ML20094M883

1991 Annual Rept

ML20094M883
Person / Time
Site:	Summer
Issue date:	01/31/1992
From:	SCANA CORP.
To:
Shared Package
ML20094M881	List: ML20094M878 ML20094M883
References
NUDOCS 9204030023
Download: ML20094M883 (40)

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1991 1990 (Decrease)

(hiNhons of Dollars excep! statistics and per share amounts)

• -I financial Z

Tota 10perating Revenues

$ 1.147.8

$ 1,147.6 0.0 C

Totaloperating Expenses

$ 925.5

$ 921.6 0.4

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Netincome

$ 135 9

$ 181.6 (25.2)

Eamings Per Weighted Awrag Share of Common Stock

$ 337

$ 4 44 (24.11 g

Dividends Dedxed Per Share of Common Stxk 5

2.62

$ 2.52 4.0 7

Book Value Per Share of Common Stxk Obar-End)

$ 23.23

$ 24.56 2.7 4

Market Price Per Sham of Common Stxk O' ear.End)

$ 44.25

$ 34 63 27.8 h

Common Stxkhokiers' Equity O' ear End)

$ 1,029.0

$1.003.0 2.5 y

Common Stxk Outstanding -

t.1.,)

Average (Thousands) 40361 40.882 (13)

CL Year End(Thousands) 40384 40.882 (0.2)

Q Property Additions and Construction Expenditures

$ 288 6

$ 324.2 (11.0)

UtihtyPkint Net 52.te4J

$ 2.549.8 4.5 b

Electric Opectons Electric Operating Revenues

$ 807.2

$ 851.1 1.9 g

Elect Lyratingincome

$ 198.2

$ 201.5 (l.6) y Territor'al d.5 (Million DVil) 15.605 15.383 2.0 y

Customers 0' ear-End) 453.660 446.516 1.6 d

Generating Capability. Net MW O' ear.End) 3.912 3.891 0.5 Z

Territorial Peak Demand-Net MW 3300 3.221 2.4

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Gas 0perations Gas 0perating Rewnues

$ 276.7

$ 292.4 (5.4)

Gas OperatingIncome 5

29.5 29.1 1.4 Sales Ghousand Therms) 094.801 711.821 (2.4)

Customers D' ear-Endl 225.810 220,817 23 Transit Operations Transit Operating Rewnues 5

3,9 5

4.0 (2.5)

Transit Opemtingincome(loss)

(53)

(4.7) 12.8 Revenue Passengers Carried Ghoustnds) 6.395 6.788 (5.8)

AsouT Tut covtr Ci w RMAN'S IrrrEl....................................... I ReSpondingTO A ChangingWOdd Maybe business as usuahvas Tile YEAR IN Rrvlav...................................... 4 adequate in simpler times, but not tcday.

The ever< hanging world of the ws demands FINANCIAL & OPERGNG ClWUS............... I6 new ideas, new methods and new approaches to product marketing and customer satisfaction.

OmCERS & DIRECTORS............................... I 8 Responding to a changingworld is SCANA Corporation's FINANCIAL Rm nv.................................. 2 0 key to future success.

INVESTOR INTORMAT10N.............................. 41 As pn of our o>nrinuing esus to exerc8e n spd br the enwonment, this annua! repon is pnmed ennrely on n'cWi pyr.

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1991 1990 (Decrease)

(Mil lkyts tf Dollars rupt statstks h

andper share annunts)

-J Financial Z

Total 0perating Rewnues

$ 1.147.8

$ l.147.6 00 C

Total 0 grating Expenws 5 925.5

$ 92. 6 0.4

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Netincome

$ 1 '5.9

$ 181.6 (25.2)

Eamings Per Weighted Average Share of Common Stxk

$ 137 5

4.44 (24 1) g Dividends Declared Per Share of Common Stxk 2.02

$ L52 4.0 7~

[(vk Value Per Share of Common Stxk O' ear-End)

$ 25.23

$ 24.56 2.7 Market Price Per Share of Common Stxk O' ear End)

$ 44.25

$ 34.63 27.8 h

Common Stxkholders' Equiry O' ear-End)

$ 1.029.0

$ 1.003.9 2.5 y

Common Stxk Outstandmg-w Average (Thousands) 40361 40.882 (1.3) a Year End Ghousands) 40384 40.Su2 (0.2)

O Pro;ury Additions and Constnaction fxpenditures

$ 288 6 5 324.2 (l1.0)

Litihty Plant. Net

$ 2.6643

$ 2,549.8 4.5 b

Electric 0) nations

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Electric operating Rnenues S 867.2 5 851.1 1.9 y

Electric operatingincome

$ 198.2

$ 201.5 (1.6) y TenitorialSales(Million KWil) 15.695 15,385 2.0 7

Customers 0' ear.End) 453 M0 446.516 1.6 d

GeneratingCapability NetMWD' ear-End) 3.912 3.891 0.5 Z

Territorial Peak Demand-Net MW 3300 3.222 2.4

[

Gas Operations GasOperating Revenues

$ 27o7

$ 292.4 (5 4)

Gas 0;vraungincome 29.5 5

29.1 1.4 Sales GhousandTherms) 694,801 711.821 (2.4 j Customers O' car End) 225.819 220.817 23 Transit Oprations Transit Operating Roenues 3.9 4.0 (2.5)

Transit 0gratingincome (loss)

(53)

(4J) 12.8 Revenue Passengers Camed (Thousands) 0.395 6J88 (5.8)

A80trr Tm CovlI CllAlratW's LEPn:R...................................... 1 ReSpondingTO A Changing World Maybe business as usualwas TIIE YEAR IN Rryt t.w................................ 4 adequate in simpler times, but not today.

The ever< hanging world of the Ws demands FINANCtu & OPERATING CilARTS................16 new ideas, new methods and new approaches to product marketing and customer satisfaction.

Or rlCERS & DIRECTORS.............................. I 8 Responding to a changing world is SCANA Corporation's FINANCIAL REVIBY...................................... 2 0 key to future success, INVESTOR lNFOit\\tATION...

... 41 As en d our conenmng enens to exerase n spea a the emwnmenuhis annual repen is pnnted entrely on readed p;u

4 Eu:CTRIC EircrRic CUSTOMERS El.tcrRic Tt:RluToRIAl,SAtts (thousands war <ndi (billions of R\\m) g During 1991 we added 7,144 net nev: customers, raising the total electric customer base by 1.6 per-cc cent to 453.660 at year end. Most 38 of thatgrmth occu'rredin the resi-E dentialandcommercialclasses.

m h -

Territorial sales of electncity in g

g 440 15 j

1991 totaled 15.7 billion kilowatt-g l l

~

g hours (MVH),a 2.0 peicent 420 p

12 increase from 1990. Sales to ulti-i 1

-h

. mate consumers represented 94 g

9 a

percent of DVH salesin 1991.

I while sales towholesale customers ll llll

.O accounted for o percent. Over the 380 6

pc.st five years, total electric cus-3 3

l l l l tomersand1GVH sales have w ss sv w '91 w "ss 89 w vi grown atan averageannualrate of umi Residennal Commeretal Industrial other Total 2.2 percent and 2.8 percent, reS}cetively.

Customers 391,732 58.610 712 2.00n 433.tM -

% of 1991 TerritorialIGVilSales 33%

2%

2%

9%_

100%

i I

NATwwiGAS NAERu GAS CUSIOMERs NAmRAL gas S.ucs

1. "* "dO"d)

(""* "#""SI During 1991 we added 5.002 net new customers, bringing the con-fo!idated naturalgas customer base to 225,819 at year-end,a 2.3 O

a

- percentincrease ov'er 1990. Resi-dentialcustomers comprise 90 percentof the consolidated natu -

220 -

w ralgascustomerbase Consoli-l dated salesofnaturalgas totaled 210 650 695 million therms in 1991, a 2.4 percentdecru from 1990 L

Approximately 76 percent of con-l

'salidated therm salesin 1991 were g

g to ultimate consumerswhile sales 190 550 towholesalecustomers accounted i L

3 l

for24 percent.Over the past five w w 89 90 or w ss s9 w oi years, consolidated naturalgas customersand therm sales have Roldential Commercial Industnal Wholesale Total

. frown at ar, average annual rate of casiomers 204.iri 20.943 02s 23 223.siv 3.2 pemt and 0.8 percent,

% of 1991 Therm Sales 15 %

14 %

47%

24%

100%

respec y.

y SCANA Corporation, headquartered in Columbia, Arenf SC, is a $3 billion energy-based holding company

(?gN' I with 11 direct whollyovned NORTH CAROUNA supply y

subsidiaries engaged e TP" J,W wu U

in electric and v?,, %Od%. MW 99me f g, we 15g4 y*WRikN.!,,fagrapCavems Natural Gas Service Area e

naturalgas utilit),

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y a w.

,c g; y, o--

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g y g.- m s.

operations and R

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subsidiary. South Carolina 3[MypMy tandp4y tfg7gJpM@kP g

h? tim Mk ed Electric & Gas Company

'gr jg >b D M rg j"$g;.y%pp @S#

MWQg (SCE&G),is a regulated public 4

ap hg ffp wda y? Q g g $,a utility servingapproximately h

ahr % Q h @j (Y I;P 7 7 stevensCr kNE 454,000 electric customersin urqu!Uri.Nhg%g[Cp g

M3rdeTeach a 15,000 square-mile territory gg J/g/ g grg h g ehggg m centraland southem Morak NNN South Carolina.

g #58 MW7"

-}5 1-Q GEORGIA Through the combined opera-g Nna em tions of SCE&G and South Carolina Pipeline 4 ;Vm 4 m$,4 'y?*UqudedNatunt Y

g$

1bms Gamant C0rporation, SCANA,s gas transmission subs. diary, i

ML"e%ppgagM*M' I6rleston natural gas services are provided to more than 225,000 y

ATI ANUC bpD A'Uh.YI[h5 kElectric UCEAN retail and resale customers throughout most of the state.

The total population of SCANA's combined utility ser-

%,y '

fe#'"$"e$r'e}

vice area is approximately three million. SCEaG also pro-vides transit services in the metropolitan areas of Columbia i%[

and Charleston. Other regulated utility subsidiaries own an H

- Gas Transmissi0n Unes electric generating plant near Charleston and provide financing for SCE&G's coal and nuclear fuel inventories.

SCANKs non-regulated diversified operations extend beyond South Carolina and include oil and natural gas production; real estate development and property management; purchase, delivery and sale of propane; fiber-optic based telecommunications; and general and specialized construction, power plant management and support services.

STEAM HYDRO INTERNAL COMBUSBON NUCLEAR GENERATION:

GENERADON:

GENERADON:

GENERADON:

Canadys Columbia Canal Burton Summer Station Hagood Fairfield Pumped Storage Canadys McMeekin NealShoals Colt Urquhart Part Faber Place Waterce L ada Hardeeville MTilams Stevens Creek Part Urquhart l

WTliam3 1

i l

continn_i to grow. Rese reserves are intended for markets we do not currently sent. Additionally, we doubled the resources assigned to the direct brokering of natural gas to industrial customers and significantly p-g increased the income from this activity. Finally, SCANAs traditional gas

+'

j '

g.

businesses are respnding by becoming even more flexible. We are g

t U not making significant long-term commitments for supply other than for

% N-our core markets. Spt market purchases constituted 65 percent of our system purchases for 1o91.

[

We recently began building our second liquefied natural

[

3 gas stomge plant. When completed in 1993, it will allow us to reduce our neche,enue)sprn rocn;ga agge firm customers' cost of gas. We have begtm implementing recommenda-u NNaN}ENJNNe%$Q tionsof anemployee-managed organizationaleffectivenessreviewofour n

p assstrg a na4 custancr degnaw wh cancer.

retai! gas business. These recommendations have flattened the organiza-tion and reduced head count while increasing the resources devoted to

'70dQy' COnSumCTS CXpCCl marketing and sales. Finally, we continue to sell gas aggressively to our industrial loads, principally displacing the buming of high sulfur con-impT0VCd SCTVlCC. WC mUSl tent, foreign oil. Be onging deregulation of the natural gas industry Improve ourS, or be left behind."

has caused us to become very active in all sectors of the industry, to have a broader view of sales opportunities and necessar' y to take more resynsibility for our own system u

supply and cost structure while streamlining the organization.

As you can see, our list of things to accomplish in the next five years is filled with some very difficult assignments. Homtr. we undertake these tasks with some significant strengths. While I can pint to a competitive cost structure, a healthy financial condition and a growing service area, it will take the dedication and talents of some 4,800 employees to meet our objectives. Whether its the recovery from Hur-ricane Hugo in 1989, the operation of V.C. Summer Nuclear Station (which was recently recognized by the Nuclear Regulatory Commission as one of the four safest plants in the country) or the weatherization of homes for the needy in the past few years, our employees can be counted on to get the job done. Actist and retired employees os.n 13 percent of SCANKs common stock, so we all have the same objectists. I look fonvard to working with them as SCANA continues to grow.

Respectftaly submitted,

% h, lawrence M. Gressette,Jr.

Chairman of the Board, President and Chief Executive Officer February 10, IW2 0

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Soum CAR 0l.lNA ELECTRIC & gas COMPANY i

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• SCE&G has focused on the challenges inher-ent in deregulation and the coming of competitive pressures never fS

@A; f-y f e -

4 4 o i

J.

before experienced. Our customers are demanding an inernsing 41 Lyhy&GsinpursuC,

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wS

~mm array of energy cho. ices for more control over their energy bills.

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{g? g mN V - CXCdictXC in Dph"05C inn '.* Y a We must provide quality products at reasonable prices :o remain QPQMpNA:

u Q G l g g %nl % w w m competitive. We must do so with an ever-increasing sensitivity to MME Udi Y ZMP 4

the way our o} cations impact the environment. SCE&G will Q Qf0UTOpCTGil0M Ggjgg%WQ o O meet these challenges with four long-range strategies: operational e.

y er a4 g@my'Nl,C{ICle..e excellence, effective cost management, aggressive marketing' g

gg Of CA, h

economic development, and an enhanced sensitivity to people.

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e The nuclear operations group ach.ieved opera-dW Y

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y g% M $ D i d N i N h d i d @3 @

tional excellence in 1991. The Nuclear Regulatory Commission 5P rated our V.C. Summer Nuclear Station " superior" in its latest L

%gA OE 7, %g h,,ern,ces @g w d

2 assessment of the plant. By receiving the top rating in five of w-seven categories, Summer Station earned its best-ever rating and sa P< r %+:g. pc4_p one of the best in the industry. Summer Station also Wm 4

y@WM

%wg camed the top rating from the Institute of Nuclear p,

3

-@y Power Operations. Only 17 of the 75 nuclear facili-ties evaluated in the same period received INPO's h hbk an m DWM.M highest ratine Additionally,in February 1992 the p%wm b+M &g W M+:

NRC recognized Summer Station as one of the foa

%p y

safest nuclear plants in the nation-an achievement

% r:

of distinction. We completed our sixth refueling out-W @g ? &m en m

%a.G,-w,%.y(g age during 1991 in 58 days, marking the second v

y/QQ consecutive time the plant completed a refuehng ahead of schedule. The plant continues to post an Y $W impressive availability factor. Between the 1900 and NNNk 199; caeling outages, the plant was available to Nb

((YS produce electricity 97.6 percent of the time, a true

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@e W :g 3 measure of operationalexcellence.

jo w$-

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x s fy Workers peer into Summer Station's reuetor vessel MgkM

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%%e&

' WlA A h W.' %w as fuel assemblies are moved into plaec.

Successful refueling and maintenance outages.

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.. yc,y hke this one completed Junng IWI, have helped

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Summer Station achieve one ofIhe highest ratings i

for nuclear plants in the country.

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• Our fossil fired electric generating facilities continued to boast execlient operatiag L

statistics as well. In 1991 these five plants were available to produce electricity 90.3 percent of the time, the highest level ever recorded. Over the same period, these units were unintentionally out of operation foi reasons such as equipment failure only 1.6 percent of the time, the lowest ever recorded i

on our system. A new record peak was established July 23 when demand on our electric system o

l reached 3.300 megawatts. Our peak requirements have grown an average of 2.95 percent annually for the past five years. The reserve margin or the ability to meet additional load if required, was 17.9

)

l percent in 1991. The average reduction in reserve margin over the past five years has been 2.86 per.

l cent per year. Our reserve margin, when viewed in conjunction with the continued growth of our customers' demand for energy at peak times, demanstrates a need to add generating capacity.

• Plans were unveiled in 1991 to build a 385-megawatt fossil fired generating unit l

to meet increased electric demand in the mid-1990s. Construction of the $450 million facility is scheduled to begin in late 1992, with commercial operation planned in the spring of 199o. This will j

be the first addition of baseload generating capacity since the V.C. Summer Nuclear Station went into

)

commercial service in 1984. We have attempted to minimize construction cost and risk by having

{

fixed-price commitments for all of the major equipment and systems, covering 66 percent of the contract amount. To support our peak day needs, a 95-megawatt intemal combustion peaking turbine was placed into service in 1991 to replace an oil-fired unit of similar size that is being retired l

from service. Maintaining the excellent operating records of all our generating plants will remain i

a fundamental priority.

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5 The newest adJition to SCC &G's baseload generating capacity will be located on a 32c& acre parcel ofland near Co;>e, SC. Tlic facihty was designed and engineercJ for environmental compatibihty.

... ~. -. _.,. _ _

4 e in the fall of 1991 the South Carolina Public Service Commission approved a weather normalization adjustment (WNA) for our residential and firm general service natural gas cus.

tomers. This was a significant step toward stabilizing our revenues. Natural gas sales are extremely weather sensittee. The weather normalization adjustment stabilizes sales revenue to reflect normal weather conditions. When the weather is colder than normal, the WNA is negative thus reducing revenues. When the weather is warmer than normal, the WNA is positive, which increases revenues.

• Environmental stewardship is another aspect of our commitment to operational excellence. Approximately 75 percent of the ash generated at our coal. fired generating plants is recycled and sold for use in concrete and cement. and more

, m y + : 4,n q than 60 tons of office paper were recycled in 1991. Environ-1 mental protection systems and pollution control equipment y

p C

represent approximately 21 percent of the cost of building the jg new generating plant. Our fossil-fired operations are preparing i

g i

to meet the requirements of amendments to the Clean Air Act.

pg ' esp i-

~

j g Our pledge is to meet or exceed all public health, safety and environmental standards in every area of our operations.

L f7,,

?Y Abow:In the protection ofSouth V

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has been buildin nesting platll,nns for Carolina's natural wildhfe, SCE&G

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At left: Cement is one of the commercially a,4..

r mluable and emuronmentally sound

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. L' uses of recycled coal ash (wni SCE&G's

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generaung plants. SCE&G saves on A

L disposalcosts while corresponding amounts of naturalmatenals h.

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are conserved.

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L t-4 A ( n, 9 X X j y were virtually the same in IW1 asin IM for the five years

($

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j ended Decemtvr31,1W1.theseexpenseshavegrownatthe

. %, Q[gpg jM rate of only 4.5 percent a year even with the effects of

$ 'd 00&in)MM Q @d continue this emphasis

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1 Ts j cane Hugo and a 2.2 percent growth in customers. We will i"

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• Our retail natural gas operations undertook an

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%MAm organizational self critique during IWl. An employee review

[N}io hy g team spent four months studying ways to conduct business g

79

$@$ hQ,#. mM %_%'mcan hh, more efhelently and effectively. The process resuhed in the

- 4 @< m th 4.- l c

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h reorganization of the re: ail gas area into a strategic business NC Oyf g @Q vy n w %cf$ ', j/pM. Ojdd%c wkw$&y M

yu M pit M d, e &pWf#1y 18 Jobs to enhance our sales and marketmg programs.

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, w,. yn3,d,, 3c0 % w,r_ a s4, 3,d e Retailgasoperationsalsocom.

34 ggr q

,<ya w

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g pleted a 541 million. mu'Mear gas mfn replace-

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$8Md s

g ment project in Columbia. Initially forecasted to i

take 20 years to complete. this pro}ect was fin-AMhNj a

MdBd. 4 Ished in about half that time. Over the past fwe i

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years, principally as a resuk of this project and a u

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similar, nearly complete project in Qarleston, g

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lost and unaccounted for gas in th& tail dbtribu.

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3 tion system has been reduced from more than 3 I

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}pgg Ing us operate in a more cost efficient manner.

GPLf Recycling the coal as generated at our power plants i

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now saves more than $2 million a year in disposal

@%m3 costs We will coroinue to emphasize recychng as

,e A-en a cost-effective and environmentally sound way H

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h of conducting business.

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' i '}'

Meclgas mains wah plastic pipe greally Impu'ed The replasement of more than w miles of aging t

w.

a~4'>

sh: saray a icoanay orine,yacm.

7

7, t q.3 s 7, g.;.g 4 s<

py

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hi {

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3, ne w r m n.,c a n a ne w e usio m m,,c a,c

,e. e w m m.

khh" y *Ih '(("

our products and promoting the economie growth of the commI y '

7 nities we serve. Deetrie marketing. for examp!e. expanded its 5'.

. N6 O) l y,k 1.'

effonsin lW1topursueadditionalrtvenue thro

[@hk%

mga managemeni ptyams ihauxus on e, cue ixomme,u e[

and indastrial eustomers.

{"~

- w me u c s 1 ;.

v b

n y a m s o n s, type heir m i n ~ 4;

[

reduce peak demand and 8 :% fff ; e >(jj rg[ p k

}pf

. M i VM MW h M, v $s$fgyjg>r$my;,{o.f,\\)s Mr the need to buiM open-u wm q t

hji}0,r dve new perieration,which O,bV M E.P.,4 R,,- O 4

F'-

t helps mitigate the need for w

yo m

r k"'

fuluIe Idte increfses,

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{t

_m

, 4,o y' u +t % p:'+e e$hp, D m w

4 r.

y i d0 n

• O {t. hl M

3 F:p0$lh0n'jhef,Ce'lnp,anr, mi Oj [ k l

ft h.}f.

a V

+

t y f I]

b ij h pTO M hl;}[

,.i

• Residential w.

n 4

1,h9h[j[M9 f6 e

ba Cb fIo[ rams coniknued to M

make a substantial e0ntribu-u1,gm w @.m na q$

A p 2.g h-Yy L%Rld.Yl#thi*th(NIThijrkN I on to revenue growth as NCh0lC electric marketing acceded Nh$Nk M[Th[NkN Its lWI goals. hyether these W N & w)M Y[h

!N O D$l$ f 0 h ( h piyams Were responsible for YO Y

As the result of catenshv resear;h, SW&G O l N> M~ M N. N MhKO now ofrcr> cushimers a wuc scicau," of the addition of more than U '

v m

w y-pg; Mg g'ap:!L;wm g%q g @

!I

' h tush cmacncy ouuoor o hung 7he,c c

hghb can piovuc sarmp o[op to 30 million in new revenues in pp m

VOICOIOMCISOSC percent over convennonat eucra,, p nimg.

lgI while deferring the gn, 7 ;'

y 5

equivalent need of 17 megawa'ts of electric generation. Over the

" M M h k Y b k B {M past five years, electric marketing has added more than 512 mil-Op[yn@pports/g/dj M;[M D:w[jg p

lion in new revenues while deferring lo megawatts of generation M,

}M h M m'$ -%LW ffbfb[Iki' a

through demand-side management prc, cams.

m%

glY f V y y+

pfdh Q gs,p+

g f > < y? f&p ; g&g y A A 'p" o a

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s

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to O

e Retail natural gas operations also exceeded its sales goals. Sales of nattital gas water heaters were approximately 9,700 in 1991. Since the sales program began in loss, more than 40AW natural gas water heaters have beeti sc>ld This program and other retail nctural gas sales efforts resulted in 57.5 million in additional reeenue to the system in 1991, e Our strategy is to grow wit the communities we serve. As a resuh.we have a h

simng commitratnt to community development. SCESGs most significant contributions to the economic powth of its service areas are its knv e

rates. In addition, since 1989 SCANA has con-Inbuted more than $7001W to help build or

~'

expand water and sewer systems. Improve roads, 1

.T foster business growth in SCESGs sersice aras and meet other community development needs.

N

These funds have attracted more than S.10 million in matching state and federal grants, and helped create or retain an estimated 9.500'obs. These

'. ~

-?'

projects are expected to add natural gas and elec-

.A".

~

'{

tric revenues of more than $5.2 million annually g.

io SCESGs system.

3 3,,JsmJe,mnmyoudi~ m oh m>einome

u. s.

hl SCC &G bcIped to secure a grant so Ihat this q

• s R.:

of Johns:on in an cfiort to luut Ihe economy

?

f.'

s,._q.

and prov Je necdcJ Jobs.

., o.

.a c

Q M.,

N %,,.

- [\\*.f. - g g ey

't.

.4 -

4 3 l ',' M '

• (

$ 45;Oli b 4A Oc '

. Tibi A s

(

~

lc 3,

c, r

'g 4

y a '. s' I '

'f '

gy 9:j'

+

e Satisfying its customers is the way that a

-C)M b

hhe D h b b t b [N Y W ni2

$ (m O i y +

business succeeds. In Iwl we to0L steps to build on the level of i

senice we provide. We initiated improvements in our electrie and 3 >

.f nw e.

natural gas service plans including longer office hours, accepting r m n g m = k,4 o Jkh[

x y. a.,,

nc N

applications for service by phone and completing all service work h

by the time and date agreed upon with the customer. Meter readers ;

V"

[dikO

$p, We dTC, C0mm. lllf e,

~.m M,,,

meet with customers and answer any questiens they may have

.~,

v j MgQG

,./sg about their bill. Service employees leave door hangers that ask customers to rate the level of service tney receive. Our commitment Py:ronal/Ng07(IniC muxx w

,a" en e% h, so~; ;"'.vy,&

to customer satisfaction will be ongoing as we build upon these E,. %> >l0CkII0ldCT&CU5f0mcTS 9

s W OUTS-- y, personalized services in our daily operations.

M p#n ne sQgta;; ;

e,v-y.

w /s es

.m; em 10mpIO)VCSOHdm m m.rC0m t

• Our cost containment programs and customer spo m,+ w m e

x

c im.MN '

_ n.,nd d 1W growth over the past several years have allowed us to reduce our r, $ % $ f Of[,48 m t?h f fs m

w. x m ? y v m y n @ p.

Q t n w" "

rates significantly below the regional and national averages and the

/

lates Of our neighboring utilit,ies. However, the construction of a cia, yp. g. Town W c S; f W > M ilf.f i U ^ [y"k;.&

aw

+9-

,o neW[enCIatkn[p!anI the con:of meetir' environmental regula.

wr q$g

y. <

MWN-4 d } Ti %g N

tlon%, and the Comf0unded CIL t of Iriflation will have an impact f

w%v.R s ];u w ]a yem nq.g?g [g{}p On our operali0ns and the prices We must charge. The benefits of {NggM 1F mow the efficient use of electricity in everd. av. life and consumer choice g

Wh.,

ss.

e sur s

,.[--. b.[. _M hu. ; [..E h h,,

f i

Wi!! lake on added importance as We m

u o I CD+E f.'..,..:..:. <..

communicate with our customers about J

>k 1 i. ".

as prices for Our pr0 duct are inercased, s'C, '

• h,

[

' $, a$

ways they can save on their enemy bills fL QQ

[. ' f., [ M. '

g

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q

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s up, f "g ~O rp1 8

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2 j

e jv 3'

Y% (% :

-t

'3 %(. y k *;-

I1

'B?

" Oi ).[

3 p 4 E$ Y $$C btdn$$c( 0 lb 10Tc$00f?OWingnUMhe?Of j

.-~o &lL,' N d V Canada geese, than6 to a rekution molect ',*a%

'3 n gQ ",;

J V - 99 "b

J, conducted in conjunction with the i,'

rw w

c S C. l\\putment of Wildlde & blanne Re>ources.

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9.

e

. n+

<'js

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$)

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1 6

w L L $ __l U ' a

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• Critical to the overall success of our community development cfforts is a skilled and educated workforce. Our overall strategy is to impact policy decisions related to educational issues. Specifically during IWI, SCANA increased its

• g, sup;vrt of educational programs such as the Cities in l

Schools program for at risk students, college scholar-ships to graduating high school seniors, and matching

~'

employee gifts to educational institutions. A tuition a

o g

reimbursement program is also available for our employees to funhet their education.

r

• At SCE&G,we are committed to doing our pan in anproving quality of life f izens' advisory committees are helping us identify how our resources can best be put to use. Our support of

~

community and economic development and eduer

['f tion is firm The reputation of our employees to help those less fortunate and in need is well-known. We will continue to be a receptive and respon-

~

sive corporate leader in both our business

%' i g ) '..

activities and the communities we serve.

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h

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f' e.

, o, 3..

.-g 1

let

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{

q Abotv: Deer 101100 spectators gothered to watch the first g

nationally sanctioned fishing toumament held at Lake blurrav.

A

.n an SCC &G h'ydroelectric resenstr. Geer 200 (bhennen p:rticipated W

AidA in the four day toumament which was teleebed nationally.

At t :\\'.t: Sen!or citt: ens on fixed incomes can receive free LlSDA !wd through any of the five FCE&G-s,,onwied "llrown !\\agging" prognuns.

h

r

..g y y

,p t,

-r y

c Q-f S0um CAROUNA PIPEUNE CORPORATION

%u 7

,u p fy

^ W,,s w yG.

h, j @(@3 ' y

+ R j; s

i g; g ~ E e Pipeline Corporation had a very unusual yeai 4

in Iwl. Throudyut was 93.3 billion cuble feet (ikf), an h

" l6: M'i o%P ~

increase of 0.o Ivrcent over the record year of IWo. Profits g

[ Y p' %-

p slipped sh.chtly despite the volume increase Margins on sales k AJm. %

toindustrialcustomerswere depressed by reducedcostsof com I gg"M.. p~ #MMg,7s >g%

i o

r petitive fuels which our customers can and do utihze. Sales to p.3,O s

W M, M.m2-2 4m %

wy v-e x a

resale customers, such as the retail gas distribution group of p

gg gMQ SCE&G,declinedduetoverytemlvratewinterweather. Final NdhNM6 h[Mhj%7[h[k 5 a significant portion of the year's throughput wa: Mn,

• ys$

Pipeline Corpration was merely transporting fo; md wt &

QShh ggNQ margin below a normal sales margin. End user tras w a gggpgf 0

O!@w@w@dhgg]

g%g contmues to grow at the expense of industrial sales. SCANA has resynded to this development by forming its own marke-Q.

M ing company and actively competing in the area.

p jy p&~c,Mgm.m Ay ;Jr wwwn p M M P C W W Ep

. w< 4 c

a rx pa n a e Pipehne Corporation has elected to build D

F. No -

l. @n s m w %g o $ M @

pl%mM&

TW.WWM y wmmw another liquefied natural gas storage facility to reduce its firm u.

i 4

[NF$vkcNMS customers' cost of gas. The facility will hold o00.000 dekatherms I

DhNh 3hNhk

@m m @y% g% we(?ww w of gas, which will provide flexibility in operations and permit a A

xw mL n u; ] g, g g+g g g { M reduction in the cost of gas to Pipeline t,orpration's f,rm cus-g gggN n as w tomers. This facihty will cost approximately $20 million and ppjg;g W M k M{p Qg l

h[q n m% W M 4 M M M %w:p JMJW0 snould be in service by lanuary 1WL d

pE m

>n M:w g R n wh WWn p V;w e Pipeline t,orporation continuestoadjustitscas (f %

,ggg y

p b n s a@@au m wmso

3 W WOP: OMq purchasing strategy to reflect the economic realities of today's

., PV $.ba e M-mNCW energy markets. While the current price for natural gas is low,

&(m n a u% aw m

f MS M,,MM, My. m%wn supplies are expected to tighten and prices are expected to rise n

.AW g

W Wt gWW

.M m

&_, +e/%@m~s s

in the foreseeable future as more gas is used for environmental m u.,v #nnt n% u e.

ra m,

.s abatement needs, the domest.ic economy recovers, and reserves a,n-w m, ao%jf,?' a1.~ m e~

a4 s.

g

,1 begin to decrease due to the lack of significant drilling activity gy&4 jf a

'7~

04y 1 "dy' during the past several years. We continue to take advantage of [m m.

m.'w a

the availabihty of spt market gas, but have begun trying to

[ ', a m 1, '

p m p n 3,~ J:? W f secure some longer-term purchases from nontraditional sources. ;,,g p,y,

e uvy" w

~

e e.

rm 3

IU

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SCANA PrTnou:uM REsouncts, INc.

l j

• Although SCANA is a relative newcomer in the oil and natural gas acquisition and production business, we have a highly experienced team in our Peiroleum Researces organiza-tion. Our cum nt producing properties in the Gulf Coast region produced an average of 18.047 Mcf i

l of gas and 322 barrels of oil a dayin

(.

our first fullyear of operation. We continue to search for opivrtunities to expand our holdings. Competition is

~

~

Intense from other companies that 4

y also want to acquire high-quality, 4

existing production with the [vter.tial for additional development and a long y

1 r A,

~...

production life. We have already l

..;...[Ii:

f established ourselves as an effici: nt

. /

and competent player in the acquisi-

~

tion and production business,and l

y 9

..g

.{

anticipate continuing expansion and j

growth of out operations. As of 4

%y

.....4' 4

• -Q..

january 1,1992 Petroleum Resources

., A.4al

'l y

owned 39.2 itcf of naturalgas and

'5:o 726 thousand barrels of oil,which

~ -

willbe sold to markets other than South Carolina.

'I t

p j

e4 Y

9 I

l l

l O

u

SCANA HYDROCARl;0NS, INC.

• With the deregulation of the natural gas industry, industrial eustomers have the choice of buying from a utility or directly from a supplier. llydrocativns is aggress!vely pursuing sales opponunities through buying and reselling natural gas to large industrial users, primarily in the Sou:h-east and Midwest. This marketing activi-h

[

ty accounted for sales of 13.1 lief of E

natural gas in Iwl, more than double I A 4,w the amount sold in 1WO. We are also 4DC

'- r" successfully marketing our capacity to

'k store propane in underground cavems.

E

i4 This capacityis marketed to proc.me M d 1._.

i dealers who use it to maintain adequate bs%.d,Ah,_

%;l supplies. The cavern's capacity is 90

• ]3 i

" " " " " * ~

I percent leased, and the throughput was oo mill ion gallons in Iw1. a 60 percent Ncw inu* Jab arte in3tolicJ or the anvrn3 in Iwl.

This enhancensent doubled the la>Jout copiate increase over l400.

to eight Inuks ;wr hour. The osvrage laid on coch truck ts o,500 pillons.

Sul;URilAN PROPANE GRour, INc.

• An increased emphasis in the propane business adds a valuable dimension to SCANAs energy focus. Propane is an excellent choice for rural or suburban residences because of its deliverability. Our propane business continued to evolve in 1991 with the acquisition of a privately held retail distributor that more than doubled our propane operations, allowing us to operate this line i

of business more effidently. In 1991, we sold 17.7 million gallons to approximately 28,000 customers.

This strategy of growing through acquisitions will continue.

l 0

r/)

EARNINGS & DIVIDLNDS MARRET PRKE & lbOR DtUE RfulRN ON COMMON EQUllY r

Pa COMMON SilARE Pf R COMMON SilARE (yearend)

(year.cnJi Q

tus 1%videnJs ik la:cd icas IWL Value ums I rom 0;v:ations IEEN Larnmp. fr0 n Oper; mons sME MatletPnce tm One hrne Gain on Sale of lmestment in Telecem USA 9

Emis One hme Gain en Sale of d

investment in Telecom. USA h

55.00 550 20%

c2 I

m C

54 00 540 18 4 C

lI a

n

~

$3,00 530 16 %

"l "l

'l 520 14 %

52 00 51.00 510 12 %

c Z

C M w w u0

'91 N w M g3

'vl N ww

'v0

'un Consktent pemh in carnmp be a:10wed Panly ;n response to kwer in:erest ites the Proudmg common sto:khelders a consistently SCAN A to increase the JmJend rate en us market pnce of SCANAi common :da.L wmpenine return en their hwegment 5 a Lev common stock for 16 consecutive years and increwed near!y :n Junng IW1. pebmp the fmancial goal in 3A of the last 30 years market-ta bxk ratio to 17.% at yeabend CAmAt SmicruRE AvtRAGE ANNuAt Ust Pm Eunnic GENERAUNG Rl31DENilAt [1]CTRIC CUs10MER CAPAP,lL11Y & PEAR DEMAND (Lilowatt hours)

(meg.nvatts) susa long. Term Debt. Net imme Generating Capabilay (Summer) een Preferred Stock Imme Terntonal Peak ikmanJ umul Common Equity 100%

i l

T l

13.500 4000 t

1 e

j

(

i

_[

i T3 000 1

80%

c i

t

_m E

L l

l 3000 L

l

[

a 4

c a

J t

I i

[

12,500 f

h%

hL

!}

EI"

{ lI _k_Ll_

i L

)III IM j

[

t no00 a

j

-iODO lll 4

20%

11,500 L

l 1

1 E g E E h

h.k N M M

'VO

'9}

N M }9 MQ

'91 N M $9 %I Y)

The ti her p:0pnion of debt m SCANNs lwl MJJer summer weather wmbmed with the Instanation of a new ps turbme and the reJae.

t cap 2taf cructure reflects the hsuance of effects of the ccenomic recewien resuhed m a non in the cana::ty of an od ined generating manpfe b0nds 10 bnance the (0mpanV's shpht deifeJwe m residthha!.herage KWH bse pLml rVWheJ iD a nel mircase M penefahng constructen pryam in lW1 capahhty dunnglwl O

4 I.

d 4

onduac,crxco) p-1 H,varo an$eher

$','Y:."~'.[

G'",,"31 Dd"n" i m sver m ess.

/

Gul

\\

/

\\

Nudcar 18%

1ran9tt.nion of (Us10mirOVried GJ6 ggyg gqq Coal cominues to be t e pr.ncipal sovr e of enc'p the Comparv uses to 1oner c031 ;w mmket pach.ses helpeJ ripelme 690txian compete h

c penerJte ele 617!il!V.

wMh a! ctny,e fgel pgpphen in injgstilal mm(cM Jgr.pg ]W}

SmoAm Risitunu Etccmc Rm kner.gv annual cN pa }MR vear<ndl Md mai In0auen Adjusted 1984 P3e

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[

]

1

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j rliI[ difh n

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j SCLAG s stanja:J residemial dectric rxe at ve.ir-end iW1 w.n nearlat bel 0a the came txe at wm end 1%4 and more than.% below the infix!an aJpsied 1054 rate at yeatf !d lW1 0

O i

t W

SCANA CORPORAMON

l. It Rhain?J W. It Dmmerman DIRECTORS Chief Executhv 0ffwer Senkt \\te Preskknt andController j

2A ChefI.inancialoffuer(2) i d-B. L Amkk Rhales OilCompany,Inc.

W Chairmanof theikwdand Walterhxo.Sch Carohna R. D. Hazel

\\YC I6kI#"I Chief Executhe Offger W. It Timmerman Public Nfair>

Amkk farms '

Senior \\ke Preskknt.Controllerand c7d Ibtesburg South Carolina Chief financial 0fker K. It himh j

W. It Dookhart. lt.2A SCANACogwation

\\te Preskknt. finance andireasurer h

Partner Cdumbia. South CardinJ Ibriora D. Itlair O

W.It Ikvkhart Ia:ms E. C. Wall,Ir,13 secretary 0) h Dbree, South Carolina hesident E. C. Roberts g

W. T. Cassels,it. 23 CanalIndustries.Inc.

General Counwl and Assistant Secretary Chairman of the Board Conway. South Carotna

~Q Southeastem freight Lines John A Warren (UNwChainnan and ChkiEmhr H

Cdumbia, South Catulina Chairnun of theikwd Emeritus Offgerof allsubsidiaries 13

11. ht. Chapman SCANACorpratkin

12) AlsoChief financialOfficer l

Chairman Cdumbia. South Carehna of allsubsklianes 3fn W Me Semy W au subsuarie, hiemberof Executhe Comminee a

U

~ hkrnba d Auda Cenim J. It Edwards, DhtD OfnCERS Or 3

hesident hiember ofImtstment.

PRINCIPAL SUBSID!ARlES

.. hiedtcal Unhrn.ity of South Carolina Compensatbn & hlarugement t

Charleston. South Carolina Ibebpment and Cor; ware Sotml CAROUNA l'lKrluC &

I L ht.Gressene, Jr. I Performance & Strategk g ggg g N "" h8 "* *I"##

C Chairman of theIkwd, hrsident and 4

I' Chief Executhc Offger hiember of Nuckar Osvrsight c,gd r t tr Chief OperatingOfneer SCANACorporatbn Comminee Columbia, South Caro!ina

$ Chairmandthe ExmahrCommittee gy 23 ExecutiveVKe President D'#

Preskknt -

Wm. At Bird and Co.,Inc.

W. R. Bruce G.1. Bullwmkel, Jr.

Charleston, South Carolina K. W. French -

Senior \\te Preskient g, g, gipp,3

1. It Geess.111.

Praiuetion 1

Ha k

R.W. Stedman hesident andChkiExecutNe Offger r

The Liberty Corporation f AlHIPP Senior Vee Preskient Greenville, South Carolina L H. Impkin Admin'stratbn A.C. hiustard it D. Kenyon E. W. Pike, Ir.

I UM""S' I

SenbrVse hoident hesident and Chief OperatingOffwer V.C. Summa South Carolina Ekettk & Gas Company Customer Rekitions Columbia, South Caro!ina SCANA CORPORATION W. A. Darty IA OfrICERS we nesueni F.C.hkhtaster hesident L ht. Gressene,It.

GasOperatbns Winnsboro Petroleum Company Chairmanof theIkwd,hesklentand

1. D. Gregg,111 Winnstwo, South Carolina Chief Executhe Offger(1)

- Vge President 23 llenry Ponder, Ph.D CathyilNovinger

. Abrketing and Economk Devebpment hesident _

SenbrVge Proident

- it T. llorton,lr.

Fisk Unhrrsity Adminis: ration and '

Yge Presidet andTreasurer Nashvi!k, Tennessee GovemmentalAffairs O-

_.:-._,___.____..____m.._

lohnny Kiniwh il1. hhcInnis Sount CAnouNA l't.u 1:s1ut Vwe hodent Vwe hesdent Diyt1opMt vt Covlu't INC.

Transit Fleet Opera' kins anJ Operations 3 gg gigg.g Community Affairs Georg i asano. Ir.

ht>U.ent and Treasurer C. It Meladden Controller M L llotmes.Sr.

Vwe1%ident Sarah A. Davis Vwe Presuent Customet Rdanons Nubem Etasion

.histant Seeteury Commetela! OperatLins S C McMeetin.Jr.

It R Samud e Pre nt SCe\\N'A Pntou uu yke noklent Cust0mer Rdanons Nonhem Dwision Residential Devekipment W.L.Mtyre,it.

ludith 11. Ilittle Yke P:ndent 3#'

B"di"I dd Id*"'C' Fossil and ifydr00perations E. C. Roberts 6' l' WIh""' I

Exwow We Proant and MPX Ses INc.

Vice hesdent anJ GeneralCounsd and Assktant Seeteu;V UC"#'"N#F' L M Gressette,Ir, R. L Lastenvuod hesideni l.LSkulds We boWnt Yke Pre >klent W. It Timmernun Nudcar Opetabons DanIlallmark Senior We Prouent C0""*'

Patrkla T. Smith l.11Toung.fr.

We President 11 E. Dwkard Senior We hesuent Rates and Regulatory Affars Asskunt Seercury l L Addison M S Tibshrany controller Vwe hesident scANA 1hpgagress, ivc.

It1.IlononIr.

Transmission and Distributksn M" Ed'""d Entneering and Power Ddivery Pre >Uent and Treasurer D. R. Wdb Vwe Proident C A Ed*PCY'I

SunuRMN ProPANL L,Rour, INC.

1:xecutnv We Preskkn!and Iluman Raources and gy, gt.llmmerman Cor;wate Communleations GeneraWmpt President Il I MJ'I""I*

1. E. Addison D. L SW WC W"dC"!

Contra!!ct Exceuiw We PrestJent and 600'W d'"""' I

GC"CMW"80' I

I. G. lilack.11 C""" *'

Assisunt Treasurer

l. M. Clark 11.T. Anhur.11 Vwe h o klent Awktant Secteu'y Souni CARouNA PiPruNE IIM H3"dl CoKroRAnoN Trea m Paursouni. INc.

1 C.turidge Ma tanvood Presdent and Treasurer 1 M. Woods, til ksktant Treawna hektent and Treasurer Aune It Iturns 11.T, Arthur,11 We President and GeneralCotmsd l C. Chapman AAtant Mreury Senior We President and R. M. Kighthnger Assistant Seeteunt g.e Bodent Supply and Ensneenng

1. A.Schinderle Controller G)

t.,

i

0Ur liSl of things lo aCColnplish lit the b._,

HCXl fiVC years l5 fillCd \\Yllh son 1C Vely diffCUll W

UsSlgilnlents. IloWCver, WC Un0CrlakC a<

Y these tasks with sonle strengths 3

4 2

' While I can p.oin.t lo a coni;WlillY,e..

f>

4.

Cost StrUCIUrc, a heullh.V financidl Condition ['

'.'M r,

and a growing service area,' it will lake l,

y the'dedicalloit and ta.lents ofsonie; M '

3 a

>." i

..,. s noo cinplo_vces to meel our obj,eclIVes.~

a

~,

. u, r

..' Ar 'f W

,~

' Our einplovces can be counted on",

s 2

c n

+

10 gel the Job done. Actlie alid rellred eiist o.vces il m

^

owtO3 l>creent o SCANks,coinni6n s.{ock. l

+

3 7 mag +.

~

s.o we all ha_ ve Ihe same bble,ctives "'

i

. a

+

,~

e 3

.mW f /1,,= / h ss J k ),

2

,s a

MAxActyixr stP6er.a..:.,.;............/.y....,..,.......S a,<.......... 2)

• n,

;,1 IlEl%*T (N INoLPl.NDli'T I!Unik AFCoOVrAVIS...............c.;;........;2 I t

y n w

,,e

,e' CONSoulM11D flNANCIAL STAR MLNTS;.............a..............,o.......22 4

Nolts To CONsouoAn:o fiNANc1At Sl ATEMENTS...........,......... 28.

M ANAct McN1's DocussioN & ANALYSIS

> or flNANclAt CONomoN & Rtsu!Ts or OPDMTIONS....

.... i.35 Succu:0 ftNANciAt Dm......

..... 38 CouuoN Suu INronManoN..

.40 O

l

l REPollT OF i

MANAcEMEvr REP 0itT INDEPENDENT PultuC ACCOUNTANTS 1he management of SCANA Corpution SCANA Corivration:

(Com;uny)is responsible for the preparation and We h.nv aud:ted the Consolidated Italance integrity of the finanetal data included in the Sheets and Censolidated Statements of Capitahza~

accom;untng Conwhdated Financial Statements.

tion of SCANA Cor ;vration and subsidiaries (Com-1hese statements have tven prepared in conformity pany) as of DecemLvr 31, twI and 19N and the with generally accepted accounting principles, as related conw!idated Statements of Income and appilcable. In situations that prevent exact lietained Eamings and of Cash flows for each of accounting measurements, management has used the three years in the xriod ended Decemlvr 31.

g infonned judgments and estimates. Financial infor.

IWl. These fituncla' statements are the respnsi-mation presented chewhere in this Annual iteport N!!!y of the Company's management. Our responsi.

is consistent with these fmandal statements, bihty is to express an opinion on these financial The Company maintains and relies upon a statements based on our audits, system of intemal accounting controls designed to We conducted our audits in accordance wnh provide reasonable assurance that all transacti0ns generally accepted auditing standards. Those stan.

are properly recorded 1n the hvks and record; and dards require that uv plan and vrform the audit to E

I that assets are protected agains! ! css or unautho-obtain reasonable assurance atuut whether the rized use. The depee of intemal acceimting control fmancial statements are free of material misstate.

is based upn the determination of the optimum ment. An audit indedes examining, on a test lusis, balance between the cost incuned in rnalntaining a evidence su?pning the amounts and disdosures in system of intemal controls and the tvnehts to lv the financia' statements. An audit also indudes derived The system of intemal accounting contro6 assessing the accounting prindples used and signifi.

is suppned by written policies and guidehnes and cant estimates made by management, as well as is complemented by the selection, training and evaluating the overall financial statement ptesenta-development of professional finandal managers tion. We tvheve that our audits proside a reason-and by a staff of internal auditors who conduct aNe huis for our opinion.

comprehensiveintemalaudits.

In our opinion. such finandal statementore-The ikurd of Directors provides oversight for sent fairly, in all material res; vets, the financia the preparation of the financial statements through position of the Company at December 31, FNI and its Audit Committee, which is compsed entirely of 19N and the results of its operations and its cash nonemployee directors. The Audit Committee fins for each of the three years in the lvtiod ended meets periodically with management and intemal December 31.19W in conformity with generally auditors to review their activines and responsibili.

accepted accounting principles.

ties The Audit Committee also meetslyriodically with the Company's independent auditors. Ddoitie gg [ g)

& Touche. The intemal and independent auditors have free access to'. Audit Commluce to discuss Columbia. South Carolina mtemal accounting controls, auditing and financial Feby' 1R UN reporting matters.

N b ml v w ---

W. lt Timmerman Senior Vice President and Chki Financia] Officer

CONS 01.lDATED BAIANCI: SHWS December 31.

IWl 19 %

ASSETS (Thousands ofIVan)

Utility Plant (Note > 1,4 and 5):

Electric

$3.068,542 52,888,919 Gas 3 %).131 369.715 Transit 3h26 3.835

._ Common J209 5140],

.O 15.872 Total 3,521,508 1,124,296 1.037.125 1ess accumulated depreciation and amoni;Jon _

Total 2.397.212 2.278.747 Construction work in progresi 195.571 Fo,464 Nudear fuel, net et accamulated ank,rtization 41,708 43.394

_ Ac3uisition ajuawnt gas, net of accumulated aalottintion 30,160 31,158 Utility Plant. Net 2 b64 ' il 2,549,763 Other Proxny andInvestments:

j Nonuthry property, net of accumulaied depreciation 159,136 129.548 investments (Note 1) 2.997 8.304 Total 0ther Property and ltwestments 162.133 (37,852 Cunent Assets:

Cash and tem)warv cashinvestments 68,175 45.009 Recch' ables 127,083 124,577

~

inventories (at avera[<v cost):

fud Notes 4 an 3) 51,984 01.858 Matenals and supplies 46.654 44,505 Prepayments 36.310 19,654 TotalCurrent Awts 330,206 290,463 Deferred Debits:

Unamortized debt e.Wnse 9.033 6,469 Accumulated deferred income taxes (Notes 1 and 81 27,253 33,438 Unamortized deferred retum on plant investment (Notes 1 and 2) 23.352 27,598 Nuclear plant decommissioning fund (Note 1) 17.602 14A83 Other(Note 1) 71,632 78b70 TotalDeferred[EEti

!48.872

-W.858

---.--per

+ e-en s s e

~. _

ea O

December 31, lo91

^iEU~

cal'lIAll2AT10N AND liAltllITil:S Ohouxinds ofl\\>!Ior.g Stockhalders' investment (Note 6):

Common equity

$1,028.990 51 M.877

,. I.'!CIned stock (Not subject topudasept sink [np fur.ds) _

20.027 26 027 Total swiMders' investment 1.053.017 1.029.004 Prefened Stock (Subject to purchase or sinking funds)(Note 7) 61.838 04.400 R!t ernL ebt.NetjNote 4) __ ___ _ ___1.12 2_.306 _ _ 438 033

.I T

D TotalCapitab ation 2.239.251 2.033.297 t

Current Llabilities:

Shon termIvnowii e(Note 9) 20.766 134.070 Current ponian of Sngterm debt (Note 4) 92.200 67,los Accounts payable 94,764 87.786 Customer deposits 14,300 14.100 Taxc.4 accrued 63.313 54.218 Interest accrued 28.632 24.222 DMdends declaref 28,616 2'5(b Other 11,457

' 128 TotalCunendiabilities 354.138 418.288 Defe?ied Credits:

Accumulated deferred income taxes (Notes I and 8J 532,135 507b67 Accumulated defend investment tax credits (Notes 1 and 8) 102.306 105,952 Accumulated reser. for nuclear plant decommissioning (Note 1) 17.602 14 M 0;her: Note 1) 60.430 o5.040 Total Deiert?d Cred;ts 712.473 693.351 Commitments and Cgatingencies (Note 10)

___ Total

__,_ _ _ _ __ _ __._ 5 3,305 862_ __._ SM4 4,4.}b See Notes la Consoh&'ed Tinanval Statements.

O

1 e

I l

CoxsouoAn:D STAlnit:Nis or INCoW: AND RDAIN1:D EARNINGS for the Years Ended Decemtvr 31.

Iwl IW0 low (IhoaunJ> of Dona 06eptov b eankiv$)

v 0;uatmp Rewnues(Notes I ark!2) llectric 5 M7.215 5 851.14s 5 641.453 Gas 276 742 2V2 W 297.0n4

_] '.d*?

-.:5 S:L A ICI.-

A

.-.1NOIT33'iSC"["R_

I'I47:826, 1.147.550 1.I42124 0;rtating Ixjvnses:

} uel used in eketric peneration 224.867 208.5v5 224.035 Purchased puvr 9.816 15377 17317 Ga3 purihaed Ic. reale 171.609 1VI 93V 212.112 Other operation (Note 11 201614 1983sR 180.126 Maintenance (Note 1) 61.599 07.4u9 69339 Deprecianon and amorttration (Note 1) 102 b69 u7gi 102,200 income taxes (S'otes 1 and 81 77.562 77392 nS.5Pi Othet taes (A470 Nrill 58(Al u25 466 021N2 929.440 Total Operayng lapenl IW0 IW (thoan.h ofIWoN Cash lionIrem Operating Actmties:

Net income 5 135.851 5181N3 5122h25 Adgstments to reconcik net income to net cash p Mded from eperaang actr,1tn Gain on sale of imestment, net of income t.nes (46.150)

Deprecianon anj amediutm 117,402 117 9 77 104.402 Amort!za00n of nwlear fuel 18384 22.585 10.584 Deferred income taxes, net 30.199 7.120 34.759 Defened lmystment tax creJitt net (3.646)

(33w)

(4.282)

DMdends de;1.ned on pidened sixk of subadwy eJoo osiI 7.263 Alkwa' ice for funds used daring construction (8.334)

(3,ILw) to Iv5)

Appkanon of defened credits to stonn costs (Note 2)

(13.783) hudear reiuchng accrual (o,192)

(2.671) 8.8n3 i quity teaming.) Lisses of lmestees (Note 1) 412 (141 2)

(357) 0 Changes in certain cunent assets and haNhdes:

(Increase)decicase in receivables (2.506) 8.613 (v.292 )

(Increase)decreaseinimentories 7,785 (l43h5)

(7M5)

Increase (decteaselin accounts payable 6.978 (16.210) 3909 increase (decrease) in customer densits i10 778 (3.298)

Increase (decrease)in tues accrued 9.095 (18.241) 4.401 increase (decrease) ln interest accrued 4.410 (1.271) 7.555 Other. net 2.421 15J70 32.502,

Net Cash I'r#,Jed f rom Oper.uing ActMues 319.075 252.853 W s71 Cash nows iromImtsting Actmues:

klHhty propeny alhtlons and construction expendituten (139.140)

(229h82 )

(181.545)

Nonunary property additions and construction expenditures (23.9) 7 )

(u4336)

(24N1)

Repechase'Reissuance of common stxk for immatertil acquis!!i0n. net of cash acquired (25,514)

Sale ofimrstment 139389 Imtstments 4.895 5.824 (7R7) principalnoncashitem:

Afkwanee for iunds used dunn; consituetion 8.334 5.1(9 n,los Net Cash usedlivimvsong ActMues (275342)

(173.490)

(207.958)

Cash Ikws from Iinancing Actmoes:

Issuance ohnds(Note 43 300n10 llank notes solJ(Note 4) 80m) 3.164 153 m) 34,000 Note sekt o.483 to1.264) increase (decrease)in thon tenn bomwiny net (l13,304) n Decn:ase in fuelInancings. net (4.292)

(10,458)

(b.158)

Reduchon ollongterm debt (165.065)

(21307) l42.231)

Repurchase of common sixk (3.650)

Retirementof prdenedstock (2.622)

D.578)

(u.M) payment of dMdends on prefened stxk of subsidiary (6.718)

(o375)

(7.44I)

Payment of dMdends on common stxk (104.910)

(100942)

(48.524)

Net Cash Ll. sed l'or ipneing ActMties (21.1671 (44.213)

(87.820)

Net increase in Cash and Temporary Cash Imtstments 22.560 35.144 5.187 Cash and Temporary Cash investments, lanuary I

_45 etN 10.4os 5.278

._. Cash and Temporary Cash Imtstments. December 31

_ 5 68.175 5 45N9 5 10.465 Supplementa' Cash Information:

5 4 387 5 80.155 Lash pud for-Interest 5 90.623 0

-Income taxes 45.357 44M1 22.836 Noncash finanemd' AaMues:

Capi:allease c ganons recorded 5 2.864 See Notes to Consolidated Financial Llateants.

l e

CONSOUDATED STAWENTS Of CANAUZADON December 31, 1991 1900 Common 1:quity (Note 6)-

(IhouwnJ3 ofIMm)

Commat swk, mthout lw v.dx. autbnzeJ 75anao s'wer bsued anJ oublanJm4 Iwl 10.784 327 sh.uch and 1*V 40S82.176 shares 5 571397 5 575 251 Ret.nned cammy 457.393 428.626 Total Common t guity 1.02KM1 40%. IW3r7 505 South Caruhnallectne & Gas Company Cumulative Pitferred Shk (Nobubject to purdiaer unking funds)(Note 6)

$100 Par \\' alae. Authonzed AVAV shares

$50 Par \\'alue Authowed 125204 hares Shares 0at,tanJmL Redemp:en Prke I ventual Series IW1 Ivo Cunent Through Minimum

$100 Pat 8404 197.06S 1v7.k6 102 N 110090 101 00 19 767 19,707 5 50 Par

$W4 125.209 125.hN 52 50 32 50 6.2 t0 6200 Total Preferred Stxk (Not sub)eqlafurch.pe or unkingfund l 26 027 1%

26.027 1%

South Carohna Llectric a Gas Cornpany:

Cumulative Prelened Stxk (Sulneet to purchx or unking fundy (Note 7r

$KO Par \\'alue Authoted 1.550AV shara.

$ hares Ouhtanding Redempnon Pnce llentual Series 1991 1*O Cunent Thraugh Mjnimum 7.70%

98 081 9R270 10lw 101W 9M8

?.827 102.03 14.028 14.072 8 12 %

140.282 140.721 102.03 2_38 363 238 wt 530 Par \\'alue Authorized 1,te5 780 shmes Shares OutstandinL Redempn Price 1:wntual Series IW1

_1 *V Cunent

))1 rough Minimum 4 50 %

24AU 25.tw 51 00

$1W l.200 1280 4h4 6.834 8.334 5030 50.50 342 417 4 t0'44A) 34 052 30,052 51 A1 51W l.702 IN3 4 (M4BI 68.4N 918W 50 50 5030 4.420 4.590 5.125 %

76A10 77,000 SlW 51 A1 3.800 3,850 6A4 VeA10 09.200 50.50 50.50 4,800 4,%)

8.72%

224 N 0 255,717 52W 1241 u3 50A1 11.200 12.786 9.40b 210.755 217.507 51.173 51.175 10338 10.875 700 041 811.210

$25 Par \\'ak'e Autharted 2W0A0 shmes None outstand:ng in IcNI and Iwo Total Preferred Stxk (Sublect to purchase or sinking funds) 61.838 A

o4.400 _ 3 %

4 INcember 31.

1Wl 1W0 long Term Debt (Notes 4 and 5)

(UxiuwnJ.s of IWun)

South Carehna lilcari; & Gas Com;vnr first and Kefuning Mongage iba,1c Ye o of SefR'S MJIanN 5%

IW1 8AO 4 In lW3 16AV 16AV 54%

Iwo 15N0 15AU 0%

IW7 15 A10 15AU 6 l'2 %

lW8 20AV 20A0 8%

luW 35AU 35AV 9in luW 15 AV 15AV 8%

hVI 35AU 35AV 7 l'4%

h02 30AU 30AV og sw 143AV 9iF1 2000 50AV 50AV 8 40%

hvo 50AV 30AU 81 %

LV7 30AV 30AU 8%

hV8 30AU 30AU 10i M NW 35AU 35 (W 9 7M h09 50AV 50AV 12.15 %

2010 3 5.8'..

35.8 #

81%

2017 1(V A U 1(VAV 87 %

2021 15' O Pollution Control facihties Revenue Ibn.is 5.95% Senes, due 2(W 6.945 7,0X1 fairfeld County Series 1984, duc 2014 (vanable rate - 4JM through 83142) 56 820 57AO Richlarvi County, due 2014 Ivanable rate 4 % through 83192) 5.210 5.210 fairheld County Senes 1986, due 2014 (variable rate + 4 % through 63142) 1,100 1,1(V Colleton and liorchester Counties Senes 1087, due 2014 (vanable rate 5.l(4 through OlS21 4,365 4.%5 Capita!!mi trag Obligations, due lWl lW7 (vanous rates beteen 5 y4% anJ 10%)

6,511 5.430 lunk loans lvariable rate 8.24% at 1131^U) 75AV South Carotina Generating Company. Inc.:

IkrkeleyCounty Pollution Control Tacihties Revenue Iknis.due 2014 (vanable rate SM through 93092) 35 850 35.850 Tem 11oan, due 1092 (variable rate - 3.4 n at 123191) 63.500 66.500 South Carehna fuelCompany,ine.:

Nuclear fuel hability 41.679 41017 fossilfuelhabihN 20,647 2320i South Carchna Pipeliae Corporatku.

Note,9.27% due 1991 1994 21 A10 32AV South Carohna lh al f. state IVvelopment Com;vny, Inc.:

Notes. due 1991 lW2 (at various rates) 423 450 funk loan. due 1991 (variable rate 100% at 113140) 1,31o lunk loan. 7.93% due 1W2 2.974 3.022 lbnkloan. 7.04% due IW2 4,751 4.708 Note,9.13E due h04 1.015 1,037 Pnmesotnh:

Term loan,100% due IW3 004 920 Capitalized lease Obligation, due 1u94 (variable rate 10M at 1131NI) 24 31 SCANA Corlvrat:on:

lunk Notes, ttue IW3 (vanable rate 5.85% at i 2,31N1) 80W0 lbnk Notcs, duc IW2 (vanable rate 8.52% at 113140)

'0AV Total 1.218m8 i A17.4o3 less Inng term debt matudties, includmg sinking fund requirements 92.290 o7.168 Unamom7ed d8 count 3.922 1.362 Totallong-Term Debt Net 1,122.306 5(%

938 v33 46%

T. otal Cap.it.ahzation 52.239.251 ll M 52.033.297 1( M

. - -._ _ _=.- _.... - -

=

. _. - _ = -

. = =

See N0tes to C0nsoMaled Financial Statements.

Nms To CoNsouomo FINANaAt Swm:N1s I. SummaryelSi erpAm ro*unJs Pbnt imte etwJ L, ws pse d A OyantuthmanJ'gmfunt AcountingIWeg Pruwipks d Consohdathm h""# Wh'*' N'pwnanh W MmnW m&m at lkmNr 31 P4 anJ iui. rts;vaneN Au umuuteJ &pceukn a cteJ Mth k.AN h,orymun h,otpand a kuth (.wohna copa;on 8 a uah hektng unpany mthin the meamng d tW PuHe Llolav HMg (gg g

,j g gg4 omp g

g gg.t R h" and iWm;vahrh Kl hG shmt d15e nv Act o! 1% hit b nempt iram repitxam unda su,h Ad h-As r a hin s inchdcJ in ic Cem Tne acconsvwag CoMdated bruncui suteents refka tic con 61i

.gg

., g g,mtcn,n;c.cxpc w the d N a;coaNwl the ( ompanV a d b whd%ned wNdaw Re MJ ah D Alkwance tv lunds LlwJ Dunn;Constnktion huh Crobna i kanc 6 Gas CepMK! Mij )

NW u Le fxd used Jannpan<ruakin(\\1Cl a riomaA um

\\vth Cavhna Ga'exag Companc Inc (Gl NL 0 g_gg pg g4 g.M M pnt unir es'mae*1 A hu5 (citabna l ud Compmv. lx ac Nwh & NW0n A a con p'nent d uwaucten (N o

Neh urANJ Opchne (WPtx an !PyYhne (.U@<aud WN'uaM2 t VM d N cM d &bd @'UW dMd10 No~@hd Nmc (0"Wd A'n imotment AK wi ulomatek N mchdcJ m me hue imestmtm MPX bamt inc anJ kpmeutcJ ao compnem W plant cost h cob!shmt ten Le vidaner.

Pr:mewth. !nc.

wa ne rempnyi tegubteJ suNduno cakutwJ AIC pg swnww tal Raources In; reo d MN aM m br 1M 1W and IW respeanviv. Rew uta KAN A Ce$na Real I sute IbrLpient Company. ine huh Cav l' r,t aceed the maumam a30aabk rate as cakubted uder llTC Order No.

KAN A lhdwatons. Inc, Sel 1merot m nuckx hwhn pwca h captAreJ at the adat ' ' est KAN S Petvieum Rewco. !nc EEn Subutaa Propa Gvun InM,aburti,ml L Deferred Return on Plaat Imntment inminenu in bnt vemuro in rea! oute are repar,ed eung the eqxiv Commenemg idy L PM anypwed by IM o Ja on that du.

meth,d of accounung. Srpn6 cant Snacornomy hibnec> anJ t>ansacions base Sir &G ceased the &knal okawmposa anxuted ath 4m MW of ekstrie ken ehminated It' co%kitun gnerannpaparv piniously remmtj from rate hwe and Ngan amorteing the In NermNi IW1 the Compnv acquireJ Si\\i. Inc., Soburban Propne accumutwJ &fened carronpostum a straight hne basa err a ten ver grad Gas Compnv of hmmanmik. Inc. and Suhrhm Pnpmc G4 Compny W (we Now M Amanav d &lencJ canynpahanckded in 'lVpuunon ibbondie kW!cetnriv,the SPG Group c!! of wbkh avre pm ateyhekt retad anJ a nan unC was apponmately 9 2 mdlon fa F"1. lW and WW prapane Jrstributers healjaa temd in Samter. Rioth Cavhna through an ndung d sixk and the mergt d the si\\i Group imo sun +an l'ropine L IkP'eutkmand Amatmum Group Inc, a whally twned subduty of the Company Rc t*ansaaen was Pno sens for &preaaten ax reuv&J uung the strMght hne methtd Lv accounted Lv as a purchase and had na egmficant tfka on t e Compmo fmanc ul repomng pgses and are hsed on the esttmmeJ servec thn ohhc h

finasu! pmten or resd:s of operatens. Carotane. lx and Supenane Gas vanaus ch,sn d propem (see Note 2n Re conpue w4hted a,rrag kre.

Company who!!y mvned subdianes d the compmv erpaged in propane Jam eixen tres avre as ki:Lw butkn woe leer mapJ into Subu'hm Pnpuc Group lx.

in OMet IW the Compan) acquired PeopIn Natural Gas Compnv ef huh Car 0!ma (Pecplo) a dismbutar of natural ps in nonheastem huh Croh.

2 na. thmugh an exchang of sixk he nansaakin was accouNd Ior.h a piuhng pg gg ygg of intexsa and had no wgnmeant enea on fmaneul pmaan or resub d epaa.

g p,%

93

93 m

tbns Peopka wai rnege)inta KANA anJ 13 asses are ojvrated by KL&G. A sukkhary of Peoples,5ugnane Gas Compny. a popax suppha. was acquireJ Noches fuel amanuen. whieb h inclu&J in q uel used in ekarie gnaa-in the transxten ard s ruw a iut of Suburban.

ten xd h reemvred through the fud cost coniponent of SCl hGi ratet is 11 System d Accounts em*J using the unns-fpetun methtd Provhuns kw amonsen of nacica fuelindak amounts neceswy to sandv obb *atens to the Llnited States ne a:coummg records of the Compnyirg!xed sukLhano are mxn.

g wm d Enage un&r a ennact kw J@l obpeN nudear fuel tamed m xcorince mth the Unnem S>sem d Accounh pxsenNJ by the FeJ~

We xquMon ady4 ment rebtmg 10 the parchase of cenain gas pepemes cral Enerp Regulnary Commhsen (FERC) and as alpted by Re Pubk San e in Iv82 is Nmg amendeJ over a 4hva penid u4ng the snaght I ne method CommirMn d South Crohna (IML G. Ntdearikcommiolonmg C' linhty Pbnt

& bnuxv 11W the Nudex Regdalary Commwon (NRC) appnwed l!!ihty plant is suted subuntJy at onprul cost. he cesh of adjuons' KLWs request la an extension of its operming kense fa Summer Stxen.

renewak and Nnerments 10 utUtv pbat. induding dired bht nute-ial and md" LVcommWoning of Summa Stxbn a present!v poicaed to commence in the rect ch4vs Lv engneenng, supenhbn and an alkwance Le funds used Junng ye, g pe exp.ndues Wn a h be ax hW ebted to SCE &Gi sham of constraetkn we aJJeJ to utihty plant xcouns ne engnal cost d uphty por hyn. hang aaMnes are cunentlv esnmated t0 N app 0x medy U4 U eny retireJ emhense dism,ed d b remard from utity pbnt accounts and 4,, mchdy pnW mcbmmen costs (in 2022 ddurt awum:ng a 4 %

gercaly chaved abng mth the cost of removat kss sa'vag. to accumdmed ann &xe Wideon) SCFnG Pag Lv eshmmed Jccommssbning

&peciaron h cats of repairs, repbcemens and renewals of tems d prapeny cats of is shre of Summer Sutkwa the hie d Summa hutbn and has dele'!rmed 10 N km than a un!! Of propati xC dJgd to mxnteruNe expenW cWHAhd a rN'nY (W lb pM KlhG h pregn h' fandmg the reWive SCE&a opexar of the t C Sammer Nuekx Suten (Summer SutenL m,h eves chad through eketne txeHapp0xmuiety 51.1 mhn anm.alk anJ thdouth Cachna Pubk Semce Authenty (PSAl(a hdy wrpvate and Lv IM IW and 109 net of taxed and miends for the ilmdJnduJme eam pix ei the Suk d South Cardna) ax Mnt owna, d Summer Stxen in the ipo revd fa 4 n emui kummWoning egend:!aro on an aheitax popnens d t.v# thirds and ane th:ri ropecBrk. Re pm sham !be operat' h%

ing wq3 and encrp emput d the pbnt in thev pyynuns. Fxb paa hann-pe gg gggggga, ens on kommmq d nxkr Q

q e

e I

bcume> rnew mgubnans a,UNsuicarnmemmipbnmng neds I' ming Ec iAwmg utt o km !N bdV suv, oh5c ph as detemnNJ b-hedag methds and enoronmenu! revea reutemenn anj requaed AtnseJ mdyn&nt aetm at tuaht R m and No dectne utan to submit a &wmmuunng pun be luk tmenhtng hnxieul sh,##Ke bt kio'mniwUnng abh bl } W \\[} $ 6taNsheJ a tfm.t lfd (NW* MN whkh h numu neJ N r)inipcnknt tvace and wm%e@ the funcut V"

aoutaNc teqseme% W the NRC ruk The swa d tht trest fun) wee g,

w appm e en,dmnammivamm m e m,,,,,

m reptavic anJ eetINbkdin'Nadaf pbn!&com%unty lun) M

.,,,4,g g

,y,

g. g,

_yg g tygyg ig m

m,

.1 rmiedkne!n W un U4uw mam

}l !!hom/ lao Pun dWh 6C l.tif due

?'f' E4

?!? N4 IIT bCPI4 aN Ih kub kluTi bk terh$ dud k dlM! Wh! bute b.m a4Tb fl AM Nkin OeM thMI

-"M tW h;ome tauetumt in.ome uso me ahatd u abhuane, rowJ on their F*aed Anefit shph*

umtnbutam te neckbieJ taxabk xome.

thwe'"I'et tfanam haNbn ims ts m kJJase LM Uwh anJ I,fuNi.d 3Gou@t; sta*dtids ddier In theJ rea*gnL W

W me ph It kN 12W ikin and musuNmen' d e;onom;e eWnts d.fjeteikes an< b*twven ill'he b!EY F

dd O DU amount d tadk h eme and repincJ preta (masul eJnme for a itat and '21 E" " h* * "C"Y""'d*

the la ba,o d asvu et luNhno anJ their reponed amoero.ri the feuNul u =I "N

'N#9 - -

• SW-

- LEN SINements AhofJmhtheComptni Mdes deknd iNome taws kV sub nuhH J nebt o U n h hheJ on the pbnd.nebt kymubv suntd!f al timing dd.reNek priNlpa IV SGeierated (M &pVibML cAsept Ier y

cetum bags ddiaenco ansmg put to 141 INkned inaime tax rwham are

• d "O*i Nd b d5 NN N **i n

• IndukJ in income cowntty with conespnJmg creds or charge > to asuma;ar, keh the assumpens u,d in the amounh N,en ahwe ed &feneJ income taxn iui imo m

Imystment ta credits were generalh> &f-red and at tving anced act An,mhmt un u<d to the krecubk thvs of Se ropectnv asets.

&tennmc kncM obhpnera m

m en in IkeemNr IM the hnancul A aunnng stanJarJs Dear 10 A5Bhwued Iyded keg temn.A oheiurn Sutement No WAccountmg for income Teev Bh buwment requtres the en plan at m

m.

m u3e d the %Nhty mcJwd w hemby a &kttd us habhry er asset wouk! N tee.

Ihnt uk uwd tr et mmng tymzed kw ddeced tax consequences of all tempu'y d.fFrences ne $utement F * *t

^"""'#" d"""dl "* O"'WM (1) requirn that a defend tu luNhty or aut N akusted Lv the effect d a

((,

F** M change in ta law or rxed2) prohiNtuiet dtax accounung and reo,vt:ng and m

m-mymuxy,um a a &endux uNev uenea ng,wd d rough to customers when temprary ddierences onpnxe and lot the equity in m SCIM con:nk1ed an ceh retument incenttw pryam whKh i

compnent d AlC. The FASB has hsued Stxement Na 108 debfng Sutement hereased pension hakhty b 55 8 rnilhon. This amount h Ning amomred oca NoNs effeaNe date and intends to hsue a new sutement that whuperw&

cyht yex4, the awrage tenuinmg sente Ide d the empkwes smayang in the Stxement Na %. The Comomy does net anticiple that appheatkin d tN<

pryam.

Statements wt!! have a ngnhanumpet on resub d oprmons or f;nandal psi in alhnon to penson techu the Compny povkles certun hea!!h are, ton suppkmental retivment and Lie insurance Naefas to aant and retired empky cet Cunenthuuch benehts me generally durgJ io er{rnse when cb!ms and I E'" " D "*

premiums are pad ne annual awn of paiJmg such vnents to ret: red empky ne Company has a nonaintriNtory dehnd Naefit yttsLin pbn cocenng ees are not signiheant.

subunMiy at empkycs Benefiture based on wars of asteJ1ted sente and in IVcemNr 1*O the fA5B issued %!cment Na IFl:mpkwis the emplowe s acerage anmul ba< camings recened dunng the last three years Acaiunnng kw IWrettement Nnehts Other han pensions ' %e Stxement of empkwment The Compny's pohey has Nen to fund penson costs accrued to requires that the aist of pstNurement benehts otha than pensons N accrued the extent remuned N the appbcaNe fedeuHncome t.tuegubtens as Jeta-Junng the )vars the empkwes renda the sente necesvy to N chgiNe kv the rntned N an Independent actuxy appkabk Nnefni Ee Company has estim.ded the accumubted obhg.nm W Net pmak pendon cost. as &temuned by an in& pendent acuam Lv the these Nnefits x IVeemNr.ti,1*) to N approxiraatek h rmlhon and the

)vars enJed IVcemNr R lw1,1*o and te induJed the khng amps annt.ahmpet on expenws, indtdng the anuneatbn of the transition haNhty neNi praideJ kv h the Stxement, to N appnimmeh 57 milliott Tne 1%he Sente Commissen d South Carohna. in othe utCity rxe kaskw. has acceped aQ Yer irded necemNr n iwi we iw-ton d SFAh AmJmdy. the Company opeed thx the suNtannal pton muasaatsat m of the increased knefs erperwe, which apphes to Ngubted 0;vrabns, wn, semcc et Nnths camed danng the gnad 5 eD7 5 see 55m othe N md canth through ute or that a regubkny asset will tv tecorJ Interest at on psaed ed to renect amounts 10 tv rec 0wNd through rJ!c3 In the Iature as the awls are Nnebkhptkm i ( 334 17 :n icJ47 pn1 therefore. the Company Nhem this Sutement will not 5.nv a sgdheant Abstments.

impet on the Company s faincial p+ anon or results d opaxons. I kurwr, Rf tum en pl.tn aswh

($ 1.4 to)

(3ii7' l41.164 )

there can be no awuunce thx such rec 0 Wry wdl be g*xued. The Nguirements Net mounon and deferral h2td H2 7iD 2Wt _

wty N gjeggg for the ibcal yex bepnning lanumY 1,1M

^

Noperudk ynuon awi 5 mi 5 7.ot t 5 10 :47

'~

] Rewnue Reaigmten Cusumes' metas are reaJ and N!!s are rendered on a monthN evek lusis.

the res ease k recorded Junng the acaeng penoJ m which the meters are real h

peu i

O O

l Wil Ubh bl ha!k neMtu" aT Obistd hdadh NT ac! ENINTn! m b d M IisHT dm u!c msIcaT !di sN s64 M Deh reu:! eicanc tres TN fac: wrpnem onu neJ it' etinc rata k (MaNiM D M Mac iM IN N.ippMJ a damchi and J red K mg tneM N the N Jmg wrannua' fad cod k vme AN JteNn.c Nurcn acua!

u PNne nepuan la NJa er Ln or peh meeJ Itom th mirNn beNM anJ that comamed in the fad compmem tQme) anJ mJajeJ wben pyne sappicts pNant 10 il li ppurJ !na' an) neup;vaWe etle.

Jaerwmng t'e foel ecompnent danni the nnt semannJ foci nwt heavg menk Be GNnc+ Ajaate anJ twher Inter.v*ets appicJ to the hNth Carha CecWt Co# IONW1 Uvd t ie IM

• orkt alamnp IN\\ paw throagh Al fhen,kt 31.1W1 ard tw Kl Mi baj twrueca J thugh ne eka'W i

fael skluW eOm'1FW1 appieARatdV N I mE8 and k I dMn ti@etMN NIbei U O anI herneNs b [i brlhe N u broa[b whL h {m; m;ia&J in % fereJ Cteits Rher

• On Eme a 1WI the CrcuRat rotteJ and tenuniJ 10 the iM tu

( ueers sahed inhe pwN aJpsn m dax m MeJ baeJ on a Muim eJet Pghne Co po+atun anj ta aEatcJ tuuanet Kl E hxe f.seJ cost of p hiermmeJ N the Pi Jnng amu p ast recure bean appeaLV the &mn to tV huth QMma Sapreme CouWarrene CMI r

AWfacsc Nuven actuJ g.mM anJ that conumed M the rato a defencJ Re e.se ha been heeJ N the Veme Coan and a ka un 8 eqwteJ withm at mdukJ when esubbshmg p, eN6 Janng the nect anneaNam t teatr, vecial numh The Com)w, khno Out the Jeawn of the 1%oneemmg s

ka*ng At twemNt 31 lwl and lav tk Compne haj undadeaed the methoJ d me thrup of taco pv cha'ges lo w*n the JNrenon pant-thre.@ the ga,. est rea.vre pra;Mee ap;wmateN W l rnbn anJ 513 re eJ !! b. the lau d Saath Cavhna. and that the p.bs thwgh b req,med N k&r isn reyvmth whsb are indukJ h TefegeJ Dens Other -

a:lu lhe Compny khem that tN probabmf awgn Aan! aJ<ene m Nxernber tw1.the IN qwed a weather rurmahzatun ajutmed change in the PW ork: reca+Jng wlkwn of amoanb prut to yvufe P.T (WN M Lir W1 W and the Compnv4 dreaY ewned gw JeNsn m!cm ai ap;veral of IN p+thmagh of the sharp and the abop9an W the duivu.

pn W that fem gu rate sheJdo Lir rotknaah smabmerm! and smal!

unRcN hpehne Capwn s pas rate design for sales Le resa!c;wng th mgo i On Aupst A 1W the IM macJ.m orkt r inJasmal customers Ne Nate 2ti) sente. cfkstar hem.

K [O Prfmlum lhount ad LKpense bdI W h M M dN M NIR' M metd dN @ d b b long le'"1 debi pNTV*L ditount a'd OPChe are Nmg amoTed *h dMt mdJ@.al serVke and Appeab uvN tmhateJ by erwt inJustrul cur comjvThis of 'lNcNst on kng term &bt netwer the terms of the resvawe umerneckmg b,14.crae" bawd uto in one appeal the Circuit Cout on Jebt kn.cs lune 10. IwI. rnvrsed and remanded to tN IM 18 Asgust K two orir a,J Pipehne Co*poratun has apivaled that Jeasian 10 the Supreme Cou1 The

l. StatemenS of,.. ash ibvs C0 art h halJ<ng IS case in aNyance unni the con panian ap; val it con-TN Carapnv wJen, tempan cash ins eevnS having ongnal maun' dudeJIvk re the Cneau Coun No f:na redt h expeacJ In tw2. Ahhough nes d th+ee nemhs or kss to k ca.,h ecpvdent Tempa v cash insegmenh Pqvhm Coryson khors that the JeeisLin of the 15C hes wmbin the date-am geneuly m the 10rm of commer aal pp. een:fWto d dept anJ repur ten gumed it N the Ltws of hiuth Carolm the outcome k unec< tam e x agwemens i, On idy 1 twu the PK panteJ SCLW a{*proeatdy 5219 mAon of 8W##d U2###

1. • • dC

"*' N M. Redhufwatums osler gamed an a!Lurd retum on common equ!!v of n2h On January 1 Cenin amas from pnar penods ha e tren reelnded to canha m:5 PC the Nh exten&J Summer Staten) epeanng beense from March 21. 20t3 the lwl prewnumn p Aq.ust n. 22 Ne Note IGT a'd in qtance with the IJy 1 lW9 IM

2. RdteMdifers:

mM,q suNuenth reJuced its retad ekarie uto by appreumxeN $7 7

.\\ On lamury % IW2 SCEhG mbmeted to the IM a Notwe d 1 ment to m& n 10 renea lowrr &pwcuten exptnse resulLng from the exwnsam d the fJe a iormal Apphdoon ; mex tranet faxs and 10 dunge cena n routmg pbm s Nene. De dk'd d sich reJatkm h tnkyruse the adJitkmW annum mmes a3awvJ in the My 1 W order from $219 mdhon to $14 2 mSon, or seheJules. K1 E ex;va310 IJe the cppheaton wth the 1M Juring the fust p., g iyq an annua! inacaw o! l % ConwguemN there will N n0 cifect on future net 11 On NarmNr 1.1W1 the PSC apprard SCEhGs request ter a WNA to iname a a rodt of the lanu.u/ aJ!astmenti We Consumet A&wa'e h.h N a pn oi SCESG's ps ute s.chedulo Lw its tokkmial sman commaaa! and ap;vded the ekwk ute er&r to the Circuit Coun whkh has afnnred the IM smMI inJastrul eustomers k< a thme year pened subica 10 an annual raiew N dwm Be Camer AJmaN ha appeMeJ the deason to the Supreme M OCN,0C * ? Uddb d"8 NT h 3 N W uteone d inis nuner s unceruin. the (N i the PSC. Such aJtustment uiu Nip p;rvent fluettutions in ps rnenuo due to ompny Nhors that any Lgnkant abnonnal wrather condmons. In is orkt the IV authCeJ a 12 2% retum on common equny whkh had na impaa on eunent utes he iM hpproved change m the ute orir is unMcN.

the request bi Sa5G as operatmg agent for the Compann ductN amed natu G MeandaN 1 W the i EC ap;wed a NWw 2 % anual maaen MGs whtd eks m. On knuary 5.1*O SCI SG filed ral ps estrmunon sestem acqued in luo from Peopin Lv a WNA to N a p1 of the Company 3 ps sys'em ute seheJules Lir ieside%al sm4! commercia! and w,th tN FEC b r;wahndae b whtsak ekane aw w emynd w,6 smallindastna! eus0mes ne new utes became efica!ve the f:r,t bdling ovk m tN eud ekam m rcJacron pursuant to the luN 11 e 15C oder. Ne Nae DecemNr lWl,

~

2U An inwen h0 won pwed the maw d ths reJueten, but not the C. The Comnany sustamed spufgant damage to b deet'ic tunsm6Am.

amount which is indgn& ant The case is penJmg danNnan anJ ober facihnes as a rouh d Ilumeane Ilupo en SepumNr 2122.

It On NarmNr 2R m the Psc gamed SCEW an merease in fmn im Tett costs minNted to the replacement and re;ur of damaged plant were mud natura! ps raws that me Jesigned to increx annual *nenues N 5101 md-appronnateN $% 8 mden Ohhis amoum $R2 muon was recarred thragh h h repans appwmatdy W d SCEsG s wqaw Lm inmu d msuuxe and an addmenal 510 m Aon assocuted mth capita: expendturo appwmmek 5 t 1J mdan !n its orkt the Psc authented a 1215% retum on was indu&d in T!Lhty Planr in Im Ior cleane cess na capaahzed or ca.

nwn eqm he new uto Neame efiectny on hymNr M IW Re cNd bV InMir3Ne ($22 mldkd SCIW NeehWl an order ifom the IT on Y

kJ IN Jeamn M the ahJ 6e PSC ekt anJ the Con 3 amer AJuaw aptutm W thmq Februh !W appraing the diset in the W Conddawd Sutement o!

Wpm M1 wNN the m !nd ;vnh @

!xcme of 5I 3E mWAm d st0m3 reLued asti 4:nNeme tas Nnefitw! 9 2 man. thrxgh the a;plcxen of creia evned on ib teeis as a tex h of a 19 s uxem 6e Compm Moo the prdsaMy W m @am dg Mne wdemem W cenxn kyxLn The term n nadeetx smn ash d H 3 mil m orkt 6 unM NT Le 2M j

hon wtx indaded in 190pming ex;rnd The tremmem,resenbed by the L A a ed of a Petaan ReauestagImeganon filed by tmer.rnor Jar me the le deas ow case Ne Nae 21 L the IM sued an Orkt Gart.y h

1

n y

h 6

[r%bt'gahri K Aptl 12. NW lhe inut@n rda!c io the ppeti d I, nan On ldv 24. IwI k i Mi mxd it 43 rWikm of I mt anJ Rdaning blin N!myn SCl hd and th 49 lutes lhe Comp 5Nhoo that gag limi % hen 6 JX luk 15 MU and used the prxeea 10 pept a LLe Gal reiaaonhp% inicegate wd hace no matdat diect on its qvraNm thuricou ot 1 amaant d hmk Ln On AupN.N 1W! SC160 suj 5155 mNn of hN l in an or&r led luh 1. IC, tk IV appe eJ SCIE s reqxst 10 and Rdaning nega r link 8 M Senes de August is. N21. The pro i

re, tore to its tax N,e checib c ldy 1, IM the ret pvjake tmrstment eeeJ from the sak of these tvnds were used t0 finaNe h pet the Compmy's (app'airtutdi $10l$ rder1 at lak 1,1O a nWutcJ Mth 4N \\M d citVtN nmMAhm prepa% INhdng the repMnent of JpfoMmJteh IV3 rndh0n of pextannpapxite powsN remavj k the 15C in itw&r 4tcJ Mar,h 2 con <ructen teuted sher, tenn i,&HeJnew 1%4 The mv&r ale appavJ SCI 6G popstl t0 indal in ra;e hwe h la%ary tw2 the Gepw renord br one war htnk nates ualmg SM the amtxed accumnLueJ &kred cmmg em {appamatch i425 mM mM and as a rm!t d the exten&J Jx Ace.the noto h.r.r hvn cLt.smed at at luN 1.1 C) anJ le kgmtmaneg these co a evr a ternvar lyred com Lag te*m &N De intemst rate b &termmeJ quanerN a,J b hxd upon the mexmg ;u91.1M The Idy 1.1W7 otJer was ap;wkJ h the Ceneer thwe mamh !!PM rate plus 33 lu+ pma AJuate t0 the kuth Ca'ohna Supn;me Cort. whth rem.eded the ea,e to the SuNante!N all utiry pLmt and fxl imvntono are pledgeJ as coRateral in PW Lw fxtual finJmp n the pruknee of the &ratog d e MW d Kim wnneene wth kap term &N fxat prejueten caputy and the diect, if any, ei the kraungs on kprecumin

i. lfmancings:

uc A

and caming mst iwan The IWsued aior&r rea!$rmmg its kesim and slump iti f ndme and andusbanosecmng t e M MW roanng ime. The Nxkar and Lxsil f ad in.rmaes are financeJ through the iwuase d h

Consumer A&xxe opivakJ this orir to the Greutt Coun. and the apyd was N' term 6mmerad ruper. Be,c &'t term hemy am supponeJ N inew conehined with the appeal of the cieetne rate o Jer JocritvJ in Nate 3 ahw wane hmk Imes d credit whgh egre luh n tw4 (nxkao anJ lu!y n 1+0 The Orcuit Coun a$med the PSC ot&r The Consumer AJvaare appeAeJ the (fosd AaorJmdy. the annunts eumandmg ha y Nen induJed in bng temt kehun to the Su[veme Coan whex the case h penJmg Whtk the euicome d

&H 1he hmk hno pronde far maumum amoums ($75 rmlhen rdateJ to nude.

this mxto is uneenatn. the Comsme khon that any Wmfgant dung m the at fud anJ 523 mnon rdated to bssil f ad) that nuv N catstanJmg at any ume P5Ci orir hsued on remand is unkdy.

At Decemkr R lwl wmmeraal paper oustanJmg br nackar fud was appreunutdy 1413 rmlinn at a wrgucJ average internt rate d 4 N4 and the

3. G,am On Salc Olimulmenf:

s, ant ountanJmg Le twsil fuel w a> approumaide $Mri milhen at a uvighted On August 14. IN MCI Gemumeanons Gvpwxbn acquaed d out.

acerag interest rate of 3 h4 At Decemtvr R 1WO the amount outstandmg Le gandmg shares of Tdecom USA e0mrun st4 Lir cash of $42 per shax.

nudcar fud wanpproumadv 5410 m60n at a weighted acemg interest rate of Thr0p its intstment in Tdemm Panners. MPX Systems. Inc. (a w ho!N eencJ 8 in and the amount ouNandmg Lw bssil fud wa( a,poumedy $23 o men suhsuary of the Gimpny)ewned ap;wmatdy 33 mhn shxo of1de x a weighted averag inxtest rate d 8 03 A em Uhimmon stak at the dxe W acqu!saen. The gain from the sak d the h M tiImotment (including PreferrcJ Stak 2l stxk. net of iname taxes, was appodmmeN $4M mAan, or s! O per share of 3

the Companvi mmwn sixk. and was reputed in the 15.rj quater of im Sub]ccl to Purchase or Sinkingi.uns The chango in 'Comman Sta LNihout pr u!ue dunng IM iw0and

( fj#Sg pepf.

M9 am summ.meeJ as bikws SCIM an!Lil tender {\\Muhort CONrd I adhDes R6tnue Ibid (iduch NumM Nasads do not Inch,Je the 3M% Sena. due 2tV3)se secured by lie wp! dounts d*

d ""'

dla lirst ud Rdundmg Rvyage Iknds GDK03 annaM tender Maten Controllxihtio Kornoe fish are um Lmm L tm 4a2+ M7 s u 572 secuxJ ty an inevocabk leixt d creJ:t expnng m lott fM

• " W"M 3 L l*

4^2* #

5" 1 hoe a'vmal ten &r live Nm intexst at a rate, not to c<eeed I h per annumJ ll set Ntaren m and 1204 of an index rxe hwed on ovyear yidJ

[#["4"'**

j 5"

ev.% demua umempumumm amun do-yidd eVMu%io'h d S. Ireasarv fonds at NL IN In!erest r.11e b.idluCd annum!y but may bemme fixeJ unut marantv. These Bana also prmde that the M

n7d 2j) o u&mx wo met eN euau x er uyn emnnus aar 2

ment of the intexst rate or at the time t' A exe keomes fixed unni mxan.

%,gg g g 4g g g,i m tv. If the Ibnds as tendered N the hi ie Gmpmy inted to reefkr the

= = = = = = = - -

the L(b to tbc puNie. Due to the ProvsLms d the Ibnd in&ntura, uhwh permt in Iwl the Gvapaav ressteed 2MM shaxs d G,mmon Stak to k Ibn sub mtate ethe secanty anancemenn the SCI &G lbn1 am classm(them and to g g g g ggg ggggg g, ompaq u purebx the Ibni in heu of redempno.ind resd ed as 19 StAk to N hsued under the ternw of the Duknd Remwsunent I'lan The RestateJ Amdo of Incorporanon of the Gwynv do not hmit the du The annum amamts of bng tem deH meanws niuj:ng the an0 ants denh thx may N pavane on its common stak Ikvever, the Re<tated Anides due unJer nuekar anJ Dssu fad agreements See Note 51 and smimg fend of incorpvat:en of K1 NG and the indenture undeikmg eenam of its bond ksues requ:remens Lv the wxs 1W2 through 1% are samnunzeJ as fWkw contam pomions Jut may bmit the pavnent of cash JWenh on common km Amount hs Wmt sixk. In addaen with respect to hwireeketne poicas. the iedera! ptmu Act f7 h nim D4aw may requhe the appornanon of a porten d the cammgs thereSom. Al LWem-Iw2 5 H 2+0 iw; sint7 kr R IW1 appedmatdy su m:!len of retamej carmnp wie rotneted as ta lW3 121.401 IWh Il $lo pJYmen! of Chh dPddeAh on commt stNk.

IM 02 N CJ wh duknds on com%n stxk wex idaxd a!.m annud rxe per share Appedmmer; 5 tM maan d the euneut pnen of bng tem &H Mr 22E2 aW4dv M WanJ NgM 1W2 r.ay N whed by cahe deyWt and canedLuien of tvr4 hsued upon the

7. Preferred S!0ck (Sublccl 10 Pu@ase or Smkmc furd):

g, d dM M wx hws of paremudJams or tvnd retkenent creda or N Jewit d cash wth g

the Trusee

neceds the awunt of the anual ddJenJ PcTements unkt entry funJ Taa%ome uso Jdier Imm am.c wped bappmng the sutatire NgalN ACGb JT al par Vahb Iedef alIncome tax fate d 34A k pe!O Ao"R M fSWs A! any hme when dMJends hm na been FuJ ir f ahr ded.urJ and set 4

y a un br prment on ahero of refened stai SCf 6G mar not reiem any N'

d'"

txs d peiened sixL (unless ahhared preieneJ sixk then outstandmr ax g

gg redeemed! or puNhacy ethemu acquire Lv value anphaNs W pxiened g, mg n

sai except in accorknee uth an offer rude to al! hokkwf primed staL cha M u on utmg nnre

• 7 %'

• ? w M sis SCt&G may na reJecm any shares of refened stxk (unle s ahhmes of pe-cluydhuvN nome o ltn teme ttoi3) kned s!xk then oubtand.ng a'e xJeemedi or W*ehaw or othem%c acyx Lv la kncN d i.um, damy ets man valac anpha'es d prefered sixL (e.scep oJt d morno set aside as prehat Prthtrvd st4 duknds f, u e uii 72 9 funds or shking funds Lv one or rnom senes af priened sixk) at any t:me when

. taA

~' ~ " " ' ~' sir W ~~ SM ? o' ~ ' ~ ~ ~5iM 210

= "pcustwame it b in &iaah under the pawons of the pu+duse fund or sit: Ling fund Lv any

~

~

Irkomt Lt d oft alW at 6taldhn) senes d px!ered stai igj %ny m,,tg 3yy gg3 ggi The ayegate annual amounts d pxchax Lnd or sinkmg fund requee-ImreadamunbuuNr u rnents for prekned stxk for the years 1W2 thmugh 1% ax wmmanted m fol.

A!I.mau la fona used dormy km conuructum indudmg r uckat taci) tun)

M5)

(7 6e l

s. car Ammm T. ear Ormnt u kntd tetum on plant inetment

(&wd #fMLes) ret d awtutwm t444 1444 1.444 tw2 5239 Iw3 5 Dis Depeaathe ddftrewn tte 2 370 (Mu )

Iw) 2.313 iwo 2.513 AmortiLithm d investrnent tai ards t3 Ns )

i17t 4 )

(4Mr )

tw4 1513 Anurtl/Jtkm d litlgdhon 4ctikment -

related oedd 2U H(*)

The chanp in Trefenej Stock 6aheet to purchaw or smking fundsr Jur-t,ute income um peakra Ing IWI, lwo and lw ax sumnanxd as felkms:

uwmc taufiect) tsw usi s 411 LWired inavne tax ILmhk at N eba niusank h@ct uta than statute D226)

Li N11 (Us31 d NWN d IMIJ%

(1therd Lynin het ll Mi 7s9

$ 14 )

lukinke lJnudry 1,1969 I.2Tld

$77344 jgj gng g n gg g ?g g g gy ygj ggj gato gedecnd

r m -

---

.=w s.a.:==:===

$w par value 0+92)

(sev) sofana!ue 0 72f.12 )

(8 617)

% defened taw mub from timmp ddlerences in remg% 9 o! the tulana twember 31, Iw9 11ilM9 to, Wung ceme shaw Redcemed iwi mi nmo 51N panalue (9.913)

(W))

gyg 50pr value (9114 1 _

U W) p Mance twember 31.1wo 1M201 64 4h0 AccekuW &pwcuren and hes Redamed arnanuatam s23 w 52o3M

$23 m

$100 pu value to2A) tHI Defermt fud ascountmg 4N 17N4) 4 %7 so panalue UIleo) 12 %

Pmperg um W

0.310)

L401 Md" D C.N 3I._I.*L.- __._

S *4

_ JdM cvde bi!!mg 3f2 (ft023 )

(3 000)

TAew p.n wnnuis um (IND 8 024

& InGvne Tther' M'*'**'#*'"""

HU U#

Nudcar refuchng Acnul 20s.1 (ibH)

(t hM )

Totalimome tax expens for IW1 Iwo and le is as f&m Penske openw 037) et; I 401 Gas wato heata pnpam 102

(%cr vrt i172)

J44 I

.20 (ThwnMMaN w dciento un moi uau su m (uilent trKome la%%

c2 hJaa!

$43 4M

$ 92n

$2tA10 Sutc s.2M 13 no 2ou At member 31, awl the cumultm net amount of ixoi?.e tax timmg dd-Taalcu rent uso 4* 7e9 iciu 4 21844 fcxmmmhich defereJ taxo have not hyn prailed totakd apprmimatdy n

5M mean bec Note iHL Dektred uxa net De Inena%cnae Sente has eummed anJ dosed conddated ieder-reJeral 25 se 4 482

n. sos soie 4nu l.320 6 164 aliNeme tax re.ums of the Comyny thmugh N and b cunath canJuetmg an exammanon o' the 1% 1%s and 1v9 retums. De issues contamed in the Taal dekntd um 30 20i eau 347su pmleM*ven@McNrt are na expeaed tWuee a synifkx.umpet imestment m acas Dekrd 40s on the camings or fauNial resinon ohhe (ompany.

Anwtumon d ammnt' R MTCTMlWrm'$

deferred (cmbr)

D 64s1 (3 7t4) t 4 eM )

Tai imeMrnent in credits O ts44 0 764)

(4 2g lhe Cont uny pap fees to banks as compensahn br iS hnes of creJ:t God pgr hay am kir 2Mtp or less Iba6 of ines of cat laat meome m cycme ns m 5108 202 su m and short'tm hmomngs at INeember R twl. Iw0 and le and for the t=

Cunent txome ue for tw neted ahr,e reficen.ppraimatch M 2 mil yeas then enjed are as th hon of incomt tax bene 9s rel.ncJ to st0rm damas cms w hieh are inebJed as a reduJtion in f%1mtenaNe eVpeNe in the ConMWJ Sutement6 of lniome Isee Nae 20

m py m'

To the c : tent that insubk (Lums kv pru;vety da%v. >

ma dVQ% m Mhrb) 0*

P W

M# EN'Y I" M'# * " "' M"Y

• "I "I k""'#' S""" #Y"bk in the futuT, and to the extent Dut $d Mn Avanabk knes d creda ahtar <nd il410 5tU5 5 903 mwm baomo umda shon term hvwvp hn,i#1mg avnmeraal pa;tt) Junng the war utemmU nd reimvr the nist W n par (bud te;skenent pawM W, Maumarn out aan. ling 51 H e 5iM 3 SiiH ml1 reutn the nsk d kin as a sdf itwurer WihG has no remn to antopte a Astrye outstanJng F !41 5101 2 5 44o wnous nalear inuJent at Sumrner buten li uh an tNi knt were 10 o;cm !!

hghted mrgv 6Loly micerst tah cocU ha.v a nutenMy ad. vise in' pct on the Compnn fmancui swten B.mk ke 0U*

M 44 %

"4" commcoa' p;rt o il s 8 12 s 9th C lltya wn lineed prumtswy rsuc N

WE&G. admg kir 11df and the PSA(as coevnets of the h83 MW Summet Wrt acrm tvmwrp outsundmg at butLm). f3ed an xten aga ns1 Wes'mphouse I lectN CWWr.no (Wotmg-YCWfhi house)on Mash 22.1+0in the U $ thtNt Cou't ks Wh Carohna Kl SG lunk kwu 5207 5 36 h ed a in:ctnt raic 5

s wkmg a judgment that WeWinghouse is obhgats te conca &kets in the Y nglouse 10 Summa Suten that a'e &icane Wc3 ird ascuce intoru r 7w%

H7W in &y w 4 man &p and maws anu wMt au and kg udmJ h

pummt & ago and trebk damages in an am0 ant 10 N detemuned

10. Commitments And Contingntfex D 1.mm :ntal A. Construaen On MNr i 1m K1 hG consented to Ncome a PotentLdly Resposi.

SCENG has awar&d a contua to Daktiluor Dankd to design. engmeer b!c Pany (PRP) un&r the Sape:iund Aa kw ckan up d resduo hom its manu-and buiLL near Cojv. Sou6 Carohna in Dungetyg County. a 3s3 MW cm! fired fxtured gas plant ole taken ty a sakage temp the Mxon ikkery 9te in clectN generat ng p: ant. Construalon k expected to Npn in Lue IW2. uth cond Rxitngum. Noah Carohna kn disp %M On h wry L IWO SCI &G pad meraal opcranen expNted in the renng d 1Wo. The ecnued pnce d the Cope 5125 A0 to the ITA kw a share of past resnonse nwt. On lanuary u. t w2 the plant. exckding financing wsn and indadmg owneri ac tae, and a!kwance ITA nonfieJ SCI SG and the other PRP r, elIncketed (kan up ahenutree kv escalation.13 5450 mhn The transmission hnes reqwed to carry the plant whkh mil nwt ap; ro.dmately ShJiUAn 1f SCUrG were to partwipate in the output to a nea tv aty and to interconnect at one on the Companfs dutne gener-ckan up a:cordmg to the same peyrtionate share d its psi response ests m ating fxthnes ax envaed to cost 526 millon share el tne ckan-up wuu be appmm.udy sos 3av (expessed in tems of tlnder the Dutchor (Tmiel aintrxt SCE&G must nuke spee6ed mmt IW1 (MLm)mer a 30) var peral mum payments mondly. These pyments indude avunts kw b!1ation on a cer in iWl SCE&G was hsted as a PRP un&r the Suivrfund Ad Lv dean un tain ponian d the contrx1 whkh is subist to e.caluun lapp 0xmuteN m of at a LnW1 wned N Intngton County in South Carohna. The wunty i

the tc' 1 contraa amountL The aggregxe amount of such recakJ pvments announced the It will asume respeitnkty kn any ekan up Ahhough SCESG remaining at December 3 L IWI is as folk,ws (in thousands)

Nhe,vs that it will have no finaNul resynsib.hty kn the site, it will pnwipate m Iw;

$ 341 s pavenhngs to detemune the pease sutus d the landhlt No assosmert has )vt Iw3 107207 ba n completed to enabk the Compny to determme the toul ne.ts of ckan up d IW IM 40 the ute or the Compmy's a!krable share d such costs Lintil such a ktermina-1*5 M

ton is ruJe. It b not petbk to rnale any ecimate of any awts to the Company, l**

1M the extent to whkh coas might N reco,tuble through rates. insurne or corurt W

M Ntbns hom third partio. or the ognifwaNe of such nisa to resuhs d operatens SCE&G pad 51004SAO unkt the contrxt la 1Wl.

or finanad putan in Navmber IWl SCESG Oled an apptwaNn wth the PSC kr a Cemfe ne Compny and SCEhG exh wn tw decommssened manufxtured cate of Environmertal CompauNhty asiltbhe Conwnience an) Necess!ry gas plant sites whkh annam foidues ofleptoJud chemkak One of the sites regarJing the cortstruction of the Cope gene anng facihnea lhe PSC heu heJF that the Company owns was pnioudv owned N SCE&G One >f the Mtes that ings on the apphcamn in late lanuarv lW2 and is expyted ta issue its order en SCESG pwmly uns nuv alw anain residual contammaton hem a creosole the maner donng the !!rst quaner of IW2.

plant. Wh;1e the Compny and SCIAG haw exh rnainuined an actwe iniew of it Nudearinsurance then pecuw Min to irkvutor the nature and extent of the residual conumina Nn, Omnt oW amm' awn d 6oe mes has nAen hnM m

The Pnce Andenen Inkmn:feation Act. whwh &ah wth pubhc labihrv kir Inkwnuen has Nen requested by and pmided to the Soch Carohna Depan-a nuclear incuent. cunent'y estabhshes the luNbry hm:t br thtrJ party dxms

"#'# ##""N"'*"*'" # "# * *#* ""*"*"Y#""T assxiated wth any mukaiinaknt at 53 N!kn Each rexter bcensee is can "U

rendv habk kw up t0 Sco2 million per textor wned kw exh nuckar ind&nt ln ad

n. the Compny has an emironmenul assessment pnvram to occurnng at any textor in the Limted States, praided that not more than $10 mil-Wmdy and acess otNr carrent and former opratons sites that cauki require hon of the haNhty per reactor wuu be as,essed vr year SCE&G s nux1mam emwnmenu! dean up As sue awewmens are compkted a detemunaton wtl i

assessment, based on la twotNrds ownership of Summer Staten, wuu N N made of the estnuted amount of expenitures. i!any, necosary to ekan up appnWmatdy $44 milien per inddent, but na nere than so 7 m&n per year.

exh we, No aweuments haw yet Nen empkxd Acavingy. the Commny b SCE&G cunently maintmns poboes (kw itsdiand on behMf of the PM) m, naesvry br clean up w whether suc(

um ekmne amwnN wth Nudear ELoic insuraxe limited (NElU and Amencan Nuckar Insurers ammns w Wa4 a mub dopnueMmandaSe (AND pmeng combined propeny and deconummadon insumnce cmtrage of J 1. Synent Ofli siness information:

5130 blhon br any kwses in excess of 5500 m;ibon pursuant to ex6tng pnmary t

carrages (wth AND on Summer Sutkn SCEAG pys annua! pemiums and. in Segment iniormanen at December 3 L ImL Iw0 and le and for the eddiWrt coud N assewed a retroxthe rem:um not to exceed 712 times !!s war; then en&d k as Mkw annaai pewum m the ewnt of popennbmage kw to any nackar generanng fxihnes carred by NEIL Based on the cunent annual nemium, ths retauctnv premium wouu nat exceed 539 man b

..i-.-

e t

90 5

i I kctnc G.

. Itemi 1.u!

_ l leit% _

(an_1 ra'wd_ _hul_

(Tuckh et lWws)

IThwth d!UM) gutqtncmo

_ i v'7.2 l t 12'o 742 11W 51 14?No 0;mtgierrnxs 6. 414u

$2v70n>

$ 4 h12 51 142 024 0;wuts ex;iene opeuts cgwna esJatg derecuban isladq deperaitun nJ awt.utur 592M 2 H '@

WD EL 7C as ameatatke 5034) 200 9t 4 k r27 627.144 I

M %M i3 720 146 102 fM

!\\pftylatMn aml Amotuthwi

%12h6 11 0 %

M%

10221 geidhan n! Amotta!km igym c=pe te

• 247 m v lov ww 1,uWcutyp3xnc w e29 272elv v 1r2 v29 440 Mf3S fM 1 ___5 3 f=='22 Y =.S $

22

• M@DdidM21=_'81'1. MIS' umenm nei nes ua.oiwnnam no 7m 14 2. Interest d ap 91 4 %

leo intero1thap

%'421

. Prdmcd AM dwdenJs 6 hv'

. Prciened wa k dwidnt-77M Netmcome

$IWI Net mace 5 !!2 624

= _ - - ===

w~~~ -== =.==

w : _===.

=====w===-===wa==z

d!f (E

!Ns-a

(.

i4 kuID IJenhfubk 5 2M 704 5DN 5 M 5 211.173 hkn4 futile

$ 14 E6 5 12 012

$ [42 5 17f45m Utdued h orullCompam ($wtem 7 907 litsted b thcull Company t3rutens 50n hu!

= =

= -

====___.===--=,K 5 2W I40 Toul T'iiU IdchtdlJk aWi% dl kkiltifMk ANthm Ibember 16. Iwl' Decemtre 31. tvW unhtt ptmt. rxt 523 D 877 52NM

$1.073 $2 0117%

Utthts plant, nct

$ 2.149.226 52'0.0b2

$ 142) $23Witw Innm..ncs M M7 7 242 47e 91 1%

im cntore 77.1 %

7 162 60 64 4M T otal

- _4.17.511 1_24 _047 _ 513 N-2707110 hol,,,

$2 22ti s?9 52 % 244 5 l #74 2,4k4 t94 52 mm m _.

k% cts Ut d( kT @TIab (4WhlrI) (j\\Mt' mb

.N Ib)

,k%t'ts Uldlj f f(T thTrJ!!((@ fin) (]Tralhirth 4 W bl) h Tio_l aut_s_ ____..

__1 Wu.n2 h_e_l _awets_ _ _ _

_52_08_4 M_i7

) 2. QU0t hTly findnildl hlld (Ul10UthtCdl:

Ilectnc Gas Tranut hul (Theds ofIWiars)

(Jjicuty rewnues 5 M'.146 5292 ha

$4on 51.147 5 w l*l operaong eqenn hs ud Thad _ hvth exdud:ng depre;iatun Ogunce (bu'1er (bm qginet Annual and amort 12 anon 5e3 035 130 246 6AO M3 N01 holoittatmg Depredatxe and amortuanan M M7 12 W1 ZD 97Mt rnenues teh

$297 wl 52 % 212 5Ku17 52HL7M il Id?S2e hta! cetatq egienses N4M2 2612 U 8 723 V2 I tiO2 Optulmg O_Iv_utm.g.in_co_me _ilms)

- 5 201304 5 2_9 IO__5(4 t@)_

225 d N* MD N"

UW I332" U4W 22N g,ro me n w 3s m n3s2 o ; 03 n22i mui

"# F AJJ. 0thei in,ome. r.ct A4374 Y

less. Interne $ lop 42 317 Prcktred MM duknds 6 411 94 g

3 y

3p smo,,,e 5 ine

~

IVJO Capiulexpendituin liN Mord Thnd hwth idenufuble

$ IM 041 5 w ?3ri 5 81 5 224558 quaner quaner quanct quaner Annual.

Totalt3ruung Lltdaed kw arrallComp.my opeutens 4 824 revenues aw

$2003 46 1262310 $115.911 5278 792 51.1 0,559 TcOI O 2vte2 p.uung g

mmme nn so.s08 4 (134 7vii3 4uc2 22s 9ra kkntfuble awis at Nct mcome MW 33 762 20.910 100 91P 19N70 18th03 Decemkr 31, IM L1mmgs per weighted Ut:hty pLmtx R2H 789 5270 211 5 1.207 52 30o.3N average share of Inventano 93.N'?

A 942 44 102747 common stM Ioti

$232R M

$2791%

i 1.703 2r#9%

HM as rLpited" 84 F/

2W 43 4 44 (1) trhlAks gain on hile of mvestment nel d inaw facs of approxtmaldy Awets utuzed for mera!! Compmy operations su o30

$461 mdhan. or $i 11 per share bec Note h LUI awts 53144 9 f (2) Ddutka reLited ta the acqumtion of Peoples (see Note il b resected m its entirety in the keth quarter h

1

4

/

\\ 1..

[

ngy weam-tm i 19e w.,enaca acccmher i i~i18e i-d Kwe w+

n ne hs.xw d.dbu kn.h a la Y temJ to an a.thnd ponc!;hwn!

the v; l li,e tash regeewnb(W the Gepn anse pm "m,,

,he abml u g

I g p g, j

j g.g

.g tapnenvm of %, l W s oywor e anj wnsuton p,y'am ofthe tuns hnds i% eJ on :he bass eiush on &pw! en N lr.Wec a,J hnds i

vf'wm regautev, satulane ta te;W eusm; pLn; imeqment a ww.

.b

~

macJ en the hw s d reuements of bena R I %.> Le uteJ Amdes of her to n;uqJ ta mee' to:.re demata Lv eMm anJ gA m de;rd & Nr i

aNb Li aWAt IN nein%1ri fekYli.J! captd tn teas #idNC te!% lk O$* pJ el thc p'eleticJ MMhdin UniA net erg (as klmed theremt kW the h ni > le[J!xed s8tJM6 hWse! 1 T M% d j% Idm[ >@isd Ibr04,,1 rM6 t

i

"*D##"I ch.m J 10 cu4mers Kxes iot feeJxej vrekeve hwJ on histmaino N E* 'N

"* W U

50 &G hw f VJ a ie po: Li' a, ncrea,e m elecmc ran me IM lla

&n i requecmenn (. PtdereJ N AL Exe i ior the vear endcJ Dece@ct R et er e m,.metm cas anJ k i 50opma es consmwn pyrn il d N g, pgg g g

repeJ ta tM mcreasoin rxo Therekee the wpmn utwe fm% al p> mon cm) rouS of e;s raw couu N epaded N the rep!xeJ sutwJmo yiW 6e one q e W a mis of be @mnper w, M:v to obtam adefuN a'd Ianch tme tchet hs.I 60 s pVened sul N. I hG m.n na bsae w assume any e, secure.)inJcH b

As a fedt of Om!mJmg cus!,imet gt04h thy OmptN !d6vs Alled, u'hecu!cd injehedNvi Wud eVeed l A i4 the a4*Cple pn'Ntpli arnoun! 0l eketnc geneuung upicn w W N ne.csery w ch n tgie ret fwe tvas %-.160

$ secureJ. JekcJnew and capu! anJ wrp,m pmk1 howeset

1. o N.I %.

m hh JAarJed a coNTait t0 Mel kMf OJn!C 10 d67 enp'k, T' ad bu9d oc.M thm no sach wn<nt Mi N requeeJ to emee into aptenems f at lwrnent of MLhou!h UFMRa n OMngebxg WdN!C J M MD, GW Ided chitni genet-pnNipil INc!bt and pfet%W bt sciurnin IWn'd foi MiJUnninlrdpu!pis6

1. mp knl b in add 1%d s0afW of gene!a!m[iapas t'i (,of'@JOon b eyWl 1

ed h (n Irill!e IW hCh commrrdd ejvrMV4 eQXIeJ m lhe spW O!

I thave comm-n N o. uwe a.uanhan Winn ompemon two,,he numxed pn.e of the Gre p; ant cu,,whng fauung coa and INhrdmg L%CWr b 6% late an a %nJe Iof biiMon. h h V mihion NW s

and htxk luh>c P n (l*Pt Be ( ompm3 navb to issae appoximately fixRmhslJn bnB requded 10 ifG the pbWt du!pul10 a neahe citv a,J 10 inter

,4mW shres. m%haro an) 2M mhres,unng W. PC.and1 %

u 4tMnCd at one (d !be k,ompanV) eIciInc [etWIahn[ ktU, lD are e$ded 10 Ob d

3

' 'c

!ctcJ wnh thc S! (..n N"

P 520 I"WMn Unti! the GMpk!Mn of the Den pian! Kl hd plans 10 pulihne liecember twi 2 mW added sure< o! s ansm u k to be imeJ and pwer. as necessam to maintam is rese ve inspns s0!d pVNunt 10 the (Omp11O h!M pulihat Naq le % (W,) llsdef M u

Ihe estmWed p'mklW c.IN fethMemenh iot 1 R3nevJrg requ:Numts hN the G.e!unv eqvcb to issue amesmuteh 35 kW shmes 5mW lM fJet ILibM o arid short ictm bomwitip ad tne xtaa! p, mars casb requne-s%es and omW shsn dag tw2. PO anJ 1*4 ro;vcthdvanJ the laCnB N\\tI $ We M l'N W fem.UTI'Dp ShaNs du7ng IW3 im im iwu.mt te 5 eden N4 of the lede'al P0 wet Act Vi 60 enJ G1 NCO (ibl% OllMIN must be an ajyika%)n With the } I IK lM the authonh to hV. shon term indeN' PIVFrt/ iditMnunJ mrntraten ednew m anwns oceedag h W the pu s alue of exb d then oakundey MKidtdin th!Jdm);alkmarLC Id geggmes_ The iiIT has amhon:cd klM te hsae up to 5100 mhn c.! un,e-funds used dunnsmtrawn WO moc mW s u'ed po%say notes o' commaa.d opt r:h cnatun'y d an of I 2 months s i

Nudeaf hk UKndllurn MM lWe g Ng q y.f g g g.,3g g g g 3 g g gpj 7 y gg MJ10nng ohh6ttum. redemptke imd g

gg ggJphase lurkt ngrmwnb O Ni Mm wi

_ _ _ sm.40s _.. _ _._5. _% ea. ~ ~

De CompmV anhcpues that w F2 cash re6p rements wd N met

h. rough intertuDy generxeJ tuna (appreumatek W l. the sales of aDienal Approumaciv 4 t5 y el tou! cash reqAemens hndaang Judenal was secunno anJ the incunence elaMaonal shwt term and kmg tenn inkhednen pr0ddeJ from miemahourco in Iwl as com;uxJ to M n m iW

\\Wtha addavnabe;unta wW N sold and the t<mmg and amount of such in lanuarv tW2 the Company renewed far ene year bad no:es totahng SW s.Co mh depend upsn nwiet con & tens and other factos Actual Iw npena mWon. The mtery rxe is detantned quanerly and is ba<J upon the three-ucs nuv vry imm the eshnuto set fann.Me Joe to fxt0rmh as inbnon mWilh l.V7 tile h6 33 baus p0mh and egenormg genjdent repl1 bon and leps!ZrR r$G of liVd prOWth, el1Wom W luN 24.1*l kEhG ssueJ 5143 md:un of f ire and Refut daig Mai mental pMecten standark and the cost and avadakhty d captal. pge Ibnda Senca dae idy 13. 2ak and used the pr0 ceca to pepay a 1 ke ne Clean Nr Act regarn eledne unhtes to reJae sub.udv emnsens amount of barl Luna on Aapt 2t Iw1 WhG issueJ 5153 m&n of hN o! Mut dexdc and muopen mje N the vear 2an 1 hoe regemenh.we and RefunJmg Monpge fondJ % Scro due Aupt 15 921 %e pw lung pha<J in Oce! two gnah. De f:N phae hA a comphance dac of l.m ceca from the s.de of these b0nJs were used to fmance m pin T cxy 1. Iw5 anJ the wcond lanuuy I. 2M The C0mpmv mees all re+me. structen p:0pam. incluirg the repwment of a;pexnna:e!y I mens of lbse 1 anJ themfore mh ret h.nt 10 implement changes unal consmcten relmeddheit term ndeN@ess comphance wah Phawe 11 requirements is necessam The Comony then may

• X C0mpany has la eIfed J shelf reg %trabon ktr the !

.Je fiOm time to reduce subt dhk embnins throud the b4mng Of ga5 Or 10Wtf Subt Md ame Of an agpegme 52N mkn in unsecured melam tem dcN sceunnes if and oc anter of seruNvrs to coal bed generaung unos low nn gen euk annales Of thew secumies are consummate 1 the prxeea may k uscJ to fund bu nas wW N installed te reJuee mn0 pen oxide emmuns r aMDotkd btNneM altMDes In IVnublaY suhaIJncs ta leddce shon (Crm dcDt Eg (pmpppe@ N wpMng en a @Qded gompujpce plan that mg31 N neu'Nd in (0nnech00 theN3d!b Or for peneral c&jViJ10 pupM in ;kkkMn fjed wgh yd apjugj be the { nwppmeng} pgle;[yn Apena by bN3. Re SCEhG imena ta fJe a reg' canon stament kV the ssaance ei an addno%d Company cmren:h est:mmo that the implemenu:en of Phac 11 wouki equae $W mdMn Of fin and Rtfunding Manpge Dona wh;h may N used t0 reduse capaa: egendaures of S le mWhen and aMnon.0 annual Opermen and nwnie den or Lv etha esporate DeBhes nance nynses el 518 mNn (nprewed in tems of Wl lh I kl b6 [iN m0nppt bond indenture ion.ims [WhMih pr0hihting the The steam generxcr tubn a: \\' C Summer Nuckx Sunen (Summer $:a-ISJJaie of ajJRMn.d hmds unkss het cJmmp (Js !heiem defmed)lOr 12 400-typ) 4ppbed N Wegsgygg {jectng (gry;ypn pWestmghggg) have pjyn sceahy numbs out of the 15 mon:hs pner 10 the rVn h ef !smance is m lea 4 enced pnman@txss conusen crxLng w%ch cam Jetenotmen and IWU'lhe anne j Inte!bl req 3e*CB 00 ah h%h to N euNJning fibnd Jepainen d the tubes In erJer 10 mamum 1.he cJo%M Mpul d kmmer p". w

r _,- _ _-. my g-e t z Statkn SCE&G has deckhi ta te' bce the rearr getaatm at the schedukd irpet on the Company's fimncial psttion or results of operatkms lkwyver, p refueling outage in lW4, subsanually prior to the m.iof theirintended 44 year - there can N no assennce 6at such mwerywt! be granted The requirenwnts senice k SCE&G estimates that it ecu'd cost as much u approximately $100 will N effxth* for hscal years Nginning afta TNeember 15.1W2c rnilkn. excluding AFC and repbxment pmer cmts. to replace SCESG's two We Compny exgcts that it has or can ottam adequate sources of Isanc- ~ hirds sharedthe steamgenerators -. ing to meet its cash requxments in the keg term. t SCESG. a@g for itself and The South Caro!N Pubk Servke Authority, as coewners of summer Station, has fikd an acten apu st Westinghouse in the Resu,mVOperations tl S Dwkt Coua for South Carolma seeking a juJprent that htinghouse is Eaminp nd Dnidends - oblipted to correct the defeetdn the steam generaus at no c0s to SCE&G. and - Eamit gs per share of common stxk, the prcent inacawe (krease) from for actual and punitiw damages and trebk damages in an anw! to be deta-the prevlous year and the rate of rerum camed on commm equity for the pas mmed. 1089 though IWi wereas falkw On Decemba $ 1980 SCE&G con.ented to Neonw a Potemial'y Respul. s Ne Pany (PRP) under the Sup :imd Aa for ekan-up of residues from in nunu-N 8" faaured ps pkW site taken by a sahage company to the Mxon-Dxkery site in l'ammp per share Su7 54 44 . $3 04 --- Rockingham, NoWina for disysal On Febnury 1, Iw0 SCE&G paki Percem isnw $w!tn caminp $125,000 to the ! A for its share of past use costs. On lanu,q 9, lW2 the - g,N,y'mjmed on common equit ar<nd) I3 81 1 EPAnotifiedSCE&GandtheotherPRI% Itsselecedclean-upaltemathy - which will cost approximatel'/ 58,700.000. IfSCE&G were to putk!pate in the Eaminp per share and rerum on common equity decTawd in 1991 fnxn - clean-up accordmg to the same proportionate share ofits pst response costs,its IWO and inaeard in 1990 from 1989 primmily as a resuh of the sak of the Com share of the ckan upwouldbe a ' ately$653.000(ex ressedintermsof pny's imestraent in TdecomallSA to MCI on August 14,1990. De pin, net of 1901 dollars)overa 34) tar tax. from the sak of the axk owned by Mi% Symns, Inc. ws amoximately in IW1 SCE&G was li ted as a PRP under the Superfund Aa for clean.uP $461 millim or $1.13 per share d the Compays comrwn stxL ne effects of at a landfill owned by Irxington County in South Coolina. De county has increases in the electric and ps margin; fa & i woe me than & N higher announced that it will assume responsibility for any clean-up Nthough SCE&G - other operating expenses. 'i ne Inaeases foi, 7 were also due to inacases in behews that hill haw na financ'al responsibility for the site,11 will pnlagte in ,kytnc and ps margins, the effects d wHeh more than offset inacases in other pnxeedings to determine the precise status d the landf!h. No amsment has yet oprxingexpenses. been compkted to enaNe the Comp.vf to detennlne the total costs d skan up of Nuvance for funds used during consuucion (AFC) is a uti! tty accounting - the site or the Company's alkwabk Aare d such costs. Lintil such a detennina- = actke whereby a perhon d the cost of both equity and borrowed funds used to . tun is made. it is nor ssee to make any estimate of any ess to the Compny. - ance constnrtion (whkh is shown on the balance sheet as construalon work the extent to whkh costs might be reotembk through rates. Insurance or contri-in propess)is capalized Ibth the equity and the debt pnku of AFC are non-butions from third pates or the signifwance of such costs to resuks of oprations cash items of nonoperateg trome whwh have the effea of treasing reportet or financialpNuonc net income. AFC represented approxinutely 6% of net incon.c u 1Wl. A in The Company ad its principal subsidiary, SCE&G each on two decond 1990and 5%in 1989, missioned manufaaured ps plant sites whkh contain residues of bypodua in iWl the Company's lwd of Directers ra.ed the qearterly cash dhi-chemea'sc 0ne of the snes that the Company owns was previously owned by dend on common stock to 65.5 cents per share som a cents Nr share. The SCE&G. One of the saes that SCE&G presently owns nuy also contain residual increase, effecht with the dhidend pgable on April 1,1991, raised the Indkated = centamination from a creosote plantJWile tne Company and SCE&G have each - annual dradend rate to $2.62 per share from $2.52. De Compny has inavased maintained an aethe review of their respectiw sites to monaor the nam and de dhidend rate on its common Stock in 38 of the last 39 )earsc N:ntof theresidualcontaminatioruheextentof thecontaminxionof thesesites _ - nas not been determined Informanon with n'spect to these sites has ken. Operaung hpns requested by and proud to the South Carolina Depatment of Health and ErvlJ Eketdc margins for 1971,1990 and 19m were as folkw Lionmental Controic lt is uncenain wheder any dean-up will be reautrec' g i,, in xkhtion, the r npany has an emironmental assement prc am to idintify and assess ou current and baner oprations sites that c e. require Duts - um Ni ernironmental denup As site assessments are completed a detenainmion will - Im rudusdinelectnepnemte me WA m0 k made of the estimated amount d expendauw 4any,necessarytodean up Pun hmedywer -98 O.1 1M ' cach she. No assessments have yet hen compie.ed Accordingly, the Comprny is - Ataren sets sonI sw2 - - unabk to determine amounts,if any. :Sessay for clean-up or whether such = amounts would signifkantly affea the results of operatkms or financial pwtion. Ac decrie rnargin inacase hu tw0 to 1991 is primanly due to increased > In December iN0 the FASB issued StaMment No.106 *Emplowfs kW residential and commercial sales as a result d residentbl and commercial Accaunting (or pomenrement Benefits Other Ran Pensions

• Wis Statement

, customer growth and a $1.9 million billingrebted haption settenwnt induded in - l requires that the cost of psne:ireme it kr.dits other than pensions N accrued 1991 eketric operating nrvenues. De tw0 electric a:argin inaeased from 1989 c'unng the years the empbyees render the senict a cessay to be elHbk for the - . due to the retd ekark rate inacase pbced into cifect July 3, )989 (See Note 2F .t.pp Ale benefits. De Company has estimard the accumulated L 1ption of oMotes to Consolidated Financial Statements) and residential and commercial th%nefits at December 31,1991 to be approximately $co million and the kikmatt hour (l@i) sales inacases result!ng from customer grtuth and from xmalin. pact on expenses, induding the amomzzion of thr.ransition habihty increased customer usage due to warmer weather dunng 1990. prwided for by the Staement, to k approgmately $7 milhon. De PuNe Senice Commission of South Carolina. in other utility rate decisions, has accepted acky tion of SFAS 10o. Accordmgly, the Company exgct. that the substantial ponion s of the inacased benerits expense.which s[ylles to irgu!ated opradonsaill enher be recowred cunently though rates or that n regulatomy asset will be remrd-ed to reflea amounts to be recovered through rates in the future as the costs are pid; therefore.the Company bdiews this Statemen: wt not Mw a sigmficant g r w N .w

he w

.w 1 + e-- m m

9 e INreic 1decreac) in cleans cuwmas and megawattbut (MWH) Othe opetanon anJ maintenaNe expenses INteased for 1Wl pamardy u;es wlume tw dbu d wstomas are presented in the following taHe: dae to inacases m empkgee rebted opense, anJ an inacase in uneo!!eaiNe "*" """' DC **C * *'** #" ##P"# 3'd *du inatase (Ocoe.% Nm Pnor year tenne expenses is pnmanly a result of dninbution sptem 19 ; w and Cuo men YgmcytWHi inacaso in demand side PJnJpH 11 propam akts. The ir ' preca-a Clawfwation Iw1 PNo twI 1we ton ahohn @< b b ?! Nkctdmnq q

• eW 4

Rmientul 5.728 vm 70,540 264 M7 dep eeunon and amundmion deacase for 1+0 reneas the h ; gulatm Commercul 1.234 IM! 1A7W 243A2* C0mm!+ioni extensi0n on lantuN i lW00f hummer Sixion grating hedde from March 21,2013 to Aupast et 2022. WNk therc is no cict on net INome [k esaic kxclaro h 21 d Notes to L onsoldved finaNu! b!atementsl the license cler, interdunge) 1 212r,4 40 737 seer m u 4Ltw ti:20 sion requiro that the Compny lenphen the pened en whwb the plant is depte. Toti 1emurul 7,t 44 11311 y w4 W 240 cUted. thus karring ihe &preciahon emounts ior exb pavd beendaxes for Ei anL_._ IIL BiML NM Iwl remamed reLitwN unchanged from 19e The maease in tNome taxes Lv h hu. 7 144 l1312_ps ;o31 17tn44 1WO is anxbted wth bgher income. Other tam inacased for twl and two pamanly dae to higher propeny tam, caused h increased n!! age rates anJ prop-Wama weather cumbned ch an macaw in the number of electric cus-C"Y dh"* tores rested in an alhime peak demand reneJ of 3300 MW on luly 211W1 Intaeg Chargys The premW ruerd of1222 MW was set on August 29. IM Interest on long term debt maeased approximateh $14 rdhen in lwl Gas ma pns Lx twI me anJ 1989 were as folkws-a ed M IW and remxned relithvN unehanged Le IWO compared to iwi pmo se IWL inaeaw for iWi resu!!ed pnmanN from the issuance ohhe 5145 mik { h!2 awn of Mar 9 b d W mion of hrA and Re Wing M0ryage Md on My 2{ M Gb rewnun $276 7 1292 4 5297I and August 2R IW1, reptuly, whwh more thx1 offset the Interest expense on Icu Gis purchasa.1kw resak 17i e 191 9 212 1 the debt repid from the prxeeds. Mayn ~~ $104g 5100 S 5M0 Rho mterest expense 0:JNawd $29 milhon in 1Wl compared to tw0 pamank as a result of decrea o in sales of coramaatl paper and in intaest rates a inm upense inaeawd 523 md! ion in Iw0 pnmanly due ta The increase in the IWI pu ma pn is primady due to macased trant sawha annaml papa panuh o y a d'mx in N!xhte-penation wlumts and increased natural gas sales to higher marpn residental and N *I#* commercial cwa +ers as a result of residennal and commercia 'omer puh. Tne 1WO pis maryn macased fr0m 1989 primadN due to the imi retali pas rate inaease pxeJ into effea Nerxmba 30, IW We Note 2)! of Neto to Conseh-dated Finanmi Sutementst inaeased marpns on ladustriahntarapt.Ne sales as a result of bibet cats for altemative fuds and a ceehne in nxura! gas unit catt and inacased revenues resulnng from inceased volumes of gas transponed Le athas. The eficas of these changes offset a dedine in customa usageaesulting from unuma!!y mtid weather danng the winta months. INreases Weaeases)In natural gas custome s and dekatham (D1) sab wiume !v classes oi astome s are prewnteJ in the Liikwing taNe: Irkrease (Deercase) Inw Pnor icar Custamen Volume (DT) a Clawkatie twl two twi pso ' kesk!cntial 4.458 13 194 734u7 (829 310) Commercul 545 IM4 476.178 (182323) Industnd (2) 77 5 4 560 4 818 612 ble kv Resak 1 (il (3 4M 424j (4 0H2r77 ) =M 5 %._Il.l!d.__M.M0l# __ M 4 3 Other Operating Expenses increases (demases)in otha operanrg egenses induding taxes. a e pre-sented in the fo'laing taHe: Inaeme (Decease) N m Pror htr Clasikanon 1991 Iwo 61Jhons o{ Mars) Other tyeration and maintsnance 543 $ 16.4 Deprecahon and amortuanen 49 (43) income uxn 02 l 1.9 Other tam 38 %9 ~Toul _ _ __,_. 51 L_2 = 5N 7' c

? 4 SELECTED FINANCIAL DATA For the' rears Ended Decemtvr 31, 1991 '1990 1989 1988 1987 1986 1981 Statement ofIncome lkta (lhousands of EMlars excryt statishes and yr shart umounts) Oprating Revenues: Electne $ 867.215 5 851.146 $ 841.453 $ B03.727 $ 82SN4 $ 823J89 $578,363 Gas 276342 292380 297,069 291308 305.934 28),429 188,167 Transit 3 S69 4.033 4.102 4.000 3.212 3.119 2,429 Total 0peratmg Revenues 1,147S26 1,147.559 1,142.624 1 A199.095 1.137,150 1.11633) 768,959 Oprating Expertses: Fuct uvd in eleetne generation 224So7 3 Ed.595 224.035 224.278 227,877 216.076 234.243 Gas punhased for resale 171So9 191.939 212,112 209344 222.319 215,928 154.502 Other operation and mamtenance 280.029 281,264 266J8'. 238,167 236,043 223,930 141,166 Deprectahon and amortizatkin 102h69 97.801 102.296 97J89 92,583 90.627 39,691 Taxes 146.032 142N3 124.216 125.247 153.943 171,000 89,049 Total 0perating Expenses 925,466 921,602 929.440 894,425 932365 917,621 658 651 Operatingincom 222,360 225.957 213,184 204h70 204385 148.716 110 308 Tota 10therlucome lih55 54374 7.125 4.147 6 395 9.825 21.095 income Before Interest Charp;s and Preferred Stock Dividends 234.015 280.831 220,309 208,817 210380 208,541 131,403 Totalinterest Charges, Net 9L458 92.317 40,421 80.037 71,478 71.934 55.5 Preferred Stock Cash Divklends of Subsidury 6,700 6,911 7.263 8.014 10,437 14.443 14.245 Net income $ 135 831 $ 181,603 $ 122,625 5 120,746 5 128,865 $ 122.164 5 6L638 Weighted Awrage Number of Common Snares Outstandmg(Thousands) 40361 40,882 40,2 % 40,296 40,296 40,296 28.139 Earnings Per Weighted Awrage Shax of Common Stxk $337 $4.44 $3.04 $3 00 $3.20 $3 03 $2.19 Dividends Declared Per Share of Common Stock $2.62 $2.52 $2.46 $2.40 $2.32 $2.24 $1.82 Percent of Operaungincome(Loss) Before incomeTaxes: Electric 89 89 9 40 91 93-101 Gas 14 14 12 13 12 9 -2 Transit (3) (3) (3) (3) (3) (2) (3) m f a-

3: O _ December 31. 1991 1990 1989 1988 1987 1986 1 1981 i Bal.1nce Sheet Dat.s (lhousarkis of Mlars except stat 8 tics arnl tt share amourtt.<) i m,it.ihty Plant. Nel 52.004.651 52.5493o3 $2.444 278 52,384 633 52313.W5 52.248.657.'. 51340,422.. - l _- Total Assets $3301862 51144.936 $2!44.507. m$2.S_8_7.279 $2314_.2_37_52.58_7.491. = $ 1.967,010, m _m Common Equtty $1.028,990 51.003.877 $ 918.235 $ 895J27 5 871.620 5 836,913 $ 545.94! Preferred Stock Subject to Purchase or Smking Fund Requirements 61.838 N,400 68.038 ' 77,244 84h32 117,542 141.217 Preferred Stock Not Subject to Purchase or Sinkingiund Requirements 26.027 26.027 26.027' 26.029 26 029 26.029 26.262 long Term ikbt. Net 1.122.39u 938.933 1.003,972-885 679 896.963 757.340 772,925 TotalCapitahzatkm $2.239,251 $2.033.297 J.0lo.272 51A84.679 $1.879.244 51J37S24 51.486.345 Common Shares Outstandmg. (Year End)(Thousmds) 40]n4 40.882 40.296 40.296 40.296 40,290 29h00 Book Value Per Share of Cam.non StAk (Year-End) 525.23 524.56 522 79 !22.23 521 63 520J7 518.39 Other St.mstws Electric Customen(Year End). 453hoo 446.516 435,004 427.092 417,781 ' 406.513 350.597 TemtonalSab(hblhon laVil) ' 15h05 15385 14.885 14 457-14314 '13,704 11,763 Residen:tal Average annual use per customer (KWil) 13.246 13330 12$91 12,805 12,988 12321 12,183 Average annual rate perKWil 5.0700 5.0707 $.00 9 $0091 5.0724 5.0759 5.0577 9 GeneratingCapabihty Net AlW(Year End) 3.912 1891-3 S 91 3 S91 3E90 3290 3359 Temtonal Peak Demand Net h1W 1 300 - 3,222 3,144 1021 2,943 2A53 2.557 Gar Customen(Year End) 225319 220.817 205h57 ' 201399 195338 192,941 109.294 Sales (Thousand Therms) 694 801 711221 714.585 677.580 734.145 671,881 493305 - ReAiential Averrge annual use per custarcr(therms) 521 497 575 617 627 548 665 AWrage annual rate $JO $ to $ 68 _5.49 per therm 5 77 5J7 5 69 Transit Number dCawhes 102 .109 1:3 139 140 153 139-Revenue Passengers ~.430 6.723 8 668 8h99 10.820 Carned(Thousemds) 6.395 -- 6.788 6 l:

t ComioN STocx INFORMATION IW1 ISO 4th 3rd 2nd ist 4th 3rd - 2nd 1st Qtr. Qr Qr. QT. Qr. Qr. Qr. Qtr. Pnce Range:)a) ihgh 44 1/4 40!!2 38 37 35 it 33 V4 33 V4 35 V4 lav 40 37 !$ 33 V4 33 L'2 30 V4 30 !!4 31 1/4 31.W Dmdend< P, r Share: _lWI Amount Date Dectued Date Paid hrst Qader 5 635 lebruaq 77, lWI Agil I. iWI SecondQuner .635 April 24, lW1 July 1, IW1 Third Qurter .655 August 28, lWI (h6:r 1, IW1 Fourth Quaner E3 October 23 lWI january 1, lW2 IWO Amiunt Date DecLtred Date Paid first Quaner $.63 Feinar) 28. IWo April 1,190 SecondQunct 63 April 25, IWO luh> ! NV 1hird Quarter .63 August 22, IWO (htm .WO fourth Quarter .63 Octokt 24. lWO lanuar) s, iW1 December 31, IWI IWO Number of commors shares outstanding 40.784.327 40.882,170 Number of common stockhoklers of record 42,811 44,104 The pnneipal nurket for SCANA common stxk is the New York Stak Exchange.1he tickei ainbol um! is SCG The corporate name SCANA is used in newspaper stxk bstings. (a) As reported on the New York Stxk Exclunge Composite Listmg.

o-2 NoDcE or ANNau men 1NG common sixkhoMets of record a con-hunufacturers1LnwTrustCompmy

O SCANA avnvatwo 1992 Annual venient and economicalmcmalfor StakTransfer ty irtment. isth rku p

Afwitngo[Sixkholden wdlN heUin purchasing Stionalsharesof the 450 West 33rd Street Coh:mNo. SCon Wednesday, Apni;2. Company's cemmon stxk without NewYork,NY IONI Re mating wdlcomvneat 1020a.nt incurring a b okerap commission or SCE&GPreferredStwk: _d in the flalkyn o[theColumNo Afamott senice charge A Prospectus descril' South Cardina Nationallunk k Hotel.1200 Hampton Statt A formal Ing the Plan ana enrollment informa-hTarMntes Room 101 .g nonce.,(the nutng arU apnuystate-tbn may be obtaincJ by wntingthe 101 Greystone luulevard W ment will be malled to all stakhoMen in Secretarialand Shaxhokier Senices Columbia.SC 29226 Z Afaith. Stakholders who are unaNe to Depm%ut (054)at the Companyi

• b" S""ri"ed.'" Comi""Y O

anend the AnnualMaungshouu rctum maihng address. or by calling the toll-H theirpnwtes prompdv bv mail. free number hsted beLw. Secunties Transfer Senices W 85 Challenger Rmd.0wrpeck Centre CORPORATE HEADQRWD:RS F,.OCKHOUU INQUIRES RUgneu Park.N107000 Q(J Palmetto Center Stockhouers with questions about NND TmE o Pam ARNT Z l426 Main Street stock transfer requirements, replace. mer of lost or stolen stock ccnificates. SCE&G Dot and Refunding Cdumbia.SC 29201 a Telephone (803) 748-3000 dMdend payments (inckding replace-M0W N"E ment of lost or stolen dnidenst checks). MamdA1urenllanavr Trust Compiny MAlUNG ADDRt.S5 d et deposit of dhands, changes of Cor;mteTmsDenmment 15thIkw 450 West 33rd Street address, climination of duplicate mail. Columna, SC 29218 NovYork,NY 10@l Ings or other axk ownersNp maners Com10N AND may write the Secretarial and Share-ImSTOR COmtuNICADONS PRITERR1 D SMCK LISBNGS homer Senices Depmment(054)at interim regins provM ng summary The common stxk of SCANA CorB* the Company's maihng address, or call 'inancial statements anJ Comptny ration islisted and traded on the New toll free IN7o3-5891. Ca!is received news are mailed to stxkhoklers fo%v-York Stock Exchange and has unhsted outsue of nonnal business hours (8.00 ing the clo3e of the first, second and trading privileges on the IWston-a.m, to 5:00 p.m. EST, Monday thirdquaners. AcopyofSCANA's Cincinnati. Midwest, Pacitie aM rhrough Fiiday)willbe recorded and Annual Report on form 10 K(as filed Phibdelphia exchanges. The tiding handled the next business day. with the Securines and Exchange Com-symbolir SCG. Th? cat,wate name mission) and the Statistical Supple-UDrroRS SCANAis used in newspaper stxk ment to the 1991 AnnualRepon are Deloine & Touche listings. De 5% series cumubtive pre - Certified i3uNic Accountants avabNe without charge. Inquiries con-ferred sixk of South Carolina Electric & 1426 Main Street Suite 820 ceming actMt.ies of SCANA Corpora-Gas Company (SCE&G).SCANA's prin-ti n and its subsiduties and requests CdumNa SC 29 0I cipal subsidiary, is also listed and trad-forcorporate pubhcations shouM be ed on the NewYork Stock Exchange. RECORDKEEPING AND addressed to the Irwestor Relations De trading symbolis SAC Pr;the PM1NG AGENTS Department (054)at the Compmv's newsparulicingis SoCarEb pf. Common Stock: dpum SCE&G'sother pn ferred stock series SCANA Corporation are not actiwly traded and market Secretarialand Sharehokler INOR CONTACT prices are not published. Senices Department (054) iL lohn Winn,111 Columbia.SC 29218 Manapinwor Rebdons DMDEND PAntENT DAH:S Telephone: (803) 748-3240 Ouarterly dwidends on SCANA's SCE&G PreferredStwk: common stxk are normally payable South Carchna National Nnk I N ORS'A W CIADON on the first day of lanuary, Apn!, July SecuntiesTons!er Sentes-Room 101 For infom1ation about this organin and October to stockhoMers of record 101 Greystoneluulevard tion's actMtics. write to: on the loth day of the month preced-Columbia.SC 29226 Amiatbn of SCANA Ing the payment date. DMdends on TRANSFER AGENTS SCE&G's preferred stock are paid quar. Common Stock: terlyon the same dates as the common South Carohna Nadonal Nnk stock dwidends-Securities Transfer Senices - Rmn 101 henvr nculWy 4 the punw dpv DMDEND REINVESTMENT Pl AN 101 G,reystone Ibulevard gj n mm.gpgn Through the bn,SCANAoffersits Columbia.SC 24226 mnmeen wrth wn wie orretNW wey r wumw to ky a a wa munw.

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