x
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Commission
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Registrant, State of Incorporation,
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I.R.S. Employer
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File Number
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Address and Telephone Number
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Identification No.
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1-8809
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SCANA Corporation
(a South Carolina corporation)
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57-0784499
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1-3375
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South Carolina Electric & Gas Company
(a South Carolina corporation)
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57-0248695
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100 SCANA Parkway, Cayce, South Carolina 29033
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(803) 217-9000
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SCANA Corporation
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Large accelerated filer
x
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Accelerated filer
o
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Non-accelerated filer
o
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Smaller reporting company
o
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South Carolina Electric & Gas Company
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Large accelerated filer
o
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Accelerated filer
o
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Non-accelerated filer
x
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Smaller reporting company
o
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Page
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(1)
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the information is of a preliminary nature and may be subject to further and/or continuing review and adjustment;
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(2)
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legislative and
r
egulatory actions, particularly changes in rate regulation, regulations governing electric grid reliability and
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(3)
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current and future litigation;
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(4)
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changes in the economy, especially in areas served by subsidiaries of SCANA;
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(5)
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the impact of competition from other energy suppliers, including competition from alternate fuels in industrial markets;
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(6)
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the impact of conservation and demand side management efforts and/or technological advances on customer usage;
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(7)
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the loss of sales to distributed generation, such as solar photovoltaic systems;
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(8)
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growth opportunities for SCANA’s regulated and diversified subsidiaries;
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(10)
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the effects of weather, especially in areas where the generation and transmission facilities of SCANA and its
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(11)
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changes in SCANA’s or its subsidiaries’ accounting rules and accounting policies;
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(13)
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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;
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(14)
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maintaining creditworthy joint owners for SCE&G’s new nuclear generation project;
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(15)
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the ability of suppliers, both domestic and international, to timely provide the labor, secure processes, components,
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(16)
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the results of efforts to ensure the physical and cyber security of key assets and processes;
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(17)
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the availability of fuels such as coal, natural gas and enriched uranium used to produce electricity; the availability of
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(18)
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the availability of skilled and experienced human resources to properly manage, operate, and grow the Company’s
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(19)
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labor disputes;
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(20)
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performance of SCANA’s pension plan assets;
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(21)
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changes in taxes and tax credits, including production tax credits for new nuclear units;
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(22)
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inflation or deflation;
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(23)
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compliance with regulations;
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(24)
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natural disasters and man-made mishaps that directly affect our operations or the regulations governing them; and
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(25)
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the other risks and uncertainties described from time to time in the reports filed by SCANA or SCE&G with the SEC.
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TERM
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MEANING
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AFC
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Allowance for Funds Used During Construction
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ANI
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American Nuclear Insurers
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AOCI
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Accumulated Other Comprehensive Income
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ARO
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Asset Retirement Obligation
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BLRA
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Base Load Review Act
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CAA
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Clean Air Act, as amended
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CAIR
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Clean Air Interstate Rule
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CB&I
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Chicago Bridge & Iron Company N.V.
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CCR
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Coal Combustion Residuals
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CEO
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Chief Executive Officer
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CFO
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Chief Financial Officer
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CERCLA
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Comprehensive Environmental Response, Compensation and Liability Act
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CGT
|
Carolina Gas Transmission Corporation
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COL
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Combined Construction and Operating License
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Company
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SCANA, together with its consolidated subsidiaries
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Consolidated SCE&G
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SCE&G and its consolidated affiliates
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Consortium
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A consortium consisting of WEC and Stone & Webster
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Court of Appeals
|
United States Court of Appeals for the District of Columbia
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CSAPR
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Cross-State Air Pollution Rule
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CUT
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Customer Usage Tracker
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CWA
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Clean Water Act
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DER
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Distributed Energy Resource
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DHEC
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South Carolina Department of Health and Environmental Control
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DOE
|
United States Department of Energy
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DSM Programs
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Demand reduction and energy efficiency programs
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ELG Rule
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New federal effluent limitation guidelines for steam electric generating units
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Energy Marketing
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The divisions of SEMI, excluding SCANA Energy
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EPA
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United States Environmental Protection Agency
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EPC Contract
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Engineering, Procurement and Construction Agreement dated May 23, 2008
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FASB
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Financial Accounting Standards Board
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FERC
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United States Federal Energy Regulatory Commission
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Fuel Company
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South Carolina Fuel Company, Inc.
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GAAP
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Accounting principles generally accepted in the United States of America
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GENCO
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South Carolina Generating Company, Inc.
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GHG
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Greenhouse Gas
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GPSC
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Georgia Public Service Commission
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GWh
|
Gigawatt hour
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IRP
|
Integrated Resource Plan
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IRS
|
Internal Revenue Service
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Level 1
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A fair value measurement using unadjusted quoted prices in active markets for identical assets or liabilities
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Level 2
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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
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Level 3
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A fair value measurement using unobservable inputs, including situations where there is little, if any, market activity for the asset or liability
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LOC
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Lines of Credit
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MATS
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Mercury and Air Toxics Standards
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MGP
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Manufactured Gas Plant
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MMBTU
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Million British Thermal Units
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MW or MWh
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Megawatt or Megawatt-hour
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NAAQS
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National Ambient Air Quality Standards
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NASDAQ
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The NASDAQ Stock Market, Inc.
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NCUC
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North Carolina Utilities Commission
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NEIL
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Nuclear Electric Insurance Limited
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New Units
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Nuclear Units 2 and 3 under construction at Summer Station
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NPDES
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National Permit Discharge Elimination System
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NRC
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United States Nuclear Regulatory Commission
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NSPS
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New Source Performance Standards
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Nuclear Waste Act
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Nuclear Waste Policy Act of 1982
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NYMEX
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New York Mercantile Exchange
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OCI
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Other Comprehensive Income
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October 2015 Amendment
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Amendment to the EPC Contract dated October 27, 2015
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ORS
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South Carolina Office of Regulatory Staff
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PGA
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Purchased Gas Adjustment
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Price-Anderson
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Price-Anderson Indemnification Act
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PSNC Energy
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Public Service Company of North Carolina, Incorporated
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Retail Gas Marketing
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SCANA Energy
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RSA
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Natural Gas Rate Stabilization Act
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Santee Cooper
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South Carolina Public Service Authority
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SCANA
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SCANA Corporation, the parent company
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SCANA Energy
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A division of SEMI which markets natural gas in Georgia
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SCE&G
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South Carolina Electric & Gas Company
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SCI
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SCANA Communications, Inc.
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SCPSC
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Public Service Commission of South Carolina
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SEC
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United States Securities and Exchange Commission
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SEMI
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SCANA Energy Marketing, Inc.
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Spirit Communications
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SCTG Communications, Inc. (a wholly owned subsidiary of SCTG, LLC) d/b/a Spirit Communications
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Stone & Webster
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CB&I Stone & Webster, Inc., a subsidiary of CB&I
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Summer Station
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V. C. Summer Nuclear Station
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VIE
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Variable Interest Entity
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WEC
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Westinghouse Electric Company LLC
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Millions of dollars
|
|
September 30,
2015 |
|
December 31,
2014 |
||||
Assets
|
|
|
|
|
||||
Utility Plant In Service
|
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$
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12,692
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$
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12,289
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Accumulated Depreciation and Amortization
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(4,268
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)
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(4,088
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)
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Construction Work in Progress
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3,790
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3,323
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Plant to be Retired, Net
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—
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169
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Nuclear Fuel, Net of Accumulated Amortization
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305
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329
|
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Goodwill, net of writedown of $230
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210
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|
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210
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Utility Plant, Net
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12,729
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12,232
|
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Nonutility Property and Investments:
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Nonutility property, net of accumulated depreciation of $122 and $122
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281
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284
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Assets held in trust, net-nuclear decommissioning
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113
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113
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Other investments
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73
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|
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75
|
|
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Nonutility Property and Investments, Net
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467
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|
|
472
|
|
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Current Assets:
|
|
|
|
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||||
Cash and cash equivalents
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54
|
|
|
137
|
|
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Receivables, net of allowance for uncollectible accounts of $5 and $7
|
|
618
|
|
|
838
|
|
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Inventories (at average cost):
|
|
|
|
|
||||
Fuel and gas supply
|
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164
|
|
|
222
|
|
||
Materials and supplies
|
|
147
|
|
|
139
|
|
||
Prepayments
|
|
132
|
|
|
320
|
|
||
Other current assets
|
|
106
|
|
|
148
|
|
||
Assets held for sale
|
|
—
|
|
|
341
|
|
||
Total Current Assets
|
|
1,221
|
|
|
2,145
|
|
||
Deferred Debits and Other Assets:
|
|
|
|
|
||||
Regulatory assets
|
|
1,884
|
|
|
1,823
|
|
||
Other
|
|
205
|
|
|
180
|
|
||
Total Deferred Debits and Other Assets
|
|
2,089
|
|
|
2,003
|
|
||
Total
|
|
$
|
16,506
|
|
|
$
|
16,852
|
|
Millions of dollars
|
|
September 30,
2015 |
|
December 31,
2014 |
||||
Capitalization and Liabilities
|
|
|
|
|
|
|
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Common Stock - no par value (shares outstanding: September 30, 2015 - 142.9 million; December 31, 2014 - 142.7 million)
|
|
$
|
2,391
|
|
|
$
|
2,378
|
|
Retained Earnings
|
|
3,098
|
|
|
2,684
|
|
||
Accumulated Other Comprehensive Loss
|
|
(70
|
)
|
|
(75
|
)
|
||
Total Common Equity
|
|
5,419
|
|
|
4,987
|
|
||
Long-Term Debt, net
|
|
6,018
|
|
|
5,531
|
|
||
Total Capitalization
|
|
11,437
|
|
|
10,518
|
|
||
Current Liabilities:
|
|
|
|
|
|
|
||
Short-term borrowings
|
|
264
|
|
|
918
|
|
||
Current portion of long-term debt
|
|
16
|
|
|
166
|
|
||
Accounts payable
|
|
312
|
|
|
520
|
|
||
Customer deposits and customer prepayments
|
|
110
|
|
|
98
|
|
||
Taxes accrued
|
|
183
|
|
|
182
|
|
||
Interest accrued
|
|
85
|
|
|
83
|
|
||
Dividends declared
|
|
76
|
|
|
73
|
|
||
Liabilities held for sale
|
|
—
|
|
|
52
|
|
||
Derivative financial instruments
|
|
125
|
|
|
233
|
|
||
Other
|
|
123
|
|
|
208
|
|
||
Total Current Liabilities
|
|
1,294
|
|
|
2,533
|
|
||
Deferred Credits and Other Liabilities:
|
|
|
|
|
|
|
||
Deferred income taxes, net
|
|
1,839
|
|
|
1,866
|
|
||
Deferred investment tax credits
|
|
26
|
|
|
28
|
|
||
Asset retirement obligations
|
|
489
|
|
|
563
|
|
||
Postretirement benefits
|
|
320
|
|
|
315
|
|
||
Regulatory liabilities
|
|
859
|
|
|
814
|
|
||
Other
|
|
242
|
|
|
215
|
|
||
Total Deferred Credits and Other Liabilities
|
|
3,775
|
|
|
3,801
|
|
||
Commitments and Contingencies (Note 9)
|
|
—
|
|
|
—
|
|
||
Total
|
|
$
|
16,506
|
|
|
$
|
16,852
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
September 30,
|
|
September 30,
|
||||||||||||
Millions of dollars, except per share amounts
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
Operating Revenues:
|
|
|
|
|
|
|
|
|
|
|
||||||
Electric
|
|
$
|
742
|
|
|
$
|
739
|
|
|
$
|
2,008
|
|
|
$
|
2,027
|
|
Gas - regulated
|
|
112
|
|
|
132
|
|
|
610
|
|
|
740
|
|
||||
Gas - nonregulated
|
|
214
|
|
|
250
|
|
|
805
|
|
|
969
|
|
||||
Total Operating Revenues
|
|
1,068
|
|
|
1,121
|
|
|
3,423
|
|
|
3,736
|
|
||||
Operating Expenses:
|
|
|
|
|
|
|
|
|
|
|||||||
Fuel used in electric generation
|
|
187
|
|
|
212
|
|
|
525
|
|
|
636
|
|
||||
Purchased power
|
|
14
|
|
|
13
|
|
|
38
|
|
|
54
|
|
||||
Gas purchased for resale
|
|
260
|
|
|
304
|
|
|
1,030
|
|
|
1,291
|
|
||||
Other operation and maintenance
|
|
182
|
|
|
169
|
|
|
527
|
|
|
523
|
|
||||
Depreciation and amortization
|
|
75
|
|
|
96
|
|
|
267
|
|
|
286
|
|
||||
Other taxes
|
|
58
|
|
|
58
|
|
|
176
|
|
|
174
|
|
||||
Total Operating Expenses
|
|
776
|
|
|
852
|
|
|
2,563
|
|
|
2,964
|
|
||||
Gain on sale of CGT, net of transaction costs
|
|
—
|
|
|
—
|
|
|
235
|
|
|
—
|
|
||||
Operating Income
|
|
292
|
|
|
269
|
|
|
1,095
|
|
|
772
|
|
||||
Other Income (Expense):
|
|
|
|
|
|
|
|
|
|
|||||||
Other income
|
|
19
|
|
|
18
|
|
|
56
|
|
|
103
|
|
||||
Other expense
|
|
(16
|
)
|
|
(12
|
)
|
|
(44
|
)
|
|
(39
|
)
|
||||
Gain on sale of SCI, net of transaction costs
|
|
—
|
|
|
—
|
|
|
107
|
|
|
—
|
|
||||
Interest charges, net of allowance for borrowed funds used during construction of $5, $5, $12 and $13
|
|
(81
|
)
|
|
(79
|
)
|
|
(236
|
)
|
|
(231
|
)
|
||||
Allowance for equity funds used during construction
|
|
8
|
|
|
11
|
|
|
20
|
|
|
26
|
|
||||
Total Other Income (Expense)
|
|
(70
|
)
|
|
(62
|
)
|
|
(97
|
)
|
|
(141
|
)
|
||||
Income Before Income Tax Expense
|
|
222
|
|
|
207
|
|
|
998
|
|
|
631
|
|
||||
Income Tax Expense
|
|
73
|
|
|
63
|
|
|
350
|
|
|
198
|
|
||||
Net Income
|
|
$
|
149
|
|
|
$
|
144
|
|
|
$
|
648
|
|
|
$
|
433
|
|
|
|
|
|
|
|
|
|
|
||||||||
Basic and Diluted Earnings Per Share of Common Stock
|
|
$
|
1.04
|
|
|
$
|
1.01
|
|
|
$
|
4.53
|
|
|
$
|
3.06
|
|
Weighted Average Common Shares Outstanding (millions)
|
|
142.9
|
|
|
142.1
|
|
|
142.9
|
|
|
141.6
|
|
||||
Dividends Declared Per Share of Common Stock
|
|
$
|
0.545
|
|
|
$
|
0.525
|
|
|
$
|
1.635
|
|
|
$
|
1.575
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
Millions of dollars
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
Net Income
|
|
$
|
149
|
|
|
$
|
144
|
|
|
$
|
648
|
|
|
$
|
433
|
|
Other Comprehensive Income (Loss), net of tax:
|
|
|
|
|
|
|
|
|
||||||||
Unrealized Gains (Losses) on Cash Flow Hedging Activities:
|
|
|
|
|
|
|
|
|
||||||||
Unrealized gains (losses) on cash flow hedging activities arising during period, net of tax of $(4), $(1), $(5) and $(2)
|
|
(7
|
)
|
|
(2
|
)
|
|
(8
|
)
|
|
(3
|
)
|
||||
Cash flow hedging activities reclassified to interest expense, net tax of $1, $1, $3, and $3
|
|
2
|
|
|
2
|
|
|
6
|
|
|
5
|
|
||||
Cash flow hedging activities reclassified to gas purchased for resale, net of tax of $-, $-, $6, and $(3)
|
|
1
|
|
|
—
|
|
|
10
|
|
|
(4
|
)
|
||||
Net unrealized gains (losses) on cash flow hedging activities
|
|
(4
|
)
|
|
—
|
|
|
8
|
|
|
(2
|
)
|
||||
Deferred cost of employee benefit plans, net of tax of $-, $-, $(2) and $-
|
|
1
|
|
|
1
|
|
|
(3
|
)
|
|
1
|
|
||||
Other Comprehensive Income (Loss)
|
|
(3
|
)
|
|
1
|
|
|
5
|
|
|
(1
|
)
|
||||
Total Comprehensive Income
|
|
$
|
146
|
|
|
$
|
145
|
|
|
$
|
653
|
|
|
$
|
432
|
|
|
|
Nine Months Ended September 30,
|
||||||
Millions of dollars
|
|
2015
|
|
2014
|
||||
Cash Flows From Operating Activities:
|
|
|
|
|
|
|
||
Net income
|
|
$
|
648
|
|
|
$
|
433
|
|
Adjustments to reconcile net income to net cash provided from operating activities:
|
|
|
|
|
|
|
||
Gain on sale of subsidiaries
|
|
(355
|
)
|
|
—
|
|
||
Losses from equity method investments
|
|
2
|
|
|
2
|
|
||
Deferred income taxes, net
|
|
(98
|
)
|
|
63
|
|
||
Depreciation and amortization
|
|
276
|
|
|
298
|
|
||
Amortization of nuclear fuel
|
|
41
|
|
|
31
|
|
||
Allowance for equity funds used during construction
|
|
(20
|
)
|
|
(26
|
)
|
||
Carrying cost recovery
|
|
(9
|
)
|
|
(7
|
)
|
||
Changes in certain assets and liabilities:
|
|
|
|
—
|
|
|||
Receivables
|
|
192
|
|
|
111
|
|
||
Inventories
|
|
2
|
|
|
(34
|
)
|
||
Prepayments
|
|
196
|
|
|
(99
|
)
|
||
Regulatory assets
|
|
92
|
|
|
(171
|
)
|
||
Regulatory liabilities
|
|
9
|
|
|
(133
|
)
|
||
Accounts payable
|
|
(85
|
)
|
|
(18
|
)
|
||
Taxes accrued
|
|
2
|
|
|
(69
|
)
|
||
Pension and other post retirement benefits
|
|
(1
|
)
|
|
(13
|
)
|
||
Derivative financial instruments
|
|
(108
|
)
|
|
105
|
|
||
Other assets
|
|
73
|
|
|
25
|
|
||
Other liabilities
|
|
(50
|
)
|
|
60
|
|
||
Net Cash Provided From Operating Activities
|
|
807
|
|
|
558
|
|
||
Cash Flows From Investing Activities:
|
|
|
|
|
|
|
||
Property additions and construction expenditures
|
|
(851
|
)
|
|
(778
|
)
|
||
Proceeds from sale of subsidiaries
|
|
647
|
|
|
—
|
|
||
Proceeds from investments (including derivative collateral returned)
|
|
872
|
|
|
204
|
|
||
Purchase of investments (including derivative collateral posted)
|
|
(872
|
)
|
|
(247
|
)
|
||
Payments upon interest rate derivative contract settlement
|
|
(152
|
)
|
|
(34
|
)
|
||
Proceeds upon interest rate derivative contract settlement
|
|
10
|
|
|
—
|
|
||
Net Cash Used For Investing Activities
|
|
(346
|
)
|
|
(855
|
)
|
||
Cash Flows From Financing Activities:
|
|
|
|
|
|
|
||
Proceeds from issuance of common stock
|
|
14
|
|
|
75
|
|
||
Proceeds from issuance of long-term debt
|
|
491
|
|
|
294
|
|
||
Repayment of long-term debt
|
|
(164
|
)
|
|
(17
|
)
|
||
Dividends
|
|
(231
|
)
|
|
(220
|
)
|
||
Short-term borrowings, net
|
|
(654
|
)
|
|
111
|
|
||
Net Cash Provided From (Used for) Financing Activities
|
|
(544
|
)
|
|
243
|
|
||
Net Decrease In Cash and Cash Equivalents
|
|
(83
|
)
|
|
(54
|
)
|
||
Cash and Cash Equivalents, January 1
|
|
137
|
|
|
136
|
|
||
Cash and Cash Equivalents, September 30
|
|
$
|
54
|
|
|
$
|
82
|
|
Supplemental Cash Flow Information:
|
|
|
|
|
|
|
||
Cash paid for– Interest (net of capitalized interest of $12 and $13)
|
|
$
|
224
|
|
|
$
|
225
|
|
– Income taxes
|
|
184
|
|
|
246
|
|
||
Noncash Investing and Financing Activities:
|
|
|
|
|
|
|||
Accrued construction expenditures
|
|
85
|
|
|
108
|
|
||
Capital leases
|
|
5
|
|
|
4
|
|
1.
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
2.
|
RATE AND OTHER REGULATORY MATTERS
|
Year
|
|
Effective
|
|
Amount
|
||
2015
|
|
First billing cycle of May
|
|
$
|
32.0
|
million
|
2014
|
|
First billing cycle of May
|
|
$
|
15.4
|
million
|
2013
|
|
First billing cycle of May
|
|
$
|
16.9
|
million
|
Year
|
|
Action
|
|
Amount
|
||||
2015
|
|
2.6
|
%
|
Increase
|
|
$
|
64.5
|
million
|
2014
|
|
2.8
|
%
|
Increase
|
|
$
|
66.2
|
million
|
2013
|
|
2.9
|
%
|
Increase
|
|
$
|
67.2
|
million
|
Year
|
|
Action
|
|
Amount
|
||||
2015
|
|
No change
|
|
-
|
||||
2014
|
|
0.6
|
%
|
Decrease
|
|
$
|
2.6
|
million
|
2013
|
|
No change
|
|
-
|
Millions of dollars
|
|
September 30,
2015 |
|
December 31,
2014 |
||||
Regulatory Assets:
|
|
|
|
|
|
|
||
Accumulated deferred income taxes
|
|
$
|
284
|
|
|
$
|
284
|
|
Under-collections - electric fuel adjustment clause
|
|
—
|
|
|
20
|
|
||
Environmental remediation costs
|
|
39
|
|
|
40
|
|
||
AROs and related funding
|
|
376
|
|
|
366
|
|
||
Franchise agreements
|
|
23
|
|
|
26
|
|
||
Deferred employee benefit plan costs
|
|
328
|
|
|
350
|
|
||
Planned major maintenance
|
|
—
|
|
|
2
|
|
||
Deferred losses on interest rate derivatives
|
|
538
|
|
|
453
|
|
||
Deferred pollution control costs
|
|
35
|
|
|
36
|
|
||
Unrecovered plant
|
|
128
|
|
|
137
|
|
||
DSM Programs
|
|
59
|
|
|
56
|
|
||
Carrying costs on deferred tax assets related to nuclear construction
|
|
15
|
|
|
9
|
|
||
Pipeline integrity management costs
|
|
16
|
|
|
9
|
|
||
Other
|
|
43
|
|
|
35
|
|
||
Total Regulatory Assets
|
|
$
|
1,884
|
|
|
$
|
1,823
|
|
Regulatory Liabilities:
|
|
|
|
|
|
|
||
Accumulated deferred income taxes
|
|
$
|
22
|
|
|
$
|
22
|
|
Asset removal costs
|
|
729
|
|
|
703
|
|
||
Storm damage reserve
|
|
6
|
|
|
6
|
|
||
Deferred gains on interest rate derivatives
|
|
87
|
|
|
82
|
|
||
Planned major maintenance
|
|
12
|
|
|
—
|
|
||
Other
|
|
3
|
|
|
1
|
|
||
Total Regulatory Liabilities
|
|
$
|
859
|
|
|
$
|
814
|
|
|
|
Common Stock
|
|
|
|
Accumulated Other Comprehensive Income (Loss)
|
|
|
|||||||||||||||||||||||
Millions
|
|
Shares
|
|
Outstanding Amount
|
|
Treasury Shares
|
|
Retained Earnings
|
|
Gains(Losses) on Cash Flow Hedges
|
|
Deferred Employee Benefit Plans
|
|
Total AOCI
|
|
Total Common Equity
|
|||||||||||||||
Balance as of January 1, 2015
|
|
143
|
|
|
$
|
2,388
|
|
|
$
|
(10
|
)
|
|
$
|
2,684
|
|
|
$
|
(63
|
)
|
|
$
|
(12
|
)
|
|
$
|
(75
|
)
|
|
$
|
4,987
|
|
Net Income
|
|
|
|
|
|
|
|
648
|
|
|
|
|
|
|
|
|
648
|
|
|||||||||||||
Other Comprehensive Income (Loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Losses during the period
|
|
|
|
|
|
|
|
|
|
(8
|
)
|
|
(3
|
)
|
|
(11
|
)
|
|
(11
|
)
|
|||||||||||
Reclassified from AOCI
|
|
|
|
|
|
|
|
|
|
16
|
|
|
—
|
|
|
16
|
|
|
16
|
|
|||||||||||
Total Comprehensive Income (Loss)
|
|
|
|
|
|
|
|
648
|
|
|
8
|
|
|
(3
|
)
|
|
5
|
|
|
653
|
|
||||||||||
Issuance of Common Stock
|
|
—
|
|
|
14
|
|
|
(1
|
)
|
|
|
|
|
|
|
|
|
|
13
|
|
|||||||||||
Dividends Declared
|
|
|
|
|
|
|
|
(234
|
)
|
|
|
|
|
|
|
|
(234
|
)
|
|||||||||||||
Balance as of September 30, 2015
|
|
143
|
|
|
$
|
2,402
|
|
|
$
|
(11
|
)
|
|
$
|
3,098
|
|
|
$
|
(55
|
)
|
|
$
|
(15
|
)
|
|
$
|
(70
|
)
|
|
$
|
5,419
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance as of January 1, 2014
|
|
141
|
|
|
$
|
2,289
|
|
|
$
|
(9
|
)
|
|
$
|
2,444
|
|
|
$
|
(52
|
)
|
|
$
|
(8
|
)
|
|
$
|
(60
|
)
|
|
$
|
4,664
|
|
Net Income
|
|
|
|
|
|
|
|
433
|
|
|
|
|
|
|
|
|
433
|
|
|||||||||||||
Other Comprehensive Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Losses during the period
|
|
|
|
|
|
|
|
|
|
(3
|
)
|
|
—
|
|
|
(3
|
)
|
|
(3
|
)
|
|||||||||||
Reclassified from AOCI
|
|
|
|
|
|
|
|
|
|
1
|
|
|
1
|
|
|
2
|
|
|
2
|
|
|||||||||||
Total Comprehensive Income
|
|
|
|
|
|
|
|
433
|
|
|
(2
|
)
|
|
1
|
|
|
(1
|
)
|
|
432
|
|
||||||||||
Issuance of Common Stock
|
|
1
|
|
|
76
|
|
|
(1
|
)
|
|
|
|
|
|
|
|
|
|
75
|
|
|||||||||||
Dividends Declared
|
|
|
|
|
|
|
|
(223
|
)
|
|
|
|
|
|
|
|
(223
|
)
|
|||||||||||||
Balance as of September 30, 2014
|
|
142
|
|
|
$
|
2,365
|
|
|
$
|
(10
|
)
|
|
$
|
2,654
|
|
|
$
|
(54
|
)
|
|
$
|
(7
|
)
|
|
$
|
(61
|
)
|
|
$
|
4,948
|
|
4.
|
LONG-TERM DEBT AND LIQUIDITY
|
|
|
SCANA
|
|
SCE&G
|
|
PSNC Energy
|
||||||||||||||||||
Millions of dollars
|
|
September 30,
2015 |
|
December 31,
2014 |
|
September 30,
2015 |
|
December 31,
2014 |
|
September 30,
2015 |
|
December 31,
2014 |
||||||||||||
Lines of credit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total committed long-term
|
|
$
|
300
|
|
|
$
|
300
|
|
|
$
|
1,400
|
|
|
$
|
1,400
|
|
|
$
|
100
|
|
|
$
|
100
|
|
Outstanding commercial paper
( 270 or fewer days)
|
|
$
|
14
|
|
|
$
|
179
|
|
|
$
|
234
|
|
|
$
|
709
|
|
|
$
|
16
|
|
|
$
|
30
|
|
Weighted average interest rate
|
|
0.66
|
%
|
|
0.54
|
%
|
|
0.44
|
%
|
|
0.52
|
%
|
|
0.45
|
%
|
|
0.65
|
%
|
||||||
Letters of credit supported by LOC
|
|
$
|
3
|
|
|
$
|
3
|
|
|
$
|
0.3
|
|
|
$
|
0.3
|
|
|
—
|
|
|
—
|
|
||
Available
|
|
$
|
283
|
|
|
$
|
118
|
|
|
$
|
1,166
|
|
|
$
|
691
|
|
|
$
|
84
|
|
|
$
|
70
|
|
5.
|
INCOME TAXES
|
6.
|
DERIVATIVE FINANCIAL INSTRUMENTS
|
|
|
Commodity and Other Energy Management Contracts (in MMBTU)
|
||||||||||
Hedge designation
|
|
Gas Distribution
|
|
Retail Gas
Marketing
|
|
Energy Marketing
|
|
Total
|
||||
As of September 30, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
Commodity contracts
|
|
9,270,000
|
|
|
11,788,000
|
|
|
4,335,500
|
|
|
25,393,500
|
|
Energy management contracts
(a)
|
|
—
|
|
|
—
|
|
|
32,211,282
|
|
|
32,211,282
|
|
Total
(a)
|
|
9,270,000
|
|
|
11,788,000
|
|
|
36,546,782
|
|
|
57,604,782
|
|
|
|
|
|
|
|
|
|
|
||||
As of December 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
Commodity contracts
|
|
6,840,000
|
|
|
7,951,000
|
|
|
3,446,720
|
|
|
18,237,720
|
|
Energy management contracts
(b)
|
|
—
|
|
|
—
|
|
|
37,495,339
|
|
|
37,495,339
|
|
Total
(b)
|
|
6,840,000
|
|
|
7,951,000
|
|
|
40,942,059
|
|
|
55,733,059
|
|
Millions of dollars
|
|
Balance Sheet Location
|
|
Asset
|
|
Liability
|
||||
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
|
|
|
5
|
|
||
|
|
Derivative financial instruments
|
|
—
|
|
|
10
|
|
||
|
|
Other deferred debits and other assets
|
|
5
|
|
|
—
|
|
||
|
|
Other deferred credits and other liabilities
|
|
—
|
|
|
5
|
|
||
Total
|
|
|
|
$
|
21
|
|
|
$
|
244
|
|
|
|
Loss Deferred in Regulatory Accounts
|
|
|
|
Loss Reclassified from Deferred Accounts into Income
|
||||||||||||
|
|
|
|
|
||||||||||||||
|
|
(Effective Portion)
|
|
|
|
(Effective Portion)
|
||||||||||||
Millions of dollars
|
|
2015
|
|
|
2014
|
|
|
Location
|
|
2015
|
|
|
2014
|
|
||||
Three Months Ended September 30,
|
|
|
|
|
|
|
|
|
||||||||||
Interest rate contracts
|
|
$
|
(3
|
)
|
|
$
|
(1
|
)
|
|
Interest expense
|
|
$
|
(1
|
)
|
|
$
|
(1
|
)
|
Nine Months Ended September 30,
|
|
|
|
|
|
|
|
|
||||||||||
Interest rate contracts
|
|
$
|
(3
|
)
|
|
$
|
(5
|
)
|
|
Interest expense
|
|
$
|
(2
|
)
|
|
$
|
(2
|
)
|
|
|
Gain (Loss) Recognized in OCI, net of tax
|
|
|
|
Gain (Loss) Reclassified from AOCI into Income, net of tax
|
||||||||||||
|
|
|
|
|
||||||||||||||
|
|
(Effective Portion)
|
|
|
|
(Effective Portion)
|
||||||||||||
Millions of dollars
|
|
2015
|
|
|
2014
|
|
|
Location
|
|
2015
|
|
|
2014
|
|
||||
Three Months Ended September 30,
|
|
|
|
|
|
|
|
|
||||||||||
Interest rate contracts
|
|
$
|
(3
|
)
|
|
—
|
|
|
Interest expense
|
|
$
|
(2
|
)
|
|
$
|
(2
|
)
|
|
Commodity contracts
|
|
(4
|
)
|
|
$
|
(2
|
)
|
|
Gas purchased for resale
|
|
(1
|
)
|
|
—
|
|
|||
Total
|
|
$
|
(7
|
)
|
|
$
|
(2
|
)
|
|
|
|
$
|
(3
|
)
|
|
$
|
(2
|
)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Nine Months Ended September 30,
|
|
|
|
|
|
|
|
|
||||||||||
Interest rate contracts
|
|
$
|
(3
|
)
|
|
$
|
(4
|
)
|
|
Interest expense
|
|
$
|
(6
|
)
|
|
$
|
(5
|
)
|
Commodity contracts
|
|
(5
|
)
|
|
1
|
|
|
Gas purchased for resale
|
|
(10
|
)
|
|
4
|
|
||||
Total
|
|
$
|
(8
|
)
|
|
$
|
(3
|
)
|
|
|
|
$
|
(16
|
)
|
|
$
|
(1
|
)
|
Derivatives not designated as Hedging Instruments
|
||||||||||||||||||
|
|
Loss Deferred in Regulatory Accounts
|
|
|
|
Gain Reclassified from Deferred Accounts into Income
|
||||||||||||
Millions of dollars
|
|
2015
|
|
|
2014
|
|
|
Location
|
|
2015
|
|
|
2014
|
|
||||
Three Months Ended September 30,
|
|
|
|
|
|
|
|
|
||||||||||
Interest rate contracts
|
|
$
|
(116
|
)
|
|
$
|
(35
|
)
|
|
Other income
|
|
—
|
|
|
$
|
5
|
|
|
Nine Months Ended September 30,
|
|
|
|
|
|
|
|
|
||||||||||
Interest rate contracts
|
|
$
|
(79
|
)
|
|
$
|
(220
|
)
|
|
Other income
|
|
$
|
5
|
|
|
$
|
60
|
|
|
Gross Amounts of Recognized 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
|
|
|
|
Financial Instruments
|
|
Cash Collateral Received
|
|
||||||||||||||
As of September 30, 2015
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest rate contracts
|
$
|
6
|
|
|
—
|
|
|
$
|
6
|
|
|
$
|
(3
|
)
|
|
—
|
|
|
$
|
3
|
|
Energy management contracts
|
15
|
|
|
—
|
|
|
15
|
|
|
—
|
|
|
—
|
|
|
15
|
|
||||
Total
|
$
|
21
|
|
|
—
|
|
|
$
|
21
|
|
|
$
|
(3
|
)
|
|
—
|
|
|
$
|
18
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Balance sheet location
|
Other current assets
|
|
$
|
10
|
|
|
|
|
|
|
|
||||||||||
|
Other deferred debits and other assets
|
|
11
|
|
|
|
|
|
|
|
|||||||||||
|
Total
|
|
|
|
$
|
21
|
|
|
|
|
|
|
|
As of December 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Commodity contracts
|
$
|
1
|
|
|
—
|
|
|
$
|
1
|
|
|
—
|
|
|
—
|
|
|
$
|
1
|
|
Energy management contracts
|
20
|
|
|
—
|
|
|
20
|
|
|
—
|
|
|
—
|
|
|
20
|
|
|||
Total
|
$
|
21
|
|
|
—
|
|
|
$
|
21
|
|
|
—
|
|
|
—
|
|
|
$
|
21
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Balance sheet location
|
Other current assets
|
|
$
|
16
|
|
|
|
|
|
|
|
|||||||||
|
Other deferred debits and other assets
|
|
5
|
|
|
|
|
|
|
|
||||||||||
|
Total
|
|
|
|
$
|
21
|
|
|
|
|
|
|
|
|
Gross Amounts of Recognized 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
|
|
|
|
Financial Instruments
|
|
Cash Collateral Posted
|
|
|||||||||||||||
As of September 30, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Interest rate contracts
|
$
|
202
|
|
|
—
|
|
|
$
|
202
|
|
|
$
|
(3
|
)
|
|
$
|
(135
|
)
|
|
$
|
64
|
|
Commodity contracts
|
7
|
|
|
—
|
|
|
7
|
|
|
—
|
|
|
(6
|
)
|
|
1
|
|
|||||
Energy management contracts
|
14
|
|
|
—
|
|
|
14
|
|
|
—
|
|
|
(7
|
)
|
|
7
|
|
|||||
Total
|
$
|
223
|
|
|
—
|
|
|
$
|
223
|
|
|
$
|
(3
|
)
|
|
$
|
(148
|
)
|
|
$
|
72
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Balance sheet location
|
Other current assets
|
|
$
|
3
|
|
|
|
|
|
|
|
|||||||||||
|
Derivative financial instruments
|
|
125
|
|
|
|
|
|
|
|
||||||||||||
|
Other deferred credits and other liabilities
|
|
95
|
|
|
|
|
|
|
|
||||||||||||
|
Total
|
|
|
|
$
|
223
|
|
|
|
|
|
|
|
As of December 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest rate contracts
|
$
|
257
|
|
|
—
|
|
|
$
|
257
|
|
|
—
|
|
|
$
|
(131
|
)
|
|
$
|
126
|
|
Commodity contracts
|
12
|
|
|
—
|
|
|
12
|
|
|
—
|
|
|
(10
|
)
|
|
2
|
|
||||
Energy management contracts
|
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
|
|
|
|
|
|
|
|
7.
|
FAIR VALUE MEASUREMENTS, INCLUDING DERIVATIVES
|
|
|
As of September 30, 2015
|
|
As of December 31, 2014
|
||||||||||||
Millions of dollars
|
|
Level 1
|
|
Level 2
|
|
Level 1
|
|
Level 2
|
||||||||
Assets:
|
|
|
|
|
|
|
|
|
||||||||
Available for sale securities
|
|
$
|
13
|
|
|
—
|
|
|
$
|
13
|
|
|
—
|
|
||
Interest rate contracts
|
|
—
|
|
|
$
|
6
|
|
|
—
|
|
|
—
|
|
|||
Commodity contracts
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
||||
Energy management contracts
|
|
—
|
|
|
15
|
|
|
—
|
|
|
$
|
20
|
|
|||
Liabilities:
|
|
|
|
|
|
|
|
|
||||||||
Interest rate contracts
|
|
—
|
|
|
202
|
|
|
—
|
|
|
257
|
|
||||
Commodity contracts
|
|
1
|
|
|
6
|
|
|
1
|
|
|
11
|
|
||||
Energy management contracts
|
|
2
|
|
|
15
|
|
|
5
|
|
|
18
|
|
|
|
September 30, 2015
|
|
December 31, 2014
|
||||||||||||
Millions of dollars
|
|
Carrying
Amount
|
|
Estimated
Fair Value
|
|
Carrying
Amount
|
|
Estimated
Fair Value
|
||||||||
Long-term debt
|
|
$
|
6,034.3
|
|
|
$
|
6,623.3
|
|
|
$
|
5,697.2
|
|
|
$
|
6,592.1
|
|
8.
|
EMPLOYEE BENEFIT PLANS
|
|
|
Pension Benefits
|
|
Other Postretirement Benefits
|
||||||||||||
Millions of dollars
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
Three months ended September 30,
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Service cost
|
|
$
|
6.6
|
|
|
$
|
5.0
|
|
|
$
|
1.2
|
|
|
$
|
0.9
|
|
Interest cost
|
|
9.6
|
|
|
9.9
|
|
|
2.8
|
|
|
2.8
|
|
||||
Expected return on assets
|
|
(15.5
|
)
|
|
(16.4
|
)
|
|
—
|
|
|
—
|
|
||||
Prior service cost amortization
|
|
1.0
|
|
|
1.1
|
|
|
0.1
|
|
|
0.1
|
|
||||
Amortization of actuarial losses (gains)
|
|
3.2
|
|
|
0.9
|
|
|
0.4
|
|
|
(0.2
|
)
|
||||
Net periodic benefit cost
|
|
$
|
4.9
|
|
|
$
|
0.5
|
|
|
$
|
4.5
|
|
|
$
|
3.6
|
|
Nine months ended September 30,
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Service cost
|
|
$
|
18.1
|
|
|
$
|
15.0
|
|
|
$
|
4.0
|
|
|
$
|
3.4
|
|
Interest cost
|
|
28.7
|
|
|
30.3
|
|
|
8.6
|
|
|
9.0
|
|
||||
Expected return on assets
|
|
(46.5
|
)
|
|
(50.0
|
)
|
|
—
|
|
|
—
|
|
||||
Prior service cost amortization
|
|
3.0
|
|
|
3.1
|
|
|
0.3
|
|
|
0.3
|
|
||||
Amortization of actuarial losses
|
|
10.2
|
|
|
3.5
|
|
|
1.5
|
|
|
—
|
|
||||
Net periodic benefit cost
|
|
$
|
13.5
|
|
|
$
|
1.9
|
|
|
$
|
14.4
|
|
|
$
|
12.7
|
|
9.
|
COMMITMENTS AND CONTINGENCIES
|
Millions of dollars
|
|
September 30, 2015
|
|
December 31, 2014
|
||||
Beginning balance
|
|
$
|
563
|
|
|
$
|
576
|
|
Liabilities incurred
|
|
—
|
|
|
3
|
|
||
Liabilities settled
|
|
(15
|
)
|
|
(6
|
)
|
||
Accretion expense
|
|
20
|
|
|
26
|
|
||
Revisions in estimated cash flows
|
|
(79
|
)
|
|
(36
|
)
|
||
Ending balance
|
|
$
|
489
|
|
|
$
|
563
|
|
10.
|
SEGMENT OF BUSINESS INFORMATION
|
Millions of dollars
|
|
External
Revenue
|
|
Intersegment Revenue
|
|
Operating
Income
|
|
Net
Income
|
||||||||
Three Months Ended September 30, 2015
|
|
|
|
|
|
|
|
|
||||||||
Electric Operations
|
|
$
|
742
|
|
|
$
|
1
|
|
|
$
|
313
|
|
|
n/a
|
|
|
Gas Distribution
|
|
112
|
|
|
2
|
|
|
(13
|
)
|
|
n/a
|
|
||||
Retail Gas Marketing
|
|
68
|
|
|
—
|
|
|
n/a
|
|
|
$
|
(3
|
)
|
|||
Energy Marketing
|
|
146
|
|
|
34
|
|
|
n/a
|
|
|
(1
|
)
|
||||
All Other
|
|
—
|
|
|
102
|
|
|
—
|
|
|
(9
|
)
|
||||
Adjustments/Eliminations
|
|
—
|
|
|
(139
|
)
|
|
(8
|
)
|
|
162
|
|
||||
Consolidated Total
|
|
$
|
1,068
|
|
|
$
|
—
|
|
|
$
|
292
|
|
|
$
|
149
|
|
Nine Months Ended September 30, 2015
|
|
|
|
|
|
|
|
|
||||||||
Electric Operations
|
|
$
|
2,008
|
|
|
$
|
4
|
|
|
$
|
728
|
|
|
n/a
|
|
|
Gas Distribution
|
|
609
|
|
|
2
|
|
|
88
|
|
|
n/a
|
|
||||
Retail Gas Marketing
|
|
344
|
|
|
—
|
|
|
n/a
|
|
|
$
|
18
|
|
|||
Energy Marketing
|
|
461
|
|
|
101
|
|
|
n/a
|
|
|
8
|
|
||||
All Other
|
|
5
|
|
|
309
|
|
|
237
|
|
|
188
|
|
||||
Adjustments/Eliminations
|
|
(4
|
)
|
|
(416
|
)
|
|
42
|
|
|
434
|
|
||||
Consolidated Total
|
|
$
|
3,423
|
|
|
$
|
—
|
|
|
$
|
1,095
|
|
|
$
|
648
|
|
Three Months Ended September 30, 2014
|
|
|
|
|
|
|
|
|
||||||||
Electric Operations
|
|
$
|
739
|
|
|
$
|
1
|
|
|
$
|
275
|
|
|
n/a
|
|
|
Gas Distribution
|
|
127
|
|
|
—
|
|
|
(6
|
)
|
|
n/a
|
|
||||
Retail Gas Marketing
|
|
68
|
|
|
—
|
|
|
n/a
|
|
|
$
|
(3
|
)
|
|||
Energy Marketing
|
|
182
|
|
|
47
|
|
|
n/a
|
|
|
(2
|
)
|
||||
All Other
|
|
9
|
|
|
103
|
|
|
7
|
|
|
(5
|
)
|
||||
Adjustments/Eliminations
|
|
(4
|
)
|
|
(151
|
)
|
|
(7
|
)
|
|
154
|
|
||||
Consolidated Total
|
|
$
|
1,121
|
|
|
$
|
—
|
|
|
$
|
269
|
|
|
$
|
144
|
|
Nine Months Ended September 30, 2014
|
|
|
|
|
|
|
|
|
||||||||
Electric Operations
|
|
$
|
2,027
|
|
|
$
|
5
|
|
|
$
|
616
|
|
|
n/a
|
|
|
Gas Distribution
|
|
728
|
|
|
—
|
|
|
98
|
|
|
n/a
|
|
||||
Retail Gas Marketing
|
|
367
|
|
|
—
|
|
|
n/a
|
|
|
$
|
16
|
|
|||
Energy Marketing
|
|
602
|
|
|
154
|
|
|
n/a
|
|
|
5
|
|
||||
All Other
|
|
27
|
|
|
317
|
|
|
21
|
|
|
(3
|
)
|
||||
Adjustments/Eliminations
|
|
(15
|
)
|
|
(476
|
)
|
|
37
|
|
|
415
|
|
||||
Consolidated Total
|
|
$
|
3,736
|
|
|
$
|
—
|
|
|
$
|
772
|
|
|
$
|
433
|
|
|
|
September 30,
|
|
December 31,
|
||||
Segment Assets
|
|
2015
|
|
2014
|
||||
Electric Operations
|
|
$
|
10,531
|
|
|
$
|
10,182
|
|
Gas Distribution
|
|
2,498
|
|
|
2,487
|
|
||
Retail Gas Marketing
|
|
107
|
|
|
140
|
|
||
Energy Marketing
|
|
102
|
|
|
150
|
|
||
All Other
|
|
998
|
|
|
1,474
|
|
||
Adjustments/Eliminations
|
|
2,270
|
|
|
2,419
|
|
||
Consolidated Total
|
|
$
|
16,506
|
|
|
$
|
16,852
|
|
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
|
|
|
|
Third Quarter
|
|
Year to Date
|
||||||||||||
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
GAAP earnings per share
|
|
$
|
1.04
|
|
|
$
|
1.01
|
|
|
$
|
4.53
|
|
|
$
|
3.06
|
|
Deduct:
|
|
|
|
|
|
|
|
|
||||||||
Gain on sale of CGT
|
|
—
|
|
|
—
|
|
|
0.95
|
|
|
—
|
|
||||
Gain on sale of SCI
|
|
—
|
|
|
—
|
|
|
0.46
|
|
|
—
|
|
||||
SCE&G Electric - effect of abnormal weather
|
|
0.11
|
|
|
0.07
|
|
|
0.22
|
|
|
0.23
|
|
||||
GAAP-adjusted weather-normalized net earnings per share
|
|
$
|
0.93
|
|
|
$
|
0.94
|
|
|
$
|
2.90
|
|
|
$
|
2.83
|
|
Declaration Date
|
|
Dividend Per Share
|
|
Record Date
|
|
Payment Date
|
February 20, 2015
|
|
$0.545
|
|
March 10, 2015
|
|
April 1, 2015
|
April 30, 2015
|
|
$0.545
|
|
June 10, 2015
|
|
July 1, 2015
|
July 30, 2015
|
|
$0.545
|
|
September 10, 2015
|
|
October 1, 2015
|
October 29, 2015
|
|
$0.545
|
|
December 10, 2015
|
|
January 1, 2016
|
|
|
Third Quarter
|
|
Year to Date
|
||||||||||||||||||
Millions of dollars
|
|
2015
|
|
Change
|
|
2014
|
|
2015
|
|
Change
|
|
2014
|
||||||||||
Operating revenues
|
|
$
|
743.6
|
|
|
0.4
|
%
|
|
$
|
740.4
|
|
|
$
|
2,012.7
|
|
|
(1.0
|
)%
|
|
$
|
2,032.7
|
|
Less: Fuel used in generation
|
|
186.7
|
|
|
(12.5
|
)%
|
|
213.3
|
|
|
524.8
|
|
|
(18.0
|
)%
|
|
639.9
|
|
||||
Purchased power
|
|
14.0
|
|
|
6.9
|
%
|
|
13.1
|
|
|
38.3
|
|
|
(29.6
|
)%
|
|
54.4
|
|
||||
Margin
|
|
542.9
|
|
|
5.6
|
%
|
|
514.0
|
|
|
1,449.6
|
|
|
8.3
|
%
|
|
1,338.4
|
|
||||
Other operation and maintenance expenses
|
|
126.3
|
|
|
8.8
|
%
|
|
116.1
|
|
|
367.3
|
|
|
3.1
|
%
|
|
356.4
|
|
||||
Depreciation and amortization
|
|
55.2
|
|
|
(26.5
|
)%
|
|
75.1
|
|
|
207.5
|
|
|
(11.2
|
)%
|
|
233.8
|
|
||||
Other taxes
|
|
48.6
|
|
|
1.5
|
%
|
|
47.9
|
|
|
146.6
|
|
|
3.0
|
%
|
|
142.3
|
|
||||
Operating Income
|
|
$
|
312.8
|
|
|
13.8
|
%
|
|
$
|
274.9
|
|
|
$
|
728.2
|
|
|
20.2
|
%
|
|
$
|
605.9
|
|
|
|
Third Quarter
|
|
Year to Date
|
||||||||||||||
Classification
|
|
2015
|
|
Change
|
|
2014
|
|
2015
|
|
Change
|
|
2014
|
||||||
Residential
|
|
2,426
|
|
|
4.8
|
%
|
|
2,315
|
|
|
6,425
|
|
|
0.9
|
%
|
|
6,370
|
|
Commercial
|
|
2,143
|
|
|
2.0
|
%
|
|
2,100
|
|
|
5,754
|
|
|
1.4
|
%
|
|
5,676
|
|
Industrial
|
|
1,660
|
|
|
(0.5
|
)%
|
|
1,668
|
|
|
4,726
|
|
|
1.4
|
%
|
|
4,662
|
|
Other
|
|
165
|
|
|
(2.9
|
)%
|
|
170
|
|
|
458
|
|
|
(0.2
|
)%
|
|
459
|
|
Total Retail Sales
|
|
6,394
|
|
|
2.3
|
%
|
|
6,253
|
|
|
17,363
|
|
|
1.1
|
%
|
|
17,167
|
|
Wholesale
|
|
266
|
|
|
3.1
|
%
|
|
258
|
|
|
749
|
|
|
1.6
|
%
|
|
737
|
|
Total Sales
|
|
6,660
|
|
|
2.3
|
%
|
|
6,511
|
|
|
18,112
|
|
|
1.2
|
%
|
|
17,904
|
|
|
|
Third Quarter
|
|
Year to Date
|
||||||||||||||||||
Millions of dollars
|
|
2015
|
|
Change
|
|
2014
|
|
2015
|
|
Change
|
|
2014
|
||||||||||
Operating revenues
|
|
$
|
112.1
|
|
|
(12.4
|
)%
|
|
$
|
127.9
|
|
|
$
|
610.7
|
|
|
(16.3
|
)%
|
|
$
|
729.5
|
|
Less: Gas purchased for resale
|
|
53.9
|
|
|
(22.3
|
)%
|
|
69.4
|
|
|
317.9
|
|
|
(27.4
|
)%
|
|
437.6
|
|
||||
Margin
|
|
58.2
|
|
|
(0.5
|
)%
|
|
58.5
|
|
|
292.8
|
|
|
0.3
|
%
|
|
291.9
|
|
||||
Other operation and maintenance expenses
|
|
42.6
|
|
|
15.8
|
%
|
|
36.8
|
|
|
119.4
|
|
|
5.3
|
%
|
|
113.4
|
|
||||
Depreciation and amortization
|
|
19.4
|
|
|
6.6
|
%
|
|
18.2
|
|
|
57.7
|
|
|
6.9
|
%
|
|
54.0
|
|
||||
Other taxes
|
|
9.3
|
|
|
6.9
|
%
|
|
8.7
|
|
|
28.0
|
|
|
6.9
|
%
|
|
26.2
|
|
||||
Operating Income (Loss)
|
|
$
|
(13.1
|
)
|
|
151.9
|
%
|
|
$
|
(5.2
|
)
|
|
$
|
87.7
|
|
|
(10.8
|
)%
|
|
$
|
98.3
|
|
|
|
Third Quarter
|
|
Year to Date
|
||||||||||||||
Classification (in thousands)
|
|
2015
|
|
Change
|
|
2014
|
|
2015
|
|
Change
|
|
2014
|
||||||
Residential
|
|
2,069
|
|
|
(3.7
|
)%
|
|
2,149
|
|
|
29,786
|
|
|
(4.4
|
)%
|
|
31,165
|
|
Commercial
|
|
4,329
|
|
|
(1.5
|
)%
|
|
4,396
|
|
|
21,233
|
|
|
(2.6
|
)%
|
|
21,808
|
|
Industrial
|
|
4,786
|
|
|
0.8
|
%
|
|
4,749
|
|
|
15,024
|
|
|
(0.7
|
)%
|
|
15,128
|
|
Transportation
|
|
13,610
|
|
|
20.0
|
%
|
|
11,341
|
|
|
36,101
|
|
|
9.7
|
%
|
|
32,912
|
|
Total
|
|
24,794
|
|
|
9.5
|
%
|
|
22,635
|
|
|
102,144
|
|
|
1.1
|
%
|
|
101,013
|
|
|
|
Third Quarter
|
|
Year to Date
|
||||||||||||||||||
Millions of dollars
|
|
2015
|
|
Change
|
|
2014
|
|
2015
|
|
Change
|
|
2014
|
||||||||||
Operating revenues
|
|
$
|
67.9
|
|
|
(0.7
|
)%
|
|
$
|
68.4
|
|
|
$
|
344.0
|
|
|
(6.4
|
)%
|
|
$
|
367.4
|
|
Net income (loss)
|
|
(3.9
|
)
|
|
39.3
|
%
|
|
(2.8
|
)
|
|
17.6
|
|
|
7.3
|
%
|
|
16.4
|
|
|
|
Third Quarter
|
|
Year to Date
|
||||||||||||||||||
Millions of dollars
|
|
2015
|
|
Change
|
|
2014
|
|
2015
|
|
Change
|
|
2014
|
||||||||||
Operating revenues
|
|
$
|
180.4
|
|
|
(21.2
|
)%
|
|
$
|
228.8
|
|
|
$
|
562.5
|
|
|
(25.6
|
)%
|
|
$
|
756.1
|
|
Net income (loss)
|
|
(0.6
|
)
|
|
(76.9
|
)%
|
|
(2.6
|
)
|
|
8.1
|
|
|
58.8
|
%
|
|
5.1
|
|
|
|
Third Quarter
|
|
Year to Date
|
||||||||||||||||||
Millions of dollars
|
|
2015
|
|
Change
|
|
2014
|
|
2015
|
|
Change
|
|
2014
|
||||||||||
Other operation and maintenance
|
|
$
|
181.8
|
|
|
7.4
|
%
|
|
$
|
169.2
|
|
|
$
|
527.0
|
|
|
0.8
|
%
|
|
$
|
522.9
|
|
Depreciation and amortization
|
|
75.0
|
|
|
(21.8
|
)%
|
|
95.9
|
|
|
267.3
|
|
|
(6.6
|
)%
|
|
286.1
|
|
||||
Other taxes
|
|
58.3
|
|
|
0.2
|
%
|
|
58.2
|
|
|
176.3
|
|
|
1.4
|
%
|
|
173.8
|
|
|
|
Third Quarter
|
|
Year to Date
|
||||||||||||||||||
Millions of dollars
|
|
2015
|
|
Change
|
|
2014
|
|
2015
|
|
Change
|
|
2014
|
||||||||||
Other income
|
|
$
|
18.5
|
|
|
3.4
|
%
|
|
$
|
17.9
|
|
|
$
|
55.6
|
|
|
(46.0
|
)%
|
|
$
|
103.0
|
|
Other expense
|
|
(16.4
|
)
|
|
37.8
|
%
|
|
(11.9
|
)
|
|
(43.5
|
)
|
|
12.7
|
%
|
|
(38.6
|
)
|
||||
AFC - equity funds
|
|
8.2
|
|
|
(24.1
|
)%
|
|
10.8
|
|
|
19.9
|
|
|
(22.3
|
)%
|
|
25.6
|
|
|
|
Expected Maturity
|
||||||||||
Swaps
|
|
2015
|
|
2016
|
|
2017
|
|
2018
|
||||
Commodity Swaps:
|
|
|
|
|
|
|
|
|
|
|
|
|
Pay fixed/receive variable (b)
|
|
23.4
|
|
|
51.8
|
|
|
7.3
|
|
|
3.7
|
|
Average pay rate (a)
|
|
3.4295
|
|
|
3.4853
|
|
|
4.0251
|
|
|
4.1974
|
|
Average received rate (a)
|
|
2.6239
|
|
|
2.8108
|
|
|
3.0169
|
|
|
3.0498
|
|
Fair value (b)
|
|
17.9
|
|
|
41.8
|
|
|
5.5
|
|
|
2.7
|
|
Pay variable/receive fixed (b)
|
|
9.3
|
|
|
25.1
|
|
|
5.3
|
|
|
2.6
|
|
Average pay rate (a)
|
|
2.6155
|
|
|
2.8063
|
|
|
3.0133
|
|
|
3.0485
|
|
Average received rate (a)
|
|
3.6083
|
|
|
3.6926
|
|
|
4.0385
|
|
|
4.2471
|
|
Fair value (b)
|
|
12.8
|
|
|
33.1
|
|
|
7.1
|
|
|
3.6
|
|
|
|
|
|
|
|
|
|
|
||||
Basis Swaps:
|
|
|
|
|
|
|
|
|
|
|
|
|
Pay variable/receive variable (b)
|
|
1.7
|
|
|
0.9
|
|
|
0.8
|
|
|
—
|
|
Average pay rate (a)
|
|
2.6058
|
|
|
2.8875
|
|
|
3.1687
|
|
|
—
|
|
Average received rate (a)
|
|
2.5905
|
|
|
2.8576
|
|
|
3.1678
|
|
|
—
|
|
Fair value (b)
|
|
1.7
|
|
|
0.9
|
|
|
0.8
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Weighted average, in dollars
|
|
|
|
|
|
|
|
|
||||
(b) Millions of dollars
|
|
|
|
|
|
|
|
|
|
|
|
|
ITEM 4.
|
CONTROLS AND PROCEDURES
|
Millions of dollars
|
|
September 30,
2015 |
|
December 31,
2014 |
||||
Assets
|
|
|
|
|
|
|
||
Utility Plant In Service
|
|
$
|
11,007
|
|
|
$
|
10,650
|
|
Accumulated Depreciation and Amortization
|
|
(3,830
|
)
|
|
(3,667
|
)
|
||
Construction Work in Progress
|
|
3,734
|
|
|
3,302
|
|
||
Plant to be Retired, Net
|
|
—
|
|
|
169
|
|
||
Nuclear Fuel, Net of Accumulated Amortization
|
|
305
|
|
|
329
|
|
||
Utility Plant, Net ($694 and $675 related to VIEs)
|
|
11,216
|
|
|
10,783
|
|
||
Nonutility Property and Investments:
|
|
|
|
|
|
|
||
Nonutility property, net of accumulated depreciation
|
|
67
|
|
|
67
|
|
||
Assets held in trust, net-nuclear decommissioning
|
|
113
|
|
|
113
|
|
||
Other investments
|
|
2
|
|
|
2
|
|
||
Nonutility Property and Investments, Net
|
|
182
|
|
|
182
|
|
||
Current Assets:
|
|
|
|
|
|
|
||
Cash and cash equivalents
|
|
30
|
|
|
100
|
|
||
Receivables, net of allowance for uncollectible accounts of $4 and $4
|
|
462
|
|
|
524
|
|
||
Affiliated receivables
|
|
22
|
|
|
109
|
|
||
Inventories (at average cost):
|
|
|
|
|
|
|
||
Fuel and gas supply
|
|
102
|
|
|
131
|
|
||
Materials and supplies
|
|
136
|
|
|
129
|
|
||
Prepayments
|
|
100
|
|
|
154
|
|
||
Other current assets
|
|
80
|
|
|
99
|
|
||
Total Current Assets ($100 and $158 related to VIEs)
|
|
932
|
|
|
1,246
|
|
||
Deferred Debits and Other Assets:
|
|
|
|
|
|
|
||
Pension asset
|
|
9
|
|
|
10
|
|
||
Regulatory assets
|
|
1,808
|
|
|
1,745
|
|
||
Other
|
|
165
|
|
|
141
|
|
||
Total Deferred Debits and Other Assets ($52 and $50 related to VIEs)
|
|
1,982
|
|
|
1,896
|
|
||
Total
|
|
$
|
14,312
|
|
|
$
|
14,107
|
|
Millions of dollars
|
|
September 30,
2015 |
|
December 31,
2014 |
||||
Capitalization and Liabilities
|
|
|
|
|
||||
Common Stock - no par value, 40.3 million shares outstanding
|
|
$
|
2,756
|
|
|
$
|
2,560
|
|
Retained Earnings
|
|
2,266
|
|
|
2,077
|
|
||
Accumulated Other Comprehensive Loss
|
|
(3
|
)
|
|
(3
|
)
|
||
Total Common Equity
|
|
5,019
|
|
|
4,634
|
|
||
Noncontrolling Interest
|
|
129
|
|
|
123
|
|
||
Total Equity
|
|
5,148
|
|
|
4,757
|
|
||
Long-Term Debt, net
|
|
4,790
|
|
|
4,299
|
|
||
Total Capitalization
|
|
9,938
|
|
|
9,056
|
|
||
Current Liabilities:
|
|
|
|
|
||||
Short-term borrowings
|
|
234
|
|
|
709
|
|
||
Current portion of long-term debt
|
|
10
|
|
|
10
|
|
||
Accounts payable
|
|
184
|
|
|
294
|
|
||
Affiliated payables
|
|
125
|
|
|
180
|
|
||
Customer deposits and customer prepayments
|
|
69
|
|
|
61
|
|
||
Taxes accrued
|
|
279
|
|
|
170
|
|
||
Interest accrued
|
|
66
|
|
|
64
|
|
||
Dividends declared
|
|
71
|
|
|
74
|
|
||
Derivative financial instruments
|
|
108
|
|
|
208
|
|
||
Other
|
|
76
|
|
|
99
|
|
||
Total Current Liabilities
|
|
1,222
|
|
|
1,869
|
|
||
Deferred Credits and Other Liabilities:
|
|
|
|
|
||||
Deferred income taxes, net
|
|
1,682
|
|
|
1,696
|
|
||
Deferred investment tax credits
|
|
26
|
|
|
28
|
|
||
Asset retirement obligations
|
|
460
|
|
|
536
|
|
||
Postretirement benefits
|
|
198
|
|
|
195
|
|
||
Regulatory liabilities
|
|
641
|
|
|
610
|
|
||
Other
|
|
145
|
|
|
117
|
|
||
Total Deferred Credits and Other Liabilities
|
|
3,152
|
|
|
3,182
|
|
||
Commitments and Contingencies (Note 9)
|
|
—
|
|
|
—
|
|
||
Total
|
|
$
|
14,312
|
|
|
$
|
14,107
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
September 30,
|
|
September 30,
|
||||||||||||
Millions of dollars
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
Operating Revenues:
|
|
|
|
|
|
|
|
|
|
|||||||
Electric
|
|
$
|
743
|
|
|
$
|
740
|
|
|
$
|
2,013
|
|
|
$
|
2,032
|
|
Gas
|
|
63
|
|
|
72
|
|
|
275
|
|
|
337
|
|
||||
Total Operating Revenues
|
|
806
|
|
|
812
|
|
|
2,288
|
|
|
2,369
|
|
||||
Operating Expenses:
|
|
|
|
|
|
|
|
|
|
|||||||
Fuel used in electric generation
|
|
187
|
|
|
213
|
|
|
525
|
|
|
640
|
|
||||
Purchased power
|
|
14
|
|
|
13
|
|
|
38
|
|
|
54
|
|
||||
Gas purchased for resale
|
|
37
|
|
|
46
|
|
|
151
|
|
|
210
|
|
||||
Other operation and maintenance
|
|
148
|
|
|
136
|
|
|
428
|
|
|
415
|
|
||||
Depreciation and amortization
|
|
59
|
|
|
79
|
|
|
220
|
|
|
236
|
|
||||
Other taxes
|
|
54
|
|
|
53
|
|
|
163
|
|
|
158
|
|
||||
Total Operating Expenses
|
|
499
|
|
|
540
|
|
|
1,525
|
|
|
1,713
|
|
||||
Operating Income
|
|
307
|
|
|
272
|
|
|
763
|
|
|
656
|
|
||||
Other Income (Expense):
|
|
|
|
|
|
|
|
|
|
|||||||
Other income
|
|
6
|
|
|
9
|
|
|
24
|
|
|
71
|
|
||||
Other expense
|
|
(7
|
)
|
|
(7
|
)
|
|
(21
|
)
|
|
(19
|
)
|
||||
Interest charges, net of allowance for borrowed funds used during construction of $4, $5, $11 and $11
|
|
(63
|
)
|
|
(57
|
)
|
|
(183
|
)
|
|
(169
|
)
|
||||
Allowance for equity funds used during construction
|
|
8
|
|
|
10
|
|
|
18
|
|
|
22
|
|
||||
Total Other Income (Expense)
|
|
(56
|
)
|
|
(45
|
)
|
|
(162
|
)
|
|
(95
|
)
|
||||
Income Before Income Tax Expense
|
|
251
|
|
|
227
|
|
|
601
|
|
|
561
|
|
||||
Income Tax Expense
|
|
84
|
|
|
70
|
|
|
196
|
|
|
178
|
|
||||
Net Income
|
|
167
|
|
|
157
|
|
|
405
|
|
|
383
|
|
||||
Net Income Attributable to Noncontrolling Interest
|
|
(3
|
)
|
|
(3
|
)
|
|
(11
|
)
|
|
(9
|
)
|
||||
Earnings Available to Common Shareholder
|
|
$
|
164
|
|
|
$
|
154
|
|
|
$
|
394
|
|
|
$
|
374
|
|
|
|
|
|
|
|
|
|
|
||||||||
Dividends Declared on Common Stock
|
|
$
|
71
|
|
|
$
|
69
|
|
|
$
|
211
|
|
|
$
|
197
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
Millions of dollars
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
Net Income and Total Comprehensive Income
|
|
167
|
|
|
157
|
|
|
405
|
|
|
383
|
|
||||
Comprehensive income attributable to noncontrolling interest
|
|
(3
|
)
|
|
(3
|
)
|
|
(11
|
)
|
|
(9
|
)
|
||||
Comprehensive income available to common shareholder
|
|
$
|
164
|
|
|
$
|
154
|
|
|
$
|
394
|
|
|
$
|
374
|
|
|
|
Nine Months Ended September 30,
|
||||||
Millions of dollars
|
|
2015
|
|
2014
|
||||
Cash Flows From Operating Activities:
|
|
|
|
|
||||
Net income
|
|
$
|
405
|
|
|
$
|
383
|
|
Adjustments to reconcile net income to net cash provided from operating activities:
|
|
|
|
|
||||
Losses from equity method investments
|
|
3
|
|
|
4
|
|
||
Deferred income taxes, net
|
|
(14
|
)
|
|
76
|
|
||
Depreciation and amortization
|
|
221
|
|
|
236
|
|
||
Amortization of nuclear fuel
|
|
41
|
|
|
31
|
|
||
Allowance for equity funds used during construction
|
|
(18
|
)
|
|
(22
|
)
|
||
Carrying cost recovery
|
|
(9
|
)
|
|
(7
|
)
|
||
Changes in certain assets and liabilities:
|
|
|
|
|
||||
Receivables
|
|
46
|
|
|
(34
|
)
|
||
Inventories
|
|
(15
|
)
|
|
(36
|
)
|
||
Prepayments
|
|
63
|
|
|
(24
|
)
|
||
Regulatory assets
|
|
90
|
|
|
(170
|
)
|
||
Regulatory liabilities
|
|
6
|
|
|
(130
|
)
|
||
Accounts payable
|
|
(21
|
)
|
|
11
|
|
||
Taxes accrued
|
|
109
|
|
|
(70
|
)
|
||
Pension and other post retirement benefits
|
|
(2
|
)
|
|
(12
|
)
|
||
Derivative financial instruments
|
|
(100
|
)
|
|
103
|
|
||
Other assets
|
|
58
|
|
|
27
|
|
||
Other liabilities
|
|
(61
|
)
|
|
58
|
|
||
Net Cash Provided From Operating Activities
|
|
802
|
|
|
424
|
|
||
Cash Flows From Investing Activities:
|
|
|
|
|
||||
Property additions and construction expenditures
|
|
(748
|
)
|
|
(678
|
)
|
||
Proceeds from investments (including derivative collateral returned)
|
|
768
|
|
|
163
|
|
||
Purchase of investments (including derivative collateral posted)
|
|
(776
|
)
|
|
(202
|
)
|
||
Payments upon interest rate derivative contract settlement
|
|
(152
|
)
|
|
(34
|
)
|
||
Proceeds upon interest rate derivative contract settlement
|
|
10
|
|
|
—
|
|
||
Proceeds from investment in affiliate
|
|
80
|
|
|
—
|
|
||
Net Cash Used For Investing Activities
|
|
(818
|
)
|
|
(751
|
)
|
||
Cash Flows From Financing Activities:
|
|
|
|
|
||||
Proceeds from issuance of long-term debt
|
|
491
|
|
|
294
|
|
||
Repayment of long-term debt
|
|
(10
|
)
|
|
(12
|
)
|
||
Dividends
|
|
(214
|
)
|
|
(190
|
)
|
||
Contributions from parent
|
|
200
|
|
|
85
|
|
||
Return of capital to parent
|
|
(4
|
)
|
|
(3
|
)
|
||
Short-term borrowings –affiliate, net
|
|
(42
|
)
|
|
(7
|
)
|
||
Short-term borrowings, net
|
|
(475
|
)
|
|
110
|
|
||
Net Cash Provided From (Used For) Financing Activities
|
|
(54
|
)
|
|
277
|
|
||
Net Decrease In Cash and Cash Equivalents
|
|
(70
|
)
|
|
(50
|
)
|
||
Cash and Cash Equivalents, January 1
|
|
100
|
|
|
92
|
|
||
Cash and Cash Equivalents, September 30
|
|
$
|
30
|
|
|
$
|
42
|
|
|
|
|
|
|
||||
Supplemental Cash Flow Information:
|
|
|
|
|
||||
Cash paid for– Interest (net of capitalized interest of $11 and $11)
|
|
$
|
169
|
|
|
$
|
162
|
|
– Income taxes paid
|
|
89
|
|
|
143
|
|
||
– Income taxes received
|
|
(84
|
)
|
|
—
|
|
||
Noncash Investing and Financing Activities:
|
|
|
|
|
||||
Accrued construction expenditures
|
|
76
|
|
|
94
|
|
||
Capital leases
|
|
5
|
|
|
4
|
|
1.
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
2.
|
RATE AND OTHER REGULATORY MATTERS
|
Year
|
|
Effective
|
|
Amount
|
||
2015
|
|
First billing cycle of May
|
|
$
|
32.0
|
million
|
2014
|
|
First billing cycle of May
|
|
$
|
15.4
|
million
|
2013
|
|
First billing cycle of May
|
|
$
|
16.9
|
million
|
Year
|
|
Action
|
|
Amount
|
||||
2015
|
|
2.6
|
%
|
Increase
|
|
$
|
64.5
|
million
|
2014
|
|
2.8
|
%
|
Increase
|
|
$
|
66.2
|
million
|
2013
|
|
2.9
|
%
|
Increase
|
|
$
|
67.2
|
million
|
Year
|
|
Action
|
|
Amount
|
||||
2015
|
|
No change
|
|
-
|
||||
2014
|
|
0.6
|
%
|
Decrease
|
|
$
|
2.6
|
million
|
2013
|
|
No change
|
|
-
|
Millions of dollars
|
|
September 30,
2015 |
|
December 31,
2014 |
||||
Regulatory Assets:
|
|
|
|
|
|
|
||
Accumulated deferred income taxes
|
|
$
|
278
|
|
|
$
|
278
|
|
Under collections – electric fuel adjustment clause
|
|
—
|
|
|
20
|
|
||
Environmental remediation costs
|
|
35
|
|
|
36
|
|
||
AROs and related funding
|
|
356
|
|
|
347
|
|
||
Franchise agreements
|
|
23
|
|
|
26
|
|
||
Deferred employee benefit plan costs
|
|
296
|
|
|
310
|
|
||
Planned major maintenance
|
|
—
|
|
|
2
|
|
||
Deferred losses on interest rate derivatives
|
|
538
|
|
|
453
|
|
||
Deferred pollution control costs
|
|
35
|
|
|
36
|
|
||
Unrecovered plant
|
|
128
|
|
|
137
|
|
||
DSM Programs
|
|
59
|
|
|
56
|
|
||
Carrying costs on deferred tax assets related to nuclear construction
|
|
15
|
|
|
9
|
|
||
Other
|
|
45
|
|
|
35
|
|
||
Total Regulatory Assets
|
|
$
|
1,808
|
|
|
$
|
1,745
|
|
Regulatory Liabilities:
|
|
|
|
|
||||
Accumulated deferred income taxes
|
|
$
|
16
|
|
|
$
|
17
|
|
Asset removal costs
|
|
520
|
|
|
505
|
|
||
Storm damage reserve
|
|
6
|
|
|
6
|
|
||
Deferred gains on interest rate derivatives
|
|
87
|
|
|
82
|
|
||
Planned major maintenance
|
|
12
|
|
|
—
|
|
||
Total Regulatory Liabilities
|
|
$
|
641
|
|
|
$
|
610
|
|
3.
|
EQUITY
|
|
|
Common Stock
|
|
Retained
|
|
Accumulated Other Comprehensive
|
|
Noncontrolling
|
|
Total
|
|||||||||||||
Millions
|
|
Shares
|
|
Amount
|
|
Earnings
|
|
Income (Loss)
|
|
Interest
|
|
Equity
|
|||||||||||
Balance at January 1, 2015
|
|
40
|
|
|
$
|
2,560
|
|
|
$
|
2,077
|
|
|
$
|
(3
|
)
|
|
$
|
123
|
|
|
$
|
4,757
|
|
Earnings available to common shareholder
|
|
|
|
|
|
394
|
|
|
|
|
11
|
|
|
405
|
|
||||||||
Deferred cost of employee benefit plans
|
|
|
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|||||||||
Total Comprehensive Income
|
|
|
|
|
|
394
|
|
|
—
|
|
|
11
|
|
|
405
|
|
|||||||
Capital contributions from parent
|
|
|
|
196
|
|
|
|
|
|
|
|
|
196
|
|
|||||||||
Cash dividend declared
|
|
|
|
|
|
(205
|
)
|
|
|
|
(5
|
)
|
|
(210
|
)
|
||||||||
Balance at September 30, 2015
|
|
40
|
|
|
$
|
2,756
|
|
|
$
|
2,266
|
|
|
$
|
(3
|
)
|
|
$
|
129
|
|
|
$
|
5,148
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Balance at January 1, 2014
|
|
40
|
|
|
$
|
2,479
|
|
|
$
|
1,896
|
|
|
$
|
(3
|
)
|
|
$
|
117
|
|
|
$
|
4,489
|
|
Earnings available to common shareholder
|
|
|
|
|
|
374
|
|
|
|
|
9
|
|
|
383
|
|
||||||||
Deferred cost of employee benefit plans
|
|
|
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|||||||||
Total Comprehensive Income
|
|
|
|
|
|
374
|
|
|
—
|
|
|
9
|
|
|
383
|
|
|||||||
Capital contributions from parent
|
|
|
|
82
|
|
|
|
|
|
|
|
|
82
|
|
|||||||||
Cash dividend declared
|
|
|
|
|
|
(192
|
)
|
|
|
|
(5
|
)
|
|
(197
|
)
|
||||||||
Balance at September 30, 2014
|
|
40
|
|
|
$
|
2,561
|
|
|
$
|
2,078
|
|
|
$
|
(3
|
)
|
|
$
|
121
|
|
|
$
|
4,757
|
|
Millions of dollars
|
|
September 30,
2015 |
|
December 31,
2014 |
||||
Lines of credit:
|
|
|
|
|
||||
Total committed long-term
|
|
$
|
1,400
|
|
|
$
|
1,400
|
|
Outstanding commercial paper (270 or fewer days)
|
|
$
|
234
|
|
|
$
|
709
|
|
Weighted average interest rate
|
|
0.44
|
%
|
|
0.52
|
%
|
||
Letters of credit supported by LOC
|
|
$
|
0.3
|
|
|
$
|
0.3
|
|
Available
|
|
$
|
1,166
|
|
|
$
|
691
|
|
5.
|
INCOME TAXES
|
6.
|
DERIVATIVE FINANCIAL INSTRUMENTS
|
Fair Values of Derivative Instruments
|
|
|
|||||||||
|
|
|
|
Fair Value
|
|||||||
Millions of dollars
|
|
Balance Sheet Location
|
|
Asset
|
|
|
Liability
|
||||
As of September 30, 2015
|
|
|
|
|
|
|
|
||||
Designated as hedging instruments
|
|
|
|
|
|
|
|
||||
Interest rate contracts
|
|
Derivative financial instruments
|
|
|
|
|
|
$
|
1
|
|
|
|
|
Other deferred credits and other liabilities
|
|
|
|
|
|
10
|
|
||
Total
|
|
|
|
|
|
|
|
$
|
11
|
|
|
|
|
|
|
|
|
|
|
||||
Not designated as hedging instruments
|
|
|
|
|
|
||||||
Interest rate contracts
|
|
Derivative financial instruments
|
|
—
|
|
|
|
$
|
107
|
|
|
|
|
Other deferred debits and other assets
|
|
$
|
6
|
|
|
|
|
||
|
|
Other deferred credits and other liabilities
|
|
—
|
|
|
|
60
|
|
||
Total
|
|
|
|
$
|
6
|
|
|
|
$
|
167
|
|
|
|
|
|
|
|
|
|
||||
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
|
|
|
|
Loss Deferred in Regulatory Accounts
|
|
|
|
Loss Reclassified from Deferred Accounts into Income
|
||||||||||||
|
|
|
|
|||||||||||||||
|
|
(Effective Portion)
|
|
|
|
(Effective Portion)
|
||||||||||||
Millions of dollars
|
|
2015
|
|
|
2014
|
|
|
Location
|
|
2015
|
|
|
2014
|
|
||||
Three Months Ended September 30,
|
|
|
|
|
|
|
|
|
||||||||||
Interest rate contracts
|
|
$
|
(3
|
)
|
|
$
|
(1
|
)
|
|
Interest expense
|
|
$
|
(1
|
)
|
|
$
|
(1
|
)
|
Nine Months Ended September 30,
|
|
|
|
|
|
|
|
|
||||||||||
Interest rate contracts
|
|
$
|
(3
|
)
|
|
$
|
(5
|
)
|
|
Interest expense
|
|
$
|
(2
|
)
|
|
$
|
(2
|
)
|
|
|
Loss Deferred in Regulatory Accounts
|
|
|
|
Gain Reclassified from Deferred Accounts into Income
|
||||||||||||
Millions of dollars
|
|
2015
|
|
|
2014
|
|
|
Location
|
|
2015
|
|
|
2014
|
|
||||
Three Months Ended September 30,
|
|
|
|
|
|
|
|
|
||||||||||
Interest rate contracts
|
|
$
|
(116
|
)
|
|
$
|
(35
|
)
|
|
Other income
|
|
—
|
|
|
$
|
5
|
|
|
Nine Months Ended September 30,
|
|
|
|
|
|
|
|
|
||||||||||
Interest rate contracts
|
|
$
|
(79
|
)
|
|
$
|
(220
|
)
|
|
Other income
|
|
$
|
5
|
|
|
$
|
60
|
|
|
Gross Amounts of Recognized 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
|
|
|
|
Financial Instruments
|
|
Cash Collateral Received
|
|
||||||||||||||
As of September 30, 2015
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest rate contracts
|
$
|
6
|
|
|
—
|
|
|
$
|
6
|
|
|
$
|
(3
|
)
|
|
—
|
|
|
$
|
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Balance Sheet Location
|
Other deferred debits and other assets
|
|
$
|
6
|
|
|
|
|
|
|
|
|
Gross Amounts of Recognized 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
|
|
|
|
Financial Instruments
|
|
Cash Collateral Posted
|
|
|||||||||||||||
As of September 30, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Interest rate contracts
|
$
|
178
|
|
|
—
|
|
|
$
|
178
|
|
|
$
|
(3
|
)
|
|
$
|
(109
|
)
|
|
$
|
66
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Balance Sheet Location
|
Derivative financial instruments
|
|
$
|
108
|
|
|
|
|
|
|
|
|||||||||||
|
Other deferred credits and other liabilities
|
|
70
|
|
|
|
|
|
|
|
||||||||||||
|
Total
|
|
|
|
$
|
178
|
|
|
|
|
|
|
|
As of December 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest rate contracts
|
$
|
233
|
|
|
—
|
|
|
$
|
233
|
|
|
—
|
|
|
$
|
(107
|
)
|
|
$
|
126
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Balance Sheet Location
|
Derivative financial instruments
|
|
$
|
208
|
|
|
|
|
|
|
|
||||||||||
|
Other deferred credits and other liabilities
|
|
25
|
|
|
|
|
|
|
|
|||||||||||
|
Total
|
|
$
|
233
|
|
|
|
|
|
|
|
7.
|
FAIR VALUE MEASUREMENTS, INCLUDING DERIVATIVES
|
Millions of dollars
|
|
|
September 30, 2015
|
|
December 31, 2014
|
||||
Assets -
|
Interest rate contracts
|
|
$
|
6
|
|
|
—
|
|
|
Liabilities -
|
Interest rate contracts
|
|
178
|
|
|
$
|
233
|
|
|
|
September 30, 2015
|
|
December 31, 2014
|
||||||||||||
Millions of dollars
|
|
Carrying
Amount
|
|
Estimated
Fair
Value
|
|
Carrying
Amount
|
|
Estimated
Fair
Value
|
||||||||
Long-term debt
|
|
$
|
4,801.0
|
|
|
$
|
5,277.6
|
|
|
$
|
4,308.6
|
|
|
$
|
5,070.9
|
|
8.
|
EMPLOYEE BENEFIT PLANS
|
|
|
Pension Benefits
|
|
Other Postretirement Benefits
|
||||||||||||
Millions of dollars
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
Three months ended September 30,
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Service cost
|
|
$
|
5.3
|
|
|
$
|
4.0
|
|
|
$
|
1.0
|
|
|
$
|
0.7
|
|
Interest cost
|
|
8.1
|
|
|
8.4
|
|
|
2.2
|
|
|
2.3
|
|
||||
Expected return on assets
|
|
(13.0
|
)
|
|
(13.9
|
)
|
|
—
|
|
|
—
|
|
||||
Prior service cost amortization
|
|
0.8
|
|
|
0.9
|
|
|
0.1
|
|
|
—
|
|
||||
Amortization of actuarial losses (gains)
|
|
2.7
|
|
|
0.8
|
|
|
0.3
|
|
|
(0.2
|
)
|
||||
Net periodic benefit cost
|
|
$
|
3.9
|
|
|
$
|
0.2
|
|
|
$
|
3.6
|
|
|
$
|
2.8
|
|
Nine months ended September 30,
|
|
|
|
|
|
|
|
|
||||||||
Service cost
|
|
$
|
14.5
|
|
|
$
|
12.0
|
|
|
$
|
3.2
|
|
|
$
|
2.7
|
|
Interest cost
|
|
24.1
|
|
|
25.6
|
|
|
6.8
|
|
|
7.1
|
|
||||
Expected return on assets
|
|
(39.1
|
)
|
|
(42.2
|
)
|
|
—
|
|
|
—
|
|
||||
Prior service cost amortization
|
|
2.5
|
|
|
2.6
|
|
|
0.2
|
|
|
0.2
|
|
||||
Amortization of actuarial losses
|
|
8.6
|
|
|
3.0
|
|
|
1.2
|
|
|
—
|
|
||||
Net periodic benefit cost
|
|
$
|
10.6
|
|
|
$
|
1.0
|
|
|
$
|
11.4
|
|
|
$
|
10.0
|
|
9.
|
COMMITMENTS AND CONTINGENCIES
|
|
||||||||
Millions of dollars
|
|
September 30, 2015
|
|
December 31, 2014
|
||||
Beginning balance
|
|
$
|
536
|
|
|
$
|
547
|
|
Liabilities incurred
|
|
—
|
|
|
3
|
|
||
Liabilities settled
|
|
(15
|
)
|
|
(6
|
)
|
||
Accretion expense
|
|
18
|
|
|
25
|
|
||
Revisions in estimated cash flows
|
|
(79
|
)
|
|
(33
|
)
|
||
Ending balance
|
|
$
|
460
|
|
|
$
|
536
|
|
10.
|
AFFILIATED TRANSACTIONS
|
11.
|
SEGMENT OF BUSINESS INFORMATION
|
Millions of dollars
|
|
External Revenue
|
|
Operating Income
|
|
Earnings Available to Common Shareholder
|
||||||
Three Months Ended September 30, 2015
|
|
|
|
|
|
|
||||||
Electric Operations
|
|
$
|
743
|
|
|
$
|
313
|
|
|
n/a
|
|
|
Gas Distribution
|
|
63
|
|
|
(6
|
)
|
|
n/a
|
|
|||
Adjustments/Eliminations
|
|
—
|
|
|
—
|
|
|
$
|
164
|
|
||
Consolidated Total
|
|
$
|
806
|
|
|
$
|
307
|
|
|
$
|
164
|
|
Nine Months Ended September 30, 2015
|
|
|
|
|
|
|
||||||
Electric Operations
|
|
$
|
2,013
|
|
|
$
|
728
|
|
|
n/a
|
|
|
Gas Distribution
|
|
275
|
|
|
35
|
|
|
n/a
|
|
|||
Adjustments/Eliminations
|
|
—
|
|
|
—
|
|
|
$
|
394
|
|
||
Consolidated Total
|
|
$
|
2,288
|
|
|
$
|
763
|
|
|
$
|
394
|
|
Three Months Ended September 30, 2014
|
|
|
|
|
|
|
||||||
Electric Operations
|
|
$
|
740
|
|
|
$
|
274
|
|
|
n/a
|
|
|
Gas Distribution
|
|
72
|
|
|
(2
|
)
|
|
n/a
|
|
|||
Adjustments/Eliminations
|
|
—
|
|
|
—
|
|
|
$
|
154
|
|
||
Consolidated Total
|
|
$
|
812
|
|
|
$
|
272
|
|
|
$
|
154
|
|
Nine Months Ended September 30, 2014
|
|
|
|
|
|
|
||||||
Electric Operations
|
|
$
|
2,032
|
|
|
$
|
616
|
|
|
n/a
|
|
|
Gas Distribution
|
|
337
|
|
|
40
|
|
|
n/a
|
|
|||
Adjustments/Eliminations
|
|
—
|
|
|
—
|
|
|
$
|
374
|
|
||
Consolidated Total
|
|
$
|
2,369
|
|
|
$
|
656
|
|
|
$
|
374
|
|
Segment Assets
|
|
September 30, 2015
|
|
December 31, 2014
|
||||
Electric Operations
|
|
$
|
10,531
|
|
|
$
|
10,182
|
|
Gas Distribution
|
|
749
|
|
|
721
|
|
||
Adjustments/Eliminations
|
|
3,032
|
|
|
3,204
|
|
||
Consolidated Total
|
|
$
|
14,312
|
|
|
$
|
14,107
|
|
ITEM 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
|
|
Third Quarter
|
|
Year to Date
|
||||||||||||||||||
Millions of dollars
|
|
2015
|
|
Change
|
|
2014
|
|
2015
|
|
Change
|
|
2014
|
||||||||||
Net income
|
|
$
|
167.4
|
|
|
6.7
|
%
|
|
$
|
156.9
|
|
|
$
|
404.6
|
|
|
5.8
|
%
|
|
$
|
382.5
|
|
Declaration Date
|
|
Amount
|
|
Quarter Ended
|
|
Payment Date
|
February 20, 2015
|
|
$70.7 million
|
|
March 31, 2015
|
|
April 1, 2015
|
April 30, 2015
|
|
$69.7 million
|
|
June 30, 2015
|
|
July 1, 2015
|
July 30, 2015
|
|
$70.5 million
|
|
September 30, 2015
|
|
October 1, 2015
|
October 29, 2015
|
|
$74.5 million
|
|
December 31, 2015
|
|
January 1, 2016
|
|
|
Third Quarter
|
|
Year to Date
|
||||||||||||||||||
Millions of dollars
|
|
2015
|
|
Change
|
|
2014
|
|
2015
|
|
Change
|
|
2014
|
||||||||||
Operating revenues
|
|
$
|
743.6
|
|
|
0.4
|
%
|
|
$
|
740.4
|
|
|
$
|
2,012.7
|
|
|
(1.0
|
)%
|
|
$
|
2,032.7
|
|
Less: Fuel used in generation
|
|
186.7
|
|
|
(12.5
|
)%
|
|
213.3
|
|
|
524.8
|
|
|
(18.0
|
)%
|
|
639.9
|
|
||||
Purchased power
|
|
14.0
|
|
|
6.9
|
%
|
|
13.1
|
|
|
38.3
|
|
|
(29.6
|
)%
|
|
54.4
|
|
||||
Margin
|
|
542.9
|
|
|
5.6
|
%
|
|
514.0
|
|
|
1,449.6
|
|
|
8.3
|
%
|
|
1,338.4
|
|
||||
Other operation and maintenance expenses
|
|
129.4
|
|
|
8.3
|
%
|
|
119.5
|
|
|
376.6
|
|
|
3.0
|
%
|
|
365.7
|
|
||||
Depreciation and amortization
|
|
52.6
|
|
|
(27.2
|
)%
|
|
72.3
|
|
|
199.8
|
|
|
(7.6
|
)%
|
|
216.2
|
|
||||
Other taxes
|
|
48.1
|
|
|
1.5
|
%
|
|
47.4
|
|
|
144.9
|
|
|
3.0
|
%
|
|
140.7
|
|
||||
Operating Income
|
|
$
|
312.8
|
|
|
13.8
|
%
|
|
$
|
274.8
|
|
|
$
|
728.3
|
|
|
18.3
|
%
|
|
$
|
615.8
|
|
|
|
Third Quarter
|
|
Year to Date
|
||||||||||||||
Classification
|
|
2015
|
|
Change
|
|
2014
|
|
2015
|
|
Change
|
|
2014
|
||||||
Residential
|
|
2,426
|
|
|
4.8
|
%
|
|
2,315
|
|
|
6,425
|
|
|
0.9
|
%
|
|
6,370
|
|
Commercial
|
|
2,143
|
|
|
2.0
|
%
|
|
2,100
|
|
|
5,754
|
|
|
1.4
|
%
|
|
5,676
|
|
Industrial
|
|
1,660
|
|
|
(0.5
|
)%
|
|
1,668
|
|
|
4,726
|
|
|
1.4
|
%
|
|
4,662
|
|
Other
|
|
165
|
|
|
(2.9
|
)%
|
|
170
|
|
|
458
|
|
|
(0.2
|
)%
|
|
459
|
|
Total Retail Sales
|
|
6,394
|
|
|
2.3
|
%
|
|
6,253
|
|
|
17,363
|
|
|
1.1
|
%
|
|
17,167
|
|
Wholesale
|
|
266
|
|
|
3.1
|
%
|
|
258
|
|
|
749
|
|
|
1.6
|
%
|
|
737
|
|
Total Sales
|
|
6,660
|
|
|
2.3
|
%
|
|
6,511
|
|
|
18,112
|
|
|
1.2
|
%
|
|
17,904
|
|
|
|
Third Quarter
|
|
Year to Date
|
||||||||||||||||||
Millions of dollars
|
|
2015
|
|
Change
|
|
2014
|
|
2015
|
|
Change
|
|
2014
|
||||||||||
Operating revenues
|
|
$
|
62.7
|
|
|
(12.7
|
)%
|
|
$
|
71.8
|
|
|
$
|
274.8
|
|
|
(18.4
|
)%
|
|
336.7
|
|
|
Less: Gas purchased for resale
|
|
36.7
|
|
|
(19.2
|
)%
|
|
45.4
|
|
|
150.8
|
|
|
(28.2
|
)%
|
|
210.1
|
|
||||
Margin
|
|
26.0
|
|
|
(1.5
|
)%
|
|
26.4
|
|
|
124.0
|
|
|
(2.1
|
)%
|
|
126.6
|
|
||||
Other operation and maintenance expenses
|
|
18.5
|
|
|
13.5
|
%
|
|
16.3
|
|
|
51.1
|
|
|
2.8
|
%
|
|
49.7
|
|
||||
Depreciation and amortization
|
|
6.7
|
|
|
3.1
|
%
|
|
6.5
|
|
|
20.0
|
|
|
4.2
|
%
|
|
19.2
|
|
||||
Other taxes
|
|
6.1
|
|
|
3.4
|
%
|
|
5.9
|
|
|
18.5
|
|
|
5.1
|
%
|
|
17.6
|
|
||||
Operating Income (Loss)
|
|
$
|
(5.3
|
)
|
|
130.4
|
%
|
|
$
|
(2.3
|
)
|
|
$
|
34.4
|
|
|
(14.2
|
)%
|
|
$
|
40.1
|
|
|
|
Third Quarter
|
|
Year to Date
|
||||||||||||||
Classification (in thousands)
|
|
2015
|
|
Change
|
|
2014
|
|
2015
|
|
Change
|
|
2014
|
||||||
Residential
|
|
695
|
|
|
1.3
|
%
|
|
686
|
|
|
9,320
|
|
|
(9.2
|
)%
|
|
10,266
|
|
Commercial
|
|
2,302
|
|
|
(2.3
|
)%
|
|
2,355
|
|
|
9,513
|
|
|
(6.2
|
)%
|
|
10,138
|
|
Industrial
|
|
4,468
|
|
|
—
|
%
|
|
4,467
|
|
|
13,336
|
|
|
(2.5
|
)%
|
|
13,681
|
|
Transportation
|
|
1,138
|
|
|
(0.6
|
)%
|
|
1,145
|
|
|
3,486
|
|
|
15.9
|
%
|
|
3,009
|
|
Total
|
|
8,603
|
|
|
(0.6
|
)%
|
|
8,653
|
|
|
35,655
|
|
|
(3.9
|
)%
|
|
37,094
|
|
|
|
Third Quarter
|
|
Year to Date
|
||||||||||||||||||
Millions of dollars
|
|
2015
|
|
Change
|
|
2014
|
|
2015
|
|
Change
|
|
2014
|
||||||||||
Other operation and maintenance
|
|
$
|
147.9
|
|
|
8.8
|
%
|
|
$
|
135.9
|
|
|
$
|
427.7
|
|
|
3.0
|
%
|
|
$
|
415.3
|
|
Depreciation and amortization
|
|
59.3
|
|
|
(24.7
|
)%
|
|
78.8
|
|
|
219.8
|
|
|
(7.0
|
)%
|
|
236.4
|
|
||||
Other taxes
|
|
54.2
|
|
|
1.7
|
%
|
|
53.3
|
|
|
163.4
|
|
|
3.3
|
%
|
|
158.2
|
|
|
|
Third Quarter
|
|
Year to Date
|
||||||||||||||||||
Millions of dollars
|
|
2015
|
|
Change
|
|
2014
|
|
2015
|
|
Change
|
|
2014
|
||||||||||
Other income
|
|
$
|
6.2
|
|
|
(32.6
|
)%
|
|
$
|
9.2
|
|
|
$
|
24.0
|
|
|
(66.3
|
)%
|
|
$
|
71.3
|
|
Other expense
|
|
(6.7
|
)
|
|
(2.9
|
)%
|
|
(6.9
|
)
|
|
(20.9
|
)
|
|
11.8
|
%
|
|
(18.7
|
)
|
||||
AFC - equity funds
|
|
7.4
|
|
|
(22.1
|
)%
|
|
9.5
|
|
|
18.4
|
|
|
(17.1
|
)%
|
|
22.2
|
|
ITEM 4.
|
CONTROLS AND PROCEDURES
|
Issuer Purchases of Equity Securities
|
||||||||||||
|
|
(a)
|
|
(b)
|
|
(c)
|
|
(d)
|
||||
Period
|
|
Total number of shares (or units) purchased
|
|
Average price paid
per share (or unit)
|
|
Total number of shares (or units) purchased as
part of publicly announced
plans or programs
|
|
Maximum number (or approximate dollar value) of shares (or units) that may yet be
purchased under the
plans or programs
|
||||
July 1-31
|
|
303,960
|
|
|
$
|
52.49
|
|
|
303,960
|
|
|
|
August 1-31
|
|
84,191
|
|
|
$
|
55.39
|
|
|
84,191
|
|
|
|
September 1-30
|
|
88,042
|
|
|
$
|
52.41
|
|
|
88,042
|
|
|
|
Total
|
|
476,193
|
|
|
|
|
|
476,193
|
|
|
*
|
ITEM 6.
|
EXHIBITS
|
SCANA CORPORATION
|
SOUTH CAROLINA ELECTRIC & GAS COMPANY
|
(Registrants)
|
|
By:
|
/s/James E. Swan, IV
|
Date: November 6, 2015
|
James E. Swan, IV
|
|
|
Controller
|
|
|
(Principal accounting officer)
|
|
Applicable to
Form 10-Q of
|
|
|
Exhibit 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 Number 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)
|
10.01
|
X
|
|
Form of Indemnification Agreement (Filed as Exhibit 10.01 to Form 10-Q for the period ended June 30, 2012 and incorporated by reference herein)
|
10.02
|
X
|
|
General Release and Severance Agreement between SCANA and George J. Bullwinkel, Jr. (Filed as Exhibit 10.02 to Form 10-Q for the quarter ended March 31, 2015 and incorporated by reference herein)
|
10.03
|
X
|
|
Independent Contractor Agreement between SCANA Services, Inc. and George J. Bullwinkel, Jr. (Filed as Exhibit 10.03 to Form 10-Q for the quarter ended March 31, 2015 and incorporated by reference herein)
|
10.04
|
X
|
|
SCANA Long-Term Equity Compensation Plan effective February 19, 2015 (Filed as Exhibit 4.05 to Registration Statement No. 333-204218 and incorporated as reference herein)
|
10.05
|
X
|
X
|
Amendment to EPC Contract dated October 27, 2015 (Filed herewith)
|
12.01
|
X
|
X
|
Statement Re Computation of Ratios (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 and Principal Financial Officer Pursuant to 18 U.S.C. Section 1350 (Furnished herewith)
|
32.02
|
|
X
|
Certification of Principal Executive Officer and 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
|
d.
|
For the next one hundred fifty-one (151) to seven hundred thirty (730) days: $500,000/day; and
|
a.
|
After the deposit is made, Owners will not be obligated to pay to Contractor the disputed portion of any invoiced amounts submitted by Contractor to Owners.
|
b.
|
The Parties shall revise the dispute resolution procedures in Article 27 of the EPC Agreement to eliminate the requirement or ability to institute litigation during the course of the Project absent a suspension or termination of the EPC Agreement.
|
c.
|
The Parties shall establish a DRB process for the interim, non-final resolution of disputes, as described more fully in paragraph 16 below and Exhibit E.
|
d.
|
Owner agrees to make payment to Contractor within thirty (30) days of any award entered in favor of Contractor by the DRB.
|
e.
|
At Project completion, the deposit amount of $75,000,000 shall be credited against Owner’s final milestone payment owed Contractor.
|
a.
|
Contractor shall carefully consider all matters raised by the consultant, however the consultant shall have no authority to direct the Work of Contactor.
|
b.
|
Contractor agrees to provide the consultant with access to relevant documents reasonably requested by
the consultant, provided such documents are necessary for the consultant to complete its work for Owners.
|
c.
|
For relevant documents provided under subparagraph (b) above, Contractor may provide confidential and proprietary documents in redacted form, including redaction of any pricing information. Contractor will provide unredacted documents to the consultant, provided Contractor determines in its reasonable discretion that it is given suitable protections from Owners and/or the consultant against misuse or further disclosure of such documents.
|
By:
|
/s/Kevin B. Marsh
|
Name:
|
Kevin B. Marsh
|
Title:
|
Chairman & CEO
|
WESTINGHOUSE ELECTRIC COMPANY LLC
|
STONE & WEBSTER, INC.
|
||
By:
|
/s/Danny Roderick
|
By:
|
|
Name:
|
Danny Roderick
|
Name:
|
|
Title:
|
President & Chief Executive Officer
|
Title:
|
|
77
|
TEDV DAQ Funding
|
Purchase agreement between Westinghouse, Southern and SCE&G is to provide the data acquisition system and capability to support thermal expansion and dynamic evaluation of plant components during testing.
|
Westinghouse to deliver TEDV DAQ in accordance with purchase agreement.
|
96
|
Offsite Storage and Lay down – Leases, Equipment, and FNM Per Diem (area 14, Blythewood, Metro)
|
During Phase I of the EPC Agreement scope of work, the Owner paid the Contractor to develop the requirements for all temporary facilities on the Site, to include warehouses and equipment and material laydown areas. The Contractor developed the requirements, was given unlimited access to the Site and was in control of the Target Price budget for construction of the appropriate facilities. The Contractor now estimates significantly more warehouse facilities and laydown area space than it originally planned. The Owner contends that this additional warehouse and laydown area space is attributed to either inadequate planning on the part of the Contractor or structural module delay. The facilities and laydown area in question at this point are the Blythewood warehouse facility, Metro warehouse facility and laydown area 18. The Blythewood warehouse is being utilized and the lease payments invoiced to the Owner have been disputed. The Metro facility renovation is essentially complete and ready to receive equipment and material. The Contractor will begin invoicing the Owner for the lease and other expenses. The Area 14 laydown area construction has been out for bids by the Contractor who has been having discussions with the Owner on the invoicing process. The Contractor claims entitlement to a change order for these warehouse facilities and laydown area expenses since they are located off-site. The Owner disagrees and is willing to treat these facilities as target scope work under the EPC Agreement with no justification for a change order. Also, the Owner’s position is that CO 8 applies which transferred target dollars to fixed/firm dollars for items such as construction equipment and field non-manual living expenses.
|
The Contractor invoice the Owner for the Blythewood and Metro warehouses and Area 15 laydown area construction under the Target Price category per the EPC Agreement, applying the CO 8 cost categories to the invoicing. The total costs for these facilities and laydown area will remain in dispute per the EPC Agreement due to the structural module delay with resolution dependent upon senior executive negotiations.
|
97
|
Warranty impact due to delay and specific warranty claims; and extending warranties based on actual completion dates
|
The warranty requirements are specified in Article 14 of the EPC Agreement. Specifically, a 24 month warranty period for Equipment begins upon the actual Substantial Completion Dates for Units 2 and 3. The presently approved Guaranteed Substantial Completion Dates for Units 2 and 3 are March 15, 2017 and May 15, 2018, respectively. The Owner’s position is that the 24 month warranty period and other warranty provisions in the EPC Agreement should be effective upon the actual Substantial Completion dates due to the structural module delay impact on the Project Schedule. Also, there are specific warranty claims that the Consortium is responsible for resolving. For example, the Units 2 and 3 Switchyard has experienced component failures, specifically related to capacitors, as noted in Owner correspondence NND-14-0335, NND-14-0337, NND-14-0514 and NND-14-0627. Other components also sustained damages, but were replaced by the Consortium with extended warranties (reference VSP_VSG_002978). The Consortium has been working with the Owner and capacitor manufacturer (ABB/Maxwell) to perform analyses and testing to determine root cause. In the meantime, capacitors have been removed from the Switchyard, which is presently operating at partial capacity due to these capacitor issues.
|
1. Consortium extends 24 month warranty provision and other warranty provisions of Article 14 of the EPC Agreement to be effective upon the actual Substantial Completion Dates for Units 2 and 3.
2. Consortium resolves all outstanding warranty claims, to include the Switchyard capacitor failure claim, to the
Owner’s satisfaction. This will include component extended warranties as applicable.
|
98
|
Cyber-Security
|
The Owner’s position is that the Consortium is committed in the EPC Agreement to provide a cyber security program for VCS Units 2 and 3 that complies with APP-GW- GLR-104, “AP1000 Cyber Security Implementation,” dated May 2007 (also referred to as TR-104). TR-104 is a requirement included in the AP1000 Design Control Document (DCD) Revision 16 which is referenced in the EPC Agreement. The Owner acknowledges that the NRC issued Regulatory Guide (RG) 5.71, “Cyber Security programs for Nuclear Facilities,” subsequent to the execution of the EPC Agreement and that there is a level of incremental scope of work which has not been satisfactorily resolved to the satisfaction of the Owner. The Owner and Consortium agreed to a Phase I Cyber Security CO (#14), which was executed on March 14, 2012
The Owner and Consortium have attempted to negotiate a Phase 2 Cyber Security CO but have been unsuccessful to date. A significant impasse dealt with the Consortium’s refusal to accept project schedule risk and mandate to Owner a release of the Guaranteed Substantial Completion date for Unit 2. A Phase 2 Cyber Security technical scope of work has been agreed upon and is included in the latest draft Cyber Security CO dated February 19, 2015 (VSP_VSG_003270). This technical scope is entitled “Technical Description for Consortium for AP1000 Consortium Cyber Security Scope of Supply.” The Owner and Consortium have discussed scopes of work beyond Phase 2, although no Technical Description for Phase 3 has been defined. For example, in a previous draft Cyber Security CO dated February 28, 2013, Phase 3 scope topics were addressed to include potential warehouse modifications to handle storage and handling of Critical Digital Assets (CDA’s), the training of site personnel to deal with CDA’s and site installation and Field Change Notices associated with hardware and software modification. The Owner and Consortium have also had discussions that Phase 3 work would involve dealing with suppliers of equipment for potential smart equipment upgrades. The Owner is concerned that the negotiations on cyber security have been unnecessarily delayed as evidenced by timelines maintained by the Owner and the Consortium’s decision to hold up work on cyber security and demobilize personnel earlier this year. It is noted that the Owner had authorized dollars for the Consortium to perform cyber security work during the negotiations and had requested that the Consortium continue with the interim funding provided by the Owner. |
Subject to Paragraph 4 of the October 2105 Amendment, Consortium to provide a cyber security program in accordance with RG 5.71 and accept schedule risk to meet Guaranteed Substantial Completion Dates agreed to between Owner and Consortium. All phases of the Cyber Security Program are included in this scope, which also includes the Phase 2 technical scope referenced in the draft CO dated February 19, 2015.
|
WEC Claim
|
|
|
|||
|
Regulatory Delay Claim
|
|
$
|
83,518,046
|
|
|
|
|
|||
Payment Entitlement in Dispute
|
|
|
|||
|
Capped Esc due to Structural Module Delay
|
|
$
|
6,275,414
|
|
|
Cyber Security
|
|
$
|
374,613
|
|
|
Target Invoice Returns (storage, tents, firm price)
|
|
$
|
13,289,433
|
|
|
Target Invoice Withholding (10%) Due to Delay and
|
|
|
||
|
Performance Inefficiencies
|
|
$
|
7,657,127
|
|
|
Interest Expense on Returned Invoices
|
|
$
|
2,133,198
|
|
|
Total
|
|
$
|
29,729,785
|
|
|
|
|
|||
No Dispute, Payments Pending CO Execution
|
|
$
|
5,565,845
|
|
|
|
HW Escalation Calculation
|
|
$
|
5,565,845
|
|
|
Total
|
|
|
||
|
|
|
|||
Timing of Payment in Dispute
|
|
|
|||
|
Progress Payments
|
|
$
|
99,066,205
|
|
|
Milestones Not Complete
|
|
$
|
11,124,299
|
|
|
Total
|
|
$
|
110,190,504
|
|
Description
|
Reference
|
Data Turnover and documentation required
|
|
Containment Debris Margin Increase
|
NND-11-0166; VSP_VSG_001218
|
Auxiliary Boiler design capability
|
|
Electromagnetic Capability (EMC) with Protection & Safety Monitoring System (PMS) -
|
|
American Society of Mechanical Engineers(ASME) Boiler and Pressure Vessel Code Section VIII pressure vessel over pressure protection
|
NND-15-0460; VSP_VSG_003682
|
Site Layout changes, Phase 3, due to security regulatory changes
|
|
Onsite automation/I&C Support to Owner
during post initial core load |
|
Onsite switchyard preoperational test
|
|
Plant Security System (SES) testing
|
|
Plant Security System (SES) Unit 2&3 Computer Integration
|
|
By:
|
|
Name:
|
|
Title:
|
|
WESTINGHOUSE ELECTRIC COMPANY LLC
|
|
By:
|
/s/Danny Roderick
|
Name:
|
Danny Roderick
|
Title:
|
President & Chief Executive Officer
|
STONE & WEBSTER, INC.
|
|
By:
|
|
Name:
|
|
Title:
|
|
A.
|
Resume showing construction experience qualifying the person as a DRB member.
|
B.
|
Resume showing past DRB participation, if any. This resume will each DRB assignment separately, and state the name and location of the project, dates of DRB service, name of owner, name of contractor, contract value, nominating party if applicable, names of the other DRB members, and the number of disputes heard.
|
C.
|
All three members of the DRB are to be neutral and must affirm their neutrality, under oath, once the DRB is fully constituted and before the DRB takes any action.
|
D.
|
Disclosure statement describing past, present, and anticipated relationships or financial ties, including indirect relationships through the nominee’s full-time employer, if any, to the Project, and with the Parties and with all other entities directly and indirectly involved in the EPC Contract. Entities indirectly involved include Fluor, designers, architects, engineers, or other professional service firms or consultants, joint-venture partners, subcontractors of any tier, and suppliers on the Project. The disclosure statement will also disclose close professional or personal relationships with key members of the Parties and these entities.
|
E.
|
Neutrality and disclosure is a continuing obligation of all DRB members throughout the life of the EPC Contract.
|
F.
|
Each member of the DRB shall execute non-disclosure agreements as required by the Parties.
|
G.
|
No DRB member shall be allowed to act as an arbitrator or appear as a witness in any subsequent arbitration or litigation related to or arising out of the EPC Agreement.
|
By:
|
|
Name:
|
|
Title:
|
|
WESTINGHOUSE ELECTRIC COMPANY LLC
|
|
By:
|
|
Name:
|
|
Title:
|
|
STONE & WEBSTER, INC.
|
|
By:
|
|
Name:
|
|
Title:
|
|
Westinghouse Electric Company LLC
|
|
CB&I Stone & Webster, Inc.
|
||
By
|
/s/Danny Roderick
|
|
By
|
|
Title
|
President & Chief Executive Officer
|
|
Title
|
|
Date
|
October 27, 2015
|
|
Date
|
|
By
|
/s/Kevin B. Marsh
|
Title
|
Chairman & CEO
|
Date
|
October 27, 2015
|
SCANA:
|
|
Nine Months Ended September 30, 2015
|
|
Twelve Months Ended September 30, 2015
|
|
Years ended December 31,
|
||||||||||||||||||
Dollars in Millions
|
|
|
|
2014
|
2013
|
2012
|
2011
|
2010
|
||||||||||||||||
Fixed Charges as defined:
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Interest on debt
|
|
|
$243.9
|
|
|
|
$324.5
|
|
|
|
$318.2
|
|
|
$305.9
|
|
|
$301.3
|
|
|
$287.0
|
|
|
$270.4
|
|
Amortization of debt premium, discount and expense (net)
|
|
3.6
|
|
|
7.4
|
|
|
9.7
|
|
5.3
|
|
4.9
|
|
4.8
|
|
5.1
|
|
|||||||
Interest component on rentals
|
|
2.8
|
|
|
3.9
|
|
|
4.1
|
|
4.9
|
|
4.9
|
|
5.2
|
|
4.6
|
|
|||||||
Total Fixed Charges (A)
|
|
|
$250.3
|
|
|
|
$335.8
|
|
|
|
$332.0
|
|
|
$316.1
|
|
|
$311.1
|
|
|
$297.0
|
|
|
$280.1
|
|
Earnings as defined:
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Pretax income from continuing operations
|
|
|
$997.9
|
|
|
$1,152.6
|
|
|
$786.0
|
|
|
$693.8
|
|
|
$601.6
|
|
|
$555.6
|
|
|
$535.4
|
|
||
Total fixed charges above
|
|
250.3
|
|
|
335.8
|
|
|
332.0
|
|
316.1
|
|
311.1
|
|
297.0
|
|
280.1
|
|
|||||||
Pretax equity in (earnings) losses of investees
|
|
0.5
|
|
|
0.0
|
|
|
(1.4
|
)
|
(3.2
|
)
|
(3.3
|
)
|
(2.9
|
)
|
(1.1
|
)
|
|||||||
Cash distributions from equity investees
|
|
3.0
|
|
|
6.0
|
|
|
7.4
|
|
9.6
|
|
3.3
|
|
3.6
|
|
4.8
|
|
|||||||
Total Earnings (B)
|
|
$1,251.7
|
|
$1,494.4
|
|
$1,124.0
|
|
$1016.3
|
|
|
$912.7
|
|
|
$853.3
|
|
|
$819.2
|
|
||||||
Ratio of Earnings to Fixed Charges (B/A)
|
|
5.00
|
|
|
4.45
|
|
|
3.39
|
|
3.22
|
|
2.93
|
|
2.87
|
|
2.92
|
|
SCE&G:
|
|
Nine Months Ended September 30, 2015
|
|
Twelve Months Ended September 30, 2015
|
|
Years ended December 31,
|
||||||||||||||||||
Dollars in Millions
|
|
|
|
2014
|
2013
|
2012
|
2011
|
2010
|
||||||||||||||||
Fixed Charges as defined:
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Interest on debt
|
|
|
$191.6
|
|
|
|
$252.2
|
|
|
|
$237.6
|
|
|
$226.4
|
|
|
$217.4
|
|
|
$207.8
|
|
|
$192.4
|
|
Amortization of debt premium, discount and expense (net)
|
|
2.8
|
|
|
3.9
|
|
|
4.4
|
|
4.2
|
|
3.9
|
|
3.9
|
|
4.0
|
|
|||||||
Interest component on rentals
|
|
3.1
|
|
|
4.2
|
|
|
4.0
|
|
4.5
|
|
3.2
|
|
3.6
|
|
3.1
|
|
|||||||
Total Fixed Charges (A)
|
|
|
$197.5
|
|
|
|
$260.3
|
|
|
|
$246.0
|
|
|
$235.1
|
|
|
$224.5
|
|
|
$215.3
|
|
|
$199.5
|
|
Earnings as defined:
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Pretax income from continuing operations
|
|
|
$600.9
|
|
|
|
$715.6
|
|
|
|
$676.0
|
|
|
$579.7
|
|
|
$509.5
|
|
|
$456.5
|
|
|
$433.6
|
|
Total fixed charges above
|
|
197.5
|
|
|
260.3
|
|
|
246.0
|
|
235.1
|
|
224.5
|
|
215.3
|
|
199.5
|
|
|||||||
Pretax equity in (earnings) losses of investees
|
|
3.8
|
|
|
5.0
|
|
|
5.3
|
|
3.5
|
|
3.8
|
|
2.3
|
|
2.1
|
|
|||||||
Total Earnings (B)
|
|
|
$802.2
|
|
|
|
$980.9
|
|
|
|
$927.3
|
|
|
$818.3
|
|
|
$737.8
|
|
|
$674.1
|
|
|
$635.2
|
|
Ratio of Earnings to Fixed Charges (B/A)
|
|
4.06
|
|
|
3.77
|
|
|
3.77
|
|
3.48
|
|
3.29
|
|
3.13
|
|
3.18
|
|
1.
|
I have reviewed this quarterly report on Form 10-Q of SCANA Corporation;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent function):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date: November 6, 2015
|
|
|
/s/Kevin B. Marsh
|
|
Kevin B. Marsh
|
|
Chairman of the Board, President, Chief Executive Officer and
|
|
Chief Operating Officer
|
1.
|
I have reviewed this quarterly report on Form 10-Q of SCANA Corporation;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent function):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date: November 6, 2015
|
|
|
|
|
/s/Jimmy E. Addison
|
|
Jimmy E. Addison
|
|
Executive Vice President and Chief Financial Officer
|
1.
|
I have reviewed this quarterly report on Form 10-Q of South Carolina Electric & Gas Company;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent function):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date: November 6, 2015
|
|
|
/s/Kevin B. Marsh
|
|
Kevin B. Marsh
|
|
Chairman of the Board and Chief Executive Officer
|
1.
|
I have reviewed this quarterly report on Form 10-Q of South Carolina Electric & Gas Company;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent function):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date: November 6, 2015
|
|
|
/s/Jimmy E. Addison
|
|
Jimmy E. Addison
|
|
Executive Vice President and Chief Financial Officer
|
(1)
|
The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
Date: November 6, 2015
|
|
|
|
|
|
|
|
|
/s/Kevin B. Marsh
|
|
/s/Jimmy E. Addison
|
Kevin B. Marsh
|
|
Jimmy E. Addison
|
Chairman of the Board, President, Chief Executive Officer
|
|
Executive Vice President and Chief Financial Officer
|
and Chief Operating Officer
|
|
|
(1)
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The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
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(2)
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The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
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Date: November 6, 2015
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/s/Kevin B. Marsh
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/s/Jimmy E. Addison
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Kevin B. Marsh
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Jimmy E. Addison
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Chairman of the Board and Chief Executive Officer
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Executive Vice President and Chief Financial Officer
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