Commission
File Number |
Registrant, State of Incorporation,
Address and Telephone Number |
I.R.S. Employer
Identification No. |
1-8809
1-3375
|
SCANA Corporation
(a South Carolina corporation)
South Carolina Electric & Gas Company
(a South Carolina corporation)
100 SCANA Parkway, Cayce, South Carolina 29033
(803) 217-9000 |
57-0784499
57-0248695
|
SCANA Corporation
|
Large accelerated filer
x
|
Accelerated filer
o
|
Non-accelerated filer
o
|
Smaller reporting company
o
|
South Carolina Electric & Gas Company
|
Large accelerated filer
o
|
Accelerated filer
o
|
Non-accelerated filer
x
|
Smaller reporting company
o
|
Registrant
|
|
Description of
Common Stock |
|
Shares Outstanding
at February 20, 2015 |
SCANA Corporation
|
|
Without Par Value
|
|
142,916,917
|
South Carolina Electric & Gas Company
|
|
Without Par Value
|
|
40,296,147
|
|
Page
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(1)
|
the information is of a preliminary nature and may be subject to further and/or continuing review and adjustment;
|
(2)
|
legislative and regulatory actions, particularly changes in rate regulation, regulations governing electric grid reliability and pipeline integrity, environmental regulations, and actions affecting the construction of new nuclear units;
|
(3)
|
current and future litigation;
|
(4)
|
changes in the economy, especially in areas served by subsidiaries of SCANA;
|
(5)
|
the impact of competition from other energy suppliers, including competition from alternate fuels in industrial markets;
|
(6)
|
the impact of conservation and demand side management efforts and/or technological advances on customer usage;
|
(7)
|
the loss of sales to distributed generation, such as solar photovoltaic systems;
|
(8)
|
growth opportunities for SCANA’s regulated and diversified subsidiaries;
|
(9)
|
the results of short- and long-term financing efforts, including prospects for obtaining access to capital markets and other sources of liquidity;
|
(10)
|
the effects of weather, especially in areas where the generation and transmission facilities of SCANA and its subsidiaries (the Company) are located and in areas served by SCANA’s subsidiaries;
|
(11)
|
changes in SCANA’s or its subsidiaries’ accounting rules and accounting policies;
|
(12)
|
payment and performance by counterparties and customers as contracted and when due;
|
(13)
|
the results of efforts to license, site, construct and finance facilities for electric generation and transmission, including nuclear generating facilities, and the results of efforts to operate its electric and gas systems and assets in accordance with acceptable performance standards;
|
(14)
|
maintaining creditworthy joint owners for SCE&G’s new nuclear generation project;
|
(15)
|
the ability of suppliers, both domestic and international, to timely provide the labor, secure processes, components, parts, tools, equipment and other supplies needed, at agreed upon quality and prices, for our construction program, operations and maintenance;
|
(16)
|
the results of efforts to ensure the physical and cyber security of key assets and processes;
|
(17)
|
the availability of fuels such as coal, natural gas and enriched uranium used to produce electricity; the availability of purchased power and natural gas for distribution; the level and volatility of future market prices for such fuels and purchased power; and the ability to recover the costs for such fuels and purchased power;
|
(18)
|
the availability of skilled and experienced human resources to properly manage, operate, and grow the Company’s businesses;
|
(19)
|
labor disputes;
|
(20)
|
performance of SCANA’s pension plan assets;
|
(21)
|
changes in taxes and tax credits, including production tax credits for new nuclear units;
|
(22)
|
inflation or deflation;
|
(23)
|
compliance with regulations;
|
(24)
|
natural disasters and man-made mishaps that directly affect our operations or the regulations governing them; and
|
(25)
|
the other risks and uncertainties described from time to time in the reports filed by SCANA or SCE&G with the SEC.
|
TERM
|
|
MEANING
|
AFC
|
|
Allowance for Funds Used During Construction
|
ANI
|
|
American Nuclear Insurers
|
AOCI
|
|
Accumulated Other Comprehensive Income
|
ARO
|
|
Asset Retirement Obligation
|
BACT
|
|
Best Available Control Technology
|
BLRA
|
|
Base Load Review Act
|
CAA
|
|
Clean Air Act, as amended
|
CAIR
|
|
Clean Air Interstate Rule
|
CCR
|
|
Coal Combustion Residuals
|
CEO
|
|
Chief Executive Officer
|
CFO
|
|
Chief Financial Officer
|
CFTC
|
|
Commodity Futures Trading Commission
|
CERCLA
|
|
Comprehensive Environmental Response, Compensation and Liability Act
|
CGT
|
|
Carolina Gas Transmission Corporation
|
COL
|
|
Combined Construction and Operating License
|
Company
|
|
SCANA, together with its consolidated subsidiaries
|
Consolidated SCE&G
|
|
SCE&G and its consolidated affiliates
|
Consortium
|
|
A consortium consisting of Westinghouse Electric Company LLC and CB&I Stone and Webster, Inc., a subsidiary of Chicago Bridge & Iron Company N. V.
|
Court of Appeals
|
|
United States Court of Appeals for the District of Columbia
|
CSAPR
|
|
Cross-State Air Pollution Rule
|
CUT
|
|
Customer Usage Tracker
|
CWA
|
|
Clean Water Act
|
DHEC
|
|
South Carolina Department of Health and Environmental Control
|
Dodd-Frank
|
|
Dodd-Frank Wall Street Reform and Consumer Protection Act
|
DOE
|
|
United States Department of Energy
|
DOJ
|
|
United States Department of Justice
|
DOT
|
|
United States Department of Transportation
|
DSM Programs
|
|
Demand Side Management Programs
|
ELG Rule
|
|
New federal effluent limitation guidelines for steam electric generating units
|
Energy Marketing
|
|
The divisions of SEMI, excluding SCANA Energy
|
EPA
|
|
United States Environmental Protection Agency
|
EPC Contract
|
|
Engineering, Procurement and Construction Agreement dated May 23, 2008
|
eWNA
|
|
Pilot Electric WNA
|
FERC
|
|
United States Federal Energy Regulatory Commission
|
Fuel Company
|
|
South Carolina Fuel Company, Inc.
|
GENCO
|
|
South Carolina Generating Company, Inc.
|
GHG
|
|
Greenhouse Gas
|
GPSC
|
|
Georgia Public Service Commission
|
GWh
|
|
Gigawatt hour
|
IRP
|
|
Integrated Resource Plan
|
IRS
|
|
United States Internal Revenue Service
|
KVA
|
|
Kilovolt ampere
|
kWh
|
|
Kilowatt-hour
|
|
|
|
|
|
|
TERM
|
|
MEANING
|
Level 1
|
|
A fair value measurement using unadjusted quoted prices in active markets for identical assets or liabilities
|
Level 2
|
|
A fair value measurement using observable inputs other than those for Level 1, including quoted prices for similar (not identical) assets or liabilities or inputs that are derived from observable market data by correlation or other means
|
Level 3
|
|
A fair value measurement using unobservable inputs, including situations where there is little, if any, market activity for the asset or liability
|
LNG
|
|
Liquefied Natural Gas
|
LOC
|
|
Lines of Credit
|
LTECP
|
|
SCANA Long-Term Equity Compensation Plan
|
MATS
|
|
Mercury and Air Toxics Standards
|
MCF or MMCF
|
|
Thousand Cubic Feet or Million Cubic Feet
|
MGP
|
|
Manufactured Gas Plant
|
MMBTU
|
|
Million British Thermal Units
|
MW or MWh
|
|
Megawatt or Megawatt-hour
|
NAAQS
|
|
National Ambient Air Quality Standard
|
NASDAQ
|
|
The NASDAQ Stock Market, Inc.
|
NCUC
|
|
North Carolina Utilities Commission
|
NEIL
|
|
Nuclear Electric Insurance Limited
|
NERC
|
|
North American Electric Reliability Corporation
|
New Units
|
|
Nuclear Units 2 and 3 under construction at Summer Station
|
NPDES
|
|
National Permit Discharge Elimination System
|
NRC
|
|
United States Nuclear Regulatory Commission
|
NSPS
|
|
New Source Performance Standards
|
NSR
|
|
New Source Review
|
Nuclear Waste Act
|
|
Nuclear Waste Policy Act of 1982
|
NYMEX
|
|
New York Mercantile Exchange
|
NYSE
|
|
The New York Stock Exchange
|
OCI
|
|
Other Comprehensive Income
|
ORS
|
|
South Carolina Office of Regulatory Staff
|
PGA
|
|
Purchased Gas Adjustment
|
PHMSA
|
|
United States Pipeline Hazardous Materials Safety Administration
|
ppm
|
|
Parts per million
|
Price-Anderson
|
|
Price-Anderson Indemnification Act
|
PSNC Energy
|
|
Public Service Company of North Carolina, Incorporated
|
RSA
|
|
Natural Gas Rate Stabilization Act
|
Santee Cooper
|
|
South Carolina Public Service Authority
|
SCANA
|
|
SCANA Corporation, the parent company
|
SCANA Energy
|
|
A division of SEMI which markets natural gas in Georgia
|
SCE&G
|
|
South Carolina Electric & Gas Company
|
SCEUC
|
|
South Carolina Energy Users Committee
|
SCI
|
|
SCANA Communications, Inc.
|
SCPSC
|
|
Public Service Commission of South Carolina
|
SEC
|
|
United States Securities and Exchange Commission
|
SEMI
|
|
SCANA Energy Marketing, Inc.
|
SERC
|
|
SERC Reliability Corporation
|
SIP
|
|
State Implementation Plan
|
Southern Natural
|
|
Southern Natural Gas Company
|
Spirit Communications
|
|
SCTG Communications, Inc. (a wholly owned subsidiary of SCTG, LLC) d/b/a Spirit Communications
|
|
|
|
TERM
|
|
MEANING
|
Summer Station
|
|
V. C. Summer Nuclear Station
|
Transco
|
|
Transcontinental Gas Pipeline Corporation
|
TSR
|
|
Total Shareholder Return
|
VACAR
|
|
Virginia-Carolinas Reliability Group
|
VIE
|
|
Variable Interest Entity
|
Westinghouse
|
|
Westinghouse Electric Company LLC
|
Williams Station
|
|
A.M. Williams Generating Station, owned by GENCO
|
WNA
|
|
Weather Normalization Adjustment
|
|
|
Sales
|
|
Margins
|
||||||||
Customer Classification
|
|
2013
|
|
2014
|
|
2013
|
|
2014
|
||||
Residential
|
|
44
|
%
|
|
45
|
%
|
|
50
|
%
|
|
50
|
%
|
Commercial
|
|
33
|
%
|
|
32
|
%
|
|
33
|
%
|
|
33
|
%
|
Industrial
|
|
18
|
%
|
|
18
|
%
|
|
14
|
%
|
|
14
|
%
|
Sales for resale
|
|
2
|
%
|
|
2
|
%
|
|
1
|
%
|
|
1
|
%
|
Other
|
|
3
|
%
|
|
3
|
%
|
|
2
|
%
|
|
2
|
%
|
Total
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
Cost of Fuel Used
|
||||||||||
|
2012
|
|
2013
|
|
2014
|
||||||
Per MMBTU:
|
|
|
|
|
|
|
|
|
|||
Nuclear
|
$
|
0.94
|
|
|
$
|
1.11
|
|
|
$
|
1.01
|
|
Coal
|
4.49
|
|
|
4.28
|
|
|
3.90
|
|
|||
Natural Gas
|
3.71
|
|
|
4.63
|
|
|
5.19
|
|
|||
All Fuels (weighted average)
|
3.56
|
|
|
3.53
|
|
|
3.62
|
|
|||
Per Ton: Coal
|
111.72
|
|
|
104.63
|
|
|
96.74
|
|
|||
Per MCF: Gas
|
3.80
|
|
|
4.69
|
|
|
5.30
|
|
|
% of Total MWh Generated
|
||||||||||||||||
|
Actual
|
|
Estimated
|
||||||||||||||
|
2012
|
|
2013
|
|
2014
|
|
2015
|
|
2016
|
|
2017
|
||||||
Coal
|
50
|
%
|
|
45
|
%
|
|
50
|
%
|
|
47
|
%
|
|
42
|
%
|
|
44
|
%
|
Nuclear
|
19
|
%
|
|
24
|
%
|
|
19
|
%
|
|
20
|
%
|
|
24
|
%
|
|
21
|
%
|
Hydro
|
3
|
%
|
|
4
|
%
|
|
3
|
%
|
|
3
|
%
|
|
3
|
%
|
|
3
|
%
|
Natural Gas & Oil
|
28
|
%
|
|
26
|
%
|
|
26
|
%
|
|
28
|
%
|
|
29
|
%
|
|
30
|
%
|
Biomass
|
—
|
|
|
1
|
%
|
|
2
|
%
|
|
2
|
%
|
|
2
|
%
|
|
2
|
%
|
Total
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
|
SCANA
|
|
SCE&G
|
||||||||
Customer Classification
|
|
2013
|
|
2014
|
|
2013
|
|
2014
|
||||
Residential
|
|
55.6
|
%
|
|
54.9
|
%
|
|
43.5
|
%
|
|
44.1
|
%
|
Commercial
|
|
26.0
|
%
|
|
26.5
|
%
|
|
27.4
|
%
|
|
28.2
|
%
|
Industrial
|
|
12.5
|
%
|
|
12.4
|
%
|
|
25.6
|
%
|
|
24.6
|
%
|
Transportation Gas
|
|
5.9
|
%
|
|
6.2
|
%
|
|
3.5
|
%
|
|
3.1
|
%
|
Total
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
Project
|
|
License
Expiration
|
Saluda (Lake Murray)
|
|
*
|
Fairfield Pumped Storage/Parr Shoals
|
|
2020
|
Stevens Creek
|
|
2025
|
Neal Shoals
|
|
2036
|
•
|
The potential harmful effects on the environment and human health resulting from a release of radioactive materials in connection with the operation of nuclear facilities and the storage, handling and disposal of radioactive materials;
|
•
|
Limitations on the amounts and types of insurance commercially available to cover losses that might arise in connection with our nuclear operations or those of others in the United States;
|
•
|
The possibility that new laws and regulations could be enacted that could adversely affect the liability structure that currently exists in the United States;
|
•
|
Uncertainties with respect to procurement of nuclear fuel and the storage of spent nuclear fuel;
|
•
|
Uncertainties with respect to contingencies if insurance coverage is inadequate; and
|
•
|
Uncertainties with respect to the technological and financial aspects of decommissioning nuclear plants at the end of their operating lives.
|
|
|
Net Generating Capacity
|
|
|
|
In-Service
|
Summer
|
|
|
|
Date
|
(MW)
|
|
|
Coal-Fired Steam:
|
|
|
|
|
McMeekin - Irmo, SC
|
1958
|
250
|
|
*
|
Wateree - Eastover, SC
|
1970
|
684
|
|
|
Williams - Goose Creek, SC
|
1973
|
605
|
|
|
Cope - Cope, SC
|
1996
|
415
|
|
|
Kapstone - Charleston, SC
|
1999
|
85
|
|
|
|
|
|
|
|
Gas-Fired Steam - Urquhart Unit 3 - Beech Island, SC
|
1953
|
95
|
|
*
|
|
|
|
|
|
Nuclear:
|
|
|
|
|
Summer Station Unit 1 - Parr, SC (reflects SCE&G's 66.7% ownership share)
|
1984
|
647
|
|
|
Summer Station Unit 2 and Unit 3 - Parr, SC
|
|
|
**
|
|
|
|
|
|
|
Internal Combustion Turbines:
|
|
|
|
|
Peaking units - various locations in SC
|
1968-2010
|
352
|
|
|
Urquhart Combined Cycle - Beech Island, SC
|
2002
|
458
|
|
|
Jasper Combined Cycle - Jasper, SC
|
2004
|
852
|
|
|
|
|
|
|
|
Hydro:
|
|
|
|
|
Saluda - Irmo, SC
|
1930
|
200
|
|
|
Other hydro units - various locations in or bordering SC
|
1905-1914
|
18
|
|
|
Fairfield Pumped Storage - Parr, SC
|
1978
|
576
|
|
|
Name
|
Age
|
Positions Held During Past Five Years
|
Dates
|
Kevin B. Marsh
|
59
|
Chairman of the Board and Chief Executive Officer
President and Chief Operating Officer-SCANA
President and Chief Operating Officer-SCE&G
|
2011-present
2011-present
*-2011
|
Jimmy E. Addison
|
54
|
Executive Vice President-SCANA
Chief Financial Officer
President and Chief Operating Officer-SEMI
Senior Vice President
|
2012-present
*-present
2014-present
*-2012
|
Jeffrey B. Archie
|
57
|
Senior Vice President and Chief Nuclear Officer-SCE&G
Senior Vice President-SCANA
|
*-present
*-present
|
George J. Bullwinkel
|
66
|
President and Chief Operating Officer-SCI
President and Chief Operating Officer-SEMI and ServiceCare
Senior Vice President-SCANA
|
*-2015
*-2014
*-2015
|
Sarena D. Burch
|
57
|
Senior Vice President-Fuel Procurement and Asset Management-SCE&G
and PSNC Energy
Senior Vice President-SCANA
|
*-present
*-present
|
Stephen A. Byrne
|
55
|
President-Generation and Transmission and Chief Operating Officer-SCE&G
Executive Vice President-SCANA
Executive Vice President-Generation and Transmission-SCE&G
Executive Vice President-Generation, Nuclear and Fossil Hydro-SCE&G
|
2011-present
*-present
2011
*-2011
|
Paul V. Fant
|
61
|
President and Chief Operating Officer-CGT
Senior Vice President-SCANA
|
*-2015
*-2015
|
D. Russell Harris
|
50
|
Senior Vice President-Gas Distribution-SCANA
President-Gas Operations-SCE&G
President and Chief Operating Officer-PSNC Energy
Senior Vice President-SCANA
|
2013-present
2013-present
*-present
2012-2013
|
Kenneth R. Jackson
|
58
|
Senior Vice President-Economic Development, Governmental and Regulatory Affairs
Senior Vice President-SCANA
Vice President-Rates and Regulatory Services
|
2014-present
2014-present
*-2014
|
W. Keller Kissam
|
48
|
President of Retail Operations-SCE&G
Senior Vice President-SCANA
Senior Vice President-Retail Operations-SCE&G
Vice President-Electric Operations-SCE&G
|
2011-present
2011-present
2011
*-2011
|
Ronald T. Lindsay
|
64
|
Senior Vice President, General Counsel and Assistant Secretary
|
*-present
|
Martin K. Phalen
|
60
|
Senior Vice President-Administration-SCANA
Vice President-Gas Operations-SCE&G
|
2012-present
*-2012
|
|
2014
|
|
2013
|
||||||||||||||||||||||||||||
|
4th Qtr.
|
|
3rd Qtr.
|
|
2nd Qtr.
|
|
1st Qtr.
|
|
4th Qtr.
|
|
3rd Qtr.
|
|
2nd Qtr.
|
|
1st Qtr.
|
||||||||||||||||
High
|
$
|
63.41
|
|
|
$
|
53.89
|
|
|
$
|
53.88
|
|
|
$
|
51.39
|
|
|
$
|
48.15
|
|
|
$
|
52.93
|
|
|
$
|
54.41
|
|
|
$
|
51.23
|
|
Low
|
$
|
47.77
|
|
|
$
|
48.53
|
|
|
$
|
49.51
|
|
|
$
|
45.58
|
|
|
$
|
44.75
|
|
|
$
|
45.72
|
|
|
$
|
47.22
|
|
|
$
|
45.57
|
|
Declaration Date
|
|
Amount
|
|
Declaration Date
|
|
Amount
|
||||
February 20, 2013
|
|
$
|
62.2
|
million
|
|
February 20, 2014
|
|
$
|
62.5
|
million
|
April 25, 2013
|
|
62.0
|
million
|
|
April 24, 2014
|
|
62.8
|
million
|
||
July 31, 2013
|
|
65.8
|
million
|
|
July 31, 2014
|
|
66.8
|
million
|
||
October 31, 2013
|
|
60.0
|
million
|
|
October 30, 2014
|
|
72.5
|
million
|
As of or for the Year Ended December 31,
|
|
2014
|
|
2013
|
|
2012
|
|
2011
|
|
2010
|
||||||||||
|
|
(Millions of dollars, except statistics and per share amounts)
|
||||||||||||||||||
SCANA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Statement of Income Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Operating Revenues
|
|
$
|
4,951
|
|
|
$
|
4,495
|
|
|
$
|
4,176
|
|
|
$
|
4,409
|
|
|
$
|
4,601
|
|
Operating Income
|
|
$
|
1,007
|
|
|
$
|
910
|
|
|
$
|
859
|
|
|
$
|
813
|
|
|
$
|
768
|
|
Net Income
|
|
$
|
538
|
|
|
$
|
471
|
|
|
$
|
420
|
|
|
$
|
387
|
|
|
$
|
376
|
|
Common Stock Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Weighted Average Common Shares Outstanding (Millions)
|
|
141.9
|
|
|
138.7
|
|
|
131.1
|
|
|
128.8
|
|
|
125.7
|
|
|||||
Basic Earnings Per Share
|
|
$
|
3.79
|
|
|
$
|
3.40
|
|
|
$
|
3.20
|
|
|
$
|
3.01
|
|
|
$
|
2.99
|
|
Diluted Earnings Per Share
|
|
$
|
3.79
|
|
|
$
|
3.39
|
|
|
$
|
3.15
|
|
|
$
|
2.97
|
|
|
$
|
2.98
|
|
Dividends Declared Per Share of Common Stock
|
|
$
|
2.10
|
|
|
$
|
2.03
|
|
|
$
|
1.98
|
|
|
$
|
1.94
|
|
|
$
|
1.90
|
|
Balance Sheet Data
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Utility Plant, Net
|
|
$
|
12,232
|
|
|
$
|
11,643
|
|
|
$
|
10,896
|
|
|
$
|
10,047
|
|
|
$
|
9,662
|
|
Total Assets
|
|
$
|
16,852
|
|
|
$
|
15,164
|
|
|
$
|
14,616
|
|
|
$
|
13,534
|
|
|
$
|
12,968
|
|
Total Equity
|
|
$
|
4,987
|
|
|
$
|
4,664
|
|
|
$
|
4,154
|
|
|
$
|
3,889
|
|
|
$
|
3,702
|
|
Short-term and Long-term Debt
|
|
$
|
6,615
|
|
|
$
|
5,825
|
|
|
$
|
5,744
|
|
|
$
|
5,306
|
|
|
$
|
4,909
|
|
Other Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Electric:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Customers (Year-End)
|
|
687,800
|
|
|
678,273
|
|
|
669,966
|
|
|
664,196
|
|
|
660,580
|
|
|||||
Total sales (Million kWh)
|
|
23,319
|
|
|
22,313
|
|
|
23,879
|
|
|
24,188
|
|
|
24,884
|
|
|||||
Generating capability-Net MW (Year-End)
|
|
5,237
|
|
|
5,237
|
|
|
5,533
|
|
|
5,642
|
|
|
5,645
|
|
|||||
Territorial peak demand-Net MW
|
|
4,853
|
|
|
4,574
|
|
|
4,761
|
|
|
4,885
|
|
|
4,735
|
|
|||||
Regulated Gas:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Customers, excluding transportation (Year-End)
|
|
859,186
|
|
|
837,232
|
|
|
818,983
|
|
|
803,644
|
|
|
794,841
|
|
|||||
Sales, excluding transportation (Thousand Therms)
|
|
973,907
|
|
|
921,533
|
|
|
798,978
|
|
|
812,416
|
|
|
931,879
|
|
|||||
Transportation customers (Year-End)
|
|
485
|
|
|
496
|
|
|
499
|
|
|
492
|
|
|
491
|
|
|||||
Transportation volumes (Thousand Therms)
|
|
1,786,897
|
|
|
1,729,399
|
|
|
1,559,542
|
|
|
1,585,202
|
|
|
1,546,234
|
|
|||||
Retail Gas Marketing:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Retail customers (Year-End)
|
|
459,235
|
|
|
454,104
|
|
|
449,144
|
|
|
455,258
|
|
|
464,123
|
|
|||||
Firm customer deliveries (Thousand Therms)
|
|
425,946
|
|
|
382,728
|
|
|
310,442
|
|
|
341,554
|
|
|
402,583
|
|
|||||
Nonregulated interruptible customer deliveries (Thousand Therms)
|
|
1,988,570
|
|
|
1,928,266
|
|
|
1,981,085
|
|
|
1,845,327
|
|
|
1,728,161
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
SCE&G:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Statement of Income Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Operating Revenues
|
|
$
|
3,091
|
|
|
$
|
2,845
|
|
|
$
|
2,809
|
|
|
$
|
2,819
|
|
|
$
|
2,815
|
|
Operating Income
|
|
$
|
830
|
|
|
$
|
737
|
|
|
$
|
717
|
|
|
$
|
654
|
|
|
$
|
604
|
|
Net Income
|
|
$
|
458
|
|
|
$
|
391
|
|
|
$
|
352
|
|
|
$
|
316
|
|
|
$
|
304
|
|
Net Income Attributable to Noncontrolling Interest
|
|
$
|
12
|
|
|
$
|
11
|
|
|
$
|
11
|
|
|
$
|
10
|
|
|
$
|
14
|
|
Earnings Available to Common Shareholder
|
|
$
|
446
|
|
|
$
|
380
|
|
|
$
|
341
|
|
|
$
|
306
|
|
|
$
|
290
|
|
Balance Sheet Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Utility Plant, Net
|
|
$
|
10,783
|
|
|
$
|
10,048
|
|
|
$
|
9,375
|
|
|
$
|
8,588
|
|
|
$
|
8,198
|
|
Total Assets
|
|
$
|
14,107
|
|
|
$
|
12,700
|
|
|
$
|
12,104
|
|
|
$
|
11,037
|
|
|
$
|
10,574
|
|
Total Equity
|
|
$
|
4,757
|
|
|
$
|
4,489
|
|
|
$
|
4,043
|
|
|
$
|
3,773
|
|
|
$
|
3,541
|
|
Short-term and Long-term Debt
|
|
$
|
5,018
|
|
|
$
|
4,306
|
|
|
$
|
4,171
|
|
|
$
|
3,753
|
|
|
$
|
3,440
|
|
Other Statistics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Electric:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Customers (Year-End)
|
|
687,866
|
|
|
678,338
|
|
|
670,030
|
|
|
664,273
|
|
|
660,642
|
|
|||||
Total sales (Million kWh)
|
|
23,333
|
|
|
22,327
|
|
|
23,899
|
|
|
24,200
|
|
|
24,887
|
|
|||||
Generating capability-Net MW (Year-End)
|
|
5,237
|
|
|
5,237
|
|
|
5,533
|
|
|
5,642
|
|
|
5,645
|
|
|||||
Territorial peak demand-Net MW
|
|
4,853
|
|
|
4,574
|
|
|
4,761
|
|
|
4,885
|
|
|
4,735
|
|
|||||
Regulated Gas:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Customers, excluding transportation (Year-End)
|
|
338,274
|
|
|
329,179
|
|
|
322,419
|
|
|
316,683
|
|
|
313,346
|
|
|||||
Sales, excluding transportation (Thousand Therms)
|
|
471,596
|
|
|
457,119
|
|
|
412,163
|
|
|
407,073
|
|
|
447,057
|
|
|||||
Transportation customers (Year-End)
|
|
173
|
|
|
173
|
|
|
166
|
|
|
155
|
|
|
148
|
|
|||||
Transportation volumes (Thousand Therms)
|
|
198,733
|
|
|
155,190
|
|
|
260,215
|
|
|
192,492
|
|
|
190,931
|
|
|
2014
|
|
|
2013
|
|
|
2012
|
|
Net Income
|
|
|
|
|
|
|
||
Regulated
|
98
|
%
|
|
97
|
%
|
|
99
|
%
|
Nonregulated
|
2
|
%
|
|
3
|
%
|
|
1
|
%
|
Assets
|
|
|
|
|
|
|
||
Regulated
|
95
|
%
|
|
95
|
%
|
|
95
|
%
|
Nonregulated
|
5
|
%
|
|
5
|
%
|
|
5
|
%
|
•
|
A revised carbon standard for new power plants was proposed on January 8, 2014, which requires all new fossil fuel-fired power plants to meet the carbon dioxide emissions profile of a combined cycle natural gas plant. This rule effectively prevents construction of new coal-fired plants without carbon capture and sequestration capabilities.
|
•
|
The Clean Power Plan released on June 2, 2014 would regulate carbon dioxide emissions from existing units. This proposed rule includes state-specific goals for carbon dioxide emissions, as well as guidelines for states to follow in
|
•
|
The CWA provides for the imposition of effluent limitations that require treatment for wastewater discharges. Under the CWA, compliance with applicable limitations is achieved in connection with the renewal (every five years) of state-issued NPDES permits. The ELG Rule is expected to be finalized by September 30, 2015.
|
•
|
A final rule became effective October 14, 2014 that modifies requirements for existing cooling water intake structures. The Company is conducting studies and is developing or implementing compliance plans for this rule. Congress is also expected to consider further amendments to the CWA, and such legislation may include toxicity-based standards, among other things.
|
•
|
On November 26, 2014 the EPA announced a proposed tightening of current NAAQS ozone standards from .075 ppm to a range between .065 and .070 ppm, and that it will take comments on a standard as low as .060 ppm. A final rule is expected in October 2015.
|
•
|
New federal regulations affecting the management and disposal of CCRs were issued on December 19, 2014 and are expected to take effect in 2015. Under these regulations, CCRs will not be regulated as hazardous waste. These regulations do impose certain requirements on ash storage ponds at SCE&G's and GENCO's generating facilities. SCE&G and GENCO have already closed or have begun the process of closure of all of their ash storage ponds.
|
|
2014
|
|
2013
|
|
2012
|
||||||
Basic earnings per share
|
$
|
3.79
|
|
|
$
|
3.40
|
|
|
$
|
3.20
|
|
Diluted earnings per share
|
$
|
3.79
|
|
|
$
|
3.39
|
|
|
$
|
3.15
|
|
Cash dividends declared (per share)
|
$
|
2.10
|
|
|
$
|
2.03
|
|
|
$
|
1.98
|
|
2014 vs 2013
|
|
Basic earnings per share increased primarily due to the effects of weather, customer growth and base rate increases under the BLRA. Higher electric and gas margins were partially offset by higher operation and maintenance expenses, higher depreciation expense, higher property taxes, dilution from additional shares outstanding and higher interest expense, as further described below.
|
|
|
|
2013 vs 2012
|
|
Basic earnings per share increased due to higher electric and gas margins. These margin increases were partially offset by higher operation and maintenance expenses, higher depreciation expense, higher property taxes, dilution from additional shares outstanding and higher interest expense, as further described below.
|
Millions of dollars
|
|
2014
|
|
Change
|
|
2013
|
|
Change
|
|
2012
|
||||||||
Operating revenues
|
|
$
|
2,629.4
|
|
|
8.2
|
%
|
|
$
|
2,430.5
|
|
|
(0.9
|
)%
|
|
$
|
2,453.1
|
|
Less: Fuel used in electric generation
|
|
799.3
|
|
|
6.4
|
%
|
|
751.0
|
|
|
(11.0
|
)%
|
|
844.2
|
|
|||
Purchased power
|
|
80.7
|
|
|
87.7
|
%
|
|
43.0
|
|
|
53.0
|
%
|
|
28.1
|
|
|||
Margin
|
|
$
|
1,749.4
|
|
|
6.9
|
%
|
|
$
|
1,636.5
|
|
|
3.5
|
%
|
|
$
|
1,580.8
|
|
2014 vs 2013
|
|
Electric margin increased due to the effects of weather of $43.5 million, base rate increases under the BLRA of $54.1 million and customer growth of $14.7 million. These margin increases were partially offset by $69.0 million of downward adjustments to electric revenues in 2014 pursuant to SCPSC orders related to fuel cost recovery and SCE&G's DSM Programs. In 2013, pursuant to SCPSC orders, electric revenues were adjusted downward by $50.1 million related to fuel cost recovery and the reversal of undercollected amounts related to the Company's pilot eWNA program (eWNA was discontinued effective with the first billing cycle of 2014). Such adjustments are fully offset by the recognition within other income of gains realized upon the late 2013 settlement of certain derivative interest rate contracts and the application, as a reduction to operation and maintenance expenses, of a portion of SCE&G's storm damage reserve, both of which had been deferred in regulatory accounts. See Note 2 to the consolidated financial statements.
|
|
|
|
2013 vs 2012
|
|
Margin increased primarily due to base rate increases under the BLRA of $54.2 million and higher electric base rates of $67.3 million approved in the December 2012 rate order. Additionally, pursuant to accounting orders of the SCPSC, 2013's electric margin reflects downward adjustments of $50.1 million to revenue. Such adjustments are fully offset by the recognition within other income of gains realized upon the settlement of certain derivative interest rate contracts, which had been deferred as regulatory liabilities. See Note 2 to the consolidated financial statements.
|
Classification
|
|
2014
|
|
Change
|
|
2013
|
|
Change
|
|
2012
|
|||||
Residential
|
|
8,156
|
|
|
7.7
|
%
|
|
7,571
|
|
|
—
|
|
|
7,571
|
|
Commercial
|
|
7,371
|
|
|
2.3
|
%
|
|
7,205
|
|
|
(1.2
|
)%
|
|
7,291
|
|
Industrial
|
|
6,234
|
|
|
3.9
|
%
|
|
6,000
|
|
|
2.8
|
%
|
|
5,836
|
|
Other
|
|
600
|
|
|
3.3
|
%
|
|
581
|
|
|
(0.9
|
)%
|
|
586
|
|
Total retail sales
|
|
22,361
|
|
|
4.7
|
%
|
|
21,357
|
|
|
0.3
|
%
|
|
21,284
|
|
Wholesale
|
|
958
|
|
|
0.3
|
%
|
|
955
|
|
|
(63.2
|
)%
|
|
2,595
|
|
Total Sales
|
|
23,319
|
|
|
4.5
|
%
|
|
22,312
|
|
|
(6.6
|
)%
|
|
23,879
|
|
2014 vs 2013
|
|
Retail sales volumes increased primarily due to the effects of weather and customer growth.
|
|
|
|
2013 vs 2012
|
|
Retail sales volume increased primarily due to customer growth and the effects of weather, partially offset by lower average use. The decrease in wholesale sales is primarily due to the expiration of two customer contracts.
|
Millions of dollars
|
|
2014
|
|
Change
|
|
2013
|
|
Change
|
|
2012
|
||||||||
Operating revenues
|
|
$
|
1,014.0
|
|
|
7.6
|
%
|
|
$
|
942.6
|
|
|
23.2
|
%
|
|
$
|
765.0
|
|
Less: Gas purchased for resale
|
|
592.5
|
|
|
10.8
|
%
|
|
534.9
|
|
|
42.8
|
%
|
|
374.6
|
|
|||
Margin
|
|
$
|
421.5
|
|
|
3.4
|
%
|
|
$
|
407.7
|
|
|
4.4
|
%
|
|
$
|
390.4
|
|
2014 vs 2013
|
|
Margin increased primarily due to weather, residential and commercial customer growth of $9.1 million and increased average usage at SCE&G of $2.5 million.
|
|
|
|
2013 vs 2012
|
|
Margin increased primarily due to the SCPSC-approved increase in base rates under the RSA which became effective with the first billing cycle of November 2012, as well as residential and commercial customer growth and increased industrial usage.
|
Classification (in thousands)
|
|
2014
|
|
Change
|
|
2013
|
|
Change
|
|
2012
|
|||||
Residential
|
|
46,207
|
|
|
12.0
|
%
|
|
41,268
|
|
|
24.4
|
%
|
|
33,161
|
|
Commercial
|
|
30,701
|
|
|
8.9
|
%
|
|
28,181
|
|
|
12.7
|
%
|
|
25,001
|
|
Industrial
|
|
20,343
|
|
|
(8.9
|
)%
|
|
22,319
|
|
|
4.6
|
%
|
|
21,340
|
|
Transportation gas
|
|
45,506
|
|
|
7.8
|
%
|
|
42,221
|
|
|
9.0
|
%
|
|
38,736
|
|
Total
|
|
142,757
|
|
|
6.5
|
%
|
|
133,989
|
|
|
13.3
|
%
|
|
118,238
|
|
2014 vs 2013
|
|
Total sales volumes increased primarily due to weather and residential and commercial customer growth. Industrial sales volumes decreased primarily due to weather related curtailments and a customer switching to an alternative fuel source. Transportation sales increased due to an increase in natural gas fired generation, partially offset by curtailments.
|
|
|
|
2013 vs 2012
|
|
Total sales volumes increased primarily due to customer growth, increased industrial usage and the effects of weather.
|
Millions of dollars
|
|
2014
|
|
Change
|
|
2013
|
|
Change
|
|
2012
|
||||||||
Operating revenues
|
|
$
|
514.9
|
|
|
10.7
|
%
|
|
$
|
465.2
|
|
|
12.8
|
%
|
|
$
|
412.5
|
|
Net Income
|
|
25.9
|
|
|
8.8
|
%
|
|
23.8
|
|
|
*
|
|
10.5
|
|
2014 vs 2013
|
|
Changes in operating revenues and net income are due to higher demand in 2014 primarily as a result of weather.
|
|
|
|
2013 vs 2012
|
|
Changes in operating revenues and net income are due to higher demand in 2013 primarily as a result of milder weather in 2012.
|
Millions of dollars
|
|
2014
|
|
Change
|
|
2013
|
|
Change
|
|
2012
|
||||||||
Operating revenues
|
|
$
|
981.5
|
|
|
19.9
|
%
|
|
$
|
818.5
|
|
|
22.3
|
%
|
|
$
|
669.0
|
|
Net Income
|
|
5.1
|
|
|
(16.4
|
)%
|
|
6.1
|
|
|
13.0
|
%
|
|
5.4
|
|
2014 vs 2013
|
|
Operating revenues increased due to higher industrial sales volume and higher market prices. Net income decreased due to higher cost to serve customers during periods of pipeline constraints.
|
|
|
|
2013 vs 2012
|
|
Operating revenues and net income increased due to higher industrial sales volume and higher market prices.
|
Millions of dollars
|
|
2014
|
|
Change
|
|
2013
|
|
Change
|
|
2012
|
||||||||
Other operation and maintenance
|
|
$
|
728.3
|
|
|
2.9
|
%
|
|
$
|
707.5
|
|
|
2.6
|
%
|
|
$
|
689.3
|
|
Depreciation and amortization
|
|
383.7
|
|
|
1.5
|
%
|
|
378.1
|
|
|
6.2
|
%
|
|
356.1
|
|
|||
Other taxes
|
|
228.8
|
|
|
4.1
|
%
|
|
219.7
|
|
|
6.1
|
%
|
|
207.1
|
|
2014 vs 2013
|
|
Other operation and maintenance expenses increased primarily due to higher electric operating expenses of $8.9 million, DSM Programs cost amortization of $2.1 million, higher labor expense of $3.5 million which includes incentive compensation and lower pension costs, storm expenses of $1.1 million and other general expenses of $1.9 million. Depreciation and amortization expense increased due to net plant additions. Other taxes increased primarily due to higher property taxes.
|
|
|
|
2013 vs 2012
|
|
Other operation and maintenance expenses increased by $16.7 million due to incremental expenses associated with the December 2012 SCPSC rate order and by $5.7 million due to higher electric generation, transmission and distribution expenses. These increases were partially offset by lower compensation costs of $10.1 million due to reduced headcount and lower incentive compensation accruals and by other general expenses. Depreciation and amortization expense increased $13.2 million due to the recognition of depreciation expense associated with the Wateree Station scrubber which was provided for in the December 2012 SCPSC rate order and due to other net plant additions. Other taxes increased primarily due to higher property taxes on net property additions.
|
Millions of dollars
|
|
2014
|
|
Change
|
|
2013
|
|
Change
|
|
2012
|
||||||||
Income Statement Impact:
|
|
|
|
|
|
|
|
|
|
|
||||||||
Employee benefit costs
|
|
$
|
5.0
|
|
|
(67.7
|
)%
|
|
$
|
15.5
|
|
|
*
|
|
$
|
4.0
|
|
|
Other expense
|
|
0.2
|
|
|
(80.0
|
)%
|
|
1.0
|
|
|
25.0
|
%
|
|
0.8
|
|
|||
Balance Sheet Impact:
|
|
|
|
|
|
|
|
|
|
|
||||||||
Increase in capital expenditures
|
|
0.5
|
|
|
(93.1
|
)%
|
|
7.2
|
|
|
9.1
|
%
|
|
6.6
|
|
|||
Component of amount receivable from Summer Station co-owner
|
|
0.1
|
|
|
(96.0
|
)%
|
|
2.5
|
|
|
13.6
|
%
|
|
2.2
|
|
|||
Increase (decrease) in regulatory asset
|
|
(3.2
|
)
|
|
*
|
|
5.5
|
|
|
(63.1
|
)%
|
|
14.9
|
|
||||
Net periodic benefit cost
|
|
$
|
2.6
|
|
|
(91.8
|
)%
|
|
$
|
31.7
|
|
|
11.2
|
%
|
|
$
|
28.5
|
|
Millions of dollars
|
|
2014
|
|
2013
|
||||
Retail electric operations
|
|
$
|
2.0
|
|
|
$
|
2.0
|
|
Gas operations
|
|
1.0
|
|
|
0.2
|
|
Millions of dollars
|
|
2014
|
|
Change
|
|
2013
|
|
Change
|
|
2012
|
||||||||
Other income
|
|
$
|
121.8
|
|
|
21.4
|
%
|
|
$
|
100.3
|
|
|
71.2
|
%
|
|
$
|
58.6
|
|
Other expense
|
|
(64.3
|
)
|
|
41.3
|
%
|
|
(45.5
|
)
|
|
8.1
|
%
|
|
(42.1
|
)
|
|||
Total
|
|
$
|
57.5
|
|
|
4.9
|
%
|
|
$
|
54.8
|
|
|
*
|
|
$
|
16.5
|
|
2014 vs 2013
|
|
Other income (expense) increased primarily due to the recognition of $64.0 million of gains realized upon the late 2013 settlement of certain interest rate derivative contracts previously recorded as regulatory liabilities pursuant to SCPSC orders previously discussed, compared to $50.1 million of such gains in 2013. Such gain recognition was fully offset by downward adjustments to revenues reflected within electric margin and had no effect on net income.
|
|
|
|
2013 vs 2012
|
|
Changes in other income were primarily due to the recognition, pursuant to SCPSC accounting orders, of $50.1 million of gains realized upon the settlement of certain interest rate derivatives which had been entered into in anticipation of the issuance of long-term debt, which gains had been deferred as regulatory liabilities. Such gain recognition was fully offset by downward adjustments to revenues reflected within electric margin and had no effect on net income. This increase in other income was partially offset by the sales of communications towers that were recorded in 2012 by a non-regulated subsidiary. Changes in other expense were not significant.
|
Millions of dollars
|
|
2014
|
|
Change
|
|
2013
|
|
Change
|
|
2012
|
||||||||
Interest on long-term debt, net
|
|
$
|
306.7
|
|
|
4.7
|
%
|
|
$
|
292.8
|
|
|
0.9
|
%
|
|
$
|
290.2
|
|
Other interest expense
|
|
5.7
|
|
|
23.9
|
%
|
|
4.6
|
|
|
(11.5
|
)%
|
|
5.2
|
|
|||
Total
|
|
$
|
312.4
|
|
|
5.0
|
%
|
|
$
|
297.4
|
|
|
0.7
|
%
|
|
$
|
295.4
|
|
Millions of dollars
|
|
2015
|
|
2016
|
|
2017
|
||||||
SCE&G - Normal
|
|
|
|
|
|
|
|
|
|
|||
Generation
|
|
$
|
158
|
|
|
$
|
123
|
|
|
$
|
143
|
|
Transmission & Distribution
|
|
272
|
|
|
251
|
|
|
217
|
|
|||
Other
|
|
37
|
|
|
41
|
|
|
27
|
|
|||
Gas
|
|
54
|
|
|
64
|
|
|
57
|
|
|||
Common
|
|
9
|
|
|
12
|
|
|
9
|
|
|||
Total SCE&G - Normal
|
|
530
|
|
|
491
|
|
|
453
|
|
|||
PSNC Energy
|
|
98
|
|
|
123
|
|
|
132
|
|
|||
Other
|
|
38
|
|
|
20
|
|
|
29
|
|
|||
Total Normal
|
|
666
|
|
|
634
|
|
|
614
|
|
|||
New Nuclear (including transmission)
|
|
957
|
|
|
928
|
|
|
708
|
|
|||
Cash Requirements for Construction
|
|
1,623
|
|
|
1,562
|
|
|
1,322
|
|
|||
Nuclear Fuel
|
|
22
|
|
|
145
|
|
|
104
|
|
|||
Total Estimated Capital Expenditures
|
|
$
|
1,645
|
|
|
$
|
1,707
|
|
|
$
|
1,426
|
|
Contractual Cash Obligations
|
|
Payments due by periods
|
||||||||||||||||||
Millions of dollars
|
|
Total
|
|
Less than
1 year
|
|
1 - 3 years
|
|
4 - 5 years
|
|
More than
5 years
|
||||||||||
Long- and short-term debt, including interest
|
|
$
|
12,011
|
|
|
$
|
1,403
|
|
|
$
|
1,717
|
|
|
$
|
871
|
|
|
$
|
8,020
|
|
Capital leases
|
|
17
|
|
|
4
|
|
|
9
|
|
|
3
|
|
|
1
|
|
|||||
Operating leases
|
|
38
|
|
|
8
|
|
|
8
|
|
|
3
|
|
|
19
|
|
|||||
Purchase obligations
|
|
3,627
|
|
|
2,273
|
|
|
1,352
|
|
|
1
|
|
|
1
|
|
|||||
Other commercial commitments
|
|
3,992
|
|
|
881
|
|
|
1,787
|
|
|
666
|
|
|
658
|
|
|||||
Total
|
|
$
|
19,685
|
|
|
$
|
4,569
|
|
|
$
|
4,873
|
|
|
$
|
1,544
|
|
|
$
|
8,699
|
|
December 31,
|
|
2014
|
|
2013
|
|
2012
|
|
2011
|
|
2010
|
SCANA
|
|
3.39
|
|
3.22
|
|
2.93
|
|
2.87
|
|
2.92
|
Company
|
Regulatory Jurisdiction/Matters
|
SCANA
|
The SEC as to the issuance of certain securities and other matters and the FERC as to certain acquisitions and other matters.
|
|
|
SCANA and all subsidiaries
|
The CFTC to the extent they transact swaps as defined in Dodd-Frank.
|
|
|
SCE&G
|
The SEC as to the issuance of certain securities and other matters; the SCPSC as to retail electric and gas rates, service, accounting, issuance of securities (other than short-term borrowings) and other matters; the FERC as to issuance of short-term borrowings, guarantees of short-term indebtedness, certain acquisitions and other matters; and the NRC with respect to the ownership, construction, operation and decommissioning of its currently operated and planned nuclear generating facilities. NRC jurisdiction encompasses broad supervisory and regulatory powers over the construction and operation of nuclear reactors, including matters of health and safety and environmental impact. In addition, the Federal Emergency Management Agency reviews, in conjunction with the NRC, certain aspects of emergency planning relating to the operation of nuclear plants.
|
|
|
SCE&G and GENCO
|
The FERC and DOE, under the Federal Power Act, as to the transmission of electric energy in interstate commerce, the sale of electric energy at wholesale for resale, the licensing of hydroelectric projects and certain other matters, including accounting.
|
|
|
GENCO
|
The SCPSC as to the issuance of securities (other than short-term borrowings) and the FERC as to issuance of short-term borrowings, accounting, certain acquisitions and other matters.
|
|
|
Fuel Company
|
The SEC as to the issuance of certain securities.
|
December 31, 2014
|
|
Expected Maturity Date
|
||||||||||||||||||||||
Millions of dollars
|
|
2015
|
|
2016
|
|
2017
|
|
2018
|
|
2019
|
|
Thereafter
|
|
Total
|
|
Fair Value
|
||||||||
Long-Term Debt:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed Rate ($)
|
|
161.5
|
|
|
110.4
|
|
|
9.5
|
|
|
718.6
|
|
|
8.1
|
|
|
4,529.7
|
|
|
5,537.9
|
|
|
6,437.4
|
|
Average Fixed Interest Rate (%)
|
|
7.48
|
|
|
1.14
|
|
|
4.62
|
|
|
5.95
|
|
|
4.97
|
|
|
5.29
|
|
|
5.35
|
|
|
—
|
|
Variable Rate ($)
|
|
4.4
|
|
|
4.4
|
|
|
4.4
|
|
|
4.4
|
|
|
4.4
|
|
|
133.8
|
|
|
155.8
|
|
|
151.2
|
|
Average Variable Interest Rate (%)
|
|
0.92
|
|
|
0.92
|
|
|
0.92
|
|
|
0.92
|
|
|
0.92
|
|
|
0.48
|
|
|
0.54
|
|
|
—
|
|
Interest Rate Swaps:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Pay Fixed/Receive Variable ($)
|
|
954.4
|
|
|
104.4
|
|
|
4.4
|
|
|
4.4
|
|
|
4.4
|
|
|
133.8
|
|
|
1,205.8
|
|
|
(256.7
|
)
|
Average Pay Interest Rate (%)
|
|
3.84
|
|
|
3.74
|
|
|
6.17
|
|
|
6.17
|
|
|
6.17
|
|
|
4.70
|
|
|
3.95
|
|
|
—
|
|
Average Receive Interest Rate (%)
|
|
0.26
|
|
|
0.28
|
|
|
0.92
|
|
|
0.92
|
|
|
0.92
|
|
|
0.47
|
|
|
0.29
|
|
|
—
|
|
December 31, 2013
|
|
Expected Maturity Date
|
||||||||||||||||||||||
Millions of dollars
|
|
2014
|
|
2015
|
|
2016
|
|
2017
|
|
2018
|
|
Thereafter
|
|
Total
|
|
Fair Value
|
||||||||
Long-Term Debt:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed Rate ($)
|
|
46.7
|
|
|
10.8
|
|
|
109.6
|
|
|
8.7
|
|
|
717.9
|
|
|
4,386.5
|
|
|
5,280.2
|
|
|
5,753.3
|
|
Average Fixed Interest Rate (%)
|
|
4.83
|
|
|
4.72
|
|
|
1.14
|
|
|
4.84
|
|
|
5.95
|
|
|
5.43
|
|
|
5.40
|
|
|
—
|
|
Variable Rate ($)
|
|
4.4
|
|
|
4.4
|
|
|
4.4
|
|
|
4.4
|
|
|
4.4
|
|
|
138.2
|
|
|
160.2
|
|
|
154.4
|
|
Average Variable Interest Rate (%)
|
|
0.94
|
|
|
0.94
|
|
|
0.94
|
|
|
0.94
|
|
|
0.94
|
|
|
0.53
|
|
|
0.59
|
|
|
—
|
|
Interest Rate Swaps:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Pay Fixed/Receive Variable ($)
|
|
604.4
|
|
|
654.4
|
|
|
4.4
|
|
|
4.4
|
|
|
4.4
|
|
|
141.8
|
|
|
1,413.8
|
|
|
13.0
|
|
Average Pay Interest Rate (%)
|
|
3.97
|
|
|
4.17
|
|
|
6.17
|
|
|
6.17
|
|
|
6.17
|
|
|
4.72
|
|
|
4.16
|
|
|
—
|
|
Average Receive Interest Rate (%)
|
|
0.25
|
|
|
0.25
|
|
|
0.94
|
|
|
0.94
|
|
|
0.94
|
|
|
0.49
|
|
|
0.28
|
|
|
—
|
|
Expected Maturity:
|
|
|
|
|
|
|
|
|
|
Futures Contracts
|
|
|
|
|
Options
|
|
|
|
|
|
|
|
|
|
|
|
Purchased Call
|
|
|
2015
|
Long
|
|
Short
|
|
2015
|
|
(Long)
|
|
|
Settlement Price (a)
|
2.96
|
|
2.98
|
|
|
Strike Price (a)
|
|
4.17
|
|
Contract Amount (b)
|
23.9
|
|
0.4
|
|
|
Contract Amount (b)
|
|
26.1
|
|
Fair Value (b)
|
18.3
|
|
0.3
|
|
|
Fair Value (b)
|
|
0.4
|
|
|
|
|
|
|
|
|
|
|
|
2016
|
|
|
|
|
|
2016
|
|
|
|
Settlement Price (a)
|
3.50
|
|
—
|
|
|
Strike Price (a)
|
|
4.14
|
|
Contract Amount (b)
|
1.2
|
|
—
|
|
|
Contract Amount (b)
|
|
2.5
|
|
Fair Value (b)
|
1.1
|
|
—
|
|
|
Fair Value (b)
|
|
0.2
|
|
Swaps
|
|
2015
|
|
2016
|
|
2017
|
|
2018
|
|
||||
Commodity Swaps:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pay fixed/receive variable (b)
|
|
69.1
|
|
|
19.3
|
|
|
6.2
|
|
|
3.6
|
|
|
Average pay rate (a)
|
|
4.2311
|
|
|
4.3788
|
|
|
4.2253
|
|
|
4.2421
|
|
|
Average received rate (a)
|
|
2.9731
|
|
|
3.4700
|
|
|
3.7733
|
|
|
3.9591
|
|
|
Fair Value (b)
|
|
48.6
|
|
|
15.3
|
|
|
5.5
|
|
|
3.3
|
|
|
Pay variable/receive fixed (b)
|
|
36.1
|
|
|
13.4
|
|
|
5.5
|
|
|
3.3
|
|
|
Average pay rate (a)
|
|
2.9869
|
|
|
3.4677
|
|
|
3.7724
|
|
|
3.9591
|
|
|
Average received rate (a)
|
|
4.2000
|
|
|
4.4288
|
|
|
4.2329
|
|
|
4.2471
|
|
|
Fair Value (b)
|
|
50.8
|
|
|
17.2
|
|
|
6.2
|
|
|
3.6
|
|
|
Basis Swaps:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pay variable/receive variable (b)
|
|
1.1
|
|
|
1.1
|
|
|
1.0
|
|
|
—
|
|
|
Average pay rate (a)
|
|
3.0297
|
|
|
3.5266
|
|
|
3.8036
|
|
|
—
|
|
|
Average received rate (a)
|
|
2.9926
|
|
|
3.5259
|
|
|
3.8077
|
|
|
—
|
|
|
Fair Value (b)
|
|
1.1
|
|
|
1.1
|
|
|
1.0
|
|
|
—
|
|
|
/s/DELOITTE & TOUCHE LLP
|
|
Charlotte, North Carolina
|
|
February 27, 2015
|
|
December 31, (Millions of dollars)
|
|
2014
|
|
2013
|
||||
Assets
|
|
|
|
|
|
|
||
Utility Plant In Service
|
|
$
|
12,289
|
|
|
$
|
12,213
|
|
Accumulated Depreciation and Amortization
|
|
(4,088
|
)
|
|
(4,011
|
)
|
||
Construction Work in Progress
|
|
3,323
|
|
|
2,724
|
|
||
Plant to be Retired, Net
|
|
169
|
|
|
177
|
|
||
Nuclear Fuel, Net of Accumulated Amortization
|
|
329
|
|
|
310
|
|
||
Goodwill
|
|
210
|
|
|
230
|
|
||
Utility Plant, Net
|
|
12,232
|
|
|
11,643
|
|
||
Nonutility Property and Investments:
|
|
|
|
|
|
|
||
Nonutility property, net of accumulated depreciation of $122 and $150
|
|
284
|
|
|
317
|
|
||
Assets held in trust, net-nuclear decommissioning
|
|
113
|
|
|
101
|
|
||
Other investments
|
|
75
|
|
|
86
|
|
||
Nonutility Property and Investments, Net
|
|
472
|
|
|
504
|
|
||
Current Assets:
|
|
|
|
|
|
|
||
Cash and cash equivalents
|
|
137
|
|
|
136
|
|
||
Receivables, net of allowance for uncollectible accounts of $7 and $6
|
|
838
|
|
|
802
|
|
||
Inventories:
|
|
|
|
|
|
|
||
Fuel
|
|
221
|
|
|
231
|
|
||
Materials and supplies
|
|
139
|
|
|
131
|
|
||
Emission allowances
|
|
1
|
|
|
1
|
|
||
Prepayments
|
|
320
|
|
|
78
|
|
||
Other current assets
|
|
148
|
|
|
42
|
|
||
Assets held for sale
|
|
341
|
|
|
—
|
|
||
Total Current Assets
|
|
2,145
|
|
|
1,421
|
|
||
Deferred Debits and Other Assets:
|
|
|
|
|
|
|
||
Regulatory assets
|
|
1,823
|
|
|
1,360
|
|
||
Pension asset
|
|
—
|
|
|
47
|
|
||
Other
|
|
180
|
|
|
189
|
|
||
Total Deferred Debits and Other Assets
|
|
2,003
|
|
|
1,596
|
|
||
Total
|
|
$
|
16,852
|
|
|
$
|
15,164
|
|
December 31, (Millions of dollars)
|
|
2014
|
|
2013
|
||||
Capitalization and Liabilities
|
|
|
|
|
|
|
||
Common Stock - no par value (shares outstanding: December 31, 2014 - 142.7 million; December 31, 2013 - 140.7 million)
|
|
$
|
2,378
|
|
|
$
|
2,280
|
|
Retained Earnings
|
|
2,684
|
|
|
2,444
|
|
||
Accumulated Other Comprehensive Loss
|
|
(75
|
)
|
|
(60
|
)
|
||
Total Common Equity
|
|
4,987
|
|
|
4,664
|
|
||
Long-Term Debt, Net
|
|
5,531
|
|
|
5,395
|
|
||
Total Capitalization
|
|
10,518
|
|
|
10,059
|
|
||
Current Liabilities:
|
|
|
|
|
|
|
||
Short-term borrowings
|
|
918
|
|
|
376
|
|
||
Current portion of long-term debt
|
|
166
|
|
|
54
|
|
||
Accounts payable
|
|
520
|
|
|
425
|
|
||
Customer deposits and customer prepayments
|
|
98
|
|
|
88
|
|
||
Taxes accrued
|
|
182
|
|
|
206
|
|
||
Interest accrued
|
|
83
|
|
|
82
|
|
||
Dividends declared
|
|
73
|
|
|
69
|
|
||
Liabilities held for sale
|
|
52
|
|
|
—
|
|
||
Derivative financial instruments
|
|
233
|
|
|
8
|
|
||
Other
|
|
208
|
|
|
134
|
|
||
Total Current Liabilities
|
|
2,533
|
|
|
1,442
|
|
||
Deferred Credits and Other Liabilities:
|
|
|
|
|
|
|
||
Deferred income taxes, net
|
|
1,866
|
|
|
1,703
|
|
||
Deferred investment tax credits
|
|
28
|
|
|
32
|
|
||
Asset retirement obligations
|
|
563
|
|
|
576
|
|
||
Pension and postretirement benefits
|
|
315
|
|
|
227
|
|
||
Regulatory liabilities
|
|
814
|
|
|
966
|
|
||
Other
|
|
215
|
|
|
159
|
|
||
Total Deferred Credits and Other Liabilities
|
|
3,801
|
|
|
3,663
|
|
||
Commitments and Contingencies (Note 10)
|
|
|
|
|
||||
Total
|
|
$
|
16,852
|
|
|
$
|
15,164
|
|
Years Ended December 31, (Millions of dollars, except per share amounts)
|
|
2014
|
|
2013
|
|
2012
|
||||||
Operating Revenues:
|
|
|
|
|
|
|
|
|
|
|||
Electric
|
|
$
|
2,622
|
|
|
$
|
2,423
|
|
|
$
|
2,446
|
|
Gas-regulated
|
|
1,028
|
|
|
955
|
|
|
774
|
|
|||
Gas-nonregulated
|
|
1,301
|
|
|
1,117
|
|
|
956
|
|
|||
Total Operating Revenues
|
|
4,951
|
|
|
4,495
|
|
|
4,176
|
|
|||
|
|
|
|
|
|
|
||||||
Operating Expenses:
|
|
|
|
|
|
|
|
|
|
|||
Fuel used in electric generation
|
|
793
|
|
|
745
|
|
|
838
|
|
|||
Purchased power
|
|
81
|
|
|
43
|
|
|
28
|
|
|||
Gas purchased for resale
|
|
1,729
|
|
|
1,491
|
|
|
1,198
|
|
|||
Other operation and maintenance
|
|
728
|
|
|
708
|
|
|
690
|
|
|||
Depreciation and amortization
|
|
384
|
|
|
378
|
|
|
356
|
|
|||
Other taxes
|
|
229
|
|
|
220
|
|
|
207
|
|
|||
Total Operating Expenses
|
|
3,944
|
|
|
3,585
|
|
|
3,317
|
|
|||
|
|
|
|
|
|
|
||||||
Operating Income
|
|
1,007
|
|
|
910
|
|
|
859
|
|
|||
|
|
|
|
|
|
|
||||||
Other Income (Expense):
|
|
|
|
|
|
|
|
|
|
|||
Other income
|
|
122
|
|
|
100
|
|
|
59
|
|
|||
Other expenses
|
|
(64
|
)
|
|
(46
|
)
|
|
(42
|
)
|
|||
Interest charges, net of allowance for borrowed funds used during construction of $16, $14 and $11
|
|
(312
|
)
|
|
(297
|
)
|
|
(295
|
)
|
|||
Allowance for equity funds used during construction
|
|
33
|
|
|
27
|
|
|
21
|
|
|||
Total Other Expense
|
|
(221
|
)
|
|
(216
|
)
|
|
(257
|
)
|
|||
|
|
|
|
|
|
|
||||||
Income Before Income Tax Expense
|
|
786
|
|
|
694
|
|
|
602
|
|
|||
Income Tax Expense
|
|
248
|
|
|
223
|
|
|
182
|
|
|||
Net Income
|
|
$
|
538
|
|
|
$
|
471
|
|
|
$
|
420
|
|
|
|
|
|
|
|
|
||||||
Per Common Share Data
|
|
|
|
|
|
|
|
|
|
|||
Basic Earnings Per Share of Common Stock
|
|
$
|
3.79
|
|
|
$
|
3.40
|
|
|
$
|
3.20
|
|
Diluted Earnings Per Share of Common Stock
|
|
3.79
|
|
|
3.39
|
|
|
3.15
|
|
|||
Weighted Average Common Shares Outstanding (millions)
|
|
|
|
|
|
|
|
|
|
|||
Basic
|
|
141.9
|
|
|
138.7
|
|
|
131.1
|
|
|||
Diluted
|
|
141.9
|
|
|
139.1
|
|
|
133.3
|
|
|||
Dividends Declared Per Share of Common Stock
|
|
$
|
2.10
|
|
|
$
|
2.03
|
|
|
$
|
1.98
|
|
Years Ended December 31, (Millions of dollars)
|
|
2014
|
|
2013
|
|
2012
|
|
||||||
Net Income
|
|
$
|
538
|
|
|
$
|
471
|
|
|
$
|
420
|
|
|
Other Comprehensive Income (Loss), net of tax:
|
|
|
|
|
|
|
|
||||||
Unrealized Losses on Cash Flow Hedging Activities:
|
|
|
|
|
|
|
|
||||||
Unrealized gains (losses) on cash flow hedging activities arising during period, net of tax of $(9), $4 and $(5)
|
|
(14
|
)
|
|
7
|
|
|
(8
|
)
|
|
|||
Gain (losses) on cash flow hedging activities reclassified to interest expense, net of tax of $4, $5 and $4
|
|
7
|
|
|
8
|
|
|
6
|
|
|
|||
Gain (losses) on cash flow hedging activities reclassified to gas purchased for resale, net of tax of $(2), $2 and $8
|
|
(4
|
)
|
|
3
|
|
|
13
|
|
|
|||
Net unrealized gains (losses) on cash flow hedging activities
|
|
(11
|
)
|
|
18
|
|
|
11
|
|
|
|||
Deferred Costs of Employee Benefit Plans:
|
|
|
|
|
|
|
|
||||||
Deferred costs of employee benefit plans, net of tax of $(3), $4 and $(2)
|
|
(5
|
)
|
|
7
|
|
|
(4
|
)
|
|
|||
Amortization of deferred employee benefit plan costs reclassified to net income (see Note 8), net of tax of $-, $- and $-
|
|
1
|
|
|
1
|
|
|
1
|
|
|
|||
Net deferred costs of employee benefit plans
|
|
(4
|
)
|
|
8
|
|
|
(3
|
)
|
|
|||
Other Comprehensive Income (Loss)
|
|
(15
|
)
|
|
26
|
|
|
8
|
|
|
|||
Total Comprehensive Income
|
|
$
|
523
|
|
|
$
|
497
|
|
|
$
|
428
|
|
|
For the Years Ended December 31, (Millions of dollars)
|
|
2014
|
|
2013
|
|
2012
|
||||||
Cash Flows From Operating Activities:
|
|
|
|
|
|
|
|
|
|
|||
Net Income
|
|
$
|
538
|
|
|
$
|
471
|
|
|
$
|
420
|
|
Adjustments to reconcile net income to net cash provided from operating activities:
|
|
|
|
|
|
|
|
|
||||
Losses from equity method investments
|
|
5
|
|
|
7
|
|
|
—
|
|
|||
Deferred income taxes, net
|
|
235
|
|
|
49
|
|
|
130
|
|
|||
Depreciation and amortization
|
|
403
|
|
|
393
|
|
|
368
|
|
|||
Amortization of nuclear fuel
|
|
45
|
|
|
57
|
|
|
44
|
|
|||
Allowance for equity funds used during construction
|
|
(33
|
)
|
|
(27
|
)
|
|
(21
|
)
|
|||
Carrying cost recovery
|
|
(9
|
)
|
|
(3
|
)
|
|
—
|
|
|||
Changes in certain assets and liabilities:
|
|
|
|
|
|
|
|
|
||||
Receivables
|
|
(33
|
)
|
|
(38
|
)
|
|
5
|
|
|||
Inventories
|
|
(62
|
)
|
|
21
|
|
|
(53
|
)
|
|||
Prepayments
|
|
(235
|
)
|
|
49
|
|
|
26
|
|
|||
Regulatory assets
|
|
(372
|
)
|
|
113
|
|
|
(172
|
)
|
|||
Regulatory liabilities
|
|
(133
|
)
|
|
56
|
|
|
62
|
|
|||
Accounts payable
|
|
36
|
|
|
24
|
|
|
34
|
|
|||
Taxes accrued
|
|
(24
|
)
|
|
42
|
|
|
10
|
|
|||
Pension and other postretirement benefits
|
|
133
|
|
|
(217
|
)
|
|
89
|
|
|||
Derivative financial instruments
|
|
225
|
|
|
(72
|
)
|
|
3
|
|
|||
Other assets
|
|
(8
|
)
|
|
17
|
|
|
(143
|
)
|
|||
Other liabilities
|
|
19
|
|
|
108
|
|
|
37
|
|
|||
Net Cash Provided From Operating Activities
|
|
730
|
|
|
1,050
|
|
|
839
|
|
|||
Cash Flows From Investing Activities:
|
|
|
|
|
|
|
|
|
|
|||
Property additions and construction expenditures
|
|
(1,092
|
)
|
|
(1,106
|
)
|
|
(1,077
|
)
|
|||
Proceeds from investments (including derivative collateral returned)
|
|
347
|
|
|
222
|
|
|
472
|
|
|||
Purchase of investments (including derivative collateral posted)
|
|
(475
|
)
|
|
(176
|
)
|
|
(414
|
)
|
|||
Payments upon interest rate derivative contract settlement
|
|
(95
|
)
|
|
(49
|
)
|
|
(51
|
)
|
|||
Proceeds from interest rate derivative contract settlement
|
|
—
|
|
|
163
|
|
|
14
|
|
|||
Net Cash Used For Investing Activities
|
|
(1,315
|
)
|
|
(946
|
)
|
|
(1,056
|
)
|
|||
Cash Flows From Financing Activities:
|
|
|
|
|
|
|
|
|
|
|||
Proceeds from issuance of common stock
|
|
98
|
|
|
295
|
|
|
97
|
|
|||
Proceeds from issuance of long-term debt
|
|
294
|
|
|
451
|
|
|
759
|
|
|||
Repayments of long-term debt
|
|
(54
|
)
|
|
(258
|
)
|
|
(309
|
)
|
|||
Dividends
|
|
(294
|
)
|
|
(281
|
)
|
|
(257
|
)
|
|||
Short-term borrowings, net
|
|
542
|
|
|
(247
|
)
|
|
(30
|
)
|
|||
Net Cash Provided From (Used For) Financing Activities
|
|
586
|
|
|
(40
|
)
|
|
260
|
|
|||
Net Increase in Cash and Cash Equivalents
|
|
1
|
|
|
64
|
|
|
43
|
|
|||
Cash and Cash Equivalents, January 1
|
|
136
|
|
|
72
|
|
|
29
|
|
|||
Cash and Cash Equivalents, December 31
|
|
$
|
137
|
|
|
$
|
136
|
|
|
$
|
72
|
|
Supplemental Cash Flow Information:
|
|
|
|
|
|
|
|
|
|
|||
Cash paid for—Interest (net of capitalized interest of $16, $14 and $11)
|
|
$
|
301
|
|
|
$
|
288
|
|
|
$
|
281
|
|
—Income taxes
|
|
299
|
|
|
104
|
|
|
107
|
|
|||
Noncash Investing and Financing Activities:
|
|
|
|
|
|
|
|
|
||||
Accrued construction expenditures
|
|
180
|
|
|
111
|
|
|
124
|
|
|||
Capital leases
|
|
5
|
|
|
6
|
|
|
8
|
|
|||
Nuclear fuel purchase
|
|
—
|
|
|
98
|
|
|
—
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive
|
|
|
|||||||||||||||||
|
|
|
|
|
|
|
|
Income (Loss)
|
|
|
|||||||||||||||||
|
|
|
|
|
|
|
|
Gains
|
|
Deferred
|
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
(Losses) on
|
|
Employee
|
|
|
|
|
|||||||||||||
|
|
Common Stock
|
|
Retained
|
|
Cash Flow
|
|
Benefit
|
|
Total
|
|
|
|||||||||||||||
Millions
|
|
Shares
|
|
Amount
|
|
Earnings
|
|
Hedges
|
|
Plans
|
|
AOCI
|
|
Total
|
|||||||||||||
Balance as of January 1, 2012
|
|
130
|
|
|
$
|
1,886
|
|
|
$
|
2,097
|
|
|
$
|
(81
|
)
|
|
$
|
(13
|
)
|
|
$
|
(94
|
)
|
|
$
|
3,889
|
|
Net Income
|
|
|
|
|
|
420
|
|
|
|
|
|
|
|
|
420
|
|
|||||||||||
Other Comprehensive Income (Loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Losses arising during the period
|
|
|
|
|
|
|
|
(8
|
)
|
|
(4
|
)
|
|
(12
|
)
|
|
(12
|
)
|
|||||||||
Losses/amortization reclassified from AOCI
|
|
|
|
|
|
|
|
19
|
|
|
1
|
|
|
20
|
|
|
20
|
|
|||||||||
Total Comprehensive Income (Loss)
|
|
|
|
|
|
420
|
|
|
11
|
|
|
(3
|
)
|
|
8
|
|
|
428
|
|
||||||||
Issuance of Common Stock
|
|
2
|
|
|
97
|
|
|
|
|
|
|
|
|
|
|
97
|
|
||||||||||
Dividends Declared
|
|
|
|
|
|
(260
|
)
|
|
|
|
|
|
|
|
(260
|
)
|
|||||||||||
Balance as of December 31, 2012
|
|
132
|
|
|
1,983
|
|
|
2,257
|
|
|
(70
|
)
|
|
(16
|
)
|
|
(86
|
)
|
|
4,154
|
|
||||||
Net Income
|
|
|
|
|
|
471
|
|
|
|
|
|
|
|
|
471
|
|
|||||||||||
Other Comprehensive Income (Loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Losses arising during the period
|
|
|
|
|
|
|
|
7
|
|
|
7
|
|
|
14
|
|
|
14
|
|
|||||||||
Losses/amortization reclassified from AOCI
|
|
|
|
|
|
|
|
11
|
|
|
1
|
|
|
12
|
|
|
12
|
|
|||||||||
Total Comprehensive Income (Loss)
|
|
|
|
|
|
471
|
|
|
18
|
|
|
8
|
|
|
26
|
|
|
497
|
|
||||||||
Issuance of Common Stock
|
|
9
|
|
|
297
|
|
|
|
|
|
|
|
|
|
|
297
|
|
||||||||||
Dividends Declared
|
|
|
|
|
|
(284
|
)
|
|
|
|
|
|
|
|
(284
|
)
|
|||||||||||
Balance as of December 31, 2013
|
|
141
|
|
|
2,280
|
|
|
2,444
|
|
|
(52
|
)
|
|
(8
|
)
|
|
(60
|
)
|
|
4,664
|
|
||||||
Net Income
|
|
|
|
|
|
538
|
|
|
|
|
|
|
|
|
538
|
|
|||||||||||
Other Comprehensive Income (Loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Losses arising during the period
|
|
|
|
|
|
|
|
(14
|
)
|
|
(5
|
)
|
|
(19
|
)
|
|
(19
|
)
|
|||||||||
Losses/amortization reclassified from AOCI
|
|
|
|
|
|
|
|
3
|
|
|
1
|
|
|
4
|
|
|
4
|
|
|||||||||
Total Comprehensive Income (Loss)
|
|
|
|
|
|
538
|
|
|
(11
|
)
|
|
(4
|
)
|
|
(15
|
)
|
|
523
|
|
||||||||
Issuance of Common Stock
|
|
2
|
|
|
98
|
|
|
|
|
|
|
|
|
|
|
98
|
|
||||||||||
Dividends Declared
|
|
|
|
|
|
(298
|
)
|
|
|
|
|
|
|
|
(298
|
)
|
|||||||||||
Balance as of December 31, 2014
|
|
143
|
|
|
$
|
2,378
|
|
|
$
|
2,684
|
|
|
$
|
(63
|
)
|
|
$
|
(12
|
)
|
|
$
|
(75
|
)
|
|
$
|
4,987
|
|
Regulated businesses
|
|
Nonregulated businesses
|
South Carolina Electric & Gas Company
|
|
SCANA Energy Marketing, Inc.
|
South Carolina Fuel Company, Inc.
|
|
SCANA Communications, Inc.
|
South Carolina Generating Company, Inc.
|
|
ServiceCare, Inc.
|
Public Service Company of North Carolina, Incorporated
|
|
SCANA Services, Inc.
|
Carolina Gas Transmission Corporation
|
|
SCANA Corporate Security Services, Inc.
|
As of December 31,
|
2014
|
|
2013
|
||||||||||||
|
Unit 1
|
|
New Units
|
|
Unit 1
|
|
New Units
|
||||||||
Percent owned
|
66.7%
|
|
55.0%
|
|
66.7%
|
|
55.0%
|
||||||||
Plant in service
|
$
|
1.2
|
billion
|
|
—
|
|
$
|
1.1
|
billion
|
|
—
|
||||
Accumulated depreciation
|
$
|
578.3
|
million
|
|
—
|
|
$
|
566.9
|
million
|
|
—
|
||||
Construction work in progress
|
$
|
199.3
|
million
|
|
$
|
2.7
|
billion
|
|
$
|
127.1
|
million
|
|
$
|
2.3
|
billion
|
In Millions
|
|
2014
|
|
2013
|
|
2012
|
|||
Weighted Average Shares Outstanding—Basic
|
|
141.9
|
|
|
138.7
|
|
|
131.1
|
|
Net effect of equity forward contracts
|
|
—
|
|
|
0.4
|
|
|
2.2
|
|
Weighted Average Shares Outstanding—Diluted
|
|
141.9
|
|
|
139.1
|
|
|
133.3
|
|
Year
|
|
Effective
|
|
Amount
|
2014
|
|
First billing cycle of May
|
|
$15.4 million
|
2013
|
|
First billing cycle of May
|
|
$16.9 million
|
2012
|
|
First billing cycle of May
|
|
$19.6 million
|
•
|
In May 2013, the SCPSC ordered the deferral of one-half of the net lost revenues and provided for their recovery over a 12-month period beginning with the first billing cycle in May 2014.
|
•
|
In April 2014, the SCPSC approved SCE&G's request to (1) recover one-half of the balance of allowable costs beginning with bills rendered on and after the first billing cycle of May 2014 and to recover the remaining balance of allowable costs beginning with bills rendered on and after the first billing cycle of May 2015, (2) utilize approximately
$17.8 million
of gains from the late 2013 settlement of certain interest rate derivative instruments, previously deferred as regulatory liabilities, to offset a portion of the net lost revenues component of SCE&G's DSM Program rider, and (3) apply
$5.0 million
of its storm damage reserve and
$5.0 million
of the gains from the settlement of certain interest rate derivative instruments to the remaining balance of deferred net lost revenues as of April 30, 2014, which had been deferred within regulatory assets resulting from the May 2013 order previously described.
|
•
|
In addition, in April 2014 the SCPSC, upon recommendation of the ORS, reduced by
25%
, or
$6.6 million
, the amount of net lost revenues SCE&G expects to experience over the 12-month period beginning with the first billing cycle of May 2014, and ordered that the $6.6 million be applied to decrease the amount of program costs deferred for recovery. Actual
|
•
|
In January 2015, SCE&G submitted its annual DSM Programs filing to the SCPSC. If approved, the filing would, among other things, allow recovery of
$33.0 million
of costs and net lost revenues associated with the DSM Programs, along with an incentive to invest in such programs.
|
Year
|
|
Increase
|
|
Amount
|
2014
|
|
2.8%
|
|
$66.2 million
|
2013
|
|
2.9%
|
|
$67.2 million
|
2012
|
|
2.3%
|
|
$52.1 million
|
Year
|
|
Action
|
|
Amount
|
|||
2014
|
|
0.6
|
%
|
|
Decrease
|
|
$2.6 million
|
2013
|
|
No change
|
|
|
|||
2012
|
|
2.1
|
%
|
|
Increase
|
|
$7.5 million
|
|
|
December 31,
|
||||||
Millions of dollars
|
|
2014
|
|
2013
|
||||
Regulatory Assets:
|
|
|
|
|
|
|||
Accumulated deferred income taxes
|
|
$
|
284
|
|
|
$
|
259
|
|
Under-collections—electric fuel adjustment clause
|
|
20
|
|
|
18
|
|
||
Environmental remediation costs
|
|
40
|
|
|
41
|
|
||
AROs and related funding
|
|
366
|
|
|
368
|
|
||
Franchise agreements
|
|
26
|
|
|
31
|
|
||
Deferred employee benefit plan costs
|
|
350
|
|
|
238
|
|
||
Planned major maintenance
|
|
2
|
|
|
—
|
|
||
Deferred losses on interest rate derivatives
|
|
453
|
|
|
124
|
|
||
Deferred pollution control costs
|
|
36
|
|
|
37
|
|
||
Unrecovered plant
|
|
137
|
|
|
145
|
|
||
DSM Programs
|
|
56
|
|
|
51
|
|
||
Other
|
|
53
|
|
|
48
|
|
||
Total Regulatory Assets
|
|
$
|
1,823
|
|
|
$
|
1,360
|
|
Regulatory Liabilities:
|
|
|
|
|
|
|||
Accumulated deferred income taxes
|
|
$
|
22
|
|
|
$
|
24
|
|
Asset removal costs
|
|
703
|
|
|
695
|
|
||
Storm damage reserve
|
|
6
|
|
|
27
|
|
||
Monetization of bankruptcy claim
|
|
—
|
|
|
29
|
|
||
Deferred gains on interest rate derivatives
|
|
82
|
|
|
181
|
|
||
Planned major maintenance
|
|
—
|
|
|
10
|
|
||
Other
|
|
1
|
|
|
—
|
|
||
Total Regulatory Liabilities
|
|
$
|
814
|
|
|
$
|
966
|
|
|
|
|
|
|
|
2014
|
|
2013
|
||||||||||
Dollars in millions
|
|
Maturity
|
|
Balance
|
|
Rate
|
|
Balance
|
|
Rate
|
||||||||
Medium Term Notes (unsecured)
|
|
2020
|
-
|
2022
|
|
$
|
800
|
|
|
5.42
|
%
|
|
$
|
800
|
|
|
5.42
|
%
|
Senior Notes (unsecured) (a)
|
|
2015
|
-
|
2034
|
|
88
|
|
|
0.93
|
%
|
|
92
|
|
|
0.94
|
%
|
||
First Mortgage Bonds (secured)
|
|
2018
|
-
|
2064
|
|
3,840
|
|
|
5.56
|
%
|
|
3,540
|
|
|
5.60
|
%
|
||
Junior Subordinated Notes (unsecured) (b)
|
|
2065
|
|
150
|
|
|
7.92
|
%
|
|
150
|
|
|
7.92
|
%
|
||||
GENCO Notes (secured)
|
|
2015
|
-
|
2024
|
|
227
|
|
|
5.90
|
%
|
|
233
|
|
|
5.89
|
%
|
||
Industrial and Pollution Control Bonds (c)
|
|
2028
|
-
|
2038
|
|
122
|
|
|
3.51
|
%
|
|
158
|
|
|
3.83
|
%
|
||
Senior Debentures
|
|
2020
|
-
|
2026
|
|
350
|
|
|
5.93
|
%
|
|
350
|
|
|
5.93
|
%
|
||
Nuclear Fuel Financing
|
|
2016
|
|
100
|
|
|
0.78
|
%
|
|
100
|
|
|
0.78
|
%
|
||||
Other
|
|
2015
|
-
|
2027
|
|
17
|
|
|
2.90
|
%
|
|
20
|
|
|
2.73
|
%
|
||
Total debt
|
|
|
|
|
|
5,694
|
|
|
|
|
5,443
|
|
|
|
||||
Current maturities of long-term debt
|
|
|
|
|
|
(166
|
)
|
|
|
|
(54
|
)
|
|
|
||||
Unamortized premium
|
|
|
|
|
|
3
|
|
|
|
|
6
|
|
|
|
||||
Total long-term debt, net
|
|
|
|
|
|
$
|
5,531
|
|
|
|
|
$
|
5,395
|
|
|
|
|
|
|
Year
|
|
Millions
of dollars
|
||
2015
|
|
$
|
166
|
|
2016
|
|
115
|
|
|
2017
|
|
14
|
|
|
2018
|
|
723
|
|
|
2019
|
|
13
|
|
|
|
SCANA
|
|
SCE&G
|
|
PSNC Energy
|
||||||||||||||||||
Millions of dollars
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||||||
Lines of Credit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Total committed long-term
|
|
$
|
300
|
|
|
300
|
|
|
1,400
|
|
|
1,400
|
|
|
100
|
|
|
100
|
|
|||||
Outstanding commercial paper (270 or fewer days)
|
|
$
|
179
|
|
|
$
|
125
|
|
|
$
|
709
|
|
|
$
|
251
|
|
|
$
|
30
|
|
|
—
|
|
|
Weighted average interest rate
|
|
0.54
|
%
|
|
0.39
|
%
|
|
0.52
|
%
|
|
0.27
|
%
|
|
0.65
|
%
|
|
—
|
|
||||||
Letters of credit supported by LOC
|
|
$
|
3
|
|
|
$
|
3
|
|
|
$
|
0.3
|
|
|
$
|
0.3
|
|
|
—
|
|
|
—
|
|
||
Available
|
|
$
|
118
|
|
|
$
|
172
|
|
|
$
|
691
|
|
|
$
|
1,149
|
|
|
$
|
70
|
|
|
$
|
100
|
|
Millions of dollars
|
|
2014
|
|
2013
|
|
2012
|
||||||
Current taxes:
|
|
|
|
|
|
|
||||||
Federal
|
|
$
|
38
|
|
|
$
|
161
|
|
|
$
|
103
|
|
State
|
|
(4
|
)
|
|
17
|
|
|
10
|
|
|||
Total current taxes
|
|
34
|
|
|
178
|
|
|
113
|
|
|||
Deferred taxes, net:
|
|
|
|
|
|
|
|
|||||
Federal
|
|
184
|
|
|
39
|
|
|
72
|
|
|||
State
|
|
34
|
|
|
10
|
|
|
14
|
|
|||
Total deferred taxes
|
|
218
|
|
|
49
|
|
|
86
|
|
|||
Investment tax credits:
|
|
|
|
|
|
|
|
|||||
Amortization of amounts deferred-state
|
|
(1
|
)
|
|
(1
|
)
|
|
(14
|
)
|
|||
Amortization of amounts deferred-federal
|
|
(3
|
)
|
|
(3
|
)
|
|
(3
|
)
|
|||
Total investment tax credits
|
|
(4
|
)
|
|
(4
|
)
|
|
(17
|
)
|
|||
Total income tax expense
|
|
$
|
248
|
|
|
$
|
223
|
|
|
$
|
182
|
|
Millions of dollars
|
|
2014
|
|
2013
|
|
2012
|
||||||
Net income
|
|
$
|
538
|
|
|
$
|
471
|
|
|
$
|
420
|
|
Income tax expense
|
|
248
|
|
|
223
|
|
|
182
|
|
|||
Total pre-tax income
|
|
$
|
786
|
|
|
$
|
694
|
|
|
$
|
602
|
|
|
|
|
|
|
|
|
||||||
Income taxes on above at statutory federal income tax rate
|
|
$
|
275
|
|
|
$
|
243
|
|
|
$
|
211
|
|
Increases (decreases) attributed to:
|
|
|
|
|
|
|
|
|||||
State income taxes (less federal income tax effect)
|
|
24
|
|
|
22
|
|
|
19
|
|
|||
State investment tax credits (less federal income tax effect)
|
|
(5
|
)
|
|
(5
|
)
|
|
(13
|
)
|
|||
Allowance for equity funds used during construction
|
|
(11
|
)
|
|
(9
|
)
|
|
(8
|
)
|
|||
Deductible dividends—Stock Purchase Savings Plan
|
|
(10
|
)
|
|
(10
|
)
|
|
(9
|
)
|
|||
Amortization of federal investment tax credits
|
|
(3
|
)
|
|
(3
|
)
|
|
(3
|
)
|
|||
Section 41 tax credits
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|||
Section 45 tax credits
|
|
(9
|
)
|
|
(5
|
)
|
|
(5
|
)
|
|||
Domestic production activities deduction
|
|
(7
|
)
|
|
(11
|
)
|
|
(9
|
)
|
|||
Other differences, net
|
|
(3
|
)
|
|
1
|
|
|
(1
|
)
|
|||
Total income tax expense
|
|
$
|
248
|
|
|
$
|
223
|
|
|
$
|
182
|
|
Millions of dollars
|
|
2014
|
|
2013
|
||||
Deferred tax assets:
|
|
|
|
|
||||
Nondeductible accruals
|
|
$
|
127
|
|
|
$
|
84
|
|
Asset retirement obligation, including nuclear decommissioning
|
|
216
|
|
|
220
|
|
||
Financial instruments
|
|
40
|
|
|
32
|
|
||
Unamortized investment tax credits
|
|
17
|
|
|
19
|
|
||
Regulatory liability, net gain on interest rate derivative contracts settlement
|
|
—
|
|
|
27
|
|
||
Monetization of bankruptcy claim
|
|
10
|
|
|
11
|
|
||
Other
|
|
10
|
|
|
13
|
|
||
Total deferred tax assets
|
|
420
|
|
|
406
|
|
||
Deferred tax liabilities:
|
|
|
|
|
||||
Property, plant and equipment
|
|
$
|
1,928
|
|
|
$
|
1,765
|
|
Deferred employee benefit plan costs
|
|
107
|
|
|
63
|
|
||
Regulatory asset, asset retirement obligation
|
|
122
|
|
|
121
|
|
||
Deferred fuel costs
|
|
27
|
|
|
25
|
|
||
Regulatory asset, unrecovered plant
|
|
53
|
|
|
55
|
|
||
Regulatory asset, net loss on interest rate derivative contracts settlement
|
|
21
|
|
|
—
|
|
||
Demand side management costs
|
|
21
|
|
|
21
|
|
||
Prepayments
|
|
27
|
|
|
25
|
|
||
Other
|
|
45
|
|
|
38
|
|
||
Total deferred tax liabilities
|
|
2,351
|
|
|
2,113
|
|
||
Net deferred tax liability
|
|
$
|
1,931
|
|
|
$
|
1,707
|
|
Millions of dollars
|
|
2014
|
|
2013
|
|
2012
|
||||||
Unrecognized tax benefits, January 1
|
|
$
|
3
|
|
|
—
|
|
|
$
|
38
|
|
|
Gross increases—uncertain tax positions in prior period
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Gross decreases—uncertain tax positions in prior period
|
|
—
|
|
|
—
|
|
|
(38
|
)
|
|||
Gross increases—current period uncertain tax positions
|
|
13
|
|
|
$
|
3
|
|
|
—
|
|
||
Settlements
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Lapse of statute of limitations
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Unrecognized tax benefits, December 31
|
|
$
|
16
|
|
|
$
|
3
|
|
|
$
|
—
|
|
|
|
Commodity and Other Energy Management Contracts (in MMBTU)
|
||||||||||
Hedge designation
|
|
Gas Distribution
|
|
Retail Gas
Marketing
|
|
Energy Marketing
|
|
Total
|
||||
As of December 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
Commodity
|
|
6,840,000
|
|
|
7,951,000
|
|
|
3,446,720
|
|
|
18,237,720
|
|
Energy Management (a)
|
|
—
|
|
|
—
|
|
|
37,495,339
|
|
|
37,495,339
|
|
Total (a)
|
|
6,840,000
|
|
|
7,951,000
|
|
|
40,942,059
|
|
|
55,733,059
|
|
As of December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
Commodity
|
|
6,070,000
|
|
|
6,726,000
|
|
|
2,560,000
|
|
|
15,356,000
|
|
Energy Management (b)
|
|
—
|
|
|
—
|
|
|
27,359,958
|
|
|
27,359,958
|
|
Total (b)
|
|
6,070,000
|
|
|
6,726,000
|
|
|
29,919,958
|
|
|
42,715,958
|
|
Fair Values of Derivative Instruments
|
|
Asset Derivatives
|
|
Liability Derivatives
|
||||||||
Millions of dollars
|
|
Balance Sheet
Location
|
|
Fair
Value
|
|
Balance Sheet
Location
|
|
Fair
Value
|
||||
As of December 31, 2014
|
|
|
|
|
|
|
|
|
|
|
||
Designated as hedging instruments
|
|
|
|
|
|
|
|
|
|
|
||
Interest rate contracts
|
|
|
|
|
|
Derivative financial instruments
|
|
$
|
5
|
|
||
|
|
|
|
|
|
Other deferred credits and other liabilities
|
|
28
|
|
|||
Commodity contracts
|
|
|
|
|
|
Other current assets
|
|
1
|
|
|||
|
|
|
|
|
|
|
Derivative financial instruments
|
|
11
|
|
||
Total
|
|
|
|
|
|
|
|
|
$
|
45
|
|
|
|
|
|
|
|
|
|
|
|
||||
Not designated as hedging instruments
|
|
|
|
|
|
|
|
|
|
|
||
Interest rate contracts
|
|
|
|
|
|
|
Derivative financial instruments
|
|
$
|
207
|
|
|
|
|
|
|
|
|
|
Other deferred credits and other liabilities
|
|
17
|
|
||
Commodity contracts
|
|
Other current assets
|
|
$
|
1
|
|
|
|
|
|
||
Energy management contracts
|
|
Other current assets
|
|
15
|
|
|
Other current assets
|
|
5
|
|
||
|
|
|
|
|
|
Derivative financial instruments
|
|
10
|
|
|||
|
|
Other deferred debits and other assets
|
|
5
|
|
|
Other deferred credits and other liabilities
|
|
5
|
|
||
Total
|
|
|
|
$
|
21
|
|
|
|
|
$
|
244
|
|
|
|
|
|
|
|
|
|
|
||||
As of December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
||
Designated as hedging instruments
|
|
|
|
|
|
|
|
|
|
|
||
Interest rate contracts
|
|
|
|
|
|
Derivative financial instruments
|
|
$
|
5
|
|
||
|
|
|
|
|
|
|
Other deferred credits and other liabilities
|
|
14
|
|
||
Commodity contracts
|
|
Other current assets
|
|
$
|
2
|
|
|
|
|
|
||
Total
|
|
|
|
$
|
2
|
|
|
|
|
$
|
19
|
|
|
|
|
|
|
|
|
|
|
|
|||
Not designated as hedging instruments
|
|
|
|
|
|
|
|
|
|
|
||
Interest rate contracts
|
|
Other current assets
|
|
$
|
13
|
|
|
Derivative financial instruments
|
|
$
|
1
|
|
|
|
Other deferred debits and other assets
|
|
19
|
|
|
|
|
|
|||
Commodity contracts
|
|
Other current assets
|
|
2
|
|
|
|
|
|
|
||
Energy management contracts
|
|
Other current assets
|
|
4
|
|
|
Derivative financial instruments
|
|
4
|
|
||
|
|
Other deferred debits and other assets
|
|
4
|
|
|
Other deferred credits and other liabilities
|
|
4
|
|
||
Total
|
|
|
|
$
|
42
|
|
|
|
|
$
|
9
|
|
|
|
Gain or (Loss) Deferred in Regulatory Accounts
|
|
Loss Reclassified from Deferred Accounts into Income (Effective Portion)
|
||||||
Millions of dollars
|
|
(Effective Portion)
|
|
Location
|
|
Amount
|
||||
Year Ended December 31, 2014
|
|
|
|
|
|
|
|
|
||
Interest rate contracts
|
|
$
|
(9
|
)
|
|
Interest expense
|
|
$
|
(3
|
)
|
Year Ended December 31, 2013
|
|
|
|
|
|
|
|
|
||
Interest rate contracts
|
|
$
|
106
|
|
|
Interest expense
|
|
$
|
(3
|
)
|
Year Ended December 31, 2012
|
|
|
|
|
|
|
|
|||
Interest rate contracts
|
|
$
|
84
|
|
|
Interest expense
|
|
$
|
(3
|
)
|
|
|
Gain or (Loss)
Recognized in OCI, net of tax
|
|
Gain (Loss) Reclassified from AOCI into Income,
net of tax (Effective Portion)
|
||||||
Millions of dollars
|
|
(Effective Portion)
|
|
Location
|
|
Amount
|
||||
Year Ended December 31, 2014
|
|
|
|
|
|
|
|
|
||
Interest rate contracts
|
|
$
|
(6
|
)
|
|
Interest expense
|
|
$
|
(7
|
)
|
Commodity contracts
|
|
(8
|
)
|
|
Gas purchased for resale
|
|
4
|
|
||
Total
|
|
$
|
(14
|
)
|
|
|
|
$
|
(3
|
)
|
Year Ended December 31, 2013
|
|
|
|
|
|
|
|
|
||
Interest rate contracts
|
|
$
|
5
|
|
|
Interest expense
|
|
$
|
(8
|
)
|
Commodity contracts
|
|
2
|
|
|
Gas purchased for resale
|
|
(3
|
)
|
||
Total
|
|
$
|
7
|
|
|
|
|
$
|
(11
|
)
|
Year Ended December 31, 2012
|
|
|
|
|
|
|
|
|
||
Interest rate contracts
|
|
$
|
(4
|
)
|
|
Interest expense
|
|
$
|
(6
|
)
|
Commodity contracts
|
|
(4
|
)
|
|
Gas purchased for resale
|
|
(13
|
)
|
||
Total
|
|
$
|
(8
|
)
|
|
|
|
$
|
(19
|
)
|
|
|
Loss Recognized in Income
|
|
Year Ended December 31,
|
||||||||
Millions of dollars
|
|
Location
|
|
2014
|
|
2013
|
|
2012
|
||||
Commodity contracts
|
|
Gas purchased for resale
|
|
—
|
|
|
—
|
|
|
$
|
(1
|
)
|
|
|
Gain (Loss) Deferred in Regulatory Accounts
|
|
Gain Reclassified from
Deferred Accounts into Income
|
||||||
Millions of dollars
|
|
|
Location
|
|
Amount
|
|||||
Year Ended December 31, 2014
|
|
|
|
|
|
|
|
|||
Interest rate contracts
|
|
$
|
(352
|
)
|
|
Other income
|
|
$
|
64
|
|
Year Ended December 31, 2013
|
|
|
|
|
|
|
|
|||
Interest rate contracts
|
|
$
|
39
|
|
|
Other income
|
|
$
|
50
|
|
Year Ended December 31, 2012
|
|
|
|
|
|
|
||||
Interest rate contracts
|
|
—
|
|
|
|
|
—
|
|
Offsetting Derivative Assets
|
|
Gross Amounts Offset in the Statement of Financial Position
|
|
Net Amounts Presented in the Statement of Financial Position
|
|
Gross Amounts Not Offset in the Statement of Financial Position
|
|
Net Amount
|
|||||||||||||
Millions of dollars
|
Gross Amounts of Recognized Assets
|
|
|
|
Financial Instruments
|
|
Cash Collateral Received
|
|
|||||||||||||
As of December 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commodity
|
$
|
1
|
|
|
—
|
|
|
$
|
1
|
|
|
—
|
|
|
—
|
|
|
$
|
1
|
|
|
Energy Management
|
20
|
|
|
—
|
|
|
20
|
|
|
—
|
|
|
—
|
|
|
20
|
|
||||
Total
|
$
|
21
|
|
|
—
|
|
|
$
|
21
|
|
|
—
|
|
|
—
|
|
|
$
|
21
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Balance sheet location
|
Other current assets
|
|
$
|
16
|
|
|
|
|
|
|
|
||||||||||
|
Other deferred debits and other assets
|
|
5
|
|
|
|
|
|
|
|
|||||||||||
|
Total
|
|
|
|
$
|
21
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
As of December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest rate
|
$
|
32
|
|
|
—
|
|
|
$
|
32
|
|
|
$
|
(1
|
)
|
|
—
|
|
|
$
|
31
|
|
Commodity
|
4
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|
4
|
|
||||
Energy Management
|
8
|
|
|
—
|
|
|
8
|
|
|
—
|
|
|
—
|
|
|
8
|
|
||||
Total
|
$
|
44
|
|
|
—
|
|
|
$
|
44
|
|
|
$
|
(1
|
)
|
|
—
|
|
|
$
|
43
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Balance sheet location
|
Other current assets
|
|
$
|
21
|
|
|
|
|
|
|
|
||||||||||
|
Other deferred debits and other assets
|
|
23
|
|
|
|
|
|
|
|
|||||||||||
|
Total
|
|
|
|
$
|
44
|
|
|
|
|
|
|
|
Offsetting Derivative Liabilities
|
|
Gross Amounts Offset in the Statement of Financial Position
|
|
Net Amounts Presented in the Statement of Financial Position
|
|
Gross Amounts Not Offset in the Statement of Financial Position
|
|
Net Amount
|
|||||||||||||
Millions of dollars
|
Gross Amounts of Recognized Liabilities
|
|
|
|
Financial Instruments
|
|
Cash Collateral Posted
|
|
|||||||||||||
As of December 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest rate
|
$
|
257
|
|
|
—
|
|
|
$
|
257
|
|
|
—
|
|
|
$
|
(131
|
)
|
|
$
|
126
|
|
Commodity
|
12
|
|
|
—
|
|
|
12
|
|
|
—
|
|
|
(10
|
)
|
|
2
|
|
||||
Energy Management
|
20
|
|
|
—
|
|
|
20
|
|
|
—
|
|
|
(11
|
)
|
|
9
|
|
||||
Total
|
$
|
289
|
|
|
—
|
|
|
$
|
289
|
|
|
—
|
|
|
$
|
(152
|
)
|
|
$
|
137
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Balance sheet location
|
Other current assets
|
|
$
|
6
|
|
|
|
|
|
|
|
||||||||||
|
Derivative financial instruments
|
|
233
|
|
|
|
|
|
|
|
|||||||||||
|
Other deferred credits and other liabilities
|
|
50
|
|
|
|
|
|
|
|
|||||||||||
|
Total
|
|
|
|
$
|
289
|
|
|
|
|
|
|
|
As of December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Interest rate
|
$
|
20
|
|
|
—
|
|
|
$
|
20
|
|
|
$
|
(1
|
)
|
|
$
|
(19
|
)
|
|
—
|
|
|
Energy Management
|
8
|
|
|
—
|
|
|
8
|
|
|
—
|
|
|
(6
|
)
|
|
$
|
2
|
|
||||
Total
|
$
|
28
|
|
|
—
|
|
|
$
|
28
|
|
|
$
|
(1
|
)
|
|
$
|
(25
|
)
|
|
$
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Balance sheet location
|
Derivative financial instruments
|
|
$
|
10
|
|
|
|
|
|
|
|
|||||||||||
|
Other deferred credits and other liabilities
|
|
18
|
|
|
|
|
|
|
|
||||||||||||
|
Total
|
|
|
|
$
|
28
|
|
|
|
|
|
|
|
|
As of December 31, 2014
|
|
As of December 31, 2013
|
||||||||||||
Millions of dollars
|
Level 1
|
|
Level 2
|
|
Level 1
|
|
Level 2
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Available for sale securities
|
$
|
13
|
|
|
—
|
|
|
$
|
9
|
|
|
—
|
|
||
Interest rate contracts
|
—
|
|
|
—
|
|
|
—
|
|
|
$
|
32
|
|
|||
Commodity contracts
|
1
|
|
|
—
|
|
|
2
|
|
|
2
|
|
||||
Energy management contracts
|
—
|
|
|
$
|
20
|
|
|
1
|
|
|
7
|
|
|||
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Interest rate contracts
|
—
|
|
|
257
|
|
|
—
|
|
|
20
|
|
||||
Commodity contracts
|
1
|
|
|
11
|
|
|
—
|
|
|
—
|
|
||||
Energy management contracts
|
5
|
|
|
18
|
|
|
—
|
|
|
12
|
|
|
|
As of December 31, 2014
|
|
As of December 31, 2013
|
||||||||||||
Millions of dollars
|
|
Carrying
Amount
|
|
Estimated
Fair Value
|
|
Carrying
Amount
|
|
Estimated
Fair Value
|
||||||||
Long-term debt
|
|
$
|
5,697.2
|
|
|
$
|
6,592.1
|
|
|
$
|
5,449.3
|
|
|
$
|
5,916.3
|
|
|
|
Pension Benefits
|
|
Other Postretirement Benefits
|
||||||||||||
Millions of dollars
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
Benefit obligation, January 1
|
|
$
|
823.0
|
|
|
$
|
931.6
|
|
|
$
|
238.0
|
|
|
$
|
265.3
|
|
Service cost
|
|
20.0
|
|
|
21.8
|
|
|
4.6
|
|
|
5.9
|
|
||||
Interest cost
|
|
40.4
|
|
|
38.5
|
|
|
12.0
|
|
|
11.1
|
|
||||
Plan participants’ contributions
|
|
—
|
|
|
—
|
|
|
2.2
|
|
|
2.6
|
|
||||
Actuarial (gain) loss
|
|
100.1
|
|
|
(83.4
|
)
|
|
23.5
|
|
|
(35.1
|
)
|
||||
Benefits paid
|
|
(64.0
|
)
|
|
(60.0
|
)
|
|
(12.1
|
)
|
|
(11.8
|
)
|
||||
Curtailment
|
|
—
|
|
|
(25.5
|
)
|
|
—
|
|
|
—
|
|
||||
Benefit obligation, December 31
|
|
$
|
919.5
|
|
|
$
|
823.0
|
|
|
$
|
268.2
|
|
|
$
|
238.0
|
|
|
Pension Benefits
|
|
Other Postretirement Benefits
|
||||||||
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||
Annual discount rate used to determine benefit obligation
|
4.20
|
%
|
|
5.03
|
%
|
|
4.30
|
%
|
|
5.19
|
%
|
Assumed annual rate of future salary increases for projected benefit obligation
|
3.00
|
%
|
|
3.00
|
%
|
|
3.00
|
%
|
|
3.75
|
%
|
Millions of Dollars
|
|
Pension Benefits
|
|
Other Postretirement Benefits
|
||||||||||||
December 31,
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
Fair value of plan assets
|
|
$
|
861.8
|
|
|
$
|
870.0
|
|
|
—
|
|
|
—
|
|
||
Benefit obligation
|
|
919.5
|
|
|
823.0
|
|
|
$
|
268.2
|
|
|
$
|
238.0
|
|
||
Funded status
|
|
$
|
(57.7
|
)
|
|
$
|
47.0
|
|
|
$
|
(268.2
|
)
|
|
$
|
(238.0
|
)
|
Millions of Dollars
|
|
Pension Benefits
|
|
Other Postretirement Benefits
|
||||||||||||
December 31,
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
Current liability
|
|
—
|
|
|
—
|
|
|
$
|
(11.2
|
)
|
|
$
|
(11.5
|
)
|
||
Noncurrent asset
|
|
—
|
|
|
$
|
47.0
|
|
|
—
|
|
|
—
|
|
|||
Noncurrent liability
|
|
$
|
(57.7
|
)
|
|
—
|
|
|
(257.0
|
)
|
|
(226.5
|
)
|
Millions of Dollars
|
|
Pension Benefits
|
|
Other Postretirement Benefits
|
||||||||||||
December 31,
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
Net actuarial loss
|
|
$
|
8.1
|
|
|
$
|
5.2
|
|
|
$
|
3.0
|
|
|
$
|
1.7
|
|
Prior service cost
|
|
0.3
|
|
|
0.5
|
|
|
0.1
|
|
|
0.1
|
|
||||
Total
|
|
$
|
8.4
|
|
|
$
|
5.7
|
|
|
$
|
3.1
|
|
|
$
|
1.8
|
|
Millions of Dollars
|
|
Pension Benefits
|
|
Other Postretirement Benefits
|
||||||||||||
December 31,
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
Net actuarial loss
|
|
$
|
222.1
|
|
|
$
|
124.8
|
|
|
$
|
43.8
|
|
|
$
|
24.4
|
|
Prior service cost
|
|
9.6
|
|
|
12.8
|
|
|
0.6
|
|
|
0.9
|
|
||||
Total
|
|
$
|
231.7
|
|
|
$
|
137.6
|
|
|
$
|
44.4
|
|
|
$
|
25.3
|
|
|
|
Pension Benefits
|
||||||
Millions of dollars
|
|
2014
|
|
2013
|
||||
Fair value of plan assets, January 1
|
|
$
|
870.0
|
|
|
$
|
799.1
|
|
Actual return on plan assets
|
|
55.8
|
|
|
130.9
|
|
||
Benefits paid
|
|
(64.0
|
)
|
|
(60.0
|
)
|
||
Fair value of plan assets, December 31
|
|
$
|
861.8
|
|
|
$
|
870.0
|
|
|
|
Percentage of Plan Assets
|
|||||||
|
|
Target
Allocation
|
|
At
December 31,
|
|||||
Asset Category
|
|
2015
|
|
2014
|
|
2013
|
|||
Equity Securities
|
|
58
|
%
|
|
57
|
%
|
|
59
|
%
|
Fixed Income
|
|
33
|
%
|
|
34
|
%
|
|
32
|
%
|
Hedge Funds
|
|
9
|
%
|
|
9
|
%
|
|
9
|
%
|
|
|
Fair Value Measurements at Reporting Date Using
|
||||||||||||||||||||||||||
Millions of dollars
|
|
Total
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||||||
|
|
December 31, 2014
|
|
December 31, 2013
|
||||||||||||||||||||||||
Common stock
|
|
—
|
|
|
—
|
|
|
—
|
|
|
$
|
332
|
|
|
$
|
332
|
|
|
—
|
|
|
—
|
|
|||||
Preferred stock
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|||||||
Mutual funds
|
|
$
|
622
|
|
|
$
|
622
|
|
|
—
|
|
|
305
|
|
|
20
|
|
|
$
|
285
|
|
|
—
|
|
||||
Short-term investment vehicles
|
|
20
|
|
|
20
|
|
|
—
|
|
|
19
|
|
|
—
|
|
|
19
|
|
|
—
|
|
|||||||
US Treasury securities
|
|
6
|
|
|
6
|
|
|
—
|
|
|
33
|
|
|
—
|
|
|
33
|
|
|
—
|
|
|||||||
Corporate debt securities
|
|
86
|
|
|
86
|
|
|
—
|
|
|
53
|
|
|
—
|
|
|
53
|
|
|
—
|
|
|||||||
Loans secured by mortgages
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12
|
|
|
—
|
|
|
12
|
|
|
—
|
|
|||||||
Municipals
|
|
15
|
|
|
15
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|||||||
Limited partnerships
|
|
32
|
|
|
32
|
|
|
—
|
|
|
35
|
|
|
1
|
|
|
34
|
|
|
—
|
|
|||||||
Multi‑strategy hedge funds
|
|
81
|
|
|
—
|
|
|
$
|
81
|
|
|
76
|
|
|
—
|
|
|
—
|
|
|
$
|
76
|
|
|||||
|
|
$
|
862
|
|
|
$
|
781
|
|
|
$
|
81
|
|
|
$
|
870
|
|
|
$
|
354
|
|
|
$
|
440
|
|
|
$
|
76
|
|
|
|
Fair Value Measurements
Level 3
|
||||||
Millions of dollars
|
|
2014
|
|
2013
|
||||
Beginning Balance
|
|
$
|
76
|
|
|
$
|
70
|
|
Unrealized gains included in changes in net assets
|
|
5
|
|
|
6
|
|
||
Purchases, issuances, and settlements
|
|
—
|
|
|
—
|
|
||
Ending Balance
|
|
$
|
81
|
|
|
$
|
76
|
|
Millions of dollars
|
|
Pension Benefits
|
|
Other Postretirement Benefits
|
||||
2015
|
|
$
|
63.4
|
|
|
$
|
11.5
|
|
2016
|
|
64.5
|
|
|
12.4
|
|
||
2017
|
|
65.6
|
|
|
13.1
|
|
||
2018
|
|
66.1
|
|
|
13.8
|
|
||
2019
|
|
65.1
|
|
|
14.6
|
|
||
2020-2024
|
|
338.4
|
|
|
81.8
|
|
|
|
Pension Benefits
|
|
Other Postretirement Benefits
|
||||||||||||||||||||
Millions of dollars
|
|
2014
|
|
2013
|
|
2012
|
|
2014
|
|
2013
|
|
2012
|
||||||||||||
Service cost
|
|
$
|
20.0
|
|
|
$
|
21.8
|
|
|
$
|
19.6
|
|
|
$
|
4.6
|
|
|
$
|
5.9
|
|
|
$
|
4.8
|
|
Interest cost
|
|
40.4
|
|
|
38.5
|
|
|
43.0
|
|
|
12.0
|
|
|
11.1
|
|
|
11.9
|
|
||||||
Expected return on assets
|
|
(66.7
|
)
|
|
(61.4
|
)
|
|
(59.5
|
)
|
|
n/a
|
|
|
n/a
|
|
|
n/a
|
|
||||||
Prior service cost amortization
|
|
4.1
|
|
|
6.0
|
|
|
7.0
|
|
|
0.3
|
|
|
0.7
|
|
|
0.9
|
|
||||||
Amortization of actuarial losses
|
|
4.8
|
|
|
16.9
|
|
|
18.4
|
|
|
—
|
|
|
3.3
|
|
|
1.4
|
|
||||||
Transition obligation amortization
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.3
|
|
|
0.7
|
|
||||||
Curtailment
|
|
—
|
|
|
9.9
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Net periodic benefit cost
|
|
$
|
2.6
|
|
|
$
|
31.7
|
|
|
$
|
28.5
|
|
|
$
|
16.9
|
|
|
$
|
21.3
|
|
|
$
|
19.7
|
|
|
|
Pension Benefits
|
|
Other Postretirement Benefits
|
||||||||||||||||||||
Millions of dollars
|
|
2014
|
|
2013
|
|
2012
|
|
2014
|
|
2013
|
|
2012
|
||||||||||||
Current year actuarial (gain) loss
|
|
$
|
3.1
|
|
|
$
|
(5.0
|
)
|
|
$
|
1.7
|
|
|
$
|
1.3
|
|
|
$
|
(1.8
|
)
|
|
$
|
2.0
|
|
Amortization of actuarial losses
|
|
(0.2
|
)
|
|
(0.5
|
)
|
|
(0.6
|
)
|
|
—
|
|
|
(0.2
|
)
|
|
—
|
|
||||||
Amortization of prior service cost
|
|
(0.2
|
)
|
|
(0.2
|
)
|
|
(0.2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Prior service cost (credit)
|
|
—
|
|
|
(0.3
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Amortization of transition obligation
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.1
|
)
|
|
(0.1
|
)
|
||||||
Total recognized in OCI
|
|
$
|
2.7
|
|
|
$
|
(6.0
|
)
|
|
$
|
0.9
|
|
|
$
|
1.3
|
|
|
$
|
(2.1
|
)
|
|
$
|
1.9
|
|
|
|
Pension Benefits
|
|
Other Postretirement Benefits
|
||||||||||||||||||||
Millions of dollars
|
|
2014
|
|
2013
|
|
2012
|
|
2014
|
|
2013
|
|
2012
|
||||||||||||
Current year actuarial (gain) loss
|
|
$
|
101.3
|
|
|
$
|
(157.5
|
)
|
|
$
|
45.0
|
|
|
$
|
19.4
|
|
|
$
|
(29.9
|
)
|
|
$
|
31.4
|
|
Amortization of actuarial losses
|
|
(4.0
|
)
|
|
(14.7
|
)
|
|
(16.0
|
)
|
|
—
|
|
|
(2.7
|
)
|
|
(1.2
|
)
|
||||||
Amortization of prior service cost
|
|
(3.2
|
)
|
|
(5.2
|
)
|
|
(6.4
|
)
|
|
(0.3
|
)
|
|
(0.6
|
)
|
|
(0.8
|
)
|
||||||
Prior service cost (credit)
|
|
—
|
|
|
(8.9
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Amortization of transition obligation
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.2
|
)
|
|
(0.5
|
)
|
||||||
Total recognized in regulatory assets
|
|
$
|
94.1
|
|
|
$
|
(186.3
|
)
|
|
$
|
22.6
|
|
|
$
|
19.1
|
|
|
$
|
(33.4
|
)
|
|
$
|
28.9
|
|
|
Pension Benefits
|
|
Other Postretirement Benefits
|
||||||||||||||
|
2014
|
|
2013
|
|
2012
|
|
2014
|
|
2013
|
|
2012
|
||||||
Discount rate
|
5.03
|
%
|
|
4.10%/5.07%
|
|
|
5.25
|
%
|
|
5.19
|
%
|
|
4.19
|
%
|
|
5.35
|
%
|
Expected return on plan assets
|
8.00
|
%
|
|
8.00
|
%
|
|
8.25
|
%
|
|
n/a
|
|
|
n/a
|
|
|
n/a
|
|
Rate of compensation increase
|
3.00
|
%
|
|
3.75%/3.00%
|
|
|
4.00
|
%
|
|
3.75
|
%
|
|
3.75
|
%
|
|
4.00
|
%
|
Health care cost trend rate
|
n/a
|
|
|
n/a
|
|
|
n/a
|
|
|
7.40
|
%
|
|
7.80
|
%
|
|
8.20
|
%
|
Ultimate health care cost trend rate
|
n/a
|
|
|
n/a
|
|
|
n/a
|
|
|
5.00
|
%
|
|
5.00
|
%
|
|
5.00
|
%
|
Year achieved
|
n/a
|
|
|
n/a
|
|
|
n/a
|
|
|
2020
|
|
|
2020
|
|
|
2020
|
|
Millions of Dollars
|
|
Pension Benefits
|
|
Other Postretirement Benefits
|
||||
Actuarial loss
|
|
$
|
0.5
|
|
|
$
|
0.1
|
|
Prior service cost
|
|
0.1
|
|
|
—
|
|
||
Total
|
|
$
|
0.6
|
|
|
$
|
0.1
|
|
Millions of Dollars
|
|
Pension Benefits
|
|
Other Postretirement Benefits
|
||||
Actuarial loss
|
|
$
|
12.3
|
|
|
$
|
1.9
|
|
Prior service cost
|
|
3.6
|
|
|
0.3
|
|
||
Total
|
|
$
|
15.9
|
|
|
$
|
2.2
|
|
|
Millions of dollars
|
||
2015
|
$
|
8
|
|
2016
|
5
|
|
|
2017
|
2
|
|
|
2018
|
1
|
|
|
2019
|
2
|
|
|
Thereafter
|
20
|
|
|
Total
|
$
|
38
|
|
Millions of dollars
|
|
2014
|
|
2013
|
||||
Beginning balance
|
|
$
|
576
|
|
|
$
|
561
|
|
Liabilities incurred
|
|
3
|
|
|
6
|
|
||
Liabilities settled
|
|
(6
|
)
|
|
(4
|
)
|
||
Accretion expense
|
|
26
|
|
|
25
|
|
||
Revisions in estimated cash flows
|
|
(36
|
)
|
|
(12
|
)
|
||
Ending balance
|
|
$
|
563
|
|
|
$
|
576
|
|
|
Electric
Operations
|
|
Gas
Distribution
|
|
Retail Gas
Marketing
|
|
Energy
Marketing
|
|
All
Other
|
|
Adjustments/
Eliminations
|
|
Consolidated
Total
|
||||||||||||||
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
External Revenue
|
$
|
2,622
|
|
|
$
|
1,012
|
|
|
$
|
515
|
|
|
$
|
786
|
|
|
$
|
37
|
|
|
$
|
(21
|
)
|
|
$
|
4,951
|
|
Intersegment Revenue
|
7
|
|
|
2
|
|
|
—
|
|
|
196
|
|
|
437
|
|
|
(642
|
)
|
|
—
|
|
|||||||
Operating Income
|
768
|
|
|
159
|
|
|
n/a
|
|
|
n/a
|
|
|
27
|
|
|
53
|
|
|
1,007
|
|
|||||||
Interest Expense
|
19
|
|
|
22
|
|
|
1
|
|
|
—
|
|
|
5
|
|
|
265
|
|
|
312
|
|
|||||||
Depreciation and Amortization
|
300
|
|
|
72
|
|
|
2
|
|
|
—
|
|
|
24
|
|
|
(14
|
)
|
|
384
|
|
|||||||
Income Tax Expense
|
7
|
|
|
33
|
|
|
16
|
|
|
3
|
|
|
12
|
|
|
177
|
|
|
248
|
|
|||||||
Net Income
|
n/a
|
|
|
n/a
|
|
|
26
|
|
|
5
|
|
|
(6
|
)
|
|
513
|
|
|
538
|
|
|||||||
Segment Assets
|
10,182
|
|
|
2,487
|
|
|
140
|
|
|
150
|
|
|
1,474
|
|
|
2,419
|
|
|
16,852
|
|
|||||||
Expenditures for Assets
|
936
|
|
|
200
|
|
|
—
|
|
|
2
|
|
|
52
|
|
|
(98
|
)
|
|
1,092
|
|
|||||||
Deferred Tax Assets
|
11
|
|
|
29
|
|
|
11
|
|
|
9
|
|
|
15
|
|
|
(75
|
)
|
|
—
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
External Revenue
|
$
|
2,423
|
|
|
$
|
942
|
|
|
$
|
465
|
|
|
$
|
652
|
|
|
$
|
40
|
|
|
$
|
(27
|
)
|
|
$
|
4,495
|
|
Intersegment Revenue
|
6
|
|
|
1
|
|
|
—
|
|
|
167
|
|
|
416
|
|
|
(590
|
)
|
|
—
|
|
|||||||
Operating Income
|
679
|
|
|
153
|
|
|
n/a
|
|
|
n/a
|
|
|
27
|
|
|
51
|
|
|
910
|
|
|||||||
Interest Expense
|
19
|
|
|
22
|
|
|
1
|
|
|
—
|
|
|
4
|
|
|
251
|
|
|
297
|
|
|||||||
Depreciation and Amortization
|
297
|
|
|
70
|
|
|
3
|
|
|
—
|
|
|
26
|
|
|
(18
|
)
|
|
378
|
|
|||||||
Income Tax Expense
|
6
|
|
|
33
|
|
|
15
|
|
|
4
|
|
|
14
|
|
|
151
|
|
|
223
|
|
|||||||
Net Income
|
n/a
|
|
|
n/a
|
|
|
24
|
|
|
6
|
|
|
(2
|
)
|
|
443
|
|
|
471
|
|
|||||||
Segment Assets
|
9,488
|
|
|
2,340
|
|
|
172
|
|
|
133
|
|
|
1,378
|
|
|
1,653
|
|
|
15,164
|
|
|||||||
Expenditures for Assets
|
907
|
|
|
140
|
|
|
—
|
|
|
1
|
|
|
31
|
|
|
27
|
|
|
1,106
|
|
|||||||
Deferred Tax Assets
|
10
|
|
|
27
|
|
|
8
|
|
|
2
|
|
|
14
|
|
|
(61
|
)
|
|
—
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
External Revenue
|
$
|
2,446
|
|
|
$
|
764
|
|
|
$
|
413
|
|
|
$
|
543
|
|
|
$
|
45
|
|
|
$
|
(35
|
)
|
|
$
|
4,176
|
|
Intersegment Revenue
|
7
|
|
|
1
|
|
|
—
|
|
|
125
|
|
|
416
|
|
|
(549
|
)
|
|
—
|
|
|||||||
Operating Income
|
668
|
|
|
141
|
|
|
n/a
|
|
|
n/a
|
|
|
22
|
|
|
28
|
|
|
859
|
|
|||||||
Interest Expense
|
21
|
|
|
23
|
|
|
1
|
|
|
—
|
|
|
3
|
|
|
247
|
|
|
295
|
|
|||||||
Depreciation and Amortization
|
278
|
|
|
67
|
|
|
3
|
|
|
—
|
|
|
25
|
|
|
(17
|
)
|
|
356
|
|
|||||||
Income Tax Expense
|
7
|
|
|
32
|
|
|
7
|
|
|
3
|
|
|
15
|
|
|
118
|
|
|
182
|
|
|||||||
Net Income
|
n/a
|
|
|
n/a
|
|
|
11
|
|
|
5
|
|
|
1
|
|
|
403
|
|
|
420
|
|
|||||||
Segment Assets
|
8,989
|
|
|
2,292
|
|
|
153
|
|
|
122
|
|
|
1,415
|
|
|
1,645
|
|
|
14,616
|
|
|||||||
Expenditures for Assets
|
999
|
|
|
123
|
|
|
—
|
|
|
1
|
|
|
14
|
|
|
(60
|
)
|
|
1,077
|
|
|||||||
Deferred Tax Assets
|
9
|
|
|
26
|
|
|
10
|
|
|
4
|
|
|
17
|
|
|
(55
|
)
|
|
11
|
|
Millions of dollars
|
|
CGT
|
|
SCI
|
|
Total
|
||||||
Assets Held for Sale
|
|
|
|
|
|
|
||||||
Utility Plant, Net
|
|
$
|
288.4
|
|
|
—
|
|
|
$
|
288.4
|
|
|
Nonutility Property and Investments, Net
|
|
0.6
|
|
|
$
|
40.1
|
|
|
40.7
|
|
||
Current Assets
|
|
6.5
|
|
|
3.9
|
|
|
10.4
|
|
|||
Deferred Debits and Other Assets
|
|
0.9
|
|
|
0.2
|
|
|
1.1
|
|
|||
Total Assets Held for Sale
|
|
$
|
296.4
|
|
|
$
|
44.2
|
|
|
$
|
340.6
|
|
|
|
|
|
|
|
|
||||||
Liabilities Held for Sale
|
|
|
|
|
|
|
||||||
Current Liabilities
|
|
$
|
3.5
|
|
|
$
|
2.2
|
|
|
$
|
5.7
|
|
Deferred Credits and Other Liabilities
|
|
42.9
|
|
|
3.1
|
|
|
46.0
|
|
|||
Total Liabilities Held for Sale
|
|
$
|
46.4
|
|
|
$
|
5.3
|
|
|
$
|
51.7
|
|
Millions of dollars, except per share amounts
|
|
First
Quarter
|
|
Second
Quarter
|
|
Third
Quarter
|
|
Fourth
Quarter
|
|
Annual
|
||||||||||
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total operating revenues
|
|
$
|
1,590
|
|
|
$
|
1,026
|
|
|
$
|
1,121
|
|
|
$
|
1,214
|
|
|
$
|
4,951
|
|
Operating income
|
|
350
|
|
|
154
|
|
|
269
|
|
|
234
|
|
|
1,007
|
|
|||||
Net income
|
|
193
|
|
|
96
|
|
|
144
|
|
|
105
|
|
|
538
|
|
|||||
Basic earnings per share
|
|
1.37
|
|
|
.68
|
|
|
1.01
|
|
|
.73
|
|
|
3.79
|
|
|||||
Diluted earnings per share
|
|
1.37
|
|
|
.68
|
|
|
1.01
|
|
|
.73
|
|
|
3.79
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total operating revenues
|
|
$
|
1,311
|
|
|
$
|
1,016
|
|
|
$
|
1,051
|
|
|
$
|
1,117
|
|
|
$
|
4,495
|
|
Operating income
|
|
293
|
|
|
189
|
|
|
255
|
|
|
173
|
|
|
910
|
|
|||||
Net income
|
|
151
|
|
|
85
|
|
|
131
|
|
|
104
|
|
|
471
|
|
|||||
Basic earnings per share
|
|
1.13
|
|
|
.60
|
|
|
.94
|
|
|
.73
|
|
|
3.40
|
|
|||||
Diluted earnings per share
|
|
1.11
|
|
|
.60
|
|
|
.94
|
|
|
.73
|
|
|
3.39
|
|
•
|
A revised carbon standard for new power plants was proposed on January 8, 2014, which requires all new fossil fuel-fired power plants to meet the carbon dioxide emissions profile of a combined cycle natural gas plant. This rule effectively prevents construction of new coal-fired plants without carbon capture and sequestration capabilities.
|
•
|
The Clean Power Plan released on June 2, 2014 would regulate carbon dioxide emissions from existing units. This proposed rule includes state-specific goals for carbon dioxide emissions, as well as guidelines for states to follow in developing SIPs to achieve those goals. Though it may be revised before becoming final in June 2015, the proposal gives states from one to three years from the date of any final rule to issue SIPs. The SIPs will ultimately define the specific compliance methodology that will be applied to existing units in that state.
|
•
|
The CWA provides for the imposition of effluent limitations that require treatment for wastewater discharges. Under the CWA, compliance with applicable limitations is achieved in connection with the renewal (every five years) of state-issued NPDES permits. The ELG Rule is expected to be finalized by September 30, 2015.
|
•
|
A final rule became effective October 14, 2014 that modifies requirements for existing cooling water intake structures. Consolidated SCE&G is conducting studies and is developing or implementing compliance plans for this rule. Congress is also expected to consider further amendments to the CWA, and such legislation may include toxicity-based standards, among other things.
|
•
|
On November 26, 2014 the EPA announced a proposed tightening of current NAAQS ozone standards from .075 ppm to a range between .065 and .070 ppm, and that it will take comments on a standard as low as .060 ppm. A final rule is expected in October 2015.
|
•
|
New federal regulations affecting the management and disposal of CCRs were issued on December 19, 2014 and are expected to take effect in 2015. Under these regulations, CCRs will not be regulated as hazardous waste. These regulations do impose certain requirements on ash storage ponds at SCE&G's and GENCO's generating facilities. SCE&G and GENCO have already closed or have begun the process of closure of all of their ash storage ponds.
|
Millions of dollars
|
|
2014
|
|
Change
|
|
2013
|
|
Change
|
|
2012
|
||||||||
Net income
|
|
$
|
457.7
|
|
|
17.1
|
%
|
|
$
|
390.8
|
|
|
11.0
|
%
|
|
$
|
352.0
|
|
2014 vs 2013
|
|
Net income increased primarily due to the effects of weather, customer growth and base rate increases under the BLRA. Higher electric and gas margins were partially offset by higher operation and maintenance expenses, higher depreciation expense, higher property taxes and higher interest expense, further described below.
|
|
|
|
2013 vs 2012
|
|
Net income increased due to higher electric and gas margins. These margin increases were partially offset by higher operation and maintenance expenses, higher depreciation expense, higher property taxes and higher interest expense, further described below.
|
Declaration Date
|
|
Dividend Amount
|
|
Quarter Ended
|
|
Payment Date
|
February 19, 2015
|
|
$70.7 million
|
|
March 31, 2015
|
|
April 1, 2015
|
|
|
|
|
|
|
|
February 20, 2014
|
|
$64.3 million
|
|
March 31, 2014
|
|
April 1, 2014
|
April 24, 2014
|
|
$64.4 million
|
|
June 30, 2014
|
|
July 1, 2014
|
July 31, 2014
|
|
$68.5 million
|
|
September 30, 2014
|
|
October 1, 2014
|
October 30, 2014
|
|
$74.4 million
|
|
December 31, 2014
|
|
January 1, 2015
|
|
|
|
|
|
|
|
February 20, 2013
|
|
$64.0 million
|
|
March 31, 2013
|
|
April 1, 2013
|
April 25, 2013
|
|
$63.8 million
|
|
June 30, 2013
|
|
July 1, 2013
|
July 31, 2013
|
|
$67.5 million
|
|
September 30, 2013
|
|
October 1, 2013
|
October 31, 2013
|
|
$61.7 million
|
|
December 31, 2013
|
|
January 1, 2014
|
Millions of dollars
|
|
2014
|
|
Change
|
|
2013
|
|
Change
|
|
2012
|
||||||||
Operating revenues
|
|
$
|
2,629.4
|
|
|
8.2
|
%
|
|
$
|
2,430.5
|
|
|
(0.9
|
)%
|
|
$
|
2,453.1
|
|
Less: Fuel used in electric generation
|
|
799.3
|
|
|
6.4
|
%
|
|
751.0
|
|
|
(11.0
|
)%
|
|
844.2
|
|
|||
Purchased power
|
|
80.7
|
|
|
87.7
|
%
|
|
43.0
|
|
|
53.0
|
%
|
|
28.1
|
|
|||
Margin
|
|
$
|
1,749.4
|
|
|
6.9
|
%
|
|
$
|
1,636.5
|
|
|
3.5
|
%
|
|
$
|
1,580.8
|
|
2014 vs 2013
|
|
Electric margin increased due to the effects of weather of $43.5 million, base rate increases under the BLRA of $54.1 million and customer growth of $14.7 million. These margin increases were partially offset by $69.0 million of downward adjustments to electric revenues in 2014 pursuant to SCPSC orders related to fuel cost recovery and SCE&G's DSM Programs. In 2013, pursuant to SCPSC orders, electric revenues were adjusted downward by $50.1 million related to fuel cost recovery and the reversal of undercollected amounts related to SCE&G's pilot eWNA program (eWNA was discontinued effective with the first billing cycle of 2014). Such adjustments are fully offset by the recognition within other income of gains realized upon the late 2013 settlement of certain derivative interest rate contracts and the application, as a reduction to operation and maintenance expenses, of a portion of SCE&G's storm damage reserve, both of which had been deferred in regulatory accounts. See Note 2 to the consolidated financial statements.
|
|
|
|
2013 vs 2012
|
|
Margin increased primarily due to base rate increases under the BLRA of $54.2 million and higher electric base rates of $67.3 million approved in the December 2012 rate order. Additionally, pursuant to accounting orders of the SCPSC, 2013's electric margin reflects downward adjustments of $50.1 million to revenue. Such adjustments are fully offset by the recognition within other income of gains realized upon the settlement of certain derivative interest rate contracts, which had been deferred as regulatory liabilities. See Note 2 to the consolidated financial statements.
|
Classification
|
|
2014
|
|
Change
|
|
2013
|
|
Change
|
|
2012
|
|||||
Residential
|
|
8,156
|
|
|
7.7
|
%
|
|
7,571
|
|
|
—
|
|
|
7,571
|
|
Commercial
|
|
7,371
|
|
|
2.3
|
%
|
|
7,205
|
|
|
(1.2
|
)%
|
|
7,291
|
|
Industrial
|
|
6,234
|
|
|
3.9
|
%
|
|
6,000
|
|
|
2.8
|
%
|
|
5,836
|
|
Other
|
|
600
|
|
|
3.3
|
%
|
|
581
|
|
|
(0.9
|
)%
|
|
586
|
|
Total retail sales
|
|
22,361
|
|
|
4.7
|
%
|
|
21,357
|
|
|
0.3
|
%
|
|
21,284
|
|
Wholesale
|
|
958
|
|
|
0.3
|
%
|
|
955
|
|
|
(63.2
|
)%
|
|
2,595
|
|
Total
|
|
23,319
|
|
|
4.5
|
%
|
|
22,312
|
|
|
(6.6
|
)%
|
|
23,879
|
|
2014 vs 2013
|
|
Retail sales volumes increased primarily due to the effects of weather and customer growth.
|
|
|
|
2013 vs 2012
|
|
Retail sales volume increased primarily due to customer growth and the effects of weather, partially offset by lower average use. The decrease in wholesale sales is primarily due to the expiration of two customer contracts.
|
Millions of dollars
|
|
2014
|
|
Change
|
|
2013
|
|
Change
|
|
2012
|
||||||||
Operating revenues
|
|
$
|
462.2
|
|
|
11.5
|
%
|
|
$
|
414.4
|
|
|
16.5
|
%
|
|
$
|
355.6
|
|
Less: Gas purchased for resale
|
|
283.1
|
|
|
16.0
|
%
|
|
244.1
|
|
|
24.2
|
%
|
|
196.6
|
|
|||
Margin
|
|
$
|
179.1
|
|
|
5.2
|
%
|
|
$
|
170.3
|
|
|
7.1
|
%
|
|
$
|
159.0
|
|
2014 vs 2013
|
|
Margin increased primarily due to weather, residential and commercial customer growth of $4.0 million and increased average usage of $2.5 million.
|
|
|
|
2013 vs 2012
|
|
Margin increased primarily due to the SCPSC-approved increase in base rates under the RSA which became effective with the first billing cycle of November 2012, as well as residential and commercial customer growth.
|
Classification (in thousands)
|
|
2014
|
|
Change
|
|
2013
|
|
Change
|
|
2012
|
|||||
Residential
|
|
14,917
|
|
|
19.2
|
%
|
|
12,515
|
|
|
23.3
|
%
|
|
10,153
|
|
Commercial
|
|
13,936
|
|
|
9.0
|
%
|
|
12,786
|
|
|
9.1
|
%
|
|
11,723
|
|
Industrial
|
|
18,307
|
|
|
(10.3
|
)%
|
|
20,411
|
|
|
5.5
|
%
|
|
19,341
|
|
Transportation gas
|
|
4,286
|
|
|
(10.7
|
)%
|
|
4,801
|
|
|
2.0
|
%
|
|
4,707
|
|
Total
|
|
51,446
|
|
|
1.8
|
%
|
|
50,513
|
|
|
10.0
|
%
|
|
45,924
|
|
2014 vs 2013
|
Residential and commercial sales volumes increased primarily due to the effects of weather and customer growth. Industrial sales volumes decreased due to weather related curtailments and a customer switching to an alternative fuel source. Transportation sales volumes decreased due to weather related curtailments.
|
|
|
2013 vs 2012
|
Total sales volumes increased primarily due to customer growth, increased industrial usage and the effects of weather.
|
Millions of dollars
|
|
2014
|
|
Change
|
|
2013
|
|
Change
|
|
2012
|
||||||||
Other operation and maintenance
|
|
$
|
575.2
|
|
|
3.4
|
%
|
|
$
|
556.5
|
|
|
2.8
|
%
|
|
$
|
541.6
|
|
Depreciation and amortization
|
|
315.2
|
|
|
0.6
|
%
|
|
313.4
|
|
|
6.8
|
%
|
|
293.4
|
|
|||
Other taxes
|
|
207.9
|
|
|
3.8
|
%
|
|
200.2
|
|
|
6.3
|
%
|
|
188.3
|
|
2014 vs 2013
|
Other operation and maintenance expenses increased primarily due to higher electric operating expenses of $8.9 million, DSM Programs cost amortization of $2.1 million, higher labor expense of $2.4 million which includes incentive compensation and lower pension costs, storm expenses of $1.1 million, and other general expenses of $1.9 million. Depreciation and amortization expense increased due to net plant additions. Other taxes increased primarily due to higher property taxes.
|
|
|
2013 vs 2012
|
Other operation and maintenance expenses increased by $16.7 million due to incremental expenses associated with the December 2012 SCPSC rate order and by $5.7 million due to higher electric generation, transmission and distribution expenses. These increases were partially offset by lower compensation costs of $10.1 million due to reduced headcount and lower incentive compensation accruals and by other general expenses. Depreciation and amortization expense increased $13.2 million due to the recognition of depreciation expense associated with the Wateree Station scrubber which was provided for in the December 2012 SCPSC rate order and due to other net plant additions. Other taxes increased primarily due to higher property taxes on net property additions.
|
Millions of dollars
|
|
2014
|
|
Change
|
|
2013
|
|
Change
|
|
2012
|
||||||||
Income Statement Impact:
|
|
|
|
|
|
|
|
|
|
|
||||||||
Employee benefit costs
|
|
$
|
4.0
|
|
|
(63.6
|
)%
|
|
$
|
11.0
|
|
|
100.0
|
%
|
|
—
|
|
|
Other expense
|
|
0.1
|
|
|
(83.3
|
)%
|
|
0.6
|
|
|
50.0
|
%
|
|
$
|
0.4
|
|
||
Balance Sheet Impact:
|
|
|
|
|
|
|
|
|
|
|
||||||||
Increase in capital expenditures
|
|
0.3
|
|
|
(95.3
|
)%
|
|
6.4
|
|
|
12.3
|
%
|
|
5.7
|
|
|||
Component of amount receivable from Summer Station co-owner
|
|
0.1
|
|
|
(96.0
|
)%
|
|
2.5
|
|
|
13.6
|
%
|
|
2.2
|
|
|||
Increase (decrease) in regulatory asset
|
|
(3.2
|
)
|
|
*
|
|
5.5
|
|
|
(63.3
|
)%
|
|
15.0
|
|
||||
Net periodic benefit cost
|
|
$
|
1.3
|
|
|
(96.0)%
|
|
$
|
26.0
|
|
|
11.6
|
%
|
|
$
|
23.3
|
|
|
* Greater than 100%
|
|
|
|
|
|
|
|
|
|
|
Millions of dollars
|
|
2014
|
|
2013
|
||||
Retail electric operations
|
|
$
|
2.0
|
|
|
$
|
2.0
|
|
Gas operations
|
|
1.0
|
|
|
0.2
|
|
Millions of dollars
|
|
2014
|
|
Change
|
|
2013
|
|
Change
|
|
2012
|
||||||||
Other income
|
|
$
|
79.8
|
|
|
51.4
|
%
|
|
$
|
52.7
|
|
|
*
|
|
$
|
0.4
|
|
|
Other expense
|
|
(33.8
|
)
|
|
93.1
|
%
|
|
(17.5
|
)
|
|
(2.2
|
)%
|
|
(17.9
|
)
|
|||
Total
|
|
$
|
46.0
|
|
|
30.7
|
%
|
|
$
|
35.2
|
|
|
*
|
|
$
|
(17.5
|
)
|
2014 vs 2013
|
Other income (expense) increased primarily due to the recognition of $64.0 million of gains realized upon the late 2013 settlement of certain interest rate derivative contracts previously recorded as regulatory liabilities pursuant to SCPSC orders previously discussed, compared to $50.1 million of such gains in 2013. Such gain recognition was fully offset by downward adjustments to revenues reflected within electric margin and had no effect on net income. Donations increased $4.6 million, equity partnership losses increased $2.3 million and AFC increased $2.6 million.
|
|
|
2013 vs 2012
|
Total other income (expense) increased primarily due to the recognition, pursuant to SCPSC accounting orders, of $50.1 million of gains realized upon the settlement of certain interest rate derivatives which had been entered into in anticipation of the issuance of long-term debt, which gains had been deferred as regulatory liabilities. Such gain recognition was fully offset by downward adjustments to revenues reflected within electric margin and had no effect on net income.
|
Millions of dollars
|
|
2014
|
|
Change
|
|
2013
|
|
Change
|
|
2012
|
||||||||
Interest on long-term debt, net
|
|
$
|
217.6
|
|
|
5.2
|
%
|
|
$
|
206.8
|
|
|
3.0
|
%
|
|
$
|
200.7
|
|
Other interest expense
|
|
10.4
|
|
|
(1.0
|
)%
|
|
10.5
|
|
|
7.1
|
%
|
|
9.8
|
|
|||
Total
|
|
$
|
228.0
|
|
|
4.9
|
%
|
|
$
|
217.3
|
|
|
3.2
|
%
|
|
$
|
210.5
|
|
Millions of dollars
|
|
2015
|
|
2016
|
|
2017
|
||||||
Consolidated SCE&G - Normal
|
|
|
|
|
|
|
|
|
|
|||
Generation
|
|
$
|
158
|
|
|
$
|
123
|
|
|
$
|
143
|
|
Transmission & Distribution
|
|
272
|
|
|
251
|
|
|
217
|
|
|||
Other
|
|
37
|
|
|
41
|
|
|
27
|
|
|||
Gas
|
|
54
|
|
|
64
|
|
|
57
|
|
|||
Common
|
|
9
|
|
|
12
|
|
|
9
|
|
|||
Total Consolidated SCE&G - Normal
|
|
530
|
|
|
491
|
|
|
453
|
|
|||
New Nuclear (including transmission)
|
|
957
|
|
|
928
|
|
|
708
|
|
|||
Cash Requirements for Construction
|
|
1,487
|
|
|
1,419
|
|
|
1,161
|
|
|||
Nuclear Fuel
|
|
22
|
|
|
145
|
|
|
104
|
|
|||
Total Estimated Capital Expenditures
|
|
$
|
1,509
|
|
|
$
|
1,564
|
|
|
$
|
1,265
|
|
Contractual Cash Obligations
|
|
Payments due by period
|
||||||||||||||||||
Millions of dollars
|
|
Total
|
|
Less than
1 year
|
|
1 - 3 years
|
|
4 - 5 years
|
|
More than
5 years
|
||||||||||
Long-term and short-term debt including interest
|
|
$
|
9,611
|
|
|
$
|
941
|
|
|
$
|
1,492
|
|
|
$
|
374
|
|
|
$
|
6,804
|
|
Capital leases
|
|
14
|
|
|
3
|
|
|
7
|
|
|
3
|
|
|
1
|
|
|||||
Operating leases
|
|
29
|
|
|
6
|
|
|
4
|
|
|
1
|
|
|
18
|
|
|||||
Purchase obligations
|
|
3,285
|
|
|
2,149
|
|
|
1,136
|
|
|
—
|
|
|
—
|
|
|||||
Other commercial commitments
|
|
2,541
|
|
|
480
|
|
|
922
|
|
|
555
|
|
|
584
|
|
|||||
Total
|
|
$
|
15,480
|
|
|
$
|
3,579
|
|
|
$
|
3,561
|
|
|
$
|
933
|
|
|
$
|
7,407
|
|
December 31,
|
|
2014
|
|
2013
|
|
2012
|
|
2011
|
|
2010
|
SCE&G
|
|
3.77
|
|
3.48
|
|
3.29
|
|
3.13
|
|
3.18
|
Company
|
|
Regulatory Jurisdiction/Matters
|
SCE&G, GENCO and Fuel Company
|
|
The CFTC to the extent they transact swaps as defined in Dodd-Frank.
|
|
|
|
SCE&G
|
|
The SEC as to the issuance of certain securities and other matters; the SCPSC as to retail electric and gas rates, service, accounting, issuance of securities (other than short-term borrowings) and other matters; the FERC as to issuance of short-term borrowings, guarantees of short-term indebtedness, certain acquisitions and other matters; the PHMSA as to integrity management requirements for gas distribution pipeline systems; and the NRC with respect to the ownership, construction, operation and decommissioning of its currently operated and planned nuclear generating facilities. NRC jurisdiction encompasses broad supervisory and regulatory powers over the construction and operation of nuclear reactors, including matters of health and safety and environmental impact. In addition, the Federal Emergency Management Agency reviews, in conjunction with the NRC, certain aspects of emergency planning relating to the operation of nuclear plants.
|
|
|
|
SCE&G and GENCO
|
|
The FERC and DOE, under the Federal Power Act, as to the transmission of electric energy in interstate commerce, the sale of electric energy at wholesale for resale, the licensing of hydroelectric projects and certain other matters, including accounting.
|
|
|
|
GENCO
|
|
The SCPSC as to the issuance of securities (other than short-term borrowings) and the FERC as to the issuance of short-term borrowings, accounting, certain acquisitions and other matters.
|
|
|
|
Fuel Company
|
|
The SEC as to the issuance of certain securities.
|
|
|
Expected Maturity Date
|
||||||||||||||||||||||
December 31, 2014
Millions of dollars
|
|
2015
|
|
2016
|
|
2017
|
|
2018
|
|
2019
|
|
Thereafter
|
|
Total
|
|
Fair
Value
|
||||||||
Long-Term Debt:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed Rate ($)
|
|
9.9
|
|
|
109.4
|
|
|
9.0
|
|
|
718.6
|
|
|
8.1
|
|
|
3,379.7
|
|
|
4,234.8
|
|
|
4,999.8
|
|
Average Fixed Interest Rate (%)
|
|
4.54
|
|
|
1.11
|
|
|
4.73
|
|
|
5.95
|
|
|
4.97
|
|
|
5.29
|
|
|
5.29
|
|
|
—
|
|
Variable Rate ($)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
67.8
|
|
|
67.8
|
|
|
65.2
|
|
Average Variable Interest Rate (%)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.04
|
|
|
0.04
|
|
|
—
|
|
Interest Rate Swaps:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Pay Fixed/Receive Variable ($)
|
|
950.0
|
|
|
100.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
67.8
|
|
|
1,117.8
|
|
|
(233.0
|
)
|
Average Pay Interest Rate (%)
|
|
3.83
|
|
|
3.63
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3.28
|
|
|
3.78
|
|
|
—
|
|
Average Receive Interest Rate (%)
|
|
0.26
|
|
|
0.26
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.04
|
|
|
0.24
|
|
|
—
|
|
|
|
Expected Maturity Date
|
||||||||||||||||||||||
December 31, 2013
Millions of dollars
|
|
2014
|
|
2015
|
|
2016
|
|
2017
|
|
2018
|
|
Thereafter
|
|
Total
|
|
Fair
Value
|
||||||||
Long-Term Debt:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed Rate ($)
|
|
45.2
|
|
|
9.2
|
|
|
108.6
|
|
|
8.2
|
|
|
717.9
|
|
|
3,086.5
|
|
|
3,975.6
|
|
|
4,356.6
|
|
Average Fixed Interest Rate (%)
|
|
4.84
|
|
|
4.73
|
|
|
1.11
|
|
|
4.96
|
|
|
5.95
|
|
|
6.62
|
|
|
6.32
|
|
|
—
|
|
Variable Rate ($)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
67.8
|
|
|
67.8
|
|
|
64.9
|
|
Average Variable Interest Rate (%)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.11
|
|
|
0.11
|
|
|
—
|
|
Interest Rate Swaps:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Pay Fixed/Receive Variable ($)
|
|
600.0
|
|
|
650.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
71.4
|
|
|
1,321.4
|
|
|
30.6
|
|
Average Pay Interest Rate (%)
|
|
3.96
|
|
|
4.16
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3.29
|
|
|
4.02
|
|
|
—
|
|
Average Receive Interest Rate (%)
|
|
0.25
|
|
|
0.25
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.06
|
|
|
0.24
|
|
|
—
|
|
December 31, (Millions of dollars)
|
|
2014
|
|
2013
|
||||
Assets
|
|
|
|
|
|
|
||
Utility Plant In Service
|
|
$
|
10,650
|
|
|
$
|
10,378
|
|
Accumulated Depreciation and Amortization
|
|
(3,667
|
)
|
|
(3,499
|
)
|
||
Construction Work in Progress
|
|
3,302
|
|
|
2,682
|
|
||
Plant to be Retired, Net
|
|
169
|
|
|
177
|
|
||
Nuclear Fuel, Net of Accumulated Amortization
|
|
329
|
|
|
310
|
|
||
Utility Plant, Net ($675 and $720 related to VIEs)
|
|
10,783
|
|
|
10,048
|
|
||
Nonutility Property and Investments:
|
|
|
|
|
|
|
||
Nonutility property, net of accumulated depreciation
|
|
67
|
|
|
69
|
|
||
Assets held in trust, net-nuclear decommissioning
|
|
113
|
|
|
101
|
|
||
Other investments
|
|
2
|
|
|
3
|
|
||
Nonutility Property and Investments, Net
|
|
182
|
|
|
173
|
|
||
Current Assets:
|
|
|
|
|
|
|
||
Cash and cash equivalents
|
|
100
|
|
|
92
|
|
||
Receivables, net of allowance for uncollectible accounts of $4 and $3
|
|
524
|
|
|
486
|
|
||
Receivables-affiliated companies
|
|
109
|
|
|
19
|
|
||
Inventories:
|
|
|
|
|
|
|
||
Fuel
|
|
130
|
|
|
131
|
|
||
Materials and supplies
|
|
129
|
|
|
120
|
|
||
Emission allowances
|
|
1
|
|
|
1
|
|
||
Prepayments
|
|
154
|
|
|
65
|
|
||
Other current assets
|
|
99
|
|
|
15
|
|
||
Total Current Assets ($158 and $147 related to VIEs)
|
|
1,246
|
|
|
929
|
|
||
Deferred Debits and Other Assets:
|
|
|
|
|
|
|
||
Pension asset
|
|
10
|
|
|
96
|
|
||
Regulatory assets
|
|
1,745
|
|
|
1,303
|
|
||
Other
|
|
141
|
|
|
151
|
|
||
Total Deferred Debits and Other Assets ($50 and $35 related to VIEs)
|
|
1,896
|
|
|
1,550
|
|
||
Total
|
|
$
|
14,107
|
|
|
$
|
12,700
|
|
December 31, (Millions of dollars)
|
|
2014
|
|
2013
|
||||
Capitalization and Liabilities
|
|
|
|
|
|
|
||
Common Stock - no par value, 40.3 million shares outstanding for all periods presented
|
|
$
|
2,560
|
|
|
$
|
2,479
|
|
Retained Earnings
|
|
2,077
|
|
|
1,896
|
|
||
Accumulated Other Comprehensive Income
|
|
(3
|
)
|
|
(3
|
)
|
||
Total Common Equity
|
|
4,634
|
|
|
4,372
|
|
||
Noncontrolling interest
|
|
123
|
|
|
117
|
|
||
Total Equity
|
|
4,757
|
|
|
4,489
|
|
||
Long-Term Debt, net
|
|
4,299
|
|
|
4,007
|
|
||
Total Capitalization
|
|
9,056
|
|
|
8,496
|
|
||
Current Liabilities:
|
|
|
|
|
|
|
||
Short-term borrowings
|
|
709
|
|
|
251
|
|
||
Current portion of long-term debt
|
|
10
|
|
|
48
|
|
||
Accounts payable
|
|
294
|
|
|
241
|
|
||
Affiliated payables
|
|
180
|
|
|
117
|
|
||
Customer deposits and customer prepayments
|
|
61
|
|
|
56
|
|
||
Taxes accrued
|
|
170
|
|
|
223
|
|
||
Interest accrued
|
|
64
|
|
|
64
|
|
||
Dividends declared
|
|
74
|
|
|
62
|
|
||
Derivative financial instruments
|
|
208
|
|
|
1
|
|
||
Other
|
|
99
|
|
|
71
|
|
||
Total Current Liabilities
|
|
1,869
|
|
|
1,134
|
|
||
Deferred Credits and Other Liabilities:
|
|
|
|
|
|
|
||
Deferred income taxes, net
|
|
1,696
|
|
|
1,509
|
|
||
Deferred investment tax credits
|
|
28
|
|
|
32
|
|
||
Asset retirement obligations
|
|
536
|
|
|
547
|
|
||
Pension and Postretirement benefits
|
|
195
|
|
|
173
|
|
||
Regulatory liabilities
|
|
610
|
|
|
732
|
|
||
Other
|
|
117
|
|
|
77
|
|
||
Total Deferred Credits and Other Liabilities
|
|
3,182
|
|
|
3,070
|
|
||
Commitments and Contingencies (Note 10)
|
|
—
|
|
|
—
|
|
||
Total
|
|
$
|
14,107
|
|
|
$
|
12,700
|
|
For the Years Ended December 31, (Millions of dollars)
|
|
2014
|
|
2013
|
|
2012
|
||||||
Operating Revenues:
|
|
|
|
|
|
|
|
|
|
|||
Electric
|
|
$
|
2,629
|
|
|
$
|
2,431
|
|
|
$
|
2,453
|
|
Gas
|
|
462
|
|
|
414
|
|
|
356
|
|
|||
Total Operating Revenues
|
|
3,091
|
|
|
2,845
|
|
|
2,809
|
|
|||
Operating Expenses:
|
|
|
|
|
|
|
|
|
|
|||
Fuel used in electric generation
|
|
799
|
|
|
751
|
|
|
844
|
|
|||
Purchased power
|
|
81
|
|
|
43
|
|
|
28
|
|
|||
Gas purchased for resale
|
|
283
|
|
|
244
|
|
|
197
|
|
|||
Other operation and maintenance
|
|
575
|
|
|
557
|
|
|
542
|
|
|||
Depreciation and amortization
|
|
315
|
|
|
313
|
|
|
293
|
|
|||
Other taxes
|
|
208
|
|
|
200
|
|
|
188
|
|
|||
Total Operating Expenses
|
|
2,261
|
|
|
2,108
|
|
|
2,092
|
|
|||
Operating Income
|
|
830
|
|
|
737
|
|
|
717
|
|
|||
Other Income (Expense):
|
|
|
|
|
|
|
|
|
||||
Other income
|
|
80
|
|
|
53
|
|
|
—
|
|
|||
Other expenses
|
|
(34
|
)
|
|
(18
|
)
|
|
(18
|
)
|
|||
Interest charges, net of allowance for borrowed funds used during construction of $14, $13 and $11
|
|
(228
|
)
|
|
(217
|
)
|
|
(211
|
)
|
|||
Allowance for equity funds used during construction
|
|
28
|
|
|
25
|
|
|
21
|
|
|||
Total Other Expense
|
|
(154
|
)
|
|
(157
|
)
|
|
(208
|
)
|
|||
Income Before Income Tax Expense
|
|
676
|
|
|
580
|
|
|
509
|
|
|||
Income Tax Expense
|
|
218
|
|
|
189
|
|
|
157
|
|
|||
Net Income
|
|
458
|
|
|
391
|
|
|
352
|
|
|||
Less Net Income Attributable to Noncontrolling Interest
|
|
12
|
|
|
11
|
|
|
11
|
|
|||
Earnings Available to Common Shareholder
|
|
$
|
446
|
|
|
$
|
380
|
|
|
$
|
341
|
|
|
|
|
|
|
|
|
||||||
Dividends Declared on Common Stock
|
|
$
|
272
|
|
|
$
|
257
|
|
|
$
|
209
|
|
|
|
|
|
|
|
|
|
||||||
Years Ended December 31, (Millions of dollars)
|
|
2014
|
|
2013
|
|
2012
|
|
||||||
|
|
|
|
|
|
|
|
||||||
Net Income
|
|
$
|
458
|
|
|
$
|
391
|
|
|
$
|
352
|
|
|
Other Comprehensive Income (Loss), net of tax:
|
|
|
|
|
|
|
|
||||||
Deferred costs of employee benefit plans, net of tax $-, $- and $-
|
|
—
|
|
|
1
|
|
|
(1
|
)
|
|
|||
Amortization of deferred employee benefit plan costs reclassified to net income, net of tax $-, $- and $-
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|||
Other Comprehensive Income (Loss)
|
|
—
|
|
|
1
|
|
|
(1
|
)
|
|
|||
Total Comprehensive Income
|
|
458
|
|
|
392
|
|
|
351
|
|
|
|||
Less comprehensive income attributable to noncontrolling interest
|
|
(12
|
)
|
|
(11
|
)
|
|
(11
|
)
|
|
|||
Comprehensive income available to common shareholder
|
|
$
|
446
|
|
|
$
|
381
|
|
|
$
|
340
|
|
|
|
|
|
|
|
|
|
|
For the Years Ended December 31, (Millions of dollars)
|
|
2014
|
|
2013
|
|
2012
|
||||||
Cash Flows From Operating Activities:
|
|
|
|
|
|
|
|
|
|
|||
Net income
|
|
$
|
458
|
|
|
$
|
391
|
|
|
$
|
352
|
|
Adjustments to reconcile net income to net cash provided from operating activities:
|
|
|
|
|
|
|
|
|
||||
Losses from equity method investments
|
|
5
|
|
|
3
|
|
|
4
|
|
|||
Deferred income taxes, net
|
|
187
|
|
|
29
|
|
|
116
|
|
|||
Depreciation and amortization
|
|
318
|
|
|
315
|
|
|
294
|
|
|||
Amortization of nuclear fuel
|
|
45
|
|
|
57
|
|
|
44
|
|
|||
Allowance for equity funds used during construction
|
|
(28
|
)
|
|
(25
|
)
|
|
(21
|
)
|
|||
Carrying cost recovery
|
|
(9
|
)
|
|
(3
|
)
|
|
—
|
|
|||
Changes in certain assets and liabilities:
|
|
|
|
|
|
|
|
|
||||
Receivables
|
|
(39
|
)
|
|
(36
|
)
|
|
35
|
|
|||
Inventories
|
|
(52
|
)
|
|
35
|
|
|
(60
|
)
|
|||
Prepayments
|
|
(89
|
)
|
|
8
|
|
|
6
|
|
|||
Regulatory assets
|
|
(350
|
)
|
|
83
|
|
|
(158
|
)
|
|||
Other regulatory liabilities
|
|
(132
|
)
|
|
54
|
|
|
64
|
|
|||
Accounts payable
|
|
14
|
|
|
5
|
|
|
27
|
|
|||
Taxes accrued
|
|
(53
|
)
|
|
72
|
|
|
1
|
|
|||
Pension and other postretirement benefits
|
|
106
|
|
|
(186
|
)
|
|
69
|
|
|||
Derivative financial instruments
|
|
207
|
|
|
(65
|
)
|
|
64
|
|
|||
Other assets
|
|
12
|
|
|
27
|
|
|
(154
|
)
|
|||
Other liabilities
|
|
41
|
|
|
88
|
|
|
(9
|
)
|
|||
Net Cash Provided From Operating Activities
|
|
641
|
|
|
852
|
|
|
674
|
|
|||
Cash Flows From Investing Activities:
|
|
|
|
|
|
|
|
|
|
|||
Property additions and construction expenditures
|
|
(934
|
)
|
|
(1,003
|
)
|
|
(978
|
)
|
|||
Proceeds from investments and sales of assets (including derivative collateral returned)
|
|
275
|
|
|
144
|
|
|
275
|
|
|||
Purchase of investments (including derivative collateral posted)
|
|
(381
|
)
|
|
(116
|
)
|
|
(268
|
)
|
|||
Payments upon interest rate derivative contract settlement
|
|
(95
|
)
|
|
(49
|
)
|
|
—
|
|
|||
Proceeds from interest rate derivative contract settlement
|
|
—
|
|
|
163
|
|
|
14
|
|
|||
Investment in affiliate
|
|
(80
|
)
|
|
—
|
|
|
—
|
|
|||
Net Cash Used For Investing Activities
|
|
(1,215
|
)
|
|
(861
|
)
|
|
(957
|
)
|
|||
Cash Flows From Financing Activities:
|
|
|
|
|
|
|
|
|
|
|||
Proceeds from issuance of long-term debt
|
|
294
|
|
|
451
|
|
|
513
|
|
|||
Repayment of long-term debt
|
|
(48
|
)
|
|
(251
|
)
|
|
(49
|
)
|
|||
Dividends
|
|
(260
|
)
|
|
(241
|
)
|
|
(202
|
)
|
|||
Short-term borrowings, net
|
|
458
|
|
|
(198
|
)
|
|
(63
|
)
|
|||
Short-term borrowings-affiliate, net
|
|
56
|
|
|
(22
|
)
|
|
(9
|
)
|
|||
Contribution from parent
|
|
82
|
|
|
311
|
|
|
128
|
|
|||
Net Cash Provided From Financing Activities
|
|
582
|
|
|
50
|
|
|
318
|
|
|||
Net Increase in Cash and Cash Equivalents
|
|
8
|
|
|
41
|
|
|
35
|
|
|||
Cash and Cash Equivalents, January 1
|
|
92
|
|
|
51
|
|
|
16
|
|
|||
Cash and Cash Equivalents, December 31
|
|
$
|
100
|
|
|
$
|
92
|
|
|
$
|
51
|
|
Supplemental Cash Flow Information:
|
|
|
|
|
|
|
|
|
|
|||
Cash paid for—Interest (net of capitalized interest of $14, $13 and $11)
|
|
$
|
210
|
|
|
$
|
200
|
|
|
$
|
186
|
|
—Income taxes
|
|
177
|
|
|
92
|
|
|
105
|
|
|||
Noncash Investing and Financing Activities:
|
|
|
|
|
|
|
|
|
||||
Accrued construction expenditures
|
|
151
|
|
|
100
|
|
|
116
|
|
|||
Capital lease
|
|
5
|
|
|
4
|
|
|
8
|
|
|||
Nuclear fuel purchase
|
|
—
|
|
|
98
|
|
|
—
|
|
|
|
Common Stock
|
|
Retained
|
|
Accumulated
Other
Comprehensive
|
|
Noncontrolling
|
|
Total
|
|||||||||||||
Millions
|
|
Shares
|
|
Amount
|
|
Earnings
|
|
Income (Loss)
|
|
Interest
|
|
Equity
|
|||||||||||
Balance at January 1, 2012
|
|
40
|
|
|
$
|
2,041
|
|
|
$
|
1,627
|
|
|
$
|
(3
|
)
|
|
$
|
108
|
|
|
$
|
3,773
|
|
Earnings available for common shareholder
|
|
|
|
|
|
|
|
341
|
|
|
|
|
|
11
|
|
|
352
|
|
|||||
Deferred cost of employee benefit plans, net of tax $-
|
|
|
|
|
|
|
|
|
|
|
(1
|
)
|
|
|
|
|
(1
|
)
|
|||||
Total Comprehensive Income (Loss)
|
|
|
|
|
|
341
|
|
|
(1
|
)
|
|
11
|
|
|
351
|
|
|||||||
Capital contributions from parent
|
|
|
|
|
126
|
|
|
|
|
|
|
|
|
2
|
|
|
128
|
|
|||||
Cash dividends declared
|
|
|
|
|
|
|
|
(202
|
)
|
|
|
|
|
(7
|
)
|
|
(209
|
)
|
|||||
Balance at December 31, 2012
|
|
40
|
|
|
2,167
|
|
|
1,766
|
|
|
(4
|
)
|
|
114
|
|
|
4,043
|
|
|||||
Earnings Available for Common Shareholder
|
|
|
|
|
|
|
|
380
|
|
|
|
|
|
11
|
|
|
391
|
|
|||||
Deferred Cost of Employee Benefit Plans, net of tax $-
|
|
|
|
|
|
|
|
|
|
|
1
|
|
|
|
|
|
1
|
|
|||||
Total Comprehensive Income (Loss)
|
|
|
|
|
|
380
|
|
|
1
|
|
|
11
|
|
|
392
|
|
|||||||
Capital contributions from parent
|
|
|
|
|
312
|
|
|
|
|
|
|
|
|
(1
|
)
|
|
311
|
|
|||||
Cash dividends declared
|
|
|
|
|
|
|
|
(250
|
)
|
|
|
|
|
(7
|
)
|
|
(257
|
)
|
|||||
Balance at December 31, 2013
|
|
40
|
|
|
2,479
|
|
|
1,896
|
|
|
(3
|
)
|
|
117
|
|
|
4,489
|
|
|||||
Earnings Available for Common Shareholder
|
|
|
|
|
|
|
|
446
|
|
|
|
|
|
12
|
|
|
458
|
|
|||||
Deferred Cost of Employee Benefit Plans, net of tax $-
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|||||
Total Comprehensive Income
|
|
|
|
|
|
446
|
|
|
—
|
|
|
12
|
|
|
458
|
|
|||||||
Capital contributions from parent
|
|
|
|
|
81
|
|
|
|
|
|
|
|
|
1
|
|
|
82
|
|
|||||
Cash dividends declared
|
|
|
|
|
|
|
|
(265
|
)
|
|
|
|
|
(7
|
)
|
|
(272
|
)
|
|||||
Balance at December 31, 2014
|
|
40
|
|
|
$
|
2,560
|
|
|
$
|
2,077
|
|
|
$
|
(3
|
)
|
|
$
|
123
|
|
|
$
|
4,757
|
|
As of December 31,
|
|
2014
|
|
2013
|
||||||||||||
|
|
Unit 1
|
|
New Units
|
|
Unit 1
|
|
New Units
|
||||||||
Percent owned
|
|
66.7%
|
|
55.0%
|
|
66.7%
|
|
55.0%
|
||||||||
Plant in service
|
|
$
|
1.2
|
billion
|
|
—
|
|
|
$
|
1.1
|
billion
|
|
—
|
|
||
Accumulated depreciation
|
|
$
|
578.3
|
million
|
|
—
|
|
|
$
|
566.9
|
million
|
|
—
|
|
||
Construction work in progress
|
|
$
|
199.3
|
million
|
|
$
|
2.7
|
billion
|
|
$
|
127.1
|
million
|
|
$
|
2.3
|
billion
|
Year
|
|
Effective
|
|
Amount
|
2014
|
|
First billing cycle of May
|
|
$15.4 million
|
2013
|
|
First billing cycle of May
|
|
$16.9 million
|
2012
|
|
First billing cycle of May
|
|
$19.6 million
|
•
|
In May 2013, the SCPSC ordered the deferral of one-half of the net lost revenues and provided for their recovery over a 12-month period beginning with the first billing cycle in May 2014.
|
•
|
In April 2014, the SCPSC approved SCE&G's request to (1) recover one-half of the balance of allowable costs beginning with bills rendered on and after the first billing cycle of May 2014 and to recover the remaining balance of allowable costs beginning with bills rendered on and after the first billing cycle of May 2015, (2) utilize approximately
$17.8 million
of gains from the late 2013 settlement of certain interest rate derivative instruments, previously deferred as regulatory liabilities, to offset a portion of the net lost revenues component of SCE&G's DSM Program rider, and (3) apply
$5.0 million
of its storm damage reserve and
$5.0 million
of the gains from the settlement of certain interest rate derivative instruments to the remaining balance of deferred net lost revenues as of April 30, 2014, which had been deferred within regulatory assets resulting from the May 2013 order previously described.
|
•
|
In addition, in April 2014 the SCPSC, upon recommendation of the ORS, reduced by
25%
, or
$6.6 million
, the amount of net lost revenues SCE&G expects to experience over the 12-month period beginning with the first billing cycle of May 2014, and ordered that the $6.6 million be applied to decrease the amount of program costs deferred for recovery. Actual net lost revenues not collected in the current DSM Programs rate rider are subject to true up in the following program year.
|
•
|
In January 2015, SCE&G submitted its annual DSM Programs filing to the SCPSC. If approved, the filing would, among other things, allow recovery of
$33.0 million
of costs and net lost revenues associated with the DSM Programs, along with an incentive to invest in such programs.
|
Year
|
|
Increase
|
|
Amount
|
2014
|
|
2.8%
|
|
$66.2 million
|
2013
|
|
2.9%
|
|
$67.2 million
|
2012
|
|
2.3%
|
|
$52.1 million
|
Year
|
|
Action
|
|
Amount
|
|||||
2014
|
|
0.6
|
%
|
|
Decrease
|
|
$
|
2.6
|
million
|
2013
|
|
No change
|
|
|
|
||||
2012
|
|
2.1
|
%
|
|
Increase
|
|
$
|
7.5
|
million
|
|
|
December 31,
|
||||||
Millions of dollars
|
|
2014
|
|
2013
|
||||
Regulatory Assets:
|
|
|
|
|
|
|||
Accumulated deferred income taxes
|
|
$
|
278
|
|
|
$
|
256
|
|
Under-collections-electric fuel adjustment clause
|
|
20
|
|
|
18
|
|
||
Environmental remediation costs
|
|
36
|
|
|
37
|
|
||
AROs and related funding
|
|
347
|
|
|
350
|
|
||
Franchise agreements
|
|
26
|
|
|
31
|
|
||
Deferred employee benefit plan costs
|
|
310
|
|
|
215
|
|
||
Planned major maintenance
|
|
2
|
|
|
—
|
|
||
Deferred losses on interest rate derivatives
|
|
453
|
|
|
124
|
|
||
Deferred pollution control costs
|
|
36
|
|
|
37
|
|
||
Unrecovered plant
|
|
137
|
|
|
145
|
|
||
DSM Programs
|
|
56
|
|
|
51
|
|
||
Other
|
|
44
|
|
|
39
|
|
||
Total Regulatory Assets
|
|
$
|
1,745
|
|
|
$
|
1,303
|
|
Regulatory Liabilities:
|
|
|
|
|
||||
Accumulated deferred income taxes
|
|
$
|
17
|
|
|
$
|
19
|
|
Asset removal costs
|
|
505
|
|
|
495
|
|
||
Storm damage reserve
|
|
6
|
|
|
27
|
|
||
Deferred gains on interest rate derivatives
|
|
82
|
|
|
181
|
|
||
Planned major maintenance
|
|
—
|
|
|
10
|
|
||
Total Regulatory Liabilities
|
|
$
|
610
|
|
|
$
|
732
|
|
|
|
|
|
|
|
2014
|
|
2013
|
||||||||||
Dollars in millions
|
|
Maturity
|
|
Balance
|
|
Rate
|
|
Balance
|
|
Rate
|
||||||||
First Mortgage Bonds (secured)
|
|
2018
|
-
|
2064
|
|
$
|
3,840
|
|
|
5.56
|
%
|
|
$
|
3,540
|
|
|
5.60
|
%
|
GENCO Notes (secured)
|
|
2015
|
-
|
2024
|
|
227
|
|
|
5.90
|
%
|
|
233
|
|
|
5.89
|
%
|
||
Industrial and Pollution Control Bonds (a)
|
|
2028
|
-
|
2038
|
|
122
|
|
|
3.51
|
%
|
|
158
|
|
|
3.83
|
%
|
||
Nuclear Fuel Financing
|
|
2016
|
|
100
|
|
|
0.78
|
%
|
|
100
|
|
|
0.78
|
%
|
||||
Other
|
|
2015
|
-
|
2027
|
|
14
|
|
|
2.63
|
%
|
|
16
|
|
|
2.26
|
%
|
||
Total debt
|
|
|
|
|
|
4,303
|
|
|
|
|
4,047
|
|
|
|
|
|||
Current maturities of long-term debt
|
|
|
|
|
|
(10
|
)
|
|
|
|
(48
|
)
|
|
|
|
|||
Unamortized premium
|
|
|
|
|
|
6
|
|
|
|
|
8
|
|
|
|
|
|||
Total long-term debt, net
|
|
|
|
|
|
$
|
4,299
|
|
|
|
|
$
|
4,007
|
|
|
|
|
Year
|
Millions of dollars
|
||
2015
|
$
|
10
|
|
2016
|
109
|
|
|
2017
|
9
|
|
|
2018
|
719
|
|
|
2019
|
8
|
|
Millions of dollars
|
|
2014
|
|
2013
|
||||
Lines of credit:
|
|
|
|
|
|
|||
Total committed long-term
|
|
$
|
1,400
|
|
|
$
|
1,400
|
|
Outstanding commercial paper (270 or fewer days)
|
|
$
|
709
|
|
|
$
|
251
|
|
Weighted average interest rate
|
|
0.52
|
%
|
|
0.27
|
%
|
||
Letters of credit supported by an LOC
|
|
$
|
0.3
|
|
|
$
|
0.3
|
|
Available
|
|
$
|
691
|
|
|
$
|
1,149
|
|
Millions of dollars
|
|
2014
|
|
2013
|
|
2012
|
||||||
Current taxes:
|
|
|
|
|
|
|
|
|
||||
Federal
|
|
$
|
39
|
|
|
$
|
146
|
|
|
$
|
91
|
|
State
|
|
(6
|
)
|
|
13
|
|
|
8
|
|
|||
Total current taxes
|
|
33
|
|
|
159
|
|
|
99
|
|
|||
Deferred taxes, net:
|
|
|
|
|
|
|
|
|||||
Federal
|
|
157
|
|
|
25
|
|
|
62
|
|
|||
State
|
|
32
|
|
|
9
|
|
|
12
|
|
|||
Total deferred taxes
|
|
189
|
|
|
34
|
|
|
74
|
|
|||
Investment tax credits:
|
|
|
|
|
|
|
|
|||||
Amortization of amounts deferred—state
|
|
(1
|
)
|
|
(1
|
)
|
|
(13
|
)
|
|||
Amortization of amounts deferred—federal
|
|
(3
|
)
|
|
(3
|
)
|
|
(3
|
)
|
|||
Total investment tax credits
|
|
(4
|
)
|
|
(4
|
)
|
|
(16
|
)
|
|||
Total income tax expense
|
|
$
|
218
|
|
|
$
|
189
|
|
|
$
|
157
|
|
Millions of dollars
|
|
2014
|
|
2013
|
|
2012
|
||||||
Net income
|
|
$
|
446
|
|
|
$
|
380
|
|
|
$
|
341
|
|
Income tax expense
|
|
218
|
|
|
189
|
|
|
157
|
|
|||
Noncontrolling interest
|
|
12
|
|
|
11
|
|
|
11
|
|
|||
Total pre-tax income
|
|
$
|
676
|
|
|
$
|
580
|
|
|
$
|
509
|
|
|
|
|
|
|
|
|
||||||
Income taxes on above at statutory federal income tax rate
|
|
$
|
237
|
|
|
$
|
203
|
|
|
$
|
178
|
|
Increases (decreases) attributed to:
|
|
|
|
|
|
|
|
|||||
State income taxes (less federal income tax effect)
|
|
21
|
|
|
18
|
|
|
17
|
|
|||
State investment tax credits (less federal income tax effect)
|
|
(5
|
)
|
|
(5
|
)
|
|
(13
|
)
|
|||
Allowance for equity funds used during construction
|
|
(10
|
)
|
|
(9
|
)
|
|
(7
|
)
|
|||
Amortization of federal investment tax credits
|
|
(3
|
)
|
|
(3
|
)
|
|
(3
|
)
|
|||
Section 41 tax credits
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|||
Section 45 tax credits
|
|
(9
|
)
|
|
(5
|
)
|
|
(5
|
)
|
|||
Domestic production activities deduction
|
|
(7
|
)
|
|
(11
|
)
|
|
(9
|
)
|
|||
Other differences, net
|
|
(3
|
)
|
|
1
|
|
|
(1
|
)
|
|||
Total income tax expense
|
|
$
|
218
|
|
|
$
|
189
|
|
|
$
|
157
|
|
Millions of dollars
|
|
2014
|
|
2013
|
||||
Deferred tax assets:
|
|
|
|
|
|
|||
Nondeductible accruals
|
|
$
|
47
|
|
|
$
|
17
|
|
Asset retirement obligation, including nuclear decommissioning
|
|
205
|
|
|
209
|
|
||
Unamortized investment tax credits
|
|
17
|
|
|
19
|
|
||
Regulatory liability, net gain on interest rate derivative contracts settlement
|
|
—
|
|
|
27
|
|
||
Other
|
|
6
|
|
|
11
|
|
||
Total deferred tax assets
|
|
275
|
|
|
283
|
|
||
Deferred tax liabilities:
|
|
|
|
|
||||
Property, plant and equipment
|
|
$
|
1,623
|
|
|
$
|
1,494
|
|
Regulatory asset, asset retirement obligation
|
|
115
|
|
|
114
|
|
||
Deferred employee benefit plan costs
|
|
91
|
|
|
54
|
|
||
Deferred fuel costs
|
|
27
|
|
|
26
|
|
||
Regulatory asset, unrecovered plant
|
|
53
|
|
|
55
|
|
||
Regulatory asset, net loss on interest rate derivative contracts settlement
|
|
21
|
|
|
—
|
|
||
Demand side management costs
|
|
21
|
|
|
21
|
|
||
Prepayments
|
|
25
|
|
|
23
|
|
||
Other
|
|
23
|
|
|
18
|
|
||
Total deferred tax liabilities
|
|
1,999
|
|
|
1,805
|
|
||
Net deferred tax liability
|
|
$
|
1,724
|
|
|
$
|
1,522
|
|
Millions of dollars
|
|
2014
|
|
2013
|
|
2012
|
||||||
Unrecognized tax benefits, January 1
|
|
$
|
3
|
|
|
—
|
|
|
$
|
38
|
|
|
Gross increases-uncertain tax positions in prior period
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Gross decreases-uncertain tax positions in prior period
|
|
—
|
|
|
—
|
|
|
(38
|
)
|
|||
Gross increases-current period uncertain tax positions
|
|
13
|
|
|
$
|
3
|
|
|
—
|
|
||
Settlements
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Lapse of statute of limitations
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Unrecognized tax benefits, December 31
|
|
$
|
16
|
|
|
$
|
3
|
|
|
$
|
—
|
|
Fair Values of Derivative Instruments
|
|
Asset Derivatives
|
|
Liability Derivatives
|
||||||||
Millions of dollars
|
|
Balance Sheet Location
|
|
Fair Value
|
|
Balance Sheet Location
|
|
Fair
Value
|
||||
As of December 31, 2014
|
|
|
|
|
|
|
|
|
|
|
||
Designated as hedging instruments
|
|
|
|
|
|
|
|
|
|
|
||
Interest rate contracts
|
|
|
|
|
|
Derivative financial instruments
|
|
$
|
1
|
|
||
|
|
|
|
|
|
Other deferred credits and other liabilities
|
|
8
|
|
|||
Total
|
|
|
|
|
|
|
|
$
|
9
|
|
||
|
|
|
|
|
|
|
|
|
||||
Not designated as hedging instruments
|
|
|
|
|
|
|
|
|
||||
Interest rate contracts
|
|
|
|
|
|
|
Derivative financial instruments
|
|
$
|
207
|
|
|
|
|
|
|
|
|
|
Other deferred credits and other liabilities
|
|
17
|
|
||
Total
|
|
|
|
|
|
|
|
|
$
|
224
|
|
|
|
|
|
|
|
|
|
|
|
||||
As of December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
||
Designated as hedging instruments
|
|
|
|
|
|
|
|
|
|
|
||
Interest rate contracts
|
|
|
|
|
|
|
Derivative financial instruments
|
|
$
|
1
|
|
|
Total
|
|
|
|
|
|
|
|
$
|
1
|
|
||
|
|
|
|
|
|
|
|
|
||||
Not designated as hedging instruments
|
|
|
|
|
|
|
|
|
||||
Interest rate contracts
|
|
Other current assets
|
|
$
|
13
|
|
|
Derivative financial instruments
|
|
$
|
1
|
|
|
|
Other deferred debits and other assets
|
|
19
|
|
|
|
|
|
|
||
Total
|
|
|
|
$
|
32
|
|
|
|
|
$
|
1
|
|
Derivatives in Cash Flow Hedging Relationships
|
|
Gain (Loss) Deferred
in Regulatory Accounts (Effective Portion)
|
|
Gain (Loss) Reclassified from
Deferred Accounts into Income
(Effective Portion)
|
||||||
Millions of dollars
|
|
|
Location
|
|
Amount
|
|||||
Year Ended December 31, 2014
|
|
|
|
|
|
|
|
|
||
Interest rate contracts
|
|
$
|
(9
|
)
|
|
Interest expense
|
|
$
|
(3
|
)
|
Year Ended December 31, 2013
|
|
|
|
|
|
|
|
|
||
Interest rate contracts
|
|
$
|
106
|
|
|
Interest expense
|
|
$
|
(3
|
)
|
Year Ended December 31, 2012
|
|
|
|
|
|
|
|
|
||
Interest rate contracts
|
|
$
|
84
|
|
|
Interest expense
|
|
$
|
(3
|
)
|
Derivatives Not Designated as Hedging Instruments
|
|
Loss Recognized in Income
|
|
Year Ended December 31,
|
||||||||
Millions of dollars
|
|
Location
|
|
2014
|
|
2013
|
|
2012
|
||||
Commodity contracts
|
|
Gas purchased for resale
|
|
—
|
|
|
—
|
|
|
$
|
(1
|
)
|
|
|
Gain or (Loss) Deferred
in Regulatory Accounts
|
|
Gain Reclassified from
Deferred Accounts into Income
|
||||||
Millions of dollars
|
|
|
Location
|
|
Amount
|
|||||
Year Ended December 31, 2014
|
|
|
|
|
|
|
|
|||
Interest rate contracts
|
|
$
|
(352
|
)
|
|
Other income
|
|
$
|
64
|
|
Year Ended December 31, 2013
|
|
|
|
|
|
|
||||
Interest rate contracts
|
|
39
|
|
|
Other income
|
|
50
|
|
||
Year Ended December 31, 2012
|
|
|
|
|
|
|
||||
Interest rate contracts
|
|
—
|
|
|
Other income
|
|
—
|
|
Offsetting Derivative Assets
|
|
Gross Amounts Offset in the Statement of Financial Position
|
|
Net Amounts Presented in the Statement of Financial Position
|
|
Gross Amounts Not Offset in the Statement of Financial Position
|
|
Net Amount
|
|||||||||||||
Millions of dollars
|
Gross Amounts of Recognized Assets
|
|
|
|
Financial Instruments
|
|
Cash Collateral Received
|
|
|||||||||||||
As of December 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest rate
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
As of December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest rate
|
$
|
32
|
|
|
—
|
|
|
$
|
32
|
|
|
$
|
(1
|
)
|
|
—
|
|
|
$
|
31
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Balance sheet location
|
Other current assets
|
|
$
|
13
|
|
|
|
|
|
|
|
||||||||||
|
Other deferred debits and other assets
|
|
19
|
|
|
|
|
|
|
|
|||||||||||
|
Total
|
|
|
|
$
|
32
|
|
|
|
|
|
|
|
Offsetting Derivative Liabilities
|
|
Gross Amounts Offset in the Statement of Financial Position
|
|
Net Amounts Presented in the Statement of Financial Position
|
|
Gross Amounts Not Offset in the Statement of Financial Position
|
|
Net Amount
|
||||||||||||||
Millions of dollars
|
Gross Amounts of Recognized Liabilities
|
|
|
|
Financial Instruments
|
|
Cash Collateral Posted
|
|
||||||||||||||
As of December 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Interest rate
|
$
|
233
|
|
|
—
|
|
|
$
|
233
|
|
|
—
|
|
|
$
|
(107
|
)
|
|
$
|
126
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Balance sheet location
|
Derivative financial instruments
|
|
$
|
208
|
|
|
|
|
|
|
|
|||||||||||
|
Other deferred credits and other liabilities
|
|
25
|
|
|
|
|
|
|
|
||||||||||||
|
Total
|
|
|
|
$
|
233
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
As of December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Interest rate
|
$
|
2
|
|
|
—
|
|
|
$
|
2
|
|
|
$
|
(1
|
)
|
|
$
|
(1
|
)
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Balance sheet location
|
Derivative financial instruments
|
|
$
|
2
|
|
|
|
|
|
|
|
|||||||||||
|
Total
|
|
|
|
$
|
2
|
|
|
|
|
|
|
|
|
|
As of December 31, 2014
|
|
As of December 31, 2013
|
||||
Millions of dollars
|
|
Level 2
|
|
Level 2
|
||||
Assets-Interest rate contracts
|
|
—
|
|
|
$
|
32
|
|
|
Liabilities-Interest rate contracts
|
|
$
|
233
|
|
|
2
|
|
|
|
As of December 31, 2014
|
|
As of December 31, 2013
|
||||||||||||
Millions of dollars
|
|
Carrying
Amount
|
|
Estimated
Fair Value
|
|
Carrying
Amount
|
|
Estimated
Fair Value
|
||||||||
Long-term debt
|
|
$
|
4,308.6
|
|
|
$
|
5,070.9
|
|
|
$
|
4,054.9
|
|
|
$
|
4,433.0
|
|
|
|
Pension Benefits
|
|
Other Postretirement Benefits
|
||||||||||||
Millions of dollars
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
Benefit obligation, January 1
|
|
$
|
695.7
|
|
|
$
|
788.4
|
|
|
$
|
181.7
|
|
|
$
|
206.0
|
|
Service cost
|
|
16.0
|
|
|
17.6
|
|
|
3.6
|
|
|
4.6
|
|
||||
Interest cost
|
|
34.1
|
|
|
32.6
|
|
|
9.4
|
|
|
8.7
|
|
||||
Plan participants’ contributions
|
|
—
|
|
|
—
|
|
|
1.8
|
|
|
2.0
|
|
||||
Actuarial (gain) loss
|
|
82.7
|
|
|
(70.7
|
)
|
|
18.6
|
|
|
(27.3
|
)
|
||||
Benefits paid
|
|
(54.8
|
)
|
|
(50.6
|
)
|
|
(9.6
|
)
|
|
(9.3
|
)
|
||||
Curtailment
|
|
—
|
|
|
(21.6
|
)
|
|
—
|
|
|
—
|
|
||||
Amounts funded to parent
|
|
—
|
|
|
—
|
|
|
(1.4
|
)
|
|
(3.0
|
)
|
||||
Benefit obligation, December 31
|
|
$
|
773.7
|
|
|
$
|
695.7
|
|
|
$
|
204.1
|
|
|
$
|
181.7
|
|
|
|
Pension Benefits
|
|
Other Postretirement Benefits
|
||||||||
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||
Annual discount rate used to determine benefit obligation
|
|
4.20
|
%
|
|
5.03
|
%
|
|
4.30
|
%
|
|
5.19
|
%
|
Assumed annual rate of future salary increases for projected benefit obligation
|
|
3.00
|
%
|
|
3.00
|
%
|
|
3.00
|
%
|
|
3.75
|
%
|
Millions of Dollars
|
|
Pension Benefits
|
|
Other Postretirement Benefits
|
||||||||||||
December 31,
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
Fair value of plan assets
|
|
$
|
783.6
|
|
|
$
|
792.1
|
|
|
—
|
|
|
—
|
|
||
Benefit obligation
|
|
773.7
|
|
|
695.7
|
|
|
$
|
204.1
|
|
|
$
|
181.7
|
|
||
Funded status
|
|
$
|
9.9
|
|
|
$
|
96.4
|
|
|
$
|
(204.1
|
)
|
|
$
|
(181.7
|
)
|
Millions of Dollars
|
|
Pension Benefits
|
|
Other Postretirement Benefits
|
||||||||||||
December 31,
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
Current liability
|
|
—
|
|
|
—
|
|
|
$
|
(8.5
|
)
|
|
$
|
(7.8
|
)
|
||
Noncurrent asset
|
|
$
|
9.9
|
|
|
$
|
96.4
|
|
|
—
|
|
|
—
|
|
||
Noncurrent liability
|
|
—
|
|
|
—
|
|
|
(195.6
|
)
|
|
(173.9
|
)
|
Millions of Dollars
|
|
Pension Benefits
|
|
Other Postretirement Benefits
|
||||||||||||
December 31,
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
Net actuarial loss
|
|
$
|
1.9
|
|
|
$
|
1.8
|
|
|
$
|
1.0
|
|
|
$
|
0.6
|
|
Prior service cost
|
|
0.1
|
|
|
0.2
|
|
|
—
|
|
|
—
|
|
||||
Total
|
|
$
|
2.0
|
|
|
$
|
2.0
|
|
|
$
|
1.0
|
|
|
$
|
0.6
|
|
Millions of Dollars
|
|
Pension Benefits
|
|
Other Postretirement Benefits
|
||||||||||||
December 31,
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
Net actuarial loss
|
|
$
|
191.9
|
|
|
$
|
107.7
|
|
|
$
|
35.9
|
|
|
$
|
20.1
|
|
Prior service cost
|
|
8.3
|
|
|
11.1
|
|
|
0.5
|
|
|
0.7
|
|
||||
Total
|
|
$
|
200.2
|
|
|
$
|
118.8
|
|
|
$
|
36.4
|
|
|
$
|
20.8
|
|
|
|
Pension Benefits
|
||||||
Millions of dollars
|
|
2014
|
|
2013
|
||||
Fair value of plan assets, January 1
|
|
$
|
792.1
|
|
|
$
|
732.0
|
|
Actual return on plan assets
|
|
46.3
|
|
|
110.7
|
|
||
Benefits paid
|
|
(54.8
|
)
|
|
(50.6
|
)
|
||
Fair value of plan assets, December 31
|
|
$
|
783.6
|
|
|
$
|
792.1
|
|
|
|
Percentage of Plan Assets
|
|||||||
|
|
Target
Allocation
|
|
At
December 31,
|
|||||
Asset Category
|
|
2015
|
|
2014
|
|
2013
|
|||
Equity Securities
|
|
58
|
%
|
|
57
|
%
|
|
59
|
%
|
Fixed Income
|
|
33
|
%
|
|
34
|
%
|
|
32
|
%
|
Hedge Funds
|
|
9
|
%
|
|
9
|
%
|
|
9
|
%
|
|
|
Fair Value Measurements at Reporting Date Using
|
||||||||||||||||||||||||||
Millions of dollars
|
|
Total
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||||||
|
|
December 31, 2014
|
|
December 31, 2013
|
||||||||||||||||||||||||
Common stock
|
|
—
|
|
|
—
|
|
|
—
|
|
|
$
|
302
|
|
|
$
|
302
|
|
|
—
|
|
|
—
|
|
|||||
Preferred stock
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|||||||
Mutual funds
|
|
$
|
566
|
|
|
$
|
566
|
|
|
—
|
|
|
278
|
|
|
18
|
|
|
$
|
260
|
|
|
—
|
|
||||
Short-term investment vehicles
|
|
18
|
|
|
18
|
|
|
—
|
|
|
18
|
|
|
—
|
|
|
18
|
|
|
—
|
|
|||||||
US Treasury securities
|
|
6
|
|
|
6
|
|
|
—
|
|
|
30
|
|
|
—
|
|
|
30
|
|
|
—
|
|
|||||||
Corporate debt securities
|
|
78
|
|
|
78
|
|
|
—
|
|
|
48
|
|
|
—
|
|
|
48
|
|
|
—
|
|
|||||||
Loans secured by mortgages
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11
|
|
|
—
|
|
|
11
|
|
|
—
|
|
|||||||
Municipals
|
|
14
|
|
|
14
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|||||||
Limited partnerships
|
|
29
|
|
|
29
|
|
|
—
|
|
|
32
|
|
|
1
|
|
|
31
|
|
|
—
|
|
|||||||
Multi-strategy hedge funds
|
|
73
|
|
|
—
|
|
|
$
|
73
|
|
|
69
|
|
|
—
|
|
|
—
|
|
|
$
|
69
|
|
|||||
|
|
$
|
784
|
|
|
$
|
711
|
|
|
$
|
73
|
|
|
$
|
792
|
|
|
$
|
322
|
|
|
$
|
401
|
|
|
$
|
69
|
|
|
|
Fair Value Measurements
Level 3
|
||||||
Millions of dollars
|
|
2014
|
|
2013
|
||||
Beginning Balance
|
|
$
|
69
|
|
|
$
|
64
|
|
Unrealized gains included in changes in net assets
|
|
4
|
|
|
5
|
|
||
Purchases, issuances, and settlements
|
|
—
|
|
|
—
|
|
||
Ending Balance
|
|
$
|
73
|
|
|
$
|
69
|
|
Millions of dollars
|
|
Pension Benefits
|
|
Other Postretirement Benefits
|
||||
2015
|
|
$
|
63.4
|
|
|
$
|
9.1
|
|
2016
|
|
64.5
|
|
|
9.8
|
|
||
2017
|
|
65.6
|
|
|
10.4
|
|
||
2018
|
|
66.1
|
|
|
10.9
|
|
||
2019
|
|
65.1
|
|
|
11.5
|
|
||
2020 - 2024
|
|
338.4
|
|
|
64.6
|
|
|
|
Pension Benefits
|
|
Other Postretirement Benefits
|
||||||||||||||||||||
Millions of dollars
|
|
2014
|
|
2013
|
|
2012
|
|
2014
|
|
2013
|
|
2012
|
||||||||||||
Service cost
|
|
$
|
16.0
|
|
|
$
|
17.6
|
|
|
$
|
15.7
|
|
|
$
|
3.6
|
|
|
$
|
4.6
|
|
|
$
|
3.7
|
|
Interest cost
|
|
34.1
|
|
|
32.6
|
|
|
36.4
|
|
|
9.4
|
|
|
8.7
|
|
|
9.4
|
|
||||||
Expected return on assets
|
|
(56.3
|
)
|
|
(51.9
|
)
|
|
(50.4
|
)
|
|
n/a
|
|
|
n/a
|
|
|
n/a
|
|
||||||
Prior service cost amortization
|
|
3.5
|
|
|
5.0
|
|
|
6.0
|
|
|
0.3
|
|
|
0.6
|
|
|
0.7
|
|
||||||
Amortization of actuarial losses
|
|
4.0
|
|
|
14.3
|
|
|
15.6
|
|
|
—
|
|
|
2.6
|
|
|
1.1
|
|
||||||
Curtailment
|
|
—
|
|
|
8.4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Net periodic benefit cost
|
|
$
|
1.3
|
|
|
$
|
26.0
|
|
|
$
|
23.3
|
|
|
$
|
13.3
|
|
|
$
|
16.5
|
|
|
$
|
14.9
|
|
|
|
Pension Benefits
|
|
Other Postretirement
Benefits
|
||||||||||||||||||||
Millions of dollars
|
|
2014
|
|
2013
|
|
2012
|
|
2014
|
|
2013
|
|
2012
|
||||||||||||
Current year actuarial (gain) loss
|
|
$
|
0.2
|
|
|
$
|
(0.8
|
)
|
|
$
|
0.4
|
|
|
$
|
0.4
|
|
|
$
|
(0.4
|
)
|
|
$
|
0.7
|
|
Amortization of actuarial losses
|
|
(0.1
|
)
|
|
(0.1
|
)
|
|
(0.1
|
)
|
|
—
|
|
|
(0.1
|
)
|
|
—
|
|
||||||
Amortization of prior service cost
|
|
(0.1
|
)
|
|
—
|
|
|
(0.1
|
)
|
|
—
|
|
|
—
|
|
|
(0.1
|
)
|
||||||
Total recognized in OCI
|
|
$
|
—
|
|
|
$
|
(0.9
|
)
|
|
$
|
0.2
|
|
|
$
|
0.4
|
|
|
$
|
(0.5
|
)
|
|
$
|
0.6
|
|
|
|
Pension Benefits
|
|
Other Postretirement
Benefits
|
||||||||||||||||||||
Millions of dollars
|
|
2014
|
|
2013
|
|
2012
|
|
2014
|
|
2013
|
|
2012
|
||||||||||||
Current year actuarial (gain) loss
|
|
$
|
87.7
|
|
|
$
|
(137.1
|
)
|
|
$
|
37.9
|
|
|
$
|
15.8
|
|
|
$
|
(24.4
|
)
|
|
$
|
25.7
|
|
Amortization of actuarial losses
|
|
(3.5
|
)
|
|
(12.7
|
)
|
|
(14.0
|
)
|
|
—
|
|
|
(2.2
|
)
|
|
(1.0
|
)
|
||||||
Amortization of prior service cost
|
|
(2.8
|
)
|
|
(4.5
|
)
|
|
(5.7
|
)
|
|
(0.2
|
)
|
|
(0.5
|
)
|
|
(0.7
|
)
|
||||||
Prior service cost (credit)
|
|
—
|
|
|
(7.7
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Amortization of transition obligation
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.1
|
)
|
|
(0.2
|
)
|
||||||
Total recognized in regulatory assets
|
|
$
|
81.4
|
|
|
$
|
(162.0
|
)
|
|
$
|
18.2
|
|
|
$
|
15.6
|
|
|
$
|
(27.2
|
)
|
|
$
|
23.8
|
|
|
|
Pension Benefits
|
|
Other Postretirement
Benefits
|
||||||||||||||
|
|
2014
|
|
2013
|
|
2012
|
|
2014
|
|
2013
|
|
2012
|
||||||
Discount rate
|
|
5.03
|
%
|
|
4.10%/5.07%
|
|
|
5.25
|
%
|
|
5.19
|
%
|
|
4.19
|
%
|
|
5.35
|
%
|
Expected return on plan assets
|
|
8.00
|
%
|
|
8.00
|
%
|
|
8.25
|
%
|
|
n/a
|
|
|
n/a
|
|
|
n/a
|
|
Rate of compensation increase
|
|
3.00
|
%
|
|
3.75%/3.00%
|
|
|
4.00
|
%
|
|
3.75
|
%
|
|
3.75
|
%
|
|
4.00
|
%
|
Health care cost trend rate
|
|
n/a
|
|
|
n/a
|
|
|
n/a
|
|
|
7.40
|
%
|
|
7.80
|
%
|
|
8.20
|
%
|
Ultimate health care cost trend rate
|
|
n/a
|
|
|
n/a
|
|
|
n/a
|
|
|
5.00
|
%
|
|
5.00
|
%
|
|
5.00
|
%
|
Year achieved
|
|
n/a
|
|
|
n/a
|
|
|
n/a
|
|
|
2020
|
|
|
2020
|
|
|
2020
|
|
Millions of Dollars
|
|
Pension Benefits
|
|
Other Postretirement Benefits
|
||||
Actuarial loss
|
|
$
|
10.6
|
|
|
$
|
1.6
|
|
Prior service cost
|
|
3.1
|
|
|
0.2
|
|
||
Total
|
|
$
|
13.7
|
|
|
$
|
1.8
|
|
|
Millions of dollars
|
||
2015
|
$
|
6
|
|
2016
|
3
|
|
|
2017
|
1
|
|
|
2018
|
—
|
|
|
2019
|
1
|
|
|
Thereafter
|
18
|
|
|
Total
|
$
|
29
|
|
Millions of dollars
|
|
2014
|
|
2013
|
||||
Beginning balance
|
|
$
|
547
|
|
|
$
|
535
|
|
Liabilities incurred
|
|
3
|
|
|
5
|
|
||
Liabilities settled
|
|
(6
|
)
|
|
(4
|
)
|
||
Accretion expense
|
|
25
|
|
|
24
|
|
||
Revisions in estimated cash flows
|
|
(33
|
)
|
|
(13
|
)
|
||
Ending Balance
|
|
$
|
536
|
|
|
$
|
547
|
|
|
|
Electric
Operations
|
|
Gas
Distribution
|
|
Adjustments/
Eliminations
|
|
Consolidated
Total
|
||||||||
2014
|
|
|
|
|
|
|
|
|
||||||||
External Revenue
|
|
$
|
2,629
|
|
|
$
|
462
|
|
|
—
|
|
|
$
|
3,091
|
|
|
Operating Income
|
|
768
|
|
|
62
|
|
|
—
|
|
|
830
|
|
||||
Interest Expense
|
|
19
|
|
|
—
|
|
|
$
|
209
|
|
|
228
|
|
|||
Depreciation and Amortization
|
|
300
|
|
|
27
|
|
|
(12
|
)
|
|
315
|
|
||||
Segment Assets
|
|
10,182
|
|
|
721
|
|
|
3,204
|
|
|
14,107
|
|
||||
Expenditures for Assets
|
|
936
|
|
|
55
|
|
|
(57
|
)
|
|
934
|
|
||||
Deferred Tax Assets
|
|
11
|
|
|
n/a
|
|
|
(11
|
)
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
External Revenue
|
|
$
|
2,431
|
|
|
$
|
414
|
|
|
—
|
|
|
$
|
2,845
|
|
|
Operating Income
|
|
679
|
|
|
58
|
|
|
—
|
|
|
737
|
|
||||
Interest Expense
|
|
19
|
|
|
—
|
|
|
$
|
198
|
|
|
217
|
|
|||
Depreciation and Amortization
|
|
294
|
|
|
26
|
|
|
(7
|
)
|
|
313
|
|
||||
Segment Assets
|
|
9,488
|
|
|
686
|
|
|
2,526
|
|
|
12,700
|
|
||||
Expenditures for Assets
|
|
907
|
|
|
45
|
|
|
51
|
|
|
1,003
|
|
||||
Deferred Tax Assets
|
|
10
|
|
|
n/a
|
|
|
(10
|
)
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
External Revenue
|
|
$
|
2,453
|
|
|
$
|
356
|
|
|
—
|
|
|
$
|
2,809
|
|
|
Operating Income
|
|
668
|
|
|
49
|
|
|
—
|
|
|
717
|
|
||||
Interest Expense
|
|
21
|
|
|
—
|
|
|
$
|
190
|
|
|
211
|
|
|||
Depreciation and Amortization
|
|
278
|
|
|
25
|
|
|
(10
|
)
|
|
293
|
|
||||
Segment Assets
|
|
8,989
|
|
|
659
|
|
|
2,456
|
|
|
12,104
|
|
||||
Expenditures for Assets
|
|
999
|
|
|
56
|
|
|
(77
|
)
|
|
978
|
|
||||
Deferred Tax Assets
|
|
9
|
|
|
n/a
|
|
|
(9
|
)
|
|
—
|
|
Millions of dollars
|
|
First
Quarter
|
|
Second
Quarter
|
|
Third
Quarter
|
|
Fourth
Quarter
|
|
Annual
|
||||||||||
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total operating revenues
|
|
$
|
859
|
|
|
$
|
698
|
|
|
$
|
812
|
|
|
$
|
722
|
|
|
$
|
3,091
|
|
Operating income
|
|
239
|
|
|
145
|
|
|
272
|
|
|
174
|
|
|
830
|
|
|||||
Net Income
|
|
126
|
|
|
99
|
|
|
157
|
|
|
76
|
|
|
458
|
|
|||||
Earnings Available to Common Shareholder
|
|
123
|
|
|
96
|
|
|
154
|
|
|
73
|
|
|
446
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total operating revenues
|
|
$
|
728
|
|
|
$
|
696
|
|
|
$
|
776
|
|
|
$
|
645
|
|
|
$
|
2,845
|
|
Operating income
|
|
191
|
|
|
180
|
|
|
255
|
|
|
111
|
|
|
737
|
|
|||||
Net Income
|
|
92
|
|
|
88
|
|
|
139
|
|
|
72
|
|
|
391
|
|
|||||
Earnings Available to Common Shareholder
|
|
89
|
|
|
85
|
|
|
136
|
|
|
70
|
|
|
380
|
|
/s/DELOITTE & TOUCHE LLP
|
|
Charlotte, North Carolina
|
|
February 27, 2015
|
|
Plan Category
|
Number of
securities
to be issued
upon exercise
of outstanding
options, warrants
and rights
|
|
Weighted-average
exercise price
of outstanding options,
warrants
and rights
|
|
Number of securities
remaining available
for future issuance
under equity
compensation plans
(excluding securities
reflected in column (a))
|
|
|
(a)
|
|
(b)
|
|
(c)
|
|
Equity compensation plans approved by security holders:
|
-
|
|
|
|
|
|
Long-Term Equity Compensation Plan
|
n/a
|
|
n/a
|
|
3,138,638
|
|
Non-Employee Director Compensation Plan
|
n/a
|
|
n/a
|
|
71,368
|
|
Equity compensation plans not approved by security holders
|
n/a
|
|
n/a
|
|
n/a
|
|
Total
|
n/a
|
|
n/a
|
|
3,210,006
|
|
|
2014
|
|
2013
|
||||
Audit Fees (1)
|
$
|
1,977,658
|
|
|
$
|
1,972,696
|
|
Audit-Related Fees (2)
|
123,107
|
|
|
115,706
|
|
||
Total Fees
|
$
|
2,100,765
|
|
|
$
|
2,088,402
|
|
|
|
|
|
Additions
|
|
|
|
|
|||||||||||
Description
|
|
Beginning
Balance
|
|
Charged to
Income
|
|
Charged to
Other
Accounts
|
|
Deductions
from
Reserves
|
|
Ending
Balance
|
|||||||||
SCANA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Reserves deducted from related assets on the balance sheet:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Uncollectible accounts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
2014
|
|
$
|
6
|
|
|
$
|
16
|
|
|
—
|
|
|
$
|
15
|
|
|
$
|
7
|
|
2013
|
|
7
|
|
|
13
|
|
|
—
|
|
|
14
|
|
|
6
|
|
||||
2012
|
|
6
|
|
|
14
|
|
|
—
|
|
|
13
|
|
|
7
|
|
||||
Reserves other than those deducted from assets on the balance sheet:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Reserve for injuries and damages
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
2014
|
|
$
|
6
|
|
|
$
|
7
|
|
|
—
|
|
|
$
|
8
|
|
|
$
|
5
|
|
2013
|
|
6
|
|
|
4
|
|
|
—
|
|
|
4
|
|
|
6
|
|
||||
2012
|
|
6
|
|
|
4
|
|
|
—
|
|
|
4
|
|
|
6
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||
SCE&G:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Reserves deducted from related assets on the balance sheet:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Uncollectible accounts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
2014
|
|
$
|
3
|
|
|
$
|
8
|
|
|
—
|
|
|
$
|
7
|
|
|
$
|
4
|
|
2013
|
|
3
|
|
|
7
|
|
|
—
|
|
|
7
|
|
|
3
|
|
||||
2012
|
|
3
|
|
|
6
|
|
|
—
|
|
|
6
|
|
|
3
|
|
||||
Reserves other than those deducted from assets on the balance sheet:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Reserve for injuries and damages
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
2014
|
|
$
|
5
|
|
|
$
|
1
|
|
|
—
|
|
|
$
|
3
|
|
|
$
|
3
|
|
2013
|
|
5
|
|
|
3
|
|
|
—
|
|
|
3
|
|
|
5
|
|
||||
2012
|
|
4
|
|
|
3
|
|
|
—
|
|
|
2
|
|
|
5
|
|
BY:
|
/s/ K. B. Marsh
|
|
|
K. B. Marsh, Chairman of the Board, President, Chief Executive Officer, Chief Operating Officer and Director
|
|
|
|
|
DATE:
|
February 27, 2015
|
|
|
|
SOUTH CAROLINA ELECTRIC & GAS COMPANY
|
||
|
||
|
||
BY:
|
/s/ K. B. Marsh
|
|
|
K. B. Marsh, Chairman of the Board, Chief Executive Officer and Director
|
|
|
|
|
DATE:
|
February 27, 2015
|
|
|
|
Exhibit
|
|
Applicable to
Form 10-K of
|
|
|
|||
No.
|
|
SCANA
|
|
SCE&G
|
|
Description
|
|
3.01
|
|
|
X
|
|
|
|
Restated Articles of Incorporation of SCANA, as adopted on April 26, 1989 (Filed as Exhibit 3-A to Registration Statement No. 33-49145 and incorporated by reference herein)
|
3.02
|
|
|
X
|
|
|
|
Articles of Amendment dated April 27, 1995 (Filed as Exhibit 4-B to Registration Statement No. 33-62421 and incorporated by reference herein)
|
3.03
|
|
|
X
|
|
|
|
Articles of Amendment effective April 25, 2011 (Filed as Exhibit 4.03 to Registration Statement No. 333-174796 and incorporated by reference herein)
|
3.04
|
|
|
|
|
X
|
|
Restated Articles of Incorporation of SCE&G, as adopted on December 30, 2009 (Filed as Exhibit 1 to Form 8-A (File No. 000-53860) and incorporated by reference herein)
|
3.05
|
|
|
X
|
|
|
|
By-Laws of SCANA as amended and restated as of February 19, 2009 (Filed as Exhibit 4.04 to Registration Statement No. 333-174796 and incorporated by reference herein)
|
3.06
|
|
|
|
|
X
|
|
By-Laws of SCE&G as revised and amended on February 22, 2001 (Filed as Exhibit 3.05 to Registration Statement No. 333-65460 and incorporated by reference herein)
|
4.01
|
|
|
X
|
|
X
|
|
Articles of Exchange of SCE&G and SCANA (Filed as Exhibit 4-A to Post-Effective Amendment No. 1 to Registration Statement No. 2-90438 and incorporated by reference herein)
|
4.02
|
|
|
X
|
|
|
|
Indenture dated as of November 1, 1989 between SCANA and The Bank of New York Mellon Trust Company, N. A. (successor to The Bank of New York), as Trustee (Filed as Exhibit 4-A to Registration No. 33-32107 and incorporated by reference herein)
|
4.03
|
|
|
X
|
|
|
|
First Supplemental Indenture dated as of November 1, 2009 to Indenture dated as of November 1, 1989 between SCANA and The Bank of New York Mellon Trust Company, N.A. (successor to The Bank of New York), as Trustee (Filed as Exhibit 99.01 to Registration Statement No. 333-174796 and incorporated by reference herein)
|
4.04
|
|
|
X
|
|
|
|
Junior Subordinated Indenture dated as of November 1, 2009 between SCANA and U.S. Bank National Association, as Trustee (Filed as Exhibit 99.02 to Registration Statement No. 333-174796 and incorporated by reference herein)
|
4.05
|
|
|
X
|
|
|
|
First Supplemental Indenture to Junior Subordinated Indenture referred to in Exhibit 4.04 dated as of November 1, 2009 (Filed as Exhibit 99.03 to Registration Statement No. 333-174796 and incorporated by reference herein)
|
4.06
|
|
|
|
|
X
|
|
Indenture dated as of April 1, 1993 from SCE&G to The Bank of New York Mellon Trust Company, N. A. (as successor to NationsBank of Georgia, National Association), as Trustee (Filed as Exhibit 4-F to Registration Statement No. 33-49421 and incorporated by reference herein)
|
4.07
|
|
|
|
|
X
|
|
First Supplemental Indenture to Indenture referred to in Exhibit 4.06 dated as of June 1, 1993 (Filed as Exhibit 4-G to Registration Statement No. 33-49421 and incorporated by reference herein)
|
4.08
|
|
|
|
|
X
|
|
Second Supplemental Indenture to Indenture referred to in Exhibit 4.06 dated as of June 15, 1993 (Filed as Exhibit 4-G to Registration Statement No. 33-57955 and incorporated by reference herein)
|
4.09
|
|
|
|
|
X
|
|
Third Supplemental Indenture to Indenture referred to in Exhibit 4.06 dated as of September 1, 2013 (Filed as Exhibit 4.12 to Post-Effective Amendment to Registration Statement No. 333-184426-01 and incorporated by reference herein)
|
10.01
|
|
|
X
|
|
X
|
|
Engineering, Procurement and Construction Agreement, dated May 23, 2008, between SCE&G, for itself and as Agent for the South Carolina Public Service Authority and a Consortium consisting of Westinghouse Electric Company LLC and Stone & Webster, Inc. (portions of the exhibit have been omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended) (Filed as Exhibit 10.01 to Form 10-Q/A for the quarter ended June 30, 2008 (File No. 001-08809 (SCANA); File No. 001-03375 (SCE&G)) and incorporated by reference herein)
|
10.02
|
|
|
X
|
|
X
|
|
Contract for AP1000 Fuel Fabrication and Related Services between Westinghouse Electric Company LLC and SCE&G for V. C. Summer AP1000 Nuclear Plant Units 2 & 3 (portions of the exhibit have been omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended) (Filed as Exhibit 10.01 to Form 10-Q/A for the quarter ended June 30, 2011 (File No. 001-08809 (SCANA); (File No. 001-03375 (SCE&G)) and incorporated by reference herein)
|
*10.03
|
|
|
X
|
|
X
|
|
SCANA Executive Deferred Compensation Plan (including amendments through November 25, 2014) (Filed herewith)
|
*10.04
|
|
|
X
|
|
X
|
|
SCANA Supplemental Executive Retirement Plan (including amendments through December 31, 2009) (Filed as Exhibit 99.05 to Registration Statement No. 333-174796 and incorporated by reference herein)
|
*10.05
|
|
|
X
|
|
X
|
|
SCANA Director Compensation and Deferral Plan (including amendments through November 30, 2014) (Filed herewith)
|
*10.06
|
|
|
X
|
|
X
|
|
SCANA Long-Term Equity Compensation Plan as amended and restated (including amendments through December 31, 2009) (Filed as Exhibit 99.06 to Registration Statement No. 333-174796 and incorporated by reference herein)
|
*10.07
|
|
|
X
|
|
X
|
|
SCANA Supplementary Executive Benefit Plan (including amendments through December 31, 2009) (Filed as Exhibit 99.07 to Registration Statement No. 333-174796 and incorporated by reference herein)
|
*10.08
|
|
|
X
|
|
X
|
|
SCANA Short-Term Annual Incentive Plan (including amendments through December 31, 2009) (Filed as Exhibit 99.08 to Registration Statement No. 333-174796 and incorporated by reference herein)
|
*10.09
|
|
|
X
|
|
X
|
|
SCANA Supplementary Key Executive Severance Benefits Plan (including amendments through December 31, 2009) (Filed as Exhibit 99.09 to Registration Statement No. 333-174796 and incorporated by reference herein)
|
*10.10
|
|
|
X
|
|
X
|
|
Description of SCANA Whole Life Option (Filed as Exhibit 10-F for the year ended December 31, 1991, under cover of Form SE (File No. 001-08809 (SCANA); (File No. 001-03375 (SCE&G)) and incorporated by reference herein)
|
10.11
|
|
|
|
|
X
|
|
Service Agreement between SCE&G and SCANA Services, Inc., effective January 1, 2004 (Filed as Exhibit 99.10 to Registration Statement No. 333-174796 and incorporated by reference herein)
|
10.12
|
|
|
X
|
|
|
|
Form of Indemnification Agreement (Filed as Exhibit 10.01 to Form 10-Q dated June 30, 2012 (File No. 001-08809) and incorporated by reference herein)
|
10.13
|
|
|
X
|
|
|
|
Amended and Restated Five-Year Credit Agreement dated as of October 25, 2012, by and among SCANA; the lenders identified therein; Wells Fargo Bank, National Association, as Issuing Bank, Swingline Lender and Agent; Bank of America, N.A. and Morgan Stanley Senior Funding, Inc., as Co-Syndication Agents and JPMorgan Chase Bank, N.A., Mizuho Corporation Bank, LTD. and TD Bank N.A., as Documentation Agents (Filed as Exhibit 99.1 to Form 8-K on October 30, 2012 (File No. 001-08809) and incorporated by reference herein)
|
10.14
|
|
|
X
|
|
X
|
|
Amended and Restated Five-Year Credit Agreement dated as of October 25, 2012, by and among SCE&G; the lenders identified therein; Wells Fargo Bank, National Association, as Issuing Bank, Swingline Lender and Agent; Bank of America, N.A. and Morgan Stanley Senior Funding, Inc., as Co-Syndication Agents; and Credit Suisse AG, Cayman Islands Branch and UBS Loan Finance LLC, as Documentation Agents (Filed as Exhibit 99.2 to Form 8-K on October 30, 2012 (File No. 001-08809 (SCANA); File No. 001-00375 (SCE&G)) and incorporated by reference herein)
|
10.15
|
|
|
X
|
|
X
|
|
Three-Year Credit Agreement dated as of October 25, 2012, by and among SCE&G; the lenders identified therein; Wells Fargo Bank, National Association, as Issuing Bank, Swingline Lender and Agent; Bank of America, N.A. and Morgan Stanley Senior Funding, Inc., as Co-Syndication Agents; and Credit Suisse AG, Cayman Islands Branch and UBS Loan Finance LLC, as Documentation Agents (Filed as Exhibit 99.3 to Form 8-K on October 30, 2012 (File No. 001-08809 (SCANA); File No. 001-03375 (SCE&G)) and incorporated by reference herein)
|
10.16
|
|
|
X
|
|
X
|
|
Amended and Restated Five-Year Credit Agreement dated as of October 25, 2012, by and among Fuel Company; the lenders identified therein; Wells Fargo Bank, National Association, as Swingline Lender and Agent; Bank of America, N.A. and Morgan Stanley Senior Funding, Inc., as Co-Syndication Agents; and JPMorgan Chase Bank, N.A., Mizuho Corporation Bank, LTD. and TD Bank N.A., as Documentation Agents (Filed as Exhibit 99.4 to Form 8-K on October 30, 2012 (File No. 001-08809 (SCANA); (File No. 001-03375 (SCE&G)) and incorporated by reference herein)
|
10.17
|
|
|
X
|
|
|
|
Amended and Restated Five-Year Credit Agreement dated as of October 25, 2012, by and among PSNC Energy; the lenders identified therein; Wells Fargo Bank, National Association, as Issuing Bank, Swingline Lender and Agent; Bank of America, N.A. and Morgan Stanley Senior Funding, Inc., as Co-Syndication Agents; and JPMorgan Chase Bank, N.A., Mizuho Corporate Bank, LTD. and TD Bank N.A., as Documentation Agents (Filed as Exhibit 99.5 to Form 8-K on October 30, 2012 (File No. 001-08809) and incorporated by reference herein)
|
12.01
|
|
|
X
|
|
X
|
|
Statement Re Computation of Ratios (Filed herewith)
|
21.01
|
|
|
X
|
|
|
|
Subsidiaries of the registrant (Filed herewith under the heading “Corporate Structure and Segments of Business” in Part I, Item I of this Form 10-K and incorporated by reference herein)
|
23.01
|
|
|
X
|
|
|
|
Consents of Experts and Counsel (Consent of Independent Registered Public Accounting Firm) (Filed herewith)
|
23.02
|
|
|
|
|
X
|
|
Consents of Experts and Counsel (Consent of Independent Registered Public Accounting Firm) (Filed herewith)
|
24.01
|
|
|
X
|
|
|
|
Power of Attorney (Filed herewith)
|
24.02
|
|
|
|
|
X
|
|
Power of Attorney (Filed herewith)
|
31.01
|
|
|
X
|
|
|
|
Certification of Principal Executive Officer Required by Rule 13a-14 (Filed herewith)
|
31.02
|
|
|
X
|
|
|
|
Certification of Principal Financial Officer Required by Rule 13a-14 (Filed herewith)
|
31.03
|
|
|
|
|
X
|
|
Certification of Principal Executive Officer Required by Rule 13a-14 (Filed herewith)
|
31.04
|
|
|
|
|
X
|
|
Certification of Principal Financial Officer Required by Rule 13a-14 (Filed herewith)
|
32.01
|
|
|
X
|
|
|
|
Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350 (Furnished herewith)
|
32.02
|
|
|
X
|
|
|
|
Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350 (Furnished herewith)
|
32.03
|
|
|
|
|
X
|
|
Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350 (Furnished herewith)
|
32.04
|
|
|
|
|
X
|
|
Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350 (Furnished herewith)
|
101. INS**
|
|
X
|
|
X
|
|
XBRL Instance Document
|
|
101. SCH**
|
|
X
|
|
X
|
|
XBRL Taxonomy Extension Schema
|
|
101. CAL**
|
|
X
|
|
X
|
|
XBRL Taxonomy Extension Calculation Linkbase
|
|
101. DEF**
|
|
X
|
|
X
|
|
XBRL Taxonomy Extension Definition Linkbase
|
|
101. LAB**
|
|
X
|
|
X
|
|
XBRL Taxonomy Extension Label Linkbase
|
|
101. PRE**
|
|
X
|
|
X
|
|
XBRL Taxonomy Extension Presentation Linkbase
|
|
|
*
|
|
Management Contract or Compensatory Plan or Arrangement
|
**
|
|
Pursuant to Rule 406T of Regulation S-T, this interactive data file is deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, and otherwise is not subject to liability under these sections.
|
1.2
|
ESTABLISHMENT OF THE PLAN 1
|
1.2
|
PURPOSE OF THE PLAN 1
|
2.1
|
DEFINITIONS 2
|
2.2
|
GENDER AND NUMBER 4
|
3.1
|
ELIGIBILITY 5
|
3.2
|
ELECTION OF COMPENSATION PAYMENT 5
|
3.3
|
PAYMENT OF COMPANY STOCK 5
|
3.4
|
STOCK 5
|
3.5
|
ISSUANCE OF COMPANY STOCK 6
|
3.6
|
EFFECT OF STOCK DIVIDENDS AND OTHER CHANGES IN CAPITAL STRUCTURE 6
|
4.1
|
DEFERRAL ELECTION 7
|
4.2
|
DEFERRAL PERIOD 8
|
4.3
|
ELECTION TO DEFER A PREVIOUSLY DEFERRED AMOUNT OR CHANGE THE MANNER
|
4.4
|
ELECTION TO CHANGE THE DEFERRAL PERIOD AND/OR FORM OF PAYMENT FOR
|
5.1
|
DCD LEDGER 10
|
5.2
|
ADJUSTMENT OF AMOUNTS CREDITED TO GROWTH INCREMENT LEDGER 10
|
5.3
|
ADJUSTMENT OF AMOUNTS CREDITED TO COMPANY STOCK LEDGER 10
|
5.4
|
DEEMED INVESTMENTS NOT ACTUAL INVESTMENTS 10
|
5.5
|
CHARGES AGAINST DCD LEDGER 10
|
6.1
|
PAYMENT OF DEFERRED AMOUNTS 11
|
6.2
|
MANNER OF PAYMENT 11
|
6.3
|
FORM OF PAYMENT 11
|
6.4
|
ACCELERATION OF PAYMENTS 12
|
6.5
|
FINANCIAL EMERGENCY 13
|
6.6
|
COMPLIANCE WITH DOMESTIC RELATIONS ORDER 14
|
7.1
|
DESIGNATION OF BENEFICIARY 15
|
7.2
|
DEATH OF BENEFICIARY 15
|
7.3
|
INEFFECTIVE DESIGNATION 15
|
8.1
|
SUCCESSORS 16
|
8.2
|
AMENDMENT AND TERMINATION AFTER CHANGE IN CONTROL 16
|
9.1
|
CONTRACTUAL OBLIGATION 17
|
9.2
|
UNSECURED INTEREST 17
|
9.3
|
“RABBI” TRUST 17
|
9.4
|
NONALIENATION OF BENEFITS 17
|
9.5
|
SEVERABILITY 18
|
9.6
|
NO INDIVIDUAL LIABILITY 18
|
9.7
|
APPLICABLE LAW 18
|
10.1
|
IN GENERAL 19
|
10.2
|
CLAIMS PROCEDURE 19
|
10.3
|
FINALITY OF DETERMINATION 19
|
10.4
|
DELEGATION OF AUTHORITY 19
|
10.5
|
EXPENSES 19
|
10.6
|
TAX WITHHOLDING 19
|
10.7
|
INCOMPETENCY 19
|
10.8
|
ACTION BY COMPANY 20
|
10.9
|
NOTICE OF ADDRESS 20
|
10.10
|
AMENDMENT AND TERMINATION 20
|
10.11
|
PLAN TO COMPLY WITH CODE SECTION 409A 20
|
1.1
|
Establishment of the Plan
. SCANA Corporation (the “Company”) established the SCANA Corporation Nonemployee Director Stock Plan, effective as of January 1, 1997. Effective as of January 1, 2001, the plan was renamed the “SCANA Corporation Director Compensation and Deferral Plan” (hereinafter called the “Plan”) and amended and restated to include a deferred compensation component. Effective as of January 1, 2009, the Plan was amended and restated to comply with the requirements of Code Section 409A. Effective as of December 31, 2009, the Plan was again amended and restated to reflect further modifications to comply with Code Section 409A as well as to implement certain design changes. Effective as of April 21, 2011, the Plan was again amended and restated. The Plan was most recently amended and restated as provided herein, effective as of November 30, 2014.
|
1.2
|
Purpose of the Plan
. The purpose of the Plan is to promote the achievement of long-term objectives of the Company by linking the personal interests of Nonemployee Directors, as defined in Section 2(r) herein, to those of the Company’s shareholders and to attract and retain Nonemployee Directors of outstanding competence by mandating that a certain portion as may be determined from time to time of the Retainer Fee of each Participant as defined in Section 2(u) herein, be paid in Company Stock, unless such amount is voluntarily deferred to a future date in accordance with the Plan’s terms or pursuant to the SCANA Corporation Executive Deferred Compensation Plan (“EDCP”). The Plan is intended to conform to the provisions of Rule 16b-3 of the Securities Exchange Act of 1934, as amended, or any replacement rule in effect from time to time (“Rule 16b-3”). The Plan also provides a means by which Nonemployee Directors may defer certain additional amounts to some future period.
|
2.1
|
Definitions
. Whenever used herein, the following terms shall have the meanings set forth below, unless otherwise expressly provided herein or unless a different meaning is plainly required by the context, and when the defined meaning is intended, the term is capitalized:
|
(f)
|
“
Code
” means the Internal Revenue Code of 1986, as amended.
|
|
(k) “
DCD Ledger
” means an appropriate bookkeeping record which shall be established for each Participant which shall reflect: (1) the amounts deferred on behalf of each Participant; and (2) the crediting of deemed investments (and hypothetical earnings on those deemed investments) with respect to amounts deferred on behalf of each Participant. Each DCD Ledger shall separately reflect the pre-2005 and post-2004 deferrals and hypothetical earnings thereon, and the portion of the post-2004 deferrals and hypothetical earnings thereon payable at a date certain and the portion payable when the Participant separates from service from the Board of Directors (referred to herein as a Participant’s “pre-2005 DCD Ledger” and “post-2004 DCD Ledger”). A Participant’s pre-2005 DCD Ledger shall reflect amounts deferred hereunder before January 1, 2005 (and the earnings credited thereon before, on or after January 1, 2005) for which (i) the Participant had a legally binding right as of December 31, 2004, to be paid the amount, and (ii) such right to the amount was earned and vested as of December 31, 2004 and was credited to the Participant’s DCD Ledger hereunder. Pre-2005 DCD Ledgers are treated as “grandfathered” for the purposes of Code Section 409A, and are governed by the terms of the Plan in effect as of October 3, 2004.
|
2.2
|
Gender and Number
. Except when otherwise indicated by the context, any masculine terminology used herein also shall include the feminine and the feminine shall include the masculine, and the use of any term herein in the singular may also include the plural and the plural shall include the singular.
|
3.1
|
Eligibility
. All Nonemployee Directors shall automatically be eligible to participate in this Plan.
|
3.2
|
Election of Compensation Payment
.
|
3.3
|
Payment of Company Stock
. In connection with amounts to be paid during a Service Period under Section 3.2 which are paid in the form of Company Stock, each Participant may elect to have the shares of Company Stock to be issued to him pursuant to the Plan during the Service Period registered in his name. In such case, all shares of Company Stock to be paid shall be issued as promptly as practicable after the amounts are otherwise payable. If a Participant does not make such an election, all shares issued pursuant to the Plan during the Service Period will be deposited into an account in his name in the Investor Plan. All cash dividends paid on shares deposited in the Investor Plan will be reinvested in additional shares of Company Stock unless the Participant notifies the Investor Plan in accordance with the terms thereof that he does not want to reinvest such dividends. During the last quarter of each calendar year in which there is a change in the prospectus for the Investor Plan, all Participants who have not been provided previously with a copy of such changed prospectus shall be provided with a copy of the then-current prospectus. In addition, each Participant who is not yet a participant in the Investor Plan shall be given an Investor Plan prospectus shortly before he becomes an Investor Plan participant.
|
3.4
|
Stock
. Company Stock issued pursuant to the Plan may be either original issue or stock purchased on the open market. The maximum number of shares that may be issued pursuant to the Plan is four hundred thousand (400,000) shares, subject to adjustment as provided in
|
3.5
|
Issuance of Company Stock
. Notwithstanding anything in this Plan to the contrary:
|
3.6
|
Effect of Stock Dividends and Other Changes in Capital Structure
. Appropriate adjustments shall be made automatically to the number and kind of shares to be issued under the Plan, as well as to any deferred amounts credited to a Participant’s Company Stock Ledger and any other relevant provisions of the Plan, if there are any changes in the Company Stock by reason of a stock dividend, stock split, combination of shares, spin-off, reclassification, recapitalization, merger, consolidation or other change in the Company’s capital stock (including, but not limited to, the creation or issuance to shareholders generally of rights, options, or warrants for the purchase of common stock or preferred stock of the Company). If the adjustment would produce fractional shares, the fractional shares shall be eliminated by rounding to the nearest whole share. Any adjustments shall be made in a manner consistent with Rule 16b-3. Any such adjustments shall neither enhance nor diminish the rights of a Participant and the Company shall pay all costs of administering the Plan, including all commissions with respect to open market purchases.
|
4.1
|
Deferral Election
. Subject to the conditions set forth in this Plan, and such procedures established by the Company, a Participant may elect to defer amounts of Compensation under this Plan, which amounts are not otherwise deferred by such Participant under the EDCP, as follows:
|
(a)
|
At a time decided by the Company before the beginning of each Service Period, a Participant irrevocably may elect, by written notice to the Company’s Secretary (or his designee), to defer a portion of his Compensation earned for such Service Period. In the case of a Participant elected to the Board of Directors during the Service Period, the Participant may elect, within 30 days of his election to the Board of Directors, to defer a portion of his Compensation for services to be performed subsequent to his election. Such election shall specify whether:
|
(i)
|
the Participant elects to defer all or a portion of his Stock Retainer Fee and acknowledges that all such deferrals shall be credited to the Company Stock Ledger on his behalf; and
|
(ii)
|
the Participant elects to defer all or a portion of his Cash Retainer Fee and designates what portions of all such deferrals shall be credited on his behalf to either the Growth Increment Ledger or the Company Stock Ledger;
|
(b)
|
The deferral election specified in Section 4.1(a) above shall be applied to the Participant’s Compensation for each Service Period (or the portion of the Service Period, as applicable) to which the deferral election applies. Any deferral election shall remain in effect for future Service Periods unless affirmatively changed in writing by the Participant and received by the Corporate Secretary by the time established for such purpose prior to the beginning of the Service Period for which the change is effective.
|
(c)
|
If a Participant makes a deferral election under Section 4.1(a) whereby amounts are credited to the Company Stock Ledger on his behalf, dividends attributable to shares of Company Stock credited to his Company Stock Ledger shall be automatically deferred and deemed reinvested pursuant to Section 5.3.
|
4.2
|
Deferral Period
. With respect to deferrals under this Plan made in accordance with Section 4.1, each Participant must elect a deferral period for each annual deferral. Subject to the
|
4.3
|
Election to Defer a Previously Deferred Amount or Change the Manner of Payment
.
|
(a)
|
Subject to the acceleration provisions of Section 6.4 and the Board of Directors approval requirement of Section 4.3(b) with respect to pre-2005 deferrals, a Participant may elect an additional deferral period of at least sixty (60) months with respect to any previously deferred amount credited to the post-2004 DCD Ledger that is payable at a date certain, and an additional deferral period of at least twelve (12) months for each separate deferral credited to the pre-2005 DCD Ledger. With respect to amounts deferred until separation from service from the Board of Directors, Participants may also elect a new manner of payment permitted under Section 6.2 with respect to any previously deferred amounts, provided that in the case of amounts credited to post-2004 DCD Ledgers that are payable on separation from service from the Board of Directors, payments are delayed for sixty (60) months from the date payments would otherwise have commenced absent the election. Any such election must be made by written notice to the Company (or its delegate) at least twelve (12) months before the expiration of the deferral period for any previously deferred amount with respect to which an additional deferral election is made (the “Modification Period”).
|
(b)
|
A new deferral period election or a new form of payment election made pursuant to Subsection 4.3(a) above with respect to pre-2005 DCD Ledgers shall not be automatically binding upon the Company by the mere fact of the election request(s) having been made. The Board of Directors (or its delegate) shall review each such election submitted and determine whether or not it is in the best interest of the Company to accept the elections as submitted. Such Board of Directors (or delegate) review will be made on a case-by-case basis and all determinations shall be made by the Board of Directors (or its delegate) in its sole and complete discretion after consideration of such factors as it deems relevant, including broad economic and policy implications to the Company of approving any request. The Board of Directors, or its delegate, shall notify each Participant in writing within the first sixty (60) days of the Modification Period as to whether the deferral period election or manner of payment election with respect to pre-2005 DCD Ledgers are accepted by the Company as submitted, and if not, the terms upon which such election(s) would be accepted; in the latter instance, the Participant shall, no later than on the seventy-fifth (75th) day of the Modification Period, inform the Board of Directors (or its delegate) in writing of his acceptance or rejection of the terms proffered by the
|
4.4
|
Election to Change the Deferral Period and/or Form of Payment for Post-2004 DCD Ledgers
.
|
5.1
|
DCD Ledger
. The Company shall establish for each Participant a DCD Ledger which shall reflect the amounts deferred on behalf of each Participant. In the sole discretion of the Company, one or more appropriate bookkeeping records shall be established in the DCD Ledger to reflect the deemed investments (and hypothetical earnings) made by each Participant in accordance with this Section 5 which shall include, but not be limited to, the Company Stock Ledger and the Growth Increment Ledger. Each DCD Ledger shall separately reflect the pre-2005 and post-2004 deferrals and hypothetical earnings thereon, and the portion of the post-2004 deferrals and hypothetical earnings thereon payable at a date certain and the portion payable when the Participant separates from service from the Board of Directors.
|
5.2
|
Adjustment of Amounts Credited to Growth Increment Ledger
. All deferrals credited to each Participant’s Growth Increment Ledger will be credited with Growth Increments based on the prime interest rate charged from time to time by the Wachovia Bank, N.A. The Company will have the authority to change the interest rate that may be applied to the Growth Increment Ledger. The Participant’s Growth Increment Ledger shall be credited on the first day of each calendar quarter, with a Growth Increment computed on the average balance in the Participant’s Growth Increment Ledger during the preceding calendar quarter. The Growth Increment shall be equal to the amount in said Growth Increment Ledger multiplied by the average interest rate selected by the Company during the preceding calendar quarter times a fraction the numerator of which is the number of days during such quarter and the denominator of which is three hundred sixty five (365). Growth Increments will continue to be credited until all of a Participant’s benefits have been paid out of the Plan.
|
5.3
|
Adjustment of Amounts Credited to Company Stock Ledger
. All deferrals credited to each Participant’s Company Stock Ledger will be converted into hypothetical credited shares of Company Stock based on the Fair Market Value of the Company Stock on the date the deferrals would otherwise have been paid to the Participant. The value of each Participant’s Company Stock Ledger shall be adjusted from time to time to reflect increases and decreases in shares of Company Stock as well as any stock or cash dividends, stock splits, or other changes in the capital structure of the Company (as provided in Section 3.6), that may from time to time be declared. All dividends attributable to hypothetical shares of Company Stock credited to each Participant’s Company Stock Ledger shall be converted to additional credited shares of Company Stock as though reinvested as of the next business day after the dividend is paid.
|
5.4
|
Deemed Investments Not Actual Investments
. Nothing in this Plan shall be construed to require the investment of any deferrals in shares of Company Stock or any other investment or give a Participant any rights whatsoever with respect to any shares of Company Stock or with respect to any other investment.
|
5.5
|
Charges Against DCD Ledger
. There shall be charged against each Participant’s DCD Ledger any payments made to the Participant or to his Beneficiary in accordance with Section 6 hereof.
|
6.1
|
Payment of Deferred Amounts
. The aggregate amounts payable under Section 6.2 as charges against the Participant’s amount credited in the DCD Ledger shall be paid commencing with the conclusion of the deferral period selected by the Participant pursuant to Section 4.2, Section 4.3, or Section 4.4 hereof. The payments shall be made in the manner selected by the Participant under Section 6.2 of this Plan.
|
6.2
|
Manner of Payment
. Amounts credited to post-2004 DCD Ledgers that are scheduled to be paid at a “date certain” payment shall be made only in the form of a single sum payment as soon as practicable after the date certain. With respect to amounts credited to pre-2005 DCD Ledgers, and amounts credited to post-2004 DCD Ledgers that are scheduled to be paid on separation from service from the Board of Directors, Participants must irrevocably elect (subject to permitted changes under Section 4.3 and the acceleration provisions of Section 6.4) to have payment made in accordance with one of the following distribution forms:
|
(i)
|
a single sum payment;
|
(ii)
|
a designated number of installments payable monthly, quarterly or annually, as elected (and in the absence of an election, annually), payable over a specified period not in excess of twenty (20) years; or
|
(iii)
|
in the case of a post-2004 DCD Ledger, payments in the form of annual installments with the first installment being a single sum payment of ten percent (10%) of the post-2004 DCD Ledger determined immediately prior to the date such payment is made with the balance of the post-2004 DCD Ledger paid in annual installments determined in accordance with Section 6.3 over a total specified period not in excess of twenty (20) years,
|
6.3
|
Form of Payment
. Amounts credited to a Participant’s Growth Increment Ledger and Company Stock Ledger shall be paid as follows:
|
(a)
|
Amounts credited to the Participant’s Growth Increment Ledger shall be paid in cash. If a Participant’s benefit hereunder is to be paid in installments, the amount of each payment shall be equal to the amount credited to the Participant’s Growth Increment
|
(b)
|
Amounts credited to the Participant’s Company Stock Ledger shall be paid in shares of Company Stock with any amount representing a partial share of Company Stock deposited into an account in the Participant’s name in the Investor Plan. A payment of an amount credited to the Participant’s Company Stock Ledger shall be converted into actual shares of Company Stock as soon as practicable prior to each payment being made to the Participant. If a Participant’s benefit hereunder is to be paid in installments, the amount of each payment shall be equal to the number of shares of Company Stock then credited to the Participant’s Company Stock Ledger multiplied by a fraction, the numerator of which is one and the denominator of which is the number of installment payments remaining. Any amounts attributable to a partial share of Company Stock as of any installment payment date shall be deposited into an account in the Participant’s name in the Investor Plan with each installment.
|
6.4
|
Acceleration of Payments
. Notwithstanding the election made pursuant to Section 4.2, Section 4.3, or Section 4.4,
|
(a)
|
payments shall be paid, or begin to be paid, as soon as practicable following the Participant’s separation from service from the Board of Directors for any reason except as otherwise provided herein;
|
(b)
|
if a Participant dies prior to the payment of all or a portion of the amounts credited to his DCD Ledger, the balance of any amount payable shall be paid in a cash lump sum to the Beneficiaries designated under Section 7 hereof;
|
(c)
|
if a Participant ceases to be a Nonemployee Director but thereafter becomes an employee of the Company (or any of its subsidiaries or affiliates), all pre-2005 DCD Ledgers shall be paid as soon as practicable after such individual becomes an employee of the Company (or any of its subsidiaries or affiliates) in a single sum payment and all post-2004 DCD Ledgers shall be paid as soon as practicable after such individual has incurred a separation from service as a Nonemployee Director (as determined in accordance with Code Section 409A);
|
(d)
|
if a Participant’s post-2004 DCD Ledger balance is less than one hundred thousand dollars ($100,000) (five thousand dollars ($5,000) for pre-2005 DCD Ledgers) at the time for payment specified, such amount shall be paid in a single sum payment; and
|
(e)
|
if applicable, the provisions of Section 8 shall apply.
|
6.5
|
Financial Emergency
. The Company (or its delegate), at its sole discretion, may alter the timing or manner of payment of deferred amounts if the Participant establishes, to the satisfaction of the Company (or its delegate), an unanticipated and severe financial hardship that is caused by an event beyond the Participant’s control. In such event, the Company (or its delegate) may:
|
(a)
|
provide that all, or a portion of, the amount previously deferred by the Participant immediately shall be paid in a lump sum cash payment,
|
(b)
|
provide that all, or a portion of, the installments payable over a period of time immediately shall be paid in a lump sum cash payment, or
|
(c)
|
provide for such other installment payment schedules as it deems appropriate under the circumstances,
|
6.6
|
Compliance with Domestic Relations Order
. Notwithstanding anything to the contrary in this Plan, a distribution shall be made from the Participant’s DCD Ledgers to an individual other than the Participant to the extent necessary to comply with a domestic relations order (as defined in Code Section 414(p)(1)(B)).
|
(a)
|
In the event that all of the Beneficiaries named pursuant to Section 7.1 predecease the Participant, the amounts that otherwise would have been paid to said Beneficiaries shall, where the designation fails to redirect to alternate Beneficiaries in such circumstance, be paid to the Participant’s estate as the alternate Beneficiary.
|
(b)
|
In the event that two or more Beneficiaries are named, and one or more but less than all of such Beneficiaries predecease the Participant, each surviving Beneficiary shall receive any proportion or amount of funds designated or indicated for him per the designation under Section 7.1, and the indicated share of each predeceased Beneficiary which the designation fails to redirect to an alternate Beneficiary in such circumstance shall be paid to the Participant’s estate as an alternate Beneficiary.
|
(a)
|
In the event the Participant does not designate a Beneficiary, or if for any reason such designation is entirely ineffective, the amounts that otherwise would have been paid to the Beneficiary shall be paid to the Participant’s estate as the alternate Beneficiary.
|
(b)
|
In the circumstance that designations are effective in part and ineffective in part, to the extent that a designation is effective, distribution shall be made so as to carry out as closely as discernable the intent of the Participant, with the result that only to the extent that a designation is ineffective shall distribution instead be made to the Participant’s estate as an alternate Beneficiary.
|
8.1
|
Successors
. Notwithstanding anything in this Plan to the contrary, upon the occurrence of a Change in Control, the Company will require any successor (whether direct or indirect, by purchase, merger, consolidation, or otherwise) of all or substantially all of the business and/or assets of the Company or of any division or subsidiary thereof to expressly assume and agree to perform this Plan in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place, subject to the remaining provisions of this Section 8.1. Participants shall become entitled to benefits hereunder in accordance with the terms of this Plan, based on amounts credited to each Participant’s DCD Ledger as of the date of such Change in Control plus accumulated Growth Increments attributable thereto (adjusted to reflect any change from the most recent Growth Increment calculation to the end of the month prior to the month such amounts are distributed to each Participant). In such case, any successor to the Company shall not be required to provide for additional deferral of benefits beyond the date of such Change in Control except as required under Code Section 409A.
|
8.2
|
Amendment and Termination After Change in Control
. Notwithstanding the foregoing, and subject to this Section 8, no amendment, modification or termination of the Plan may be made, and no Participants may be added to the Plan, upon or following a Change in Control if it would have the effect of reducing any benefits earned (including optional forms of distribution) prior to such Change in Control without the written consent of all of the Plan’s Participants covered by the Plan at such time. In all events, however, the Company reserves the right to amend, modify or delete the provisions of Section 8 at any time prior to a Change in Control, pursuant to a Board of Directors resolution adopted by a vote of two-thirds (2/3) of the Board of Directors members then serving on the Board of Directors.
|
9.1
|
Contractual Obligation
. It is intended that the Company is under a contractual obligation to make payments from a Participant’s DCD Ledger when due. Payment of amounts credited to a Participant’s DCD Ledger shall be made out of the general funds of the Company as determined by the Board of Directors without any restriction of the assets of the Company relative to the payment of such contractual obligations; the Plan is, and shall operate as, an unfunded plan.
|
9.2
|
Unsecured Interest
. No Participant or Beneficiary shall have any interest whatsoever in any specific asset of the Company. To the extent that any person acquires a right to receive payment under this Plan, such right shall be no greater than the right of any unsecured general creditor of the Company.
|
9.3
|
“
Rabbi” Trust
. In connection with this Plan, the Company shall establish a grantor trust (known as the “SCANA Corporation Director Compensation Trust” and referred to herein as the “Trust”) for the purpose of accumulating funds to satisfy the obligations incurred by the Company under this Plan (and such other plans and arrangements as determined from time to time by the Company). At any time prior to a Change in Control, as that term is defined in such Trust, the Company may transfer assets to the Trust to satisfy all or part of the obligations incurred by the Company under this Plan, as determined in the sole discretion of the Board of Directors, subject to the return of such assets to the Company at such time as determined in accordance with the terms of such Trust. Any assets of such Trust shall remain at all times subject to the claims of creditors of the Company in the event of the Company’s insolvency; and no asset or other funding medium used to pay benefits accrued under the Plan shall result in the Plan being considered as other than “unfunded” under ERISA. Notwithstanding the establishment of the Trust, the right of any Participant to receive future payments under the Plan shall remain an unsecured claim against the general assets of the Company.
|
(a)
|
Subject to Section 6.6, no right or benefit under this Plan shall be subject to anticipation, alienation, sale, assignment, pledge, encumbrance, or charge, and any attempt to anticipate, alienate, sell, assign, pledge, encumber or charge the same shall be void; nor shall any such disposition be compelled by operation of law.
|
(b)
|
No right or benefit hereunder shall in any manner be liable for or subject to the debts, contracts, liabilities, or torts of the person entitled to benefits under the Plan.
|
(c)
|
If any Participant or Beneficiary hereunder should become bankrupt or attempt to anticipate, alienate, sell, assign, pledge, encumber, or charge any right or benefit hereunder (other than as permitted in Section 6.6), then such right or benefit shall, in the discretion of the Board of Directors, cease, and the Board of Directors shall direct in such event that the Company hold or apply the same or any part thereof for the benefit of the Participant or Beneficiary in such manner and in such proportion as the Board of Directors may deem proper.
|
9.5
|
Severability
. If any particular provision of the Plan shall be found to be illegal or unenforceable for any reason, the illegality or lack of enforceability of such provision shall not affect the remaining provisions of the Plan, and the Plan shall be construed and enforced as if the illegal or unenforceable provision had not been included.
|
9.6
|
No Individual Liability
. It is declared to be the express purpose and intention of the Plan that no liability whatsoever shall attach to or be incurred by the shareholders, officers, or directors of the Company or any representative appointed hereunder by the Company, under or by reason of any of the terms or conditions of the Plan.
|
9.7
|
Applicable Law
. This Plan shall be governed and construed in accordance with the laws of the State of South Carolina except to the extent governed by applicable Federal law (including the requirements of Code Section 409A). The terms of this Plan are also subject to all present and future rulings of the Securities and Exchange Commission with respect to Rule 16b-3. If any provision of the Plan would cause the Plan to fail to meet the requirements of Rule 16b-3, then that provision of the Plan shall be void and of no effect.
|
10.1
|
In General
. This Plan shall be administered by the Company, which shall have the sole authority to construe and interpret the terms and provisions of the Plan and determine the amount, manner and time of payment of any benefits hereunder. The Company shall not exercise any discretion with respect to the administration of this Plan, except as may be permitted by Rule 16b-3. The Company shall maintain records, make the requisite calculations and disburse payments hereunder, and its interpretations, determinations, regulations and calculations shall be final and binding on all persons and parties concerned. The Company may adopt such rules as it deems necessary, desirable or appropriate in administering this Plan.
|
10.2
|
Claims Procedure
. Any person dissatisfied with the Company’s determination of a claim for benefits hereunder must file a written request for reconsideration with the Company (or its delegate). This request must include a written explanation setting forth the specific reasons for such reconsideration. The Company shall review its determination promptly and render a written decision with respect to the claim, setting forth the specific reasons for such denial written in a manner calculated to be understood by the claimant. Such claimant shall be given a reasonable time within which to comment, in writing, to the Company with respect to such explanation. The Company shall review its determination promptly and render a written decision with respect to the claim. Such decision upon matters within the scope of the authority of the Company shall be conclusive, binding, and final upon all claimants under this Plan.
|
10.3
|
Finality of Determination
. The determination of the Company as to any disputed questions arising under this Plan, including questions of construction and interpretation, shall be final, binding, and conclusive upon all persons.
|
10.4
|
Delegation of Authority
. The Company may, in its discretion, delegate its duties to a committee of the Board of Directors or an officer or other employee of the Company, or to a committee composed of officers or employees of the Company.
|
10.5
|
Expenses
. The cost of payment from this Plan and the expenses of administering the Plan shall be borne by the Company.
|
10.6
|
Tax Withholding
. The Company shall have the right to deduct from all payments made from the Plan any federal, state, or local taxes required by law to be withheld with respect to such payments.
|
10.7
|
Incompetency
. Any person receiving or claiming benefits under the Plan shall be conclusively presumed to be mentally competent and of age until the Company receives written notice, in a form and manner acceptable to it, that such person is incompetent or a minor, and that a guardian, conservator, statutory committee under the South Carolina Code of Laws, or other person legally vested with the care of his estate has been appointed. In the event that the Company finds that any person to whom a benefit is payable under the Plan is unable to properly care for his affairs, or is a minor, then any payment due (unless a prior claim therefor shall have been made by a duly appointed legal representative) may be paid
|
10.8
|
Action by Company
. Any action required or permitted to be taken hereunder by the Company or its Board of Directors shall be taken by the Board of Directors, or by any person or persons authorized by the Board of Directors.
|
10.9
|
Notice of Address
. Any payment made to a Participant or to his Beneficiary at the last known post office address of the distributee on file with the Company, shall constitute a complete acquittance and discharge to the Company and any director or officer with respect thereto, unless the Company shall have received prior written notice of any change in the condition or status of the distributee. Neither the Company nor any director or officer shall have any duty or obligation to search for or ascertain the whereabouts of the Participant or his Beneficiary.
|
10.10
|
Amendment and Termination
. The Company expects the Plan to be permanent but, since future conditions affecting the Company cannot be anticipated or foreseen, the Company reserves the right to amend, modify, or terminate the Plan at any time by action of its Board of Directors, subject to Section 8.2 and the requirements of Code Section 409A with respect to post-DCD Ledgers, (including, but not limited to, as may be necessary to ensure compliance with Rule 16b-3); provided, however, that any such action shall not diminish retroactively any amounts which have been credited to any Participant’s DCD Ledger. If the Board of Directors amends the Plan to cease future deferrals hereunder or terminates the Plan, the Board of Directors may, in its sole discretion, direct that the value of each Participant’s DCD Ledger be paid to each Participant (or Beneficiary, if applicable) in an immediate lump sum payment. In the absence of any such direction from the Board of Directors, the Plan shall continue as a “frozen” plan under which no future deferrals will be recognized (however, Growth Increments and dividends attributable to hypothetical shares of Company Stock credited to each Participant’s Company Stock Ledger shall continue to be recognized) and each Participant’s benefits shall be paid in accordance with the otherwise applicable terms of the Plan.
|
10.11
|
Plan to Comply with Code Section 409A
. Notwithstanding any provision to the contrary in this Plan, each provision of this Plan shall be interpreted to permit Director deferrals and the payment of deferred amounts in accordance with Code Section 409A and any provision that would conflict with such requirements shall not be valid or enforceable.
|
Dollars in Millions
|
|
|
||||
Year Ended December 31, 2014
|
|
|
||||
Net earnings as defined in SCE&G's bond indenture dated April 1, 1993 (Mortgage)
|
|
$
|
1,133.0
|
|
||
Divide by annualized interest charges on:
|
|
|
||||
Bonds outstanding under the Mortgage
|
$
|
209.5
|
|
|
||
Total annualized interest charges
|
209.5
|
|
|
|||
Bond Ratio
|
|
5.41
|
|
Dollars in Millions
|
|
SCANA
|
|
SCE&G
|
||||||||||||||||||||||||||||
Years Ended December 31,
|
|
2014
|
2013
|
2012
|
2011
|
2010
|
|
2014
|
2013
|
2012
|
2011
|
2010
|
||||||||||||||||||||
Fixed Charges as defined:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Interest on debt
|
|
|
$318.2
|
|
|
$305.9
|
|
|
$301.3
|
|
|
$287.0
|
|
|
$270.4
|
|
|
|
$237.6
|
|
|
$226.4
|
|
|
$217.4
|
|
|
$207.8
|
|
|
$192.4
|
|
Amortization of debt premium, discount and expense (net)
|
|
9.7
|
|
5.3
|
|
4.9
|
|
4.8
|
|
5.1
|
|
|
4.4
|
|
4.2
|
|
3.9
|
|
3.9
|
|
4.0
|
|
||||||||||
Interest component on rentals
|
|
4.1
|
|
4.9
|
|
4.9
|
|
5.2
|
|
4.6
|
|
|
4.0
|
|
4.5
|
|
3.2
|
|
3.6
|
|
3.1
|
|
||||||||||
Total Fixed Charges (A)
|
|
|
$332.0
|
|
|
$316.1
|
|
|
$311.1
|
|
|
$297.0
|
|
|
$280.1
|
|
|
|
$246.0
|
|
|
$235.1
|
|
|
$224.5
|
|
|
$215.3
|
|
|
$199.5
|
|
Earnings as defined:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Pretax income from continuing operations
|
|
|
$786.0
|
|
|
$693.8
|
|
|
$601.6
|
|
|
$555.6
|
|
|
$535.4
|
|
|
|
$676.0
|
|
|
$579.7
|
|
|
$509.5
|
|
|
$456.5
|
|
|
$433.6
|
|
Total fixed charges above
|
|
332.0
|
|
316.1
|
|
311.1
|
|
297.0
|
|
280.1
|
|
|
246.0
|
|
235.1
|
|
224.5
|
|
215.3
|
|
199.5
|
|
||||||||||
Pretax equity in (earnings) losses of investees
|
|
(1.4
|
)
|
(3.2
|
)
|
(3.3
|
)
|
(2.9
|
)
|
(1.1
|
)
|
|
5.3
|
|
3.5
|
|
3.8
|
|
2.3
|
|
2.1
|
|
||||||||||
Cash distributions from equity investees
|
|
7.4
|
|
9.6
|
|
3.3
|
|
3.6
|
|
4.8
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
||||||||||
Total Earnings (B)
|
|
$1,124.0
|
$1,016.3
|
|
$912.7
|
|
|
$853.3
|
|
|
$819.2
|
|
|
|
$927.3
|
|
|
$818.3
|
|
|
$737.8
|
|
|
$674.1
|
|
|
$635.2
|
|
||||
Ratio of Earnings to Fixed Charges (B/A)
|
|
3.39
|
|
3.22
|
|
2.93
|
|
2.87
|
|
2.92
|
|
|
3.77
|
|
3.48
|
|
3.29
|
|
3.13
|
|
3.18
|
|
/s/J. A. Bennett
|
|
/s/J. F. A. V. Cecil
|
J. A. Bennett
|
|
J. F. A. V. Cecil
|
Director
|
|
Director
|
|
|
|
|
|
|
/s/D. M. Hagood
|
|
/s/K. B. Marsh
|
D. M. Hagood
|
|
K. B. Marsh
|
Director
|
|
Director
|
|
|
|
|
|
|
/s/J. M. Micali
|
|
/s/L. M. Miller
|
J. M. Micali
|
|
L. M. Miller
|
Director
|
|
Director
|
|
|
|
|
|
|
/s/J. W. Roquemore
|
|
/s/M. K. Sloan
|
J. W. Roquemore
|
|
M. K. Sloan
|
Director
|
|
Director
|
|
|
|
|
|
|
/s/H. C. Stowe
|
|
/s/A. Trujillo
|
H. C. Stowe
|
|
A. Trujillo
|
Director
|
|
Director
|
|
|
|
/s/J. A. Bennett
|
|
/s/J. F. A. V. Cecil
|
J. A. Bennett
|
|
J. F. A. V. Cecil
|
Director
|
|
Director
|
|
|
|
|
|
|
/s/D. M. Hagood
|
|
/s/K. B. Marsh
|
D. M. Hagood
|
|
K. B. Marsh
|
Director
|
|
Director
|
|
|
|
|
|
|
/s/J. M. Micali
|
|
/s/L. M. Miller
|
J. M. Micali
|
|
L. M. Miller
|
Director
|
|
Director
|
|
|
|
|
|
|
/s/J. W. Roquemore
|
|
/s/M. K. Sloan
|
J. W. Roquemore
|
|
M. K. Sloan
|
Director
|
|
Director
|
|
|
|
|
|
|
/s/H. C. Stowe
|
|
/s/A. Trujillo
|
H. C. Stowe
|
|
A. Trujillo
|
Director
|
|
Director
|
|
|
|
February 27, 2015
|
/s/Kevin B. Marsh
|
|
Kevin B. Marsh, Chairman of the Board, President,
|
|
Chief Executive Officer and Chief Operating Officer
|
|
February 27, 2015
|
/s/Jimmy E. Addison
|
|
Jimmy E. Addison
|
|
Executive Vice President and Chief Financial Officer
|
|
February 27, 2015
|
/s/Kevin B. Marsh
|
|
Kevin B. Marsh, Chairman of the Board and Chief
|
|
Executive Officer
|
|
February 27, 2015
|
/s/Jimmy E. Addison
|
|
Jimmy E. Addison
|
|
Executive Vice President and Chief Financial Officer
|
|
|
|
|
/s/Kevin B. Marsh
|
|
|
Kevin B. Marsh, Chairman of the Board, President,
|
|
|
Chief Executive Officer and Chief Operating Officer
|
|
|
|
|
/s/Jimmy E. Addison
|
|
Jimmy E. Addison
|
|
Executive Vice President and Chief Financial Officer
|
|
|
/s/Kevin B. Marsh
|
|
Kevin B. Marsh, Chairman of the Board and Chief
|
|
Executive Officer
|
|
/s/Jimmy E. Addison
|
|
Jimmy E. Addison
|
|
Executive Vice President and Chief Financial Officer
|
|