Text

Sante Cooper 1995 Annual Rept
	ML20117G308
Person / Time
Site:	Summer
Issue date:	12/31/1995
From:	Edwards T; SANTEE COOPER
To:	;
Shared Package
ML20117G278	List: ML20117G308; ML20117G310; RC-96-0136, Forwards Scegs 1995 Annual Financial Rept & Sc Public Svc Authority 1995 Annual Financial Rept;
References
	NUDOCS 9605210105
	Download: ML20117G308 (58)
	v • d • e

{{#Wiki_filter:_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ - _ Santee Cooper 1995 Annual Report w .er, w%, ~ , x e/. ys., e;.g;.a.m... Y. :m-

)+; J ' ;% ^.,.

n y;g f y pg ' *.- 7 4

. 7.':

_ y& i 3.,.,,(,j., , y.., _.

7. ?.p,

.,'.?, .. (._i,.'_... _ 'l

3. :e, ;.

^ +, 'q.'" [?. [, j.: t :W. +. >. - - " v u -- . 2 .' d ,!" 'l.. ;,g . % fit. '. i _. .;F.

N!. )Y,'.'.. - )] -

. -: f s

..h. ' '.

!" ?..... '. '. - ','

- 'i ^ . __, ? ; ;'.. ' ' '. *: o ' x v '. 5" s'"'! f. .i ~ 3,... '.h "".,f g- .]

- 'tE,'.
+ * ' '

.4'. ;. ..... 7 ;. c' ! ,5 3.S. " 7.., '.. ~

...;: s. e

(. " 5.e " c s... jg 9 ' C.' .h w.; ;fh '.jb . hc... . 'Cl f;fh) ~ 'y. a ~ 5. s i e-0 b - 4 b1 g ' + - I p),. y; c w x p;. y - m Et .n. r h k'F g F J hx f 59 t .a w y + 4 . QR e .g. S &

f & '[ f.N*) *y f Q2ff*h 6

_ (;;'. ; ^'* .w ,.4,., .w,+,. 9605210105 960514 PDR ADOCK 05000395 I PDR

3

pf', % - s(.

AM C WN 4f (Q.J 4 3 s m w- '. +, p s., i n '; "I I J / .' f 7 c 1 s, f' '1(~,.;..... j 4 3 ' }';...j'.-.., a , ~ i ,1. 4 1 7 6 ,,,, Eh, - i Cover: F;ovidind lowycostf reliablel ^

W; L[~"

( ,. l,1 i 5 + ' %g y / e,ledric hoder lias bdEnSe missioni ' y[ - de t w ~ fof Santee Cooper sinceit began; g i4 4 3 g [ (generatins slActricit[overL50"yearsj ? ? ? .y u , [ ~ ,w .+ " ?,- F,.,[ ? (agol Santee'Coopersmployeesflikel 4 q" .c v. Line.Te~chnician Mike Grady{ Work? g u 'Q

jtp

[hard tb help the stateiowned elsctrin Jl m: !and. Water utilikh move ibto ai ,6 4 , u;; ' N 1 y

deregulatsd environment 2

.~,

~

i g l i y m .T ' + 9 g 23 i iV ..y 4 f e ~, < I [,), 1 r 2 J+ :. q {. } s. Y f .,./"l j. T- ..J ^ g:- s s z, C o,n t e n t s (4):-[Chrporde S'tatisticsY m + t 5l Comparative Highlights; ~ c 4 t 16 DExecutive Rpport) g:' t r

10 ( Energy Sales i

'11E Mission Statement 12[ The Yearin Review; 31 financial Statements '- L49 ' Audit Committee Chairman's Letter. t. 50 Board of Directors .r. 52 - Advisory Board and Management -g 53. Schedule of Refunded Bonds Outstanding 54 Schedule of Bords Outstanding b1 O environment, this annual report was printed with soy-based inks on As part of Sanke Cooper's corporate commitment to protuting and imp' roving our - j: meets United States Environmental Pintaction Agency Guidelines int recycled p paper. We urge you to recycle this paper when you have fmished with it. L.

Santee Cooper Annual Report .,-.,..,---g,..- gmnmyymm, m

y.,

. - - ~m .y-5 en ~, n .wn m,,:- y.:q e,Qzy{- , %y .M. 4 lN 'f ,. y' q 3;; !:::F;m.: Q:.Va 1.. l-u ;f f,'- +- u J - ' i. y. . g,, ..,,$,e!.i,,., f rp;qie ,'[ N,;l' .. f. t w i-e g ),;g ^ ~ y c;h 't f & _ ";h Y ~ [} < Q_. .. nl ' J. _ gy.

7s nA eh 9

. -.ff 4;y t

m. n~ ma ..g y (. i ]; k' gi; - "E s t-t b.., T y 4. lv hi y~ m .i., [ ',1 !*5 a s, 'eQ iy 3su g

E6T? = -

+ LE V ? ' x,. y a v. .,y' s l ? .x 7.- NiEd i ' M 1(EELIZAs h nA %

f ?

i 9605210105 960514 PDR ADOCK 05000395 I PDR

l Cover: Providing low-cost, reliable electric power has been the mission of Santee Cooper since it began generating electricity over 50 years 5 ago. Santee Cooper employees,like Line Technician Nike Grady, work-hard to help the state-owned electric and w:tc utility move into a { deregulated environment. B 'Ceatenta 4 Corporate Statistics 5 Comparative Highlights 6 Executive Report 10 Energy Sales 11 Mission Statement 12 The Year in Review 31 Financial Statements i 49 Audit Committee Chairman's i.etter 50 Board of Directors 52 Advisory Board and Management 53 Schedule of Refunded Bonds Outstanding 54 Schedule of Bonds Outstanding l t } As part of santee cooper's corporate commitment to protecting and improving our environment, this annual report was printed with soy-based inks on paper that meets United states Environmental Protection Agency guidelines for recycled paper. We urge you to recycle this paper when you have fimshed with it. k

mi.

e.. g. (.>.:. , _.... :.. ~,. - - - c.,;; -'...... _..,.,;_,..._n,,..,-c,...-:,.,,,e.. y ;,. ~ b.. *.; <;. )

p.*

- k, ;:<,,.r.'.._'.^- .n. ?.,...s... : ;3:f::k: - , ;.. r.%: ?n.'."'-l.,,,.,.:.,%c..L..,:__...,. , '....,;. g f. s... s . y'..;., -,.. l.,: '...). p

i,.,

., ;....,.,'..,....ve..,.. ,..; :.j . ~:a . ) .i,.. :.,* t. i., *' '. '. '., q,V.,.... :;:. )[.., %;,.. f _.. '.,:. '. ; ,... '..,.s., f, ;l:;;;.;.',.,_ _ %....,,; 3, ;j; .s '..:..,_.; _ g ;...., i: 'j.' ' .Q:, _ "...;.. _ '%,. '~T ... 1 - 3: ' '...,._, s:., _ ',. ;; ' Y ; '.,c.. '. :;p.; /. '.. ;, L 'e n ;; -). )'.i.:. l :: -._ ; h.,....,....;.,e* { v :-' ; ;'. i

,..y: . -].l g,. _._,...q

.; :. '.i'.. 9. .;... a..,,...,y..?., tc -. j.s 3 :. <,. : ~-,g.,

e.,.. -

%.. y' '. : k..u,.*.,... :....*,.,.. _. 4 ,,;,.g.~__.r.r t y ..2.,,,,:,.,. u,. ;n.. n

...,.c-..

.,,,'i 2 .,... _. v ,4.'...,. - >, _,,.. ,....._,..,.3.:._y ,. _ __.~ f'. ':._,..,. -...f a.l- :n. *w-,..,.r_'.:,.,.- r.' -.-.;.. _ i.g:...,'....,, .. -( ;. i. _;'3',.,,';.'.',',._.:...', _ e .,,r.; g

'T: k. ; t. (,. -,- -: ' e.._:_

. ;e..l. '..., ; ,... 3 "

q 1

.r _* : : - -' l.., : ". 7 ',. u- .r.., ..l.i..',..y:,n i.,,: <..g g . ? ; ... r. ' :.

..s, m :.'.-, - *.. ;; 4 % ".

e: -.., : - L '. n.. g ,lf; f * ^- 'f,,,

?

Q ;. I. ',. ), N.E:. .'0*;. },; . l. .,e r. ...v..O.,.. ..,p, t......,p*l- ,.a.K.,,.:.,s.'7,j,,';',. ':y ,1.: ,,..a n e

~,

.,,,. '...,g; ;?l<.* % ' 'y, ',,_ ) / ^ ; g,',...; ..;'..o.-r ,.....'.. ~ - ..,,,o.,,,y..,_.. .,..e ..p .,...,~~,.a,y, c.. . + :- ,)l-Q b,N r' ' '+ 4;' * _,g$' r., %,. :l,,,._.'*; -1, n . ~, .o l l'.. ;,; _p : ;..',:., ;,( ' .: S... ;;f; i ; 5 :.. : *;;., a : :i; ..%;~(~. - [f' fl::%:l.- ;';;..'.,: ?. - ::.. ". :4 ~ :.'. v,,~; - , 1 :.: a;<. _' y'.),y _ ..,. :l': 2,' h.' **^. - .. ; i..'l., ';:: : .-. 'T p;.: ': :: ;V.,3. J..Q,..'.' ':::l.' M, v. ^ c1. .. '.. ' })- Q ' ?;. 'v. '. *'.: s6 ' z- . :;.: y.. - ^; ; p,.,.. :t..-...Y. 3;l%. m-'. ,.. e <; s,. .c 1 ::- :.

~~- '

. ; T: ..

_ y;. :,o...........s.- .,..*.....:x<,".:., w ';".:l,:~ :.' :.::.,;r.. ., ; :s, 3..... : ; '*: ./ s..a.. : ..u..- ,y .1._, >? .;....';...-lr..':., ' :,... '.. '. s : ,g l ?,i::i. ?' *.f.. > : :y:.._.$%_.f. ' - q.f.. ??. '[ ~l,' '. ;;;,.,.:-l..;[{l'_. ;;.; }.(:...

r....,..., ;,. :[.. ' '.'::l y,.,.},

,h_:'_ } f.,.'.l. l...,,[...'[:Q *:. - y&f,..,. :. y;,3 3 :..,.,.(, .n:,..{ w..f.Q i l;j,,,J. :' b j G :.'. 3. . :-<;.,.,.p......._ q.,..- e.- -,.. - .c.., ^. **. ; - '.:/ g ,,,w.

g.,

.;,,. s . lr~- -.. h "3 l +.-'e,1 A p-

_, l,.;.,...

'f'j;j [.: ' j..::l s-g.. ..c... : _.. y. s ,3. :...... .,., y,: -

. s,t,

.. e..... ' :y.. : .m .-t

3. ;,. s. %.: .... ::e. ;., -; 9.. ;...

2, -3... _,...;...;_:_:, > _. ::.a'... : ..ww c..;.> . ~. > q. ~.:.

w... z.....-.:.,, ~
.g3..;..... ~ a..; 4. ;c.

e.-

3..,.

4.,q-

. :.:.l,:..;, n. . _,a...,

... e..,.:.:_.

s_., ; y :.. r~,......;;.... .. ;., n. y ' ',. $.....".~,..'g,,:,:..... ...G. 7 _ '._:... y .;, g. . p, + .,.....;y 3 v,...,..:. ./ ~, g

a. _.:..

..s. ... ~.../. ,,.,.t ',..;M... ;,.. V;-- : :...,.,.,;; :;;... _;...,..,;_ j., ...p.: ....,.,;;.,'7',....,. 'an <L '. v: ,,....r,,,.,..m o .. e... _. '.3 * -. f.:s'1, l l.., : f.I'l,.. ;*;;j.,,y;.: ; ;,.,i }'; * [: l :. '. _,. _.r.,_, ;,',._ [, _ ;. f n: g :. - _,. ' C' ' '.* ;,:{' : f. ;..,,,;. _; i .,G '. j..r; '(.._.;.. : _o ^ l ',:.:,..... ?} p ' ' s : ,. '(;' _o,,;.

. '..:..'.'_'q..- _y.: ':

,,q. e.s; ;.e, ; n....g.".,-l.., _ _,.,....q '. i..,,. ; :m y". '. *. :..c w.: ?...e,..,.;<.....a lt', <..,.. :m. :,a:.,.; ,t.;, '...,J. ~.. .,.e .. :s ^,:;; (...,...,...;..c..u.... * :;; i n... _ ' s. . ( ~ ,..,7 - ".. : ;.~ ;. ; :. ~ ._p., .. ; r. c,.'.. e,..- - y ce.. ;.... 'r ;* ' h.s '.' ': ;.... .?..,.1.,...... ,. c. r..u',,...ec,e.

.. ~ n. o.-,

~.. c.. - -... s ! .r.... c.-

,.. ~....'.':.:',... f t :.

-"..<,..-_e.. ..%:'.,,.....,r' ",'o2 ~:. ; ! ):...:. ':...,,

.y. :..L:;.:.q.....

.. :". -..u ~.. v.. ;, 'u.:- .."y.;.. ec. q 'W':. v,., W.... :/. ' :

.r:.. \\,...... ':

u ..;w ;;'; t'.,,;.

,,. +. a. -...,n.,

? -. m ;. ':. .3* i, s; #. .s* ,:.,.:;.-,,.i

l. Q
,.r.,, '.

y. l,.. '..*i q,...:..,,.%..,-.;,g:3..,..',:.....,....p.o_'(

= ..~*.o.., 1 +, ', v;- c. :;..,.,.5....,,;;.. g m. p ;.... _-,,.., :-.. 4. w:- ..,.n.'. .. ^. >. ~..,, :- , :... a.! w: .',:.........-...f.._.. : s: - . j.,.....,.- .l a.; ..- -. 4.,.... _..,..;,,.,,._..,_

.;'. 9

.y n. ...,.,'.. _. q:P. _ ,.A.,p _. ~ ^:,$ ,. J,c..,......,,, ':.,..I'? ':*.'.. .. ;. %' [...: _ )... '.._ Y. .. ' :... :.. _.,.. *; ( y_. 'q_ .- :. : ; A'. sy&qq.qw ensee _..',,f.'.*_,. '.,.a P... ' '. *..y . '... ; i. ; ye 9Q4. y.Y. 4 '.".,n._... ,.;,. 1

^'

2;,,;'; a b; f,.,j,- '..... '..(.! _,c -l. i... _o,,,; ;), n y,....,~.u...'-_,; y ;;.*: '. p.; g,,:: ;.......' :. x -- :"..;:~;.;m..{ 3,,..'. , :y _ l*,e' l. ,e, - ...f. '.!.'.,,;le.%'> :. .s.. '... :... y:.' : w .s ..g. - ;.. .r. r . ~.; :

9;,

c. ~. 1....,

'19 G...,.: p. ;,: ';.>.....

.;; '.;.. v;: ~_..y_..,=(,,W

(.,

. p,;.: ..,4. )..;,.s.4,..

... ~. ...., 3..,. ;..... m.y?., ..%.. <..b j. :b A: . u. 3 ;. :,.. -,_, ,c ...r,.;

_,). ; ;.*,, '.n.: ;... :

.v- -,....

... :i,.

. u:..::.:......,.':> .; c

:.:.... : s. n_.. ;,t.

..- a:a... -.....,.

v

, ;...~ ~.

w- < a.., <:\\_t; t;.; ; :,;.; }r,. : :L:'l..y;. :: " ~ c:.: .,",-{..e,... ', ?. :.< :~ .l 5. ]..,

".L;....

..,'. ". /,;.. ..]W.M 'i:, .,..j j k .: :,.. ) '. H. l.; f ?. ', 5. :. '.',:.[ R,.?. V.,.D.. C.i.. "

'.3 _ _,: <. A... g '

e,,- m - 4..,...,l,,. s. . n

,n.

e.*

-

.1.

f..:.,a..

.- -9.v..,,....,..., -

..-..i. ,s.. ?-. ,;;..,....,,,,m,, 6, ,.-(..e 9 w ? <n..

e - e -.

f. sx .r,1,.,..g,..,.,..,,. . :...r;,., N., p n., 4 ;f ' p ..;z g s ..~,y.,- .,.1.r :,J,l.,~..,.,,., k,.,. 9 4 3,,' -

s..,.,.

X

; q.....s.

cc -' :.....,,, & '; t.' ..... - -. s: ',,;.., ,,.'.,:. sa. ':;.g,..,- ;.,.;.-

<p. *.... '.

... s

w.;.,,, :.* ..'.r.s.s. .........,r'c y ;; ', .9, s Y.., 1.. 1. .. y >b t 9.QY.,. [.- e. .:.-...:.'.s., c....,.* ~,,

-",v...,, ; s... '

i'v.. V 'd.,. \\*,* '~d..u..%.:. ',..s, i. ..L.;'

. Q.& ' '...

.n. ' _..: ..,..,, ~ j. ....O.<.: - (t:. q, ,t e :. -.a i.',. ..T,,,,.,.,.....,....':$.,:...;e:,.1.y.,;..o'- >. p(r;,.:;. :. e... g ,,,,;,. 2-Lg' ..a .&,...g. ' <,,,,,..,-.,- .,q.'.. \\ ;.;..*.,....t.- ....,. n ' :.

.=.,... '. _

-,.q'4 ',,

t

.t ..,&.,,,,s

. 'y;

\\ ' ' ,;q 4 - .;, :.__.:,....,,;.),' T .'.fj'..,'y. . l :.. -...,/,,,.....*i_. s t'. ,.,:.,.,.j y*, ( ) '; ;,g.. .)..... ' _..: a.,' s~,, '4 .J.9 A

e

...A s

7_ ,[: o '. A ;' _ g,; 1 - - ~er t .m'

P:

4 4. '.'a.:.' o - : ,e..,. o, ~... ~....h s..::.p,.i '. it. ".. v. ,.......,........4, 9.* sp ., a;t:.... t-d,.... y,,. w..;... , x.: i, 4.~1 .o...

..,,/.

f', e.. ..<*4't.*- ',~.4 .t,..* o'.1 . ~ i. 7 y ... s .A a 4

[ lgj,.,,. j_ l -.

n >, ' " ;. a,.. *' :n&.6~~ n ..g ..'A

e Q -

es.- ..j W'.'L,, ' l i. ' < :,% p,.,., ', K..,'. 4. ' y, C ' T* n-l l ' s h ?".,

4. i;_ ':"'

,\\ ' i. -ll' '..'d,. <; '. %. y; -[. ; '.. x. %. ' ;. Y.' i ...,.f- .) 9., T. 'i:. : !...,.e,,,. ,.f..,.I-_. .y 7........ n,. y, g ...r. ,,;f. :,;. ..,', i, ;j '. :h.',p,.:,..j-lg , '.,, O ,f,,' j. ';;,,*..,i...,. a,.. e2 -,.... - ...'{ t ' N f T.; -e. r.

l..-., -

m. , / e? ...r,.-

s.,,

o ^- %,. 0+. :,.....s...c*.**>.d, ..y ,3..,. f N,',...,,:.e. n ,a s ',, ere.- ./. ;..t.; ,i - f:k. ;',.3 's r.. .t , ~,o.' r4 %'s. ,s.r - 'e '..':',- ;.,. f.y ' i '. :..% . < w ' ; '.f. ^h,.,,*,.;-'. .';.-<l-,a; '.: a.,. q 'N '. ~ ;.: h. - 1 ';P.3;........,.: c:* ;;,. n, ,,' f. *i[s.';. a ', e s- ~ ' s.

j... g,c. ~. '
: '!,, > v

,y;.- "_,.,**;;,,'",14.-

g ..',g'... a. .....;...,.'._",;s-. 3 -<';,...9,. ...se, y., ; - p _ o,. _ }.;.,. _-,; g y.. 1 n._ .,,c... i 7.. ..,.,.,..n..-,,,._.,,,,,....,...~'g., .....,,.;...f....,.... s

v. ':-. - ;

., +

,...r'.: e .,. c ; :. s -;- c .- m,:,.,..,.;

.r.

.. ~.;.., ' ' 3 ;. -:2 ~.. " - . ;,:;. 4. ', -

'..: . s. :n...-

, *. N. .:- f.* l ' % * ', l:.< ;.b.,.. y a;..., .~

,,....;+..

-.+:

s. ' 4 '. <..% _:,

u',-: '., ; . ';.. '; .b' -..'..l( l ' ;, .. ; : ' 7 q.

1 ?.:l.'\\;,. :' '

'.'? ;. 4.j,'. '* - 2 .%-~ ,l.- .-,,.t._",. (, y-N. m. ".G,.:'.. ^ s(.Y. *,4l:p /:'yL.Q'.o ',1. 4. :(L r, ' b'. :. 'e.e.- k..:.,,,. 7;: .'.;....'..I %. ';' -:;e.' '. ;;, ' i. *. .'.,.,n s..: '..: & :*;. m

~.

A (i.;y.,'i r*

.- ],;.m.....,-, ;'. ;, _

\\, .,,,4, . 's u 3+y,'.,.- ,' 'v',,,;, ',.,;, _ - {, g. y .,{, <a }g ',,, ' '.,,, ,,.t ...( ; ' {, ". * **

8

's',' ],,

e m@W.f.. ' ' j _, ',.

i;

.?: y.

y AM,..~.;;.;e_ k' [':,n ?e 4:. :e v. : '. ;* f:.f y,;.. '.T... :, -:: ,,t"a 4 ,_,,j,. - M.i. :=. ;c

t-l =;.y

.y;:.. : - p. .l,

.m: ..; ;. : ;;s. : ;.3

.m.-. 7.. g s.,,;4._. ;.,y ; ;;4,.e.6, [ ::..t (

r..,,,. -

-,.. _y ,i.,, a y A.4.9+ q./, ..;.e ;.. /; 7 - ....,,,,. ~. ',..

..,.k,,,.

. a.,;..,,, - ,y_ 4, '. n.,....,....gs.g,'. .i...- o..,.. s j. ,...,.,.g,.s,.. .. +., g ,,.-. s N. ;. - - .,,,..,,..,,,.,i:n.. o..j.,g. a c.,,. ,...p..,- i i.,.- g .f. ,y... , o x, i. ,s. e + .,.,,.e.,... ',... g-v s r. s s. ':*~..',.O.'s,.,.';,'s. s,,..,... =,..... '.,!.i: f * .,,L.c,, -, ', ' _ '

...,j' y,_:._

'.,y,.7,.'y

.:..;,";,,y">,.. '.-,,, -.. ..- ;,..*.,e ..,.t....-. .;,.,;.,, 4 g.'

j P.

5' .b'*=;', ..., f [. I [

'.',,,..'.,v..'

. ;',;. ' I.,,' ,.r.' ...'..;_,,;.'.r-s [.y.. c l'./.',',g ,4, f i... . _ j'- y; - g.5 (., - ,4 ':, -. " '~'u.*. , l ,,4.-

' ~

..,, ] -

,.S..

1 '.;,. ,,,,. j

i. :.,,

,.y,., ,'{_,*=. g..;, T, . _, z., ; .t.* l, s.. ;!,,

f F..,5,....: :,'.*i'.'.,.'.s;,,,

,..,e_..

,:.' ', _,,. ' ', y',y. _. y\\ ' '.,, '..,. '-{..- ....b.,. ,'P...'... f.'... .....,1 ..cf,,..:- ;.-..... '.,.;.,;

3.. q....

...,.;.,..;,,.'E'.,w.,,.,. _ ;_ p,,

.... -.,i.

\\ ,...,,.;)_ _kj,,, _

,.,.j',.
-._ ;f,

'.,.7.

. =. ... _ ; p s; .,.. '.. -.,.. _h:,., i'_ ~^?;..., a.'l

':[,

,,4 a _,,,},;U f,'.I '.,.;..-a _'.; e. - ::.... ..,-l-.:';a '3, .,p...,,_,__

%-.:',.~

u e .., ), -.- -(.. ?,. I' r ' '. G :. j' '.' .f, e ~ I iI m'.,> ., \\. ,'.2 n. .~:.n. +..

,. :: 9. :' _ ' c H.. ", -. a.....~.,',y'-

.a n u_;s .;. \\. b.. ,.. t:..._! : 4, ', _ ;... __;. j._ : * <,;.,.,.,,. + _.... ^ _._. ...',,.4 4 1 '.

N...

. :;.6. f.,e .a,'n'.,;'.,'k...'.',,,

e, _

. '.,. b_ ), " _ '. [...,':.n.';.'.'. L '. '; ' ::..L l: <; 1. :.. ~.. q _; '.1 'i e,Q..-'...'.', y;.- ),- ,i ..L',. ',,.i.. r e . >q ', .'.4..e...;';:. ?- 1 . ng] ';..'....',..,,:-,;.'l' ...'.. ?. R;...... :...n,.,; .t;-

a.,.,..,s

...7.,.,: n,..,;.. : ... t .Q s,,,. v... ,_..e.:-.,,.. .o. ..._.,y ,. z *, ; i:. ^ v;.,.4.. -. : t. .c 2,';-.;.',- ;: h. ....... :C ., - - - n.... M l *:. ..^s. ':. ':.;, t -.'s ';.c ,s L,: " ,.. ; 4-., : . j,. n. '.-". ' :2 ' t,7. l., y. .l .,.';. '; e.; :*. ;. l<.'.. ; if..,.i,.';,5'

, '.7 ; i'.

n;,,. s .*;,..:.,r..,..,, .g-4.: s .. - - jg;.,. 'c :.,>,. ::.:,.... -..sa .u.,,.,,s %...;.,. 27,. '. ;" . j,. ',, * '1.f,3.,e -7 -.,.. :..qe - .~.,.,.,.g.;._:..,....v .u....'. .s.. m..._.. ;.. r.. g.. 7, s., m. s. .. : : : 'd.T _ 3.;. ;;.,,.

,; ;.,.,. i.,_

e, - l > .c.s- ';: v,( -.'..:O,, e ':: ,_,..,::.,s. - 1;.. ;} : s.,,.. g ;. >'r_,, y, ,.;9:.: J.l. c;q'._,'s

.6

. '.*'..,:.' ;.:r,., ;.:.r: -;;......,, _., -..,:o * '. h,, ';

c. :

@ : '.;. b ',,a \\.~. ' ;,,;:; M ' W, y.. : : -lq:.-l :'.,,,y;.;,_,:'...; . y _.f

s. :,

,' ~. ,L,. 3, ','. ; " '.l )... ','. ? ...'. : :,..s.

q ?;';.?M -

.....".'i - w yth. * ' !..'.' .%.;. ;,. b,.\\y.,.;..;. ;..:,..'.. ' s.m .y . ), i.: ' m;' ~:a g.._

.);, ;V y '..; :;; ;.:

Y". _y ;['.S': r

1, v.; s'

...,.:'.,'.{,..',_.,'.,-:..,..~.V...',',t"? ..*'.,h,.;. -a c,... :h Q: ' r:,- on.s. a. . ' '. *. ',..c..s.-h.c *k i- ->3..-

a. < y w.u..r,L...,.

a. ;.,. 9 _c- ' :. L,,; f,e,,.f..g;, T,,* Q,' ';j.'[, <<-,.,.,._,., .4 i,, fj (:'.',*.;;.. ' a.) :r,,Q [ ....gr. - n. e..... J. c .x. .. \\:. :.. ' ll[. ?.-l.3rf,.}'.;. G)':* f. -]T; f a;,j., j..,'*l. 4 (..['lQ '. 3;4,p.,,y,,. f Y n .'l_ a..f . y.: -,.i' .:.'.,Y.e.,....,0..r,' '-. x,; lf,,::, _L',:} [??.i

.' G 2

s ... -,<; :w.u,. - ..,.s > v c.;... f. y n,, ,i~, g w. a,f..;?, p,'4..:..*','.',., :q y. ,e 3. .:..,.,;..H. e.,;.;y*. 'g, .h..4. . g., p. f. -.,. gri.c..;l: 3., ,. ;;::.( w, ; '.. 3.p. .s 't.. s - -i. c ,.s.

r. 3

>, ~

g.- " l

M,'i 31,,.-. i ~ l 4;;.f..:',ig;,:;p,9{;.<.w,p,,,.f

,,.9 ^ o, j,',,. t.' ( ',' ,, f.j,, ".j pi. U,... ;f '.:.;,. '. 4 -!; X. l. ;; vi. s r.. .._-s.F';'"1..u..'..1

b,,3.: ;, <.

s , ' :.,.;} : k. ' *.,., y; *; - '.. ~.. f'.,)y.... ;., t .-. hl p %*, $'.hr lp,._.f* '... '* ?}; ;..'.a ',:..h. ;:%.. _..'!%,r j}..l,._. ".l 'y '.".l,j j '.*j '\\C* ? '

.O

,,. t' ;p.4..\\,. . ) ;. ' j. _*g...- lg. '.. p '..lyn:(_. :;,.,,,; QJ j', I: .'.,'. ), ;.., v.e e a r.t p;;- a..,.....f. } }. %;} );; ;,l } .:Q_,m,y 9, 1. g *e ,, :,.',('j s y.; t ' nf. Q. a, ,J' s. ;, ::, g....; n s.c j l v': '

t z < :s.

.., :.. -t.,, ;;,4,.. _, 4r. n.... ) p.,. c, g. :i:_ o g;.n \\.,t, ),, :r.,. .,;. p t-3. ,....m ....,e .'.r.q,,A.,,.. a...; ;;.;..;.; '... ' ,..:_,.v,....;i ;

a g.,i,;. / An p r..,

r .v. : i *

.". y 'a.

q , t.;,p ', y: ;,,, )<,y fp;o, a v. ,....{- y.

.J,

~.... i. w n..,:

:, _.l';;<;.., :.'.,.

r.- _ ~ el., ': =.. ; ..vs..p,,,;p_, ,'!Ji,.p;,; <,,. s..'\\ ef;. (? - ~. r :- ",,4

' 6 ':, M.%f ; t. ve..*: y (r ' l

.u .'h,e.,,.,...,p, n ,;g',.',.,. ';.,'= l3.: .'s "g_..- (w,..;,, a. l .;..-.y n. ,. %.,j,o. ' h,y y_'. y g$ . ')$p{3 , : ' k.... ' :,},c 'h :.L.4.1 ',: :;*J '. ;' %;'. !;; l:;';'; ::_p ;ph Q' 14 +;,y '. '.. 'qq r;'"', ;. l,.'a i:._ L':'.,' ",_ cz :'_., ; ' b:., _ _., [,..,, t..,?... :.,'. ; 4l;,. ;_ ,r 'r

l-ll

x. :

.',r* 3 . '.."l4. .s .,h:N.: * ) :.h, s.:.m c..,'_i;. ' '.- 4,, ; tl rl,hll*, ,. ?, T f. '..'? . - VI ' o .. :, 'l. ^Q. ; l ', % ' ,,[ ',,.. {. ', R. ~. i ;... h'.

,j,: l. ' '.,=~ ' l..

v ...),4 'r W ?. c, r_:. '.'/' < *[ -;..., :/:, ".. s Q a.. y',., .,a..- w;. :. ; __ .8' , f y, c.'p.e. N--?.;~ \\, p' ' ';?a,...,..:'... ' *,<; ~ j q, - y 3; y ',.,( .,n,-

o..

,,,:t, y .1. v.:,.7,,,,,v..,,..,, .t 1 ,..., " y : ::.,, ; n.. g,..*,' L #;{. ;. L ' {,*, j.lt,:.r : '. 'b .A.. . s ,.,, 7-y ), ,e,.' + -.i.,.-,, n,. y.- .5 . -. =. e A,, .N,: i *

_ ;f a'-

.-., =... a -. :,_._, :..;_,,Q'r3 , ( '. -."}'. ..._'_',,,Ss,.,x,';s- . _.;w'o, i.% z'.1 ; s t ;.:, ;,; ',' 1. h.. }, *. ' < i,, ", ' 5 -,.,.,,..,.. c-l , S 5.- ..,,, i..'.i- ..., i. 8,p h;;, v 2., G,,, ,y v j ..g . l l ' .,,A s'N t e e [ ; 3,;,.rQ. .. ' c, _.,;, ; },s. L ;'.'. .,.f. ,'),,.. e;_, yr ,,g,,p gys.jf.. f.tp., ;5 *. g: z g.f',:; ;,;L L;' ': ' - ' * ' v ,1.,,,'f'..'g e - j,,., y,., e p.Y'4 h g.- 'n s v }g q._ }f. I;,;,,, n;,(., , j y y.._'.[..g:.;:;;, j. :, : P', $)'*g* ae. : ^....', ;_' ^3. .:'c .g,.-

..,;; y

,.x.; ~ p -., ...sq -. ',s. f j;,, y.., _, y;.;. -: st.;,.h >,W t. , f,. [l ., _,.. j.;.. i.,.,' 3; : - '. e. t ". *. : ~v 4..-. @,. .-i'r s '.. -,~ - _, ?'_ ',,~,L U G-',- w

4,",;

e'-

)

Jf.. - .p 'e d,...* ','..s<g

r, 6, !. ',.,. J,, y ',,.Q, n.;;r;: .g A,,'.T.h.

A s.s,L. .,.,. 7. 7), s.,.- u

s..

4g,..a.~s+ ,,; l,.4.. f..... - ' -,.

., j.

- a ', ' Is ;,.{ [lJ ;* 'y.[. ' ),. {. ', '.'[','. ,, ' '.. p.. .,,.I'' .'y g g, gf [, ,si. f- .'/.. "f:!g & 1; y;y: w:ay:[ g.g;4 ;3 jyp Qg;y %.y, ;y,j /. ; . ;;,,;f L ,,.: n,,. ~. - '-:, ':. ;,. ;. ; ; .,';a t;;,:,4 lm. ' 3., i r,. ;; }3.;,;.. , p,39 ,j,3 3,3 ,a t( -

,. y;,39._. n,.,

-, 3, a ".:.

} _ _ _: 3...,}E N i. '.h 'li'h g[' [. 5 [ glA', d' ( p. ' 7, >. '.,'p<;I h..

. ('; ' 7,*', - -I.'(( ' J ' ,. ;t, g,y'g)' r,, -(. s r ';p ~ Ul$ b.h. O ;; ,M ;i Ni,.. v'. ' -,',,.,9 ' '. \\ f,..,' l..'. !. ~ - o,, t,.g.... ,h','..,. 1, - - -. f i -,.-+- S'. J e ,. a: 3 Fr, dP ,,,

y:.; } ;,,,.:

L- // g ; ,.;.y s,g;,4.,f Q;p;f{ pher."y....; ~ -r, Nl' z.. 9 ;.,n,... '., m' '.. *:. ' 9,,,. .,.; (y;a b.~,. J ~.... w' ,g, 4

g'.;.,.., ;; t,.- h; ;-(X,,;..

a,, y, y' ;;;Q_ ',; y;;; y.,;..y' y L ;L.7 y.f a i :y' J. e, ..ly:l;.;;u @,j Q 'j. g,,' t',i Q,: ;, 'lj. J..:;g.,.; ;.ty. ,4 t. r, v. 4. at.L%:*a',.' 7... :.g.1 s .e. , '.s L,.1-l, )'*,' .y- ~, -. ..?. ,X fg[ f,s t f. ',. ' v ;,, '., 9 y, y,. ; Q, -,..,,;>:. $.,,,,; _,.;,., ! p _ e

0 5, ?,.:

,,.l !,l,' : ' *f"' f. ' e,,'i& ; V,s -' 'e; l ' 4. 'U3'? ( ','s ':'-; i. .t'l'. ,. ' l ' ?. ! '.-.,l'.,'*

. m l*

^ ','..:,.s..- p.1..., s n ) :::.. :. '; ':.- h e _.j'"0 ":.l ' l

.,..:' t. '

};L. ',' ?. S*'.. ':'...,'l'? ' '. * * \\ L: - '.#'l,*-c. l', _., :. ' 17 ':. ' Y ' l T__ - ^. ' ', l a 2 :'.. '... ',.L, ; ...,, 7;{. ',... -s .'.jl... L' -'W. '.lV, i'.-. ' ' /.::.. :. ;.,i:.',/. -, f, *., ' f.' s- ..,t " *. ", ',* t- ..... :/ ; '8 i -, 5' / '...,',.[,'.'...L'. 4;

- #i..'.-

Wo...'..

O Calendar Year' 1995 1994 1993 1992 1991 l Total Utility Plant Net including Nuclear Fuel (at year end) (in thousands of dollars) 2,332,325 2,313,068 2,190,396 2,015,526 1,852,471 Bonded Indebtedness (at year end) (in thousands of dollars) 2,601,787 2,648,965 2,677,810 2,569,010 2,237,729 TMal Electric Revenues (in thousands of dollars) 640,361 605,230 592,810 548,051 562,578 Interdepartmental Sales of Electricity and Water (253) (102) Total Electric-Net of Interdepartmental 5 ales (in thousands of dollars) 640,108 605,128 592,810 548,051 562,578 Water System 3,730 528 Total Operating Revenues (in thousands of dollars) 643,838 605,656 592.810 548,051 562,578 Operating & Maintenance Expenses Charged to Operations (in thousands of dollars) 380,291 377,825 366,439 333,191 344,320 Sums in Lieu of Taxes Charged to Operations (in thousands of dodars)m 1,929 2,235 3,643 3,643 3.364 1 Payments to the State Charged to Reinvested famings (in thousands of dollars) 6,436 6,157 5,997 5,816 5,640 Net Operating Revenues Available for Debt Service (in thousands of dollars) 284,364 245,497 243,627 235,324 245,706 Reinvested Earnings (in thousands of dollars) 50,665 35,375 37,583 29,717 40,968 Energy Sales (in gigawatthours) 16,022 14,724 14,601 14.098 13,597 Number of Customers (at year end) Retail 103,857 99,782 96,670 94.215 92,276 Military and large Industrial 31 31 31 32 32 Wholesa!e* 5 5 5 5 5 Total 103,893 99,818 96,706 94,252 92,313 I ' Generating Capability (at year end) (in megawatts) 3,340 2.780 2,780 2,780 2,780 l Power Requirements and Supply (in gigaworthours) Generation: Hydro 595 527 508 556 598 Steam 12,782 12,533 11,974 10,843 11,233 Combustion Turbine 6 10 4 1 Nuclear 2,515 1,476 2,030 2,499 1,776 1 l Total (in gigawatthours) 15,898 14,546 14,516 13.898 13,608 Purchases, Net Interchanges, Etc.'" (in gigawatthours) 970 862 849 778 681 Total * (in gigawarthours) 16,868 15,408 15,365 14,676 14.289 Territorial Peak Demand (in megawatts) 3,102 2,931 2,655 2,620 2,571 "' Beginning in April 1994, franchise fees are no longer shown as revenns and expenses. Amounts accrued for payment to the municipalities totaled $1 A88.000 for 1994 and $2.123.000 for 1995. l m Does not indude non-firm sales to other utstres. i

Begmning in 1994 and restated for 1993 and 1992, sales to other utihties is shown as operating revenue and included in Kilowatthour sales rather than netted against purchased power.

s. ..y / C 6-( eseeeees 4 p- ,' K. -l "..

fy s

'V'p* s' ...;.L - .s py. ag g - n.a t3 et i ; t: 1 f.m e p w .v ..,_ w, ~e m,y w an ,.u

k..

( t,. n'.f... 5; m ,m." r .= m ~ [' ',}, _,. I', 7 Mww "/_ d,e p Mumw g I jI .. v ~M&" Q A ;;.r. =.. ~ n - m. gw. ~.%.., p. g. a. s. niiniingggg - = IL.....;... x ~ e 7 gsf g, 4 l h i v ~ l l l.. ' .') ' L x, /0 .:.? + t s. 1 !. ' c 4-- J;. 4,.; y ..g. 't y) .. ~ e ., n : e,' ~- gy s, gj .. $,II e 41, YEM Broadway at the Beach, a multi-million dollar development in Myrtle Beach, combines food, entertainment. and shopping for thousands of visitors who come to the Grand Stand each year.

p. - -.-,,-.w, b $ %u b b,9 l l i Calendar Year - 1995 1994 - 1993 1992 1991 (

l l

Total Utility Plant Net Including Nuclear Fuel (at year end) (in thousands of dollars) 2,332,325 2,313,068 2,190,396 2,015,526 1,852,471 l Bonded Indebtedness (at year end) (in thousands of dollars) 2,601,787 2,648,965 2,677,810 2,569,010 2,237,729 Total Electric Revenues (in thousands of dollars) 640,361 605.230 592,810 548,051 562,578 Interdepartmental Sales of Electricity and Water (253) (102) 640,108 605,128 592,810 548,051 562,578 Total Electric-Net of Interdepartmental Sales (in thousands of dollars) Water System 3,730 528 Total Operating Revenues (in thousands of dollars) 643,838 605,656 592,810 548,051 562,578 Operating & Maintenance Expenses Charged to Operations (in thousands of dollars) 380,291 377,825 366,439 333,191 344,320 Sums in Lieu of Taxes Charged to Operations (in thousands of dollars)* 1,929 2,235 3.643 3,643 3,364 i Payments to the State Charged to Reinvested Earnings (in thousands of dollars) 6,436 6,157 5,997 5.816 5.640 Net Operating Revenues Available for Debt Service (in thousands of doIIars) 284,364 245,497 243,627 235,324 245,706 Reinvested Earnings (in thousands of dollars) 50,665 35,375 37,583 29,717 40,968 ' ' Energy Sales (in gigawatthours) 16,022 14,724 14.601 14,098 13,597 Number of Customers (atyear end) l Retail 103,857 99,782 96,670 94,215 92,276 Mibtary and large Industrial 31 31 31 32 32 Wholesale

5 5

5 5 5 Total 103,893 99,818 96,706 94,252 92,313 Generating Capability (at year end) (in megawatts) 3,340 2,780 2,780 2,780 ' 2,780 Power Requirements and Supply (in gigawatthours) Generation: Hydro 595 527 508 556 598 Steam 12,782 12,533 11,974 10,843 11,233 Combustion Turbine 6 10 4 1 Nuclear 2,515 1,476 2,030 2,499 1,776 Total (in gigawatthours) 15,898 14.546 14.516 13,898 13,608 Purchases, Net Interchanges, Etc,* (in gigawatthours) 970 862 849 778 681 Total'" (in gigawarthours) 16,868 15,408 15,365 14,676 14.289 Territorial Peak Demand (in megawatts) 3,102 2.931 2.655 2,620 2,571 l

Beginn6ng in April 1994, franchise fees are no longer shown as revenues and expenses. Amounts accrued for payment to the mumcipabties totaled $1,488,000 for 1994 and $2,123,000 for 1995.

[

Does not include non-hrm sales to other utilities.

l

Beginning in 1994 and restated for 1993 and 1992, sales to other utilities is shown as operatirig revenue and included m Kilowatthour sales rather than netted agamst purchased power.

O

w,,,,.m ? wLsvaus CatenMarJaar .' 1995. 1994 . % Change financial (in thousands of dollars) Total Revenues & Income $ 664,616 5 623,977 6.5 Total Expenses & Interest Charges 638,805 ' 609,564 4.8 Other 24,854 20,962 18.6 Reinvested Earnings $ 50,665 $ 35,375 43.2 Debt Service Coverage 1.54 times 1.41 times 9.2 Debt / Equity Ratio 77/23 79/21 Statistical Retail Customers Served 103,857 99.762 4.1 Energy Sales (in gigawarthours) 16,022 14,724 8.8 Territorial Peak Demand (in megawatts) 3,102 F.931 5.8 [ e O Retail @ Wholesale 48.51 % O Military & Large Industrial 25.28% 21.70 % O Other Income 3.13% 9 Other Electric Revenue 0.82% 9 Water Sales 0.56 % [Nbbkkkf EUhh b

ds G Operating Expenses (except depreciation)*

57,18% ((A $ Debt Service 29.77% pj's O Additions to Plant, Inventories, Etc. 12.05 % s s O Payment to the State of South Carolina 0.97% y;, ' e $ Sums in Lieu of Taxes

0.03%
Does not include payments made from Special Reserve Fund.

.... ~ -.... -. -.. ~. -.. W.Wamu;Md$b 5 4 i ) - {,,. y g. g Events in 1995 place Santee Cooper at the fore- {:,w;(

E { {

y L ~ A c, g,, T j front of a vital mission: to foster business and in-c y st se, l' &'eg ,, '/ }+ g dustrial growth critical to the economic well-be-a 1., ( k; ing of South Carolina, and particularly the Low-o ,M country and Grand Strand. With deregulation and jp 2 , ;/ sg increased competition a growing reality, operat-r- 47 ' ing more effectively and efficiently is essential. And in 1996, with the Charleston Naval Base and Pyad closing, Mng new John S. Rainey Paths in economic development is even more Board of ofrectors critical. pm g Nucor Steel Corp ls decision to locate its new .+. I 6M. 4 $500 million minimillin Berkeley County was the w :sy,.; 4 culmination of months of negotiations by many t I J' - ,I key players. There is no doubt that the cost of = amamm. f' [- power was an important element in South Carolina's k i w winning the hard-fought battle with Virginia. m y.. 8 ~- Santee Cooper's industrial electric rates have 4 always been a matter of great pride. With rates i f a among the lowest in the Southeast and the nation, T. Graham Edwards President and this economic " drawing card" may not always carry Chief becutive Officer the day. But with an energy intensive customer such as Nucor, it helped decision makers look more favorably at the deep-water, Cooper River site. With 500 jobs, an average wage of $50,000 and more " spinoff" industry already announcing to O

t l locate on the 2,400-acre tract, the Nucor success The program has drawn considerable interest l .I' story was South Carolina's major industrial an-from leaseholders who were offered something nouncement in 1995. they did not have before: the opportunity to pur-It was a team effort involving the coopera-chase their leased lots at fair market value. By tion and support of Berkeley Electric Cooperative years end, nearly 100 waterfront and interior lots and Central Electric Power Cooperative, Inc. The had been purchased. It is projected that within General Assembly quickly passed seven separate two years, approximately 25 percent of the leased pieces of legislation. And, the South Carolina lots will have been purchased. For leaseholders Department of Commerce and Berkeley County of-who elect not to purchase, their leases will be hon-ficials worked splendidly with the Charleston Re-ored until expiration, with the right to extend the gional Economic Development Alliance and Santee leases for an additional 10 years. In the vast ma-Coopets economic development team. This team-jority of cases, these lease extensions will allow work led to the March announcement held at our the lease to run for more than 20 years from today. l corporate headquarters. As the governor looked In January, as part of Santee Coopets con-on, it was a day of pride and excitement. tinuing environmental commitment, we signed the However, Santee Cooper faced several chal-Climate Challenge Accord with the U.S. Dept. of lenges earlyin 1995. As a result of a Dec. 30,1994, Energy. At a Washington, D.C. ceremony, officials fire at Winyah Station, the Unit I turbine genera-from Santee Cooper and 12 other large public tor was destroyed. The fire was attributed to a power utilities pledged to reduce greenhouse gas faulty control cable. By mid-December 1995, less emissions. Santee Cooper is committed to reduc-than 12 months later, Unit I had been rebuilt. The ing carbon dioxide emissions annually by approxi-unit is Low producing power at an even higher mately 434,000 tons, compared to the level of , efficiency rate than it had been originally. emissions in 1990. In January, the board approved a purchase-New generation was added to the system on option program for the more than 2,500 lease-May 1 when the new 540-megawatt unit at the holders of Santee Cooper-owned property Cross Generating Station began commercial opera-surrounding I.akes Marion and Moultrie. The lots tion. Built on time and under budget, the unit were surveyed and appraised, and leaseholders was one of the nation's few baseload generating j i l were provided the opportunity to meet personally units to come on-line in 1995. with representatives from the Property Manage-Santee Coopers 100,000th retail customer was ment Division. added in April, a measure of steady growth. By O l

=. ~_ - - t l Exrcutivs R1 port l 1 l l l l year's end, that number was approaching 104,000 1996 would be cut in half, from 3 percent to 1.5 l as the explosive growth along the Grand Strand percent. 1 l continued unabated. Power costs were the subject of the October The board in June approved streamlining the issue of Electric Light & Pbwer magazine. The pub-j organization into five functional div'.shns: lication ranked Santee Cooper as the 12th lowest-J Generation, Transmission, Distribution, Planning cost producer of electric power in the nation. and Bulk Power Markets, and Administration and Santee Cooper produces power at an average of l Finance. 3.9 cents per KWH. The national average is 5.86 Employee teamwork and dedication combined cents per KWH. to make the 1995 Corporate Goals Program a suc-In September, we received the 1995 l cess. Six of the seven corporate goals were met. " Partnering Through Quality Leadership Supplier Results included lower operation and maintenance Award" from Praxair Inc., one of our industrial cus-cost per kilowatthour; reduced motor vehicle acci-tomers. The firm, which produces industrial gases, dents and recordable injuries; and an excellent sat-recognized Santee Cooper as a " quality benchmark isfaction rating from retail customers. This achieve-within the utility industry." l ment verifies the commitment of employees to Santee Cooper received another vote of confi-work more efficiently and effectively as they meet dence based on a report prepared on behalf of the the challenges of competition. Electricity Consumes Resource Council (ELCON), Santee Cooper's dedication to increase oper-an association c! large industrial consumers. Ac-ating efficiency has paid off. Late in the year, we cording to the report, which was based in part on announced that the final projected rate adjust-surveys of ELCON members, Santee Cooper was ment, for Santee Cooper's customers other than identified as one of the top five utilities in the Central, scheduled to become effective on April 1, country. According to ELCON, "the ideal electric l o 2,571 o 3,079 1,,, O 2,620 $ 3,079 1992 1992 1993 1993 $ 2,931 $ 3,279 3994 3994 $ 3,102 $3,639 [ 1995 1995 t' W~*TWW*i**4PMrretwwM(4Me kypg t(geswtw.yy.twsypywtTyg m.msWMNP SitfpppQg)ppyg% yppipygyFhy 4 s s 53 b I O

l ? i i utility during the transition to a competitive in-dedication, accomplishments, and hard work of l dustry will be a low-cost provider and ' excellent' the men and women of Santee Cooper, we ap-fuel purchaser that aggregates demand and offers proach issues of deregulation, open-transmission i a portfolio of choices, matching prices with risks." access, and retail wheeling with a sense of com-Accolades on the financial front began in mitment and pride in what can be accomplished i i March and continued throughout the year. Fitch to benefit our customers, the communities we j Investors Service stated that Santee Cooper ranked serve and the people of South Carolina. in the top 20 percent of utilities best positioned to succeed in a less reg alated utility environment. ~ Fitch upgraded our bonds from A+ to AA. l Standard & Poor's cited an " excellent man-agement team," " strong system operations" and John S. Rainey " cost of power advantage" in upgrading its out-look on Santee Cooper from stable to positive. l Moody's Investors Service declared that Santee M Cooper "has a history of sound management prac-T. Graham Edwards "N# E" tices that have contributed to its low power costs." The firm raised our bond ratings to Aa from AL And the independent board of engineers stated l that Santee Cooperis a " progressive and well-man-aged utility." These laudatory statements give us all re-newed and continued optimism. Because of the 4

..~ 1 lahmtMa h &2Lual Direct RetailService O 16 022 1gg5 $5,847 At the end of 1995, Santee Cooper was 1996 $ 16,771 serving 103,857 residential, commercial, and 1997 I 1998 other retail customers located in Berkeley, g 17,4,7 ] 1999 Georgetown, and Horry counties. This was 0 2s.686 2000 an increase of 4.1 percent over 1994, 2001 0 25 647 i Sales to these retail customers were 2002 Q 15,947 2003 2,429 gigawatthours, up 7.6 percent over the 2004 Previous year. 16,749 005 $ 17,067 2006 Military and LargeIndustrial $ 17,392

gg9, Military and large industrial sales were up 2.7 percent over the previous year.

bh

actual Whalesale Sales to Central Electric Power Cooper-3,102 1995*

l @ 3,045 ative, Inc. for its 15 member co-ops increased 1996 @ 3,150 10.8 percent. Central is Santee Cooper's 0 3.257 1998 largest single customer. The electric coopera- @ 3,324 1999 tives distribute power to more than 370,000 2000 customers in 35 counties. 2001 $ 3,207 Sales to the municipalities of Bamberg 2002 l 2003 and Georgetown and to other utilities g 3,377 1 2004 I increased 60 percent over the previous year. O 3,449 2005 2006 2007 b b - m. _ f. k

actual l

lgp, a gy IE C#.s@,4.,.jg gy iFWWW cy~ yKq ps... w'a-K lpp Q Q1 Ny 7 q' A . 7 3%j .fn l l. _s. l .. L. E Mii;g/p ne. .m %l;f. f f".. h5W$24 _m ~!* r: n, e g _m y r

r t s

9 9,p:q &my'm:' ^7 W . ~. ~ ~ qwqgh.., ;;: : o m. z. l q qgy J g w :.m m.>

.t;;.j.g.;: ;}p 4

lgg .ma r: a u

e.n

.p). c

W m :n : ya.:=D:

h i y :t>i 3% ~ s.. c s v.: 1: x ,c . ~..,.

Yh

- Y W.. A '. m.\\1;;NQ.mm. O'.I b h0 l l u)} e. e' cl > mm [mm[.w}k;m(i.. . %%% m Fv y vn lC-f Ti: L f; ): M Le ghrhh' hh f,h hd'hk %k j [M '% g mmg,4a m kl5Mfhy.g Q,p 4 p A@n.49VNR.. W i i9 i" 9 hQWf pmanna $n fa ~. a 4gfSmW WE.h y[_ ~amg M_7$_%p A ew . P. o m u,.a m. s w P h h ~J ,,+. ~isq.: n n. h. 'L [ W

v4&:3.s.. n

<a k7 - L.w, wuW:w w + w~' y @'jg&g .g-g: gm yt. :ng&p %y%g.u.y: y mc a mw+e o m :, n n jf{. ln. l i t .gn c g m & c [ q;g M gn g;gy y,.~gggggy:,.,q .e.f l y, L. 6, w v J; g v.; . }s w ,.g. ;g. 4,,y. [y:_ v ; ,, m y.> y, a.< g g &m y% g,.) 7A

g grgggg s

I j-ne v mug j, m ".c gyg g G @$.MM@':j@@ h lg&,p5 3 7'pBT Y y 9q 33 a w N,h h h h. a; qb-m n.. + n* { , i- !yj g %m ---- - T3& -,,,sx G r c-N_

i. ;[ MM R-,u a $j d Q }N$M58$$~

4$$$$fT.. T. p1 p$s$hh$g$ i 4 p p &y y g ga %e w$g$a$ 4 ree gg p; ye _yp gf 4 m bddhhN$$$hhh$Umj

r> - i:' , j., e j i-g_ .:1- _c,,% 3, r / 1 r ,4. + + + " 4 e r a .t e 0 4 - p 4 g r 5 Y ;(,, a 4 .k s L s i w.- s. , 1 ;. s 4 l5-p q I k l ~, s ,, ' j?,. ? L y.j. + - s 1,. 'y r y4 J 1 '. -../. ' I Q f a L v - % \\ . c r l.. g; c i-s a ay +~i

t, t
,v: e. t I.,..

5,. w s s.s x j - ;a ./ 7

:~1

. p' . 3 v.y 3 ec r Ii - 1 li g i n* I ,f.. e 4 'I + -

s

<1 ~ y ._, + ;, ; g.,.. g q. ,sy <pc _, g ., m J.1' 13 q.c.1-.a 3 l.:, 4 >~1e... q./, t' ,:N. '+-1w -t i r ..ye.: - -s _.c 4 e .e

4

. a. - ,., -.s ,a 1 ,s (. ..... c -3, 4;; }.7< :mg. e n,;. i ' q :' e .._.,1

.9.., i t

.6 r ,s ) ^ 1 3 i 4

1. pI s

. i a r..; , d .+tC; 4 t .N. t. r n a" p ys. V, t c +, %., s.. 3 1 (.w.1 1,:ia.. " >..,ggi q r L' - t, e y 'y y. 4' ' a d. < c !' 17 ;.l 17 t 7 ..; y.; % v s t s , N, , 'f.} [ - ;._ f!,;f,.,, y y ;, ',,,[g ) c. / s 3.j,, w ,; ;D. .4 4 U s< >.. n yn [,L,

. w a

M.; ,4 n .g yt .---y c -re.# e.. s Ig, p j; ).,-e g ,e ..g-s 4 7 s a -g a, ?. r. t-. :n. 4 e t '- 7 w*. _g.e.,, x x ',a, 4, o * ...... e y 7y 7-4F' 's-8 g,' q >y 4 e Ja, ,g.. / y y r..j. y y* 4*',.#.._.,. t../,.~.y w s .: s 4 ts .T e u.s. Q; p. ~; m u - >; y ;. ,n i 7 4 n n. s h ', t 4-e , ' " 5 <g g,. i, e9. 3, ,4 s o, t,., . r ,m,;- 'j 3y t;* M:, s s s a I,i e o 4 d[e'.: t. 2 .x M. < v.. t y ,m ~ ' ",

a i

F u t-g ' v v- ,, ' r ? M v 7i r;i ti, c..,. ( <4 ,r:, I g b-")',.. '.G, 8 , ;.1 : yh t, k ,,. d; 8-s i .',16 v., ,m,.w / l

[

fJ$ j ^ -y~ p 1 t-t n I, 5^ ..A l.f._ f.n. 7,:.-. i > >,-",.,.z-Q ,.n. a. 5 p.y q-I i 3 7 - 3... .9.,. ft 3, s Wg ., q. 3 - -"m.o s - 7, t a. et, , s'.c.Q. t. S-i ~ r \\ l' .I'

: 4 s

i..' }".l..c 3

L ,; 4,

n;

,' y .1 < ~ v,- + ..r~ e i - +. 7 v.-

.'[*3

,.hp.

.\\. c wgd -d

,pt M..I

,.;,... + , j ij r' g = y >;p 0. 1-q

,+;(ix.,: 1. 2. #

.-.,. t..h t.,- " ~q i > s sg- ,,,O. v ...t,t i,na 1 .??.'.' ,, ( i g g C 3 c .5 :: ,o , y.l. - hj .r I si 4 , l'e ~ b t i a e k. \\ a 4 'f f I 4 -_t_ge-, 1 .>P.- s 4 ' 9 .j 7 -ga y Y p,- 4 4 _'('

i h-.

h l(.. ?I y t I- .: 1 l I F e. 3

y. i t

1 i l

I MNkMS.22 1 1 1 4 j Generating electdcity gating all power transaction opportunities with utilities and mar-a Generating electricity and providing it to over 1.5 million keters, with special emphasis on marketing Santee Coopers ex-2 South Carolinians is what Santee Cooper does best. And every cess generating capacity during the next few years. work unit in the company contributes to that effort. On August 7, Santee Cooper filed initial comments with 4 { During 1995, total generation was 15,898,409 megawatt-the Federal Energy Regulatory Commission concerning the No-1 hours. A new summer peak of 3,056 megawatts was set on tice of Proposed Rulemaking on Promoting Wholesale Compe-August 14. tition Through Open Access Non-discriminatory Transmission The total amount of water spilled for flood control during Services by Public Utilities. In these comments, Santee Cooper 1995 was 2,040,550 acre-feet of water released from the spill-offered its proposals to help FERC further competition which way gates at the Santee Dam. is expected to spur innovations in power production and how Santee Ccoper is preparing for the changing electric utility power is sold on the wholesale market. industry. One initiative included the formation in 1995 of a Bulk Cross Unit 1, Santee Cooper's newest coal-fired unit, began ] Power Markets project team that is responsible for developing op-commercial operation in May 1995. This project was finished i portunities for and implementing bulk power transactions. These on time and approximately $80 million under the original transactions include purchases and sales of power with marketers budget. This unit adds 540 MW to Santee Coope(s generating and utilities nationwide. To facilitate these transactions, a series capacity. of agreements covering purchases, sales, transmission service, and Santee Cooper's system average heat rates for its coal-i interchanges were executed ir.1995. The project team is investi-fueled units are consisteMiy ranked among the top 20 in the l d f ...l [ I. 4 l g .'q<.7 p.-

..,: c ~ c

.'a- ...277 h).: J. ?. ch v' lh f[ j@f[L ~ a Fly ash from Jefferies Station is 9g' .f : ' 4 k \\/f (< g t ~- being used as an additive in manufacturing cement by local . ~'d: 1[/ @(( j cement companies. In 1994, only 5 percent of the ash (9 produced at Santee Cooper's f y; s four generating stations was 4 ? In May 1995, Cross 1 went on-line marketed. But in 1995, that Y adding 540 megawatts to Santee figure increased to 41 percent. 7 I Cooper's system. This station was built Other applications for fly ash N on time and under budget. are for structural fill, redi-mix f concrete, waste solidification, and asphalt paving. By using fly o j ash as a secondary raw material, Santee Cooper is offsetting the j use of certain natural resources. d 4

nation. Jefferies Station won the 1995 Generation Goals through an advance refunding of $257.8 million of bonds in J l Program. April 1996. In December 1994, Winyah Unit I suffered extensive dam-Two major Wall Street bond rating firms, Fitch Investors age to its turbine and generator. I.ess than one year later, this Service and Moody's Investors Service, raised Santee Cooper's unit was returned to service. While repairs were being made, revenue bond ratings to AA-from A+ and Aa from A1, respec-several upgrades were included which is expected to add 15 tively. Fitch gave Santee Cooper high marks citing " strong about megawatts of capacity to the unit. competitive position." Moody's stated "... Santee Cooper's To ensure efficiency at Santee Cooper generating facili-favorable competitive position reflects strong management and j ties, regular maintenante outages were performed on Cross resource planning, well below average rates, a manageable Units 1 and 2, Jefferies Units 1 and 3, and Winyah Unit 4. capital program, and a stable customer base." Santee Cooper continually looks for ways to hold down For the second consecutive year, Santee Cooper assisted costs. In 1995, an early bay out of a long-term coal contract the State Treasurer's Office in the sale of Mini-Bonds. Santee resulted in significant savings in fuel costs to our customers. Cooper personnel coordinated the operations of this sale for In 1995, the advance refunding of $313.8 million of bonds the state, resulted in savings of more than $57 million over the life of Transmission Operations constructed a 69 KV line and in-the bonds. stalled metering for Marlboro Electric Cooperative Inc.'s new In addition, a contract was entered that will provide ad-substation for the city of Bennettsville. Other major projects ditional savings of $93.5 million over the life of the bonds completed include the construction of the Indian Creek 69 KV Economic development ,t. fg in Berkeley County surpassed the $1 billion dollar mark in -] j 1995. That made it the first county in South j { Carolina to ever reach 6e that mark. To celebrate i this benchmark, the I Santee Cooper's bond ratings were upgraded oy the three Berkeley Chamber of major investment services, Fitch Investors Set vice, Commerce hosted a Moody's. and Standard and Poor's. Executive Vic* b celebration at the Old ) c= President Emily Brown and Treasurer Rod Murchisen look Santee Canal State Park ) over newspaper articles detailing Santee Cooper's in Moncks Corner with financial stability which led to the improved ratings. people from all across the Lowcountry attending. Y g p p[ ff

i i

7 l

'l 99 i d 4 e S j .M e s.. .,h()l .f "A-N ~ w 7.,_ 1 y g p #g y i l ^ p ..g /,...t...- 5 ' k l j[ .[:. - ['I N

r

< w. - 4?~ o..,, hk Y, o N $A. ..*5 i g r ~[g, ff l 4 x..

1- /.

) N. W, u[.... J ..je;.

s.

.u ,e . < )Q@ d.$

1...-

,6 x '. a.. j

p.

$ 7 g:gQ ;.. ' ' ; s 4 h?;. :-..:- 1+ m- 'f %.y M,; 4-i I.'['\\j TQ Q;; ffff${L{. -[: q* / t . :.. n w [] 'a { .F' '; '.3: .' 7::E,. ;; ' [ K-, )i 4 .j S'7 J 6 ..I ? '; 7.i.'. l Th[; 3' +g (,.3 '.f. [ &.& g%.. q, ng 9 c w3g ..]

l.iu t

1 ....... : f.i y. be a p 'h l ,.,..pj.; t .g .,.y..g, i ' l: ;M...E >..,,, at k c. Jr-f 1 C.- l . a _..m.u. 1_,, ( Santee Cooper has worked to provide community leadership in Georgetown and Harry counties. Santee Cooper's efforts have helped to create extensive growth and opportunity, 1 and our Good Cents Program has assisted in ensuring the growth is energy-efficient. A familiarface to everyone involved in new residential construction is their Good Cents representative, a team led by Santee Cooper employee Sam Livingston. 1 i t l l.

I

J

t

a 4 1 l } j Switching Station, the Jefferies to Moncks Corner Eastside-l Carnes 115 KV line, and the installation of 90 miles of optical 1 fiber from Moncks Corner to Myrtle Beach. 2 The growing number of summer visitors to the Grand i P Strand brought a 12 percent increase in the distribution sum-t 4 mer peak from 528 MW in 1994 to 591 MW in 1995. I A nodular substation design program was completed with ) the assistance of Stone and Webster to provide an automated i process for designing transmission and distribution substa-j tions. This program will reduce design and drafting time, im-1 prove the accuracy of the materials ordered, and ensure } electrical clearance requirements are maintained. t j In January 1995, Santee Cooper added its 100,000th re-i tail customer. To commemorate the accomplishment, over 17,500 dogwood seedlings were provided to retail customers in BerWy, Georgdown, and Harry coundes. j oistribution vice President zack Dusenbury j presents a dogwood tree to santee Cooper's Mystery Shopper, a pilot program, was started this year 100,000th residential customer. They are + Thomas and Mary Bowe of Surfside Beach. to evaluate the quality of service provided by customer ser-vice personnel, either in person or on the telephone. The re-sponse ha.i been impressive. Santee Cooper employees have qualified for 129 awards for quality customer service. 4 l Protecting the envimnment This year, Santee Cooper continued its efforts to protect the environment which included expanded programs in oit 3 l reuse, water quality control, fly ash marketing, utilization of l coal combustion by-products, and paper recycling. Santee Cooper's Give Oil For Energy Recovery (G0FER) program expanded by 74 tanks for a total of 376 collection j sites across South Carolina. The collection exceeded 546,000 gallons in 1995, a 24 percent increase over 1994. Since this program started in 1990, over 1.56 million gallons of used motor oil have been collected and reused to generate electricity. Extensive efforts were continued to control the aquatic weed problem in the Santee Cooper lakes and the mosquito population in the areas surrounding the lakes. Examples of these effortsinclude:

i I i l i "myny I .N.W4,, ? Qjqre . goultrie j l ge 1 l { Nfl f Fox. ? 4 t.. Al l [ i m, i n i. J l ] i p 4 ) J :,. 1 s:o 3 } l Santee Cooper is committed to the concept that protecting and enhancing the l environment is equalin importance to generating affordable, reliable energy. Through our involvement in environmentalprotection, environmental education, and projects 1 like The Palmetto Trail, the beauty of South Carolina can be explored and studiedfor generations to come by people like Santee Cooper employee Beth Fondren. O

7 ;p-- ~ ~- 5: X f g f_$h. s f In life, we all have the same number of; [ hours in a day allotted to us. Whether you're) i [3.aonardo da Vinci, Thomas Edison, Bill Gates, or ; a h John Q. Public,24 h$urs in a day is allyou get.? . So isn't it funny that some folks are able to } e ! : make the time to do the things that are truly. j ' important. Somehow tiiey manage to'do theiri j h ' job, andspen'd time.with their family, and pay 1 ~ y 1 : the bills on time, and do those projects around ] [J the house...and most incredible of all, they find time to work as a volunteer. c How is it possible?.When do they sleep?l-j t-Maybe the people involved in vol'unteerism - t y I .L know something that others don't. Maybe there's! h : some secret handshake that, once you' know it, ; j f somehow magically entitles you to 34 hours in; esch day. Or there's an army of handymen whch run around to their housepand keep thel gutters 1 u. a l clean and the shutters fpim falling.. c;/ - Doubtful. ;-. ',' eBut th'g ~ere is a very swal possibility that g volunteers'do, in fact, know something that' the. ? v rest of us don't. Like the feeling that'comes, !f with helping a child learn how to swim...or the insight that comes from comforting a lonely - p soulin a convalescent center..'.or the vicarious thrill that results with a scout eaming a difficult badge. ' Then again, it's possible they are in touch with a concept that is even more important: that: ' if you spend your time wisely, 24 hours is all you need. 4 U-h,(_ q.g 4 .ggA j

-_-------,----,,_---m----- - - _ -J

Becoming the second utility in the Southeast to enter into a formal habitat enhancement agreement with the National Wild Turkey Federation (NWTF). Santee Cooper will permit the conservation group to use transmission rights-of-way to perform research and will act as a liaison between the

/ 7' landowner and NWTF by providing planting site preparation (( and other wildlife management advice. /

Joining as a member of the first utility group to sign the Climate Challenge Accord with the U.S. Dept. of Energy.

Santee Cooper is instituting programs which will reduce greenhouse gas emission. Finding new uses for coal combustion by-products such as fly ash has been an ongoing project at Santee Cooper for ecyct ng efforts on[of th many years. This continued in 1995 with the mining of lt t endeavors is the recycling of reels. Grainger Station's ash pond. To date, more than 30,000 tons When new cable is delivered, the old, empty reels are taken back to the of ash have been removed and used for fill material for the supplier's plant for reuse. Reusing the reels is projected to keep more than 130 new Horry-Georgetown Warehouse and Service Center com-

"5 w

f the Horry County t, df t [j u plex in Conway. This project helps avoid the costs of addi-tional ash pond capacity at Grainger Station while providing needed fill material at the warehouse site. In 1995, over 172,000 tons of fly ash were diverted sys-tem-wide from disposal to utilization, an increase of 645 per-cent over 1994. ,..y j,

,.y. ~. =

One of Santee Cooper's proudest accomplishments during a t.- J,[ ~ the year was the completion on company property of the 1.ake Moultrie Passage, a 26-mile section of the Palmetto Trail. This project is heralded as a new outdoor adventure. The 300-mile Palmetto Trail is envisioned as a hiking and biking path stretching from McClellanville on the Atlantic coast to Oconee County in the upstate. At completion, a total of 54 trail miles will be on Santee Cooper property, with the remaining por-tions on other public and private rights-of-way. The 26-mile Lake Maultrie Passage of the Palmetto Trail follows along the dam of Lake Outreaching through volunteerism Moultrie. This recreational pathway enhances access to South f arolina's diverse landscape Santee Cooper employees donated over 29,500 hours to and fosters ecology-based tourism, various civic and community oyanizations during 1995. These organizations include the Boy Scouts of America, the Girl Scouts of America, Junior Achievement, United Way, and

,:f ', g,; l. , jy y t ] 4 .3, f i /o l 3:.:.< l f \\ j w.i'W.; .O 4 e 4 l r m,,,..a y e 3

n.

7 71 yp-l i .a i, @i l a;W j i =- ) a 5 i ,j ~. i

1)g

_H> L l Santee Cooper is committed to the economic development of South Carolina. We 1 are proud that our efforts to attract business and industry to our state are adding up to a higher quality of hfefor tens of thousands of South Carolinians, like Jacqueline A. McMillian of Summerville who was hired in 1995 by Alumax as part of the aluminum productionfirm's expansion program.

If you want to understand the true importance and meaning of the words " economic development," talk to someone who was born poor. Or someone who had to quit school to help support the family. Or someone whose farm stopped being profitable a generation ago. When you talk to these folks, you'll find that " economic development" is more than a bun word. It means opportunity...a chance to go to work...a chance to build a future...and a chance to give their children things they didn't have. That's because economic development means jobs. Some arepreat jobt, some are good jobs, but they are all an opportunity. An opportunity to work hard, and feel good about yourself, and look to the future with a positive attitude.. After you talk to these people, talk to the folks who work at the places where they spend their paychecks: the corner grocery, the auto parts store, the video rental store, thelce cream partor. It doesn't take long before you see the ' cyclical nature of economic development...the way it pumps real dollars into real people's lives, then bolsters a community's economy... providing not only those magical things called s'lf-confidence and self-respect, but a better e quality of life for everyone around. In the grander scheme of things, economic development is about smiles on payday...the excitement of buying a new car...the smell of new furniture...and the excitied shrieks of ptdren at Christmas. s Economic development, of course, is about people.

l I ll l i lI Iliil i l I l l l I 1 li liill j i, I ' I I!. il' ii l@ l Il!l .,y 1 i nw I ' 'Ni N y, j ,,.,u $iY1li 3,3,. ilcin a, i i! !Ik k I i N M w n l l. l lll ill I I , li ! I.ll-N

numerous environmental progams, just to name a few. i To support the corporate goal of serving the people of South Carolina through effective civic, social, and environ- \\ J mental responsiveness, Santee Cooper's Occupational Health and Safety unit conducted approximately 30 Power Line Hazard Awareness Demonstrations with over 4,000 people, l both employees and the general public,in attendance, j Serving a growing economy In March, Nucor Steel announced its plan to build Commercial and residential development in the Grand Sant e Co per P ide t and CE T. Graham Strand area of South Carolina is growing at a record pace. Just Edwards, Nucor Chairman of the Board F. Kenneth take a look at some of the new businesses that joined the Iverson, Berkeley County Supervisor. lames H. Rozier, and S.C. Governor David M. Beasley mark Santee Cooper customer base in 1995: Broadway at the Beach, the announcement with a symbol of teamwork. 1 i Company, Belle Terre Golf Course & Clubhouse, Conway National l Bank, Furniture 1.and, Carolina Building Supply, Palmetto Pav-ing, Horry Telephone, Plantation Shutters, Islander Condo-j l miniums, eight new hotels, and 15 new restaurants. In March 1995, Nucor announced that the nation's fourth largest steel producer would be building a $500 million minimillin the Cainhoy area of Berkeley County. Santee Cooper will serve this new industry. A two-and-one-half mile distri-i Nucor Steel, headquartered in Charlotte N.C., bution line and a point of delivery were completed to provide manufactures steel and steel products. With steel construction power to Nucor. The steel manufacturer will bring i mills across the United States, Nucor now has three facilities in South Carolina with one in approximately 500 jobs to South Carolina's Lowcountry. Florence, Darlington, and Lancaster. The Berkeley County mill will be producing steelin 19:7. In addition to Nucor. other industries announced new con-1 struction or expansions in Santee Cooper's service territory. j The net result of these activities for 1995 has resulted in capi-U* tal investment of over $64 million and the creation of ? approximately 1,436 jobs. Some of the more significant N, projects during the year included: Hobkirk Properties, I.oris \\ Commerce Center, United Way, Island Screen Works, Hardee \\ William's Manufacturer, and Southern Munitions Inc. And new industrial announcements and expansions in the s electric cooperatives' territories willincrease Santee Cooper's load by 25.2 MW, adding 1,417 newjobs to the South Carolina economy. d'- w ww-ww w -is w-ww-*

i Providing newservices i ( l Santee Cooper completed the first full year of operation i.[;. I of the Santee Cooper Regional Water System. Watcr from Lake Moultrie is sold to the Lake Moultrie Water Agency which is 1 i comprised of Moncks Corner Public Works Commission, the j' 3 ;... J j City of Goose Creek, Summerville Commissioners of Public ). Works, and Berkeley County Water & Sanitation Authority. About 75,000 people in the Lowcountry benefit from water i processed through the Santee Cooper Regional Water System. Because of the success of tMs system, a study is under 3 way to investigate the feasibility of constructing an additional regional water system that would take S. ter from Lake Marion, "[o'o w t r [s r in s keley [d y3 i treat it, and provide it to residents in Clarendon, Colleton, Dorchester counties. The water is taken from j Lake Moultrie, treated, and distributed to Dorchester, Orangeburg, and Sumter counties. four distribution agencies. water System Operator Howard Addison operates the Santee Cooper continues its participation in Good Cents, control panel at the Santee Cooper Regional an energy efficiency program. Residential customers can

- - - j,5ystem facility located just outside g,,

benefit from constructing or retrofitting homes, and commer-cial customers can benefit from constructing new businesses to meet energy efficiency standards. In 1995, participation in Santee Coopers Commercial Good Cents program exceeded the l one million square foot mark, over 60 percent from partici-pating wholesale distributors. All together, conservation and load management pro-grams, such as H,0 Advantage, Residential Good Cents, and Commercial Good Cents, reduced Santee Coope(s peak demand by 68 MW. 6 For employee's, a new peer review process (Employee Ap-i peal and Review System, EARS), which replaced the traditional grievance system, was developed and implemented. This pro- ,l gram was designed so that a panel of peers could review and f,",*igi,',.'i[, South Carolinians with ,, j resolve employee complaints. Santee Cooper, a new y Also, Equal Opportunity Administration and Training and awareness campaign l was begun in 1995. 3 Developrnent provided diversity management training for man-The campaign included FM.. p:_ __ -. - broadcast and print p-- g agement and supervision. This training will expand further advertisements seen r.:. into the work force, will serve to enhance the Affirmative att across the state. =_ Action Plan, and will promote teamwork. 1

Y /' p 2 4,,,. _-) p r g,'.b'.,- g y L y x 5 3- [ 4 i f m) { ',',t i-."*ap ) ,t- ,v-b'_,s tg s- -f*.. , l N 5' _+ g 9 Y s f

. /

Q 'r ?* h a ,-.,Y.3 ( 4 t p -*+g ' /! 4 3 (,, ,'I f .,d' ya b r g .j;' w -b d 1

Iy e

i J e +_j '. ) 1

p M..p" 1',

I.. i i e w ,,1 h ' l [ P, , m. ,7 f

.Y,k w

8 7 y I si ._ 6l; < 1,'.. ib l +'.I Ei d e$,3'Is a ;. F 4'-' .d '. m a r a.;- <.k 4 ,r ~ T ' V i y. s' y e r s ., k ~ o

r. ;,

f + '

^

t g ~ /. '4 :- r,,) ? '{ _ ,4 ),, lY h , e l- y ea'. . ' ;i.. C&:., .c, L n ~~'i. 4:,, 11 e _3_.'j '- U } i$. L a .,.:y' e -:; g,e, 1

r..

' g-. 1 v e...L A t i 4 ,,.gi J-f t y g-y,, 4 9 Yl% ~ ' N 1 'A'- [ ') l : ? ~ \\ v f .[.'y'"- 4 ' rs ( :a-1 [' ' 1* ? 'e ' y 't / y 1, ,'),.. .'k M 7 ,s 9 Y 1y ', 9 n y

1' 2,

A y [,/. . ; E-I w'./,,,. g 1 g x ,_ r7 - c, m !.e + ... '.v, e-As-i , f ?;;..- s x.--. i e t r .,xa, g ) ) -=k',- e _-,epg. C.v;; eig3n Y ^"d',; f. f l - i w r, t..s,._. g g- <s,.s .y* 7 7, ,y,.. .,( g 7- . - t4g s' t [ f'E-km 1 / 1 ,3 < r 'xv^ i,q_-,., g ? d'- q 'J p 3.;#- 4 't ,';-}, t' c e - Y.,- tt_,. .- +, i, r ,'Mb* h T)'. f' .,. -/ ? ,,S .L, I ~ ,j

e ' c

, q,.r..9 - + O. e.,z,. c 7 9.,- 3 r.'--..,.,,. ,T[, _, 9, (<y y 5 }- E )~ - _ j, ((, + g.,r 8 I' [ [. f i f .I f _h',.. N' i.- g-Y 8 '8 + ? e / 1 e r, n s'v. f.#,yf .i P ".7;', - 4, i'.. ~!" ' 6 .r M y ,m,-:( o' r I"r' ]-y p'.O-f.,.

[

S ( p _;,' f h 7 ,.4, + <>s r-h ' 4 j.C5 g M j p-12 ' ' -w g r g 1.. g I3. -? '- 'T c e n .h I-g J r,L_,i. I) 7_'.T _ f (- il, 'a- + s 0 ft

+

+ + y 's, a F't.. 4 g. y r,<;--'.a n.

y','

a'. (_ , A.;y, ' N ; 't 7 ,O'Tr,<3 I j ...d',,.";- g N 'b, a [ 5 M 3", 1 'Y I 'l ' l 5'.s $ '. 't"t, t f f 4" r~ 4 5 p g g4 [. Wt'N V..* N 4 i -yg-,, y r

/ ', - -

e',,'" y. -4 , c, i .,1 ci, t 4-f J 'I<-i-( 1 3 9 - t - 3 ,'Y P t 'e- \\ 4 f4 i ?_ ~, 1 r .s ;,_ 4 g .<-j ! I y c, p Y-'. ~ V }- 4 1 I i R. 4 O P a.

Report ofIndependent Public Accountants 4 To the Advisory Board and Board of Directors of the South Carolina Public Service Authority-l l We have audited the accompanying balance sheets of the South Carolina Public Service Authority (a component unit of the state of South Carolina-Note 1) as of December 31,1995 and 1994 and the related statements of accumulated earnings reinvested in the business, reinvested earnings, and cash flows for each of the three years in the period ended December 31,1995. These financial statements are the responsibility of the Autho:ity's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles'used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the South Carolina Public Service Authority as of December 31,1995 and 1994 and the results ofits operations and its cash flows for each of the three years in the period ended December 31,1995 in conformity with generally accepted accounting principles. As explained in Note 4 of the notes to financial statements, effective January l,1994, the South Carolina Public Service Authority changed its method of accounting for certain investments in debt and equity securities. Charlotte, North Carolina February 16,1996 l

i Balance Sheets South Carolina Public Service Authority December 31,1995 and 1994 ASSETS 1995 1994 (Thousands) Utility Plant - At Cost: i Plant in service $ 3,201,769 $ 2,625,451 j 1.ess accumulated depreciation 958,044 883,058 Plant in service 2,243,725 1,742,393 { Construction in progress 71,666 549,317 Nuclear fuel-at amortized cost 16,934 21,358 Utility plant - net 2,332,325 2,313,068 Other Physical Property (Net of Accumulated Depreciation) 1,721 1,720 ' Cash and Investments Held by Trustee (Designated) 272,856 '291,878 Current Assets: Cash and investments held by trustee (undesignated) 106,830 - 51,778 Bond funds - current portion 96,364 106,415 Accounts receivable - net of allowance for doubtful accounts of $712,000 and $887,000 in 1995 and 1994, respectively 64,322 54,581 Accrued interest receivable 2,756 2,922 Inventories, at average c' st: o Fuel (coal and oil) 43,088 43,844 - Materials and supplies 32,722 33,018 Prepaid expenses 1,096 1,011 Total entrent assets 347,178 293,569 Deferred Debits and Other Assets: Unamortized debt expense 26,239 25,026 Costs to be recovered from future revenue 422,215 386,037 Deferred coal contract buy-out costs 50,200 Other 31,572 27,343 Total dcferred debits and other assets 530,226 438,406 Total $ 3,484,306 $ 3,338,641 The accompanying notes are an integral part of these financial statements.

r l^ \\ l l l l [ I. I< i i. LIABILITIES AND CAPITALIZATION 1995 1994 (Thesands). . Long-Tenn Debt: Electric Revenue Bonds - Priority Obligations 36,535 39,380 Electric System Expansion Revenue Bonds 721,050 1,058,050 j Capitalized lease obligations 42,712 46,131 l Revenue Bonds 1.648,050 1,343,740 I l Totallong-term debt (net of current portion) 2,448,347 2,487,301 Less: Unamortized loss on refunded debt 282,679 290,963 I Reacquired debt 7,695 -11,285 l Unamortized debt discount and premium - net 55,343 53,825 l Long-term debt - net 2,102,630 2,131,228 Current Liabilities: Current portion of long-term debt 41,878 54,612 Accrued interest on long-term debt 67,163 72,625 Commercial paper notes 237,320 118,700 l Mini-Bonds and Revenue Bonds (Series M) 157,691 156,500. l Accounts payable 31,111 33,526 Other 37,557 11,940 I Total current liabilities 572,720. 447,903 l Deferred Credits and Other Noncurrent Liabilities: l Const.uction fund liabilities 8,533 27,638 Nur'. ear decommissioning costs 40,079 28,165 l Unamortized gain on reacquired debt 167 324 Other 24,792 20,452 Total deferred credits and other noncunent liabilities 73,571 76,579 Commitments and Contingencies Capital Contributions - U.S. Government Grants 34,438 34,438 } Accumulated Earnings Reinvested in the Business 700,947 648,493 i Total $ 3,484,306 $ 3,338,641 ?

Statements of Accumulated Earnings Reinvested in the Business South Carolina Public Service Authority Years Ended December 31,1995,1994, and 1993 1995 1994 1993 '(Thousands) - Accumulated earnings reinvested in the business - beginning of year $ 648,493 $ 621,684 $ '590,098 Reinvested earnings for the year -50,665 35,375 37,583 Total 699,158 657,059 627,681 Distribution to the state of South Carolihs 6,436 6,157 5,997 Total 692,722. 650,902 .621,684 Net unrealized gain (loss) on investment securities available-for-sale 8,225. (2,409) Accumulated earnings reinvested in the business - end of year . $ 700,9.47 $ 648,493 $ 621,684 1 i s* 1 i .i } The accompanying notes are an integral part of these financial statements. i

Statements of Reinvested Earnings l South Carolina Public Service Authority Years Ended December 31,1995,1994, and 1993 1995 1994 1993 (Thousands) l Operating Revenues: l Sale of electricity $ 634,678 $ 600,036 $ 587,357 Sale of water 3,730 528 Other operating revenues 5,430 5,092 5,453 Total operating revenues 643,838 605,656 592,810 Operating Expenses: Electric operation expense: Production 226,446 233,308 237,685 Purchased and interchanged power 30,593 28,271 16,190 Transmission 4,442 3,692 4,068 Distribution 3,299 3,789 3,594 Customer accounts 3,2G2 2,477 3,571 Sales 1,465 1,610 1,618 Administrative and general 56,504 49,496 48,087 Electric maintenance expense 53,029 54,824 51,626 Water operation expense 1,063 338 Water maintenance expense 168 20 Total operation and maintenance expense 380,291 377,825 366,439 Depreciation and amortization 91,468 80,222 78,329 Sumsinlieu of taxes 1,929 2,235 3,643 Total operating expenses 473,688 460,282 448,411 Operating Income 170l150 145,374 144,399 Other Income: Interest income 20,682 18,271 17,493 Other - not 96 50 1,850 Totalotherincome 20,778 18,321 19,343 Interest Charges: Interest on long-term debt ~ 125,370 117,970 122,557 Other 39,747 31,312 27,197 Totalinterest charges 165,117 149,282 149,754 Costs to be Recovered from Future Revenue 24,854 20,962 23,595 Reinvested Earnings $ 50,665 $ 35,375 $ 37,583 The accompanying notes are an integral part of these financial statements.

I- [ . Statements of Cash Flows l South Carolina Public Semce Authority Years Ended December 31,1995,1994, and 1993 1995' 1994 1993 (Thousands) j_ Cash Flows From Operating Activities: Operating income $ 170,150 $ 145,374 $ 144,399 Adjustments to reconcile operating income to net cash prmoded by operating activities: Depreciation and amortization 101,267 86,6 0 86,913 Otherincome 96 50 1,850 Changesin assets andliabilities: Accounts receivable, net (9,741) 2,758 (7,051) Inventories 1,851 (17,245) 17,489 Prepaid expenses (85) 301 (326) Other deferred debits (5,649) 3,473 (2,659) Deferred coalcontract buy out costs (50,200) Accounts payable (2,415) 4,347 1,050 Other currentliabilities 24,924 (7,590) ~ (6,612) Other noncurrentliabilities (2,673) (569) 16,090 i Net cash provided by operating activities 227,525 217,559 251,143 Cash Flows From Investing Activities: Net decreaseininvestments 48,901 163,356 106,127 Interest on investments 19,977 20,228 29,379 Net cash provided by investing activities 68,878 183,584 135,506 Cash Flows From Noncapital-Related Financing Activities: Distribution to the state e' South Carolina ' (6,436) (6,157) (5,997) Cash Flows From Capital-Related Financing Activities: Proceeds from sale of bonds 317,791 977,955 Retirements (additions) of reacquired debt 3,644 (544) (5,205) Net commercial paper proceeds (repayments) 118,620 10,450 (13,500) Repayment and refunding of bonds (366,389) (31,162) (964,183) Interest paid on borrowings (166,697) (156,503) (183,548) Construction and betterments of utility plant (114,558) (182,160) (240,513)' - Debt issuance costs (16,870) (739) (15,021) Other (3,318) (3,225) (3,148) Net cash used in capital-related financing activities (227,777) (363,883) (447,163) Net Increase (Decrease) in Cash and Cash Equivalents 62,190 31,103 (65,511) Cash and Cash Equivalents at the Beginning of the Year 153,088 121,985 188 496 Cash and Cash Equivalents at the End of the Year $ 215,278 $ 153,088 $ 1 1,985

1995 1994 1993 (Thousands) Reconciliation of Cash and Cash Equivalents: Cash and investments held by trustee (designated) $ 272,856 $ 291,878 $ 440,427 Cash and investments held by trustee (undesignated) 106,830 51,778 50,794 - Bond funds - current portion 96,364 106,415 90,031 Less investments, not considered cash and cash equivalents. 260,772 296,983 459,267 Cash and cash equivalents at the end of the year $ 215,278 $ 153,088 $ 121,985 The accompanying notes are an integral part of these financial statemeris. l i

Notes to Financial Staternents i l NOTE 1-

SUMMARY

OE SIGNN7 CANT ACCDUNTING P0lJCIESr to costs to be recovered from future revenue and working capital l A - Reporting Entity The South Carolina Public Service requirements. j l Authority (the Authority), a component unit of the state of I-DeferredGalContractBuy-OutCosts During1995,theAuthority J l South Carolina, was created in 1934 by the state legislature. exercised a buy-out option on an existing coal contract in order to The Board of Directors is appointed by the Governor of South take advantage oflower coal costs. The cost of the buy-out, which Carolina. The purpose of the Authority is to provide electric was approximately $53,000,000,is recorded in deferred debits and power and wholesale watet to the people of South Carolina. included as a component of fuel costs over the remaining life of the Capital projects are funded by bonds issued by the Authority former contract. and internally generated funds. The Board of Directors sets J - Reclass@ cations - Certain prior year amounts have been rates charged to customers to pay debt service and operating reclassified to conform to the current year presentation. I expenses and to provide funds required under bond covenants. l B System rfAccounts-The accounting records of the Authority are NOTE 2 - REGIONAI, WATER SYSTENr in accordance with generally accepted accounting principles In 1992, the Authority's Board of Directors authorized the ) applicable to governmental entities (Note 12) and are maintained construction of a regional water system. The Authority executed a l substantially in accordance with the Uniform System of Accounts contract with the lake Moultrie Water Agency, a joint municipal prescribed by the Federal Energy Regulatory Commission (FERC) water system consisting of the following members: City of and the National Association of Regulatory Utility Commissioners Summerville Commission of Public Works, Town of Moncks Corner (NARUC) as applicable. Comnussion of Public Works, City of Goose Creek, and the County of C - UtilityPlant - Utility plant is recorded at cost,which incl : des Berkeley. The Lake Moultrie Water Agency will purchase all of the materials, labor, overhead, and interest capitalized during capacity of the water system and sell such capacity to the four construction. Capitalized interest was $5,973,000 in 1995, members. The water system commenced initial operation on $27,149,000 in 1994, and $21,523,000 in 1993. The costs of October 1,1994. The construction ct.sts incurred as of December 31, repairs and minor replacements are charged to appropriate 1995 and 1994 totaled apprcximately $37,163,000 and operation and maintenance expense accounts. The costs of $35,561,000, respectively. renewals and betterments are capitalized. The original cost of 1 utility plant retired and the cost of removal,less salvage, are NOTE 3 - COSTS TO RE RECOVERED EROM EUTURE REVENUER charged to accumulated depreciation. The Authority's electric rates are established based upon D Depreciation Depreciationiscomputedonastraight-linebasis debt service and operating fund requirements. Straight-line over the estimated usefullives of the various classes of the plant, depreciation is not considered in the cost of service calculation Annual depreciation provisions, expressed as a percentage of used to design rates. The differences between debt principal average depreciable utility plant in service, were approximately maturities (adjusted for the effects of premiums, discounts, 3.4% for the period ended December 31,1995 and 3.3% for each of and amortization of deferred gains and losses) and straight-the two years in the period ended December 31,1994. Amortization line depreciation are recognized as costs to be recovered from of capitalized leases is also included in depreciation expense. future revenue. The recovery of outstanding amounts E RevenueRecognitionandIbelCosts-Substantiallyallwholesale associated with costs to be recovered from future revenue will i and industrial revenues are billed and recorded at the end of each coincide with the retirement of the outstandinglong-term debt i month. Revenues for electricity delivered to retail customers which of the Authority. have not been billed are accrued. Fuel costs are reflected in operating expenses as fuelis consumed. NOTE 4 - CASK AND INVESTMENTS NEI.D RY TRUSTEE F-BondIssuanceCosts Unamortizeddebtdiscount, premium,and (DESIGNATED)r expense are amortized to income over the terms of the related debt Unexpended funds from the sale of bonds, debt service issues. Prior to December 31,1994, unamortized gains or losses on funds, other special funds, and cash and investments are held refunded debt were generally defened and amortized to income and maintained by trustees, and their use is designated in over the terms of the refunding debtissue. Due to implementation accordance with applicable provisions of various trust of Governmental Accounting Standards Board Statement No. 23 indentures, bond resolutions, base agreements, and the (GASB 23), " Accounting and Financial Reporting for Refundings of Enabling Act included in the South Carolina law. Such funds l Debt Reported by Proprietary Activities ~ in 1995, gains or losses are consist principally of investments in government securities. I amortized to income over the shorter of the remaining life of the Effective January 1,1994, the Financial Accounting Standards refunded debt or thelife of the new debt. In addition, per GASB 23, Board Statement No.115, " Accounting for Certain Investments the unamortized loss on refunded debt has been reclassified from in Debt and Equity Securities," was adopted. This statement deferred debits to a reduction in long-term debt-net for 1995 and requires investments to be classified into one of three 1994. This change in accounting policy did not have a material categories: trading, held-to-maturity,oravailable-for sale.The l impart on the results of operations or changes in financial position. Authority's investments are all classified as either held-to-l 0 - Cash and Cash Equivalents - For purposes of the statements of maturity or available-for-sale. As required by this statement, cash flows, the Authority considers highlyliquid investments with investments classified as held-to-maturity are carried at l original maturities of less than three months and cash on deposit amortized cost. Securities categorized as available-for-sale are with financialinstitutions as cash and cash equivalents. carried at market value, with the net unrealized gain or loss H - State Distnbution - The distribution to the state of South offset against accumulated earnings reinvested in the business. Carolina is determined utilizing a formula required under the 1949 As of December 31,1995 and 1994, the Authority had Indenture which is based essentially on operating cash flows and held-to-maturity investments carried at amortized cost and mandatory reserve requirements. Such calculation varies available-for-sale investments carried at fair market value as substantially from reinvested eamings for Q year principally due detailed on the following page.

Y l l 1995 1994 1994. Gains and losses in connection with these sales totaled l 5' (Thousands) $31,000 and $18,000, respectively. These gains andlosses were Held-To-Maturity computed as the difference between the proceeds and l Amortized cost $ 101,583 $' 84,665 specifically identified amortized cost per security. Gross unrealized holding Cash - Cash is categorized as follows: Category 1 includes gains /(lossu) 25 (521) bank balances entirely covered by federal depository insure.nce. Category 2 includes bank balances that are i Available-For-Sale uncollateralized or collateralized with securities pledged to the Fair market value 1 373,033 $ 316,706 Authority by pledging financialinstitutions but not held in the l Gross unrealized holding Authority's name. gains 6,936 183 Investments - Trust indentures and resolutions authorize 1 i Gross unrealized holding the Authority to invest in obligations of the U.S. Treasury, ~ 12 7,669 agencies, instrumentalities, and certificates of deposit. The losses Authority's investments consist of U.S. government securities, ? . Included in the Authority's available-for-sale investments certificates of deposit, and repurchase agreements. The carried at fair market value are nuclear decommissioning funds of Authority requires that securities underlying repurchase $38,132,000 with related unrealized holding gains of $1,109,000 agreements have a market value of at least 102 percent of the and $26,040,000 with related unrealized holding losses of cost of the repurchase agreement. Securities underlying I $5,076,000 as of December 31,1995 and 1994, respectively. These repurchase agreements are delivered by broker / dealers to the ' unrealized holding gains or losses are reflected in the Authority'strustagents. At December 31,1995,the Authority's - decommissioning liability and not as a separate component of repurchase agreements totaled $179,854,000. accumulated eamings reinvested in the business. The Authority's investments are categorized to give an All the Authority's investments with the exception of - indication of the level of risk assumed by the Authority at year-decommissioning funds are limited to a maturity of ten years or end. Category 1 includes investments that are insured or less. For the year ended December 31,1995, the Authority had registered or for which the securities are held by trust agents l proceeds of $22,464,000 from sales of available-for-sale in the Authority's name. Category 2 includes uninsured securities and realized $286,565 in gains and no losses in certificates of deposit which are collateralized with securities [ connection with these sales. Proceeds 8 tom available-for-sale pledged to the Authority by pledging financialinstitutions but securities totaled $12,153,000 for the year ended December 31, not held in the Authority's name. i 1995 i Investments Cash Total Category Category Category Category Carrymg Market i 1 2 1 2 Value Value l (Thousands) l Cash and Investments j Held by Trustee (Designated) GeneralImprovement Funds... $ 46,734 $ 1,350 53 687 $ 48,824 $ 48,824 Debt Service Reserve Funds...... 143,334 0 24 2,042 145,400 145,400 Other Special Funds 68,176 0 7 65 68,248 68,248 Funded Interest..... 10,384 0 0 0 10,384 10,409 i Total Cash and Investments j Held by Trustee (Designated). .. $ 268,628 $ 1,350 84 $ 2,794 $ 272,856 $ 272,881 Cash and Investments Held by Trustee (Undesignated) Revenue Fund......... .. $ 55,408 0 0 $ (7,237) . $ 48,171 $ 48,171 Revenue Fund - Water System... 541 0 0 0 541 541 Special Reserve Fund.. 57,581 0 100 406 58,087 58,087 Special Reserve Fund - Water. 31 0 0 0 31 31 Total Cash and Investments i Held by Trustee (Undesignated).... $ 113,561 0 Q M 8311 3 106.830 $ 106,830 Bond Funds - Current Portion Interest....... 60,746 0 0 0 $ 60,746 $ 60,746 Bond Principal... 19,801 0 0 5,045 24,846 24,846 Funded Interest.,....... 10,258 0 0 78 10,336 10,336 l

1. ease........

436 0 0 0 436 436 Total Bond Funds - Current Portion.... $ 91,241 0 0 $ 5,123 $ 96,364 $ 96,364

1994 Investments Cash _ Total Category Category Category Category Carrying Market 1 2 1 2 Value Value (Thousands) Cash and Investments Held by Trustee (Desigt:ated) GeneralImprovement Nnds... 53,238 $ 1,300 33 80 $ 54,651 $ 54,651 Debt Service Reserve Funds... 128,179 0 0 1,030 129,209 129,209 Other Special Funds.... 76,782 0 0 425 77,207 77,207 Funded Interest.... 30,811 0 0 0 30,811 30,295 Total Cash and Investments Held by Trustee (Designated).... $ 289,010 $ 1,300 33 $ 1,535 $ 291,878 $ 291,362 Cash and Investments Held by Trustee (Undesignated) Revenue Fund. 53,155 0 0 $ (5,875) $ 47,280 $ 47,280 Special Reserve Fund... 4,307 0 100 91 4.498 4,498 Total Cash and Investments Held by Trustee (Undesignated)... $ 57,462 1 0 100 $M $ 51,778 $ 51,778 Bond Funds - Current Portion Interest... 24,421 0 0 $ 36,011 $ 60,432 $ 60,432 Bond Principal. 28,797 0 0 617 29,414 29,409 Funded Interest.. 497 0 0 15,634 16,131 16,131

1. ease.

438 0 0 0 438 438 Total Bond Funds - Current Portion.... $ 54,153 0 0 g $ 106.415 $ 106,410 l I l l 1 l I l l \\@

a E i I-i l_ N01E 5 -1,0NG.1ERM DDT OUTSTANDDIG The Authority'slong-term debt at December 31,1995 and 1994 consisted of the following: December 31, i 1995 1994 [, (Thousands) [ Electric Revenue Bonds - Priority Obligations: (mature through 2006) - Interest rate 4.10%.......... 39,380 42,100 Electric System Expansion Revenue Bonds: (mature through 2022) L Interest rates vary from 5.35% - 8.60%. 744,215. -1,079,455 f i l - Capitalized lease obligationsi(mature through 2015) i. l Interest rates vary from 2.00% - 5.00%........................ 46,130 . 49,448 - 3 t Revenue Bonds: (mature through 2032). Interest rates vary from 3. 60% - 7.00%.............................. 1,660,500-1,370,910 TotalI.ong-Term Debt.... -2,490,225 2,541,913 j Current Portion - 1.ong. Term Debt.. 41,878 54,612 J t I Total I.ong-Term Debt - (Net of current portion)... ................ $ 2,448,347 f $ 2,487,301 l + i Maturities of long-term debt through 2000 are as follows: Priority " Expansion Capitalized Revenue Obligations Bonds I. eases ~ Bonds Total l Year Ending December 31, (Thousands) _ { I 1996... 2,845 $ 23,165 5 3,418 . $ 12,450 $ 41,878 19 9 7................... 2,975 19,160 3,527-29,325 54,987 1998.. 3,105 13,345 3,609 31,475 51,534 1999................. 3,245 7,850 3,328 44,350 58,773 I 2000..... 3.395 8,320' 2,761 47,630 62,106 ...... $ 15,565 - $ 71,840 $ 16,643 $ 165,230 $ 269,278 Total. h i The fair value of the Authority's debt is estimated based on the Series A Bonds and $177,075,000 in 1995 Refunding Series B Bonds. l,. . quoted market prices for the same or similarissues or on the current These refundings reduced the Authority's total debt service over rates offered to the Authority for debt with the same remaining the life of its bonds by approximately $57,034,000, resulting in an maturities. Based on the borrowing rates currently available to the economic gain over the life of the bonds of approximately Authority for tax-exempt bonds and other debt with similar terms $22,361,000. and average maturities, the fair value of debt is approximately On June 2,1995, the Authority entered into a Forward Bond $2.87 billion and $2.50 billion at December 31,1995 and 1994, Pturhase Agreement for the sale of $267,045,000 Revenue Bonds, respectively. 1996 Refunding Series A to be delivered on or about April 4,1996. l The Authority refunds and defeases debt primarily as a means of This refunding will reduce the Authority's total debt service over reducing debt service, thereby postponing or redudng future rate the life of its bonds by $o3,532,000 after the bonds close. Principal adjustments. maturities relating to the 1996 Refunding Series A bonds are . In 1995, the Authority issued $139,685,000 in 1995 Refunding included in the above table under Revenue Bonds."

Refunded amounts outstanding, originalloss on refunding, and the unamortized loss at December 31,1995 are as follow: Refunding Issue Refunded Bonds Refunded Amount Original Unamortised Outstanding Loss Loss (Thousands) [I 1985 Refunding $ 150,000 of the 1982 Series B $ 30,570 '365 Cash Defeasance $ 20,000 of the 1982 Series A 2,763 1,953 1986 A&B Refunding $ 42,725 of the 1980 Series A $ 42,000 of the 1981 Series A $ 61,000 of the 1981 Series B $ 4,420 of the 1981 Series C l l $ 7,820 of the 1982 Series A l $ 9,010 of the 1982 Series B 43 736 464 l 1986 C&D Refunding $ 280,275 of the 1982 Refunding Series 97,109 79,794 1987 A Refunding $ 160,510 of the 1985 Refunding Series 48h38 1,757 l 1988 A Refunding $ 18,'220 of the 1980 Series A $ 18,315 of the 1981 Series A j $ 9,110 of the 1982 Refunding Series $ 5,000 of the 1985 Refunding Series l $ 120,890 of the 1985 A Refunding Series 28,644 472 1991 A,B,&C Refunding & $ 4,855 of the 1980 Series A Improvement Series $ 8,075 of the 1981 Series A $ 13,500 of the 1985 Series $ 32,500 of the 1985 A Refunding Series 4,856 1,037 1992 A Refunding $ 3,370 of the 1985 Refunding Series ' $ 5,405 of the 1985 A Refunding Series $ 100,010 of the 1986 Refunding Series A $ 22,555 of the 1988 Refunding Series A $ 15,370 of the 1991 Refunding Series B $ 12,085 of the 1991 Series D 150,020 42,188 35,336 1993 A&B Refunding $ 86,180 of the 1974 Series 5 93,360 of the 1979 3eries A $ 4.980 of the 1985 A Refunding Series $ 14,935 of the 1986 Refunding Series A $ 23,675 of the 1986 Refunding Series B $ 135,705 of the 1991 Refunding & Improvement Series B and C 174,315 38,870 38,870 1993 C Refunding $ 167,660 of the 1977 Refunding Series 900 of the 1985 Refunding Series $ 2,390 of the 1985 A Refunding Series $ 6,365 of the 1986 Refunding Series A $ 14,905 of the 1988 Refunding Series A $ 100,110 of the 1991 Refunding & Improvement Ser:es B and C $ 279,905 of the 1991 Series D 401,285 72,311 68,603 5hh5 A Refunding $ 138,505 of the 1988 Refunding Series A 138,505 20,024 17,799 1995 B Refunding $ 175,330 of the 1987 Refunding Series A 40,758 36,229 Total $ 864,125 $ 469,867 $ 282,679 l'

The Authority's bond indentures provide for certain At December 31,1995 the Authority had a Revolving Credit restrictions, the most significant of which are: Agreement with NationsBank for $250,000,000. This

1. The Authority covenants to establish rates sufficient to agreement is used to support the Authority's issuance of pay all debt service, required lease payments, capital commercial paper. There were no borrowings under the improvement fund requirements, and all costs of operation and agreement during 1995 or 1994.

maintenance of the Authority's electric system and all In 1988 and 1989, the Authority issued bonds (Mini-Bonds) r necessary repairs, replacements, and renewals thereof, in small denominations which are due on demand by the

2. The Authority is restricted from issuing additional parity registered owner under a Mini-Bond Resolution. In 1990, the bonds unless certran conditions are met.

Revenue Bond Resolution was adopted and all senier debt As of December 31,1995, the Authorityisin compliance with including the existing 1988 and 1989 Mini Bonds were frozen all debt covenants. except for refunding purposes. Under the Revenue Bond Resolution, small denomination bonds due on demand (Series NOTE 6 - COMMTRCTAI, PAPER AND MINI-RONDSr M Bonds) were issued. The pledge of revenues securing The Board ;r Directors has authorized the issuance of Revenue Bonds is junior and subordinate to the pledge of commercial paper not to exceed $250,000,000. The paper is revenues secuzing the Priority Obligations, Electric System issued for valid corporate purposes with a term not to exceed Expansion Revenue Bonds, and the 1988 and 1989 Mini-Bonds 270 days. For the years ended December 31,1995,1994, and and capital lease obligations, but is superior to the lien and 1993, the information related to commercial paper was as pledge of revenues securing the Commercial Paper, payments follows: to the Contingency Fund, CapitalImprovement Fund, Special 1995 19941993 Reserve Fund, and the payments to the state. Effective interest late At December 31, 1995, the Authority had additional (at December 31) 3.71% 3.99% 2.52% Revolving Credit Agreements with NationsBank totaling $40,000,000. These agreements are used to provide liquidity Average annual amount for the put feature on all outstanding Mini-Bonds. There were outstanding ($000) $175,170 $108,572 $117,700 no borrowings under these agreements in 1995 or 1994. Average maturity ' 77 days 62 days 52 days Average annual effective interest rate 3.88 % 2.90% 2.40% Commercial Paper and Mini-Bonds outstanding at December 31, are as follows: l 1995 1994 1 I (Thousands) Commercial Paper. .5 237,320 118,700 l Mini-Bonds: 1988 Series, bearing interest at 7.75% and due 2003. 16,453 16,547 1989 Series, bearing interest at 7.00% and due 2004. 19,308 18,975 Total Mini-Bonds.. 35,761 35,522 Revenue Bonds (Series M): 1990 Series bearing interest at 7.30% and due 2005 and 2006.. 22,997 22,602 1991 Series bearing interest at 6.875% and due 2007 and 2008. 28,693 28,405 1992 Series bearing interest at 6.25% and due 2007,2008, and 2009.. 40,535 40,231 1993 Series bearing interest at 5.35% and due 2010,2011, and 2012. 29,705 29,740 Total Revenue Bonds (Series M).. 121,930 120,978 Total Mini-Bonds and Revenue Bonds (Series M). 157,691 156,500 Total Commercial Paper, Mini Bonds, and Revenue Bonds (Series M). 395.011 275,200 i

NOTE 7 - SUNNER NUCIEAR STATION; December 31,1995 totals $1,783,000. Such amount has been the Authority and South Carolina Electne and Gas (SCE&G) are deferred and will be recovered through rates as paid. These parties to a joint ownership agreement providing that the costs areincluded on the balance sheet in Deferred Credits and Authority and SCE&G shall own the Summer Nuclear Station with Other Noncurrent Liabilities. undivided interests of 33%% and 66%%, respectively, SCE&G is solely responsible for the design, construction, budgeting, NOTE 8 -I.EASESr management, operation, maintenance, and decommissioning of The Authority has capitallease contracts with Cer. tral Electric the Summer Nudear Station, and the Authority is obligated to pay Pawer Cooperative, Inc. (Central), covering a steam electric its ownership share of all costs relating thereto. The Authority generating plant, transnussion facilities, and various other receives 33 %% of the net electricity generated. At December 31, facilities. The lease terms range from 1 to 20 years. Quarterlylease I 1995 and 1994, the plant accounts induded approximately . payments are based on a sum equal to the interest on and principal f $478,000,000 and $440,604,000, respectively, representing the of Central's indebtedness to the Rural Utilities Service (formerly Authority's investment, including capitalized interest, in the Rural Electrification Administration) for funds borrowed to

umer Nudear Station. For each of the three years ended construct the above-mentioned facilities. The Authority has December 31,1995,1994, and 1993, the Authority's operation and options to purchase the leased properties at any time during the maintenance expenses included $45,282,000, $41,545,000, and period of the lease agreements for sums equal to Centra!'s

$44,352,000 respectively, for the Summer Nuclear Station. indebtedness remaining outstanding on the properties at the time Nuclear fuel costs are being amoitized based on energy the options are exercised or to return the properties at the expended, which includes a component for estimated disposal costs termination of the lease. The Authority plans to exercise each and of spent nudear fuel. This amortization k indaded in fuel expense every option to acquire ownership of such facilities prior to I and is recovered through the Authority's rates. expiration of theleases. SCE&G has an on-site spent fuel storage capability until at least future minimum lease payments on Central leases at 2008 and expects to be able to expand its storage capacity to December 31,1995 were: accommodatethespentfueloutputforthelifeof theplantthrough rod consolidation, dry cask storage, or other technology as it Years ending December 31: Amount becomes available. In addition, there is sufficient on-site storage (Thousands) capacity over the life of Summer Nuclear Station to permit storage 1996. 5,229 of the entire reactor core in the event that complete unloading 1997. 5,229 should become desirable or necessary for any reason. 1998. 5,198 The Nuclear Regulatory Commission (NRC) has published final 1999. 4,802 regulations on decommissioning of nuclear facilities that require a 2000. 4,129 licensee of a nuclear reactor to provide minimum financial Thereafter. 37,473 assurance of its ability to decommission its nudear facilities. In compliance with the applicable NRC regulations, the Authority Total minimum lease payments. 62,060 established an extemal trust fund and began making deposits into less amounts representing interest. 15,930 this fund in September 1990. In addition to providing for the minimum requirements imposed by the NRC, the Authority makes Balance at December 31,1995. . $ 46,130 deposits into an intemal fund in the amount necessary to fund the difference between a site-specific decommissioning study Property under capitalized leases and related accumulated completed in 1991 and the NRC's imposed minimum amortization included in utility plant at December 31,1995 requirement. The Authority's one. third share of the estimated totaled $99,123,000 and $61,387,000, respectively, and at decommissioning costs of the Summer Nuclear Station equals December 31, 1994 totaled $99,628,000 and $59,002,000, approximately $76,266,000 in 1990 dollars. The Authority respectively. accrues for its share of the estimated decommissioning costs Operating lease payments during the years ended December over the remaining life of the facility. These costs are being 31,1995,1994, and 1993 totaled $1,142,000, $1,116,000, and recovered through the Authority's rates. $753,000, respectively. Based on current decommissioning cost estimates developed by SCE&G, these funds, which totaled approximately $38,165,000 NOTE 9 - CONTRACT WITH CENTRAI, ILECTRIC POWER (adjusted to market) at December 31, 1995, along with future C00FERATIVE,1NC.r deposits into both the external and internal decommissioning Power supply and transnussion services are provided to Central accounts and investment earnings, are estimated to provide in accordance with a power system coordination and integration sufficient funds for the Authority's one-third share of the total agreement. In addition, the Authority will be the sole supplier of decommissioning costs. Central's energy needs excluding energy Central receives from the The Energy Policy Act of 1992 gave the Department of Energy Southeastern Power Admuustration and SCE&G. (DOE) the authority to assess utilities for the decommissioning of its facilities used for the enrichment of uranium included in NOTE 10 - COMMITNENTS AND CONT 1NGENCIES: nuclear fuel costs. In order to decommission these facilities, Budget - The Authority's capital budget provbs for j the DOE estimates that it would need to charge utilities a total expenditures of approximately $91,474,000 during th" yeai of $150,000,000, indered for inflation, annually for 15 years ending December 31,1996 and $171,723,000 during the two based on enrichment services used by utilities in past periods. years thereafter. These projects will be financed by int, rnally l Based on an estimate from SCE&G covering the 15 years, the generated funds and additional borrowings. Authority's remanung one-third share of the liability at Purchase Commitments - The Authority has contracted for

long-term coal purchases under contracts with outstanding The Authority pays insurance premiums to certain other state minimum obligations at December 31,1995 as follows: agencies to cover risks that may occur in normal operations. The insurers promise to pay to, or on behalf of, the insured fur covered Years ending December 31: Amount economic losses sustained during the policy period in accord with (Thousands) insurance policy and benefit program limits. Several State funds accumulate assets, and the state itself assumes all risks foi the 1996. 64,518 fgt

1) Claims of employees for unemployment compensation 5

e p D ent h @ W 4 ^ 1999... 54,658

2) Claims of covered employees for workers' compensation bene-2000.

54,658 fits forjob-related illnesses or injuries (State Accident Fund): Thereafter. 105,149

3) Claims of covered employees for health benefits (Office of Total.

407,823 Insurance Services); and M The Authority's outstanding minimum obligations under an life insurance benefits (Retirement Systems). existing purchased power contract as of December 31,1995 were Employees elect health coverage through either a health approximately $112.0 million. The term of the contract is 40 years, maintenance organization or through the State's self-insured The Authority has a commitment for the purchase of uranium plan. All other coverages listed above are through the which expires in 1998. This commitment totals approximately $5 applicable State self-insured plan except that additionallong-million for the Authority's one-third share under the jomt term disability premiums are remitted to commercial carriers. j ownership agreement with SCE&G. Enrichment and fabrication The maximum liability for public claims arising from any contracts are contingent upon the operating life of the nuclear nuclear incident has been established at $8.9 billion by the unit. These commitments total approximately $100 million over Price-Anderson Indemnification Act. This $8.9 billion would be e vered by nuclear liabilityinsurance of about $200 million per kMa agem - The Authority is exposed to various risks of loss s e, with potential retrospective assessments of up to $79.275 relatad to torts; theft of, damage to, and destruction of assets and " per bnsee b ead nuclear M,ent ochg at any errors and omissions. The Authority purchases commercial reactor m. the United States (payable at a rate not to exceed $10 b h h Se M h d @ & e nulli n per incident, per year). Based on its one-third interest risks have not exceeded commercialinsurance coverage in any of m Summer Nuclear Station, the Authority would be responsible the past three years. Policies are subject to deductibles ranging for the maximum assessment of $26.425 million, not to exceed from $1,000 to approximately $800,000. Also a $1 million self-approximately $3.3 million per incident, per year. This amount i insured layer exists between the Authority's primary and excess is subject to further increases to reflect the effect of (i) Uany pomes. inflation, (ii) the licensing for operation of additional nuclear The Authority is self-insured for auto, dental, and environ-reactors, and (iii) any increase in the amount of commercial mental incidents. Automotive exposure is up to $2 million per liability insurance required to be maintained by the NRC. 1 meident. Risk exposure for the dental plan is limited by plan provi-Additionally, SCE&G and the Authority maintain with I sions.There have not been any third-party claims for environmental American Nuclear Insurers (ANI) and Nuclear Electric Insurance damages for 1994 or 1995.The Authority currently reports all of its I.imited (NEIL) $500 million primary and $1.4 billion excess risk management activities in its general fund. Claims expenditures property and decontamination insurance to cover the costs of and liabilities are reported when it is probable that a loss has cleanup of the facility in the event of an accident. In addition occurred and the amount of the loss can be reasonably estimated. to the premiums paid on the excess policy, SCE&G and the At December 31,1995, the amount of these liabilities was $1.6 Authority could also be assessed a retroactive premium, not to million. The liability is the Authority's best estimate based on exceed 7.5 times the annual premium,in the event of property available information. Changes m the reported liability m, each of damage to any nuclear generating facility covered by NEIL the past two years are as follows: Based on the current annual premium and the Authority's one-1995 1994 third interest, the Authority's maximum retroactive premium w uld be $4.3 million. Thousands The Authority is self-insured for any retroactive premium Unpaid claims and claim assessments, claims in excess of stated coverage, or cost adjustments expenses at increases due to the purchase of replacement power. beginning of year 5 2,437 $ 4,517 Clean Air Act - The Authority endeavors to ensure that its facilities comply with applicable environmental regulations ~ Incurred claims and and standards. claim adjustment expenses: Congress has promulgated comprehensive amendments to i Provision for insured events the Clean Air Act, including the addition of a new federal of the current year 763 825 program relating to acid precipitation. The Authority has (Decreases) increases in evaluated the potential impact of this legislation, including provisionfor prior years' events (686) (1,854) new limits on the allowable rates of emission of sulfur dioxide and nitrogen dioxide. While the legislation contains a number Payments for current of new restrictions, the most significant new requirements, i and prior years 880 1,051 relating to acid precipitation, would not begin to impact the ) Total unpaid claims and claim Authority until the year 2000. expenses at end of year 5 1.634 $ 2,437 @l

The Clean Air Act Amendments require, among other th:ngs, employers. The Authority's contribution represented specific reductions la sulfur dioxide and nitrogen oxide approximately one and a half percent of the total contribution emissions from fossil fired generating units. These reductions to the System. will be required in two phases. Phase I compliance must be Ten-year historical trend information showing the System's implemented by January 1,1995, while Phase II compliance is progress in accumulating sufficient assets to pay benefits when to begin on January 1, 2000. The Authority projects that it may due is presented in the System's June 30,1995 Comprehensive be necessary to purchase S0, emission credits and upgrade the Annual financial Report. sulfur removal capabilities of existing units to meet Phase II SO, The Authority also provides deferred compensation benefits emissionlimitations. Although most Clean Air Act Amendment to certain employees who are eligible to retire with ten years of regulations have been finalized, some important regulations service and have reached the age of 50. The cost of these have yet to be promulgated by the EPA. Therefore, complete benefits is accrued on an actuarially determined basis. As of compliance costs cannot yet be determined. The Authority has December 31,1995, there were 36 active participants and 26 installed continuous emissions monitoring equipment at a cost retirees. The accrued liability at December 31,1995 and 1994 of $5.6 million and estimates that it will spend $8 million for was approximately $3,822,000 and $3,572,000, respectively. low nitrogen oxide burner technology by the year 2000. EnergyPolicyAct of1992 - The Energy Policy Act oi 1992 (Energy NDTE 12 - OTHER POSTRETIREMENT BENET:TS: Act) promotes energy efficiency, alternative fuel use, transmission The Authority provides certain health, dental, and life access, and increased competition for electric utilities and will insurance benefits for retired employees. Substantially all of have a significant impact on the utility industry. At this time, the Authority's employees may become eligible for these the Authority is not able to determine what impact the Energy benefits if they retire at any age with 30 years of service or at Act will have on the financial results of the Authority. age 60 with at least 20 years of service. Currently, approximately 283 retirees meet these requirements. The cost NOTE 11 - RETIREMENTPl.AN: of thehealth, dental,andlifeinsurancebenefitsarerecognized Substantially all Authority full-time employees must as expense as the premiums are paid. For the years ended participate in one of the components of the South Carolina December 31,1995,1994, and 1993, these costs totaled Retirement System (System), a cost-sharing, multiple- $626,500,1558,000, and $515,000, respectively. employer public employee retirement system. The payroll for During their first ten years of service, full-time permanent employees covered by the System for each of the years ended employees can earn up to 15 days vacation leave per year. After December 31,1995,1994, and 1993 was $72,520,000, ten years of service, employees earn an additional day of $69,705,000, and $65,727,000, respectively. vacation leave for each year of service over ten until they reach Vested employees who retire at age 65 or with 30 years of the maximum of 25 days per year, Employees earn annually a service at any age are entitled to a retirement benefit, payable half day per month plus three additional days at year-end for monthly for life. The annual benefit amount is equal to 1.82 sick leave, percent of their average final compensation times years of Employees may carry forward up to 45 days of vacation leave service. Benefits fully vest on reaching five years of service, and 180 days of sick leave from one calendar year to the next. Reduced retirement benefits are payable as early as age 55. The Upon termination, the Authority pays employees for System also provides death and disability benefits. Benefits are accumulated vacation leave at the pay rate then in effect. In established by state statute. addition, the Authority pays employees upon retirement 20 Employees are required by state statute to contribute 6 percent of their accumulated sick leave at the pay rate then in percent of salary. The Authorityis required by the same statute effect. Prior to 1995, these costs were carried in a defened debit to contribute 7.55 percent of total payroll. The contribution and liability account and are being amortized over a five-year requirement for each of the years ended December 31,1995, period. Amounts related to the current year are being 1994, and 1993 was $5,588,000, $5,370,000, and $5,063,000 recognized in the current year. This change in accounting from the Authority and $4,352,000, $4,183,000, and policy did r.ot have a material impact on the results of $3,944,000, respectively from employees. operations or changes in financial position. An actuarial valuatior. is performed for the System annually. According to the South Carolina Retirement System's June 30, NOTE 13 - CREDIT RISK AND MAJOR CUSTOMERSr 1995 financial statements, the pension benefit obligation for Concentrations of credit risk with respect to the receivables retired and active members was approximately $15.0 billion. are limited due to the large number of customers in the The amortized cost of assets of the System was approximately Authority's customer base and their dispersion across different $11.4 billion. The unfunded pension obligation was industries. The Authority maintains an allowance for approximately $3.6 billion. The pension benefit obligation is a uncollectible accounts based upon the expected collectibility standardized measure of the present value of pension benefits, of all accounts receivable. adjusted for the effects of projected salary increases, estimated Sales to two major customers for the years ended to be payable in the future as a result of employee service to December 31 were as follows: date. The measure, which is an actuarial present value of 1995 1994 1993 credited projected benefits, is intended to help users assess the ' (Thousands) System funding status on a going-concern basis, assess g p progress made in accumulating sufficient assets to pay benefits when due, and make comparisons among public employee n m 1 000 retirement systems. The System does not make separate M 000 $ WOO measurements of assets and benefits payable for individual

- Audit C:mmitte2 Chrirman's Lett:r. The Finance-Audit Committee of the Board of Directors is composed of five independent directors: Leon S. Goodall, chairman; larry L. Bigham; Frances B. Gilbert; J. Mac Walters; and Johnnie (Joe) Young. The Committee meets monthly 1 . with members of management ard Intemal Audit to review and discuss their' activities and responsibilities. The Finance-Audii Committee oversees Santee Coopets financial reporting and intemal auditing processes on behalf of the Board of Directors. Monthly briefings on the financial statements and periodic reports from management and the internal auditors pertaining to operations and representations were received. In fulfilling its responsibilities, the Committee also reviewed the overall scope and specific plans - for the respective audits by the intemal auditors and the independent public - accountants. The Committee discussed the Company's financial statements and the adequacy of its system of internal controls. The Committee met with the independent public accountants and with the General Auditor, without management present, to discuss the results of the examination,. the evaluation of Santee Coopets internal controls, and the overall quality of Santee Coope(s financial reporting. M l Leon S. Goodall, Chairman I Finance-Audit Committee 9

.___.____m_.. l gt */a* *p e-C>srm ' s na,aeg- 'n Wt3% tr4 f.W. a n 9.rtpentwp-') (y47; .y.' 4 p.g =mp l ~ l l Roard,<.of Directors i. ' .3 w3 so:d.%. +:.: .we4ktml:. uU ..a s Lea ..~.,w.s l t j

+.

l A ~ ih j l i 1 l. + YI \\ A. 1 l John S. Rainey Robert D. Bennett Leon S. Goodall i Chairman First Vice Chairman Second Vice Chairman Represents the Electric Cooperatives Represents 2nd Congressional District I j ) k. .A 4

v.

y.. t 9 o i ,i .T f. A Larry L Bigham Juanita W. Brown Frances B. Gilbert Represents 5th Congressional District Represents 1st Congressior.at District Represents Horry County 4 1

I l l 1 l l Y - R 1 J i 3 f. J f a o s t N Henry B. Rickenbaker John D. Trout Represents 6th Congressional District Represents Berkeley County Changes in the board

p N

B.L. Hendricks, who represented ^ ' }. the 3rd Congressional District on Santee Cooper's Board of Directors, died April 19. His seat j 3-on the board has not been y filled. ] 's, N J. Mac Walters J. Joseph Young Represents 4th Congressional District Represents Georgetown County i n---- -e

-{-, r ---5' T,0( N g-Adviso"ry Board' ; .i 9 ~ .- David M. Beasley Governor. . James M. Miles. Secretary of State Charles M. Condon Attorney General Earle E. Morris ' Comptroller General Richard A. Eckstrom lNanagement[ ' State Treasurer - y T. Graham Edwards Ronald H. Holmes - President and Vice President . Chief Executive Officer Human Resource Management Emily S. Brown Byron C. Rodgers Executive Vice President Vice President Administration and Finance Engineering and Construction Services Alfred Calafiore Jerry L Stafford - Executive Vice President Vice President Planning and Bulk Power Markets Corporate Communications Bill McCall Jr.- William R. Sutton Executive Vice President Vice President Operations Planning and Power Supply John H. Tiencken Jr. LF.

Butch" Volf -

Executive Vice President Vice President and General Counsel Transmission Lonnie C. Carter John S. West Vice President Vice President Corporate Forecasting Property and LegalServices Maxie C. Chaplin Elaine G. Peterson Vice President - Controller Generation H. Roderick Murchison Zack W. Dusenbury Treasurer Vice President Distribution W. Glen Brown Corporate Secretary

Sch:dule cf R: funded Bonds Outstanding As of December 31,1995 (In Thousands) CALL Daft JANUARY 1,1996 JULY 1,1996 JULY 1,2003 JULY 1. 2002 SERII5 1988-A REF 1986.A & B REF 1991.B&C REF 1991-0 Rate (%) Amount ($) Rate (%) Amount ($) Rate (%) Amount ($) Rate (%) Amount ($) l DAll JULY l i 1996 1997 1998 7.10 6,635 1999 7.20 7,110 7.80 6,365 2000 7.30 7,650 7.80 13,200 2001 7.40 8,220 7.90 835 6.60 15,370 5.90 5,870 2002 7.40 13,520 7.90 900 6.00 6.215 2003 7.50 330 8.00 4,695 2004 7.50 365 8.00 5,070 2005 7.60 5.385 8.00 5,475 2006 8.00 5,910 2007 8.10 6,390 7.00 4,025 2008 8.10 6,905 2009 7.00 8,915* 20D 1011 2012 7,00 25,610* 2013 2014 2015 7.75 18,840

2016 2017 2018 2019 8.00 65,565*

2020 7.00 23,675* 2021 7 '/s 107,910* 7.10 135,705* 2022 2023 2024 6.50 130,275* 2025 2026 6 72 61.560* 2027 2028 2029 2030 2031 6'/s 149,630* Totais per $175.965 $144,985 $251,185 $291,990 Series Totals per Call $175,965 $144.985 $251,185 $291,990 Date

Term Bond 5

Schedub cf Bonds Outstanding As oflkember 31,1995 (In Thousands) 1985 1935 A 1986 A&B 1986(80 MATURITY 1967 1973 1974 1977 1978 RETUNDING REFUNDING REFUNDING REFUh0 LNG OATE SERIES SERIE5 SERILS SERIES SERIE5 SERIE5' SERIES SERIES SERIES' JULY 1 Int. Rate Amt, Int. Rate Amt. lat. Rate Amt. Int. Rate Amt, Int. Rate Amt. Int. Rate Amt. Int. Rate Amt. Int. Rate Amt. Int. Rate Amt. 1996 4.10 2,845' 5% 1,900* 6.40 2.155 5.40 830 5.35 1,585 8.60 825 8.40 2,030 7.50 7,645 6.40 1.160 1997 4.10 2,975* 5% 2,010' 5.45 890 5.40 1,670 7.60 7.995 6.60 1J35

1998 4.10 3,10$*

5% 2,125' 5% 935 5.40 1,760 7.70 5,925 6.70 1,320 1999 4.10 1,245' 5% 2.245' 5% 1,005 5.70 1,850* 6.80 1,400 2000 4.10 3.395* 5% 2.375* 5.55 1,065 5.70 1.940* 6.90 1.505. 2001 4.10 3,545' 5% 2,510' 5.60 1,130 5.70 2,045* 7.00 1,605 2002 4.10 3,705* 5% 2,655* 5.60 1,220 5.70 2,145' 7.05 1.715 2003 4.10 3.870* 5% 2,810' 5% 1.295* 5.70 2,260* 7.10 3,510 2004 4,10 4.045* 5% 2,970* 5% 1,380* 5.70 2.380* 7.10 4,920 2005 4.10 4.230* 5% 3,140* 5% 1,460* 5.70 2,500* 7.10 5.265 2006 4.10 4,420* 5% 3,325' 5% 1,570* 5.70 2,630* 7.20 5.625 2007 5% 3,515' 5% 1,795* 5.70 7,385* 7.20 6,000 2003 5% 3,715* 5% 1,945' 5.70 7,845* 7.00 6,415* 2009 5% 3,930' 5% 2,080* 5% 8,330' 7.00 6,850* 2010 5% 4.155* 5% 2,225' 5% 8.845* 7.00 7,310* 2011-5 % 11,520* 5% 2,180* 5% 9,390* 7.00 6,025* 2012 5 % 12,180* 5 '/. 2,300* 5% 9.980* 7.00 6,430* 2013 5 % 12,880* 5% 2.500* 5 '/s 10,590* 7.30 6,870* 2014 C% 2.640* 5% 11,250' 7.30 7,915* 2015 5 % 21,065* 5% 11,950' 7.30 8,145* 2016 5 % 21.235' 5% 12.555' 7.30 20.430* 2017 5 % 34.580* 5% 13,190* 7.30 21.875* 2018 5 '/. 50,600* 7.30 23,425* 2019 7.30 25,080* 2020 7.30 27,005* 2021 7.30 56,985* 2022 6'/s 62,325* 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 Add: Total Outstanding As of 12/31/95 39,380 79.960 2,155 107.325 184.675 825 2.030 21,565 328,345 Bonds Redeemed As of 12/31/95 12,220 20,040 20,665 7,675 15,325 5.6 10 9.650 29.405 7,285 Bonds Refunded As of 12/31/95 0 0 86,180 0 0 169,780 166.165 144,985 0 Less: Accreted Value As of 12/31/95 Net: OrigmalIssue Amt. 51,600 100,000 109,000 115.000 200,000 176,215 177,845 195,955 335,630 FOOTNOTES:

Term Bonds (3) These are floatmg auction tax. exempt (* FLOATS *) and (4) 110,210,000 are serial bonds and19,000,000are term bonds,

^ se n a nd e u l rt e of 5.4 per a nu n ds thr gh 1 3 95 ccrued In t) those maturing 6/30/2006 and 5.60*4 per annum on those (2) Matunties are on January 1 instead of 3uly 1. eth a final matunty of 6/28/2013. (For Detads on Calls *See Schedule of Refunded Bonds Outstandmg.*)

e u > =ade 's987 A 1988 M 1988 A 1989M 1990M 1991 A.8&C 3991 M 1992 A REFUND 11G MINA.8OND REFUNDING MIN!-80ND MINI-80ND REFUNDING & MIN 180ND 19910 REFUNDING SERIES SERIES SERit5 $ ERIE 5 SERIE5 IMPROVEMENT SERIE$ SEk!ES SERIES SERIES Int. Rate Amt. Int. Rate Amt. Int. Rate Amt, Int. Rate Amt. Int, Late Amt. Int. Rate Amt. Int. Rate AmL Int. Rate Amt. Int. Rate Amt. 5.90 1.140 7.00 3.895 4.90 1,220 6.00 1.205 7.00 A.155 5.30 4.730 5.10 1,280 6.10 1.280 6 % 2.935 5.50 4,980 5.30 2.405 6 % 1.350 6.30 3.120 5.65 5.255 5% 7,940 6.40 1,435 6.40 4,205 5.80 5,550 5.60 2,385 6% 2,875 5.70 22,505 6.70 6.240 5.80 7,400 7 % 16.453 6.00 5,940 7.00 19.308 (1) 7.30 15,301 6.20 6,290 7.30 7,696 (1) 7,00 3,760 6.4f 6,590 6.20 6,680 6% 20,601 6.20 7.100 6% 8,093 (1) 6.20 7,540 6% 8,005* 6% 8.515' W 6.50 7.010* 6 % 10,835* 6.50 7,470* 6 % 11,520* 6.50 7.955* 6 % 12,265* 6.50 8.470* 6% 1,935* 6% 2,055' 6% 2,275* 6% 2,400* 6% 2.570* 6% 9,570* 6% 7,695* 6% 6,870* i i i i l 1 6.00 12,120* 6.00 12,850' 6.00 13,620* 6.00 14,435' l d 6 00 15,300* 9,285 16.453 8,050 19,308 (1) 22,997 (1) 88.565 28.694 (1) 58,010 165,195 8,045 559 4.560 472 493 30.640 510 0 3,350 ) 175.330 0 175.965 0 0 251,185 0 291.990 0 2.309 2,422 2,046 192,660 17,012 188,575 17.471 21,068 370.410 27.158 350,000 168.545 ma.m au m .-.4

_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ - - _ - - _ - _ - _ - - - _ - - _ - - - - - _ _ - - - - - - - _ - - - _ - - - - ~ - - - - 1992 M 1993 A48 1993( 1993 M 1995 A 19958 MINI BOND 1992 B REFUNDING REFUNDING MINI-80ND REFUNDING REFUNDING T' (AL 10TAL TOTAL SERIES (2) SERIES SERK5 5tRIES (2) SERJE5 (2) SER!!5 (2) SERES (2)

AINCIPAL REVENUE DEBT jnt, Rate Amt.

Int Rate Amt Int Rate AmL Int Rate Amt, Int. Rate Amt. Int. Rate Amt Int. Rate in MATURITIES (5) INTEREST (5) SERVKE (5) 3.60 9.450 5% SOL 5 CJ 1,280 38,460 131,232 169,692 3.80 12,370 5.40 2,060 4.85 1,655 44,230 141,111 185,341 4.00 5,480 5.40 5,490 5.00 1,735 39,475 143,954 183,429 4.20 6,955 5 % 9,105 5.10 1,820 45,290 141,333 186,623 5.20 335 4.80 16,995 4.30 4,055 6 % 9,625 5.20 1,915 56,780 138,920 195,700 5.30 360 5.00 6,990 4.40 455 6 % 6,005 5.30 2,015 52,040 136,305 188,345 5.50 380 5.00 9,810 4% 3,625 6 % 5,700 5.35 4,260 48.855 132.987 181,842 5.60 405 5.20 6,280 4% 12.030 6 % 7,890 5.40 3,410 66,153 130,303 196,456 5.70 435 5.20 10.115 . 4% 12,590 6 % 10,160 68,303 (1) 131,292 199.595 (1) 5.80 460 5.30 7,080 4% 6,440 6 % 10,765 62.931 122,872 185,803 5.90 490 5.40 10,400 (3) 4% 13.310 6 % 10,350 76.846 (1) 127,228 204,074 (1) 6% 9.953 5.90 525 5.50 8,410 4% 11,755 77,039 114,870 191,909 6 % 10.012 6.00 555 5.50 10,920 5.00 18.230 6% 815* 5.70 3,255 79,340 (1) 120,360 199,700 (1) 6 % 20,570 (1) 6 00 595 5.50 9,765 5.00 1,470 61,595 (1) 118,989 180,584 (1) 6.00 630 5.50 11,480 5.10 19,210 (4) 5.35 10.867 (1) 6% 860* 5.80 3,485 77,582 (1) 106,010 183,592 (1) 6.00 670 5.50 11,240 5.10 16.740' 5.35 10,915 (1) 6% 915* 5.80 3,705 91,145 (1) 101,917 193,062 (1) 6.00 715 5.60 12,100 (3) 5.00 19,040' 5.35 7,923 6% 970* 5 % 3,940 94,568 93.357 187,925 6.00 765 5,60 29,300 (3) 5.00 16,645' 6 % 1,025' 5 % 4,180 104,975 87,948 192,923 6.00 810 5.50 38.255' 5.00 9,255* 6 % 4,460* 5 % 4,430 89,420 81.989 171,409 6.10 865* 5.50 18,905* 5.00 15.825* 6 % 8,275* 5 % 4,705 91,790 76,481 168.271 6.10 920' 5.50 19,880* 5.00 23,265* 6 % 4,670* 5 % 5,000* 110,230 71,083 181.313 6.10 980* 5.50 20.920* 5.00 19.045* 6% 680* $ % 5.320* 118.990 64.810 183,800 6.10 1,045' 5.50 22,000* 5.00 14,055' 6% 720' 5 % 5,685* 120,100 57,892 177.992 6 10 1,115* 5.50 43,270* 5% 18.555' 6 % 10,400* 5 % 6,085* 114,075 50,251 164,326 6.10 1.185* 5.50 42.015* 5 '/= 23,880* 6 % 23,100* 5 % 6,515* 131.395 42,858 174,253 6.10 1,260* 5.50 18,995* 5% 27,120* 6 % 24,915* 5 % 6,970* 143,115 34,810 177.925 6.10 1,345* 5.00 29,460* 6 % 11,505* 5 % 34,165* 138.800 25,312 164,112 6.10 1.430* 5.00 28,595* y 5 % 30,270* 60,295 17,553 77,848 ,,,f 6.10 1,525' 5.00 28,165* 29,690 15,158 44,848 bf, 31.200 13,622 44,822 6.10 1,625" 5.00 29,575* r= 6.10 1,730* 5% 31.055* j 32,785 11.987 44,772 4 h 6.10 1.845* 5% 26,585* 40,550 10,405 50.955 + 5% 21,890* 34,740 8.323 43.063 5% 23,010' 36,630 6.401 43,031 x1-s h ~n,CNd 5 % '24.185* 38,620 4,375 42,995 5% 25,425' 40,725 2,237 42,962 5% 13,030* 13.030 334 13.364 40,535 (1) 25.000 385.125 621.825 29.705 (1) 139,685 177,075 2.601,787 (1) 2,816,869 5,418,656 (1) 583 0 0 9,535 489 0 0 187,111 0 0 0 0 0 0 0 1,461,580 1,939 684 9,400 39,179 25,000 385.125 631,360 29,510 139.685 177,075 4,241,078 %D520;05 - OA

$&1,N:9 Wh.h'/l4.q): E .y...' 4.& l m.a.w'yHM,1 **.',;;&,hrW :.:;.:,,4 bA _..L:$h,y.W:.;S,'Ni?.jil%Q R kyr9;@adP "W-w.b ff . m = ,1+ m. e .9. ~ s: ff gf.p w%=i -. *e-v q,te.p?IQqs.*%d-Y.UO.$* d?&;S$'h 1?n.4g 3h.rderp4im w .... r M. o y.p.z., &r ! ". (m.W...,G$i: or ~. 2.*'P'h. c f. af 4 d f~ / & v. +..#.!q- @n':m?$.,/,,lD(..n..'g'sM.. a u.we,s....w::.w /ta id-.,.h.....m....,.;.g. ..e ** r v 't w.:d. a'<i, si

.4

.yre-m.p,W - u 2.5 y_f ,g F s .y c,.W. da7 .g; ,#f 4M... ^.M. Mn@.,F v. .~L w a c $m'% "'2'eM. w V5K. a'. a% .mc.ce?,s.

s. m.,w'. Q.w.s.t'a;*T.:"c.as~.,. syn.f;.ni.'

m }.-;. Ui n. 9 @<*k Q. %,r,.'. w.g,w m ~. p* .. y ~~ 'v$&M851* e.'I, y n:W Nr* h. w. . %,.%':q. ., p i.%?.*1.,%.u $&l..g$e $uA.,$?3.W'$. ap : w.%.W,,j.j.* tv v.w 3'i.n6 ..n 11

c yf..: y. +

n y -- m.. m v M l.;,h *k=;' w t,# y,< mn;yQ.,pw.'w::iin. ':::n.,- 's.E:,,...Q7 4r v'e. W .. 2.a..gy. 4.:,A W: m m 'Mp y "y

h3 n w. %. m..

/g;e, :;. A,r. e,i..,;,.cr e:- y e. r+

p.

.,,,..,.pL7VA. t~... y.gw. r: -.y; m.-2.. y1.c:.7.,.;...' .x.$.g;. h,,g~.c..- ... m... + t". g. c;<g.s.m s..... s.. ~... .r .i . e. ~.u e,..r,,m m .r s st ..w w: v

,*.rs e<,. p;rs-s..r.w. :.,.

i ce.,..m 'm m

fW: ,p YA ;,;~.n u'p.s.;3.,aI

.. cg <p.pa..l mis vf.~?,.p i .r. g . gf v,'w*t.nd%g,C:.Vri.h.n?;f4,X*Mx2:%~. 4 .rr M +;- e a c g .Q . tn e 2,r

n.

S Ju - f,,..m .?.,WM n.-W. Q.:..rN:d... --*.. ), i n u.m,Q

- %%4*lWL.*g%,c +..W h.i;,. s ec.rp%a J&,.p e <;..:.,.d,;:>:o: m.or?

y s.,,. }va.s a.: m..t.% 4-wr,*;* # sM.u. +*%. 4 -1*,:@:.fy=;ps.rp>,=.v. ., f.m. ;w.,.u -u;s ~ r.s.e...t..r ; y. ',s,w.c,,,1:

z, gw '.?.

a v.w .w ,.ma.s..s...a.,;.v m..n.;*.e. w..m. e v ~..:n.m, w w.v. w. m -o t sr w. Rtas n w.. q;,; e. f,.as,e r s s w. W. sw me,. wg... u 4 ry..., n v. ,s ,.a.. q..s4.%&.rActnn.. qv.. ..,. f. : .w. ~. ,,,,.,n. m,f g,, e6 e ,%a- ~e ' 2% e. w m. w..,s..ar.r.,at rim .4,,. %.$..,. g,2 p_p., c4.A..r W r; .s-. - m :.ely: v a:u A.,j,. ,y'gtzwi/y:sr.%g uk.u,wwk-.wi.r, 4.-~ W.qs %..a.t,e x4q.N y-p ~f. 2 y, c/. g ..<pa. j,.* 4 : ......o. ..a !.+. 5 4,./. %,. (,..,.*.

1. ~[;;w;......, r.r.'.

7w.w.d- ;.'s I.,1..,... ..e #m, a. , *..A. ~a

g. ei s.

Wet W,,4Hy J p,t..,Z,' y a... J' .q,,,:: z..sq ,.,.1. 3' y m r:s:.m/sMb. : Wy;;-.::.: : wxm 6%:xb M.m h, WM aw:q. e;..... -La.m.r.,

f. J q:.:.W.mr

.n u x.- W:.. Mrr .N;q .m .:..;.. z; g; y. m.:<q: pw 4.. a s : W.~ 7 v'u. :: .,.w...;w,,.p:::.p.t.,.usy:, :.T.t;.:.r.. ~

,: ,,g..n;m

.N.g,a.%..,.L.1.g q43.:,0,,,9 4. J.;,.r ;,. .~.

A

m "jgt,>.Q,s..9". q *, anddM.y+2ba.:' r.V..v Y.,.y,sT.crA Ww:.#:

i .~

a. 4@a s

,D,.d,d, :w;y-#.s, m%..s.a~~ 'u..,. ,n q cm.. y o ?.a ... 4

p:. 4,.*,r.n yr y'..

t..Tv m.L,; % - Q... '*'. s' 4 .p~ r e lu" L44 L ~. ....-l* .w% sq '.ff,9 n;&r y ,.mm.,,y.t a.:# p,. w.w-

.c.c w.,;n. s a c.,.r r mw. A.v.w

.e s. . e - c.:f ;..n> q r.:ry c ~;,y ,..m,..~..au..ze..a......,...,,.c.,... e 4y,, n. -s a r am. w: c.c:< rce ~. ..w ,. >w.. r.... =. ~.u .n >. r.2...r.4,x.,,. w a..s. .u F Vq' 'wj1 w p:,;o.e a.ay,m, -w,m,. y,. r.cy:., n..:@.-uq&. a.;.w..d,!y.m...g~.r;n.*? yei..w. 3.- .,u... s.w.. m,.:s g, .- n ,.n,. ., w.~ rn n.a w.. ~. W.M.n$jyN..m

.Ifj5?3ME [ [. h i$.'/% %,4.9,., pia y'tc k s. A:m$.v5

.y M.... - %u. Y. -,6. m.;.g p.g.qps. mg .~....x-n

r'

~ 9 *.,A: c yn - M.i. .y oA.. GEy. r *,g p.. ; y g'r.f..y p e pa.m.,.v... v,. ; &,.%m.). ..a w.e,m.our. W, ~p e .m .r. C wA;r v,,.

a.,sry: : 4.m,r,~.va p

w. v.y.n ::: m,s.te,.w.

n to u. %n uy^.,r i2 *.:*H.k-.,c.w>e.es ac.,L.,. ~ e.-- n s. .w.. Wtr.~:#s ., bng. n,yz)..% ......,.~ r.

f. *.,i

.%.q .,"' v ,5 wn.v+.m n y ? mA:s:rWw y nQ: e, ~y,r.y. w,. u vc e-t n w.e.?.w*.op%. &..m .f'. l'..

r

.=a v.. r m v. ?g,,.gb. dw.J:mn/gyj,.gQ co..u..a. t.,*@.s,-J;1.n. m'tu!c .v.,., *.,,".,,.;g.: ;.. c5* n - y I;*1. "%..w.,,. >.. a n. q y

s 1.,,,..

r n e. v..,v

.e gw j.c =

~;; f ,. m.q' .a.s r p h: eM.Jhw m~r;4.+..c. w,y .g, e. W +.:: br.M.a.uT

4. W g

a s,. m.r.: e.3... %,q.#. c,t' n ~.src ',;w.h j%e e .,e. h.e,v. - r&-r.w.< .p e ,e r t+ y 4M + s u. a.

,.,A.+d s,.w: .

r x. _tm.ec,.r., A.rp:.. s //u~<yf: w.e. e. r v g tA%Waw b: >. ;.~..ur,u,,s 4-.- 2,,(s : +w A c .: s t WA4 un"

c h >e mg,,p%g.r.jg.

-i ~1t k .:c.s5....:r.p,,,..d;p n,A.R.3..V. e..g:.%wg.cp%* kywiadse .-~w.. k mgst w.: m ts dr.::m:w.:Jnf.xs s s u.st u.dw w u. Wg. - n%:M. C.Mrrtv gem.... m;..r.r.9. mye.,.w.4 .y .:v.a. . re W .p.ex. wx, t.2t Pa a.

1-+

.g' :' .e g~ ay,-J a -c- , Q L,,., y &g4. q.n yr. "+* y %. m 5)? q,1,qi:. p u. g.us.A %. u. p nt./ q_g*-s, ws .g, u* i.s u<. .g e p cr . *- ; Mc:., g ,ww* m.., W.6,:;;J, .- a wnn e.; g o...ar.ut .v ~.~ncf. wi %n &.p-=- ""#p ~. %, w. .n ~ m-p m W&.4:e.eh W Y,: W .C i - V'~ l g.g; .4 - [ 'i O,c.,.6,df,#E'$ ' m 4' D U'*"

" E

'I '.1 5 .=1 ~

wt.

. r! =* c' J m:w*rr $.x - w ,= p,, ., %.stwM w .n~.e.c"f.v k. r w. m ~. --r c gm.. y ~w e.. y 2.cs w.L.,:,,n, e e.k ~..:m M g $.f na,.. k Nn : . '~.. hh ' .$$v %.Nk $:W;'* ..k.,5"I! M >-en'V n.,..u:n,: carn ~ n $b 2.S J 8. 3Md.bM ' k ~ b,s.@Fh 8 ~ 3M$$ 9t.E m z k%'. RC '

1. h i

n.. *?

. 75 A fd b pd7-%'$?nc.::d'. '%rp':Mri C':h. y O. M M:Nid.Npa -dIT/?/N.n.:;S$,p% ?-* T*.WL%~. %LL*,. :'.2>;.. i %.;.YdO:.1,.,s. @*%,,..," 7 G I M. .0,a AwJk.pvrM,.%w-.s.:n m4,.'i.f~<~-@n.s.Iw:D.M.: +'* 9 ID w -x m.~e.+. m.+'L.- v.m ~.,.mM.- FNf k. 8 4Ll7wv~ M .n ~ s A. m*A, c P,e. m v 4 %1u na .a,.. -4:- m .. n.; ~ m@ %v. +.A

,,.th. a y

gw. a wc .m r.

u. ;,a%..w.< ~v.. c., w

w. '.n :Ms

m.tda;,.e,.

~2 m ;7. M, Korv.::m k uu .a. : iMyy.5.;.3...'W9fr ~- i-

SA 4 W

r .,',"l.'.--,+.- W O: vt.::w':' e cMB;Wy4.%#, s.C..~W,.7: p ,.,5 ~ a.% p. "..

~..

w:.;;wp<r:mm.tn:.W::m.s.-, h

. J.

n p., ~ 9 ~~ f t .T.g$:h%...gyQif,@p*tc w?A::~'.>' :':v.7 n.tM CM$ &g*JgMpf@ MJ.;Wrt.-. 'e"~. m.~:v.r %.7 M.r'.4tM @. m x..,' m s,j. . NM44 ,; A'%M W.%yM ' V*'M'Mq: O. rWri/MW}!*W,:dfM.%*^p~.'.~~ .TMQXMM. ~ dM.t f j

aad da '*-

o L ..- r - .k w <a,r -u:c.s.m..,. 4?b: ..uaw>s< *' we - A-n.%'. w:--': wn q.c. .'~'.e t n-w + -. aw~ e < dr r .w

$" ' p??'
O o*.,

1 ft,0.Tc'"s..g%p."*".'""'^dr' J.M. tm.M:,.r-.3,.,..g. ;.. ..o w.o O O-

f N<@h4%WM*WMr..

e W:h. h W.MM' ' W sped

NMNEiNN'5NPNb;*,f.WW?hhg M.U'$N.Db: D.-

,. $ 5 N N $ d D Y N.N.I. b 2M'* M T+ :a" ** w n & 'n.W

ww,z...n.s.-v.:rm.vrn,m.&.wy.e.rm%.2. ~ r;.&. ;, p, nwu~,

C'.*.'.. ~ NN + .mm

.:ww

.". m.h. s... w. n.,m.s g'. e. p.n-w m. w. ~ ~ ~ m.. p m:. % y v y.< -.+. n,. -5 r~ w

.,..~.n.=,,c,.......

p^- 6. +..rer.,L p..*n '.,, s r m mt ,s._.. ...f.: w. 2

h..

.l w'?'i;','h t # .*y '&vap*Q d4

f'w'L';6..V.M., 'l.'.,4 %'l. j' *;,g.l,);.c

.c.

* ^p;p..f.,p;...'...~n'.'>.: ,,.s. ' W' * *.'l, s t-s A.

R* n' 6-maM.n A ..w'd*'ir% pn..r,.&.;U tMWW?;M?'J:C'.!h.,b. ... :,~,y....,Qtn'Trf9t:! N '.7. M O,W :%&: g4 >- - w. -g Nl%) ' t*

i.' ~ - 2 '*. :.

.c e- <.Av... m m. r fg,.,f L w.1M d. m. .&e.n?6g.:?a;;w&'wMO2c.MM ac. . A. v.. ~y;.a.:;*,;:m ;%H C%&stj+%& k%FP-W. n~N.o:.W..uw r.-ih...n..::i.M., s,.#_. M....W..t.W M.%:.M. wS1:.PE:n !).4W w p&.i.iEPg;ML 1 %.4 :g;6 ; V,. .n' I ' w.- - ~M~ :::. U';c, N %;%,. %... @ 'MM.,,...,,,,, "x .s

s

%a. ....2 '%-w'lInfor.matiori Contatt=i www =.w'#""-O..,. i.%/.We P. tr.t"4, $*fs. ^ . EA :X.n.'r*"*QTi'F W/*'T{ *;,d's 6 .r. .,0.;L' 7"MT/"y_*.,'> 'w.* ' f."-l ;f. M:'#f* W.#"d, ~ fl' - Ng. >f;e.5%. m. gy?m<..,:,. C Y. :.i ~.:;To m d --~ =.:1-Mo m,....:.i.v. "x..w~ r.wir ue...rn~ m..: a.w.ci; g...~q.x..r.+.A. dditx.&diph,3.."W :. St*U.*M. X' M 'M''~~~

nu' %'%'"'~~:k:M.4"U".XGM" "M*' W'" W' "~N' *@;n' '.

.z. e .o n.a.....w..,.. ., ~..,.,. a<..g'.+ w;m.s. w9.r ~~- d. u. ..s, s ^ - - ~~ .m 9c .vn 1 -p 7 n -cw e. wy. ,r w ..k ?

t

' ~ ~ ' ' W ...u re, e.e4* l pw' ?.rts.-e w+er+f a.m.. V. ice h. es.ide.nt Col.Pcrat..e..'Communicati.ons Wv.n.'".r + s-. w t.c.,W.J.,.. %:: ","..'M? l",:u"g". -'. ; ' n-w* - 4,3 m sm.

vz' e

r.: R';lWWa:r.Mc2M7l5V"5.a"nt'ee Co,cpe,c . wt - m .s W YajdrG?/31.:En0ne..*Rivef.w. oo'd-Driv ~e M ~.?FM.jv7.,, y,%-.., j.f,g; M. v..? s.v g,;^,9.r ; ~

, 7 g., y M.&.y&r: .:>g;m&.w.:q-p$n: Moncks.Cor~ner,.~S.C,f 4612901r g$

jy y

. s ~. m. .v;; 1, W @;; m:: 7614051m:g_ : :;w'%..s i.a>. ;; i:yy{4 c;; a ;.a p m..>. ; 7,.;.:. ;;.n...t J m ~ 29 .q ..: ~ .-m:. ).* 4::.b.. S;<,*@c..(803)%.-- % 4.~ .y. s. 'M %*M2. %.9,.:n.,* y,J.s &..,~ p>.,..m% M.[t.&WQ'.. m ;h.., m y .fwy N. %'. /. gx _%s A..s. p.../ c @, .s 2.

. ' +

.v ,....d.:.rg... v,. 4.w.%.. t..,.a.;.,5,ns. g

a ru

,W-. x w . w,. y,A,..S.,.,.A. n.,..V.+ &.... r., ~.,..,n n.; u.cq+ e. w . ~. + ,.. ~ .~. ,~a r, e m;;:@:m'bW. ;&'.~.wM@t., % :: ditor:. 8 c.g..agr m .,e ~ M s. m,d,, c..y+a..A..v. v \\ s .c. ..s ..1 a n c. .m...,.,%.. :

w.. n

. n.. y x . mar - . ~~w, y...E.., a m,.gm,ren /'fff Sante. e Co s ~.+s. s. Santee. L.oopery~.z.m~,; I'<.M.M1%s 'q.p. .c v.~.,/*h,.~. a.r. Beth Ton.,. "'s ,.4 w.;M:7. .w. y::C'- A.*.. n.n ~. - -. - ~P 1 m vr- , n.. a :rm-r.ap.f:sy-q+.n. -c'.,"y. ). .y; g.m.;; y :ym'"*y:. %a.e...,M,,x, r.hs.q h..i,.. Photographe..r: Ja.-u vfha.rt-rmt W ': . -+. ; Z.~.,... p; r. m Hu xA s mp~ - .q ~, .c4:n:M% mv.a.m L m M .,+ .. J. w.~1,,ycr6-+*. Writer.s: Beth' Fond,re.ycnd Willar,d Strong /v. Santee Cooper W.n:y..r. ~. p .0 .w:nr w-n ,. e.yj O~s3 ~. ~n~w-n.<-~ w:t. g 3mth. m;:.m, w w?";r:. u._g..., n.- S + m 4. MrA ". a-h~.:uit..S. atsu i s.e ~g.rrerw...D. wx i. +> u De,s. gne,.r: L.ee H..e.lm.er../ A..d.v.ert. ism. ~ s pe 1 ~.<'u'-4* ~.,.m e.. Age. v.yL ; :n. aM.~.k,'- g*. e.m..t . nc \\ r~ ie " - .s .h.?. .,ce..,y g. w. r-u:. ..n ,s,,,... w .9 r m.y .e.~V9 s v e ~. -,.. yss a as ~ ~1 ~ ~ r n. ~e*g~, 9 e +...~'#'s y, 73...... .fiir ; -.jgg. a. ,s mob-

*,e m.w* *e o n s
L%

pheey. y p s. g* M" .s p*" .C -*'j#'* M .}}

ML20117G308

Text

SUMMARY

Navigation menu

Search