ML20082C652

Santee Cooper Annual Rept 1994

ML20082C652
Person / Time
Site:	Summer
Issue date:	12/31/1994
From:	Edwards T, Rainey J SANTEE COOPER
To:
Shared Package
ML20082C612	List: ML20082C624 ML20082C652 RC-94-0079, Forwards Summary of Present Levels of Property Insurance & Cash Flow Statement for Plant,In Compliance W/ 10CFR50.54(w)(3) & 10CFR140.21(e). 1994 Annual Rept Scana Corp & Santee Cooper Annual Rept 1994 Also Encl
References
NUDOCS 9504070100
Download: ML20082C652 (60)

Text

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SANTEE COOPER ANNUAL REPORT 1994 9504070100 950331 PDR ADOCK 05000395 J. PDR J

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qi C0NTENTS 4 Corporate Statistics 5 Comparative Highlights '

6 Mission Statement -

7 Executive Report 11 Energy Sales 12 Santee Cooper 2000 32 In Memory of Ray Fiddie 33 Financial Statements 35 Report ofIndependent Auditors 51 Audit Committee Chairman's Letter 52 Board of Directors 54 Advisory Board and Management 56 Schedule of Bonds Outstanding 59 Schedule of Refunded Bonds Outstanding COVER Expanded Service:In 1994, Santee Cooper made the transition from an electnc utility to an electric and water utility. This occuned in October with the start-up of the Santee Cooper Regional Water Systern, providing treated water delivered by four systems to more than 75,000 Lowcountry users. ' Santee Cooper is today with water where we were more than 50 years ago with electricity," commented President and Chief Executive Officer T Graham Edwards at the dedication ceremonies for the $34.5 million system.

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L As pa1 of Santee Coopers garporate cornmitment to protectmg and

% proving our environment, this annual report was printed wit. soy-Dased ir*s on paper that meets United States Environmental Protection Agency gudelines for recycled paper. We urge you to recycle this paper when you have finished with it.

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WE'RE PUTTING ~

{

ourenergyTO WORK '

oryou The National Energy Iblicy Act of 1992 opened the door for deregulation of the electric utility industry. .

That means commercial, industrial, and wholesale

. customers will,in the not too distant future, probably beabletochoosewhateverpowerprovidertheydesire .

just as they can now choose their long-distance tele-phone service provider. As a result, by the year 2000, electric utilities will be competing for survival.

5 Responding to this new competitive environment, Santee Cooper and utilities thro'ughout the country ,

are focusing on two major challenges: 1) providing the

~

lowest possible price of power to customers; and 2) ,

improving customer service. 5 To meet these chal-lenges and develop a road map for its future, Santee

~

Coopr completed develo ment in 1994 ofits first formal strategic pla'n, known as Santer Cooper 2000.

The intent of that plan is to better position this.

organization for the 21st century. 8 "We'ir Putting Our Energy To Work For Du' is the theme *of this . i annual report. It is the new corporate identity tag that has evohui as a product of Santee Cooper,2000 and expresses Santee Cooper's commitment ofserv. ice to its ,

customers and the citizdns of South Carolina.' -

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t CORPORATE STATISTICS Calendar Year 1994 1993 1992 Total UtiHty Plant Net including Nuclear Fuel (at year end)(!n thousands 1991 of dollars) 1990 2,313,068 2.190,396 2.015,526 Bonded indebtedness (at year end)(in thousands of dollars) 1,852,471 1,786,059 Operating Revenues (in thousands of dollars) 2,648,965 2.677,810 2,569,010 2237,729 Residential 1,937,721 Commercial 63,373 Pubhc Street Ughting & Other 60.251 56.958 65,330 56,884 60.802 57,994 54.356 Industrial 58,064 2,354 2,032 56,156 Wholesale 2,077 166,640 2.010 1,904 168.339 173,278 Sales to Other Uhhties* 296,636 184.707 292.606 182.662 Interdepartmental Sales of Electricity 251.418 256.071 5,703 3,327 252,988 Miscellaneous 1,173 -

99 -

5,095 5,453 Total Electric Revenues 5,153 4.842 5,914 Interdeoartmental Sales of Electricity and Water 605,230 592.810 548.051 562,578 553,980 TotahNet of Interdepartmental Sales (102) -

Water System -

605,128 592.810 548.051 562,578 Total 0perating Revenues 528 -

553.980 605,656 592.810

-Operahng & Maintenance Expenses Charged 377,825 to Ormations 548.051 (in thousands 562.57B 553.980 of dollars) 366.439 Payments in Ucu of Taxes Charged to Operations (in thousands 333.191 of dollars)"

344.320 341,743 2,235 3,643 -

3.643 Payments to the State Charged to Reinvested Eamings 6,157 (in thousands3,364 of dollars) 3,426 5,997 5,816 Net Operahng Revenues Available for Debt Scryice 245,497 (in thousands of dollars) 5.640 5.629 Reinvested Earnings (in thousands of dollars) 243.627 235,324 245,706 233.179 35,375 37,583 Kilowatthour Sales (in thousands) 29,717 40,968 Residential 40.001 Cernmercial 1,018,355 1.024.861 981,163 Public Street Ughting & Other 935,650 Industrial 1,188,248 1,152,13/ 1.113,505 900.626 46,190 38.481 1.062.371 1,027,319 Wholesale 40,642 36,304 5,168,556 5,155259 5.502.276 34.939 Sales to Other Utibbes' 7,159,329 7.059,116 5.474.394 5,533.130 6.395,055 6.088,552 Interdepartmental Sales of Dectficity to the Water System 141,729 171,231 6.052,241 65.586 -

Total 2,111 -

14,724,518 14,601.085 Number of Customers (at year end)

Residenhal 14.098227 13.597.271 13.548 255 Commercial 83,487 80,913 Public Street Ughhng & Other 78,671 15,886 76.824 74.922 Industrial 15.362 15,250 15,158 Wholesate 409 395 294 1050 31 294 298 31 32 i 32 l Total 5 34 5 5 5 6 99,818 Residenhal Stahsbes (average) Kdowatthout 96.706 94252 Consumphon/ Customer 92.313 90 210 Cents /Mowatthour 12,139 12,754 12,449 6,22 12.151 12.071 5 88 Generatmg Capabikty (at year end) (megawatts) 5.81 6.08 6 04 2,780 -

2.780 Power Requirements and Supply (kilowatmours in miluons)

Generation:

2,780 2,780 2,780 Hydro Steam 527 508 Combustion Turbine 556 12,533 598 548 Nudear 11.974 10,843 1D 11233 11.006 4 -

Total 1,476 1 3

2.030 2.499 1.776 2.031 Purchases, Netinterchanges. Eic? 14,546 14.516 13.898 13.608 Total

• 862 849 13.588 778 681 615 15,408 15.365 Terntorial Peak Demand (megawatts) 14.676 14.289 14203 2,931 2,655 _

2,620

• Begmn!ng in 1Bt and esoted tur m3 and 1992, sates te othm uhtmes s h 2,571 2,508

" Begonire in Aom m4. hacse rees se no longer shown as revmues and expe s own as oparat:r.g rennue and inclu*d in Mowenou . .

purchasedpower.

i

COMPARATIVE HIGHLIGHTS Calendar Year 1994 1NJ  % Changs Financial (Thousands of Dollars)

Total Revenues & locome $ 623,977 $ 612.153 1.9 Total Expensos & Interest Charges 609,564 598,165 1.9 Other 20,962 23.595 (11.2)

_ Reinvested Earnings $ 35,375 $ 37,583 (5 9)

Debt Service Coverage 1.41 times 1.46 times (3 4)

Debt / Equity Ratio 79/21 80/20 -

Statistical Retail Customers Served 99,782 96,670 3.2 Average Annual Residentral Consumption (KWH) 12,139 12.754 (4 8) i l

Average Residential Cost (cents per KWH) 6.22 5.88 5.8 Energy Sales (MWH) 14,724,518 14.601,085 09 Torntonal Peak Demand (MW) 2,931 2.655 10 4 AVERAGE SOURCES R ESIDE NTI AL OFINCOME C0ST /. Nw.6 Ceno per kd<munkw R Sales to Electric Coops 5 227,920 44.54 %

. e .; M Industrial Sales 166.M0 26.71 %

N,'li"""I A"Y'M N28 Y, 1993 65330 10.47 %

_,_ _ - . ~ _ _a fMP';;'f M Commercial Sales E ResidentialSales 63373 10.16 %

knra Cw/vr 1 88 $ i@h.

Gk"

$ 5 Other Sales for Resale Other income 24,416 18321 3.91 %

2.94 %

E Other Ucctric Resenue 5.095 .82%

1994 Nama/Amap 840 Nd g poi,lic Street lighting 2.354 37%

. . _ . " -~ -

E 4'ater Sales $28 .08%

l knta Gwpa 6 22 m

i AVERAGE RESIDENTI AL DlSTRIBUTION CONSUMPTION OFINCOME I* Ih***l*

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Nationa/Amrage .9,7J 5 E luel and Punhased Power $ 227,203 36.41%

l 1 95) )

l 6 ,in _ _ _.'" ~ w m M Operation and Maintenance 131.831 21.13 %

Lntu Gerr 12.754 , a Interest 150.622 26.14%

-' ' - e - - '

hf 5 Additions to Plant. Inventorks, Ltc. 73,167 11.73 %

c. ;E

• e Retiremem ofIME 34342 5.50 %

Pannenno t taie 6,157 .99%

1994 Natiou/Amarc 9.8S/

- _rgggg  %.g. E Sunn in ueu nf Taxes 6ss 35%

l kutu Gwpa 12.139

( ,.

S

"The mission ofSantee Cooper is to be the state's leading resourcefor improving the quality of life for thepeople ofSouth Carolina."

To fulfill this mission, -

Santee Cooper is committed to:

- being the lowest cost producer and distributor of reliable energy, water, and other essential services

- providing excellent customer service

- maintaining a quality work force through effective employee involvement and training

- operating according to the highest ethical standards 1

- protecting our environment

- being a leader in economic development

_ 1 _ -- __ _ _ . . . _ . . _ __ . . _ - . . . _ _ _ _ . . _ _. _ _ . .

1-E X E C U TIV E REPORT ltisachallengingand exciting time to be in the electric utility

' business. A deregulated electric utility envi-ronment is coming to the United States, the result of the Energy Policy Act passed in 1992 by the U.S. Congress.

Deregulation is without qucstion a ma-jor factor affecting Santee Cooper's future.

i While its ramifications will take many years to be realized, we must be prepared to oper-are effectively in a competitive environment 7

4 where customers may choose electric service

' d much like telephone customers select a long- .

distance carrier. Issues of retail wheeling and open-transmission access are cornerstones of . -

1 deregulation and these issues will take time to sort out. g Banking, airlines, telecommunications, <

and broadcasting are already deregulated industries. While the prudence ofderegula- ,

tion will likely be subject to debate now and T. Graham Edwards John S. Rainey in the future, we unquestionably stand ar the threshold of it in the electric utility l

business.

l A positive beginning is that all our cor-l l porate goals were met in 1994.This signifi-cantly contributed to an increasingly com-petitive posture. And it is the individual employee working as part of a cohesive, i

cfrective team that has always been a hall-mark ofour operations. This corporate way of life will be even more critical in the l'

future.

i-7

h e<

Y In 1994, Santee Cooper successfully Where there is demand, there is growth,-

( conchxled several major projects that will and there is explosive growth along South solidify our position as we approach de- Carolina's Grand St rand and Waccamaw Neck.

, regulation.Thenew340-megawattunitar Country music venues, golf courses, outlet

'the Cross Generating Station was first malls, residential housing, and retail business PEAK DEMAND added to the grid in September during test I menwe openings represent nothing short ofa regional L

start-up. It's particularly gratifying to bring economic juggerns' c.ee Cooper will con, im 2,508 a unit on-line under budget and 'on tinue to provide pow .. to pmpel this impres-muunusumammu

. schedule, _ sive growth.

1991 2,51i The Cross I unit's budget was origi- ummanusuunnu The Santee Cooper Regional Water System

- nally $509 million. But it has been built was dedicated in October and the long-stand-

- IM- 2R0 for $418 million. This is a testament to ing dream of utilizing water from the Santee ccmscious etTorts to hold down costs and 1993 2,655 Cooper Lakes became a reality. This $34.5.

unummunumusum take advantage of attractive interest rates million (excluding net interest' cost) project.

-1994 2,93I and a favorable construction envimnment. Enemmuunnummunes completed under budget and on time, is pamf

Santec Cooper and its customers need this positive that govemmental entities in the low-power, and while other utilities struggle to country can and should work together. Before meet peak demand, we are w!!-positioned. In agawm the year was out, a local movement was under To pay for this unit, Santee Cooper -way te provide water from Lake Marion to implemented a rate increase on April 1, users in portions of Calhoun, Clarendon, the first since 1985. Two more adjust- Dorchester, and Orangeburg counties, 1991. 2,995 \

ments will become efTective on April 1. - Moody's, a major Wall Street bond rating . 'l 1995, and April 1,1996.The system aver- fppy 2,995 firm, gave Santee Cooper high marks, citing -

age increases total 9.8 percent over the *stmngmanagement"and"stablefmancialper-three-year perkx!. 1993 2.995 formance." Moody's assessment is atypical of  ;

muuuuumsmaususuu  ;

We olTered an expanded menu of in- how many electric utilities are viewed in the _

1994' 2,995 i

--dustrial rates, and intnxtuced real-time fmancial community due to the unknowns _-

-]

pricing. h should be remembered that even posed by deregulation. It is indeed gratifying

with all the adjustments, projections indi- that confidence in us is solid.

care Santre Cooper will remain the kwest- By not otTering minibonds thisycar, Santee l l

cat pnxiucer and distributor ofany major Cooper was able to assist the state treasurer's generating utility in South Carolina. ofTice in the state's first-ever sale of minibonds.

i 3

l l

Santee Cooper personnel provided technical Santee Cooper. In 1994, nine new compa-and practical advice thmughout the process. nics were announced in eight ditTerent Approximately $24.5 million ofthe state's bonds counties. These announcements repre-were sold. sented a total capital investment of$ 160.7 With the Charleston Naval Base and million and are expected to generate l ,835 RATES Charleston Naval Shipyard dosing in mid- naa r- huur --rares wuh new jobs. In addition,18 significant ex-stilaws bawdon alw Natwul Awrage 1996, we made e0' orts to retain serving these pansions at cooperative-served industries facilities as we've done since 1942, and under Residential in 13 counties totalled $121 million in National 840 contract since 1954. man-prwn new capital investment and will result in W ihr election of Cov. David Beasley, Santa Cqrr 621 the creation of 484 new jobs.

the state's emphasis on economic development The Charleston Regional Develop-is projected to continue as it dial under Gov. ment Alliance was formed in the fall, re-Carroll A. Campbell Jr. Santec Cooper re- C nunncial placing the Trident Economic Develop-National 7.71 sponded to Gov. Campbell's request to act as an - -

ment Authority. Fostering greater input agent of the state in a complicated land swap Santa Cner 150 from all segments of Berkeley, Charleston,

. , , .a m that expanded a weapons range near Shaw Air and Dorchester counties is the group's Force Base in Sumter County in exchange for a overriding goal.

portion of the former Myrtle Beach Air Force I"d"'"i^I The selection ofSantee Quper's presi-National 4A5 Base which closed in 1993. This should put - - - - dent and chief executive oGicer as chair-Shaw AFB in a more advantageous position S.inta Cya $22 man of the alliance reflects strong confi-mnMER prior to the next round of base dosings. The dence in Santee Gmper's leadership for swap, which involved the S.C. Forestry Com- economic development in the lowcountry.

mission, allowed AVX Corp., a major capacitor Santec Cooper continued at the fore-manufacturer and florry County's largest em- front of environmental protection by de-player, to expand on the tract ofland which was fending the Santee Omper Lakes' The part of the former Myrtle Beach Air Force Base. owners of a hazardous waste landfdl near Cooperation is the key to so many issues, Lake Marion in Sumter County were re-and Santee Cmper will continue to work as quired to place the first payment in a trust part of the Palmerto Economic Development fund for cleanup of the site.The require-Corp. (PEDC). Based in Columbia, PEDC is ment has been challenged by ihe company governed by representatives of Central Electric every step of the way and litigation is Ibwer Cmperative's 15 member co-ops and ongoing.

The Give Oil For Energy Recovery or 2. The State's Leading Resoune- To be GOFER

• program passed the one million recognind by state and local governments gallons mark in statnvide collections.11y and the citizens ofSouth Carolina as a valued year's end, every county had at least one provider ofessential services.

GOFER site where do-it-yourselfoil chang 3. EvpandedSereices-To provide essen-FUEL ers can conveniendy and safely dispose of "# "* " " ' #E# * *'

GENERATING used oil. Santee Cooper converts the oil into cost will enhance the quality oflife for the people Lenn jwr brw, swirler electric power, and GOFER represents one of South Carolina.

of the state's more visible aspects of public od 4. 0 4. Erk Force Management- To im-service and environmental protection. prove company-wide performance through Being named to the National Environ- enhanced employee involvement and par-mental Development Association's (NEL)A) ticipative work force management.

1994 Honor Roll was a significant environ- As we move forward to mid-decade, San-0#

mental achievement. The NEDA recogni- d'"*d' tee Cooper challenges its employees to fmd tion is only given to companies promoting *Induda cm Unit !

ways to improve operations, and to be cre-the development of emtonmental policies ative and innovative. We are positioning San-that contribute to both a clean environment tee Cmper to be cost-competitive as we are and a strong economy. Santee Cooper joined challenged by market-based rates near the ranks of Disney Development Co., century's end.

Amoco Corp., Eastman Kodak Co., and Philips Electronics North America Corp.,

and others for this special honor. -

The foundation for preparing for our future and that of the customers we serve was John S. Rainey

. . Chairman, Bwd ofDinrtors laid w.ith .implementanon of a new stratepe plan. " Santee Cooper 2000." Its four long-term objectives best describe the course set for Santee Cooper as we approach the 21st T. Graham Edwards

"***'F hesidentand GiefEucurite Oficer

1. Lou' Cost Energy - To remain the state's lowest-cost producer and distributor of reliable electric services.

j i

L E N E R G Y: . S A L E S At the end of1994, Santee Cooper . percent over the previous year.The average cost of

)

was serving 99,782 residential, commercial, and power to industrial customers was 3.22 cents per other retail customers located in 11erkeley Horry, and - kilowatthour,1.5 percent less than in 1993 and  :

Ceorgenwn counties.This was an increase of 3,112 33.6 percent lower than the national average,

.or 3.2 percent over 1993,0fthis increase,2,574 were Sales to Central Electric Power Cooperative-residential and 538 were commercial & other.. - Inc. forits 15 member co-ops increased 1.3 percent

. Sales to these retail customers were 2,253 . to 6,903 gigawarthours. Central is santee Cooper's :

gigawarthours, up 1.7 percent over the previous year. - largest single customer.The electric cooperathes a

The average annual consumption of electricity distribute power to more than 360,000 customers H by Santee Cooper residential customers declined to in 35 counties.

12,139 kikmatthours,4.8 percent less than 1993. Sales to the' municipalities of Bamberg and Industrial's were 5,169 gigawa'thours, r up 0.3 Georgetown decreased 0.2 percent, YOTAL TOTAL ENERGY SALES PEAK DEMANO ingigauwen in megauwm J

1994* 14,725 . I9M* 2,931 1995- 14.603 1995- 2.956 1996 15,589 .I996 2,985 1997 15.893 1997 3.061 I

1998 16 212 1998 3.129 1999 16,493 1999' - 3,1 %

2000 14,680 2000 ' 2,93 8 2001 14.346 2001. 3,009 2002 14.644 2002 3,079 -

2003 14'!N3 - 2003 3,150 9

2004 'iS.441 2(X)4 3.249 2005 1$,746 2005 - 3.321 -

2006 16.065 2006 3.399 '

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t1le State S lowestcost 70ducer aill dlStrlhtitor of,FC}.la ble electric services

! l Although our desire to remain the STARTUP OF CHOSS UNIT 1 On Jan.15,1990, the i

f state's " lowest cost producer and Santee Coo [ier lhurd of Direuors authorized tonstruction of distributor" may appear to be simplistic, the setond coal-lirtd ur.it at the Cross Generating Station in it will require a true commitment from Berkeley Ununty.

employees at every level. The f act is that I:our years and nine months later, the turbine generator the cost of generating electricity con- .

spun to life and Cross l' nit I was synthronized to Santee tinues to grow...and to keep our rates low we will be working in all areas to produce cost cutting measures, it is through the bu M out plan, Unit l is unk ue l wkn measured agdnst ihe individual ef f orts of Santee Cooper employees that we work effectively as a construction tlinute of coday's electric utility industry.

team, and it will be through their individual ~l he 54meganatt l' nit 1 is one of the few large-scale, efforts that we remain the " lowest cost basel ud generating units built in the li.S. in the last dt-cade.

producer and distributor." Niany utilities are buikhng tomhustion-turbine units as a

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General Electric Co. have resulted in a 20-megawatt gain over increase of 2.5 percent m April 1995 and a 3 percent overall the original rating. increase in 1996.

Cross I will go into commercial operation on May 1, The demand for electric power has climbed 46 percent 1995, providing power well into the next century. since 1985, which led to the decision to build the second unit at the Cross Station in Berkeley County. Paying for construc-1 RATES ADJUSTED FOR THE FlRST TIME SINCE tion of the new $418 million unit was the primary reason for 1985 No utility likes to raise rates. But there comes a time the adjustment.

when it simply cannot be delayed. On Jan. 24, the board It is signficant that even with all the projected increases, gave final approval to a three-step rate increase effective Santee Cooper will remain the lowest-cost producer and April 1,1994,1995, and 1996. Rates were last raised in distributor of electric power of any large-scale generating 1985. utility in South Carolina.

The decision followed a three-month period ofreview and comment on the proposed rates by Santee Cooper's customers. SUBSTATION LINKS SAL 4 TEE COOPER WITH lLites for all customer classes increased an average of 4.3 DUKE POWER CO. Santee Cooper is the beneficiary, percent in April. This will be followed by an overall average but so are customers of utilities in North Carolina, and even ,.

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people as far away as Ohio. A 230-kikwolt switching station and Branson, Mo. don't have a thing on the strand's twang. By in Greenwood County now links Santee Cooper and Duke mid-year, more than 51 billion wonh of construction was Power Cm one of the nation's largest investor-owned underway or about to begin. including dozens of new hotels, utilities based in Charlotte, N.C. restaurants, and stores.

The switching station is testimony to the imponance of The announcement generating the most attention was the our nation's unified electric grid where the buying and selling $460 million Isle ofAmerica theme park on 1,052 acres on the ofpower goes on every hour ofevery day all acmss the country. foimer Mynle Beach Air Force Base. Up to 5,000 year-round Before the Greenwood County station was energized, Santee employees are expected to keep the park running. The project Cooper and Duke Power were limited in their purchases of is expected to be larger th.m Walt Disney World's Magic electric power from one another. That usually meant going Kim om.This is what's planned:

through another utility and paying a delivery fee or wheeling

= A 50,000 sq. fr. Centennial Exposition, a nnieled after an 1890's World's Fair The new tie with Duke Power cuts out this " middle man."

= Rock 'n' Roll Fair Square. featuring an inverted it's projected that Santee Cooper will save thousands ofdollars roller coaster in wheeling charges.

• Explorer's Isle, a lakefront park with rides and The engineering and construction was done in 17 months, eateries catering to children an impressively short period of time considering the amount of

= New England Waterfront, with a log-flume engineering work required. Nearly a dozen Santee Cooper ride, and a U.S. House of Representatives units were involved. h's just another example ofestablishing a Theater where historical events will be solid future for the next millennium.

re-created

= River City, U.S.A., with a jazz dub, Delta THE GRAND S T A N D'S ECONOMIC SUCCESS Mansion restaurant, wedding chapel, musi-STORY CONTINUES Founeen million people visit the cally themed boat ride, and computer ani-nonhern coast of South Carolina every year. Tagged the mated robots '

" Grand Strand" in the 1950s by a clever public relations a The Final Frontier, which includes an indoor practitioner, the seashore from Georgetown to imittle River, roller coaster and IMAX theater anchored by Mynle Beuh, is a teubook enterprise zone of

= Thunder Canyon, a river-rapids ride featur-magnanimous proportions.

ing a runaway gold-mine train Vi irors spend $1.7 billion, as full buses and cars flock to the natiors newest country music venues. Nashville, Tenn. Then there's the announced $250 million Broadway At n E

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IllCFCaSilloD aWarCllCSS o Santee oo er 3S a pf0ViderOf essentia services ,

1 During the last 50 years, Santee SANTEE COOPER HAS A NEW CORPORATE

t. - Cooper has worked as a sort of COMMITMENT Through the decades Santee Cooper lus

" silent partner" to the people of South med seural uirpiir.uc umemena niidennfy the cssente nf the Carolina; our services have influenced .- .

organizanon. I.he latest surement, \\. ,c re Putting Our I nergv and improved the quality of life for To Work I or You." is a tomnutment that reflects the "Santec residents throughout the state, yet we

( ooper .'000" st rat egy to holdly embrat e t hc dcregulated elect ne have taken minimal credit f or our etf orts.

utihn nurketplasc.

Times change, however, and develop.

NEDA AWARD I or its environmental out reat h etforts. Santee monts within the industry are now

. Cooper was honored in lune by the National Encironmental directing us to a higher profile stance.

Through a wide range of media, Santee I I 'I"P *'"' '\"""""""' "' N I I I A' I '"'J ' h"I'""" I"h" S' Cooper will now attempt to increase Itaincy resciud the recognition at an awards dinner in awareness among South Carolinians Washmyton. ItC. Santec ('ooptr is now pan of the Ni l)A about the many services we provide, lionor lioll thr its pnnen comnutment to promoting proper

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. .. Dj 6 Nineteen other businesses, industries, and associations were 9 tion'prograak In 1994, Santee Ceeper M8 D '

planted 93.000 " " ^" ien 134 seres h also selected fiir inclusion on the honor roll Santee Cooper of Santee Deeper's undeveloped laneisi 1 M joined firms such as Disney Development Co., Eastman Kodak 1 n -)

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stewardship of the environment. The programs sponsored by EDWARDS ELECTED CHAIRMAN OF CH ARLESTON Santee Cooper indude: REGION AL DEVELOPMENT ALLI ANCE In December, a Emironmental scholarships fiir colkges in the state President and CEO T. Graham Edwards was elected chairman 8 An annual environmental essay contest fi>r the state's ofthe newly formed Charleston Regional Development Alliance.

sevent h-graders Created last fall, t he Alliance will oversee cconomic development

• The annual 4-11 Outdoor Adventure Camp fiir young activities in Ilerkeley, Charleston, and Dorchester counties and people assumes the role previously held by the Trident Economic a An annual statewide environmental symposium Desclopment Authority. That group has twen divolved in the a Sponsorship of the weekly 5.C. EducationElilevision interest of more harmonious economic development efbrts in Network progr.m "N.nurcScene" the tri40unty area.

NEDA, founded in 1973, promotes the development of The Alliance's board of directors is comprised of a mini-environmental imlicy that uinuibutes to both a clean environ- mum of 23 business and community members. All Lic.d fund-ment and a strong etonomy. i.ath year the association recog- ing is anticipated to come from the threc c hambers ofcommerce f

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in the tri-county area and the three county governments, the sible corporate citizen. It represents another example of real- .

latter based on each county's share of the tri-county population. world change--a paradigm shift in business culture not seen Edwards says immediate items on the agenda include nam- until recently.

ing an executive director, formulating a budget, and handling in the four years under his chairmanship, Rainey has estab-the many administrative and organizational issues of forming a lished a unique summit ofenvironmental and business leaders:

nu organization, the South Carolina Environmental Symposium. In September, No one believes it will be easy. Intrasectional acrimony has the third such gathering assembled again on Kiawah Island, a been viewed as inhibiting a much-needed cohesive and unified showpiece that blends progressive development with acute sen-efTort to move the tri-county area foward. Iraders acknowledge sitivity to its natural setting.

the time has come to enfranchise all segments of the low- Environmental and business leaders from the state, region, country. not simply the strict confmes ofmetropolitan Charles- national, and international scene share concerns, ideas, and ton. As the Charleston daily newspaper stated after Edwards' solutions to the compelling ecological challenges facing the planet.

election, " Edwards is responsible for Santee Cooper's strong The S.C. Environmental law Project's publication,"Moun-name in the business community" tains & Marshes," recognized the chairman's eErts to hold the owners of the hazardous waste landfdl on the shores of Lake CH AlRMAN NAMED 1994 C0NSERVATlONIST OF Marion fmancially accountable for the facility.The landfdl issue ,

THE YEAR Ikiard Chairman John S. Rainey was named the received considerable attention from Santec Cooper during the ,

l 1994 Conservationist ofthe Year by the S.C. Wildlife Federation. year to maintain the chairman's stance:"The lakes must be held This prestigious honor recognizes the Anderson native's influence inviolate, and they must be defended."

in advocating a balance between a sound economy and i

l environmental steward 3 hip.

l The chairman set the tone for how Santee Cooper views the _ g7gg_.. .

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l L,1111311C1110 1 D the Dualit, o s) ie (OY Ch1C people o Sout3 arolina i-~ ~ lt only takes a brief glance through S ANTEE COOPER REGION AL WATER SYSTEM Water, H .,

! $ the legislation that created Santee one of life's basic necessitics, has traditionally been in alvan-Cooper to find ihat quality of lif e dance in the South Carolina Inwcountrv. It once was so improvement has been part of our job simple. Drill a well, you get water-and plenty ofit. Things since day one. At first, the mission was have changed since every town, large and small alike, could easily defined...as the greatest improve- pump what seemed hke endless gallons of water out of the , .

ment imaginable was the electrification gmund.

of the state's rural areas. Today, however, As the population in the tri-tounty area mushniomed in we believe it is our mission both as a the 1970s and '80s. the water table began dropping. Many company and as individuals to continue to mwns had prol>lcms uith calcium or "hard water." Industries, improve the quality of the lives of our w hile pmviding iohs and economic benefits. literally dried up state's residents - and we will do so i , a mmy annian welh and depleted the free-flowing water. This, wide range of ways, mmbined with tougher federal drinking water standards mz

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hiommg large on the horizon, forced mayors, town councils, MN geoggene gneenigee's Aeoselese

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. ., OM but ess eelleetlemnalteef", , s The result is the S.antec Cooper Rep.onal Water System, qla s

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.N-eld~ $me@ ,'8 )s made possible by cooperation from Santee Cooper and four 4mym- M 'egygRanessise , w, .

o ry.W to esaseemdte8 "~ Yi other subdivisions ofgovernment: the Ilerkeley County Water 4 hn .%, .

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'j to buy the 24-million gallons per day capacity of the regional t

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.i Md discussions and needed legislation bore fruit in 1987 when the

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g. 1 S.C. General Assembly passed a law to allow Santee Cooper to

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p added to the list in 1989, sa

Plans for the system were announced in 1991, and construc- Beautiful. The GOFER program is the most visible public tion on the 23 miles of pipelines began in early 1993. Major service program ofTered by Santee Cooper to those who do not achievements in 1994 induded completion of the one million receive Santee Cooper power or water. It's another way that galkin elevated storage tank near Carnes Cmssroa6. On Aug. dramatically illustrates the true statewide public service ren-11, the fust water was drawn from Lake Moultrie and treated at dered by Santee Coogwr.

the water treaunent plant, kicated near Moncks Corner. One million gallons is a lot of oil that might otherwise On Sept. 20, the system began delivering water to have been ilk gally introduced into the state's streams,landfdis, 1

Summerville. Moncks Corner folk >wed on Sept. 21, with ditches, soil, or water. The GOFER truck has become a Berkeley County coming on-line on Sept. 22 and Goose Creek familiar sight on our highways and byways, picking up oil and on Sept. 26. Commercial operation began on Oct.1. Gov. transponing it to the Jefferies and Winyah stations where it is l

Carroll A. Campbell Jr. dedicated the system on Oct. 20, convened into electric power. Consider that one million gallons of used oil has enough energy to: l GOFER

• PROGRAM NETS MILLIONTH GALLON = Power 1,310 homes for one year Do-it-yourself oil changers and backyard mechanics

• Power 478.000 homes for one day throughout South Carolina have helped keep the state's enyhonment cleaner by depositing more than one mil! ion MYRTLE DEACH AIR FORCE BASE LAND S' NAP gallons of used motor oil since 1990 through the Give Oil For Many people don't know Santee Cooper is a major player in Energy Recovery or GOFER program, military base redevelopment. Its success has been achieved in The one millionth gallon was picked up from Greenville facilitating the redevelopment of the former Mynle Beach Air County on Dec.11 Chief Operating Oflicer Roben V. Force Base propeny in llorry County, Tanner presented a plaque to Greenville County ollicials Santee Cooper became involved in the task at the requn during ceremonies at the Enorce Landfill attended by hical ofGov. Carroll A. Campbell Jr. w ho sought someone to act as oflicials and representatives from the f.C. Dept. of Health and an agent of the state throughout a complicated land-swap Environmental Control. process that began in September 1992.

The GOFER program began in July 1990, an idea born by The land swap between the state and the U.S. Air Force employeesin the EnvironmentalServices unit. As 1994 ended, was completed May 26 during signing ceremonics at Santee 302 GOFER sites were in place.There is at least one collection Cooper's corporate headquaners. The enhange of 12,500 site in each county in South Camlina. acres of S.C. Forestry Commission land in Sumter County, GOFER won three environmental awards in 1994, and currently used as a bombing range near Shaw Air Force Base, the total is now nine. In December. GOFER picked up a was made for more ihan 1,550 acres at the closed Mynte Beach prestipous award in Houston, Texas from Keep America Air Force Base.

25

r-Gov. Campbeh said the action " .. puts South Carolina at B.A.S.S.' 27-year poundage record was broken the first the forefront of the base redevelopment movement nation- day. The tournament was won by O.T. Fears of Sallisaw, Okla.

wide, and it puts the Grand Strand in a position to capturejobs His total catch was 77 lbs.,4 ozs., a three-day B.A.S.S. record.

l and opportunities. Fears won $14,000 cash and a fully rigged Ranger bass boat "The land swap not only grants us control ofour develop- valued at $21,000. Anglers from 34 states, Japan, and Mexico ment destiny at Myrtle Beach, it also significantly enhances participated.

Shaw Air Force Base for the next round of base closures by The landing is named after Clarendon County Sen. John solving major encroachment problems. I want to thank my C. Lsnd 111. He termed the landing "as an example ofgovern-staff, the entire team at Santec Cwper, our Washington ment working together." In addition to Santee Cooper, enti-delegation, and the Air Force for leading us toward this great ties involved in the project included the S.C. Dept. of Natural achievement," said Campbell. Resources, the S.C. Dept. of Parks, Recreation and %urism, the U.S. Fish and Wildlife Service, the Clarendon County JOHN C. LAND Ill BOATING AND SPORTS FISHING Legislative Delegation, and the States Organization of Boating FACILITY On May 6, under picture-perfect skies, theJohn Administrators.

C. Land til Sports Fishing Facility on 12ke Marion was Recreation. considered a byproduct of the original Santee dedica ted during a very special event.The dedication coincided Cmper Hydmelectric and Navigation Project, has grown to with the fmal weigh.in of the 1994 Bassmasters invitational an industry providing an annual economic benefit to the five-FishingTournament sanctioned by the Llass Anglers Sportsman county region of nearly $200 million and providing approxi.

Society or BA.S.S. mately 3,000 tourism-related jobs. In the July 1994 issue of A crowd of 2,000 onkmkers was on hand for the & dica- B.A.S.Sfnmes the headline trumpeted," Santee Cooper Stakes tion and BA.S.S. finale, sponsored by the Clarendon County its Claim as the Nation's Best All-Around Bass Fishery."

Chamber of Commerce. Clarendon is one of five counties surrounding Lakes Marion and Moultrie. commonly referred LEASEHOLDEhS SURVEYED ON BUYING THEIR to as the Santee Cooper 12Les. While the governor thanked LAKE LOTS Santee Cooper conducted a survey of Santee Cooper for the donation of the land, the supreme praise approximately 2,600 residential leaseholders i n July to determine came from BA.S.S. omcial and veteran angler Ray Scott. He if they would be interested in purchasing their subdivision lots told the gathering that the 26-acre "megalanding," as it's often h>cated on takes Marion and Moultrie. The survey elicited a called. "is one of the fmest in this country. if not Ihe finest." He response rate of nearly 85 percent. Of those who responded:

also characterized the tou rnament as one ofihe most successful " Approximately 32 percent stated they would be inter-BA.S.S. has ever conducted. ested in purchasing the property now l

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• Approximately 18 percent stated they would be inter- Cooper's hydroelectric license was renewed in 1979. FERC, ested in purthasing the property within the next five which licenses all hydroelectric projects in the U.S., deter-years mined that properties in certain Santee Cooper subdivisions in

• Appnnimately 13 percent indicated they woulJ con- 11erkelev, Calhoun, Clarendon. and Orangeburgcounties were sider purchasing the property within 5 to 10 years no longer essential for hydnwlectric operations.

Approximately 37 percent stated they would be inter- Since these " leisure-time developments" began, leaschold-ested in purchasing the property when their lease ers have owned their dwellings but coulJ not own the prop-expires erty. The vice president of Property and Transportation pre-Subdivisions have been a lhture on the Santee Cooper sented the survey resuhs to the Santec Cooper floard of I ales since 1945, and 51 devclopments dot the lakes. Directors Property Committee on Aug. 22.

Sales are possible due to the redrawing of Federal Energv Recommendations on a possible sales option were ex-Regulatory Commission (1 ERC) boundaries when Santee pected to be presented to the Imard ofdirectors in early 1995.

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& .u . _. - .. . _ . . _ . _ _ .g Improving Company-Wide er OTMdMCC throuuh b enhanCeci em lovee J 1nuolvement P ' It is the employees of Santee S AtiT L E Co or'E n 2000 With the list century rapidly L i Cooper who make us a great company. approat hing, Santec Cooper is poised to thart a new tourse as 11 is their dedication, d e pe n da bih t y, and .dl cla nis utilitics preparc to meri tundamental t hanges in the creativity that have, for over 50 years, .

w ay busmess .a tondut red. .I. hose w ho adapt u ill sunis e and enabled this company to operate as a esen flourish m a deregulated clectris utility enuronment.

cohesive team. It is also they who know I hose w ho don't may be the latest cumple of " buggy-where we need improvement; as a result, w hip makers." w ho wcre tiirted to face chance w hen llenry '

we have charged our employees at aillewels 1:oidi Model T resolunoniecd the scry fabric of transporta-toih.mk not just about how to do a good j.ob, but how to do a beiferjob. Dy receiving their "" '"""N' p nning bnonws dw blueprint for inceting individual input on how we can improve t hangc. not resisung it.

specific aspects of our operations, we will in Mart h, a hardbound book "Santcc l'ooper 2000 -

continue 1o improve as a whole. I nergtemg the 1 uture" bet.une part of 5antec Cooperi p.uh-M

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prfoted materials for santee : 9 b; d compete with existing utilities. No one knows preciselv how .

Cooper's Goals Program. The.-

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. R progra'm lists corporate gomis.- j these changes will atTect Santec Cooper, electric co-ops, or p [ that employees strive 10 ) d .

mvestor-owned utih. .ues. According to,, S.antee C,ooper 2000,,

[- , 1 s moet each year.,

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l w w di .i ik mJs MiwN.1 h m A. w., %ic .e.:, .c r. iiJww.;.s = }$cwj]linggoaccept(\langeandlook{hrnew waysgo way to tomorrow. This strategic plan represents the work of improve

= Streamline and/or enhance processes to make them do/cns ofemployees w ho w eie charged by President and GO T. Giaham l'dwards with the daunting task of articulating the more efEient and tampetitive

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siuon of Santec Cooper's setond tentury. Develop new services

= Promote demand 4ide management programs such One of the most dramatic changes will he the ahi!ity.

through retail whechng. for tostomers to choose their power as Good Cents and 1120 Advantage

= 1:ind ways to control and reduce operating and main-company moth like they now un thoose a long-distance telephone canier. tenante costs, and capital equipment and construc-Or her ut ilities u ill he ahic to use Santee Cooper's t ra nsmis- tion expenses

= Offer ideas for the design, construction, operation, sion linet I his is called open cransmission auess. llegulators will allow inJs pendent power pnxiuters, w ho are not tradi. and nuintenance of systems and facilities to make l B

them more reliable and cost-beneficial project or activity that is mutually decided upon. PEP has an a Look for creative ways to complement and protect impressive cumulative emphiyce participation rate of 95 per-p natural rnources cent. T' As exceeded the corporate goal of 85 percent.

• Share knowledge, skills, and ideas with fellow em- During the year,1,715 employees participated on 334 l- ployees and the community teams. When it comes to selecting projects, PEP teams contin-Communicating the strategic plan was accomplished in ucd to place more e nphasis on activities relating to corporate meetings with managers and supervisors, distribution of bro- goals. It's paying off. The estimated net annual savings from chures to employees, videotaped presentations, and articles in PEP was $730,367.

the empkiyee newsletter. Examples of 1994 PEP projects include the Rates Marker-ingTeam which devek> ped a marketing plan for Santee Cooper's PROGRAM FOR EMPLOYEE PARTICIPATION Employees electric rates. The objective was to help Santee Cooper's em-have a way to constructively share ideas in a level of partici- playees and customers become aware of and understand pative management at Santee Cooper. It's called the Program Santee Cooper's electric rates. In association with " Santee for Employee Participation or PEP. Cooper 2000,' a Strategic Action Twn was formed to review PEP empowers the individual employee through collec- corporate public education programs.

tive decision making processes. A PEP group focuses on a PEP has been a fixture at Santee Cooper since 1983.

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IN MEMORY OF RAY FIDDLE 4

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co-worker, a friend, is lost. It is

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must go on.

This is the harsh reality Santee .

L Cooper faced in the spring of 1994 following the accidental death of Moncks Corner 1.ine Technician Ray Fiddie, who died March

29. Fiddie came in contact with a 12-kilovolt line while dismantling a transformer at a North Charleston, S.C. substation.

1:iddie was a 12-year employee of Santee Cooper. He is sunived by his wife Roberta "Lynn" and an 8-year-old daughter Jennifer.

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REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS To the Advisory Board and Board of Directors of the South Carolina Public Service Authority:

We have audited the accompanying balance sheets of the South Carolina Public Service Authority (a cnmponent unit of the State of South Carolina-Note 1) as of December 31, 1994 and 1993 and the related statements of accumulated earnings reinvested in the business, reinvested earnings, and cash flows for each of the three years in the period ending December 31,1994.These financial statements are the responsibility of the Authority's management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by managemem, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the South Carolina Public Service Authority as of December 31,1994 and 1993, and the results ofits operations and its cash flows for each of the three years in the period ending December 31,1994 in conformity with generally accepted accounting principles.

As explained in Note 4 of the notes to financial statements effective January 1,1994, the South Carolina Public Service Authority changed its method of accounting for certain investments in debt and equiry securities.

LL l Charlotte, North Carolina February 17.1995 35 L. . .. _ ____ __

CALACE SHECT3 South Carolina Public Service Authority Decerrber 31.1994 and 1993 ,

' ASSETS 1994 1993 (Thousands)

Utility Plant - At Cost:

Plant in service $ 2,625,451 $ 2,540,433 Less accumulated depreciation 883.058 814,425 Plant in service 1,742,393 1,726,008 Construction in Progress $49,317 450,306 ,

21,358 14,082 I Nuclear fuel- at amortized cost Utility plant - net 2,313,068 2,190,396

)

Other Physical Property (Net ofAccumulated Depreciation) 1,720 1,748 1'

Cash andInvestments Held by Truster (Designated) 291,878 440,427 1

Current Assets:

Cash and investments held by trustee (undesignated) 51,778 50,794 j liond funds - current portion 106,415 90,031  !

Accounts receivable - net of allowance for doubtful accounts l of $887,000 and $2,907,000 in 1994 and 1993, respectively 54,581 57,339 Accrued interest receivable 2,922 3,203 l

Inventories, at average cost:

Fuel (coal and oil) 43,844 26,901 Materials and supplies 33,018 32,716 Prepaid expenses 1,011 1,312 Total current assets 293,569 262,296 DefmrdDebirs and Other Assets:

Unamortized debt expense 25,026 25,838 l

Unamortized loss on refunded debt 290,963 305,131 Costs to be recovered from future revenue 386,037 365,075 Other 27,343 31,754 Total deferred debits and other assets 729,369 727,798 Total s 3,629,604 5 3,622,665 i

The accompanying notes are an integral part of these financial statements.

E

1 LIABILITIES AND CAPITALIZATION 1994 1993 (Thousands)

Long-Term Debt:

Electric Revenue Bonds - Priority Obligations 5 39,380 $ 42,100 Electric System Expansion Revenue Bonds 1,058,050 1,079,455 Capitalized lease obligations 46,131 _ 49,448 Revenue Bonds 1,343,740 1,370,910 Total long-term debt (net of current portion) 2,487,301 2,541,913 Less:

Reacquired debt 11,285 10,550 Unamortized debt discount and premium - net 53,825 55,268 Long-term debt - net 2 A 2.2.191 2,476,095 Current Liabilities: ,

Current portion oflong-term debt 54,612 33,704 Accrued interest on long-term debt 72,625 68,362 Commercial paper notes 118,700 108,250 Mini-Bonds and Revenue Bonds (Series M) 156,500 154,865 Accounts payable 33,526 29,179 Other 11,940 18,794 Total current liabilities 447,903 413,154 1

Deferred C edits and Other Non-Current Liabilities:

Construction fund liabilities 27,638 32,233 Nuclear decommissioning costs 28,165 27,756 ,

Unamortized gain on reacquired debt 324 470 Other 20,452 16,835 Total deferred credits and other non-current liabilities 76,579 77,294

- Commitments and Contingencies Capital Contributions - U.S. Government Grants 34,438 34,438 Accumulated Earnings Reinvested in the Business 648,493 621,684

! Total 5 3,629,604 $ 3,622,665 l

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STATEMENTS OF ACCUMULATED EARNINGS REINVESTED IN THE DUSINESS South Carolina Public Service Authority Years Ended December 31,1994,1993, and 1992 1994 1993 1992 (rhousands)

Accumulated earnings reinvested in the business - beginning of year 5 621,684 $ 590,098 $ 566,197 Reinvested earnings for the year 35,375 37,583 29,717 Total 657,059 627,681 595,914 Distribution to the State of South Carolina 6,157 5,997 5,816 Total 650,902 621,684 590,098 Net unrealized loss on investment securities available-for-sale (2,409) - -

Accumulated earnings reinvested in the business - end of year $ 648,493 $ 621,684 $ 590,098 The accompanying notes are an integral part of these financial statements.

STATEMENTS CF CEINVEST 3 EA2NIN2SL 1

' South Carolina Public Service Authority Years Ended December 31,1994,1993, and 1992 1994' 1993 1992.

- (Thousands) -

i Operating Revenues:

Sale of electricity $ ' 600,036 $ 587,357 $ 542,898 Sale ofwater 528 - -

Other operating revenues 5,092 5,453 5,153 Total operating revenues 605,656 592,810 548,051 Operating Expenses:

Electric operation expense:

Production 233,308 237,685 217,223 Purchased and interchanged power 28,271 16,190 11,598 Transmission 3,692 4,068 3,197.

Distribution 3,789 3,594 3,810 Customer accounts 2,477 3,571 3,919

' 1,610 1,618 1,295 Sales Administrative and general 49,496 48,087 - 39,784 Electric maintenance expense 54,824 - 51,626 52,365 Water operation expense 338 -- -

Water maintenance expense -20 - -

Total operation and maintenance expense 377,825 366,439 333,191 Depreciation and amortization - 80,222- 78,329 75,025 Sums in lieu of taxes 2,235 - 3,643 3,643 Total operating expenses 460,282 448,411 411,859 P

Operating Income 145,374 144,399 136,192 Other income:

Interest income 18,271 47,493 21,980 Other - net 50 1,850 642 Total other income 18,321 19,343 22,622 Interest Chargesi Interest on long-term debt i17,970 122,557 129,894 Other 31,312 27,197 23,356 Totalinterest charges 149,282 149,754 153,250 Costs to be recovered from future revenue 20,962 23,595 24,153 Reinvested Earnings S 35,375 $ 37,583 $ 29,717 The accompanying notes are an integral part of these financial statements.

STATEZENTS C F CATH FL'/ZS South Carohna Public Service Authority Wars Ended December 31,1994,1993, and 1992 1994 1993 1992 (Thousands)

Cash Flows From Operating Activities:

Operating income $ 145,374 $ 144,399 $ 136,192 Adjustments to reconcile operating income to net cash provided by operating activities:

Depreciation and amortization 86,660 86,913 85,602 Other income 50 1,850 33 Changes in assets and liabilities:

Accounts receivable, net 2,758 (7,051) (4,692)

Inventories (17,245) 17,489 (11,437)

Prepaid expenses 301 (326) 70 Other deferred debits 3,473 (2,659) (4,380)

Accounts payable 4,347 1,050 (1,253)

Other current liabilities (7,590) (6,612) 6,174 Other non-current liabilities (569) 16,090 33,244 Net cash provided by operating activities 217,559 251,143 239,553 Cash Flows From Investing Activities:

Net decrease (increase) in investments 163,356 106,127 (215,041)

Interest on investments 20,228 29,379 39,769 Net cash provided by (used in) investing activities 183,584 135.506 (175,272)

Cash Flows From Noncapital-Related Financing Activities:

Distribution to the State of South Carolina (6,157) (5,997) (5,815)

Cash Flows From Capital-Related Financing Activities:

Procteds from sale of bonds - 977,955 544,388 (Additions) retirements of reacquired debt (544) (5,205) 310 Net commercia' paper proceeds (repayments) 10,450 (13,500) (2,250)

Repayment and refunding of bonds 0 1,162) (964,183) (227,858)

Interest paid on borrowings (156,503) (183,548) (167,613)

Construction and betterments of utiliry plant (182,160) (240,513) (235,279)

Debt issuance costs (739) (15,021) (7,699)

Other 0,225) (3,148) (3,052)

Net cash used in capital-related financing activities 0 63,883) (447,163) (99,053)

Net Increase (Decrease) in Cash and Cash Equivalents 31,103 (66,511) (40,587)

Cash and Cash Equivalents at the Beginning of the Year 121,985 188,496 229,083 Cash and Cash Equivalents at the End of the Year $ 153.088 $ 121,985 $ 188,496 E

E F  ;, 4 s

1994 1993 1992 (Thousands)

. Reconciliation of Cash and Cash Equivalents:

Cash and investments held by trustee (designated) $ 291,878' $ 440,427. $ 607,112 Cash and investments held by trustee (undesignated). 51,778 50,794 46,536 Bond funds - current portion - 106,415 90,031 ' 99,205 Less investments, not considered cash and cash equivalents 296,983 459,267 564,357 Cash and cash (quivalents at the end of the year $ 153,088 $ 121,985 $ 188,496 -

The accompanying notes are an integral part of these financial statements.

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- NOTES TO FINANCIAL STATEMENTS I Noir / Summary of Significant Accounting Policies: construction of a regional water system. The Authority executed a contract with the take Moultrie Water Agency, a joint municipal A Reporting Entity The South Carolina Public Service Authon.ty water system consistingofthe follom.ngmembers:G,.ryofSummenille (the Authority), a component unit of the State of South Carolina, was Commission of Public Works, Town of Moncks Corner Commission created in 1934 by the State legislature. The Board of Directors is d Public Works, City of Goose Creek and the County of Berkeley.

apiminted by the Governor of South Carolina.The purpose of the The Lake Mouhrie Water Agency will purchase all of the capacity of Authority is to provide electnc power and wholesale water to the the water system and sell such capacity to tL four members. %-

people ofSouth Carolina. Capital projects are fimded by bonds issued water system commenced initial operation on October 1,1994.The by the Authority and internally generated (tmds. The Board of construction costs incurred as of December 31, 1994 totalled  :

Directors sets rates charged to customers to pay debt service and ;g j

. operating expenses and to provide funds required under bond

- covenants. . g,,,J Costs to be Recovered from Future Revenue:

B . System ofAaouna .The accounting records of the Authority are in accordance with generally accepted accounting principles applicable The Authority's electric rates are established baxd upon debt to governmental entities (Note 12) and are maintained substantially service and operating fund requirements. Scraight -line depreciation is in accordance with the Uniform System ofAccounts prescribed by the not considered in the cost of service calctdation used to design rates.

Federal Energy Regtdatory Commission (FERC) and the National The differences between debt principal maturities (adjusted for the Association of Regulatory Utility Commissioners (NARUC) as. effects of premiums, discounts and amortizations of deferred gains applicable, and losses) and straight-line depreciation are recognized as costs to be C - Utility Mant - Utility plant is recorded at cost, which indudes recovered from future revenue.%e recovery ofoutstanding amounts materials, labor, overhead, and interest capitalized du ring construction. associated with costs to be recovered from future revenue will coincide Capitalized interest was $27,149,000 in 1994, $21,523,000 in 1993, wich the retirement ofthe outstanding tong-term debr ofthe Authority, and $ 14.020,000 in 1992 %e costs ofrepairs and minor replaccments I 1

are charged to appropriate operation and maintenance expense Note 4 Cash and Investments lleid by Trustec (Designatedh accounts uc rosts of renewals and betterments are capitalized.The Unexpended funds from the sale of bonds, debe service funds, original cost of utility plant retired and the cost of removal less salvage ' other special funds, and cash and investments are held and maintained are charged to accumulated depreciation. by trustees and their use designated in accordance with applicable )

' D . Depnviation . Depreciation is computed on a straight-line basis provisions of various trust indentures, bond resolutions, lease I over the estimated useful lives of the various classes of ihe plant. agreements, and the Enabling Act included in the South Carolina law.

Annual depreciarion provisions, expressed as a percentage of average Such funds consist principally ofinvestmenes in government securities.

depreciable utility plant in service, were approximately 3.3% for each Effective January 1,1994, the Financial Accounting Standards Board ofthe three years in the period ended December 31,1994. Amortization Statement No. I 15 was adopted.This statement requires inves:ments of capitalized leases is also included in depreciation expense. to be classified into one of three categories: trading, held-to-maturity E . Reunue Rervgnition andFue/Cosu. Substantially all wholesale and or available-for-sale.%e Authority's investments are all classified as industrial revenues are billed and recorded at the end ofeach month, either held-to-maturity or available-for-sale. As required by this Revenues for electricity delivered to retail customers which have not statement, investments classified as held-to-maturity are carried at been billed are accrued. Fuel costs are reflected in operating expenses amortized cost. Securities categorized as available-for-sale are carried as fuel is consumed. at market value with the net unrealized gain or loss ofret against F - Bondhsuance Costs. Unamortized debt discount, premium and accumulated earnings reinvested in the business.

expense are amortized to income over the tenns of the related debt As of December 31,1994, the Authority had held-to-maturity issues. Unamortized gains or losses on refunded debt are generally investments carried at amortized cost of 584,665.000 and available-deferred and amortized to income over the terms of the refunding for-sale investments carried at fair market value of 5316,706,000.The debt issues, gross unrealized holding losses totalled $521,000 on the heid-to-G - Cub andCash Equindents For purposes of the statements ofcash maturity securities. The gross unrealized holding gains totalled flows, the Authority considers highly liquid investments with original $ 183,000 and gross unrealized holding kaes totalled $7,669,000 on maturities ofless than three months and cash on deposit with financial the available-for-sale recurities. Included in th, Authority's available-institutions as cash and cash equivalents. for-sale investments carried at fair market vabe are nuclear H . State Distnhution %e distribution to t he State nfSouth Carolina decommissioning funds of $26,040,000 with related uu.ded is determined utilizing a formula required under the 1949 Indenture hokling losses of $5,076 000. These u'nrealiaed holding losses are which is based essentially on operating cash flows and mandatory reflected in the decommissioning liability and not as a separate reserve requirements. Such calculation varies substantially from component of accumulated earnings reinvested in the business, reinvested earnings for the year principally due to costs to be recovered All the Authority's investments with the exception of decommis-from ftaure revenue and working capital requirements. sioning funds are limited to a maturity of ten years or less. For the year 1 - Reclamficazions. Certain prior year amounts have twen reclassified ended December 31,1994, the Authority had proceeds of$ 12,153,000 to conform to the current year presentation, from sales of available-for-sale securities and realized $31,000 ofgains and $ 18,000 oflosses in connection with these sales.These gains and Note 2 Regional Water Systern:

losses were computed as the difference between the proceeds and In 1992, the Authority's Board of Directors authorized the specifically identified amortized cost per security.

GrA - Cash is categorized as fc!!ows: Category 1 includes bank the cost ofthe repurchasc agreement. Securities underlying repurchase balances entirely covered by federal depository insurance. Category 2 agreements are delivered by broker / dealers to the Authority's trust includes bank balances that are uncollateralized or collateralized wich agents. At December 31,1994, the Authoriry's repurchasc agreements securities pledged to the Authority by pledging financial institutions totalled $92,754,000.

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but not held in the Authority's name. The Authority's investments are categorized to give an indication Inmtmma -Tnaindenturesandresolution authorizethe Authority of the level of risk assumed by the Authority at year-end. Category to invest in obligations of the U.S. Treasury, agencies, instrumentalities, 1 indudes investments that are insured or registered or for which the and certificates of deposit.The Authority's investments consist of securities are held by trust a5ents in the Authority's name. Category U.S. Government securities, certificates of deposit, and repurchase 2 includes uninsured certificates of deposit which are collateralized agreements. The Authority requires that securities underlying with securities pledged to the Authority by pledging financial repurchaw agreements have a market value of at least 102 percent of institutions but not held in the Authority's name.

1994 Investments Cash Total Category Category Category Category Carrying hiarket 1 2 1 2 Value Value (Thousands)

Cash and Investments Held by Trustec (Designated)

General Improvement Funds . 53,238 $ 1,300 $ 33 $ 80 $ 54,651 5 54,651 Debt Service Reserve Funds . 128,179 0 0 1,030 129,209 129,209 Other Special Funds . 76,782 0 0 425 77,207 77,207 Funded Interest . 30,811 0 0 0 30,811 30.295 Total Cash and Investments g, Held by Trustee (Designated) .. 5 289,010 $ 1,300 $ 33 $ 1,535 5 291,878 $ 291,362 Cash and Investments Held by Trustee (Undesignated)

Revenue Fund.. 5 53,155 5 0 $ 0 (5,875) $ 47,280 $ 47,280 l

l Special Reserve Fund . 4,307 0 100 91 4.498 4,498 Total Cash and Investments Held by Trustee (Undesignated) . $ 57,462 5 0 $ 100 $ (5,784) $ 51,778 5 51,778 l

Bond Funds - Current Portion Interest . $ 24,421 5 0 $ 0 $ 36,011 $ 60,432 5 60,432 Bond Principal.. 28,797 0 0 617 29,414 29,409 l

Funded Interest . 497 0 0 15,634 16,131 16,131 Lease.. 438 0 0 0 438 438 l

l Total Bond Funds - Current Portion . $ 54,153 $ 0 $ 0 $ 52,262 $ 106,415 5 106,410 l

43

i 1993 Investments Cash Total Category Category Category Category Carrying Market 1 2 1 2 Value Value (Thousands)

Cash and Investments

}{ eld by Trustee (Designated)

General improvement Funds $ 57,568 $ 1,650 $ 55 5 205 $ 59,478 $ 59,292 Debt Service Reserve Funds . 162,729 0 0 55 162,784 172,038 Other Special funds . 157,066 0 0 28 157,094 157,151 l Funded Interest . 61,067 0 0 4 61,071 61,908 Total Cash and Investments liefd by Trustee (Designated) . $ 438,430 $ 1,650 $ 55 $ 292 $ 440,427 $ 450,389 Cash and Investments Held by Trustee (Undesignated)

Revenue Fund. $ 44,764 $ 0 $ 0 $ (2,098) $ 42,666 5 42,643 Special Reserve Fund ,. 7,616 0 100 412 8,128 8,143 Total Cash and Investments IIeld by Trustee (Undesignated) .. $ 52,380 $ 0 $ 100 $ (1,686) $ 50,794 $ 50,786 Bond Funds - Current Portion Interest , $ 24,120 $ 0 $ 0 $ 36.686 $ 60,806 $ 60,806 Bond Principal., 16,245 0 0 0 16,245 16,247 Funded Interest . 12,542 0 0 0 12.542 12,542 Lease .. 438 0 0 0 438 438 Total Bond Funds . Current Portion . $ 53,345 $ 0 $ 0 $ 36,686 $ 90,031 $ 90,033 a

Nete 5 fong-Term Debt Outstanding:

The Authority's long-term debt at December 31,1994 and 1993 consisted of the following:

December 31, 1994 1993 (Thousands)

Electric Revenue Bonds - Priority Obligations: (mature through 2006)

Interest rate 4.10% , $ 42,100 $ 44,705 Electric System Expansion Revenue Bonds:(mature through 2022)

Interest rates vary from 5,30% - 8.60% . 1,079,455 1,099,525 Capitalized lease obligations: (mature through 2015)

Interest rates vary from 2.00% - 5.00% - 49,448 52,672 Revenue Bonds: (mature through 2032)

Interest rates vary from 3.40% - 7.00% 1,370,910 1,378,715 Total Long-Term Debt -.. 2.541,913 2,575,617 Current Portion - Long-Term Debt.. 54,612 33,704 Total Long-Term Debt - Net . -. 5 2.487,301 $ 2,541,913 Maturities oflong-term debt through 1999 are as follows:

Priority Expansion Capitalized Revenue Obligations Bonds Leases Bonds Total Year Ending December 31, (Thousands) 1995 $ 2,720 $ 21,405 $ 3,318 $ 27,170 $ 54,613 1996. 2,845 23,165 3,418 10,670 40,098 1997; 2,975 19,160 3,527 18,380 44,042 1998, 3,105 19,980 3,609 15,800 42,494 1999. 3,245 14,960 3,328 23,270 44,803 Total .. $ 14,890 $ 98,670 $ 17,200 $ 95,290 $ 226,050 The fair value of the Authority's debt is estimated based on the In 1993, the Authority issued $385,125,000 in 1993 Refunding l quoted market prices for the same or similar issues or on the current Series A&B Bonds and $631,360,000 in 1993 Refunding Series C l- rates offered to the Authority for debt with the same remaining Bonds, These refundings reduced the Authority's total debt senice maturities. Based on the bornming rates currently available to the over the life ofits bonds by approximately $66,501,000, resuhing in Authority for tax-crempt bonds and other debt with similar terms and an economic gain over the life of the bonds of approximately average maturities, the fair value ofdebt is approximately $2.5 billion $30,249,000.

and $2.85 billion at ikccmber 31,1994 and 1993, respectively.

%e Authority refunds and defeases debt primarily as a means of reducing debt service, thereby postponing or reducing future rate adjustments.

45

- Refunded amounts outstanding, original loss on refunding, and the unamortized loss at December 31,1994 are as follow:

Refunding laue Refunded Bonds Refunded Amount Original Unamonized Outstanding Loss loss (Thousands) 1985 Refunding $ 150,000 of the 1982 Series B $ - $ 30,570 $ 1,163 Cash Defcasance $ 20,000 of the 1982 Series A - 2,763 2,026 1986 A&B Refunding $ 42,725 of the 1980 Series A

$ 42,000 of the 1981 Series A

$ 61,000 of the 1981 Series B

$ 4,420 of the 1981 Series C

$ 7,820 of the 1982 Series A

$ 9,010 of the 1982 Series B - 43,736 2,939 1986 C&D Refunding $280,275 of the 1982 Refunding Series - 97,109 81,689 1987 A Refunding $160,510 of the 1985 Refunding Series 160,510 48,038 36,824 1988 A Refunding $ 18,220 of the 1980 Series A

$ 18,315 of the 1981 Series A

$ 9,110 of the 1982 Refunding Series

$ 5,000 of the 1985 Refunding Series .

$120,890 of the 1985 A Refunding Series 125,890 28,644 17,950 1991 A,B&C Refunding & $ 4,855 of the 1980 Series A Improvement Series 5 8,075 of the 1981 Series A

$ 13,500 of the 1985 Series

$ 32,500 of the 1985 A Refunding Series 32,500 4,856 1,430 1992 A Refunding $ 3,370 of the 1985 Refunding Series

$ 5,405 of the 1985 A Refunding Series

$ 100,010 of the 1986 Refunding Series A

$ 22,555 of the 1988 Refanding Series A

$ 15,370 of the 1991 Refunding Series B

$ 12,085 of the 1991 Series D 158,795 42,188 37,615 1993 A&B Refunding $ 86,180 of the 1974 Series 5 93,360 of the 1979 Series A - .

$ 4,980 of the 1985 A Refunding Series

$ 14,935 of the 1986 Refunding Series A

$ 23,675 of the 1986 Refunding Series B

$135,705 of the 1991 Refunding &

Improvement Series B and C 179,295 38,870 38,870 1993 C Refunding $167,660 of the 1977 Refunding Series

$ 900 of the 1985 Refunding Series 5 2,390 of the 1985 A Refunding Series

$ 6,365 of the 1986 Refunding Series A

$ 14,905 of the 1988 Refunding Series A

$100,110 of the 1991 Refunding &

Improvement Series B and C

$279,905 of the 1991 Series D 404,575 72,311 70,457  !

Total $1,061,565 $ 409,085 $ 290,963 The Authority's bond indentures provide for certain restrictions, Authority's electric system and all necessary repairs, replacements, the most significant of which are- and renewals thereof. e 1, The Authority covenants to establish rates sufficient to pay all 2.The Authority is restricted from issuing additional parity bonds debt service, required lease payment,, capital improvement fund unless certain conditions are met.

requirements and all costs of operation and maintenance of the As of December 31,1994, the Authority is in cumpliance with all debt covenants.

Note 6 Commercial Pag n and Mini-Bonds: used to support the Authority's issuance ofcommercial paper. Here wcre no borrowings under the agreement during 1994 or 1993.

The Board of Directors has authorized the issuance of commercial In 1988 and 1989 the Authority issued bonds (Mini-Bonds) in paper not to exceed $250,000,000. The paper is issued for valid small denominations which are due on demand by the registered corporate purposes with a term not to exceed 270 days. For the years ended December 31,1994,1993, and 1992, the information related wner under a Mini-Bond Resolution. In 1990 the Revenue Bond Res luri n was adopted and all senior debt including the existing to commercial paper was as follows:

1988 and 1989 Mini-Bonds were frozen except for Refunding purposes. Under the Revenue Bond Resolution, small denomination 1994 1993 1992 bonds due on demand (Series M Bonds) were issued.%e pledge of revenues securing Revenue Bonds is junior and subordinate to the Efkctive interest rate pledge of revenues securing the Priority Obligations, Electric System (at December 31) 3 99 % 2.52 % 2.69 %

Expansion Revenue Bonds, and the 1988 and 1989 Mini-Bonds and capital lease bligations, but is superior to the lien and pledge of Average annual amount

$108,572,000 $117,700,000 $115,410,000 revenues securing the Commercial Paper, payments to the outstanding Contingency Fund, Capital Improvement Fund, Special Reserve Aver 26e ann tal maturity 62 bys 52 days 62 days Fund and the payments to thc State.

At December 31,1994, the Authority had additional Revolving Credit Agreements with NationsBank totalling $40,000,000.%ese it st rate 2.90 % 2.40 % 2.96 %

agreements are used to provide liquidity for the put feature on all

, outstanding Mini-Bonds. There were no borrowings under these At December 31,1994 the Authority had a Revolving Credit agreements in 1994 or 1993.

Agreement with NationsBank for $250,000,000. This agreement is Commercial Paper and Mini-Bonds outstanding at December 31, are as follows:

1994 1993 (Thousands)

Commercial paper - $ 118,700 $ 108,250 Mini-Bonds:

1988 Series, bearing interest at 7.75% and due 2003__

16,547 $ 16,622 1989 Series, bearing interest at 7.00% and due 2004.. I8,975 18,615 Total Mini-Bonds - 5 35.522 $ 35,237 Revenue Bonds (Series M):

l 1990 Series bearing interest at 7.30% and due 2005, and 2006.. 5 22,602 $ 22,185 1991 Series bearing interest at 6.875% and due 2007, and 2008 28A05 28,030 1992 Series bearing interest at 6.25% and due 2007. 2008, and 2009.. 40,231 39.816 l

1993 Series bearing interest at 5.35% and duc 2010,2011, and 2012 - 29,740 29,597 Total Revenue Bonds (Series M) .. 5 120.978 $ 119,628 l

Total Mini-Bonds and Revenue Bonds (Series M) -

5 156,500 $ 154.865 Total Commercial Paper, Mini. Bonds, and Revenue Bonds (Series M) 5 275,200 $ 263,115 j

l l

Note 7 Summer Nudear Station: . .

Nuclear Station. and the Authon.ty is obligated to pay its ownership The Authority and South Carolina Electric and Gas (SCE&G) are share of all costs relating thereto. The Authority receives 331/3% of parties to a joint ownership agreement providing that the Authority the net electricity generated. At December 31,1994 and 1993, the and SCE&C shall own the Summer Nuclear Station with undivided plant accounts included approximately $440,604.000 and interests of 331/3% and 66 2/3%, respectively. SCE&G is solely $438.514,000, respectively, representing the Authority's investment, responsible for the design, comtruction, budgeting, management, including capitalized interest, in the Summer Nuclear Station. For operation, maintenance, and decommissioning of the Summer each of the three years ended December 31,1994,1993 and 1992,

the Authoriry's operation and maintenance expenses included associated with replacement energy during the Summer Nuclear

$36,393.000, $38,772,000 and $41,431,000, respectively, for the Station refueling outages. Deferred credits applied to fuel costs Summer Nudear Station. during 1994 totaled $185,000.

Nuclear fuel costs are being amortized based on energy expended The Energy Iolicy Act of 1992 gave the Department of Energy which includes a component for estimated disposal costs of spent (DOE) the authority to assess utilities for the decommissioning ofits nuclear fuel. His amortization is included in fuel expense and is facilities used for the emichment of uranium included in nuclear fuel recovered through the Authority's rates. costs. In order to decommission these facilities the DOE estimates SCE&G has an on-site spent fuel storage capability until at least that it would need to charge utilities a total of 5150,000,000, indexed 2008 and expects to be able to expand its storage capacity to for inflation, annually for fifteen (15) years based on enrichment accommodate the spent fuel output for the life of the plant through services used by utilities in past periods. Based on an estimate from nxi consclidation, dry cask storage or other technology as it becomes SCE&G covering the fifteen years, the Authority 's remaining one-available. In addition, there is sufficient on-site storage capacity over third share of the liability at December 31,1994 totals $1,961,000.

the life of Summer Nudear Station to permit storage of the entire Such amount has been deferred and will be recovered thmugh rates reactor core in the event that complete unloading should become as paid. These costs are included on the balance sheet in Deferred desirable or necessary for any reason. Credits and Other Noncurrent Liabilities.

He Nudear Regulatory Commission (NRC) has published final The maximum liability for public claims arising from any nuclear regulations on decommissioning of nudear facilities that require a incident has tren established at $9.4 billion by the Price-Anderson licensee ofa nudcar reactor to pnwide minimum fmancial assurance Indemnification Act. This $9.4 billion would be covered by nuclear ofits ability to decommission its nuclear facilities. In compliance liability imurance of about $200 million per site, with potential with the applicable NRC regulation , the Authority established an retrospective assessments of up to $79.275 million per licensee for external trust fund and began making deposits into this fund in each nuclear incident occurring at any reactor in the United States September 1990. In addition to pnuiding for the minimum (payable at a rate not to exceed $10 million per incident, per year).

requirements imposed by the NRC, the Authority makes deposits Based on its one-third interest in Summer Nuclear Station, the into an internal fund in the amount necessary to fund the difference Authority would be responsible for the maximum assessment of between a site-specific decommissioning study completed in 1991 $26.425 million, not to exceed approximardy $3.3 million per incident, and the NRC's imposed minimum requirement. Santee Cooper's per year. His amount is subject to further increases to reflect the effect one-third share of the estimated decommissioning costs of the of(i) inflation, (ii) the licensing for operation of additional nuclear Summer Nuclear Station equals approximately $76,266,000 in reactors and (iii) any increase in the amount of commercial liability 1990 dollars. The Authority accrues for its share of the estimated insurance required to be maintained by the NRC.

decommissioning costs over ihe remaining life ofihe facility. These Additionally, SCE&G and the Authority maintain with American costs are being recovered through the Authority's rates. Nudear Insurers (ANI) and Nuclear Electric Insurance Limited Based on current decommissioning cost estimates developed by (NEIL) $500 million primary and $1.4 billion excess property and l

SCEAG, these funds, which totalled approximately $26,076,000 decontamination insurance to cover the costs of deanup of the (aJjusted to market) at December 31, 1994, along with future facility in the event of an accident. In addition to the premiums paid degusits into both the external and internal decommissioning accounts on the excess policy, SCE&G and the Authority could also be j a nd invest ment earnings, are estimated to provide sumcient funds for assessed a retreactive premium, not to exceed 7.5 times the annual the Authority's one-third share of the total decommissioning costs. premium, in the event ofproperty damage to any nuclear generating Due to stress corrosion racking, the steam generators at the facility covered by NEIL Based on the current annual premium and Summer Nudcar Station had to be replaced. SCE&G had filed suit the Authority's one-third interest, the Authoriry's maxinmm retmactive against the manufacturer of the generators seeking damages for the premium would be $4.1 million.

replacement of the generators. The Authority is self-insured for any retroactive premium in January 1994, SCE&G and the Authority reached a settlement assessrnents, daims in excess of stated coverage, or cost increases due agreement with the manufacturet of the steam generators resolving to the purchase of replacement power.

the dhpure involving the steam generators. Terms of the settlement will remain confidential and there will be no material adverse impact on the Authority. An order dismissing this suit was entered by the judge on January 12,1994. ne generators were replaced in 1994. The Authority has capital lease contracts with Central Electric ne suppliet under the original uranium supply contract breached Power Cooperative, Inc. (Central), covering a steam electric generating the contract in 1975 due to uranium market conditions. SCE&G plant, transmission facilities, and various other facilities. The lease initiated action seeking specific performance of the contract pnwisions, terms range ft am one io twenty-one years. Quarterly lease payments and a final settlement was reached and appmved by all parties in April are based on a sum equal to the interest on and principal of Central's 1980. By terms of the settlement, the Authority has received indebtedness to the Rural Electrification Administration for funds approximardy $10,243,000 in cash as partial settlement of the borrowed to construct the above-mentioned facilities.The Authority lawsuit. Addnionally, the agreement provides for delivery ofuranium, has options to purchase the leased properties ar ..ny time during the long-term ddiveries ofcquipment and services (induding conven, ion period ofthe lease agreements for sums equal te Ccntrars indebtedness and fuel fabrication) at a discount.ne cash and discounts received remaining outstanding on the properti< at the time the options are (and related interest earned) w hich approximated $ 17,429/000, were e ercised or to return the propemes at the termination of the lease.

recorded as deferred credits. During prior refueling outages deferred He Authority plans to nercise each and every option to acquire urdits and related interest were used to ofhet additional fuel costs ownership of such facilities prior to expiration of the leases.

se

L 1

l Future minimum lease payments on Central leases, at December Nrhase Commitmenu-ne Authority has contracted for long-term j

31,1994 were: coalp 9asesundercontractswithoutstandingminimumobligations at December 31,1994 as follows:

Years ending December 31: Amount frhousands) Years ending December 31: Amount fnousands)

1995- $ 5.233 5,229 1995. $ 104,476

( 1996-1997. 5,229 1996. 104,476 1998: 5,198 1997- 104,476 1999 4,802 1998. 85,074 l

l Thereafter : 41,602 1999. 85,074 Thereafter . 282,552 Total minimum lease payments 67,293 Less amounts representing interest . 17,845 Total . $ 766,128 Balance at December 31,1994 . $ 49,448 He Authority's outstanding minimum obligations under existing Property under capitalized leases and related accumulated Purchased power contracts as of December 31,1994, were amortizarian included in utiliry plant at December 31,1994 totalled approximately $117,1 million. The terms of the contracts range

$99,628,000 and $59,002.000, respectively, and at December 31, fr m 1 to 41 years.

1993 totalled $100,207,000 and $56,672,000, respectively. The Authorityhascommitmentsofapproximately$140.3 million Operating lease payments during the years ended December 31, for its ne-third share under the joint ownership agreement with 1994,1993, and 1992, totalled $1,116,000, $753,000, and SCE&G for the purchase, conversion. enrichment and fabrication of l

$ 1,021,000, respectively. uranium.

I Clean Air Aa-ne Authority endeavors to ensure that its facilities mmply with applicable environmental regulations and standards.

Nore 9 Contract with Central Electric Power Cooperative, Inc.t Congress has promulgated comprehensive amendments to the Power supply and transmission services are provided to Central in Clean Air Act, mcluding the addition of a new federal program accordance with a power system coordination and integration relating to acid precipitation. The Authority has evaluated the agreement. In addition, the Authority will be the sole supplier of potential impact of this legislation, including new limits on the Central's energy needs excluding energy Central receives from the allowable rates of emission of sulfur dioxide and nitrogen oxide.

Southeastern Power Administration and SCE&G. While the legislation contains a number ofnew restrictions, the most significant new requirements, relating to acid precipitation, would not begin to impact the Authority until the year 2000.

l Nore 10 Commitments and Contingencies:

l Under the Clean Air Act, among other things, specific reductions i Ager-The Authority's capital budget provides for expenditures of in sulfur dioxide and nitrogen oxide emissions from fossil-fueled approximately $ 139,454,000 during the par ending December 31, generating units will be required in two phases. In general, Phase I 1995, and $168,085,000 during the two years thereafter. These compliance must be implemented by January 1,1995 and Phase 11 projects will be fmanced by internally generated funds and additional compliance by January 1,2000. Specific regulations, rules and borrowings. procedures for implementing the Clean Air Act are currendy being futurr Genentrion -The Authority's Board of Directors approved the pmmulgated by the EPA. The Authority currendy projects it can meet Clean Air Act mmpliance with its existing units but may need construction ofa second 540-megawatt coal-fueled electric generating unit at the Cross Plant.

t envir nmentally dispatch the order of operation. The Authonty has installed continuous emissions monitoring equipment at a cost of The estimated cost ofconstruction is expected to total approximately

$460.7 million which includes $417.9 million for the generating $5.3 milli n and estimates that it will spend $8.1 million for low unit, $25.9 million for related transmission facilities, $9.9 million for nitt us xide burner technology by the year 2000.

coal cars and $7.0 million for the initial coal stockpile. On September 12,1994 at 12:03 a.m., Cross Unit I was synchmnized to the Santee Enerp Poli <y Aa ofl992-The Energy Iblicy Act of 1992 (Energy Act) pr rn tes energy efficiency, alternative fuel use, and increased Cooper transmission grid and produced its first test generation.

c mpetition for electric utilities and will have a significant impact on Commercial operation is expected to commence in May 1995 '

the utility industry. Under the Energy Act, independent Power Producers (IPPs) are allowed access to a utility's transmission lines to sell their electricity to other utilities, thus enhancing their incentive to build generation planu for the utility's large industrial and commercial customers. At this time, the Authority is not able to determine what impact open transmission access will have on the financial results of i the Authority.

49

Epsh Turbine Fire On December 30,1994, an explosion and on an actuarially determined basis. As of December 31,1994, there subsequent fire severely damaged the Winyah Unit I turbine generator were 37 active participants and 23 retirees. He accrued liability at causing approximately $25 million in damage to the 270-megawatt December 31,1994,1993 and 1992, was approximately $3,572,000, unit, ne turbine generator will be repaired and is expected to be out $3,255,000, and $2,956,000, respectively.

of service for 12 months. Insurance carried by the Authority should insulate ratepayers from any impact of paying for repairs, with the N,r,12 Other Post-Retirement Benefits:

exception ofthe $405,000 deductible, Because the new 540-megawatt unit at Cross is ahead of schedule, the. Authority does not anticipate ne Aus rity pr vides certain health, dental and life insurance benefits for retired employees. Substantially all of the Authority's difficulty in meeting customer load.

employees may become eligible for these benefits if they retire at any age with 30 years ofservice or at age 60 with at least 20 years ofservice.

Note 11 Retirement Plan: Currently, approximately 270 retirees meet these requirements. He cm f the health, dental and life insurance benefits are recognized as Substantially all Authority full-time emplovces must participate in expense as the premiums are paid. For the years ended December 31, one of the components of the South Camlina Retirement System 1994,1993 and 1992, these costs totalled $558,000, $515,000 and (System), a cost-sharing, multiple-employer public employee

$371,000, respecchey retirement system.The payroll for empkryees covered by the System During their first ten yean ofservice, fidt-time permanent emphryces for each of the years ended December 31,1994,1993 and 1992, was Can e m UP to 15 days vacation leave per year. After ten years of

$69,705,000, $65,727,000 and $61,558,000, respectively.

service, empi yees e rn an addition.d day vacation leave for each year Vested employees who retire at age 65 or with 30 years ofservice at fscrvice mer ten unta they reach 6e maximum of 25 days per year.

any age are entided to a retirement benefit, payable monthly for life.

Emphiyees carn annually a halfday per month plus three additional The annual benefit amount is equal to 1.82 percent of their average days at year end for sick leave.

fmal compensation times years of service. Benefits fully vest on Employees may carry forward up to 45 days of vacation leave and reaching five years ofservice. Reduced retirement benefits are payable 180 days of sick leave from one calendar year to the next. Upon as early as age 55. The System aho provides death and disability tenninati n, the Authority pays employees for accumulated vacation benefits. Benefits are established by state starute.

leave at the pay rate then in effect. In addition, the Authority pays Employees are required by state statute to contribute 6 percent of emPI Yee5 u'Pon retirement 20 percent of their accumulated sick leave salary.The Authority is required by the same stature to contribute at the pay rate then in effect. These costs are carried as a deferred debit 7,55 percent of tot.d payroll The contnbution requirement for each and a liability on the balance sheet and will be recovered through rates of the years ended December 31,1994,1993 and 1992, was

$5,370,000, $5,063,000, and $4,742,000 from the Authority and as thy am pad

$4,183,000, $3,944,000, and $3,689,000 from employees.

An actuarial valuation is performed for the System annually. Nore 13 Credit Risk and Major Customers:

According to the South Carolina Retirement System's June 30,1994 Concentrations of credit risk with respect to the receivables are fmancial statements, the pension benefit obligation for retired and active members was approximately $ 13.8 billion.The amortized cost limited due to the large number of customers in the Authority's afassets ofthe System was approximatelv $ 10.4 billion.The unfunded cust mer base and their dispersion across different industries. He Authority maintains an allowance for uncollectible accounts based pension obligation was approximately $3.4 billion. The pension up n the expected collectibility of all accounts receivable.

benefit obligation is a standardized measure of the present value of pension benefits, adjusted for the effects ofpmjected salary increases, Sales t tw rnai r cusmmers f r the years ended December 31, estimated to be payable in the future as a result of employee service to date. The measure, which is an actuarial present value of credited projected benefits, is intended to help users assess the System funding 1994 1993 1992 status on a going <oncern basis, assess pmgress made m accumulaung sufficient assets to pay benefits when due, and mile comparisons frhousands) among pubbc empkryce retirement systems. The System does not make separate measurements of assets and benefits payable for Central Electric Power individual employers. The Authority's contribution represented Cooperative, Inc. $ 278,000 $ 277,000 $ 236,000 appmximately one and a half percent of the total contribution to the Alumax of South System. Carolina, Inc. $ 71.000 $ 72,000 $ 82,000 Ten-year hismrical trend information showing the System's pmgress in accumulating sufficient assets to pay benefits when due is presented in the System's June 30,1994 Comprehensive Armual Financial Report.

He Authority also provides deferred compemation benefits to certain employees who are eligible to retire with ten years of service and haw reached the age of 50. He cost of these benefits is accrued se

AlfDIT COMMITTEE CH AIRM AN'S LETTER g

The Finance-Audit Committee of the ik>ard of Directors is composed of five independent directors: tron S. Goodall, chairman: ILL Hendricks: D. Gene Rickenbaker; J. Mac Walters; and Johnnie (Joe) Young. The Committee meets rnonthly with members of management and Internal Audit to review and discuss their activities and responsibilities.

The Finance-Audit Committee oversees Santee Cooper's financial reporting and internal auditing processes on behalforthe Board of Directors. Monthly briefings on the financial statements and periodic reports from management and the internal auditors pertaining to operations and representations were received. In fulfilling its responsibilities, the Commit-tee also reviewed the overall scope and specific plans for the respective audits by the internal auditors and the independent public accountant.The Committee discussed the Company's financial statements and the adaluacy ofits system of internal controls.

The Committee met with the independent public accountant and with the General Auditoc, without management present, to discuss the results of the examination, the evaluation of Santee Cooper's internal controls, and the overall quality ofSantee Cooper's financial reporting.

.86h iron S. Gmxlall, Chairman Finance-Audit Committee c _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ -

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' 3ERK8' SERIES 3LRIE8 SERTES SERIES SERIES IMPROVEMENT 8f RIES SERIE8 SERIES W. Rate Aml. W. Rats Amt.

f!

W Rate Amt. let. Rate Amt. W. Rate Amt. W. Rate Amt. Int. Rate Amt. W. Rate Amt. W. Rate Amt.

2.30 1.095 5 90 1.080 7.00 1.840 6 00 18.480 f G40 1,160 5.90 1.140 ' 7 00 3.895 2.60 1.235 6 00 1.205 7.00 4.155 5.30 4.730 3.70 1320 6 10 1.280 7.10 6.635 6% 2.935 5.50 4.980 f 2.80 1.400 6% 1.350 720 7,110 6.30 3.120 5,65 5.255 d 2 90 1.505 6 40 1.435 7.30 7.650 6.40 4205 5.80 5.550 9.00 L6C3 6% 2.875 7.40 8220 f.05 1,715 6% 4.280 7.40 13.520 6.70 6.240 P.10 3.510 6 60 4.575 7 % 16.547 7.50 330 9.10 4.920 6 % 20.390 7.50 365 7.00 18.975 (1)

P.10 5.265 6 'h 16.795 7.60 5.385 7.30 15,409 710 5,625 6% 2,350 7% 320' 7.30 7,193 (1) 7.00 3.760 6 40 6,590 F.20 6,000 6% 2,525 7% 340' 6 % 20.759 7.00 6.415* 6% 2.715' 7% 365* 6% 7.646 (1) .]

6% 2,925' 7% 395*

f00 6.850'

% 00 7.310*

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6% 3.140* 78/4 420' T C3 6.025' 6% 3.380* 7% 460* 6.50 7,01 0' P.C3 6.430' 6% 3.625' 7% 490* 6.50 7.470*

P.30 6.870* 6 90 3.880* 7% 525' 6.50 7,955' F.30 7.915' 6 90 4.150' 7% 7.315' 6 50 8.470* ,

P.30 8.145* 6.90 4 465* 7% 8.210*  ;

I t f.30 20.430' 6 90 4.785* 7% 275* e

!7.30 21.875* 6.90 $160* 7% 300* f k.30 23.425' 6 90 5.575* 7% 325' -I f.30 25.080* 6 90 6,030' 7 % 19610' j f.30 27.005*

6 90 6.520* 7 % 25,995* j y.30 56.985* 6.90 7.040* 7 % 23.945*

% 62 325' 7 00 61.025' l

4 6.00 12.120' 6 00 12.850*

6 00 13.620' 6 00 14,435' 6.00 15300*

329 640 185695 16.547 148.3 % 18.975(1) 22.602 (1) 107.065 28,405 (1) 58.010 6.190 6.965 465 2.720 3 77 363 12.160 286 0 l

l 0 0 0 37.460 0 0 251.185 0 291.990 1

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! 335.630 192.660 17.012 188.575 17.471 21.068 370 410 27.158 350.000 I

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_ ___-_ ______ _ . _ _ _ _ - _ _ _ .1

1097 A 1992 M 1993 A4B 1993 C 1993 M REFUNDDG MINL60ND 1992 5 RIFUNDING REFUNDING MINI 80ND TOTAL TOTAL TOTAL SERIES SERIES (2) SERIES SERIES SERIES (2) SERIES (?) PRINCIPAL REVENUE DEST ist. Raia Amt. Int. Rata Amt. Im Rate Amt. lat. Rete Amt. Int Rate Amt. Int Rate Amt. MAfuRITIE8($) INTEREST (5) SERVICE 15) . . . . . . .

4 70 1.165 3 40 7.525 51.295 128.680 179.975

,, . 60 9 450 36.680 137,110 173,790 4.90 1.220 3.60 12.370 40.515 144,985 185.500 5.10 1.280 5.30 2.405 4.00 5.480 38.885 148,115 187.000 4 20 6.955 41,475 145,511 186.986 5% 7.940 335 4 80 16,995 4 30 4,055 52.890 143.234 196,124 5.60 2.385 5.20 5.70 22.505 5 30 360 5.00 6,990 4 40 455 52,240 140.652 192.892 5.80 . 7.400 5.50 380 5.00 9.810 4% 3,625 56.695 137.259 193.954 6 00 5.940 5 60 405 5.20 6,280 4 % 12.030 59.852 133.927 193,779 5 70 435 5 20 10.115 4% 12.590 78.565(1) 135.720 214.285 (1) ,

5 80 460 5.30 7.080 4% 6.440 74.454 126.103 200,557 620 6290 6.20 6 680 5 90 490 5 40 10,400(3) 4 % 13,310 68.663 (1) 130.164 198.827(1) 6% 10.016 5.90 525 5.50 8.410 4 % 11155 80.125 117,386 197,511 6.20 7.100 6.20 7.540 6% 10,077 6.00 555 5.50 10.920 5 00 18.230 77.968 (1) 123.434 201,402 (1) 6% 8.005* 6 % 20,138(1) 6.00 595 5 50 9.765 5.00 1.470 64.483 (1) 122.122 186,605 (1) 6% 8.515' 6.00 630 5.50 11.480 5.10 19210(4) 5.35 10.845(1) 76.775 (1) 108,441 185.216 (1) 6 % 10.835' 6 00 670 5.50 11,240 5.10 16,740* 5.35 10.893 (1) 90,343 (1) 104.364 194.707(1) _ . . _ . . . _ _

6 % 11.520* 6.00 715 5.60 12.100(3) 5 00 19.040* 5.35 8.003 93.853 95.588 189.441 6 % 12.265* 6.00 765 5.60 29.300(3) 5.00 16.645* 104.175 90,190 194.365 6% 1.935' 6 00 810 5 50 38.255' 5.00 9.255' 91.995 84.343 176.338 6% 2 055' 6.10 865* 5.50 18.905* 5.00 15.825* 91.485 78.646 170.131 6% 2.275* 6.10 920' 5.50 19,880* 5.00 23265* 105.620 72 993 178.613 6% 2.400* 610 980* 5 50 20,920' 5.00 19.045* 118.450 66 839 185.289 6% 2.570* 610 1.045' 5.50 22,000* 5.00 14.055* 119,595 59.908 179.503

-6% 9.570* 6 10 1.115' 5.50 43.270* 5 % 18,555* 123.230 52.550 175.780 6% 7.695* 6 10 1.185* 5.50 42.015* 5 % 23.880* 134295 44.614 178209 4% 6.870* 6 10 1.260* 5.50 18.995* 5 % 27.120* 142,215 35,965 178.180 6.10 1.345' 5.00 29,460* 154.155 26 443 130.598 6.10 1.430* 5.00 28.595* 30.025 16.664 46,689 6.10 1.525* 5.00 28.165* 29.690 15J58 44.848 610 1.625' 5.00 29 575* 31.200 13,622 44.822 6 10 1130* 5 % 31.055* 32.785 11.987 44.772 6 10 1.845' 5 % 26.585* 40.550 10.405 50 955 5% 21.690* 34.740 8.323 43.063 5 % 23.010' 36.630 6.401 43.031 __ ,

5% 24,185* 38.620 4.375 42,995 5 % 25.425' 40 725 2237 42,962 5% 13.030* 13.030 334 13.364 166,360 40.231 (1) 25.000 385.125 629.350 29.741(1) 2.648.966 (1) 3 024.792 5,673,758 (1) 2.185 274 0 0 2.010 153 149.703 0 0 0 0 0 0 1.242.670 1.326 - - -

384 7,021 168,545 39.178 25.000 385.125 631.360 29.510 4.034.318 es

CCbEDULE OF REFUNDED DONDS OUTSTANDING As of Daemixt 31,1994 (in Thotuands)

CALL DATE JULY 1,1995 JANUARY 1,1996 JULY 1,1996 JblY 1,2001 JULY 1. 2002

$ FRIES 1985 R[F 1986-A RfF 1988 A REF 1986- A & 8 REF 19918&C REF 1991-0 N Rate Amest Rate Amount Rate Amount Rate Amount Rate Amount Rate Amount i DAff JUL11 1995 1996 1997 8 80 900 8 60 2.390 1998 9 00 1.000 8 70 4.980 1999 9 05 1,160 6 75 S.405 7.80 6.365 2000 9.10 1,150 7.80 13.200 2001 7.90 835 6.60 15.370 5.90 5.870 2002 7.90 900 6.00 6.215 2003 9.00 32.500* 8 00 4 695 2004 8 00 5.070 2005 9% 5.000* 8.00 5.475 2006 8 00 5,910 2007 8.10 6.390 7.00 4.025 2008 8.10 6.905 2009 7.00 8,915*

2010 2011 2012 7.00 25.610*

2013 2014 2015 2016 2017 2018 2019 8 00 65.565*

2020 7.00 23.675*

2021 9 20 120,890' 7% 37.460- 7.10 135.705*

2022 9% 160 510*

2023 2024 6.50 130,275*

2025 2026 6% 61,560*

2027 2028 2029 2030 2031 6% 149 630*

Totals per $169.780 $16S.165 $37.460 $144 985 $251,185 $291,990 Seres Totats per Call $335,945 $37.460 $144.985 $251.185 $291.990 Date

• Term Bonds

CCHEDULE OF DONDS OUTSTANDING As of December 31,1994

. (ln Thousands) 1985 1985 A 1948A&S MAflJRifT 1967 1973 1974 1977 1974 1979 A REFUNDING REFUNDfMG ftEFUNDING DATE SERIES $ERIES BERIES SERIES SERIES SERIES SERIES' SERIES SERIES JULY 1 W Rate Amt Int Rate Amt. Int Rete Amt hit. Rate Amt W. Rate Amt int. Rate Amt. Int. Rate Amt W. Rats Amt. Int Rate Amt.

1995 . 4 10 2.720' 5% 1,795* 6 40 2.035 5 30 785 5 30 1,515 6 05 1.490 8.40 765 8.20 2,425 7.40 6,580 1906 410 2.845' 5% 1,900* 6 40 2,155 5.40 830 5 35 1,585 8 60 825 8 40 2.030 7% 7,645 1997 410 2.975* 5% 2.01 0* 5 45 890 5.40 1,670 7 60 7,995 1998 4 10 3.105* 5% 2,125' 5% 935 5A0 1,760 7.70 5.925 1999 4.10 3245' 5% 2.245' 5% 1.005 5.70 1.850' 2000 410 3.395* 5% 2.375* 5 55 1.065 510 1.940*

2001 4 10 3.545' 5% 2.510' 5 60 1,130 5.70 2,045*

2002 4 10 3.705* 5% 2.655' 5 60 1220 5.70 2,145*

2003 4 10 3.870* 5% 2.810* 5% 1295* 5 70 2.260*

2004 4 10 4.045' 5% 2,970* 5% 1.380* 5.70 2.380*

2005 4.10 4.230' 5% 3.140' 5% 1.460* 5 70 2.500*

2006 4 10 4.420' 5% 3.325' 5% 1.570* 510 2.630*

2007 5% 3,515' 5% 1,795* $10 7.385*

2008 5% 3.715' 5% 1.945' 5.70 7.845*

2009 5% 3,930' 5% 2.080* 5% 8.330*

2010 5% 4,155' 5% 2.225' 5% 8.845*

2011 5% 11.520' 5% 2,180* 5% 9,390*

2012 5% 12,180* 5% 2.300* 5% 9.980*

2013 5% 12,880* 5% 2,500* 5% 10.590*

2014 5% 2,640* 5% 11,250*

2015 5 % 21,065* 5% 11.950*

2016 5 % 21235' 5% 12,555*

20t7 5 % 34.580* 5% 13.190*

2018 5% 50,600*

2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 Add.

Total Outstandmo As of 12/31S4 42,100 81155 4,190 108.110 186.190 1.490 1.590 4 455 28,145 Bonds Redeemed As of 12St/94 9.500 18245 18.630 6.890 13.810 13.585 4.845 7.225 22,825 i Bonds Refunded As of 12 SIS 4 0 0 86.180 0 0 94.925 169180 166.165 144.985 i Less.

Accreted Value As of 12!31S4 - -- - - - - - - -

ht-On0inalissue Amt 51 600 100 000 109 000 115.000 200.000 110,000 176.215 177.845 195.955 F00TN0Tfs.

• Term Bonds (3) These are floating auction tax-exempt ('FLOATC) and (4) $10 210.000 are senal bonds and $9,000.000 are term bonds.

resadoal interest tax-exempt (PITES*) bonds which have a I (1) includes accrebon on Captal Appreciation bonds (5) Included in year that payment is made (Exclusive of Funded and l semiannual bond equivalent y!eid of 5 40% per annum on M@ 1201S those matunnc &^30/2006 and 5 60% per annum on tnose Accrued Interest)

(2) Matunties are on January 1 instead of July 1. mth a final maturts of 678.7013. (For Details on Calls "See Schedule of Refunded Bonds Outstandmg.")

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ADVISORY BOARD MANAGEMENT Carroll A. CampbellJr.' T. Graham Edwards Robert E Petracca .

. Gowrnor Ihsidentand Vice1%sident James M. Miles Surerary ofState ' Robert 1'. 7hnner . Byron C. Rodgers Jr.

ChiefOperating Ofur - Vice President T.Travis Medlock*

Enginaringa

- Atorney Genend Bill McCal1Jr. a ,,,,,,,;,,3f,,,,, ,,,,_

^ Executin 11ce Mident E. Earle E. Morris -

1&oduction Jerry L Stafford

Gmptroller General gg,, y;g,,,,

Grady L Patterson Jr.* .y ;g,,,, _

Corporate Gmmunications ,

tate Tuasuur g Enginuringand Opemtiom - William R. Sutton V 17ce h ident

/

1 John f f.Tsencken Jr. PlanningandherSupply l

Executive Vice hident CHANGES IN THE G / Counsel LE " Butch" Volf -

ADVISORY BOARD ggy jpgg,,

Emily S. Brown

- *In South Carolina's g,,g,,;yyfg,;j,,,

SJ 5"" O/"dn'85 l November general Administration andFinance Elaine G. Peterson election, David M. G""#/!"

Mf d Calde*

. Beasley wu elected Senior Viu Pusident H. Roderick Murchison l govemor; Charles M. PlanningandBulkIburr Afarkets . Treasurrr I Condon was elected axie C. Chaplin W. Glen Brown attorney generah and Viu Pusiderst Corpomu Suretary Richard Eckstrom was 1% duction Operatiom elected state treasurer. 'l All were sworn-in on Zack W. Dusenbury y,. g, CHANGES IN Jan. I1,1995. *****'"'"'

flouy-Georgetown Division Ronald i1. Ifolmes

• In February 1995, Vice Iksiden, Alfred Calafiore joined Human Resources - the executive manage-ment staff as senior vice  ;

president of Planning -

and Bulk lhver Markets.

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f ForAdditionalInformation Contact-

-Jerry L Stafford, Vice President Corporate Communications Santee Cooper One Riverwood Drive

. Moncks Corner, S.C. 29461-2901 -

(803) 761-4051 Editor -

Bah Oliser/ Santa Cooper Photographer Jim Huf/ Santa Cooper Writers Beth OliverandWillardStrong / Santee Cooper Designer Lee Helmer /Adirrtising Sm in Agnuy :.

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