms um ertain. the (mpan) behnn the prohah;ht) of any ognincnnt of the rnperthe debt hsues. thange in the rate order h uni kel)
~"U^" " " " " " "YY'
- U "
L htatements of(' ash Ihe in hpohne Corporntmn s pas rate dmn for shin for rnnie vnirt ef-The Compan) runsiders temporary cash immtments hailng origi- fecthe Nmember 1,1990 hpohm ( orporation requnted the thanges unl maturitin of three Inonths or lew to be cash equhaientt 1cnr in comphance with a settlement agreement with the Consumer Adwtate - pornt) emh lmestments are genN h!!) in the form of ronimernal paper. In prior rate prwcodmgs The order upheld the *udue of+eruce* rertincates of deposit. and repun haw agreements nwited of regulation for ik d rert indmirlal senire and gase Ann! appnaa ur ehnnu r umon in rate rnenun omm W M lierlawlGratio m wholesale customers t he rate reduction had been tetnpoturity enneted Certain amounts from prior >ents hae lmen reclawifwd to run- in late spring prnding Onni PSC apprmal form with the 1990 prewntation f. In Ma) 19W the P50 approwd a solunmtra and daert bdlmg method far hpehne Corporation to reemer inte or pm rosts inrutred
,, N(ifl' M(if tf TNl b lb prGn- @el@' glmrs ppm W lIN mtowd bl A The Compan) sustained sigtuncant damage to its electric trano and nonappndable uttlemeno At lierember 31.1990 and 1%9 mhslon, distribution and other facihtin as a rnuh of Ilurricane llugo on appralmatch 52h 3 milhon and 527 4 million. respertnel), of accrued September 2122.1959 'Iotal rush 8ttributed to the replacement and interest and direct bilhngs to hpehne Corporation fronila supphern repair of damaged plant were approsimately 5% million Of this remam to bt termi red from hpehne (orporauoni rustomers ami are amount $13 4 milhon h being termered through insurnure and an adth. included in
- Deferred liebituuther
- The Consumer Athm ate and two tional $ 19.3 million aworinted with rapital npenditurn w as included in other intenenors appenled to the Orruit Court the PO order regard.
Tlihty Plant
- in 19R l or electric cosh not rapitalized or emered by ing the pawthrough of thew rosts A stay of parts of dm PSC order was imurance (522 millionb SCIM, recched an order from the P5C on reymted until the appeak are heard On Februnt) 22,199u the Cirruit I ebrunt) ft 1990 npprming the oftwt in the 19W Comohdated Court granted the sta), and hpehne (orporntion c eawd rollertmg take-Statement of income of $13 8 million of storm related cosh, after income or pm nmounh from to entomers penmng a Dnal densmn on the mat-tat benefits of 58.2 million. through the appbration of cret carried on ter The appenh of the Consumer 4dw nie and the two other la books ns a resuh of a 1950 willement m certain htigation lhe intenenors Luc been consohdeted and the hearing h nperted to be remaining nonelectrk storm costs of 51.3 milkon were included in 1949 held in the utst quarter of 1991 The Compan) bebnes that any change operating npenws. The treatment prescribed by the P50 did not in the PSC order e a resuh of thew sppenh would onl) aDert the tinung require an) rate inerense for SCIMP6 rustomers of the termer) by hpehne Corporanon of the emit 10 On Jul) 3,1989 the PSC granted $CIM; approximatch 5219 SCIR as a customer of hpehne Corpratmn. has been boled for milhon of a requested 527.2 milhon annualincrease in retall electric hs proportionate share of take or pay roso and is termering such emts rnenues The P3C order granted an allowed return on rommon equi!) from hs rmtomers through purchnwd ge adjustment praismm in id of 13 25% On Januar) 3,1990 the NHC niended $ummer Stationi rntn operating licene from March 21. 2013 to August (n 2022 bee %te 1Gb G As a rnuit of a pettion Requesting imestgauon Gled by inter.
and in comphance with the July 3.1989 P50 order, scl &G subwquend) wnors during tot 19h9 r!ertric rate raw bec %te 21th the PSC hsued
- reduced la retail electric rates b5 approximately 57.7 million to redert an Order Granung imestyauon on April 12.19W lhe imntigation ,
lower depreciation npene rnulung from the niemion of the planti relatn to the propriet) of financhd relatmmbips betworo SCI NG and hs brenw. The efTert of such redurdon k to decreaw the additional annual afnhatn lhe Compam behnn that the outcome of this innDgation rnenues albmed in the July 3.19s9 order from $?! 9 million to 514,2 will unw no material ehert on la operatium million, or an annualincreme of 1.9% Conwquend), there will be no }l in an order dated Jul) 1,1987, the p50 hpprmed 50Mfs affect on future net income as a rnuh of the Januar) adjustment ( 1he Januan 30.19s7 requnt to restore to ib rate baw. efterthe Ju!) 1. Comumer Advocate has appealed the electric rate order to the South 19k7, the net production imestment tapprmimatel) 5102 5 milhor at Carolina Circuit Court (Circuit Couro While the outtome of thk matter Ju!) 1.19871 nuoriated with 400 Mu of electric generatirg tapacit) b uncertain, the Company behnes that an) Mgnihrant thange in the previously remmed by the PSC in is order dated March 2.19s4 T he rate order is unlikeh. 19h7 order aho apprmed $CIMrs propnn! to include in ra!c bue the C. l.fferthe July 3.1989 the Ii RC appemed an 5k939Kh or 2 91 aworiated arrumulated deferred carrying emts thrproumate!3 542.5 30
l l milhon at Jul) I,19571 and to tmgm amortizing thew rmti, mer a ten- the pledge of like amounts of SCI Mrs lirst and Hofundmg Wrtgage
. yt ar penod commeoring .lul) 1,1%7.1 he Jul) 1,1987 order w as llomb,20"+ $rrin due Januar) 14,1992 and i ebruar) 4,1992, tmper-appealed b) the (unsurner Adu> rate to the South Carohna Supreme tia l) Proceeds of the bank loans tuuthng 570 milhon were used to Court, which heard the raw in March 1959 On W) 30.19W the South redure short term debt and for general corporate purpises The pro-Carohna Supreme Court issued an order remandmg the case te the Psc reeds of the bank loans totahtig 575 milhon were used to refund a $75 for factual finding on the prudence of the derating of 69 Mu af $CIEs million imm duc I ebruar) 1.1991 and nrnedmgt), such amount is total produrbon utparity and the ellert. If any, of the deratings on included in long term debt, depreciation and carrying cost issun Pursuant to the $outh Caro!ina In Januer) 1991 the Company iwued bank notn totaling 5s0 mil-Supreme Court's directne on romand, the P5C luued an order renflirm- hon due Januar) li 1992. T he imerest rate h deterrnirmd quarterly log iv, decision and stating its findings and conclusions concerning the nnd is bawd upon the thremmonth lj!!Olt rate plus 35 basis points The 69 MW rerating issue.1 hc Consumer Adm ate has appealed the order proceeds of the bank nmes were uwd to refund 570 million in bank to the Orruit Court and the ap;ni has twen consohdated wtth the notn due January 15,1991 and for general corporate purposes and appeal of the electric rate order dnctibed in Note 2B abone The rase k accordmg!),570 milhon is included in long term debt still pending action by the Circuit (curt While the outrorne of thh mat- butniantiall) all utilit) plant and fuelimentorin are pledged as ter is uncertain, the Compan) beheses that any sigruncant thange in the rollateralin connection with hmg term debt P$Ci order issued on remand is unlikel). y g ,f gf g .g lf, 6airl on Sole of/tutsttnent; % dear and fowil fuelinventories are financed through the On August 14,1990 MCf Communications Corporation arquired all iwuante of short term commercial paper. Thne short term borrowings outstanding shares oflelecom4$ A rotomon sim L for rai.h of $42 per are supported b) Irreux a! c bank linn of eredit w hich npire in 1993 Share Through its inwsiment in lelecom Pnttners, MP\ $)stens, Inc. Accordmgh the amounts outstandmg hase been included in long term in wholly owned subsidiur) of the Compan)lowned apprmimately 3 3 debt 1he b,ank hnn provide for matunum amounts S5 million related milhon shares oilelecom.U$ A common stm L at the date of ar qusillon. to nuricar fuel and 525 milkon related to lowil fueB that ma) be out-The gain from the sale of the stock, net of income tases, h apprmimate. standing at an) time
- 1) 5461 milhon, or 5113 per share of ME\ common stock and was At 1)erember 31.1990 the amount outstandmg for nuclear fuel w as reported in the third quarter of 1990. apprmimately $43 0 milhon at a weighted average interest rate of A Oh% and the amount outstandmg for fossil fuel w as apprmimatch 4, l.ongJ/enn llcht: 523 6 millmn at a weighted awrnge ino rest rate of 6 Oh At (Wmber
$CIMis annual tender pollution Control I aclhtin linenue lionds 31,1989 the amount outstanding for nuclent fuel w as appruimate!)
(whk b do not include the 5 95% Series, duc 20031 are wrured b) like 560 $ mlikon at a weighted awrage internt rate nf h 54% and the principal amounts ofits I irst and Refunding Mortgage Bondt anmunt outstanding for fouil fuel w n apprmlmately 516 6 milhon at a GI ACO's annual tendrr Pollution Control I arilitin Hewnue lionds weighted awrage interest rate of h 59% are secured b) an irrewcable letter of credit npiring in 1991. 1hese annual tender lion 6 bear internt at a rate, not to neced g gggggggf,g ffgg,,,pg gfg.fgfgg pggggg 15% per annum,ill wt between An and 120% of an indo rate based A.of A.n hject to Purrhos or tn 5. king iudsl on one yent yield naluatiom of comparable tavnempt obhgatmns or The changn in " Common 5twk/ without par salue, during 1990, (21 equal to 6h of one > car )ield naluations of th $ '!reasurn Bonds at 1989 and 1958 are summarized as followv par. The internt rate is adjusted annuall) but mn) become Ifwd until maturit). These Bonds also pruside that the holders may require the Number Thousands Bonds to be purchased at par upon each annual adjustment of the inter- ofsharm of Dollars est rate or at the time the internt rate becomes fiwd until maturtly. II halante knuar) 1,19u 44?M.,147 5574,$E the Bonds are tephred by the holders, the Compan) intends to reoffer other 72 the Bonds to the public.1)ue to the prmisions of the Bond Indenturn, Balame beremhn 31,19u 4n.2%147 574,572 which permit the Compan) to purchase the Bonds in lieu of redemption ._other (WH and rnell thrm and to substitute other wrurit) arrangements the Mance tw emtwr 31, im 4o rnsi47 573,5u
$Cl &G Bonds are clawined as long term debt. Imnmenal aninha;nn
~
Swns 6iI The annual amounts oflong term debt maturitin, including the o*r IM7 amounts due under nuclear and Iowll fuel agreements bee Note 51, and Mwe Imrend,er 3 t two~-~~~~-~
~
409i170
~~~
mmt sinking fund requirements for the seats 1991 through 1995 are summa. rited as followv The Company's emphiyee sta L benent plans' truster and agent for
) ear Amount icar Amnunt 16 Dhwnd Beinmtnu nt and Stock pgrrhase plan purchaw reviously issued and oubtanding shares of the Company,s common stor in the (thonands eg)onant 1 971 $ 67,l u 194 $1h,263 YU,markt IPn 234.M4 1 975 11.2h0 The Hatated Artkin ofincorpor 170 Mn the dnidene that ma) be payable its commonon stock ,ation ofthe llowner, the Company do not hmit Restated Articles of Incorporation of SCI AG and the Indenture underly.
Approsimately $9 4 million of the current portion oflong term debt ing certain of 16 bond inues contain prmhiom that mag hmit the pau
, for 1991 may be satisfied b) either deposit and rancellation of bonds ment of rash dnidends on common stock. In addition, dith respect th issued upon the basis of property additions or bond retirement creditt indroelectric projects, the iederal power Act may require the appropri-or b) deposit of cash with the T ruster- aiion of a portion of the earnings therefrom At December 31,1990 Subsequent to December 31,1990, $Cl &G arranged for bank loans appruimately $7.2 milhon of retained earnings were rntricted a to due January 14,1992 and I-ebruary 4.1992 in the principal nmounts of payment of rash dividends on common stock
$70 milhon and $75 milhon, respectiwly. The inMrest rates on the loan ' Lash dnidends on common stock were declared at an annual rate are determined periodicaH) and are based upon the I.lB0H rate for the per share of $2.52, $2 46 and $2 40 for 1990,1959 and 1958, resper-term vierted by $Cl%G plus 30 basis points. The loam are secured by tnely.
31
- 7. Pfr/f'frC(l$f0( A lbkh f &l to hifthW of NirdirHI /IlW/g ( utrent innime tues for lWi noted Ahme re herb approumald) b 2 inilla.n of innone las Imnefib related te storni Amage a osts w hu h *
,lhe rall premium of the res;m the wries of preferred um k in n" raw navds the nnmunt of the annual dmderm borements undr' ac wludal e a Mimm in mstena e i genw in b buiddmed '
s u m e,d hmime M M ' W smkitig fund reywrements hre at put tidues At any Ume when dmdends haw not tmen psd in ful1 or declared
'loid imime im ddM hom Mwnb mqWed M mb t' Die .
unn l Wnd muinw tu mu> d 3.W W prem wird e s'ie and set apart for paynmnt on all wtA of proferred stm L. M,1 M, ma) - not redeem any shares of preferred stoi k ( 2nleu all shares of preferred pm pgj 99 % stm k Own ouistandmg are redeemedl or purchase or otherwise argum - for inhie an) shares of preferred stm L evept hi urnirdatu e with no %,mwis of heru oiler made to all hr.lders of preferred stot k M i Mi ma) not tethtm kny Net income siki Nn $ 122.625 $ 120.746 shares of preferred stat i lunlew idl shares ni preferred slot k then out- lotalinrume tag eywnw stafsng are redeemedi nt purrluiw or otherwtw hnpiire for salue 100 ( hrged to operatinit nin'nws 77J92 65335 69.030 shares of preferred sto, k le\rept out of neinM wt hside as purrtuiw ' ( harged to other lorume 3 Min Cthl31 l1.4021 funds or sinking funds for une or inore heries of preferred Cm Li ht un) lo hanh of Conn daninge nats I,hfuty - time when it is in default umler the proslsions of the purchw fusd or nrni saw L dhldenth tall s 1 63 Ull4 sinking fund for any series of pn ferred slm k I f"U"f'"' I""'""' , a
"* U"4 2 .30 . U *"%
The agg*egate annuhl anmunts of purt haw fand or smking fund reqmretnents for pn ferred sim i for the years 1991 through 176 nre I""'nu' lauw on ahnw at Matutun I ninahnnque tag nu' WHM 5 62 W 5 W772 summarbMi as folkms increaws Idn trawsl attributable to
) cat \nmunt icat _. \ mount Allowante fut funds uwd tlunny
// h"uinath oflinhorni runstrurunn teuluding nuricar luch 05h (7461 161H 1781 51,756 1994 $2.515 l>eferred return on plant imhtment.
1772 2.4 14 lu95 2315 net of amortiradun 1.444 1.4 H 1.444 170 2315 Deptn lath;n differenrn .' ro 6 391 2.024 Amortitatlun of imc4 ment tas I he tlutnges in *preIctred Min k 15ulpri to pun hase or \ inking tredio ( Q4i 14JA6) 012n) 1 umbl* durmg 1990.1%9 and 19% are sumnutnied n folkms 4*"nwunn of Imgadon wulenwnF relatetl tredik ?:J (4 M61 - Number t housanih Nau hu onw huw Heu iminal of sharn of bullars I"d'""' I" ' 'U"' O ""I UII ,A Deferred Innime tag ihmhuk at balam e lanuar31.19u 1,41n653 % 4 612 h%n mus Omn aumn 0.N h n't131 0 *n76 1 gr te (7.3'ml (D9) - b?N$ -----. . E b S
$50far ialue i132,9410 n.6491 lutalinnune tas rymnw S l ut.'u/ 6 54.322 -~$ IJ.62h halante 15n3IErlI~IN INSI 773II sharn Itedeemed %tal d..Ierred lues" rnulb from tuning differom es in recogni-
$100 par nalue 0.6921 15696 tion of Ou' foHowing ID9m.
550 par intur (172 332 ( M 376 balante Detember 31,1989 1.111.h59 u.0 m pm gygg gqw Sham lietlecmed
$100 par salue t9.9131 itill flhomands ofIJelharu
_._..M0parinlue 01J4i) (23471 t dW m wnws. h N"Nd$.==- ~=m-N "J e N= An clnated depredadun aml lunen w oon ma s:3 m unas4
& /fif0/rle luirS: DeInred fuel artnundng I?M41 43N7 3.910 lotalincome la\ c\p 'nw for 1990,1949 and 19% b 16 folhm%
Frepery tages DJlui I,401 1239) ( 3rle bilbg H 0?31 O J W.01 OJ771 lake or pa) tontrarts il Al71 h,024 - Uno 1949 19 % Nudear Mcam mlem mamtenam e 1426 (ISiH 4M Ilhonnnds oflularsi Other.nel lui 12H _ (l.us t i ( urrent income laws ---- f otal dcIerred taws t 6 n03 u4354 1322 46
---~---
= m m= = = a l ederal $ 924h$ %21).10 $33.630 State 11M6 2.0't4 5297 y l3g.mW R 1990 b runMMb M nWnt M bee m
'lutal eurrent taws 105 wa 23A44 3%.9n Deferred laws, net: uming Mmnen on which deferred toes haw not been prouded -
lederal Wtded approtunatel3 $70 million (we Note Illi 4.442 2U.95 26A29
- 3"lL 31" __.6W d 417- he bomW &nue %ke b mumnd ud A d roMM f ntal defnred taws 6 th 2 34f59 32.246 ed i ederd innune tu returns of die bmpans through 19% and h rur- ,
nd dW p memm M b 196M 19e nm W l .
. 4g; g73 hsue5 rontained in Ou' prehminar) Rewnue Menti bport are not u mn w oen aamounn npe+d w ham a wn&numpan on 0-arninn or nnannd g de ferred ttredio 0 3 o41 14.fM! 022m tion of the bmpany Othn - - -
lotaliniestment las tredits n364i 142sli Ut34h _.- .N $"DA' UI". . - _ _ . _'2 32
- 9. Shorl/Irrin iforrotringt umler nulitimfor the Nm lea su am sthd> Setemi Wiellt 3 *0 am 1he compam par fees to bano amimp. nsation for as unes of f"""*t"'""Pl "4d ""'t"Th""* 5" $"'""'n yauon that w ne _
defertne in deugn, workumnship and materia h l he complamt allegn, e tredit Lotnmetrial paper borrowings are for ?70 dan or low lietalk of hnes of credit and short-term initrowings at het eniber 31. IWO.19W N Omr Oate
"*""e fupl "muun was . Watand negouated at ugrn.ddm unm in Omumml) 19h ninuad and atfor Om 'uo h2r Mean, and 19s% and for the years then (nded are as follows Omes thereafter, % nungimuw Loew. or rerkbW) daregarded informa-prw pay pm uon in its Inswwinn, that the steam geimrators would be susi epuNe to
~~ ~
"" ~ " "" # # * " " " "U"N""
Iliollars in \ltilwnst afid prnellt die steatit generators fruth ri at hing their intenth'd 40-war lines of credh e t scar end ilM f, 5 vi) $90.2 deugn hie. $tlM, WLs ajudgnmnt that ununghouw is ohhgateti to Shet term immmings Usu lutting corrert the deferts ln Om steam generaton at im t ost to SCI M., and for romnwrrial palmri dunng the 3 ear. artual and pumthe damages and treble damages in an amount la lm Wtimum outstamhng 5134 3 5ll31 $9s k determined Aterage outstanding 4101] 5 44 t, su t,
%eighted ancrage dall) hiternt rain 11 hef/fftrIll 0[lllBillPA.% //l[0r11101/011 nanuoans s4n 9 4ss 7an
( onntpl'lal pnlH'r h 12% 9 t ha i, 7 ]M, fment infonondon at herendH1 d W41%9 %d IM an i nwrured promlwor) tinte - Ak% h k'n I"r the )q ars then ended is as follows
$hnrt term Imtrowup outstanding at tearend PN" Itatik loans $Uh - $ 2,3 l bIrtn( (,ng l r u te,lt heighted awrage intert%t rate bh4 -
k$h jf fgg,4 g(gjg ( ommertini paimt 51lij 4 53n w.3 g p., , g ,,,, 3 g,,9 g,,.y h eighted awrage internt raic 9% hDN 9 40% t f*Wured promissort note - -
$100 ol*tullhg eyH hwes,
- - - - Heijthled awrage lnternt rate - .- Asn neludmg deprenation and amortuanon nun nu4h san m.:
Depm1hbon ami e 50, ( Ulll!!\llllll'Ill8 Uilll (.Onllflyfftrirk: anw,9,gtpw m; ;yng y yp A. Nuclear lusutante lhIE;UAiiiiiryeosn (JiUI I SI'!W ~ kJ2i oof}D, lhe hin~ Anderson indemnihration Art which deals with 301 Mrs pubbr habiktt for a nurtrar incident, rurrenth niabhshn the habihtl Nh"""'"""' ' ?'M S P'4L- @5 . MI Ilmit for third party clahns associated with ani nurlear inndent at ifh I",$'h"[i('Q*4 f3 g;; bdhon taa reunor arenwe k currend> neue ror un o,5m mdhon y,,,, m m,, per reactor owned for each nudcar inndent wrurrmg at ant reactor in the Onoed $tain, prmided that not more than $10 milhon ol the habiht) Y '"""i- - - - - - - - - - - - - - - - ? HI!! ~ per reactor uould be awewed per ) ear. $CIMrs maunuun aswss. g giy gm ment. hawd on its two thirds canership of $ummer Stauon, w ould be Menundk 5 nion M g **4'o approumatei) $l4 ndllion per incident, but not more than $6 i milkon = = = = = = = _ = . - - 5 m,1 =s = [HT ) car.
$Cl Mi turrend) maintains pohtles (for italf and on behalf of the t 'f""d"' """" "* P" "? " P"""""' _ _ 4124 P5M with Nuclear i lettrir insurante 1.knited INI II) and Anwrican Nuclear insurers MNH providing rombined properit and decontannna, M1 c=y ;_ _
' D9!N ~
tion insuntnce rowrage of $1.125 bilhon for any lossn in cuess of $500 MeaunaMe awns at U"""*" # " milhon pursuant to nisting pnmary enwrages Nth ANil on Summer biation bCIMi pa)s annual prefDlums and. in addition, t oldd be d Jtn, awewed a retroactiw ptemium not to neced I 174 hmn its annual pre. mium in the acnt of property damage loss to any nuclear generating imentok g gypqggkH2gg 49s to: m gg- _ _ _ _ _ _ _ == m . farihtjes rnered b) NI.ll Hawd on the Current annual premium, thh retroactiw premium would be approumately $51 mill!nn 4"n* u%ini for owniH unmany epnaue jtpo lo the nient that insuraNe claims for property damage, deron. tandnation, repair and replacement and other costs and npenses ane J o t "M1.. . ._ _ _ _ _ _ _ _ . . _ _ _iu44 _ -o m -~ ing from a nuclear incident at Summer $tation e veed the pohr) hmits of Insurance, or to the ntent such insurance beronms unasailaMe in the future, and to the nient that $Cl MPs rates would not termer the rost of an) purchawd replacement power $Cl Mi will retain the risk oflow
, as a self insurer. $Cl Mi has no reason to anticipate a wrious nuclear inndent at $ummer Station lf such an incident were to orrut it could e han a inatcriall) adurw impact on the Compan)\ fituturial posluon it litigatinn
$0 Mi acting for Itwlf and The $outh tarohna pubhr $cnice Authorit) f as emowners of the hG MW Summer $tationi. Ided an arunn against %'alinghouw I lertric Corporation (%ntinghousel on March H 1910 in the l'.$ histriel Coun for $outh Larohna seeking damagn for neghgenre, brem h of rontract, fraud. Unfmr trade prarbres and claims 33
19*9 12, quarterly financialllata (UnmalitedI: iierint t a. Irans0 iotai . Hhwsands of Murn tn (Jyrat!nj tenenues S 622.112 1297JWi9 5 4.102 11.123.2h3 Hwi we Itw buoh Operaung etpense*, "'""" """"" ""*"'" """"" "'"*
- euluditig depreciation i ++ w"$ h and amurtliation 53kJKl2 5n0,'374 k.k27 ko7,kO3 'n ins onno Ot? 4* W.: i , t io' T S??W $ i i 0 7:,'
liepreciatlop and DF rah:1 amortiratlon 41.2 k1' I I .fiS5 355 102,THi N ow Di k" *Om
. nii4 7" I n 41 ;'01 P i 'i .7 lotal operaung eyenst n t.2kJkk 272 f ?9 9.1x2 9trum W I""'"* ""!" uN N* U"" i ' N l ' u.o 1 Ojeer ktiti[ LC inrenie Onu) $ 193.k24 5 24 440 $ d.0%) 213.164 R. ~-
W:JEWiin'GTWG.W.%lW".M31.- .,. .M .22M I NI'"! Ib'I k Add - Other income, het 7,125 ainvnn o u u ;w" o4i 4 44 lew -Intercit tharpek 90.421 g ggg, g, g g, , , , , preferft'd stark dhldendn 7,2ti l gg ,,,n gg , , , ,
).*L.IH!?*! . __
.. . .__. _. . ._ . . .,_ l_12 2Ji2 5 rv iwtom reinmi w w .esaw of h+p i sn w Imenn tni u, enumi in m fond unanet
(.apital tymnditures. Iw# idenunable 5 154,3 % $ 223'11 l 142 l 176,510 hrie $en.E~ Hiird hmnh Quanet Ouartet Gunner Quartet Annual l~tillied for oserall t ompan) olmtations 5.035 1otal opnmo Total 5 1 k1,543--- 'conun nun 124u14 l?u.S44 i mo.3 tu 5:Hwi tilD2n1 r- - miersung Identinable aweta at
""""" """ "'4 44 UU *H' 4 3 "M IIM" Increintwt 31,1949. *'""""'""" "" HM 4W" I22"2 I!2^U l'Illit) plant, net $2,149,226 l?49,fNi2 $ l.421 52,399.7(el la w W them intenturie s 77.353 7,l k2 450 k4.945- "*'""' " I" "
12,22ti,579 52 %,244 5 1.a71 2TNW4 _l_otal Ancti utillied for oitrall(.ompan) operations 499kl3 lotal suels 12 % 4 *i07 thh liertr6r J .a* 1ranilt lotal Ghuvands of Marso Olerating retenues , l 7k7.9% $291,30N $ 4 IN.0 $1.00.324 Operating eywnsen, escluding depreciation and amurtisation 515.0k1 257,500 kJA4 7k1265 Inepreciation and amortliation k6.162 10.k43 344 97,3 A9 lotagwratinj ejjwnsas 601,241 Of.k,34 3 9JWi% A7 h.td4 0{eratirq income Onul i I M.713 5 22,'No ll5JHN 204.1.70 Add - Other income, twa 4,147 leu -laterest rharges k0.057
- preferred nuark dhidends h,014 Net income 5 120.74h bpital eywnditures.
Identinable $ 144.599 $ 26.027 $ 23D $ 174,k36 L:tillied for cierall tompan) operatiorn kJ)34 _ Total _ , _ _ $ 13.2f Ni_ , Identifiable auets al - lierrmtwr 31,19%k. L'tillt) plant. net $2.094.361 5239A61 $ l.631 $?,339 k53 e insentarief. . 73.f,29 7,2k1 440 81,354 Total $2,171,Wu 2.421,207 1247d4f_ $ 2.071 Awets utilized for cierall ( ompany operations 4Mi.0!2 Total awets $2.hki.279 34
g ., I pmmanammaammimmamaisemmammamanumrumentsi L Mnnagernent's Discussion & Anahsis of Rmincial Condillon & liesults of Operations : I.lquitilfy ArtclCapifallinourm W ComVun) h*' in tM"'\ * *hehe>V*u"* '*' *' I""*"" I' from time to timr of an aggregate $NO milhon in unsecured nwdium-i The rapital peeth of the Company arise primaru) from the rapital term debt wcurlbet U any i, ales of these securlues are runnummated. !, requirements of SCIAGi operations and comitrunion program Herause the proceeds ma) be uwd in fund additional business activities in non- ) rales for regulated servkes are bawd on hktorical cost amouna, to the utilm Msidiaries,in redure short term debt incurred in connettion
- estent innatlon occurs lind rates are not appropriate 1) adjusted on a thernith or for general rurpirate purpiset in adtlltion. SCI Mi has in timely bek, the Compan)i regulated subqdiaries r,na) rmt reem er the cNert a shelf registration statement under which it can ksue $300 inib roso of providing serviret Therefore, the Oimpan) $ ruture finaneird lion of hru and Hofunding Mortgage Honds which ma) be uwd to position and results of operations rould be imparted by future innation- refund debt or for other corporate purpowt ar) trends. SCGG's first mortgage bond indenture contaim prm nions pro-
! As a resuh of continuing customer growth, the Compam bnliem hibiting the louance of additional bonds unlow net earningue therein
. added electric generating rapacity will be necewary during the nnt the definedi for 12 consecuthe months out of the 15 rnonths pr6or to the yeart Although the source of thh addidonal generating rapacity has not mondi of lwunnre h at least twice the annual interest requirements on been determined, the current strategy is to install gas turbines to nmet all bonds to be publanding filand Hatio*l. The issuante of additional increaws in paak loadt in 1991 a 93 megawatt gas and ou fired tur- bonds k further restricted to an additional principal amount ($344 mib bine k expected to become olerational, Thew unia hue the lowest rap- Ibn at June 1,1990) equal to 60% of unfunded net propert) additiora.
Ital cost to install and will support customer needs while the Contpan) bonds tssued on the basis of rash on deposli with the 1ruster and bonds
- awesws the sourtes and timing of additlunal capacity including baw twued on the bak t.f retiremenn of bondt ivr the 12 months ended load generation- December 31,1990 the Hond Natio we 3 iA. The pro forma Lind ratio The ability of the Compan) s regulated subsidiaries to replace for such period aher giving effect to the bsuante of a $70 million
- esisting plant imestment, as weu as to expand to meet future demand, promhson note in Januar) 1991, the refunding of a $75 million promb-will depend upon thelt abillt) to attract the nerewar) Anancial repital nor) note [n l ebruary 1991 and the potential twuante (for purpows on reawnable terms. The abihty to attract such rapital will. In turn, oWer than refundingl of $300 nduion of bonds pursuant to an effecthe depend upn the regulated subsidiaries' abilny to obtain adequale and shed reghtrabon Matement, at an awumed interest rate of 10%. h 2.30.
timel) rate relief. $Cl AGi Hestated Arueles ofincorporation prohlhit iwuante of addition.
'3n August 14,1990 MCI Corntnunicattorn t.orporation bit.h al shares of preferred stock without consent of the preferred stockhold-arquired all outstanding shares of Telecom@sA common stock for rash ers unlew net earnings las defined therein) for the 12 conwruthe of $42 per share. Through its investment in 1elecom partners, MpA months immedialet) prereding the month of twunnce h at lent one and Systems. Inc. (a wholl) owned 6ubddiar) of the Companyl ow ned one half times the aggregate of alllnterest charges and preferred stock approximately 3.3 million shares of1clecomch4 common stock at the dividend requirements PPreferred blod Hatio4 l or the 12 months date of arquisithm. Ceh retched from the sale, not of incomo laws, we ended Ikremher 31,1990 the Preferred Stock Itatio was 2A0 After gh-approximately $107.7 million, of which appruimately 145.5 million has ing evert to the bsuante of $70 million and refunding of the $75 million been imested in natural ge properties to the prominary notes refet, 4 to ahne and the lwunnre of $50 mil-The estimated primary rush requirements for 1991, culuding Ibn in preferred stmk nperted to be reghtered in 1991 at an awumed requirements for fuelliabilities and short term borrowings, and the dividend rate of 10% the preferred htock llatio h 2 47.
hetual primary tash requiremenh for 1990 are e follows Nthout the runwat of at least a majority of the total wting power 1991 tWo of SCIA (Ts preferred stock $CI AG may not hsue or awume an) unw-
~
~774 mands q/Mlarat rured indebtedneu if, aier such luue or asumptian, the total principal Propert) additions and construction espnditures, amount of all such unwrured indebtednew would euced 10% et the neluding allowante for fumb uwd curing aggregate principal amount of all of SCI AG's secured indebtednew and constructbn (Af t) 5:24,M2 U17276 capital and surplus; prouted, however, that no such ronsent shall be huelcar luci npenditures 17.439 7J97 required to enter into agreements for pa) ment of principal, Interest and Maturing obliptium, redemptions and premium for wrurition hsued for pollution control purpowt sinking and purchaw fund requirements J9.E .W M,
Pursuant to bettion 204 of the l'ederal power Art, $CI AG and Jeti $301.M7 s;'ou t b Gl;NCO must fila an application with the i i HC for the authority to issue short term indebtedneu in amounts neceding 5% of the par salue of Apprus tmately 644% of total tad requirements (including dni- each of their outstandmg securtties. The i i HC has authort/ed SCI AG to dends) was I rmided from internal wurces in 1990 as compared to ksue up to $160 million of unwrured promiswr3 notes or commercial 59.7% in 1961 To supplement internalb generated funds the Compan) paper with maturity dates of 12 months or icw but not later than incurred adddlonal short term indebdness. . December 31,1993. Gl;NCO has not filed an applirahon, Subsequent to Ikrember 31,1990, SCIAG arranged for bank loans The Compan) and its subsidiaries hne asallable to them funds due January l A 1992 and l obruary 4.1992 in the principal amounb of from unuwd hnes of credit of $137.5 million. 570 million and C5 ndtlion. respectively. The interest rates on the loam The Compan) anticipates that its 1991 ensh requiremena will be are determined periodically and are bawd upon the 1.lB0H rate for the met primarily through internally generated funds, funds available I term selected by SCIAU plus 30 basis points. The loans are ocured by through the sale of commercial paper and the salch of additional securi-( . ,', the pledge oflike amounts of SCI AGi First and Refunding Mortgage Ilonds. 20% Series due January 14,1992 and I chruary 4.1992, resper-ties and the incurrence of additional short term and long term indebted-new. Whether additional ecurities wlll be mld and the timin and tively. Proceeds of the bank loans totaling 570 million were used to amount of such sales will depend upon market conditlom am other fac-I. reduce short term debt and for general corporate purpes. The pro- tors Actual 1991 construction and nuclear fuel npenditures may vary ! ceeds of the bank loans totaling $75 million were used to refund a 575 from the estimates wt forth abow due la factors such e inflation and I million loan due February 1,1991. economic conditions, regulation and legislation, rates of load growth, In January 1991 the Compr.ny issued bank notes totaling 580 mH- environmental protection standards and the cost and asallabilit) of capl-l tion due January 15.1992. The internt rate is determined quarterly and tal is bawd upon the three month IJHOR rate plus 35 hasis pointt The pro- The Clean Air Art Amendments of 1990 require electric utilities to l-
- eeeds of the bank nota were uwd to refund $70 million in bank nuts substantinD) reduce emksions of sulfur dimide and nitrogen mide b) l due January 15.1991 and for general corporate purpo*L the year 2000.1 hew requirements are heing phawd in mer two peri-35
uds The first phase he a comphance dale OI,lanunty 1,1995 and the IW 1999 1* , second, Janunty 1. 2000 'Ibe Company meets all requirements of Phn e I arnings per share 54 44 u o4 53 00 e i knd therefore will not hase to implement changes until comphance Perteet increaw idet reawl in earnino 4kI\ I3\ Ik3%I ' with Phase 11 requiremenb h bermsan. The Compatn inav redure sul- l*rshare fut dioside embstens through the burriing of gas or lo'wer Eultur coal, Helurn earned on romnmn equitLycar l end) D 1% 13 4% 13 3 % the addition of scrubbers to coabnted genern!!ng units and the installa- 1;arnings per share and return on common tuult) increawd in tion of in duct themicallriertion low nitragon otide burners will be 1990 from 1959 primaril) as a result of the i,nle of the Compan)'s imest-installed is redure filtrogen oside emiwhint The Cornpan) will be work- ment in 1elecornet's\ to MCI on August 14,1990 hee Linuidit) and ing on n detailed comphnnce plan that must be filed with and apprmed Capital Hesources for related dhruwinni The gain, not of tat from the by the 1:nvironntental Protection Agerie) b) 199i The Comphn) rurrent- sale of the unik owned b) MPX $3stems Inc. was apprmimate!) $46.1
!) estitantes thht the Itoplemen'ntion of Phaw 11 would require capital milhon, or $1.13 )mr share of $L\N A commoc siwk 1he 1990 increaws espenditures of $200 nillbon to 5400 million and annual olerauon and were ahn due m incienws in ciertric and gas niargins the effects of thatntenntire eyienes of $5$ million- w hich more than oIIset increases in other operating espenws. I arnings The siteam generator tulms at t C hummer Nuclear Mation por share and return on romnion equit) incremed in 19s9 from 19%
(Summer Station 4upplied b) Westinghouw liertric Corporation primarih as a rault of increawd ciertne and go tuargins which were (Westinghnusel hage nperiented primar) side hireu corrmion cracking partialliobet b higher 3 other operation and maintennnee espenses and thCC), which causes deteriorathm and degradntion of the tulH* interesitharges. Although SCl4G has taken suts to mitigate $fL 5CIAG he not beeti Allow ance for funds used during ronstruction I Al Clis a utilit) able to arrest RC in the tuhm and the decline nf bummer Station's rated ercounting practice wherein a portion of the rost of both equity and bor, stenm preuute from its origmnl rating due to tube plurging and tubo rowed funds used to GnnnrE construction (whirh b show n pn the bab tleeving irdet to tilaintain the Monomk output of hummer Station, ante sneet ra construction work in progrew)is rapitali/ed. ikith the
$Cl AG w111 be required to replate the kleam generators at the scheduled equin and the debt portions of Al C are nonruh items of nonoperating refueling outage in 19% sulmtantially prior to the end of their inte ided inconic which hase the ellert of intrensing reported net income, AFC 404 ear service life. $Cl%G estimates that 11rould rust m much m represented approtimatel) 3% of net income in 1990 and $% in 1989 apptmimatel3$100 million,incluthng AlC nnd replatrment power and 19M tosts, to rephire hCI A(Ts two thirth shart of the steam generators in 1990 the Compann Honrd ofl>irectors raivd the quarterl) ensh
$ClhG, ardng for itself knd The $outh Carolinn Puhkr $critre dhidend on common stod to (.3.O rents per share from 61.5 cents per Authorit), M co40Wnets DIbummet $tution,Illed an action ogninst ihnre. The increaw, efferthe whh the dividend pa)able on April 1, hestinghouse on March 22.1990 ln the U. S. District Court for South 1090, raised the indicated atinual dhidend rate to $2.52 per share from Carolina seeking damages for negligenre, breath of centrart, Iraud, $2 4k The Compan) he lucreased the dhidend rute o"its common unfair trade prnetket and claims under rivilIUC0 Ior the Nurh'ar 'tock in 37 of the IMt 383ents Steam Suppi) hptem's Wdellh3 steam generntors supph e b)
Westinghouse to Summer $tution thnt were defMtive in design, work-Opnadng Margim manship and materials, The ramphtlnt alleges, hmong olher things th4% i lertric margia for 1990,1%9 and 19M were e fouows at the time the Contract for the Nuclear Steam $upply $3 stem um nego- *! 1"4 1"5 tinted and fdgned l0 the earl) 19b, and at timn therenher, hosting- (Wbn8 o/Onikm) Imuse knew, or reckleely distrgarded information in in powewion, that Ilettric menues SM % 22,1 $7sRD the steam generntors would be susreptible to $CC that would cause dete- t ew luel uwd in electric generation 20 4 224 0 2243 rioration and degradadon and prnent the 6tHtm generators from reuch. Purchawd and IMerchange ing their intended 4thtear design life SCihG seeks a judgment that pewer. nel Ln (2,n ik4) Wesdnghome k obligitted to correct the deferb In the Meum generators _Jagin $m2 56nn 1 $noI at no rost to 5(:1h0, and for attual and punithe damnges and treblo damnges in un amount to be determined. The 1990 electric margin increased from 1959 due to the retall
= In December 1990 the f ASB iwoed $tntement No 106 Menanting for Postretireinent Denenth Other nuk rMe innenw pinred into efint Juh 3 1989 ber Note 211 of Ihh than I omions,1(mployer's bin to ComohdMed Ihuncial $tatementU a,nd residential and rom-blatement requires that the .'Mt of postretirement benents other than M H Wr SW @ bereases resulting Irom rmtomer pemlom be accrued during the years the emplo)?m .'"ider the sersic" growth and from increawd customer in age due to w armer weather dur-nnosnt) to be eligible for tne appbrable benento Ahhm.yh th" ing 1990. The 1989 electric margm intrenwd from 19M primarily due Company has not )et determined the impnet of this Statemest,it could m highn rWdi einMr run placed inm efTert on Jul) 3,1989,in-rnuit in signiuranth greater npense bemg recognind for pwvision of creawd KWil sain as a rmuh of the increme in the number of riertrlr these benents. Ihe {ompany npects that the incremed benefLs npens" customers and increawd awrage rmtomer mage due to warmer sum-wul either be recovered currenu) through rates or that a regu atory mer weather.
anet will be recorded to teDert amounts to be recovered throuh rat
- Increases idecreawslin electric cmtomers and megawnu hour in the future as the rosts are paid, therefore, this Staement should not (MWW Webe h rims of cmmmns nre presented in the follow- .
hate a signinennt impact on the Company s financial position or roulb gg ggp of Operatios. 'lhe requltements will be efferthe for Gwal)ents begin-ning after December 15,1992, increase (Decreawll rom Prior icar The Compan) Mperb that it hm nr ran obtain adequate sourrn of * ( ustomers \ olume islWill financing to meel lts cash requirements in the long ternt Gradon W _J9%9 ' Pd PM9 liestiffs Of 0perations limideuuai 924) E4s7 2043n 12sA66 Commercial 1591 1.4n4 24'0 27 202331 I.arnings und Dhidends industrial 4 176,901) (2) 3%J22 f.ntnings per share of common stock, the peut inerene P Inf H"Alf ~ 9 (decreasel from the previous >ent and the rate of retur entned on com-IMaL _ _. J Q m j/H22 % _ 427 6 mon equit) for the )ents 19% through 1990 weri as follou 36
Summer w cather tonibined with an increaw in the number of cler- Other Operating i spenws s tric customen resulted in an alblinw peak demand record of 3.222 MW Ho torrmw in 1990 bim 1959 in oht operauon and mainte-on August ?9.19901he prnious 3eari terord of 3144 Mh was wt on nmac i ymnws k pnmatil) a result of distribution system maintename July 11,1959 and increen in demand side management program rous Other opera-
, Gas margms for l'rf0,1959 and 19% were a folk!ws tmn and maintenance npenws increawd in 19s9 primarP) due to rosts Poo 19s9 19ss te ated to damagn rauwd in llurricane llego and snere summer IWimmn/Isollas Morne. and innenwd npenses related to Summer $tation outages The t.ai rnenues $324 5297 1 5291J depreclation and amorti/ation decreaw for 1990 rederb the Nuclear leu : Gas purchawd for resale 19i *, 2121 209 ] Rogdator) Commksioni ntension on .lanuar) 3, PNG of Summer
~ Kaff n_,_,, _ _ a__,_,_
~
imoLJg __%J2 O_~ '
$tationi operating license from March 21,2013 to Augast 6. 2022 While there is no effect on net innime bee Note 211 of Notes to The PNO gas margin incrrawd from 1%9 primarily due to the Orm (ansohdated I inancial Statementu the beense ntere,lon requires that retall gas rate increaw phired into effect Nowmtmr 30.1989 hee Note the Company lengthen the period mer whirh the plant is depreciated.
2D of Notn to Consohdated i inancir.l 5tatementsi. increawd margms on thus lowering the depreciation amounn for each Imriod. t he increaw in industrial interruptible sales as a result of higher costs for alternathe depreciation and anmrtitation npenw for 19s9 reDerts additions to fuels and a derhne in natural gas unit rosts, and increased rnenon plant m senire. T he mereaw in income taws for 19ths aworiated with resulting Irom increawd mlumn of gas transported for others l he higher income Income tas npenw decreased for 1949 as a result of the enero of thne thangn othet a derkne in rustomer usage. tnullmg from tas impacts of ofhetung storto damage rosts with liogation witlement-unusually mild weather during the winter months lhe gas margm for related credia as apprmed by the P50 hee Note 2 A of Notn to 19%9 inerrawd from 19u pnmarily due to an larrenw in the numirr of Consolidated iinancial Statemenbl Other taws increawd for 1990 and rustomers and higher awrage use per industrial customer. Hesidenual 19s9 primaril) due to higher propert) taws rauwd b) increawd millage and commerrlal clasws had lower dekatherm sain despiw incrensn in ratn and pro;mrt) addmons numbers of customers bm auw of warmer weather in the nrst quarter of 19H9. Changes in rustomers and deLatherm dillsaln of natural gas bternt ( harrn are presented in the following table. Interest on lontterm debt remained relatnely unchanged for 1990 increaw IDerrea*H ron Prior irar compared to 1989 and increawd approsimatel) $11.1 milkon in 19$9 tuunnen solume tD h compared to 19% 1he increaw in 1989 was due primarily to $Cl Mii ua%inration Pom ~59 1990 19s9 $75 rnilhon hank loan obtained in Januar) 19h9, the Companyi $70 mib he4dential 11 '", 3.770 Is?9.Emi 1457.hnil hon bad ngte W in JnMay M and Mn MMN ratn tammerrial *'n, 496 tih2x4 (1,162.972) Othn mtunt npenw inercawd $,13 milhon in two leimard) industrial 77 Iki 4 htul? 339%,221 due to incronwo salm of commetrial paper partiall) onwt h a decreaw ' hale far hesale W - 14os2(,771 1.923,010 in related internt rain Other internt nlwnw decrenwd $I.1 milhon t otal t i 160 me,Mn 3.7mt472 in 1949 compared to IW primanly M a rnult oflower short term bor- , rowings and a decrease in internt npenw related to refunds to w hole-sale customers C0mlH0H S(00k luformati0lbeammmm-a-mmmmmmmm 1990 19s9 4th 3rd 2nd bl 4th 3rd 2nd ist Qtr. Otr. Qtr. Otr. Qtr. Qtr. Qtr. Qlr. Price Range:(at liigh 355% 33 F4 33 F4 33 3'4 133/4 33 1/2 33 7/5 31314 low 30 U4 301/4 311/4 31 5 % a? lI4 32 3/4 30 29 5/k Dhidends per $ hare: _ IWO . Amount Date Declared Date Paid f irst Quarter 5 63 lehruan 2s. PMO April 1,1990 herond Quarter .63 April 25 PNu Juh 1,UNO Third Quarter 13 August 22. Pro orLoher 1, UNO lourth Quarter 13 October 24, lWo January 1, UNI 19?1 _... . Amount. Date Declared Date Paid First Quarter 5.615 lebruan 22,1949 April 1,19s9 Serond Quarter .615 April 26:19s9 Juh 1,1949 e Ihltd Quarter .615 Augue 23,1989 Ort'ober 1,19s9 f ourth Quarter .615 October 25,1949 Januar) 1,1990
. Decemtwr 31.
PNo 1949 Number of remmon sharn outstanding au,u2.176 40.296,147 Number nf common storkholders of record 44.104 43150 The principal market for $GN \ common slm k b the New York $lm L i uhange. T he ticker s)mbol uwd h 5( G. t he corporate name $GN \ h uwd w newspaper stark listines. - (a) As reported on the New iork Mock larhange Composite 1.hting. TI
waan_nw.w --- Selected Financial Data lor the Years I nded December 31. Iwo 1949 19u _ 19s7 19s6 _ _ j 9A5_ [ 19No [ e
$tatement of Income Data flhousantis of Dollars empt statistics antiper share nnwunts) %
l Operating flesenues: j , l'lectrie 5 s36 kO9 5 522,112 5 N,956 5 406A26 5 A09.4% 5 N,796 j $470.765 Gas 292,3 NO 297#>9 291,30s 305,934 2k9.429 3tk.A36 { 157,643 1ransit 4.033 4,102 4fl60 3.212 3,119 3,6V) { 2,33A i Total 0perating llesenues 1.133.222 1.123.2A3 1.0%3,324 1,115.972 1,102.036 1,110,341 { 630,746 Operating lapenses: l'uel used in electric generation 20s.595 224.935 224,275 227,877 216.076 229.249 204,944 Gas purchased for resale 191,526 212,1!2 209,344 222,319 215,92h 246.760 I?l,642 Other operation and maintenance 267,340 247,440 222.3 % 214.b65 209,629 195.03 f 101,130 Depreciation and amortitation 97,%01 102.2 % 97,3M9 92.553 90,627 h6.k99 [ 36,422 lates 142.003 124,216 125.247 153,943 li t,0i>0 154,kO4 j 73,356 Total 0peraung l.spenses 907,:'65 910,099 87k,654 911.5k7 903.320 912,743 537,S9% Operating income 225,% 7 213,164 204.670 294,3 k5 19k.716 197,544 92,344 lotal other income 54374 7,125 4,147 6J% 9,h25 15.721 14,h9% income liefore Interest Charges and Preferred $tock Dhidends 280,k31 220.309 204,kl7 210,7 A0 20s 541 213,519 111,746 lotallnterest tharges. Net 92,317 90.421 AD.057 71,47% 7t,934 h.1.21 h l 4%,046 Preferred Stoci. , ch Disidends of $ubsidiar) 6.911 7,263 8,014 10.437 14.443 12,949 16.541, } ._ Net income 5 181,603 5 122.625 5 120 746 5 12%,h65 5 122.164 5 113,560 j $ 50.751 Heighted Aserage Number of Common
$ hares Outstanding (Thousands) 40352 40,2 % 49.296 40,2 % 40,296 40.2 % 25(4K 1:arnings Per Share of Common Stock 54 44 53.04 53 00 $3.20 53.03 $2.82 52.02 Dhidends Declared Per $ hare of Common $tock $2.52 52.46 52.40 52.32 12.24 52.16 $1.74 Perrent of Operating income (Imst liefore income lates:
Ilertric 89 91 90 91 93 92 93 Gas 14 12 13 12 9 10 h Transit (31 (31 (3) 13) (2) (2) (31 38
. 3 cember 31, 19')U 1949 19 3 1947 19 % 1%5 19V
' (lhousanduf t>ollars eurpt sIctistics and pr nhare ornountst Itatut e bheet Data
. l'tihts Pir.nt. Net $2.549303 $3.444.274 $2.3s4 633 $2.313.9% $2.24% 657 $2.221.070 $1.597J93
-. . ..t .
Total Wets 53 144.436 $2.%4307 $2.47,279 $2314.257 W,5%7.491 $2.550.627 $1. slo.uk Common i quit,) $1.093377 $ 915.235 $ 895J27 $ h71,620 $ h36,W3 $ A06,155 $ 4%,15h Preferred Stock Subject to Purchase or Sinking i und itequirements 64.460 M.035 77.244 A4.632 117,542 152,514 144 i>49 Preferred $tock Not subject to Purchase ot sinking l und hequirefnents 2kO27 26,027 26.029 2b,029 26.029 36262 26.262 leng Term Debt \ct 93 \ 933 1.003,922 sG679 k%%3 757.340 791,539 M9.245 Total tapitshiation $2,0R297 $2.016.272 $1,44fa9 1.h79.244 IJ37M24 $.1Z6.470 m $f.3%314 t ommon Shares Outstanding j O car l.ndl0housanda 40.42 40,2 % 40,2 % 40.296 40.2 % 40,2 % 26,261 llool \ alue Per Share of Common Stock O car Endl $2436 $22J9 $22.23 $21.63 $20f7 $20.01 $ t h.5 l Other Statistics 1:lectrio Customers 0 car 1:nd) 446314 435.001 427.059 417JN 406,511 393.410 i 3443% Sales Ollllimi hWill IU45 14.uS 14,457 14.314 13J04 13.D41 II A09 hesidential.
.\)erage annual use per rustomer (KWill 13330 12.891 12.h05 12.9 % 12321 11,992 12.540 Ascrage annual rate perKWij $.0707 $M99 $M91 s'.0724 $.0759 $.0774 $ 44W Generating Capabillt) Net %1W 6 car lodi 3.A91 3.491 3.W1 3A90 3.h90 3.959 3,359 Territorial Peak Demand Net MM 3,222 3,144 3.021 2,943 23.i3 2J03 2,249 Gas:
Customers 0 car l:ndl 220.Yli 203.657 20lJ99 195.33% 192,941 191,032 166.470 Sales (Thousand Thermst 711 A21 714,5h5 (J73s0 734.145 671,ul 647,215 5%52h flesideollal. Anetage annual use per customer (Therms) 4% 571 617 627 54% 524 M2 Ascrage annual rate per therm 5 77 5.69 $JO $.M $M $.67 $ 44
'Iransit:
\ umber of Coaches 109 111 139 140 iS'l 175 135 Resenue Pawengers Carried ( thousands) 6Ju 6.4' a 6J23 h.(M h,699 9,632 l 10.357 e
/
4 39
. _ _ _ _ _ _ _ _ _ . - _ . _ _ . _ . _ _ m. _ . _ _ _ _
1 1 4 ) tramarmemermwamemswas IllWSt0F lilf0rilHltl01) Notke of Annual Meeting Dhidend lleinsestmen' flan SCIMiPreferred $lort I 7hc /WI Annualtrency of Through the plat ; 30AM offers its $outh Carolina National Bank i Stodh<dders q/SC4Y4 rWporctmn uill common stockholden olrr ard a ron- Securities Transfer Senices Room 101 s' j be heldin Cohvuh/0, $f on ItrdhesdCll venient and econondt nl !!!'Edl for 101 Greystone lloulnard
.tpedN The meeting trillroerne at purchasing additional shoret of Le Columbla,SC 29226 MW n m in the imi#oom r:f the Compan)) common stA A brahtn Cohenbia Martmti hotel 1M #mnston describing the Plan and enrollment lhe Chase Manhattan llank. N.A.
l SItrrl- Wla ril! 6c mailed to stal iniarmation may be obtained by writing $ttd 1ransfer Department j 1:s!dernh tIar4 Modklirrs irho err the herretarial and $hnreholder m Bos 469, Washington Bridge Station i anch to allM d I + Mtv i t/cetiny Services Department 1054) at the b w York, NY 10033 should rewa thn twim yompdy by Company \ malling address. mail Cond Iruder and Paying Agent
$tockholder Inquiries _
StJElbl and/hfunday Corporate llcadqua.rtm Communications concerning stock Wrtya fe lionds-Palmetto Center transfer requirements, repimement of Manufacturers llanmer 1 rust Compan) )' 1426 Main $treet Columb!n,$C 29201 lost or stnt n stock certificates, dividend Corporate 1 rust Department 15th f loor payments uncluding replacement oflost 450 West 33rd Street leleptw1e. 603) 74Vl0W or stolen dividend checksi, direct New York, NY 10001 . deposit of dividends changes of
- % s , address elimina0nn of duplicate malb Imeste. Tommunica00ns 1 .s , s. _ ration ings. or other questions about your immi reparts prmiding simmary Columblad2MB stock account should be directed in financial rNuts and Company news w titing to the becretarial and Share- are sent to eGWers following the ,
Cmamon and Preferred $tock Listings holder Services lepartment 1054) at the clow of the1nt. w ud and third quar-q The ernmon stock of SCANA Company's mailing address, ters. A copy or r# 6 i Annuallieport t i Corp 6,atoo is listed g tnded on the on I:orm 10 K (ad#d vith the New I0rk $ lock [ duume & I he Auditors $ecurities and l'.schary Dmmissloid , usted ti&g prim fues on $ Deloitte & Touche and the Matstical Supp@ c to the lbton, Garnmat % st,PaA md Certified Public Accountants ! 1990 Annualllepv5 are nd w!a with. Phdasipa tKhnnrs the vde 4426 Main Mreet $ulte $20 out charge, hqaries concow ncthi-synbl b $CG The corynte nuns Columbia. $C 29201 ties of $0ANA CorporationMb wh-
$CAMis IMd in newspaper stock n , sidiari% and requests for puentiw ings. N hies cumalathe pm- llecordleeping and Pa)ing Agents sould be addressed to the imestor forred stock e/ South Carolina Dmric & Common Stock llelations Department (0541 at the 4
Gas Company ($EkGL S(M princl. sriL\ Corporation Companyi malhng addree, pal subsidiary, is abo hsted and traded $"cretarial ar.d on the New York $tock lx hange. The $hareholder bervices Department (0541 Imestor Contact trading tymbolls SAC Pr;thr newspa. Columbht, $C 29218 10 John Winn,111 per Ikting is $Crl: pf. 'Cl.W.A other Manager Investor Helations 4 preferred stvWPM tot actively $C/M PuferrrdStoric lelephone: B03) 748 3240 traded d market prwve rn fab- $outh Carciina Natonal Sank lishd $ecurities1ransfn$crvices lloom 101 Imestorv Aswiation 101 Grmtone Beutevard l'or information at ut thh organi-Dhldend Paymet Datn Colur $C 29226 ntion's activities, w rite to: Quarterly dnidends on $CAN Ai Acciation of $ CAM Imestors mumMock are normallypanble m t w ier e nts c/o Mr. Paul Quattlebaum, Jr. th 4rst day of January, AprilJu!y and % ' inn Stoct 22 Ilroughton Road , DcW.+r to stockholders of record on the NMarolina National fiank Charleston, SC 29407
- 10th hy of the manth preceding the Semtih Clrander Serviceo Itoom 101 payment oaa Nidends on $Cl &G's 101 Cre) tor,c !!oulevard a preferred stock att Mid quarter!) on OAmbia, sC 29226 thestene d'ites as the coman 1,tock This report is issued wlelyfor the dividen6 }htnufah rsllanmerTrustCompany purpose ofprovidmy mformation It is not stocL Trawr Deputm%t 15th 11oor i tendedfor use in cowetion wah any 450 %est 3h I \lrTet < tle or purchase of, or any sohrtfation of w York, % 1040l g rs to buy or sell, any securaies.
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