ML20094N655
| ML20094N655 | |
| Person / Time | |
|---|---|
| Site: | Summer  |
| Issue date: | 12/31/1991 |
| From: | SCANA CORP. |
| To: | |
| Shared Package | |
| ML20094N599 | List: |
| References | |
| NUDOCS 9204070030 | |
| Download: ML20094N655 (65) | |
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"N 01< JU b$ '.@g N%O4070030 920401 T' i ..'b rI' h':yyy, . : .. ~ ' f$ W N^ D g c h.U;'7 - D .N M r.5 U M /
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' % Increaw 1991 1%1 (Deetcaw) " (Wilhets ofIUllars cx: cpl statalks h
W finarvial avull vt slutte anpunts) Z Tota 10per.it:ng Rovnues 51.14 t8 $ 1.147b 0.0 Q Total 0;rrating Ex;vnws Net income 5 925.5 5 135 9 5 921.6 5 181.6 0.4 (25 2) Eamings Per Weighted Astra,v Share of Common Stwk 5 3 37 4 4 44 (24.1) Q DMdends Decktred Per Slwe of Com non Stwk 5 242 5 2.52 4.0 y~ IM Yalue Per Share of Co*nnon Stwk O' car-End) $ 25 21 5 24.56 2J
* ~ Ma tet Price Per Share of Common Stak O'ea fnd) $ 44 25 5 34 63 27.8 Common S:wLholjen' Equ:!v D' ear fnd) $ 1.029 0 31.00t9 2.5 y,, Common Swk OuNandhng-t.J,.j Asvrage Ghousands) 40.361 40.882 (l.3) 4 Year End(Thousands) 40364 40.882 (0 2)
Q Properts Adfitken and Constructen Expenditures lbhty Plant. Net 5 258 6 5 2 6643 5 324 2 5 2.549.8 (I1.0) 4.5 , Elcetric Operatkms g Ekctric operating Rornues 5 667.2 5 851.1 1.9 a Ekctric0 3rating!ncome $ 198.2 5 201.5 (1.6) (,,,) TerritorialSales(%IlkinlaVif) ISA95 15.385 2.0 7
,,d Customen 0' ear.End)
Generating CapaNhry - Net MW O' ear.End) 451(M 3.912 446.516 I6 3.891 0.5 7 Tenitonal Peak Demand . Net MW 1300 3.222 2.4 [ Gas Operanons Gas Operatng Revenues 5 276l 5 292 4 (5 4) Gas Operatingincome 5 29.5 5 29.1 1.4 Sales (Thousand Therms) 694.801 711.821 (2.4) Customers (Year End) 225.819 220.817 2.3 1ransit Operations Transit Operating Rornues S 19 5 4.0 (2.5) Transit Operating Income (Loss) 5 (5.3) 5 (4J) 12.8 Reverme Passenprn Carried Ohouunds) 6395 6388 (5 8) Anour Ta cosTR: Clw RstWs IrrrER.... ............... ...................... I RespondingTo A Changir.gWorld Maybe business as usualwas TiiE YEAR IN Rm BY................ ......... .... ........ 4 adequate in simpler times. but not today. Die ever-changing world of the e demands FINANClu & OrixmNG Cl(AR15...................I6 new ideas new methods and new approaches to prxtuct marketing and customer satisfaction. 01.rK. Ens & DiRR. TORS. ...............................I8 Regending to a changingworld is SCANACorporation's key to future suecas. F INANClu REvinv.......... .......... .................... 20 INVESTOR INf0RAtVDON ... ............. .............. 4 I l As pan th conunwng efLw to exercise re..[v.' fo' the emwnrnent. ths annual repvt is primed entrely on reqvied pa;vr.
-$ Ettcmic Eireme cusrouas runnieTrannoRousuis During 1991 we added 7,144 net new customers, raising the total electric customer base by 1.6 per-cd cent to 453,600 at year-end. Most
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of that growth occurredin the resi-dentialand commercialclasses. .o ' Territorialsales of electricityin 440 g 15 g g 4 g 1991 totaled 15.7 billion kilowatt- l l l l l , l y hours (laVH),a 2.0 percent 4:0 I E E 12 I E i inctease from 1990. Sales to ulti- g l l ll h
.-a mate consumers represented 94 percent ofIGVH salesin 1991,
, 9 P while sales towholesale customers C accountedfor6 percent Overthe W l l l 6
, ast five years,totalelectric cus- % l l l $
tomersandlaVH sales haw w . n w w vi w w w w vi
. grown at an average annual rate of w3aesaje 3 2.2 percent and 2.8 percent, Residenual commercial Industrial other Tout respectively. Customers 391,732 58.610 712 2.606 453.660
% of 1991 TenitorialhWil Sales 3M 294 29% % l#E NAREAL gas CusTourns NATuRn gas Sars NATURAL GAS I ## ( *"" #"""
During lwl we added s,002 net newcustomers,bringingthe con-solidated naturalgascustomer base to 225,819 at year-end,a 2,3 ,
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percent increase over 1990. Resi- g g dentialcustomerscomprise 40 B E E a _ percent of the consolidated natu- 220 l 700 g talgas customerbase, Consoli- l l g lg datedsales of naturalgas totaled 21o 330 g 605 million therms in 1991, a 2.4 percent decrease from 1900 g gg
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Approximately 76 percent of con-solidated therm sales in 1991 were l l to ultimate consumerswhile sales towholesale customers accounted 190 550 ll
$- l % l l l for 24 percent.0ver the past five w w w w v: w u w w vi _
years, consolidated naturalgas customers and therm sales have Residennal Commercul Industrial %hdesale Toul gr0WD at an average annual rate of Customers 204,171 20.093 628 25 223.819 3.2 percent and 0.8 percent, % of 'l Thrnn sales In 14 % 47% 24 % 1mv respectively.
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/ SCANA Corpration. headquancred in Columbia. Arca of SC,is a 53 billion energy based holding company ("M"[s'I ""_"--
, . - with 11 direct wholly-owned supply - y subsidiariesengaged Q/ T , y&t p.Q., N Pane, U in electric and .
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s naturalgas utilits., _s awc s
.~ . ..e , ; %h)$ '} . Storage
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Laserns Natural Gas Scrrke Arca M operations and
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- SCANA,s principal subsidiary. South Carolina 4
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W Electric & Gas Company 5i (SCE&G).k a regulated public utility sening approximately
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454,000 electric customersin sevenscre'ek.UAE dN 88IctdSN Ib -b SN} a 15,000 square-mile territory % Z.y ; in centraland southem South Carolina. urquhartL. 4 h"%Nh[WFib 4/ $ $b.c ?[4/M 1hrough the combined opera-6"^ Yl ih((glcn$$ h ,? tions of SCE&G and South Carolina Pipeline Corporation. SCANA's gas transmission subsidiary. i 9 N7fN.N[ysq na#sy S [hn
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natural gas senices at provided to more than 225.000 }Nieh bhinton An.A.vuc retail and resale customers throughout most of the state.
,c icN*O d Q:.y,$j# OCEAN The total population of SCANA's combined utility ser.
vice area is approximately three million. SCE&G also pro- 1;% y MN""fk'*' [Elecirk and"[< $"/a c e vides transit senices in the metropolitan areas of Columbia and Charleston. Other regulated utihty subsidiaries own an (y,'W - cas nanenwn um electric generating plant near Charleston and preside financing for SCE&G's coal and nuclear fuel inventories. SCANA's non regulated diversified operaSons extend beyond South Carolina and include oil and natural gas paluetion; real estate development and propeny management; purchase, delivery and sale of propane; fiberoptic based telecommunications; and general and specialized construction, power plan: management and suppon senices. STEW th0R0 INTERNAL COMlluSBON NuctEs GENERADON: GENERADON: GENERAn0N. GENERADON: Canadys Columbia Canal Bunon Summer Station Hagood Fairfield Pumped Storage Canadys McMeekin NealShoals Coit Urquh;'rt Part Faber Place Waterec Saluda Hardeeville Williams Stevens Creek Parr Llrquhart Wilhams j
continues to grow. These resents are intended for markets we do no' cunently senv. Additionally, we doubled the resources assigned to the direct brokering of natural ps to indusuial customers and significantly y , p increased the income from this actMty, finalb , /SCANA's traditional gas {F businesses an: responding by becoming es en men: flexible. We are not making significant long-temi cemmhments for supply other than for g AHJ g our core markets. Spot market purchases constituted 65 percent of our
$~ ? system purchases for lWl, We recently began building our second liquefied natural
[ . [ , j gas Jorage plant. When completed in 1W3,it will allow us to reduce our necummuwsptn eem;gmor firm customers' cost of gas. We have begun implementing recommenda-naNNuN NESENtN) paw,ngmq,w oAm "*"" a tions of an employee maaaged, organizational effectiveness resiew of our retail ps business. These recommendations h,we flanened the organiza. tion and reduced head count whi!e increasing the resources devoted to marketing and sales. Finally, we continue to sell gas aggressively to our
'70dGy'S COMSUmCTS CXpCCl industrial kuds, principally dispheing the buming of high sulfm con- Impr0VCd SCTVICC, WC mUSl tent, foreign oil. The onping deregulation of the natural pas industry impIOVC OUTS, Or he lC[l hChlnd "
has caud us to become very active in all sectors of the industry, to have a broader view of sales opportunities and necessarily to take more responsibility for our own system supply and cost structure whlie streamlining the organization. As you can see, our list of things to accomplish in the next five years is filled with some very difficult assignnients. Ihmvver, we undertal e these tasks with some significant strengths. Wh;le I can point to a competitive cost structure, a healthy financial condition and a growing senice area, it will take the dedication and talents of some 4,800 employees to meet our objectives. Whether Itk the recovery from ilur-ricane Hup 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 }ob done. Active and retired employees own 13 percent of SCANA's common stock so we all have the same objectives. I look fonvard to working with them as SCANA continues to grow. Respectfully submitted, (r'm n. A~K . lavrence M Gressette,Jr. Chalmun of the Ikurd, President and Chief Executive Officer February 10. lW2 0
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- SCE&G has focused on the challenges inher- jh')
E : + m wy y pA g${ffj g 3{ew q e W ent in deregulation and the coming of competitive pressures never before experienced. Our customers are demanding an increasing array of energy choices for more control over their energy bills. g fQy hh g f [ Qg , ' kg cy@g;g 4 m 1 s;qma;gyg4gjg , We must provide quahty products at reasonaHe prices to remain y.?p.g,gggggj gyg competitive. We mt. ! do so with an ever increasing sensitivity to 4 n W, m n m; MW M h ya the way our operations impact the environment. SCE&G will meet these challenges with four long-range strategies: operational fppgg. @pgg ygfggggtjgpg (m g +MVA:p excellence, effective cost management, aggressive marketing / ggg;) f 3 p f%{y({g@g economic development, and an enhanced sensitivity to people. gg(7QQa@;N5kfkl 3 g f 1- a s q %g - o N o uh
- The nuclear operations group achieved opera- $ g [ f &fljgdpg[$ggi tional excellence in 1991. The Nuclear Regulatory Commission h M % MhMQM rated our V.C. Summer Nuclear Station " superior" in its latest F . py V3 gg %g assessment of the plant. By receiving the top rating in five of ,
t MygfQtf.g [g seven categories. Summer Station earned its best-ever rating and
@@ g one of the best in the industry. Summer Station also earned the top rating from the Institute of Nuclear d Q gM.Qfy h %pNj Power Operations. Only 17 of the 75 nuclear facili- U W ih ties evaluated in the same period received INP0's yJ ~ n%m highest rating. Additionally,in February 1992 the y!$p$
hy$.h f NRC recognized Summer Station as one of the four hMp~hy. n s safest nuclear plants in the nation-an achievement gMWh a qw myp of distinction. We completed our sixth refueling out. , g age during 1991 in 58 days, marking the second Q@g wg y. g$ M consecutive time the plant completed a refuehng pgy ' ahead of schedule. The plant continues to post an iJQQg impressive availability factor. Between the 1990 and [$f%g M$ 1991 refueling outages, the plant was available to kh[@j produce electricity 97.o percent of the time, a t.uc measure of operationalexcellence. n 4 ITf &. b T' a Workers peer into Summer Sto!!on's reactor vessel l'Q M' jQ IQ , &xin,??
- as fuel assemblies are moved inta place. utiw$au ww. %,lw? ;$h " ' a& e a e anM '
Successful refueling and maintenance ou! ages. ; mrge =yyc c ; y& - like this one completed during IWl. have helped g}wf y yyup~mmay"Q p y,;; Yr \r l ~' ' '" Summer Station achieve one ofIhe highest ratings . k y 9[l for nud:ar planh in the country, ' + 2;' g [ w - g h+g , ,p,. ,
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- Our fossil fired electric generating facilities continued to boast excelknt operating statistics as well. In 1991 these five plants were available to produce electricity 90.3 tweent of the time, the highest level ever recorded. Over the same period, these units weie unintentionally out of operation for reasons such as equipment fmlure only 1 o percent of the time, the Invest ever recorded on our system. A new record peak was established luly 23 when demand on our electric system 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 percent in 1991. The average reduction in reserve margin over the past five years has been 2.86 per-cent per year. Our reserve margin, when viewed in conjunction with the continued growth of our customers' demand for energy at peak times, demonstrates a need to add generating capacity, e Plans were unveiled in 1991 to build a 385 megawatt fossil-fired generating unit to meet increased electric demand in the mid 1990s. Construction of the $450 million fa:ility is scheduled to begin in late 1992, with commercial operation planned in the spring of 1996. This w!ll be the first addition of baseload generating capacity since the V.C. Summer Nuclear Stat:en 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 s!7e that is being retired from sen ice. Maintaining the excellent operating records of all our generating plants will remain a fundamental priority.
p g g g g e w m jenev c' ;- 7pgm r_ ,- -- The newest cdJition to SCE&G's baseload generating capacity will be located on a 3.200-acre parcel ofland near Cope, SC. The facility was designed and engineered for environmental compatibility. O
i i i i n , e in the fall of 1991 the South Carolina Public Senice Commission approved a weather normalization adjustment (WNA) for our residential and firm general service natural gas cus-i tomers. This was a significant step toward stabilizing our revenues. Natural gas sales are extremely l weather sensitive. 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. l
- 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.
~ m me mem >
y< g 'm ,i i than 60 tons of office paper were recycled in 1991. Environ- y l 1 mental protection systems and pollution control equipment represent approximately 21 percent of the cost of building the ({ p7 l11 j new generating plant. Our fossil-fired operations are preparing g to meet the requirements of amendments to the Clean Air Act.
]
i Our pledge is to meet or exceed all public health, safety and F' :-4 =, c' i environmental standards in every area of our operations.
^
j , .. ., [. , ft ' A!vve:In the protection of South Carolina's natural wsIJitfe, SCE&G i
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has been building nesting atlatfonm;or l . ostmp on its utthly structures.
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At left: Cement Is one of the commcretally
\ - Wluable and environmentallV soLTd l T. ,.
*;^ 1 uses of recycled coal ash froni SCC &G's
[ , ,
. generating plants. SCE&G saves on .
r, . ., ' ? disinsalcosts while corres;vnding ! -
- amounts of natural materials A :. .;
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- Electric o;wrating and maintenance expenses
< ni 2 d were virtually the same in 1991 as in 1990. For the five years i ph Q Mr AmV WT V NN';k,A rate of only 4.5 percent a year, even with the effects of Hurri-
% [h ended Dece[nber 31.1991,these expenses have grown un p ,
w r. n. 3 > h sphb[IMNdHNINIUE th Igg j cane % and a 2.2 percent growth in customers We will l
.:LJf N N 9 continue this emphasis through continuous improvement ,
[Ch2 W? hi ,h wy n s
, :+ n gp., wn dg yn j programs and periodic self assessments. !
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- Our retail natural gas operations undertook an l I
i;E .Q C WS9, f.MMflQ4j organizational sdf critique during 1991. An employee review khhk My.ggfhg N Tj@ $+M Mggb team gxnt four months studying wa more dficien0y and effectivdy. The process resuhed in the l l E%(l@)@[Mpkggdnh-[j reorganization of the retail gas area into a strategic business l h(%g{$ gM @QWjdW f ' 'O pd unit. We diminated 33 nonsssential positions while adding !
$%f N 3 k
nd 18 )obs to enhance our sales and marketing programs. l s% sp drm y.!p. L %x m;NTyc 4. ww%W%w f 4 g n ;r y, m y j n pw i p p e Retailgasoperationsalsocon. Ng[hhh@gr
- pleted a 541 mWion, multi year gas main replace. l ment project in Columbia, initially forecasted to l
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take 20 years to complete, this project was fin- ! Mwn QM ished in about half that time Deer the past five pkhq$ , years, principally as a result of this project and a yy2j similar, nearly complete project in Charleston. , 5Yu hf t lost and unaccounted for gas in the retail distribu. tion system has been reduced from more than 3
.NQ ew%
w f. e : vX s s ,/
~4 percent to less than I percent of throughput. !
a
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- kyding progmms are also hdp-I
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.m ing us operate in a more cost-efficient manner.
j %[p( M - kY di"8theco 134"emW at o"4"P ants l WE%y , _ now saves more than 52 million a year in dis;wal ay a ,~u , W J M, de a costs. We will continue to emphasize recyding as a cost-effective and environmen My sound way %m.f .a ,J .
..~ N <' of conducting business.
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- M}pt A gw the safety and rdiabiiny ofIhe system.
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j 3 Ib ({eak nf o o[100llf($ lQ 'O([](( new revenue and new customers. We are aggressively marketing hd h Im Mi A m M our products and promoting the economic growth of the commu- h YJ ,M VNO A - hh MM miles we serve. Dectric marketing. for example, expanded its , efforts in 1991 to pursue additional revenue through demand side ch@[hhh management programs that focus .off peak sales to commercial h 1 7" ard industrial customers. hp Oc Mypyg re]hQQ <' W:qb $py g erog,ams ofihisivpe heip reduce peak demand and g(pg g y g g ; g"bgfi *
;f[*m fE defer the need to build expen-she newgeneration,which k,957p%c,. hk hm@hh g Qp b helps mitigate the need for 7,%o,a%,M.m$c.y7Qq@
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O R Csl Cntka! b h Qb j g lh sales programs continued to make a substantial contnbu-h[$$[M[kshfM g Cggig% hg i tion to revenue growth as electric marketing exceeded WadgMcMlp"@#hWf.i%!h. fiCp@CpfWfhh Wf M its 199i goak Together these pmgrams um responsible for ffth
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As the result ofextenstw research. SCC &G now ogen cu3tomen a wuc selecHon of the addition of more than 53~' T M'M r *] M%My @ h hb 'M M 3 high' efficiency out&vr hghHng These hghts can provac sanngs ofup to 50 million in new revenues in W} Al0h idQn-owent owr conwnnonal exterior hghung y;e;g Y.6 & ypx Q%m a y . g g ; 39 w g;7
- 1901 w,hile deferring the K hl0kINGAC . jh equivalent need of 17 megawatts of electric generation. Over the past five years, electric marketing has added more than 512 mil-g@SNMNNNk_fNbik$:
b 4 lion in new revenues while deferring
- megawatts of generation $9P@ M@(;
through demand-side management programs. $M)p@hd@%@@MV piL m S q; a & M q n;w@ w ANQgg > g Wa<; M Wd f bliH R M pffi~ U ,[~ Q M e d y yy Q GQ.'iQJ % gy (gf g y y. ymm"
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L i o Retail natural gas operations also exceeded its sales goals. Sales of natural gas l water heaters were approximately 0.nV in 1991. Since the sales program began in 1988, more than 40,000 natural gas water heaters have been sold. This program and other retail natural gas sales l l efforts resulted in 57.5 million in additional revenue to the system in 1991. e our strategy is to grow with the communities we serve. As a result, we have a strong commitment to community development. SCESGs most significant contributions to the } econotnic growth of its service areas are its low
~ ~
- rates. In addition, since 1989 SCANA has con. .. .
tributed more than $700.000 to help build or .
~
expand water and sewer systems, improve roads. , r foster business growth in SCESGs senice areas > and meet other community development needs. These funds have attrc.cted more than $30 million ( - i I 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+ i tric revenues of more than $52 million annually to SCEEGs system. j "> ;
.Y SCMG helped to secure a grant so that this
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bird seed company cou!J locate in the small town I. - ' v. v . .. ;* ofIohnston in an effort to twst Ihe economy ** J~ '
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l and provtJe needed jobs.
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s e Satisfying its customers is the way that a L h
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business succeeds. In 1991 we took steps to build on the level of D ,
- y, a m; h,1tn senice we preside. We initiated improvements in our electric and O h, ~~
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,N %m natural gas senice plans. including longer office hours. accepting 9 f:q
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f / %qJ] [)/g,pg7ggj jgMom [,y @ applications for senice by phone and completing all sen ke work 3 by the time and date agreed upon with the customer. Meter readers
.QQ meet with customers and answer any. questions they n'ay have .
Y'M,OrtC00NN wy dPWh M[% about : heir bill. Senice employees leave door hangers that ask A(; uggjM ?yv 74 gg customers to rate the level of service hey receive. Our commitment to customer satisfaction will be ongu as we build upon these Q[ tom 0dngkfNk j[p3%dQj% personalized senices in our daily operations. a Ar e v kmM -1a
- Our cost containment programs and customer O YlU2 s x npc hkN' qO growth over the past several years have allowed us to reduce our 47h~@.ank; Mgg N n~
rates significantly below the regional and national averages and the p rates of our neighboring utilities. Ilowever, the construction of a j.n[$fh 4
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new generating plant, the costs of meeting environmental regula- gA",yh.fyQQJ+$h$g g j; . g
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tions, and the compounded effect of inflation will have an impact on our operations and the prices we must charge. The benefits of Qd%%fgA @[ h ($ f 7 @p hh hfb W$4kh the efficient use of electricity in everyday life arid consumer choice will tfe on addedimportance as we
' ~
hhfbh h communkate with cur customers about ? . -
^
MTf ways they can save on their energy bills as prices for our product are increased. ., . 7 :. . h wxn. gm N Gwa h' j% [ L - p4 pw~.9 p lenha wmp it ' bi g M
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1 2;[f klV 4l1,i . h[h w w amaxe g m nwww wr SCI:dG% Lake A1onticello is home to a growing number of y;m , yyn,ggZQ J . 29: w M3 sv Canada geese, thanks to a velocation project conducted in conjunction with the H [; g # b , G y ^ 7, % Q' ^ ;;Q 9 M Q f s %, .~ % hn S.C. Department of Wi!Jitfc & hlarine Resources. f W, ~&;+,n ,}f $ y'j%}n?yp f m n ,7 <y.
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I e Critical to the overall success of our community development cffons is a skilled and educated workforce. Our overall strategy is to impact policy decisions related to educational Issues. Specifically during IW1. SCANA increased its support of educational programs such as the Cities in J. '
~
Schools program for at risk students, college scholar-ships to graduating high school seniors, and matching employee gifts to educationalinstitutions. A tuition ,
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reimbursement program is also available for our 4 . employees to further their education.
- .r %'
- At SCE&G,we are committed to doing our pan in improvine quality of life. Citizens' j' ' -
advisory committees are helping us identify how our resources can best be put to use. Our suppon of community and economic development and educa-g.. .
- tion is firm. The reputation of our employees to help
- A those less fonunate and in need is well known. We will continue to be a receptive and respon-
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, sive corporate leadu in both our business activities and the communities we serve.
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g ' 4 - q~ f C, '$, e [ g, , b Ahw: Owr 10.000 spectators gathers \l to Watch the first ! nationally sanctioned fish.*ng tournament held at Lake hfurrev, an SCE&G h>Givelectric resen'otr. Over M fishermen participatcJ ann m In the fourday tournament Whlch was televised nallonally. At right: Senior citt: ens on fixed inconnes can recch'e free USDA (Mi through any of the five SCE&Gsponsored "Ilrown llag$ng" progr :ms. h
N N010 STAGE ! NECESSARYIf MAILED IN Tilt ' UNITED $TATES
&~ ***
BUSINESS REPLY MALL ======== flRSTCLASS Mall l'ERMIT NO. 636 COLUMBIA. 5 C. l'OSTAGE Will BE PAID BY ADDRESSEE N - mummmmmmmmmm ammmmmmmummer amanummmuuma SCANA CORPORATION numusammuumus ATTENTION: SIIAREllOLDER SERVICES '"""""" P.O. IlOX 764 COLUMillA, SC 29202-9770 , leilillilisiilillliimlillilielisillisilll . lill
h Our Dividend Retnvestm:nt and Stock Purchase Plan offe holders of record a simple and convenient method of purchasing tional shares of SCANA Csrporation common stock. Participants choose one of the following options: (1) automatically relavest all or a portion of their dividends. (2) continue to receive dividends on certificates in hand ANv make optional cash payraents up to $3,000 per month. (3) reinvest all dividends AND make optional cash payments. If you would like to receive a copy of the plan prospectus and an enrollment form,just return this card. Shatchelder Name._ Address
, CitpStaterlip .
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']h Soum CAROUNA PIPI11NE CORPORATION
;g wpy ggf;%2hydQ f fg k e Pipeline Corporation had a verv unusualyear in lWl. Throughput was 03.3 billion cubic feet (Beft an
$t Q pgf.&pa f Q % pfAfMpf Q.pgn r $m n g/ M increase of 6.o percent over the record year of 1990. Profits gM%f
% }f@ iipp[gl]pj{g%g f slipped slightly despite the volume increase. Margins on sales p %
to industrial cutomers were depressed by reduced costs petitive fuels which our customers can and do utilize. Sales to pa J%eOOW g.h k resale customers, such as the retail gas distribution group of @ p @% 3mgmjw[W[ j g g4yj 3MM SCE&G. declined doe to very a significant portion of the year's throughput was gas which Q kh temperat @h Pipeline C0rporation was merely transporting for end-users at a @Qihhh MMdMik$$$ %by margin bw a normal oles margin. End user transponation continues te grow at the expense of industrial sales SCF\ h%ekdhkkrh@n@[ y@y ,Q M ,M Mny MW %$ $ W xg4 has responded to this development by forming its own market-pw @~T qqpeig&@n. mwa] ppQWQ m 4 k ps(Q+L R , inprompan;c ana actively competing in the area. g ggggg 33eggggggy sty g gn m ,yg%.yp v. , sc ,y cy ,M,a. y , n p + 4Auww e .. e Pipeline Corporation has elected to build [.\ e,d wh,1ipff:g ]?p 4] p q p Q Q another liquefied natural gas storace facility to reduce its firm (M x M%N Q4% W Q;oDF.4mgg S?MM N customers'costofgas. Thefacilitywillhold900.000deka
& W hs& $t M ?
of gas, which will provide flexibili'v in operations and permit reduction in the cost of gas to Pipeline Corporatient firm cus-a
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$$sfWhdjgg N{@y#gjM#@%;4 m w g g m oa a g +g wm
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r g tomers. Th.isfac.lity i will cost approximstely $20 million and g gjjpggqg qgggu. should be in senice by lanuary Iwt' NMWJMWN&F"DQ ynKMygggy r%gj
&& yh%CD j?W e Pipeline Corporationwcontinues to J adjust i purchasine strategy to reflect C economic realities of today's h, 4 #7u w p -Wh gm em f @Wf ?p,W 1 ,
energy markets. While the current price 'mtural gas is low,
*' e sa Ae w a- >w supplies are expected to tighten and pre pected to rise c]a.- ,
QD y } }gf ,. # in the foreseeable future as more cas it usemer environmental
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NW abatement needs, the dome 3 tic economy recoven and resents F * ,/ , a 9 - 79 J Mf97%yp g ;1 g W vm be, gin to decrease due to the lack of sienificant drillin.e activity . -
- 1 + T +jy agg t M_ " WM w , F, during the past several years. We continue to take advantage of
- i~
the ava!! ability of spot market gas, but have begun trying to ; 4 [h L. . ,Ng[ ' [+ ,1 secure mme longer term purchases froruontraditional sources. - F_ m , , m,. W j - L
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. SCANA PETRou:uM RESOURCES, INC.
- Although SCANA is rdative newcomer in the oil and natural gas acquisition and production business, we have a highly experienced team in our Petroleum Resources organiza-tior,. Our current producing properties in the Gulf Coast region produced an average of 18.047 Mcf of gas and 322 barrels of oila dayin
'4 ' '
. Our first fullyear of operation. We
~ '
g continue to search for opportunities to o expand our ho! dings. Competition is intense from other companies that
'Jd-4
- also want to acquire high-quality, l 7, . . . @;' :;. f '. ' .<C.
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existing production with the potential
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for additional development and a long hh 17 K N , . mg. .y n . .. . - 5 &h iM.Q::m n. L., y r's; a production life. We have already {g$."T4.% l -}'Q ' .' ? g [gf4 1M 1 8 j established ourselves as an efficient and competent player in the acquisi-l [.' . IJ 9 [Q tion and production business, and anticipate continuing expansion and [ '\ ' R iig[ w d !)-} 41 growth of our operations. As of i 3] . L[h,N f4 lanuary i, IW2 Petroleum Resources g '
$ *, ~ .1 . owned 39.2 Bef of natural gas and p,g, .
.s 0
s* +7:-
~
4 726 thousand barrels of oil,which i d,m 1,. -
. .. . will be sold to markets other than U *' 8 -
South Carolina. Ya, T
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I 1
SCANA HvoRoCARBONs, INC.
- With the deregulation of the natural gas indu.stry, industrial customers have the choice of buying from a utility or directly from a supplier. ifydrocarbons is aggn'ssively pursuing sales opportunities through buying and reselling natural gas to large industrial users, primarily in the South-east and Midwest. This raarketing activi- ,
ty accounted for sales of 13.1 Bcf of . i ., J q.. g [M natural pas in 1991, more than double Oh ';
~
W* the amoun! sold h 1900.We are also j s-%@JQ % m jpd #Mo-
- ~
successfully marketing our capacity to i O: t I ., store propane in underground caverns. l ,_, ._ , {% This capacityis marketed to propane "j ...aa:r- : dealers who use it to maintain adequate supplies. The cavern's capacity is 90 h.y%g,, ]ji . aN[( ' ,N fi[%
~~ 5 - '
percent leased, and the throughput was 90 million gallons in 1991, a 60 percent Nen' truck d(icks n cre installed at the caverns in 1001. This enhancement doubled the loadout capictly increase over l990. to eight trucks per hour. The overage laid on each truck is 0,500 gallons. SUBURBAN PROPANE group, INC.
- An increased emphasis in the propane business adds a valuable dimension to SCANAt cnergy 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, allowinq us to operate this line of business more efficiently. In 1991, we sold 17.7 million gallons to approximately 28,000 customers.
This strategy of growing through acquisitions will continue. O
sn EARNINGS & DMDENDs MARnT price & lbox VAtur RETURN ON C0ml0N E0urry s PERCo.ststoNSm: PER ComiON SHARE (3rar<nd) hg .......................................
.(......................................
year <nd ) Q m Dividends Declared tan Eamings fram 0perations mamsEwk"L'ue aus Market Price ame from Operations man One Time Gain on Sale C mum One Time Gain on Sale of of Investment in Telecom* USA Z Investment in Telecom. USA s 55.00 $50 20% N w I I O $40 O 54.00 a _E I E a E 18 % d 53.00 l l 530 g l l 16%
- p
- 3 I m 1
II lI !lI q s. I I I -
$2.00 520 14 %
y i ll l l l l lilli
$1.00 '
$10 12%
7 W e
'87 ' '88 1
'89 'Q0 '91 '87 '88 '89 l,
'00 '9]
3
'87 '88 34 '90 '4]
Consistent grmh in camings has alw.ed Partly in response t0 kwer interest rates. the PresiJmg common stockholders a consistently SCANA to increase the dividend rate on its market price o'5CANA's common stxk competmvc return or thele investment is a key common stock for 10 consecutive years and increard nearly 28% during IM pushing the fmancial goal in 3S of the last 39 years. market-to twk ratio 10175% at year-end. CAmat STRucTunc AVER \GE AxxuAt UJE PER ELECTRIC GExERATINa RES!DENTIAL ELECTRIC CusTo.urR CArar.ltm & PEAK DE.stWD fkilowatt-hours) (megawatts) umis long Tem 1 Debt Net und Genrating Capability (Summer) sans Preferred Stock sem Territorial Peak Demand IsEE Common Equity 100% l f j f 13.500 , 4000 ggg* Il i-; 1
,! ! l l E.
l,l _ ll'
! 0000 l ! 4 l
x e R s ; ! l 2 i 60% k $ fI 12,300 l ! a m! i h, - i t l i ui i E l l ! Illi 3 : 1000 ll ll r li-m'i
'87 ~ '86 'S ; '40 '91 '87 '88 '89 '40 '91 '87 '88 '89 '90 *01 The hyher propernon of deM in SCANNs lW1 Milder summer wea&er combmed with the Insta!! anon of a new gas turhne and the reduc.
capta; structure reflects the issuance of eficets of the economic recession resulted in a tion in the canaerv of an oli fired pencatmg nongage tends to fmance Me Cornpany's shht decreaw m residenna! aserage KWH use plant resulted in a net merease m generatmg construct;on program. in 1091. capahlitv dannglWL
GENERsTioN Futt Mix TOTAL gas SYSTEM SurPLY - PirtuxE CORPORAnox (tncludes GENCO) 65 % 17%
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H ,dre and Other W' Market Contrac t IWveries gg J Purchases from Suppliers cut
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e ' 21% - Nuclear 18 % Transportanon of Cust0mer rhyned Gas ingj gg; Coal cendnues to N the pnnetral source of energy the Company uses 10 1mer cest snx market rutchaws helpeJ Pipehne Corpora: ion compete [Tnerate electnil!V. W1lh al:Jrnain e bel sbppNrs In indusiMa! maIkets du!In$ 1 I-4 STANDARo RESIDE.VDAL ELEcmc RUE (awrage annua l cost per KWit year-end) M Actual etXn !r la00n-Ad;usted 1984 Rate 10c a <
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- w SCANA CoxPoRAnoN DIRECTORS '
_ j. a gaac,2.3 - Chief Executhe Officer W. R Timmerman Senior Vice President nd Contrdler N R L Amkk 2A RhMes OilCompany,Inc. Chief FinancialOffker(2)- Q - Chairman of the Rwd and Waltaboro. South Cardina R. D. Ilazel g ChiefDecutheOfficer Amkk fans - W.B Timmerman Serdar Yke Presi&nt,Contrdler and Vee Pres &nt Pubhc Wrs Batesburg. South Cardina -- Chief financia!Offleer K. B. Marsh W. B. Rvkhart.Jr. 2A SCANACorporation Vke Presilent-Finance and Treasurer . Partner Columbia,50uth Caahna __ Barbara D. Blair W. B. Rvkhart Famis - E. C. Wall. Ir. I3 Secretary (3) i Elloree, South Cart hna President E. C. Roberts W. T. Cassels, Jr. *3 CanalIndustries. Inc. General Counsel and Assistant Secretary
- Chairman of the Rw.i Conway, South Carolina .
Q Southeastem Freight Unes Cdumbia.Sxth Cardina : lohn A Warren U (HNsoChairmanandChief Executhe Offra of aH subsidiaries Chairman of the hurd Emeritus 13 SCANACorporation (2)Ns0 Chief FinancialOfficer H. M. Chapman Chaimun Cdumbia, South Camhna of a!! subsidiaries Memberof DeeuuveCommittee D)NsoSxtewyof allsubsidiaries n a
- 1. B. Edwards, DMD U 1 ember d Audit Committee OmCERS OF 3
President - Member of Inwstment. PR!NCIPAL SUBSIDIARIES MedicalUniversityof South Cardina Compensation & Management Charleston, South Cardina Development and Coqurate Cb
^
L M. Gressette, Jr. I Pafconance & Strategie Chairman of the Rurd, President and I"mning Comminee Chief Executive Dificer 4 MemberofNuclearOversight E E NC"Y " President and Chief Operating Officer SCANA Corporation Comminee Cdumbia, South Cardina 5 Chimun of the beeuthy Comn'inee O. W. Dixon 2 Executhe Vice President B. A Hagood ,3 D! RECTORS EMERRl Operations President
.Wm. M. Bird and Co., Inc. W. R. Bruce G. J. Bulhvinkel, Jr.
Charleston, South Cardina K. W. French senior Vice Presdent 13 1. E Guess,Ill Production w, g, gjpg
- HJ56# h If- R. W. Stedman President and Chief Executive Officer 1he Uberty Corporation I M HIPP Senior Vice President Greenville, Scuth Cardina L Hlumpbn Administration A.C Mustard R D. Kenpn J. H. Young, Jr.
E.W. Pike.Ir. President and Chief Operating Officer SeniorVwe Pn sident V.C. Summer South Cardina Electric & Gas Company CustomerRelations Cdumbia, South Carchna SCANA CORPORAn0N w. A narg. F.C.McMaster .4 1 OmCERS - Vke President President L M. Gressette. Ir. Gas Operations Winnsboro Petrdeum Company Chairman of the Rurd, President and I. D. Gregg. III
- Winnsboro, South Cardina Chief ExecutheOfficer0) VKe Presiuent Henry Ponder, Ph.D.23 Cathy B.Novinger Marketing and Economk Devekyment i President SeniorVKe President R T. Horton. fr.
l Fisk University Administration and VKe President and Treasurer Nashvi!ie. Tennessee Gove;nmenta!Niairs O
- -. .. - - .- .- -. - _ . . - ~ . . - - - - - . ~ . . -
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- Johnny Kinkxh il1.Mxinnis S0um CARouNA REAL ESTAit
\te Presiden! > _ . \te Pres &nt: DmlorMrAT COWANY, INC, Transit.fket Operations and Operations =
A. II.Gibbes - Community A8 airs '
. George Fasano, Jr! President andTreasurer ,
' C.IL McFadden Controlkr '
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'. ke Pedent Sarah A D,wls \te Pres &m -
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- Customer Relatbnshithem Division - Assktar' Secretary - Commerela10perations S.C. McMed:in.it. 11 S. Samuel -
\te Presider' -
bCE I@0N "' Customer Re'UionSNorthem Divisbn REsouRCts.1NC. Resklentialturlopment W. E. hklore, Jr. Max Ean ml Judith II. Liittle ygg gig; FossilaadHydro0 erations Present andTicasurer W er E. C. Roberts G I'WIIS " IT-Vice Nident and Genera!Counseland- Executive Vee Pns&nt and MPX Sysmts, INC. !
- AssistantSecretay C'enerahp - L M Gressette.lt.
j, g S(ggg l R L Eastenwul - Presklent . Vee NsWnt YKe Preskient W. Il Timmerman NuckarOperations Dan Hallmark Senior \te Preskient Contrdler Patricia T. Smith 1.H Young.It,
- \ke ? resent 11 E. Dickard Senior \te President
' Rates and Regulatory Affairs Assistant Secretmy J.E. Addison M. S. Tibshrany - Controlkt VK' P5*"! SCANA HYoRoCARroNs,INC. It T. Horton. it.
Transmission andDistribution Ma Eamwd hsurer Engineeringand Pour Deliverv Nsident andTreasurer D. R. Wells C. A. Rampey. Ir. SusuRMN PROPANr GRour,INC.
\te hkient-i" HumanResourcesand becuse Vee PmWnt and W. Il Timmerman G- na M ana p CorporateCommunications Pnsident 11 Addison U MdCI""IS D. L Sharp VK' P"*"I Controller - Executive \te President and George fasano, Jr. ~ GeneralManager
- J. G. Black. U ContrMier Assistant Treasurer I.M.CimL' I1.T. Arthur 11 Vee President
#'#* ""7 H. N. Harrell 50trm CAR 0ma Pirtuxc Treasurer CORPORATION PFJMESOUTli. INC. 1.C Eldrids-Max Eammi -
President cndTrea>urer 1.M. Woods 111 A'sistantTreasurer - President andTreasurer Marie il Bums f 11. T. Arthur. !!' ' VKe Preskient and Genera! Counsel 1. C. Chapman ' Assistant Secretarf R M. Kighthnger Senior \te hident and AssistantSecretary
' Vee Presidear Supplyand Engineering 1. A. Schinderle ll Conao!kr .
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IlAN5GCMLAT REPORTm. 4......).$.,t.;... .. :... WM';271, .*.'.. 4....:.;.c. 2 h )"."- - W1
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_OE INDEPENDENT -
- PUBUC..ACC.OUNTAN.
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x , , CosUom, o Fs' 'ctAL. STATassi......;.1.~...a....l .. 4.. . 22 - RA NOTES To CONsouomo FINANCIAL STATEMEMt..................... .c 7-2
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m MANAGEMENT'S. DISCdSSION & ANAIXSiS ' .et . 7 s. M4 or FINANCL%CONDm0N & RESULTS or 01turioN5... . . .'. . .. . 35 1 < Surcwo FINANCLR DATA. . . . . . . . . . . .. . . . . . . . i.38 ; , , CouuoN Stoa INroRM un.. . . . .40 4 a O 4
REPORT OF MANAGEMENT REPORT INDEPENDENT PUBUC ACCOUNTANTS De management of SCANA Corporation SCANA Corporation: (Company)is responsible for the pregration and We have audited the Consolidated Iblance integrity of the financial data included in the Sheets and Consolidated Statements of Capitaliza-accompanying Consolidated Financial Statements. tion of SCANA Cormration and subsidiaries (Com. Dese statements have been prepared in conformity pany) as of December 31.1991 and 1900 and the with genera!!y accepted accounting principles, as related Consolidated Statements of Income and applicable. In situations that prevent exact Retained Eamings and of Cash Flows for each of accounting measurements, management has used the three years in the period ended December 31. Informed judgments and estimates. Financial infor. 1W1. These financial statements are the responsi-mation presented elsewhere in this Annual Report bility of the Company's management. Our responsi-is consistent with these financial statements. bility is to express an opinion on these financial The Company maintains and relies upon a statements based on ouraudits. system of intemal accounting contre s designed to We conducted our audits in accordance with preside reasonable assurance that all traniactions generally accepted auditing standards. Those stan-are properly recorded in the books and records and dards require that we plan and perform the audit to that assets are protected against loss or unauthe- obtain reasonable assurance about whether the rized us The degree of intemal accountine control financial statements are free of material misstate-is baw upon the determination of the optiinum ment. An audit includes examining. on a test basis, balance between the cost incurred in maintaining a evidence su 3 porting the ameants and disclosures in system of intemal conwols and the benefits to be the financia statements. An audit alsoincludes der;ved. De system of intemal accountina controls assessing the accounting principles used and signifi-is supported by written policies and guidelines and cant estimates made by management, as well as is complemented by the selection, training and evaluating the overall(mancial statement presenta-development of professional financial manaeers tion. We believe that our audits provide a reason-and by a staff of intemal auditors who cond0ct able basis for ouropinion. comprehensiveintemalaudits. In our opinion, such financial statements ,re-The Ibard of Directors presides oversight for sent fairly, in all material respects, the financia the preparation of the financial statements through posidon of the Company at December 31,1991 and its Audit Committee, which is composed entirely of IW0, and the results of its operations and its cash nonemployee directors. The Audit Committee ' flows for each of the three years in the period ended meets periodically with management and intemi December 31,1991 in conformity with generally auditors to review their activities and responsibili. accepted accounting principles. ties. The Audit Committee also meets periodically with the Company's independent auditors, Deloitte & Touche. The intemal and independent auditors p~ A [ 4~2 _ ~ have free access to the Audit Committee to discuss Columbia, South Carolina htemal accounting contro!s. auditing and financial February 10. I002 reportmg mxters. N (b mI v --, W. B. Timmerne Senior Vice Pres! dent and Chief Fmancial Officer n h
CoxsouDATED BAIMCE SHEETS December 31, 1991 1990
; ASSETS (ThousandsofDollars)
Utility Plant (Notes 1,4 and 5): Electric $3,068,542 52,888,919 Gas 390,131 369,715 Transit 3,626 3,835 Common 59,209 53,403 i Total .
- 3,521,508 - 3,315,872 Less accumulated depreciation and amortization 1,124,296 1,037,125 j Total 2,397,212 ',378,747 Constructionworkin progress 195.571 N ,464 Nudear fuel, net of eccumulated amortization 41,708 43,394 Acquisition afu>tmentsas, net of accumulated amortization 30,160 31.158 -
Utility Plant, Net ' 2,664,651 2,549,763 Othei PropertyandImysta,ents: Nonuti:ity property, net of accumulated deptriation 159,136 129.548 Imystments(Note 1) 2,997 8,304 Total Other Property and Investments 162,133 137,852 Current Assets: Cash and temporarycashinvesments 68,l75 45,609 Receivables .127,083 124,577 Imentories(at averam cost): Fuel (Notes 4 and5) 51.984 61,858 Materialsand supplies 46,654 44,565 Prepayments 36,310 -19.854 To:a! Current Assets 330,206 296,463 Deferred Debits:- 9,033 6,469
'Accumulated Unamortized debt 6ferre . income ex$nense taxes (Notes 1 and 81 27,253 33,438 Unamortized deferred retum on slant investment (Notes I and 2) 23,352 -27,598 17,602 14,683 Nudear plant decommissicaing 'und (Note 1)
Other(Note 1) 71,632 78,670 - Total Deferred Debits 148,872 160,858 Tetal S3,305,862 S3,144,930 6
. ~.. - . . - -
~...---.~.;- . . . -
C o ,. . , December 31, - 1991 1990 CAPITALIZATION AND LIAlllLITIf.S (ThousandsofDollars)
- Stockholders' investment (Note 6)i .
Common equity .
$1,028,990 _ $1.003,877 s Preferred stock (Not subject to purchase or sinking funds) 26.027 26.027
- TotalStockholders' investment 1,055,017 1.029,904 Preferred Stock (Subject to purchase or sinking funds) (Note 7) 61,838- 64.460 -
1.ong Term Debt, Net (Note 4) 1,122,396 938,933 TotalCapitalizatien - 2,239,251 2,033,297 Current Liabilities: Short-term borrowins(Note 9) 20.766 134,070 Current portion oflehg-term debt (Note 4) 92,290 67,168 - Accounts pa oble 94,764 87,786 Customerd sits 14,300 14,100 Taxes accru ' 63,313 54,218 Interest accrued 28,632 24,222-Dividends declared 28,616 27,506 Other- 11.457 9,128- - TotalCurrent Liabilities 354,138 418,288 Deferred Credits: - Accumulated deferred income taxes (Notes I and 8) 532,135 507,667
- Accumulated deferred investment tax credits (Notes I and 8) 102,306 105,952 Accumulated reserve for nuclear plant decommissioning (Note 1) - 17,602 14,683
_ Other(Note 1) - 60.430 65.049 Total Deferred Credits- 712,473 693,351 Commitments and Contingencies (Note 10) =- - Total S3,303,862 $3,144,936 i
- t I
(. See Notes to Consolidated FmancialStatements. u .- -
., . -~-.- - -- . - ..- - - -
3 M
- CONSOUDATED STATEMENTS OF INCOME AND RETAINED EARNINGS 1 FortheYeats Ended December 31,1 - 1991 =1990 - 1989. :)
(7housandsofDolla,5 . :
. - exceptpishare amounts) - l t Operating Revenues (Notes 1 and 2)i
~ - Electre $ 867,215 $ 851,146' : 5 841A33 ,
Gas- 276.742__ 292380 297,009 -1 3,869 - 4.033 4.102 1 Transit
~ Tota 10perating Revenues 1,147.826 1.147.559 1,142,024
, Operating Expenses: -
- - i Fuelusedinelectricgeneration 224.867 208,595 . 224.035: ;
. Purchased par 9.816 15,377 17317~
Gas purchased for resale' 171,869 '191,939 212.112-Otheroperatim(Note 1)- .208.614 - 1983S8
~
180,126 ? l
/ Maintenance (Note 1) - 61.596 -- '61A99 69,338 -
Depreciation and amortization (Note 1) '102.669 97.801 102.296-Income taxes (Notes I and8) 77,562 77392 65.535 , Othertaxes 68A70 64.611- 58,681' ' TotalOperating Expenses 925A66 421.602 - 929A40
= Operatingincome' 222 360 - 225.957 213.184 ,
OtNrincome(Note 1): - t Allowance for eguity funds used during construction '3,454 : 1.630 2,194 - - Gain en sale of imestment net of income taxs (Note 3) - .46,150 - Otherincome, net ofincome taxes - - 8.201 7,094- 4.931 l 11,655 7,125 -
=TotalotherIncome 54?74 .
Income BeforeInterestCharges - 280,831 ' and Preferred Stock Dnidends : 234.015 220309
. interest Charges (Creditsp ,
-Interest onlong-term uebt, net 88.690 85.244 86.178 Otherinterestexpense .
7,648 ~ 10,552 8,244 Allowa se forborrowed funds used . . duringconstruction (Note 1)~ (4.880) (3A79) - (4.001) ! TotalInterestCharges Net 91A58 92317 =40A21
' income Before Preferred Stock Cash
' Dnidends of Subsidiary 142,557 18S.514 124,888
- Preferred Stock Cash Dividendsof Subsidiary (At stated rates) - - 6.705' 6.911- - 7,263 L Net income - 135,851 181,603- 122,623-'
T Retained Earnings at Beginning of Year . 428,626 344.652 !321.155
- Common Stock Cash Dividends Declared (Note 6) (105,868) (101.916) (90,128) 10ther (1,216) 4.28 -
Retained Eamingsat End of Year 5 457,393 5 428.626 5 344.652' Net income < S 135,851 5 181,603. $ 122,623 Weighted Average Number of Common Shares Outstanding (Thousands) - . 40.3G 43882 '40,290~ Earnings Per Weighted Average Share of Common Stock $3.37 $4A4 $3.04 ' i 1 i See Notes to Consolidated Financial Statements. l w
. _ - _ . . ~, - . - - -, ..- _ .~_ , . . _ . .
CONSOUDATED STATEMENIS OF CASH FwwS
~
for the Years Ended December 31, 1991 1900 1989 (Taousaals of Dolian) Cash Fkws from Operating Actwities: Net Income $ 135.851 5 181.003 $ 122,o25 Adjustments to reconcile net income to net cash presided from operaungactivities: Gain on sale of imrstment, net of income taxes - (46.150) - Depreciation and amortization i17,402 117,977 104.402 Amortization of nudear fuel 18,384 22.585 10,M4 Deferred income taxes, net 30,109 7.120 34559 Deferred inwstment tax credits, net (3,646) (3.399) (4,282) Dhidends dedared on preferred stock of subsidiary 6300 6.911 7.263 A!kwance for funds used during construction (8,334) (5,10J) (n.105)
- - (13,783)
Appheation of deferred credits to storm costs (Note 2) huclear refue'ing accrual - (6.192) (2.671) 8,863-Equity (eamings) kyses of investces (Note !! 412 (1.0n2) (337) Changes in cenain current as-ts and habihties: , (incnrase)deceasein recuables (2,506) Sh13 (9,292) (Increase)decreaseininwntories 7,785 (14385) (7N4) Increaw (decrease) in accounts payable 6,973 (10.21o) 3,969 increase Idecrease) in customer deposits 110 778 (3,208) Increase (decreaselin taxes accrued 5,095 (lS.2411 4,401 increase (decrease) in interest accrued 4A10 (l.271) 7,555 Other. net 2A21 15.770 32,502 o Net Cash Prmided from Operating Activities 314.075 252.853 3N.071 Cash Flows from Imtsting ActMties: lltility propeny additions and constructior. expenditures (239,120) (224.682) (181,545) Nonatility propeny additions and construction expenditun (23,917) (04.536) (24M1) RepurchascReissuance of common stxk for ' immaterial acquisition. nei of cash acquired (25.514) - - Saleofinvestment - 139,789 - Investments 4.895 5.824 (7,807) Pnncipal noncash item: Allowance for funds used durine con 2uction 8334 5.109 6.143 . Net Cash lised For Investing ActMties (275,342) (173Aco ) (207.958) - Cash Flows From Financing Activities: Issuance of bonds (Note 4) 30M100 - -- Bank notes sold (Note 4) 80A100 3.1od 153M Note sold - - 34WD Increase (decreace) in short tcrm borrowings, net (l13,304) coAA3 (01,264) Decreasein fuel financings, net (4,292) (10A38) (0.158) Redxtiut oilong-term debt (165.665) (21.907) (92.231) Repurchaw of commonstak (3A56) - - Retirement of preferred stock (2.622) (3.578) 10.208) Payment of dwidends on preferred stxk of subaidiary (6J18) (o 9 75) (7A411 Payment of dhidends on common sixk (104.910) (100.942) (98.524) Net Cash tired for Fina: ring Acthines (21,167) (4 L213) (87.826) Net increase in Cash and Temporary Cash Investments 22.566 35,144 5.187 Cash and Temporary Cash investments, January 1 45409 10AoS 5.278 Cash and Temnorary Cash investments. December 31 5 68.175 $ 459/ $ iOA65 Supplemental Cash Information: Lash paid for-Interest $ 40,623 $ %387 5 Fo.155
-Income tates 45357 04KO 22.836 Naash Financino Activities:
Capitallease obigations recorded 5 2.864 - - See Notes to Consolidated Financial Statements. (Y)
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CONsouDATED STATEMENTS OF CANTAUZATloN December 31, 1991- 1990 Common Equity (Note 6): _ (lhousandsofIMla s) - Comrran sixk, without par value, authorized 75.0NAV shares;lssued and outstanding 1941 40,784,327 shares and two. 40382.176 shares 5.571,597- 5 575.251 Revnedeanjngs 457.393 428.626 ' - TotalCommon fquity 1.028.9N 46% -1.003 377 50% South Canina Electric & Gas Company- ) Cumulative Preiened Stxk (Not subject to purchase cr sinking funds)(Note 6): : 5100 Par Value Authorized 200.000 shares l 550 Par Value - Authorized 123.209 shares Shar.s Outstanding Redemption Price Ewntual Series 1991 iW0 Current Through Minimum SIN Par 8 40% 197.608 197.tc8 102.80 113090_ 101A10 19,767 .19J67 -
$ 50 Par 5A4 123,209 125.200 52.50 -
52.50 6,260 6,200 Total Preferned Stock (Not subject to purchase or sinking funds) 26.02- 1% 26.027 1% South Carolina Electric & Gas Company: CumuLtive Weferred Stock (Subject to purchse or sinking funds)(Note 7):
$100 Par Value - Authoriwd 1,550,000 shares Shares Outstandmg Redemption Price Eventual Series 1991 1990 Current Thnwh Mmimum 7.70% 981181 48,270 101.00 -
104.00 9.808 9,827 8,12 % i40,282 -140,721 102.03 - 102.03 14.028' 14.072 238.363 238.491 550 Par Value Authorized 1,665,28o shares - Shares 0utstandy - Redempnon Pnce Eventual Senes 1991 19W Cune.it Tnrough M!nimum 4.50% . 24A10 25.600 51A1 - 51A1 1.200 - 1,280
, 4 60% 6 S 34 8,33 1 50.50 -
50.50 342 417 41M(A) 34.052 30,052 51.00 - 51 00 tJ02 1.803 4/9MB) ~88400 91,800 - 50.50 - 50.50 4.420 4,540 ~
- 5.125% - 76A10 77,000 51.00 -
31.00 3E00 3350 6.00% 96A10 - 09,200 50.50 - 50.50 4S00 4,40 0 8J2% 224.000 255J17 52.00 12 31 93 50.00 11.200 12J86 P.40% 210J55 217.507 51.175 - 51.175 10,53S 10275 760.041 811.210 l
$25 Dar Value - Auth0rized 2.000,000 shares; None outstanding in 1091 and IM)
Totd Prefened Stock (Subject to purchase or sinking funds) 6iF38 3% 64.400 3%
, .. . . . . .- .- ~ ,- - . . .. ~ .- . . .. -.
~q ,
4 e eb i 2 . ? December 31o 1991 1990 _! Term Debt (thousands of Man)
- Sou Carolina n(Notes ectric & Gas Comp,my- 4 and 5):
' Drst and Refunding hk3rtgage Bonds: : .
Yearof Series Maturity 5% - 1991 -- SN0 474% ,IWS 16A10 16N0 L _5.45% 1990- 15A10 - 15N0 - ; 6% 1997 15A10 15A10 t t 61/2% _1998 20.000 ~ 20,000
- l. 8% - -1999 . 35.000 . 35N0 9 IS% 1999 ISAU 15N0 8% 2C01 35A10 - 35N0 71/4% 2002- 30A10 :30E0 ;
9% - - 2Rb 145A10 - - 9 IS% 2db 50W0 50N0
&40% 2000 50N0 ' 50N0 -
,8 a'8% 2007- 30N0 30NO -
= &o0% -2008 30,000 30.000 -
10 1/8 % 2tV9 35AU . 35W0
.973% 50AU 20N 50AV
_12.15 % -2010 35.800 - 35,890 = 7 83/4% 2017- 100A10 100N0 . '. _. .. _ . - .. 87/8% 2021' ~ 155 A10- -
- Nilution Control Facilities Rewnue Nnds: '
- 6,945- 7,030
- 5.95% Series, due 2003 ,. ..
- fairfield County Series 1984, due 2014 (variabk rate 4.9% through S31N2) 56.820 57AV Richland County, due 2014 (variebk rare _- 4.90% through &31M2) 5.210 - 5.210 -
fairfield County Series 1986, due 20!4 (variable rate - 4.90% through &31S2) 1,100 1,100 : Colleton and 11rchester Counties Series 1987, due 2014 (variablerate 3.10%through8'31M21 ' 4.3o5 4.365
- Capitalized lease ObhgationA due 1991 1997 (various rates between 53/4% and 10%) 6.511-3.430 knk loans b'ariaHe ra:e .&24% at 12GINO) -
75N0
- South Carolina Generating Company ine.:
J Berkelev County Pollution Control-t ; Facilities Revenue ikuts, due 2014 bariable miei10% through W3092) 35,850 35,850 s Term loan, due 1992 6ariable rate 5.44% at 12/3 tMI) 63.500 - co, Sal J South Ca:olina FuelCompany,ined - ' l l Nuclear fuelkbility ' .41.679 43.017 - Fossilfuelhbility 1 20.647 23 & l South Carolina Pipefine Corporation: - Note,9.27%,due 1991-1994 -- 24AV 32A10 South Carolina Real Estate Development Company, Inc.: ,
' Notes, da: 1991;1992 (at various rates) ' 42 56 '
Bankloan,due 19916ttriable rate 10.0% at 12/31N0) .- 1,200 ~ Bank loan,7.93% due 1992 2.974 - 1022 Bankloan,7.94% due 1992 : 451 4.798
- Note,9.13%, due 20041 1,015 i.037-
~
Primesouth;- Term Loan,10.0%,due 1995 . 904 920 -
- Capitalized Lease Obligation, due 1994 (variable rate .10.0% at 12/31MI) 24 31
. SCANA Corporation:
' Bank Notes, due 1993 (variable rate J5.85% at 12/31M1)- 80AU -
- Bank Notes, duc 1992 (variable rate 8.52% at 12/31M0) -
70N0 Total t 1,218,608 1,007,463 Less - long-term debt maturities, including sinking fund requirements 92.290 67,108 LinamortJzeddiscount 3.922 1,362 c-Totallong-Term Debt. Net - L122.396 50%- 93& 933 40% TotalCapitalization 52.239.251 100% $2.033.297 100%
' See Notes to Consolidated Financial Statements.
p
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I 7 NOTES TO CONSOUDATED FINANCIAL STAMENTS - 1Summaryo[Signipcant Accounfing Polkfes:- er. posides its own finandy Pbnt in senice rebied to SCEsG s portim of
' A- Oymizanon and Pnncirks of Consolidation - Summer Steion mis approximateh $910 million and $907 million at Dwember 31, IW1 and IWO, respecttwly. Accumulated depeciation asswiated with j
' SCANA Corgvati0n (Company), a South Cardina corpora!bn, is a pubhc SCfWs share d Sumne Simon was approximatch $2476 million and 5223 4 - utility hokling company within the meaning of the PubN tluhty Hokling Compa. mh as of December 31,1991 and lWO, respecthriv. SCE&G's share of the
; ny Act of 1931 bat is exempt from repstranon under such Act.
ddd CXFmmiated we openW Sunut Staten is induded in the Com- - The xcompanying Conwhdned Finanebi Statement;;dket the conso!6 tion d the xcounts of the Compny and its wholly oced subsilaries PHY'SDNFm&m*andTaintenarn exonsco
@d uf&s D. Alkwance for funds tised During Construction South Carohna Electric & Gas Comptnv (SCESG)
Nkwance h funds used during construction (AFC), a noncash item. I South Carolma Generating Compny.ine (GENCO) rekels the FrW e capita! &wted to plant under construction. This South Cardina fuelcom
; South Carolira Pilvhne banvjnc.ryration(Pipehne aawndng Fam wsuhs in 6e induen. as a empnent d cerumet Corovation)
(constrxtim wrk in pyesst of the costs of debt and equity capttat dedicated to , Nonxxulufd1wxsss constructen imestment. ATC will u!umately be induded in rate hue imestment MPX Sp: ems,IncJ and dereciated as a compnent d pbnt cost in estabhshing rates for utility wer-Primescuth. Inc, siees. Re Company's regulated subsidianes calculated VC usin'compite - rates W 91%. 9.5% and 83% for 1991,1000 and 1989, respectiw . These rates SCANACfriulResarces.Inc . South Carohna Real Estate Devekyment Company, Inc do not exceed the nuximum alkwabk rate as cakulated under FERC Or&r No. SCANA R,drocativns,Inc, S61. Interest on nuckar fud in pucess is caplulized at the actual interst - ; SCANA Petrdeum Resources,Ix. amant-Suburban Hopane Group. ineJSuburban) E. Deferred Retum on Plant Imtstment Imtstments in pint ventures in a! esure are reyned using the npty . Commencing July 1,1987, as appried by a PSC order on that date. method of accountmg. 5%nikant intercompany balances and tunsxtions haw SCE80 ceased the &fe m! of carrying costs associated with 400 MW of ekeuic been elimin.nedin cons &datkn = generating capxity pesiously remowd from rate base and hp anutizing the in November 1991 the Canpny xquired SPG, Inc., Suburtun Propane xcumubted defened caming costs on a stra%ht.line basis owr a ten $ tar [vAd Gas Compny of Timmonsville. Inc and Suburban Propane Gas Cempany of (see Note 2lt Amondanon d debred caming cats,induded in *Depreciattor .
. Bishgvilk (collecthrly, the SPG Group), all of which were pnvately-held retail ~ and amomzanon? was approxim,ttdy 542 million u IWl. IW0 and 1989.
popane distributors headquanered in Sumter, Souh Care!tna, through an exchange of stock and the merger oithe SPG Group into Suburban Propane - FJ Depredanmand Anatizanon Group inc; a wholly owned seidury of the Companv< The transxtion ns Praisions for deprechtsn ce recorded using the stt yht lire inethod for . accounted foras a purchase and lud no s%nikant effect on the Company's financial re;uting purpes and am hwed on the esumated senice ihrs of the . : finandal psidon or results of operations. Caroune, Inc and Su;vnane Gas various classes of prgerty (see Note 2f). The campsite weighted awege & pre-Compny, whouy owned subsidia:ies of the Compny enpged in propane 6stri- eution rateswere asfollows-butim, were later merged inte, Suburban Pnyane Group. Inc , , g in October W' the Company acquired Petyles Natural Gas Company d South Carolina (Peopks), a disnbutor of natural ps in northeastem South Caroli-aa, through an exchange of stxk. The transxtim was aucunted for as a ovimg .-
$6$,
ripehne Corporaton Q - 4M% [. 24 W of inter:sts and had no Sipifwant eficct on financial position or results of opera - 242%_
- grepte of Alar 2.9a = 19a u5% *
' tions. Peopks was merged into SCANA and its assets are operated by SCESG. A
~
~
subsidary of Peg les. Supenane Gas Compny, a pepane supplier, was acquired - 2 Nuekar fuel amatnation, which is induded in 'Fud used in e ectrie genera. in the transxtion and is now a part of Suburtun. tw and is recomvd thnmgh the fud cost component of SCE6Gs rates, is . recorJed using the umts-of-poduction method. Prosisions for amortuation of
- B. Systemc(Accounts - ~
nudear fuelindude amounts necessary to satisfubhpdens to the United Sutes -
' The xcounnng records of the Compur/s regubted subsidianes are main- Depanment of Energy under a contrxi for dispial et spent nuckar fud.
- tained in asordance with the Linifonn System of Accounts pescribed by the Ted-De xquisition ad ustment l relating to the purchase of cenain ps propentes eral Energy Repbtory Commission (FFRC) and as adpred by The Pubk Senice n 1982 is being amonized over a 4Arar pen (d using the straight line method.
Commission et South Catchna (PSC). G. Nudcar Decommissioning CJ tluilty Plant On January 1 19W the Nudear Repbtay Commission (NRC) appnnd _ lichty lant is suted substantb!N at original cost The costs of addnions, SCE&G3 n quest b an extension dits opeuung kense for Summer Sution. - renerals ana{benerments to utility pbrh, indudng d!nyt bbor, material and ind-Decommisskming of Summer Sutbn is prewntly poixted to commence in the rect durges for engneering supenision and an allowanee for funds used during . wa21 The expendaures (on a bebe.ux basis) rdated to SCE6G's share of - consructim, are added to utility plant axounts The ongnal cost ot utihty piop- ikeommissioning acuvtties are cunently esnmateJ to be appoximatdy 55413 erty ret: red or othenvise disped of is remewd from utihty plant asounts and million indudmg pnial redamation costs (in 2022 dollars, assuming a 4% -
. generally charged, along with the cost of removal kss salvage, to accumubted annual rate d tr.fbtion) SCE&G is presidng for estima ted decommissioning
. depectation: 'the cests of repairs, rep!xements and renewats of items et propeny costs of its share of Summer Sution owr the hie of Summer Sution and has determined to be kss than a unit of pnycrty are charged to maintenance expense. estabhshed a reserve for this purpse. SCE5G is presendy fundmg the reseta .
SCESG. operator of the V. C. Summer Nuckar Sutton (Summer Staton). with amounts colketed through deetne rates (approximatdv $1.I million annually and the South Carolina Public Ser. ice Authority (PSA)Ia body wrpente and b 1991. PNo and 1%9. net of uxest and intends for the fund. Indudmg eam-politeof the Sute of South CaroLna)are jomt owners of Summer Station in the inn to povide for all ewntual decommissiemng expenditures on an after tax popenior.s of two thirds and oethird, respectivdy The pnies share the eperat- pa' sis. ing costs and energy output of the pbnt in these propnions. Each pany, howev. The NRC has pehshed final regulations on decemmissioning of nudear b
, , - - - _ . - , - - , e - , .,, -
Our Dividend Reinvestment and Stock Purchase Plan offers holders of record a simple and convenient method of purchasing addi-tional shares of SCANA Corporation common stock. Participants may choose one of the following options: (1) automatically reinvest all or a portion of their dividends. (2) continue to receive dividends on certificates in hand AND make optional cash payments up to 9 000 per month. (3) reinvest all disidends AND make optienal cash payments. If you would like to receive a copy of the plan prospectus and an enrollment form, just return this card. Shareholder Name Address CitySare.2ip 'i ll MabAn n MAILED IN 1HE UNITED STA1ES m.-m m.mm.m BtlSINESS REPLY MAIL =========m FRST CLASS MAIL PI'RMIT NO. 636 COLUMB' A. 5 C. POSTAGE WILL BE PA!D BY ADDRESSEE assusammmmmmmes ammmmassummen ummusammmmmmmme sumumm assummma SCANA CORPORATION ammmmmmmmmmmmes ATTENTION: SliAREliOLDER SERVICES "'""""""""'" P.O. BOX 764 COLUMBIA, SC 29202-9770 Inlill,linilillion l llilnlnill nllin.n!,ll
,. _ . - - . - - - . .- . - - .- - _ ---._ .-.-~.~. - .
1 2 P 5
- fadlities. Dese xculations ad.iress decommissioning planning needs. timing. The following taNe se's hth the funded r.atus of the pLin, as &termined by -
'furding methods, and environmental redew regulrements and required licensed an indegn&nt actuary, at DecemNr 31, twl and IW:
- cketric utsties to submit a decommissioning plan W luy IWO certifying fmaneial
' ascurance kg decommissl ming causi in 1990 SCE5tG estabhshed a trust fund --
I.d"dd ^**" * '*3 * (which is maintaned by an Indepmdent tr;stee and complies Mth the financial (U"M"'Iadd'4 ' assurance requirements of the NRuuk. De awets of the trust fund were hy . N* g, . g 73,yg7
- approximately $61 mHlion and $5.2 millice at December 31, iWI ed IWO- h d knem *l e 3w 3392 respxttwlyianJ were included in 'Nuckar plant deeonmtissbning funt !n %gg gn,g g g,g g g, DefemdDebits > c ._-._
rmeete knefinNeuon $241.179 U28An
.11< INomeines Plan awets ar fair value 276 464 227.798 ,
1 The Company and its suNiduries file consoMated federal and State = Plan aweb greater than lies than) insome tax retums. Income taxes are alkxated to all subsidianes based on their rmNeted Nnett ot4ne 31285 los1 - ' i unmynnd net tmmtamlAlay 1954 isa58 contriMons to consolidated taxable income. .
- Neause tax lawund financial accounting standards differ in their recognp unreaynind pu sente un i1.829 12.983
' tion Sqd rneasumment of economk cwnts, differences arise Ntween 0 ) the l'"'"*"I*d " ** #" .I """ U N m ha W m p e h amountof taxableincomeandrepted :taxhnarculbcomefora varand(2) *'"
rhe tax bases d as:ts or hbihties and ibpted amounts in the nancial _.
"#"'d 5 M 281 5 . G31-~
m%sdefern;dincome taxes krsub-statements. stantia!!yalltimingd Acendi ly, the Compny fly accekuted tax-. depectation, erences.pnneip B acumuimed knent except shgamn is krbawd m the pLm's knem famulas wm cmsumng expeced future sabry maeases lhe Idkwing tabk sets - cenain basis ddlerences ansing pior to W82. Defened inceme tax prmisions are I nh the asmpt!ons used in the amounts shown above. included in income :menuy with onespmding aedit> or charges to accumulat-eddefenedincometaw - .. swi iwo 1939 Investment tax aedits wie gene ally defened and am being amonized owr Annuddwunt un udto sog I the depreciaNe lies of the respec%r assett . detenntne Nnem +lpnons aos -sa In December 1937 the finanela! Accounting Standards Board (FASFPssued bytedlong-term rate dretum _ statement NoWAccounting for income Taxes? Dis Statement requires the - on rian assets - 8^ 8m 8M --
, use of the "liabihty methor whereby a defei.ed tax bbihty or asset wvdd be rec < ' tuum mtc usedin detenntning cynl:ed kw defensd tax censequences of all tempary ddiennices. The Statement Fe** (cst 8^ 8M ' 8" ' -
Asumed annua rate edaun 54ary _ ill r: quires that a defermd tax kbihty or asset be adjusted for the efieet of a
- change in tax law or rates. t2) prohibits net-of-tax accounung and reporting and Q[* I"'l#d *"'U ~5w- 'us 55%
= (3) requires recognition of a defetted tax habilky kv tax benefits that are Gowvd through to customes when temparary differences ongina'e and kw the equity in 1989 SCE&G compkted an cady retmnnent incenthy pryam whkh .
- compet of AFC; De EMB has issued Statement No.108 debying Statement inemased pension liah!ity by $3.r' milhon. Bis amcunt is Ning amortized owr No 9tys effeethe date and intends to issue a new statemut that wiB supersede eight years. the average remaining senice hie of the emplopes pnacipating in the Statement No. 90. De Company does na anticipate that appkatut of these program Statements will have a sign!kant impact on re ults of operatrons or finandal posi- In addition to pension benefas. the Company proddes certain heahh care? ,
. . tion. supplemental retWment and life Insurance Nnefits to active and retixd employ-ees. Cunenthr. sa:h knents are genera!!v charged to expense when clMms and -
endon Expense pemiums ad pakt De annual costs ofimiding such bnefus to retired e
- Ag%c .~
Cornpurg has a twieontiburay defined benefit pnsion plan condng ees are not significant.
. suNtannady all empkwees Benents are based on years of accedited senice and in DecemNr IWO the IASB issued Statenvnt No ion "Emplowr's -
the empksee's awrage annual base camings received during the last three wars Accounting kr postretirement Benents Other Than penskys " De Statement , of empkyment. Re Comptny's yky has Nen to fund pnston cos's accrued to requires that the cost of owtxtirement benefits other than pnsions be accued , the extent permitted by the appkaNe federal incane tax regu'anons as deter- dunng the wars the employees render the senice necessary to N el,ible fw the Eminedbyanindependent actuaryJ appucable benefits. The Companyhas estimated the accumulated Jtpulon of -
- Net periodic pension cat as determined by an independent actuary, for tne rese Nnefits at Decembu 31;1991 to N appoximately $66 m&n and the -
. wars ended Dec mber 31.1901; two and 110 included the following comp . annual impact on e7penses, incluttng the amortization of the trans!thm haN!ity .
ncms: - puided for by the Statement, to be approximately 57 million. Be pubhunice Commission of South Carolina, in other utility rate dukions, has accepted adop-Year thkd Decemkr31. imi iwo 19 9 tion of $FAS 100. Accordingly, the Company exrets that the substantial ption of the ine. eased benefits exivnse, which apphes to regulated operations. will MMnchmd chher be remed exndy thagh mies a that a mgulatay asset wG be rece dunng thepenal - 5 o.m 5 5.656 . 5 5.m ed to refket amounts to be recovered through rates in the future as the costs am t , . Imens coaonprorcted -' > !- . Nnetaobhgaum 15.m t 7.239 1e.y7 paid; therefort.. the Compny khews this $tatement will not have a signikant A4ustments . Impact on the Company's Onanend pation or results of operations Hmvewr, .. _ Retumonplanassets ts1.440) nIIM (41.2841 there can be no assurance that such recewry mil be grantei ne requirements l Net arnortizauen and delenal 36.2ti 02.71D 29231 ug he erbeth la the 6 scal year beginning lanuaq I.1u93, Net renodgensim cost 5 9.324 5 7tr4 5 1o.147
- 1. Revenut Recognition Customers' meters are read "nd bills am rendered on a monthly cwk basis.
Base revenue is recorded dunng the accountmg period n which the meters are . mad. h
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v
, - Fuelexts for eletric
. retail cleetne rmetcomynent The fuefieneration are colkaed through the contained in ekanc rates is estaNished fuel compnent in - PSC du not require any rate increas D. In May 1989 the PSC approwd a wlumetric and direct billing method -
. by the PSC during semiannual fuel cost heanngsz Any difference between actual . fa Pipeline Corporation to recowr take.or-pay co3ts incurred from its interstate fuel cost and that contained in the fuel component is defened and included when
]
pipehne supphers pursuant to FERC;apptwed final and noruppealabk settle. determining the fue! cost component dunng the next senuannual fuel cost hearing.. ments. The Cmsumer AAwate and two other intentnors appealed to the South
. At December 31. 'lW1 and IW SCE5G had owrcolvted through the eketne Carehna Circuit Coun (Circuit Coun) the PSC's order allowing im pass-thnxgh fuel cLiuse compment approximatch $11 millen and Sol million, respeahrfy, of these costs and the meth%gv for the ptsethroughc whleh are includd in ' Deferred Creditsother.' . On fune 10, tWl the C radt Court rorrsed and remanded ta the PSC tts Customers subtect to the gas cost adjustment claus are bilkd based on a May I+9 erder. Pipeline Corporation and its affiliated customer. SCEN. haw - :i fked cM d ps detem1ined by the PSC dunng annual ps cost recowrv heanngs. appeakd the decision to the South Carolina Supreme Coun ISupreme Count. ~l Any difference Ntwren aaual gn cost and that contamed in the rates is defermd The case has Nen heard N the Supreme Coun and a decisbn is expeaed within rid incluid when establishing ps costs during the next annual ps cost recowrv sewral months. The Company Nlors that the deelslon of the PSC conceming hearing. At December 31, lWI and 1N0 the Company had uncered! rett d the methW of pass thr0 ugh of takee. pay charges lies within the disaction pant- i through the ps cost twowry prxedure approximately 50.1 milhon and i 5 mlb ed it by the Lie of South Caro!ina, and that the pass-through is required by le kr.
lion, respective!v. whkh a-e included in *Defened Debit >0ther? al !am he Company Nievs that the probabihty d any signikant adwtse in NormNr 1W1. the PSC apprmed a wrather nonnah:ation adjustment change in the PSC orJer reprding wilection d amounts pnor 10 speak PSC (WNA) for SCE&G and the Company's directly owned ps disnibution system as appawal of the pawthrough d the charges and the absorption of the charges is pan of their firm ps rate schduks for rekknti". sma!! commercia! and small unhkelvJ industrialcustomers. (See Nae 2BJ . E. On August 8. lW0 the PSC ksued an order appraing changes in Pipehne Capora@n's ps rate design for sales for resale sente.cficetnr Narm-Is,. Debt Premium. Discount and L.xpense Nr I. lW0. The onkt upheld the Yalue.cf.seniee" method of regulation for its long term &bt premium. discount and exprise se king anutized as direa Industnal sente and tw appeals wrre initated by direct industnal cus. components of
- Interest on longterm debt net"mer the terms of the respeethe ton.ers seeking " cost of sente" based rates. In one appeal the Circuit Coun. on debt issues. lune 10. INI, roersed and reman &d to the PSC its August 8. lW0 order, and
@ne Ca}wation has appaled that decision to the Supreme Court. The L* Statements of Cash Flow' Supreme Court 13 holding its case in abevance until the companion appeal is een-The Company consiJers temporary cas inwstments having engnal matun' c!uded Niere the Ctreutt Court. N0 final result is expected in 1W2, Although ties of three months or kss to be cash equivaknts. Temporary cash investments lipeline Caporation N!iors that the decision of the PSC lies within the discre. - are generally in the form of commercial paper. cenifkates of deposit, and repur- tun panted it by the Liws of South Caruhna. the out;ome i3 uneenain. ,
chase agmements. E On July 3.1989 the PSC gamed SCESG approximately $21,9 rnillion d ~ NL Reelissificanons a m]mted SE2 mEm annuahneue in mtail ekak mene. %e PSC orir panted an ahowed n: nim on common equity of 1125% On Linuary1
. Cenain amount > from prior period > haw Nen reclassM. e d to confonn with 1990 the NRC extended Summer Station's operanng kense from Altreh 2'!. 2013 the 1991 presemation-to August & 2022 (see Note IGl. and in c0mpliance with the luly 3.1989 PSC 1 Rate Afattent ader, SCESG subsequently neuced its retaa ekane rates by approximately Su A. On Linuary 9.1992 SCE&G submitted to the PSC a Nawe d Intent to milhon to reiket kver depreeLulon expense resultmg from the extension of the - flie a Formal Apphcatien to incease transit fares and to change ce tain raunng phmrs kense, The effect of such reduction is to decrease the addmona: annual - schedules. SCESG expeas to fik the application with the PSC during the nrst evne aikweJ in the lu!v 3.1989 order from $21.9 maion to 51(2 milhon. or quanerd 1992. an annua! inacase of 1.% Consequently. there will be no chea on future net
- B. On NewmNt !, IWI the PSC approwd SCESGs request for a WNA to income as a result of the lanuary adjustments lhe Consumer Adwate has
. be a put of SCE&Gs ps rate schedules for its residental sma!! commercial and appa!ed tk ekak rate order to the Circuit Court whleh has affirmed the PSC small indusuial customers for a thme$rar gried. subject to an annual roiew N decision. The Consumer Ad are has appealed the Jeeision to the Supreme the PSC. Such adjustment wi!! help pnnent Quauations in ps revenues due to Coun whm the ca was arg.aed and is stin ynding (See Note 211. Wh!k the -
abnamal wrather conditions. In its order, the PSC authonzed a 12.2% rerum on outcome of this ntuter is uncenain, the Company behews that any significant common equity which had no impet on cunent rates. The PSC also approved change in the rateorderis unlikeh G. Effectiw lu!y 1 1%9 the TERC approwd an 589W0. or 2 9% annual the request N SCE&G. as operating agent for the Comp 1ny's directiv owned natu. ra! ps distnbution svstem acquiralin two from peopesJor a WNA to be a part inemase in SCE$Gs wheksak elecrie rate On lanuary 5. lw0 SCESG f!!ed of the Company's ps sptem rate scheduks for residente!. small commercial anJ wth the FERC la appmWux its whoksale eieane rate to conespond with small 5dusnial customets. The new rates Neame effectnr the fust bilhng cvck in the retail ekeme rate reducti0n pursuant to the luiy 1 1989 PSC order. (See Note
~
DecemNr 1991 20 An imerwnor, howevet protested the method d this reduction, but not the C. The Company sustamed sip ificant damage to its ekarie transmissen, emm wbkh is in3ignifkant ne case is ynding. distnbution and other facilities as a result d Humcane Hugo on SeptemNr 2 t-22, it. On NewmNr 2E 19S9 the PSC panted SCE&G an increase in linn 1989. Total costs attributed to the rep!xement and repair of damaged plam were retai! natwal ps rates that are designed to merease annual revenues N 510.1 m!L ap,roximately $30.8 milhon. Of this amount SH 2 m&n was reca rred through hon. Ths repnsent3 approxim.ne!v Son d SCESGs request for an maease of insurance and an addaiona! 510.3 m@cn asutated with capul expendaures appoxceely 5 H.3 mahort In its order the PSC autherized a 1233% retum on was inc?uded in Ntiktv Plint'in two. For ekerne costs not captahzed or cor. common eqinty. The nov rstes became effectwe on NewmNr 30.149. The ered N msurance ($22 mdhont SCE&G receiwd an order from the PSC on Consumer A&ocate appeakd the decisien to the Orcuit Court.1N Circuit Court Febney 6, two approving the of'sei in the 149 Censchd.ned Sutemem of afhrmed the PSC order and the Con 4umer Aduate appea'ed the decision to the Income of $118 mibon of storm-xlated costs. after income tax Nnefits of 50 Supreme Cou t where the camdi penthng Wie the outcome of this maner mdhon. through the appbcaNn of credits camed on its books as a rewit of a N is unceru.n. the Cempany Nices the p@aimby of anuignscam change in the settkmem of cenain hogmion The remaming nenciecme 4erm costs ois t 3 mi . rxe mde eaciv $ee Nete 2l4 lion were mckded m Hs%perxme expenses The t exmem pxscnbed by the i M md d a h w Requestmg imestigaden fHed by mientnors dur-irs the WW elec c rate ca,e nee Note M the PsC Mued an Order GuntN Oi)
+
Inveigxkm on Apol 12, IM The imesepten rebtes to the propnety of f.n.m- On lu!y 24. lwl SCF&G issued $145 md!cn d hrst and Refundmg Mort-eial re!xenship Ntwwn Scr$G arJ i:s afh!aus The Company Nhews the gye Nnd<. oWnes due 1415,2Ah anJ used the prxeea to prepay a hke the outcome ot tbs !mystption uti haw no nutenal eficet on !ts opmtioni amount of bank loans. On August 20. IwI SCE&G issued $155 mb!en of First
- 1. In an or&r dateJ lu!Y 1.1987. the PSC appard SCL6Gs request to and Refundmg Monpge fmix 8 7 8% benes due August 15. 2021. The pa restote to its rate hwe. effeetrv f ulv 1,198L the net patucten tmsment (eeds imm the sak of thoe hods were used to Hanee in pan the Company s (appeximedy $102.5 mibn at luN 1, los7) asswixed mth 4N MW of ekeinc construeten pogram, indudmg the repyment of appox matdy 595 mi!!iori of generatmg capaetty revieu4v renced by the PSC in tb orJa dxed March 2 constructen.rdated short4enn indebtedness 1984 Be le87 order a60 appewd SCL6Gs propwa! t0 indude m rxe base In lanuxv Iw2 the Comomy ienued for one war hink notes tota!mg 580 the as+xixed accumubted defened eaming costs (approximmdy H2 5 milhon m:bn and, as a result of the ex'en&d due dxe. the notes haw Nen dass6ed as at My 1.1487) and to Npn ammteng these cests owr a tenqvar penAt com- longtem ddt The !ntaest rate is &termmed quarta!y and is based upn the men"l M t W
- My 1,1987 orJa was appakd by the Con umer t hree month Ur,0R rate plus M bass mmts.
Aiwate 10 the South Cardina Sugme Coun whkh rema,dd the ea< to the SubstanNHy all unhry pbnt and fud trwntories are pledged as collmerai in pSC br fxtud fmdmg on the pudence et u, dca7 niennV af SCIMs connecten with bngterm ddt taa: production capxity and the efket. if any, of the derminp on depxeuter and cammg cost i(sues. ihe PSC issued an order teamnmng its deason anJ x.I. ud fmandngr _ simmg its findmp anJ condusero ceneeming the t* MW n:tanng issue. ne Nuckar and fossil fad irxentones a e imanceJ through the issuance of Consumer A&wate appeakd th!s orir to the Circuit Coun and the appeal was shwt term commacW prer. Rese short ram huowings a,: supponed N inev-consolidated wth the appal d the deetne rxe orde desenbed in Note 2f above wane bank hnes of exd;t wheb expire lu!y 31. Iw4 (nudear) and luW1, t w3 De Circuit Coat afnrmed the PSC orkr. The Consumer AAwxe appeakd the (fossHl. Accordendv. the amounts outstandmg haw Nen includd in bng tam deddm to the Supeme Coun where the case is pendmg While the outcome d debt The bank knes prxide br maximum amount.s (575 rribn rdmed to nuck-this mxta is uneenam. the Compny behews that any significant ebuge tn the at fod and $25 miba idad to fossil f ad) thm may N outstanding at any time, psC1 xkt issued on remand l> unt:kdy. At IkeemNr 31, iwl commereul ipe outstandmg fer nricar fud was
'YP#* " "U "" ' "* *W""" d * * *"d 'h' 1 Gain On Salc OfInmtment: amount outanding for fossil fud was approximatdv 52do mi! bon at a weyhtd On August 14.1%' MCI Communicanons Corpwtion xquired a!! out- awtage miemst rate d 5h At Decemba 31, two the amount outstanJmg for staadmg shares of Tdecem41SA common siwk br caa of $42 per shre nudear fud was approximxdy SG0 mibn at a uvyhted awrage intnest rate of Brough its inwstment in Tdecom Partners. MPX Systems. Inc. (a whdh owned subsid:ary of the Company) owned approximatdv 33 nW!on shams of Tde-8 m and the amount outstandme'ei8 05Lfor ttw11 fud was appr# nxety $
at a weighted aveage interest rate . com41M common sixk at the Jme of acquwtien. The ga n from the sale of the sixk. net of income taws, was appr0x:medy su1 mtbn. er $1 13 per shxe of
- 6. StockhoUcr5,Imn(men!(Indudng Preferred Stock Not the Comptnyi eommon uk. and was reyned in the thrd quaner of 1*e Sublcct la Purchase or Smkdg fundg De cha@n %wnon StW without pr value damy IM W and 4, ifncierm Debt:
le ax summanned asIdkm SCE&G3 annual tenda Mution Contrd Fac!hnes Revenue Nnddwhwh do not indude the 595% Series due M3) aN secured N hke princip! amounts Numiser ihnts d Shares d IMlar* of its Fi'st and Refunding Mortgage timds. GENCO s annual tende Pollution Contrd facihties Revenue Eends are r,alana lanearv 1 PW 40 F 4 147 $Uun secured by an Invvocable letter of cred t exping in imb mO'ht' P*) - These annual tenda NnJs bear imaest at a rxe. nono exceed 15% per Marwe peamwr n rw 4 eye. m 5n m annumlI) set between m and 12th of an index rme ba3ed on one-ws vidd I'"PkS' 4 " *
- M2" 611
" l#
evaluations el comparabk tax exempt oNigaaons. or (2) equal to b31l d onetear Md""the**' R l *
- 2 I76 A D1 vidd evalaxions d U. S Treasury Fer.ds at pr. De Interest rxe is adtusted Reichase of commn M Hmm A:3) annuauv but may become fixed until nutunty. These Nnds also praide thx the hoikts may require the Nnds 10 N purchahd at par upon exh annual adlust-
#h N '
ment of the inteest rate er at the time the mterst rate becomes fixed untii mxun-
- tv If the Nnds are tendaed N the hdders. the Comomy mtends to redfa the N% "" -
NS$ - 59#_ Nnds to the pubhe. Due to the paisions of the Bond Indenters wHeb prmit , h Mt >myn pmomMam oK, on,nexk to N the Compny to purchase the lin!s in 1;eu of redempton and resdl them anJ t, rssed unda th@e 5txk Purchase Saungs Pkm and 1,000.000 sham subsniate otha sceur.tv arrangements. the SCEbG rends ax dassdied as long Nxk to N issued unde the tems of t eh Dwk!end Remvestment l'km. term deh. De annua! amounts of long-term debt mxurmes. indudng the amounts E ## "^'rporahon of the Compinv do not hmit the divb denJs that may N NvaNe on its common stock. Howewr, the Resteed Amdes due unde nuckar and fossi! fud apecnents tsee Note 5k and sinking fund requimments for the years tw2 through lue am summarded as fdbws "A'rpwayn d W and the Indenture undch mg eenmn dits lynd bsues contan pmsuns thx may hmit the pyment of cash dmden6 on coi wn Year Amoom Year Amount sixk In addmon.w,th respcet to hydrodcetr.c projects. the feJeral Pouvr Act (TWasunds oflM:ru may require the appopritnen of a phen d the earnings therefrom At ikeem-1W2 5 v 290 1*5 5um Nr 31. Iwl approxmutdy 583 mibn of retened cammgs were restneted as to 1*G 121bl Iwo 11.518 pavment of eash dmderds on commen stak. I" 62 # Cash dritena on common stxk were Jedared at an anmial rxe per share d 52 62. 52 52 and 52 40 for UNI Dmo m J tH tespecuvdy. Appronmedy 510 u muon of the curent pnion of kmg-term JeN for 1*2 may be sxhfied by eithe deput and caned!aton of bonds issued up n the 1 Prc[ctred Stock (SUNect to Purchase Or S!nkmg fund $ bask d prop tv addiens or bend rePNment credts. or N depos!! of cash wPdi the Trustee,
.N cA penum x the mytmenes d pdexd stak m no ease
. - . - ~. . - . . . -,, _ .. - , - _ . . - - , - . ~ - - . . ,_-.- _ - _ ~ - ~ . .
- eveeds the amount of the annual dhidend. Retirements unda sinking funJ Toul income taxes differ from amounts computed by applying the statutory
; requirements are at ptrw1uesJ . . . Federal lxome tax rate el 34% to preux trane as folom -
- At any time when dhidenJs haw M Nen paklin full or dedared and set g , ,.
aput for payment on all series of prefened sixk. 5CESC may M redeem any
, shares d preferNd stock (unless all shares of preferred stock then outstanding are redeemedJ or puxhase or othenvise xquire far value any shares dpreferred g g[*3 g3 stxk except in accordance with an ofb made to all houers d prdened sixk-Toul h % w Cha ged to qvrating ex;wnso 77,562 77392 - 65.U5 SCE&G may M redeem any shares of prefened stock (unless all shares of pre- Chargediootherinme ' (2237, aos1o (Loni ferred sixk then outsundL 4 are ndemed) or purchase or othenvise xquire for Tax Nnefu dstorm & mage costs - -
M2001 ' ulue anyshares of prefert stock (acept out of monies set a4Je as purehase - Prefened stock dnlends- 6 70n e aii f.263 l
- fands or sinking funds for one or more series of prefened stxk) at any time whs Total preux income 5217 m2 - -5296316 5iMllo- ?
It is in default under the provisions of the purchase funj or sinking fund for any g. , 3 SCfDd TCICUCdP 5!d ' federalincome tax rate 5 74mo $wo883 $ t 2.e31 The aggregate annual amounts of purchase fund a sinking fund requ. ire- Inere peervases)annbuthie a , ments for prefered :txk for the prs IW2 through 19% are summartzed as fol- Alkwan;c br funds med dunng kw emstructiontexd ding nudear fuel) (1,174) ' (555) 17461-
- ). ear Amount i. ear Amount ikfened retum on plant mystment. . .
._ (Thmnds e(NbN - net darnortization 1.444 1444 1 A44.
1992 . 52,369 (W3 52.315 Deprecunon ddiererwn 1.M 5 2370 @ 39) , IW3 .2315 -two 2315. Amorttratke dimtstment tax eredits (IN3) OJM) (4#6) - 1904 2315 - Amorttration d htga6on senkment - IU (4#6) a related credits - The changes In " Preferred Stxk (Subied to purchase or sinking fundsr dar- State meane taxn ticss federal -
~ ing 1991. P90and 1989 ax summan ed as folkw income taxeffeett . - . 6.55* 9251 5.411 -
ikferredincome ux fkvtwk at NumNr Thousands higher rato than sututav 0.22o1 - (1041) - ' 0,333)
. d Sharn d Dollars - '
Other ddfen nees. nct (13581 - 7w @34 ) Balance knumy 1.1980 -- 1,NO.2M . 5 77,244 Total meome tax expeme 5 73325 $1oR202 5 54322-Sharcs Redeemed
$WO pr value (1692) (569 ) . ..
30 par value (I72 732) (8.oU) *Toul deferred taxes' resul!3 inw timing difterences in recognition of the Balance Decemb,r 31.1989 1.111A59 6M138 US NCN l Sharn Redeemed gwi gggy io90
$100 par value (9.90 ) (091) 50 par vslue 611451 0.587) gggg gg Chaped to expenses
(- BalanceIkeember31, N90 1 050201 e4 400 Adraid depnet.mnd 4 SMrn Memed amortizanen $21400 $26363 $21TiO2 5100 par value (628) . 403 ) 50 par alue : -151.164) Ddmd bd xcounnng W. (7G1 (3M ' (2.559) pp g3 3p3 g3gg; L4pg Mance December 31.19ul W8 404 56!MS- Cvde pdimg 160s (b.023 ) . (10o0) Take.or-py contracts 0.000) 0.817) - 8.024 g, fnC0mf NE Nudear steam system maireenand 004) l42) 0.089) l' Nudear refuding accrual 2,052 - - 0681 0 85) Tatahncome tax expense for IE L 1WO and 1m is as folkw rension expense On) e17 1 401 G.ts water heater pnyam - - 1.038 M # Other. net 0 721 D44) 720 fD*"d"f N'"'5) ' Toul defenyd taxes 530.201 s o,002 s'4159
. cunent uwome uxes E Federal - $4146 5 92.nts - $2 510 I state - sau ins 6 2m4 At [tcember 31 Iwl the cumulanve net amount ofincome ux timing dif-Tout eunent uxn 481e9 iolos 21844 fexnces on whkh deferred taxes haw not been provided touled approximately '
l Ddend mn. ne Sc3 mllhon(see Nde iHL Federal - 23343 4 482 28345 lhe in:ema! Rewnue Senice has exambed and ckwed consahdated Feder-sute 4 633 L320 o,tu alixome tax retums of the Oxnpany through 1% and is cunently conducting . T3ut ddenedtaxn - 30.201 6tw 34 731 an examinat;on of the N87, (W and le xtums. The issues conuined in the - brestment m creh prehminary Rewnue Agent's Repyt are M expected to haw a signincant impxt - Ddend -- - e on the camings a tmaxial posiaan d the Comptny.
^"""'*'"d***""*
R Short-Term Borroninb's; ddened reredai U N31 OJN) (4m61 Total investment tax ernks HM 5 ) 03N) 1he Company ptys fees 10 banks as compcMion fw its hnes of endt. (4 281) Teu! tneome tax expense s73 325 sumao2 534 322 C05" CalF3eming t me fa 24 a bs. Deuils of knes of credit and short-temi tenawinp at December 3 L 1901. Iw0 and P39 and for the Currem incomt taxes for 199 noted above reflects approximatdy 58.2 m!!. vers then ended are a3 fdkw hen ofincone tax benefits rdated to storm damage costs which are induded as a reJuetien in maintenance expense in the Consdidated Statements of income f .ee Note 2C)- h 1 L_ _ _ ._ __ _ _ _ _ . .__ _ . . _ - - - .- -
l l mo lo the extent ihm insurabk clums Ier po;wty damage decorammaton, im m9- regnr and rerbeement and other cosis ud exp nes ansing from a nut kar ind. rth n wing Avaibbk hnes of cedit at war <nJ 514i 6 5t $7 5 5 utu dent at Summer Stxix ese u the pky limits of innuunce, or to the extent sush SMt-temi turmngeneludmg insurance becomes unxaibNe in the futux. anbc tN extent that SCI bG's comnvreul pa;rr)denng the war rates Wuld not recowr the cat of env purdused replxvment puer. SCIE Manmum out3undmg $134 0 5154 3 5113 3 ad reuin the rsk of kws as a sdf-insumt. SCf 6G has no reason to anxipue a Ascrage outstandity 5743 5101 2 s 44e senous nudear inddent at Summer Stanon. !! such an truknt wtre to wcur. It W awrage dan inmot rate' couU haw a meenalh adwrse imiuet on the Com;uny's fm.txtal pwtkn Commercul pa;rr ox $ &i2% 9 in C Ulynam unsecured normssory note - - 8m% SCEA aenng br iwif and the 19 'as coom N the ms MW Summa short4crm borrow 1rp ouhundmg at Sutbnlid dean Etion ap:nst Westmghouse EkYtrie Corpraten (Westmp housel on March 22.1*v in the U S Ds:na Coun br South Camhna. SCf SG
$nkIns 5m 5uo Mg a Anem the WnnnghouM@td twed &ie in ik Weyh niawrage interest rate 5m 8 o0 % -
steam gmeraurs supphed by Wesunghouw to Summer Sunon that me ddecise t Commercu! pa;rr - 5t to 4 5 37.o Weyhted average mterest raic - 7 09 % 8 73 % in despi wrkmnhhip and tutenals at to cost to Sd&G and for actual and punithe damages and treNe darnages in an amamt to be detemuned 10.Commi!menb And Contingencies: It Environmenul A Cetm@n On DecemNr 5. tw9 SCE&G conwmed to become a Potent!adv Res;vnsi-SCE&G has awarded a con:rxt t0 Dukcht Damd to Jesign. eiynea He Pany(PRP) unJa the Superfund Act br dean up of re@es from its nunu. and build. nex Co;v. Seuth Carolina in Orangebtcp County. a 36 MW coal fired fxtured gas pLmt s!!e taken by a salvage *tuny to the Mxon Dockery site in ekNine penaatmg plant. Constructbn is exgvted to bepn in bte IW2, wth com- Rnkmgham. Nonh Carohna for dispwal. a iebrtury 1.1+0 SCEE paid mereu! opaxion expyted in the spnng ef 1*h The estimated pnee of the CoF $125AV to the EPA for its sham of past res mse cost On lanuary 9, IW2 the phnt, exdudmg Brunany cats and indidtry owna's cost, taxei and albwance EPA notifwd SCE&G and the olha PRPM its seketed dean-up a!ternauw br escabuen. is $45d malion The transminan lines required to carry the pbnt whkh will cost aproximateN 58 AvaV. li SCEE were to parixipme ' N output to a nearby city and ta intercor.neet at one of the Company's ekark gencr- deang xcerding to the same preponionee share of its pst resone cw its anng fxihues are ex;veted to cost $2e mi%n. share of the ckan up wuki N approxinutely Sc5MV (ex;wssed in temrs of under the Dukcht Danid contrxt SCESG must make spec 5ed mmE IWl delbrs) owr a 30 year [vntd mum povments monthbl. These payments indude amounts for infbtun on a co- In IW1 SCE% was listed cs a PRP unda the Superfund Act br (kan.up tain prim of the contrxt whkh is sublect to escabrun (appaumatdv 34% d at a Luxthned by !cxmgan County in South Carehna. The county the total contrxt amount). The agxgate amount of such requmed pvments announced that it wt! asaume responsibhty 'or any ekan-up Although SCESG remaining at Iwemba 31, IW1 is as bikms (in thousandsk behew> thx it will have no imancul respnsibbty br tSe site, it vaB putkipite in m 5 3413x pxcedings to determme the pxelse sutus of the kmd61L No assessment has wt in3 107 w 7 been completed to etuNe the Com;uny to detenrane the tou! costs of clean up of
+4 m40 the site er the Compan(s allwabk sham of such costs. Unnl such a &tenmna-
!"3 5M3 tion is ma&. It is not pssibk to make any esnmate d any costs tc the Company, I" W the extent to whkh costs m@t b. recarrabk through rates, insurance or contn.
W 59S butions from third junies. or the signifkame of such costs to results of opersons SCE&G pid $10N RU unda the contrxt in 1W1. or financial posun in NowmNr IWl SCE6G fikd an applicxion with the PSC for a Certib TN Company a SCE&G exh own two decommissioned n anufxtured eate d Environmenta! CompttiN!ity and PuNic Conwmence and Necessity gas plant des which contam residues of bvproduct chemicals. One of the sites repin.hng the comm.Ntion of the Cop genersq: faabnes. The PSC hdd hear- thz the Campany owns was proiousiv owned by SCE&G. One d the snes that ings en the app licanon in late lanuary IW2 and is exyced to issue its orJer on SCE&G pesentiv ewns m.ri also conuin residua! comaminanon frem a avesote the maner dunngthe first 4 tuna of !W2 pbnt Whae the Compny and SC E60 have exh numtained an utwe roiew of B NudearInsuranc. their respectiw sites to momtor the nature and extent of the residua! conumma-tkn the extent of the conummanon of these sites has not been de:amined.
& Pnee-A:t&rson hwiemnincanon Aa. whkh deals uth pubhc luhhty ior
!aformaton has Nen requested tw and prwided to the South Carohna Depn-a nudear inaden; currentk esubbsNs the habihty limit for thirdfarty claims associated with mw nudex indient at $72 N! Don. Exh rextor Ikensee is eud mpd ab an&umnWend h uNatatn whether any dean-up xtor ewmed for exh nxkar m&!ent w gued rendy lbNe for up to 500.2 m:llsn I b ahnte Company has an enwonmenul asses 3 ment pregam o oceumng at any textor in the Uniteemes. praided that not more than $10 m6 i.dennty and auss olha cunent and fomwr opazwns sites that could rotuire hon of the tubhty per icxtor would be assessed per war. SCEhGi maximum C" " *d # ""*#"" "I # "#"*"'""
assessment, tesed on its tw& thirds ewmcrshy of Summer SutAn wouki k "P be maJe el the esumated' amoum of exynditures. tf any, neessary to ekawp approximately 544 milhon pr mcident. but not more than sol mWien per war. exh site. No awessments haw vet been compkted Accordingh. the Lompany is SCESG curmmN mamuins po!! des (for itsd!and on beMiof the PSA) wth Nxicar Ekctrie insurance Dmited (NEIU and Amencan Nuckar Insuxts unMe tWaanne aung d ant neq br dean up or whetha such (ANll posidmg comMned proprty and detonuminanon insurance cow age of aneunts w Aa a t hh ims dnaMaWn
$ 1250 N! hen br any bsses in excess of $w mHien pursuant to exisung pnmary J J Segmenf Ofksiness information:
cwaages (with ANI) on Summe Srxiort SCESG pris annual premiums .md. in y m Woeon x Wse@ 3L m Pwnd W and fer tN addinon, could N assessed a retraxtiw premium not to exceed 71/2 hmcs its wars then ended is as biWs. annual premium in the ewnt d popenv damage less to any nudear generatmg fxthdes cwereJ by Ni'll Iwed en the current annual pemium, th:s retraaaar premium muld net exceed P 9 m!!!!on.
@w
b lu91 gugg flunc Gas _ _ Transit Total , l'ectric Gas Transit TM (Tfxwe #Nbrg - . . (Thouwisfs #Nkn1 Operanngrevenues - 5 8o7.215 - $276J42 -$329 - 51.147E26 Operatmg rewm:cs 5 841 453 5297.069 - 5 4102 . $1142.624 Opetanng gemes, Operatirg exgnses, exdeng depreelanon . . exclahng depreciatkm . and acnonizatxw - 3x0.265 - 23hw ; 9.023 M22.74 and aruxtizatttm 557343 200 974 8.827 827,144. Ii Dernnibon and amortiution 88 803 11J20 146 102M9 Depreck1 tion and amorttuthm 40.2k6 1It35 355 102.2 % Totd operanng expenses r+9.ons 247.229 9.It 9 925.4t* Totd operatmgexivne 647A29- 272h29 9.182 -929 440 gra l rytncome(ke) % 198.147 $ 29,513 - 545.300) 222 300 Operating income (kws) 5 193224 5 2446 211,184 5(5;0Hg AM Othcrincome, net 1ib55 - Aal .0ther income, net 7.125 Less-Internt chwe , . 91,458 Less. Interest charges M421
- Preferred stuck dn1Jens - -
6ftd .Prderred stock dalderds 7.263 Net income 5 115Ast Net income 5 122,625 r_ Captalexgndituns - . Capitalexpenditunx idennhable 5 205J04 5 253M -5 89 - $ 231,173 Identilable 5 1543 % 5 22 012 5 142 5 176.510
' titthzed kw strall Company oprathms 7.967 Linhzed for mrall Company oprathm> - 5.035 Total 5 239.140 Taal 5 181.545- . Lkntdable asscLa Lknaftabk assets at
( Daember 313wl: __
- Decemtwr31. im . _
- ththrypLmt. net 52J31877 5280A03 - 5 1.073 52h15J55 Lluhty plant, net $2.149.226 $249.002 51.421.- $23WAN Inwntones 101637 7,242 476 91355 inwntones 77311 7.182 45n 84983 Tetal 51417.514 5288 04; 51349 2J07.110 Total 52.22fts79 52 4.244 = 5 1871 2.484h94 Assets utdced for mra!l Company og6 tons 5eJ32~ Assets uniucd for m erall Company oprathms 4w.813 TM assets 5130 W 2 Totalassets 52 984 507 -
IWO necusc cm Transa Tas- ~ I2.Quarkrly Financial Data (Unauditch: (Thwikis(Nbrs) Operatmg revenues - 5 85Lf 46 5292.380 54on $1147359 1Wi Opranng exynses. Fint Second ihrd Fourth excludingdeprecianon Qiarter Quarter - Quaner - Quarter Annual -- andatrartzacon 363.035 - 230.246 8300 823 3 01 Totaloperanrg . 1- ~ Depreciatkin and amorttution 84387 II.WI 223 97.801 rewnues(Wh 5297,993 5256J12 - 53tN#37 52A3384 51,147.826' _ Totalcirratmg expenses- ts49h42 263.237 L723 921 tiO2 Opranng
- Operattnpncome(kws) 5 201304 5 29143 225 957 meme Mt N 49 4W4 73328- 4L419 222 %0 5(4 6N)--
Net incemc (000) 38373 .24352 44J05 21221 135.851 Add Othertncome, net 54274 "W"'N less*Intenst charges 923t7- ###W""# Preferred std dMdens 6.91I [ *, y y g 3g 337 Net mcome 5 181 601 l*O Capitalexpenditures: First Second Third Ituth kknteable 5 185811 5 39336 5 8L 5 224358 .Quaner Quarter Quaner Quarter Annual Totaloprating Llclaed for merall Compinv ogrations 4824 5290,546 $2623to - $315.911 5278J92 11.147,559 rewnues10001 Total 5 22 w 2 Operating income (Ot10) 56,508 49.134 79.113 41.202 125.957 kkntifiable awts at . ' Net income (000) 1L782 26.930 100.91P 19,976 - 181103 -
= December 31. l*10 .
Eammgs per wcybted Litihty plant. net $2.234189 5270.213 $1,207 52 506]tw mrage share of Inventories 03,307 8.942 ava 102347 comnxm std I0tal $2328 090 - 1270l53 5lJ05 2.608,95o std s reported" 84 67 150m 43 4 44 (i) Includes p;n on sak of mvestmem. net of income taxcs. d approximately Assets unlized for mera!! Company ogranons 515wo 5461 millan or si 13 gr shax (see Note n Total awets $1144 9% (2) Dilutte rehted to the acquNuon of Peoples (see Noic l } is reflected m its murety in the fourth yturter O
i t
-MANAGEMENT'S DISCUSSION & ANAIXSIS OF FINANCIAL CONDm0N & RESuDS OF OPmTIONS i Oguiddy AndCapiMRNurces Ra&n for the trar ended ikcember 31. lWI the Ibnd Raio was (19. The The cash requirements d the Compny arde pnmanly hom the capital smase d aM& mains Mer mW to an aM&wWp! aamt requirements d SCLWs opera & ins and construction program De abhty of the m mLm @nha m N eyaa dunfuenewA Compny's regulated suNdaries to rep!xe exisung pbnt investment, as well as huhnMaOn be Nm Wca pt wWnNe mM issued on the basis a renrements of bonds, SCLE Routed Anicks d incor-to expnd to meet future demands la cketrkity and gas. wtl depend upm their poratkm prohibit issuance d addonal shaxs of preferred stxk without consent ,
- abihty to at:ract the neensary finandal capital on wasonabk termsJ The Comp-n/s igubted suNidixic nio'.et the cost < d procidmg sen ges through rams
## F N " #d"Md # " I b x charged to cuswa Rato fa regubted senices are based on historical co expet.
pin @nm and prensuMerm luue%hn a,nM pup In Narmber IW1 the Company repster-d with the Securines and . ed to .n. in late IW2, with commercia! opration txpected b the spring of Ex hange Commksun (SEC11 Ava'V additiand shams of the Cwnsmy's com-
,199o. The estimated pnee of the Cope pbnt exduding finanang cmts and . M MMMr6hynysDMdendReinwstment indudmg owner's cost taxes, and allowance for escabrion. Ls $430 mihn he and Stxk Purduse Pian (DRF1 he Company npects to issue erroximatdv transmissen imes required to cany the pbnr output to a nearby city and e inter.
34 Ao shares,370AU shares and 2Nno sitxs dunng IW,', koast F94
. connect at one c' the Compny's dectrie generanng ixthties are expeaed to awt pursuant to the DRP. The uopany also repstered with the SEC in
- 520 rnillion. Unn! the completion of the new plant, SCMG pbns to purchase '
enMIWl 2 AVAU addrnonal shares d its common stxk :o N hsued and pmer, as necessary, to marnuin its resent margins. - soki pursuant to the Compam's Stxk Purchase &nings PladSPSPL linder its The esunuted pimary cash requirements for iW2xxduding reqwements SPSP the Compnv crects to issue appn3xhr.atdv 553AU share,59! AV - for fud !!abilines and short-term twrowings, at d the actual primary cash require-share; and (01 As shaxs dunng 1W2.1W3 and IWA respectxdy. cnd the , ments ke IW1 an as folkw renuining shares dunng IWi tm Iwi Pumunt to Secten 241 of the Fed.tal Pour A:t, SCE&G and GENCO -
- (hsands #twurs; mu , le an applicanon with the FERC for the au:honty to issue short term in&bt-Propeny addmons and cotnen edness in amounts exceedmg M d the pr value of each of their catsunding
' cxpenditures exdudmg alWance for. . secuntws. The FERC has au:honzed SCE&G to issue up to $lte mihin d une
. fundsuseddunngconstruden(VC) 52r.047 5614U cured pmissory notes or commercial pper w:th nutunty dates of 12 nahs or i hicar fuelexpenditures _
24.3o7 Iwo ^ los but na later than December 31, lW3 GENCO has ner fikd an anpication.
' Marunng oNtgarna, redemptons and The Compey and it> subsidunes haw available to them funds from
; sinking and turhase fund requirements RU9r - M,#G gg
- Tou! ~ sws g _ s w 120 The Companyanneipato that its IW2 cash reowrements will be met
. through intemally generated funds (approximatdv SOM the sales d aMtional
. Approximatdy 47.5% of total nsh requirements (ntading JMdends) was se:unnes and the incurrence of a#tional shon tenn and long-term Id btedness prodkd hem intenuhources in lu91 as compaxd to 84E% in IWOE Whether aMrional secunties will N soid and the timing and amount of such l In January IW2 the Company renewed for one year bank naes touhng $80 saks will depend upon nuset condirens and other factors Actual IW2 expendo
. milhon. De interest rate is determined quanedy and is hwed upon the three- tures may vary fnw the estimates set fonh aber due to factors such as infbten --
monh UPOR rate plus 35 basis points- . and economic conditions, regubrion and legblukn rates of kud pronh, environ-
. On July 24, IWl SCE&G hmed 5145 million of first and Refundmg Mort- menul potecnon standare and the cost and availablity d capital.
, gage Ibnds. 0% Senes due luly 15,20th and used the proceeds to prepy a hke The Clean Air Act requires ekeme utilities to n' duce subsuntialiv cmissions - ll amount of Nnk Dans. On August 2% 1991 SCE&G issued 5155 minion of First d sulfur dioxide and nitnigen exide bi the year 2M These requiremenb are H and Refunding Martype Bonds,8 m Senes d,.e August 15,2021. The pro- bemg phased in over two perbds TN first pha3e has a a mphance date of lan-l- eee6 from the sak of these bonds were used to finance in part SCE&G's con- uary 1. Iw5 and the second. januan> 1.30. De Company meet;all rajuire-
. struction pgram. Including the repyment of appelmatdy $95 m&n of ments of Phase I and therefore will not haw to impkment changes until sunstruction rebted, shon-term nkhednes compliance with Phase !! requirements is necessaryle Company then may.
The Company Lu in e! feet a shdf reghtration for the issuance fne time to reduce suifur doxide emissions through the buming of gas or kmrt sulfur coal -
= time of an agegate 52W mSon in unsecured medium-tenu debt securities If and the aution of scrubbers to coa! fired generating un:ts Im nitryen oxide
- i. any sales of these securites ax consummated, the paceeds may N used to fund bumers will be insu!kd to reduce ninogen oxkk emisstons.
'addi& mal business actMnes in nonutsty subidia ies, to reduce short term debt ne Comomy will be wesmg on a deuikd comphance pbn that must be
- incurred in connection therewith or for genera! corpvate purposes, in addinon fi!cd wib and appoved bv the Environmenui Protechm Agency by 1991 ne SCESG intends to fik a repistratien statement for the hsuance of an addnina! Compny curremly estimates that the implementa62n of Phase !! wu!d rajuire
$EO m!!! ion of First and Refunding Monpge Bonus whkh may be used to reduce capiul expend:tures of 5193 milhon and addinonal anmal operation and nu!nte-debt or braber corporate purposes. nance expnses of 518 million (expressed in tenns of lWI ddlars.)
SCE6G s first monpge bond indenture conuins praisons pohthtmg the The steam generator tuns at V. C Summer Nackar St. mon (Summer Sta-Issuance of aMdonaNnds unkss net caming hts therein defmed) for 12 con- tion) supphed by Westmgheuse Electne Corporawn (Wotmghouwt h.nr experl-secunve months out of the !$ months prior to the month of issuance is at kast enced prin ary side stess conusbn crack ng which causes detenoution and twke the annual interest requirements on all bonds to be outsundmg ribnd degadation d thc tu!w In order to mamuin me economic output d Summer G
, - -. . ~ - - , - . . -- . __ - .. -. .-- - . - .. . - - -
; Sution. SCE&G has deckled to replace the steam generators at the schedukd impact on the Companfs fmaneid position or rnuhs of operatbns. Ikw.vt,-
1 refuelmg outage in IW4, substantially prior to the end of their intended 4hvar ;bere can N no assurance that exh recowry will be granted. De requinents , seMee hfe. SCESG estimates that it could cost as much as a, pra :nntely 5 IN - will N ef!ectne for fsal years Ng nning after December 15.1992. 3
' rmllion, excluding AFC and replacement pner css, to replace SCE%~s tww . - De Compny expects Nt it has or can obtain adequate sources of financ-thirJs sha e of the steam generators. Ing to meet its cash requirements in the long term.
SCESG. actaig for itse!f and De South Cardma Pubhc Senice Aut}wnty, as co owners of Summer Station, has fded an adion apitist Westinghone in the Results OfMIfN U. 5 Dist6ct Coun for South Caronna seeking a Npent that Westinghouse b Eamlngs and DnWnds ebhpted to cmeet the deicets in the steam gencans at no cost to SCEM. and Eamings per share of common stxk. the percent Irwrease ideacax) from - b actul and punitive damages and treble damages in an amount to be deter- the pnnious year and the rate of rerum camed on common equity for the years - j mined
> On December 3.19895CE% consented to become a potennally Responsi-
- 19F9 through 1991 were as foibts- 'l i ble Pany(PRP) under the Superfund Act for ckan-up of reskiucs from its manu- N W N 1i factured ps plant site taken by a sahage compmy to the Maconkkery site in ' fammlershare ' .
$W $4 44 SW ')
Rockingham, Nonh Carchna for disposal On February 1 !W0 SCEE p d *"m iname Ampn camm
- $125.0N to the EPA for its share of past regunse costs. On Janua y 9.1992 the EPA notfled SCEE and the other PRPs of its seketed clean-up ahemathy -
d'[g _ gg fg .Q. d
- which wlD cost approximately 58J00.000. If SCE% were to participate m the Eaminp per share and retum on common equity decreased in t991 from Eckan-up according to the same proportionate share ofits past response costs, its 19M and inaeased in lW0 from 1989 primarily as a result of the sak of the Com-share d the ckan-up would be aproximately $633.000 (expessed in temis of pany s imtstment in Telecom* USA to MCI on August 14.1990, De ph. net of "1991 dohs) owr a 30. year pened. .; .
tax, from the sale of the stock owned by MPX Svstems. Inc, was approximatdy in 1991 SCE6C was listed as a PRP under the Superfund Act for ckan-uP $46.1 million, or 51.13 per share d the Companys commm sini The effects of at a landfdl owneitsy laington County in South Cardina, De county has increases in the ekctric and ps magns for 1991 were more than offset by higher nsibilityforanyclean-up. AlthoughSCE% other operating expenses. ne inacases for 19%vre also due to inacases in - l announced that it will assume resp # responsibility for the site. It will parMpane in - beliews thatit wiWve no fmanci - electric and ps magns. the effects of which more than offset inneases in other prxeeding to determine the precise status of the bndfdl. No assessment has yet operating expenses. , tven enmpleted to enable the Compny to determine theloci costs of clean-up of - Niavance for funds used during constmctbn (AFCIis a utility accounung ~ the site or the Company's allocable share of suh costs. Ur jl such a detemuna- practice whereby a porton of the cost of both equity and terrawd funds used to .~ non is made, it !s not pssible to make any estimate of any costs to the Company- linance construction (which is shown on the ba!arde sheet as constnxtion work the exter to wtkh costs might N recocrable in pogress) is capitahed IMh the equity and the debt ponions of AFC are norp f butions from third panies or the signifleance or,through rates; insuraNe or conni'such cess to resuhs ofop cash items of nonop ranng Inco ae which ha;e the effect of inaeasing reported a finaNial ps&w . net income. AFC represented appoximately(A of net income in 1991,3% in
- De Company and its pnncipal subsidian, SCEM. each m two decom- 1990 and 3 in 149. . .
. s missioned manufaaured ps plant sites which contain residues of by-product in 1% 1 the Company's Ikurd of Directors raised the quarterly cash dM-chemicals. One of the sites that the Company owns was presiously owned by l dend on common stock to e53 cents per share imm $3 cents per share, De
- SCE%. One of the sites that SCEE presently owns may also contain residual increase, effect:w with the dMdend payable on April 1,1991, raised the indicated -
contamination from a creosote plant, While the Company and SCEE haw each
- annual dMdend rate to 52.62 per share nom S232. De Company has inceastd maintained an active Iniew of their respective sites to monitor the nature and the dMdend rate on its common stock in 38 of the last 39 yearsE
- extent of the teskiua! contamination, the extent of the contimmation of these sites 1has not Nen detennined. Information with respect to these sites has Nen Opaanng Mayns
, requested by and presided to the South Camlina Depriment of flealth and Emi. Electric magns for 1091,1990 and 1084 were as folkws: .
ronmental Contnt It is uncertain whether any ckan.up will be required : y go ing - In addition, the Compny has an emwnmental asmsmen* pnyam to
. ggg kkntliv and assess other current and fonner (perattons sites that could requise - _
- emironmental clean-up. As site assessments are compkted a de,ermination will
%, m $3g; $g 1.ew Fuctusedindectrkp:nerauon 224 9 2cR6 2240 W made of the esmnated amount of exgnditures,if any, necessary to clean up Purebased wr 98 15.4 U3 each ste. No assessments have yet been compktei Accorugly, the Company is Maren sons - so27.i swo2 unabk to determine amounts,if any, necessary for ckan up or whether such a nounts would significantly affect the results of opem: ions or fmancial position. Re ekctrie magn inaease from 1940 to 1991 is primarily due to inacased
' in December IWO the FASB issued Statement No.10c *Emplowr's KWil residential and commercla! sales as a result of reskkntial and commercial -
- Accountmg for lhtretrement ik- efus Other han Pensions." Dis Statement . customer growth and a 51.9 million billing related litiptbn settlement induid in .
requires that the cost of patrtirement benef:ts other than pensions be accrued 1991 electrMerating revenues. The two dectric mayn inacased from 1989 . during the wars the empleyees render the service necessa:y to be chgibk for the due to the retail eketric rate inacas placed into effect July 3.1989 (Sce Note 2F . applicable benc0ts. The Company has estimated the accumulated obt,ation of of Notes to Consolidated Financial Statements) and residentid and commercial - these Nnefas at DecemNr 31,1991 to N approximately Soo million and the kilowan. hour (IGVli) saks inaeases resuking from sustomer growth and from ~ anrtual impact on expenses, induding the amortization of the transitten liabihty . eased customer usage due to wanner weather dunng 199a provided for by the Statement. to be approxtmatdy $7 mi!! ion. The Public Semce ; Commission of South Carohna. in other unhty rate decisions, has accepted adee l tion c'SFAS 104 cordinght. the Company expeas that the subsantial portion ' of theinceased benests exprnse which applies to regulated operatims,will , . eitha N recovered cunemly thnxgh rares or that a regulatery asset wdl be record-ed to refect ameums to be recowred through rates in the future as the costs are paid- therebre, th: Comparre Niiews this Statement Mi not hre a signifcant (wD
. ~r a - -, . - . . ,--n,- -n,- . , , ~ + , , . ~ . -~-
l Inacases (Jecreases) in cicane custamas and megmext hour (MW1.1 Othmsumkm and mamienaxe expenso ixrcxd for iwi pnmanly saks \ doe by cisses ci eudemen am presemed in the fMowmg taNe due te inaex5 in emp!0vec rdated exynses and an increase in uncollec% customer accounts. De inaease m 1W from 1+9 in other operskin and main-hcredc (Decreasc) Irom i%sr T. ear ,
- g. j .
Cushyners Ydame BfW!il M ded O N cN pr@Jm co9s lhe IncreN in depr(CD Claw /ceke tw IN IW1 IWO tw N airam gng b 10W refcch add'Uns10 $N in wie De Keskbtul s 728 9.56 m340 264as7 depreconon and ammanon decrease for 1*C NDects th Nudear Reguixary Commeraal 1.254 1Mi 10s.7 @ 24Un comsgre extenskm on januaN 1 IW of samma Naami operating hcent bdastnM (12 ) 9 1N.507 (76908) hem MM 21. N13 tMp A N2 Wle there is no chect on net tncome tr 1 - 21.2e4 40 37 ()her 171 M 43W trt?2P 9en Nymxs that the ( empany leng6en the pened os er which the plant is depre-uallemsna! ; I44 ii5a 3o4vi sm? g axed. thus kwenng the depx6mn amamts kw each penal Income taxes kr brnehag~ - tij n44vgq niWel IWi remamed rebuvely unchangeJ ham im De inacase m inecme taes for
~fial 7 144 11.512 pUdt) IEW IW is anocixeJ wth higha income Other tam inacaed for 1901 and IW _
pnmaniv due to higher property taxes caased by inaea>eJ tmhage ren and pror cry adda Wa ma weather combmed wth an inarx in the number of decine cus. tomers nNited in an a41;me gak demand record of 1300 htW en Ju!v 23 19"1. Imaest Charges Ine pn ctoes years record of 3.222 MN xas set on Aupt 20, IN Intaes: on longtenn dMaca ed appreximady $3 4 maan in INI Gis mayns for 10c1.19 and Iw9 wvre ac idews Td te jw; g compared to 1W and xmmned rdanwh' unchanged for lW comp 5143 4 1989 The bcNu for 1091 resu!!cd pnnLinly from the hscance of toe inw nuw orMn, ! kin and 515; muon of hrst and Rdandmg Mongage ibads en luly 24 1Wl G3 roenues 5276= 7 5292 4 $N71 and August M IW1 respectweg whkh nvre than effset the intees egense on Lew GA rutdased fiv resale 171 9 1919 212} the debt repud from the proceeds Marpn s:m sur 5 5mo '3het interest exynse deceased 52 9 mfon in 10"! compared to IW
-~-
[nman!V as a re3uh of deCNaseN in kEes elCommerdU plyr and in Micrest The inacase in the lwl gas maren is enmanh due to mereasd tras us MclmemynenaeaM3 ingmn iW pnmande o mamed e d commmlM paWr panaHy awt by a dwm in nhed mis-penaten w!ames and inaeased nxuri ps sa:e> 10 h:gha margin resdentul and
#d ""
cemmercul custamas as a result of residen:ial and e mmercial customer grewsh. De lW pS mfpn IncLtRd from 1084 pnmmk duc 10 the litm NtJd gas fxe incease placed in:a effect NewmNr 3d 1%H ee Nate 2H of Netes10 Censak dxed Financul SutemeW inaeased mayns on industnahnerruptN sies as a resch ci h:gha costs fer aherwr,v fuck and a decline in nxural gas umt cosa and inaeaxd wwnues resu!nng fram inaexd velumes of gas trans;vned ier othas. The effectu! these changes oliset a dedme m cu>tomer usage resching from unusua% m2d wra:N5 Junng the winte months, inceases (deceasest in nxun! gas customers and dekshemt (DT) sib volume bv dasses of cusmmas am presented in the f0Hav ng taNe increde (Decease) Fnw I%dcar Custorxrs Yalume (DTI ClassificJtt0n 1941 lWO lWl 19T Eesklem:al 4 45A 13 194 754 r+7 (829.5301 Commercial 545 1M4 476.178 (182.828) Idusmai (2) 77 5355ed 4813612 Cale for Resale 1 (5) ( L4M 424 ) (4 iMo?? ) Total iW 15.160 f t .702.0141 (27ti 42H Other Operaung Expenses Incmases tdeatases)in other oper,mrg expenses meheng um ax pre-sented m the idanng taNe inercase iUtercase) From Pner war C p fwaaon 1941 two ofhm of fWN Othcr yrrkm and mamtznance 5 43 slrt4 Deprecanon and amortuathm 44 (4 4 Inme taes 02 1IN Othatr?s 18 59 Loi 513 2 s29 7 (? w J
L r iSELECTED FINANCIAL DATAL
~
z For theYears Ended December 31, 1991 1990 1989 -1983 - 1987-- -1986 i981-
'/ Statement ofincomc Data - (thousands of[dlars except stabstics and per share amounts)
Operating Rewnues: - Electne . 5 807.215 5 851,146 $ 841.453 $ 803J27- $ 828.004 - $ 821J89 . $578 363
. Gas 276341 - 292380 - 297,069 . L 291,308 - 305.934 = 289,429 - --188,167-Transit ' ' 3.8s 41Y0 - 3,119 2,429 --
4.033 4.102 3.212
- Tota 10perating Rewnues ^ 1.147,826 1,147,559 ' 1,142,624 - 1,W9,095 1,137,150, 1.116337 768,959 -
Operating Expenses: _ _. ._ fuelusedin electrk generation 224.867 20M95 224.035 224.278 - 227,877 - 216.076 234.243 - Gas purchased for resak 171,869 191,939 -212,112- 209,344 222319 ~ , 215,928 - --154.502 Other operatim and maintenance _ 280,029 281.264 206J81 : 238.167 ~ 236.041 - 223,930 141,166 - Depn:ctation and.irnortizanon 102.669 97.801 102.296 . 97.389 92,583 90.627 = 39.691 Taxes' I46,032 - 141003 124,216 125.247 - 153,943 171,000. 89,049 i
' Tota 10perating Expenses / 925,466 921,602 929,440- 894,425 - 932J65 ~ 917,621 1658.ts51.
Operatmg imome - 222,360 ~ 225,957 - 213,184 204.670 204385- -198J16 110.308 : i TotalOther income 11.655- 54.874 - 7.125- 4.147 6.395 - 9,825 21,095
' incorne Before Interest Charges and - . , . .
- Preferred Stwk Otvidends --: 234,015 280.831 220,309 - 208,817 210J80 208,541 - 131,403
- TotalInterestCharges Net 91,458- - 92,317 90,421 < B0.057 . 71,478 - 71,934 -- 55,520 Preferred Stock Cash DMdends of Subsidiary _6J00 6,911. - 7,263; 8,014 .10.437 14,443 - 14.245
. Netlncome $ 135,851 $ 181,603 $ 122.625 -$ 120J46 $ 12A,815 $ 122,164 -- 5 61.638 .
Weighted Average Nun %rof Common .
- Shares 0utstardng(Thousands) . 40361- M682 40,2 % 40,296 40,2% - 40,296 _ 28,139 Eamings Per Weighted Awrage Share of Common Stwk . $3.37 $4.44 $3.M $300 $3.20 $3.03 $2.19
- Divkknds Declared Per Share of Common Stwk $2.62 $2.52 $2.46 ~ $2.40 . $2.32 $2.24 - $1.82 -
Percent of Operatingincome (Loss)
~
BeforeincomeTaxes - .. _ . . .
' Electric - 89 ~89 91 - 90 - 91 93 101 Gas -14: 14 12 13 12 9- .2.
2 Trantt. (3)- -(3)- . (3) - (3). (3) (2) - (3)J . O
December 31 1991 IWO 1989 1988 19S7 1986 1961 lbkinec Sheet ibla (ThwmddlWlon rntpl stato!b andpt diari unkwild kitaty rkmt. Net 52 664 e51 52.544Jo3 52 444.278 52384.633 $2.313.% 52.248A57 $lf 40.422
$3305M2 53.144.936 52.984.507 52 Mt7.2"9 52314.257 52.587,491 51,967.010 To..t_ah._e_ts _. _.
5 671.o20 $ 84.913
~
Common tquity Si.02HANO $1 N 3.877 5 918.235 5 895J27 5 545.941 ' Pretened Stxk Subject to Purchaw or Smking fund Requiremens 61.838 64.400 o8.0 13 77.244 84 6T2 117.542 141.217 PrefenalStock Not Subst to Puichase orSmkmg fund Requ:renwnh 26.027 26,027 26 027 26.029 20.029 26.029 20.262 Long Term IXbt. Net 1.122.3 % 938.933 1.001972 885 *79 _ N90.903 757340 772.925
$2.239.251 52.031297 $2.010,272 Sl/ M e79 51.879.244 51.4fe345
_lotal Captahzatkm _ _ _ $1].824 Common Sh.tres Outstanding , (Year End)(Thousand3) 40384 40.882 40.296 40.290 40.290 40.290 29b90 Twk Value Per Share of Common Stock (Year End) 52123 $2450 52239 522J3 52143 520 77 518 39 Other Statistics Deetnc Custonwrs (Year-Endl 453 600 446.51o 431004 4271w2 417J81 406 513 350.597. lenttoriat hales (Alfion lMlli 15.o95 15385 14 885 14.457 14314 13J04 11J63 Residente Awrage annual use per customer (B\1() 13.246 13 330 12.891 12.605 12.988 12.821 12.183 Awrage annual rate per KWil 50700 5 0707 5,0099 50091 5.0724 5.0759 50577 Generating Capahlity - Net AlW (Year Endi 3 912 1891 1891 3.89i 1890 1890 1354 Temtonal Peak Demand - Net W 1300 1222 3 144 1021 2.943 2.853 2.557 Gas-Customers (Year End) 221819 220.817 205b57 201.3w 191338 192,941 169.294 Sales (Thousnd1herms) 694 801 711.821 714.585 o77.580 734.145 671.881 443303 Residenttal: Arcrag:annualuse per customer (themist 521 497 575 o17 o27 548 665 Average annual rate per therm 537 SJ7 559 5.70 3 68 S o8 5 49 Tran>tt Number of Coache3 102 109 113 139 140 153 139 Rewnue Passengers Camed (Thowuv's) 6395 6388 6.430 oJ23 8 668 8.094 10,820 R h
COMMON S10CK INF0 NEON IW1 lM1 4th 3rj 2nJ lst 4th 3rd 2nd ist Qt Qtt Qt Qt. Qtt Qt. Qt, { Prwe lunge 9) 11 @ 44!!4 40 l'2 .T8 37 M Sh n Y4 U V4 M V4 inw 40 3714 M V4 U 1/2 X1 k4 M11/4 31!!4 31 Mt 11n1&nJs lit Share iwi anuunt 11.ite lidued llate Pad
, I tiu Quanet 5 tas iebmary 27. IWl Apnl 1. IWl heumJ quner 033 Apnl 24. IWI luk 1. tw1 ihirJ Quaner 033 Aupo.128.IWI (Lt(det 1,1Wl iteth qates SM (A1obet 23. lWI january 1, IW2 1%) _
_ Amoun! _ l late ikclared _ ,liai fPJ nrw gunn 5.o3 iebmm 2s in, Apro isc smud Qaanet +3 Apra 2s iWo luh 1. IWo Thud Quaner .63 August 22.1%i (AtoberI,l'M1 lourth Quaner 43 (ktober24.lW0 lanuary l. lW1 liecember U, 1Wi iwo Number ol(orTinun Shares ouhland:rg EM64.127 40,882.17e Wumbcr d comnen st(dhol&rs of record 42.811 44,104 ne pnnctiv.I marhet for SCAN T comnon st(d is the e .id 5 tid fxNmp n.e tkLet Symhil uwd b SC(i. The torpirate name SCANA n uwd [ In newspaper sitd ist:np _ _ (a) As itpeh the New huk httd lihange Compwite 1.lsting ($ l l - _ ____ _____ _ - _ _ -
Y Z Nonci oi ANNiist W nisc wmmon sixkhouers ol record a con- Manutaxn.ll.nwrirus1Compinv O KANA Canesavo Iw2 Annual venient and economkalmethat for Stak Transfer LVputnent .15thihv Mxong ofStatholJcr> MllN hcUin porchasingaddinonalshmnof the 450 West 33rd Street p$ Co!vmbu, SC on Wedne.sJay. Apn!22. Compnyi common ga L without New%ek.NY lRol
<* Thc mwnng wdlcomync al 10A'u m. \niurnng a broketag commksion or gyga p,gc77(3 Sg.
d in thc ltalhavn of the Co!wnha Murriott sente charg. A Prospectus desenb South Caiohna NatunalNnk kZ flotel.1200lia npton 3!rnt A (omtd nAc of the nreung and a pwy 3Mc. ing the Plan and entAnent in orma-non nuy N oNained bovntmg the Nm TM'6'Aes.h 101 jg3 g,wone IWievard
- menhdlfy mMcJ too!bhkhoUe3 m Seeretarialand ShareMir sentes CobmbkSC N"o N Mah. Sta thoUco who ure unuNe to lVputmenH054)at the Cemptnyi oncnhhc AnnualMwang shouU relu r; maihng allaw or bnating the toll. McDon Secunun f ut t,ompny their pro.ues promp:!v tv trud free number hsted bekw. MunuoTran&r Sewkes ,
85 Chalkngt ihti Oxr;uk Centre (,oRivra HFAtutwrims Siwksto!tu INguns RughdJ P,uul 07W c' d Phnett, Center Sixkheuers wah que<uons ahu N N D.M AND E^W ARM I426 Main Street sixk trarrAr requ!rements. replace. Tolumbia SC N201 ment of lest or stokn stxk cemfkates. K W elun M unJ q felephone: (803)74saac JMdend payments (ine'uJing rep!xe. ModK"#C k"A ment of lost or stokn dMdenJ checks). Md"d*'en Hanm lu t,omyny
.yAlt2Nu ADDn.ss St ANA Coqwanon
.g d CorpueTraIAputnent 15ththw 450 West 33rd Street aJ1' st dimbauon of duphcate el.
ColamHa. SC N218 New %vk.NY 1RUl inp or oWet ad ownenhip manen LOMMON AND mt'wule the Secretarial and Share- IMTS10R COMMUNICADONS PREH rIl D Suu LisnNus bouer Sentes LVpanment (034)at Interim reyns paiding summary The common 4xk of SCANA Coq
- Se Compnyiina!hng address, or call hnanekd statements and Company ranon h hted and traJed on the New tall free 1 AV 703 58v1. Calls recewed news are mailed to stxkholders folkw-York Stxk Exhang and has unhsted outsUe of normal business hours (8:00 mg the dose of the hrst, second and tradmg privilegs on the [kwton, a.m to 3 A) p m. EST, Monday thirdquarters. Aco;vof SCANA's Cinctnnat' Midi. w iacihcand tinough Enday)willbe recorded and Annual Report oniorm 10 K(as hkd Philaddphia exchangs. The tradmg handled the next business day. with the Secunties and Exchange Com.
symM is SCG The corporce name AUDnob mission)and the Stausucal Supple-SCANA is used in newspaper stxk i uche ment to the 1W1 Annual Reprt are hstingt lhe 3% senes cumulamt pre.
.wadabk without (ha g. Inquines con.
feced sak of South Carohna Uevinc & 1426 Main Nreeb Sune 820 d- WMj *g ggy cMW Gas Com;uny(SCE&G) SCANAiIrin- uon and as subsidianes and requests c: pal s,.bsidiarn is aho listed and trad- Columbia'SC "N'01 for corprate pubhcatens should be ed on the NewYork Stxk Exchang. RfCORI KLU'ING AND alirewed to the investor Reladon3 The tradmg symbolis SAC Pr;the i MING AGLMs ikputment (054)at the Companyi rmp'per h,ungis CoCarLG pf Common Nak: nuihng address. SCEMrs other preferred sixk series 5CANA Lor;waten are not acuvdy traded and market Secretanaland Sharehouer b'MM W, MAO prka are not pubbshed Servkes LV;unmenH054) H lohnWinn.ill Columbia.SC "vi8 Manageltwestor Rdauons DWIDLND PAYMENT DAirs Tekphone: (803) 7480240 Quanerly dMdends on SCANAi SCf&G PrderrcJ S!a k-common stxk are nocmaDy payaNe South Carohna Nauooalllank IWmh1ATMN 0 the hrst day o!!ano.vy. April,luly Secunnesltander Sentes 4um 101 . fg mfomuuan about this orgamu and October to stehouers of record 101 Greystone luukvarJ uen mirano.wute ta on the leth day of the month preced. Ce!umha,SC N22o Amiadon of SCANA ing the payment date. DMdends on [g3xsn g Aggm3 Q w henin w on SCEMI) prefened std are pdd quar. Common Nxk-
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terly on the same dates as the common " " South Carchna Nanonalllank Charkston.SC N40,, stock dMdends- WetesTanderSenkes IM101 DMDi ND RUNV1 SWTNT PIAN 101 Greystone Nukvard C$$$)yd* 1hrough the Plan. SCANA ofkn as ColumHa SC N22o -w% aw w wy daac& %laQOr@gy w %
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