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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Scana Corp. (delisted) | NYSE:SCG | NYSE | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 47.78 | 0.00 | 01:00:00 |
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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
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Accelerated filer
o
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Non-accelerated filer
o
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Smaller reporting company
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Emerging growth company
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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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Emerging growth company
o
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TERM
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MEANING
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Act 258
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Act 258 (previously referenced as H. 4375) adopted by the South Carolina General Assembly
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AFC
|
|
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 (Loss)
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ARO
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Asset Retirement Obligation
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Bankruptcy Court
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U.S. Bankruptcy Court for the Southern District of New York
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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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CCR
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Coal Combustion Residuals
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CEC
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Columbia Energy Center
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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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CFTC
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Commodity Futures Trading Commission
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Citibank
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Citibank, N.A.
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CO
2
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Carbon Dioxide
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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 WECTEC
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Court of Appeals
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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 (decoupling mechanism)
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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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District Court
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United States District Court for the District of South Carolina
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Dodd-Frank
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Dodd-Frank Wall Street Reform and Consumer Protection Act
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Dominion Energy
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Dominion Energy, Inc.
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DOR
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South Carolina Department of Revenue
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DSM Programs
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Electric Demand Side Management Programs
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ELG Rule
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Federal effluent limitation guidelines for steam electric generating units
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EMANI
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European Mutual Association for Nuclear Insurance
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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, as amended by the October 2015 Amendment
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Exchange Act
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Securities Exchange Act of 1934, as amended
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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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FILOT
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Fee in Lieu of Taxes
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Fluor
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Fluor Corporation
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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
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Gigawatt hour
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IAA
|
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Interim Assessment Agreement dated March 28, 2017, as amended, among SCE&G, Santee Cooper, WEC and WECTEC
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IRC
|
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Internal Revenue Code of 1986, as amended
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IRS
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|
Internal Revenue Service
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Joint Petition
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Joint application and petition of SCE&G and Dominion Energy for review and approval of a proposed business combination as set forth in the Merger Agreement and for a prudency determination regarding the abandonment of the Nuclear Project and associated merger benefits and cost recovery plans, filed with the SCPSC on January 12, 2018
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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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Merger Agreement
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Agreement and Plan of Merger, dated as of January 2, 2018, by and among Dominion Energy, Sedona and SCANA
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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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NAV
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Net Asset Value
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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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NERC
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North American Electric Reliability Corporation
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NOL
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Net Operating Loss
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NO
X
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Nitrogen Oxide
|
NPDES
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National Pollutant 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 Project
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Project to construct Unit 2 and Unit 3 under the EPC Contract
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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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ORS
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South Carolina Office of Regulatory Staff
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PHMSA
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United States Pipeline Hazardous Materials Safety Administration
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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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Registrants
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SCANA and SCE&G
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Reorganization Plan
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Modified Second Amended Joint Chapter 11 Plan of Reorganization, filed by WEC
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Request
|
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Request for Rate Relief filed by the ORS on September 26, 2017, as subsequently amended
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RICO
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The Racketeer Influenced and Corrupt Organizations Act
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RSA
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Natural Gas Rate Stabilization Act
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RTO/ISO
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Regional Transmission Organization/Independent System Operator
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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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SCANA Energy Marketing, Inc.
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SCANA Services
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SCANA Services, Inc.
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SCE&G
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South Carolina Electric & Gas Company
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SCEUC
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South Carolina Energy Users Committee
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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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Sedona
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Sedona Corp., a wholly-owned subsidiary of Dominion Energy
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SIP
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State Implementation Plan
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SLED
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South Carolina Law Enforcement Division
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SO
2
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Sulfur Dioxide
|
Summer Station
|
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V. C. Summer Nuclear Station
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Supreme Court
|
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United States Supreme Court
|
Tax Act
|
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An Act to Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for Fiscal Year 2018 (previously known as The Tax Cuts and Jobs Act) enacted on December 22, 2017
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Toshiba
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Toshiba Corporation, parent company of WEC
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Toshiba Settlement
|
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Settlement Agreement dated as of July 27, 2017, by and among Toshiba, SCE&G and Santee Cooper
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Unit 1
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Nuclear Unit 1 at Summer Station
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Unit 2
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Nuclear Unit 2 at Summer Station (abandoned prior to construction completion)
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Unit 3
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Nuclear Unit 3 at Summer Station (abandoned prior to construction completion)
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VIE
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Variable Interest Entity
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WARN Act
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Worker Adjustment and Retraining Notification Act
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WEC
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Westinghouse Electric Company LLC
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WEC Subcontractors
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Subcontractors to the Consortium
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WECTEC
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WECTEC Global Project Services, Inc. (formerly known as Stone & Webster, Inc.), a wholly-owned subsidiary of WEC
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Williams Station
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A.M. Williams Generating Station, owned by GENCO
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WNA
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Weather Normalization Adjustment
|
Millions of dollars
|
|
June 30,
2018 |
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December 31,
2017 |
||||
Assets
|
|
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||||
Utility Plant In Service
|
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$
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14,926
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$
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14,370
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Accumulated Depreciation and Amortization
|
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(4,995
|
)
|
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(4,611
|
)
|
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Construction Work in Progress
|
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470
|
|
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471
|
|
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Nuclear Fuel, Net of Accumulated Amortization
|
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193
|
|
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208
|
|
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Goodwill, net of writedown of $230
|
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210
|
|
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210
|
|
||
Utility Plant, Net
|
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10,804
|
|
|
10,648
|
|
||
Nonutility Property and Investments:
|
|
|
|
|
||||
Nonutility property, net of accumulated depreciation of $138 and $133
|
|
267
|
|
|
270
|
|
||
Assets held in trust, net-nuclear decommissioning
|
|
136
|
|
|
136
|
|
||
Other investments
|
|
139
|
|
|
68
|
|
||
Nonutility Property and Investments, Net
|
|
542
|
|
|
474
|
|
||
Current Assets:
|
|
|
|
|
||||
Cash and cash equivalents
|
|
238
|
|
|
409
|
|
||
Receivables:
|
|
|
|
|
||||
Customer, net of allowance for uncollectible accounts of $6 and $6
|
|
517
|
|
|
665
|
|
||
Income taxes
|
|
206
|
|
|
198
|
|
||
Other
|
|
99
|
|
|
105
|
|
||
Inventories (at average cost):
|
|
|
|
|
||||
Fuel and gas supply
|
|
119
|
|
|
143
|
|
||
Materials and supplies
|
|
167
|
|
|
161
|
|
||
Prepayments
|
|
134
|
|
|
99
|
|
||
Other current assets
|
|
14
|
|
|
17
|
|
||
Derivative financial instruments
|
|
—
|
|
|
54
|
|
||
Total Current Assets
|
|
1,494
|
|
|
1,851
|
|
||
Deferred Debits and Other Assets:
|
|
|
|
|
||||
Regulatory assets
|
|
5,757
|
|
|
5,580
|
|
||
Other
|
|
304
|
|
|
186
|
|
||
Total Deferred Debits and Other Assets
|
|
6,061
|
|
|
5,766
|
|
||
Total
|
|
$
|
18,901
|
|
|
$
|
18,739
|
|
Millions of dollars
|
|
June 30,
2018 |
|
December 31,
2017 |
||||
Capitalization and Liabilities
|
|
|
|
|
|
|
||
Common Stock - no par value, 143 million shares outstanding
|
|
$
|
2,389
|
|
|
$
|
2,390
|
|
Retained Earnings
|
|
2,987
|
|
|
2,915
|
|
||
Accumulated Other Comprehensive Loss
|
|
(39
|
)
|
|
(50
|
)
|
||
Total Common Equity
|
|
5,337
|
|
|
5,255
|
|
||
Long-Term Debt, net
|
|
6,098
|
|
|
5,906
|
|
||
Total Capitalization
|
|
11,435
|
|
|
11,161
|
|
||
Current Liabilities:
|
|
|
|
|
|
|
||
Short-term borrowings
|
|
517
|
|
|
350
|
|
||
Current portion of long-term debt
|
|
568
|
|
|
727
|
|
||
Accounts payable
|
|
263
|
|
|
438
|
|
||
Customer deposits and customer prepayments
|
|
151
|
|
|
112
|
|
||
Revenue subject to refund
|
|
164
|
|
|
—
|
|
||
Taxes accrued
|
|
123
|
|
|
214
|
|
||
Interest accrued
|
|
88
|
|
|
87
|
|
||
Dividends declared
|
|
18
|
|
|
86
|
|
||
Derivative financial instruments
|
|
4
|
|
|
6
|
|
||
Other
|
|
69
|
|
|
93
|
|
||
Total Current Liabilities
|
|
1,965
|
|
|
2,113
|
|
||
Deferred Credits and Other Liabilities:
|
|
|
|
|
|
|
||
Deferred income taxes, net
|
|
1,333
|
|
|
1,261
|
|
||
Asset retirement obligations
|
|
578
|
|
|
568
|
|
||
Pension and other postretirement benefits
|
|
360
|
|
|
360
|
|
||
Unrecognized tax benefits
|
|
19
|
|
|
19
|
|
||
Regulatory liabilities
|
|
3,019
|
|
|
3,059
|
|
||
Other
|
|
192
|
|
|
198
|
|
||
Total Deferred Credits and Other Liabilities
|
|
5,501
|
|
|
5,465
|
|
||
Commitments and Contingencies (Note 10)
|
|
|
|
|
|
|||
Total
|
|
$
|
18,901
|
|
|
$
|
18,739
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
|
June 30,
|
|
June 30,
|
||||||||||||
Millions of dollars, except per share amounts
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Operating Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Electric
|
|
$
|
552
|
|
|
$
|
679
|
|
|
$
|
1,098
|
|
|
$
|
1,256
|
|
Gas - regulated
|
|
148
|
|
|
140
|
|
|
509
|
|
|
461
|
|
||||
Gas - nonregulated
|
|
143
|
|
|
182
|
|
|
416
|
|
|
456
|
|
||||
Total Operating Revenues
|
|
843
|
|
|
1,001
|
|
|
2,023
|
|
|
2,173
|
|
||||
Operating Expenses:
|
|
|
|
|
|
|
|
|
|
|
||||||
Fuel used in electric generation
|
|
155
|
|
|
161
|
|
|
315
|
|
|
297
|
|
||||
Purchased power
|
|
15
|
|
|
21
|
|
|
67
|
|
|
32
|
|
||||
Gas purchased for resale
|
|
192
|
|
|
227
|
|
|
598
|
|
|
597
|
|
||||
Other operation and maintenance
|
|
208
|
|
|
179
|
|
|
410
|
|
|
354
|
|
||||
Impairment loss
|
|
—
|
|
|
—
|
|
|
4
|
|
|
—
|
|
||||
Depreciation and amortization
|
|
100
|
|
|
95
|
|
|
199
|
|
|
189
|
|
||||
Other taxes
|
|
70
|
|
|
67
|
|
|
140
|
|
|
133
|
|
||||
Total Operating Expenses
|
|
740
|
|
|
750
|
|
|
1,733
|
|
|
1,602
|
|
||||
Operating Income
|
|
103
|
|
|
251
|
|
|
290
|
|
|
571
|
|
||||
Other Income, net
|
|
4
|
|
|
14
|
|
|
133
|
|
|
27
|
|
||||
Interest charges, net of allowance for borrowed funds used during construction of $3, $7, $6 and $14
|
|
(95
|
)
|
|
(88
|
)
|
|
(192
|
)
|
|
(175
|
)
|
||||
Income Before Income Tax Expense
|
|
12
|
|
|
177
|
|
|
231
|
|
|
423
|
|
||||
Income Tax Expense
|
|
4
|
|
|
56
|
|
|
54
|
|
|
131
|
|
||||
Net Income
|
|
$
|
8
|
|
|
$
|
121
|
|
|
$
|
177
|
|
|
$
|
292
|
|
|
|
|
|
|
|
|
|
|
||||||||
Earnings Per Share of Common Stock
|
|
$
|
0.06
|
|
|
$
|
0.85
|
|
|
$
|
1.24
|
|
|
$
|
2.04
|
|
Weighted Average Common Shares Outstanding (millions)
|
|
143
|
|
|
143
|
|
|
143
|
|
|
143
|
|
||||
Dividends Declared Per Share of Common Stock
|
|
$
|
0.1237
|
|
|
$
|
0.6125
|
|
|
$
|
0.7362
|
|
|
$
|
1.225
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
Millions of dollars
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Net Income
|
|
$
|
8
|
|
|
$
|
121
|
|
|
$
|
177
|
|
|
$
|
292
|
|
Other Comprehensive Income (Loss), net of tax:
|
|
|
|
|
|
|
|
|
||||||||
Unrealized Gains (Losses) on Cash Flow Hedging Activities:
|
|
|
|
|
|
|
|
|
||||||||
Arising during period, net of tax of $-, $(2), $1, and $(3)
|
|
1
|
|
|
(3
|
)
|
|
4
|
|
|
(5
|
)
|
||||
Reclassified as increases to interest expense, net of tax of $1, $1, 2, and $3
|
|
2
|
|
|
2
|
|
|
4
|
|
|
4
|
|
||||
Reclassified as increases (decreases) to gas purchased for resale, net of tax of $-, $-, $1 and $(1)
|
|
—
|
|
|
—
|
|
|
2
|
|
|
(2
|
)
|
||||
Net unrealized gains (losses) on cash flow hedging activities
|
|
3
|
|
|
(1
|
)
|
|
10
|
|
|
(3
|
)
|
||||
Deferred cost of employee benefit plans, net of tax of $-, $-, $-, and $-
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
||||
Other Comprehensive Income (Loss)
|
|
3
|
|
|
(1
|
)
|
|
11
|
|
|
(3
|
)
|
||||
Total Comprehensive Income
|
|
$
|
11
|
|
|
$
|
120
|
|
|
$
|
188
|
|
|
$
|
289
|
|
|
|
Six Months Ended June 30,
|
||||||
Millions of dollars
|
|
2018
|
|
2017
|
||||
Cash Flows From Operating Activities:
|
|
|
|
|
|
|
||
Net income
|
|
$
|
177
|
|
|
$
|
292
|
|
Adjustments to reconcile net income to net cash provided from operating activities:
|
|
|
|
|
|
|
||
Impairment loss
|
|
4
|
|
|
—
|
|
||
Deferred income taxes, net
|
|
69
|
|
|
93
|
|
||
Depreciation and amortization
|
|
215
|
|
|
200
|
|
||
Amortization of nuclear fuel
|
|
27
|
|
|
19
|
|
||
Allowance for equity funds used during construction
|
|
(7
|
)
|
|
(18
|
)
|
||
Carrying cost recovery
|
|
(3
|
)
|
|
(11
|
)
|
||
Changes in certain assets and liabilities:
|
|
|
|
|
||||
Receivables
|
|
139
|
|
|
87
|
|
||
Income taxes receivable
|
|
(8
|
)
|
|
136
|
|
||
Inventories
|
|
(18
|
)
|
|
(36
|
)
|
||
Prepayments
|
|
(34
|
)
|
|
(47
|
)
|
||
Regulatory assets
|
|
(18
|
)
|
|
(30
|
)
|
||
Regulatory liabilities
|
|
(110
|
)
|
|
(1
|
)
|
||
Accounts payable
|
|
(48
|
)
|
|
(31
|
)
|
||
Revenue subject to refund
|
|
164
|
|
|
—
|
|
||
Unrecognized tax benefits
|
|
—
|
|
|
49
|
|
||
Taxes accrued
|
|
(91
|
)
|
|
(87
|
)
|
||
Derivative financial instruments
|
|
(1
|
)
|
|
(3
|
)
|
||
Other assets
|
|
(138
|
)
|
|
(26
|
)
|
||
Other liabilities
|
|
29
|
|
|
(73
|
)
|
||
Net Cash Provided From Operating Activities
|
|
348
|
|
|
513
|
|
||
Cash Flows From Investing Activities:
|
|
|
|
|
|
|
||
Property additions and construction expenditures
|
|
(597
|
)
|
|
(780
|
)
|
||
Proceeds from investments and sales of assets (including derivative collateral returned)
|
|
79
|
|
|
62
|
|
||
Purchase of investments (including derivative collateral posted)
|
|
(136
|
)
|
|
(66
|
)
|
||
Proceeds upon interest rate derivative contract settlements
|
|
115
|
|
|
—
|
|
||
Net Cash Used For Investing Activities
|
|
(539
|
)
|
|
(784
|
)
|
||
Cash Flows From Financing Activities:
|
|
|
|
|
|
|
||
Proceeds from issuance of long-term debt
|
|
200
|
|
|
150
|
|
||
Repayment of long-term debt
|
|
(174
|
)
|
|
(14
|
)
|
||
Dividends
|
|
(173
|
)
|
|
(170
|
)
|
||
Short-term borrowings, net
|
|
167
|
|
|
188
|
|
||
Net Cash Provided From Financing Activities
|
|
20
|
|
|
154
|
|
||
Net Decrease In Cash and Cash Equivalents
|
|
(171
|
)
|
|
(117
|
)
|
||
Cash and Cash Equivalents, January 1
|
|
409
|
|
|
208
|
|
||
Cash and Cash Equivalents, June 30
|
|
$
|
238
|
|
|
$
|
91
|
|
Supplemental Cash Flow Information:
|
|
|
|
|
|
|
||
Cash for–Interest paid (net of capitalized interest of $6 and $14)
|
|
$
|
179
|
|
|
$
|
168
|
|
–Income taxes paid
|
|
3
|
|
|
1
|
|
||
–Income taxes received
|
|
—
|
|
|
123
|
|
||
Noncash Investing and Financing Activities:
|
|
|
|
|
||||
Accrued construction expenditures
|
|
42
|
|
|
81
|
|
||
Capital leases
|
|
6
|
|
|
6
|
|
|
Common Stock
|
|
|
|
Accumulated Other Comprehensive Income (Loss)
|
|
|
|||||||||||||||||||||||
Millions
|
Shares
|
|
Outstanding Amount
|
|
Treasury Amount
|
|
Retained Earnings
|
|
Gains (Losses) from Cash Flow Hedges
|
|
Deferred Employee Benefit Plans
|
|
Total AOCI
|
|
Total
|
|||||||||||||||
Balance as of January 1, 2018
|
143
|
|
|
$
|
2,402
|
|
|
$
|
(12
|
)
|
|
$
|
2,915
|
|
|
$
|
(37
|
)
|
|
$
|
(13
|
)
|
|
$
|
(50
|
)
|
|
$
|
5,255
|
|
Net Income
|
|
|
|
|
|
|
177
|
|
|
|
|
|
|
|
|
177
|
|
|||||||||||||
Other Comprehensive Income (Loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Gains arising during the period
|
|
|
|
|
|
|
|
|
4
|
|
|
—
|
|
|
4
|
|
|
4
|
|
|||||||||||
Losses/amortization reclassified from AOCI
|
|
|
|
|
|
|
|
|
6
|
|
|
1
|
|
|
7
|
|
|
7
|
|
|||||||||||
Total Comprehensive Income
|
|
|
|
|
|
|
177
|
|
|
10
|
|
|
1
|
|
|
11
|
|
|
188
|
|
||||||||||
Purchase of Treasury Stock
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
|
|
|
|
|
|
|
|
(1
|
)
|
|||||||||||
Dividends Declared
|
|
|
|
|
|
|
(105
|
)
|
|
|
|
|
|
|
|
(105
|
)
|
|||||||||||||
Balance as of June 30, 2018
|
143
|
|
|
$
|
2,402
|
|
|
$
|
(13
|
)
|
|
$
|
2,987
|
|
|
$
|
(27
|
)
|
|
$
|
(12
|
)
|
|
$
|
(39
|
)
|
|
$
|
5,337
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance as of January 1, 2017
|
143
|
|
|
$
|
2,402
|
|
|
$
|
(12
|
)
|
|
$
|
3,384
|
|
|
$
|
(36
|
)
|
|
$
|
(13
|
)
|
|
$
|
(49
|
)
|
|
$
|
5,725
|
|
Net Income
|
|
|
|
|
|
|
292
|
|
|
|
|
|
|
|
|
292
|
|
|||||||||||||
Other Comprehensive Income (Loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Losses arising during the period
|
|
|
|
|
|
|
|
|
(5
|
)
|
|
—
|
|
|
(5
|
)
|
|
(5
|
)
|
|||||||||||
Losses/amortization reclassified from AOCI
|
|
|
|
|
|
|
|
|
2
|
|
|
—
|
|
|
2
|
|
|
2
|
|
|||||||||||
Total Comprehensive Income
|
|
|
|
|
|
|
292
|
|
|
(3
|
)
|
|
—
|
|
|
(3
|
)
|
|
289
|
|
||||||||||
Purchase of Treasury Stock
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
|
|
|
|
|
|
|
|
(1
|
)
|
|||||||||||
Dividends Declared
|
|
|
|
|
|
|
(175
|
)
|
|
|
|
|
|
|
|
(175
|
)
|
|||||||||||||
Balance as of June 30, 2017
|
143
|
|
|
$
|
2,402
|
|
|
$
|
(13
|
)
|
|
$
|
3,501
|
|
|
$
|
(39
|
)
|
|
$
|
(13
|
)
|
|
$
|
(52
|
)
|
|
$
|
5,838
|
|
Millions of dollars
|
|
June 30,
2018 |
|
December 31,
2017 |
||||
Assets
|
|
|
|
|
|
|
||
Utility Plant In Service
|
|
$
|
12,650
|
|
|
$
|
12,161
|
|
Accumulated Depreciation and Amortization
|
|
(4,488
|
)
|
|
(4,124
|
)
|
||
Construction Work in Progress
|
|
322
|
|
|
375
|
|
||
Nuclear Fuel, Net of Accumulated Amortization
|
|
193
|
|
|
208
|
|
||
Utility Plant, Net ($690 and $711 related to VIEs)
|
|
8,677
|
|
|
8,620
|
|
||
Nonutility Property and Investments:
|
|
|
|
|
|
|
||
Nonutility property, net of accumulated depreciation
|
|
73
|
|
|
71
|
|
||
Assets held in trust, net-nuclear decommissioning
|
|
136
|
|
|
136
|
|
||
Other investments
|
|
1
|
|
|
2
|
|
||
Nonutility Property and Investments, Net
|
|
210
|
|
|
209
|
|
||
Current Assets:
|
|
|
|
|
|
|
||
Cash and cash equivalents
|
|
222
|
|
|
395
|
|
||
Receivables:
|
|
|
|
|
||||
Customer, net of allowance for uncollectible accounts of $4 and $4
|
|
390
|
|
|
390
|
|
||
Affiliated companies
|
|
161
|
|
|
32
|
|
||
Income taxes
|
|
206
|
|
|
198
|
|
||
Other
|
|
69
|
|
|
85
|
|
||
Inventories (at average cost):
|
|
|
|
|
|
|
||
Fuel
|
|
72
|
|
|
90
|
|
||
Materials and supplies
|
|
154
|
|
|
149
|
|
||
Prepayments
|
|
116
|
|
|
82
|
|
||
Derivative financial instrument
|
|
—
|
|
|
54
|
|
||
Other current assets
|
|
2
|
|
|
2
|
|
||
Total Current Assets ($106 and $191 related to VIEs)
|
|
1,392
|
|
|
1,477
|
|
||
Deferred Debits and Other Assets:
|
|
|
|
|
|
|
||
Regulatory assets
|
|
5,644
|
|
|
5,476
|
|
||
Other
|
|
281
|
|
|
164
|
|
||
Other affiliate
|
|
71
|
|
|
—
|
|
||
Total Deferred Debits and Other Assets ($36 and $50 related to VIEs)
|
|
5,996
|
|
|
5,640
|
|
||
Total
|
|
$
|
16,275
|
|
|
$
|
15,946
|
|
Millions of dollars
|
|
June 30,
2018 |
|
December 31,
2017 |
||||
Capitalization and Liabilities
|
|
|
|
|
||||
Common Stock - no par value, 40.3 million shares outstanding
|
|
$
|
2,860
|
|
|
$
|
2,860
|
|
Retained Earnings
|
|
2,060
|
|
|
1,982
|
|
||
Accumulated Other Comprehensive Loss
|
|
(4
|
)
|
|
(4
|
)
|
||
Total Common Equity
|
|
4,916
|
|
|
4,838
|
|
||
Noncontrolling Interest
|
|
169
|
|
|
142
|
|
||
Total Equity
|
|
5,085
|
|
|
4,980
|
|
||
Long-Term Debt, net
|
|
4,536
|
|
|
4,441
|
|
||
Total Capitalization
|
|
9,621
|
|
|
9,421
|
|
||
Current Liabilities:
|
|
|
|
|
||||
Short-term borrowings
|
|
457
|
|
|
252
|
|
||
Current portion of long-term debt
|
|
564
|
|
|
723
|
|
||
Accounts payable
|
|
123
|
|
|
251
|
|
||
Affiliated payables
|
|
260
|
|
|
102
|
|
||
Customer deposits and customer prepayments
|
|
119
|
|
|
70
|
|
||
Revenue subject to refund
|
|
156
|
|
|
—
|
|
||
Taxes accrued
|
|
115
|
|
|
208
|
|
||
Interest accrued
|
|
68
|
|
|
67
|
|
||
Dividends declared
|
|
—
|
|
|
82
|
|
||
Derivative financial instruments
|
|
1
|
|
|
2
|
|
||
Other
|
|
32
|
|
|
47
|
|
||
Total Current Liabilities
|
|
1,895
|
|
|
1,804
|
|
||
Deferred Credits and Other Liabilities:
|
|
|
|
|
||||
Deferred income taxes, net
|
|
1,231
|
|
|
1,173
|
|
||
Asset retirement obligations
|
|
538
|
|
|
529
|
|
||
Pension and other postretirement benefits
|
|
216
|
|
|
217
|
|
||
Unrecognized tax benefits
|
|
19
|
|
|
19
|
|
||
Regulatory liabilities
|
|
2,627
|
|
|
2,667
|
|
||
Other
|
|
110
|
|
|
97
|
|
||
Other affiliate
|
|
18
|
|
|
19
|
|
||
Total Deferred Credits and Other Liabilities
|
|
4,759
|
|
|
4,721
|
|
||
Commitments and Contingencies (Note 10)
|
|
|
|
|
|
|
||
Total
|
|
$
|
16,275
|
|
|
$
|
15,946
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
|
June 30,
|
|
June 30,
|
||||||||||||
Millions of dollars
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Operating Revenues:
|
|
|
|
|
|
|
|
|
|
|||||||
Electric
|
|
$
|
552
|
|
|
$
|
678
|
|
|
$
|
1,098
|
|
|
$
|
1,256
|
|
Electric - nonconsolidated affiliate
|
|
1
|
|
|
2
|
|
|
2
|
|
|
3
|
|
||||
Gas
|
|
79
|
|
|
75
|
|
|
234
|
|
|
216
|
|
||||
Gas - nonconsolidated affiliate
|
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
||||
Total Operating Revenues
|
|
632
|
|
|
756
|
|
|
1,334
|
|
|
1,476
|
|
||||
Operating Expenses:
|
|
|
|
|
|
|
|
|
|
|||||||
Fuel used in electric generation
|
|
126
|
|
|
126
|
|
|
255
|
|
|
239
|
|
||||
Fuel used in electric generation - nonconsolidated affiliate
|
|
29
|
|
|
35
|
|
|
60
|
|
|
59
|
|
||||
Purchased power
|
|
15
|
|
|
21
|
|
|
67
|
|
|
32
|
|
||||
Gas purchased for resale
|
|
45
|
|
|
42
|
|
|
121
|
|
|
108
|
|
||||
Other operation and maintenance
|
|
113
|
|
|
96
|
|
|
215
|
|
|
197
|
|
||||
Other operation and maintenance - nonconsolidated affiliate
|
|
51
|
|
|
50
|
|
|
95
|
|
|
91
|
|
||||
Impairment loss
|
|
—
|
|
|
—
|
|
|
4
|
|
|
—
|
|
||||
Depreciation and amortization
|
|
81
|
|
|
77
|
|
|
161
|
|
|
154
|
|
||||
Other taxes
|
|
64
|
|
|
60
|
|
|
126
|
|
|
120
|
|
||||
Other taxes - nonconsolidated affiliate
|
|
1
|
|
|
2
|
|
|
3
|
|
|
3
|
|
||||
Total Operating Expenses
|
|
525
|
|
|
509
|
|
|
1,107
|
|
|
1,003
|
|
||||
Operating Income
|
|
107
|
|
|
247
|
|
|
227
|
|
|
473
|
|
||||
Other Income, net
|
|
2
|
|
|
8
|
|
|
125
|
|
|
15
|
|
||||
Interest charges, net of allowance for borrowed funds used during construction of $3, $7, $5 and $13
|
|
(76
|
)
|
|
(69
|
)
|
|
(152
|
)
|
|
(138
|
)
|
||||
Income Before Income Tax Expense
|
|
33
|
|
|
186
|
|
|
200
|
|
|
350
|
|
||||
Income Tax Expense
|
|
2
|
|
|
60
|
|
|
41
|
|
|
112
|
|
||||
Net Income and Total Comprehensive Income
|
|
31
|
|
|
126
|
|
|
159
|
|
|
238
|
|
||||
Less Net Income and Total Comprehensive Income Attributable to Noncontrolling Interest
|
|
5
|
|
|
3
|
|
|
9
|
|
|
7
|
|
||||
Earnings and Comprehensive Income Available to Common Shareholder
|
|
$
|
26
|
|
|
$
|
123
|
|
|
$
|
150
|
|
|
$
|
231
|
|
|
|
|
|
|
|
|
|
|
||||||||
Dividends Declared on Common Stock
|
|
$
|
—
|
|
|
$
|
81
|
|
|
$
|
74
|
|
|
$
|
160
|
|
|
|
Six Months Ended June 30,
|
||||||
Millions of dollars
|
|
2018
|
|
2017
|
||||
Cash Flows From Operating Activities:
|
|
|
|
|
||||
Net income
|
|
$
|
159
|
|
|
$
|
238
|
|
Adjustments to reconcile net income to net cash provided from operating activities:
|
|
|
|
|
||||
Impairment loss
|
|
4
|
|
|
—
|
|
||
Deferred income taxes, net
|
|
58
|
|
|
65
|
|
||
Depreciation and amortization
|
|
165
|
|
|
157
|
|
||
Amortization of nuclear fuel
|
|
27
|
|
|
19
|
|
||
Allowance for equity funds used during construction
|
|
(4
|
)
|
|
(16
|
)
|
||
Carrying cost recovery
|
|
(3
|
)
|
|
(11
|
)
|
||
Changes in certain assets and liabilities:
|
|
|
|
|
||||
Receivables
|
|
—
|
|
|
(5
|
)
|
||
Receivables - affiliate
|
|
(12
|
)
|
|
(1
|
)
|
||
Income tax receivable
|
|
(8
|
)
|
|
53
|
|
||
Inventories
|
|
(11
|
)
|
|
(22
|
)
|
||
Prepayments
|
|
(34
|
)
|
|
(38
|
)
|
||
Regulatory assets
|
|
(9
|
)
|
|
(26
|
)
|
||
Regulatory liabilities
|
|
(107
|
)
|
|
1
|
|
||
Accounts payable
|
|
(19
|
)
|
|
4
|
|
||
Accounts payable - affiliate
|
|
8
|
|
|
(12
|
)
|
||
Revenue subject to refund
|
|
156
|
|
|
—
|
|
||
Taxes accrued
|
|
(93
|
)
|
|
(83
|
)
|
||
Unrecognized tax benefit
|
|
—
|
|
|
153
|
|
||
Other assets
|
|
(131
|
)
|
|
(20
|
)
|
||
Other liabilities
|
|
55
|
|
|
(35
|
)
|
||
Net Cash Provided From Operating Activities
|
|
201
|
|
|
421
|
|
||
Cash Flows From Investing Activities:
|
|
|
|
|
||||
Property additions and construction expenditures
|
|
(464
|
)
|
|
(650
|
)
|
||
Proceeds from investments and sales of assets (including derivative collateral returned)
|
|
31
|
|
|
47
|
|
||
Purchase of investments (including derivative collateral posted)
|
|
(17
|
)
|
|
(52
|
)
|
||
Purchase of investments - affiliate
|
|
(113
|
)
|
|
—
|
|
||
Proceeds from interest rate derivative contract settlement
|
|
115
|
|
|
—
|
|
||
Proceeds from investments - affiliate
|
|
42
|
|
|
—
|
|
||
Investment in affiliate
|
|
(117
|
)
|
|
—
|
|
||
Net Cash Used For Investing Activities
|
|
(523
|
)
|
|
(655
|
)
|
||
Cash Flows From Financing Activities:
|
|
|
|
|
||||
Proceeds from issuance of debt
|
|
100
|
|
|
—
|
|
||
Repayment of long-term debt
|
|
(170
|
)
|
|
(10
|
)
|
||
Dividends
|
|
(156
|
)
|
|
(158
|
)
|
||
Money pool borrowings, net
|
|
150
|
|
|
(1
|
)
|
||
Contribution from parent
|
|
20
|
|
|
—
|
|
||
Short-term borrowings, net
|
|
205
|
|
|
275
|
|
||
Net Cash Provided From Financing Activities
|
|
149
|
|
|
106
|
|
||
Net Decrease In Cash and Cash Equivalents
|
|
(173
|
)
|
|
(128
|
)
|
||
Cash and Cash Equivalents, January 1
|
|
395
|
|
|
164
|
|
||
Cash and Cash Equivalents, June 30
|
|
$
|
222
|
|
|
$
|
36
|
|
|
|
|
|
|
||||
Supplemental Cash Flow Information:
|
|
|
|
|
||||
Cash for–Interest (net of capitalized interest of $5 and $13)
|
|
$
|
135
|
|
|
$
|
129
|
|
– Income taxes paid
|
|
—
|
|
|
3
|
|
||
– Income taxes received
|
|
—
|
|
|
143
|
|
||
Noncash Investing and Financing Activities:
|
|
|
|
|
||||
Accrued construction expenditures
|
|
19
|
|
|
61
|
|
||
Capital leases
|
|
6
|
|
|
6
|
|
|
|
Common Stock
|
|
|
|
|
|
|
|
|
|||||||||||||
Millions
|
|
Shares
|
|
Amount
|
|
Retained Earnings
|
|
AOCI
|
|
Noncontrolling Interest
|
|
Total Equity
|
|||||||||||
Balance at January 1, 2018
|
|
40
|
|
|
$
|
2,860
|
|
|
$
|
1,982
|
|
|
$
|
(4
|
)
|
|
$
|
142
|
|
|
$
|
4,980
|
|
Earnings available to common shareholder
|
|
|
|
|
|
150
|
|
|
|
|
9
|
|
|
159
|
|
||||||||
Total Comprehensive Income
|
|
|
|
|
|
150
|
|
|
—
|
|
|
9
|
|
|
159
|
|
|||||||
Contribution from Parent
|
|
|
|
|
|
|
|
|
|
20
|
|
|
20
|
|
|||||||||
Cash dividend declared
|
|
|
|
|
|
(72
|
)
|
|
|
|
(2
|
)
|
|
(74
|
)
|
||||||||
Balance at June 30, 2018
|
|
40
|
|
|
$
|
2,860
|
|
|
$
|
2,060
|
|
|
$
|
(4
|
)
|
|
$
|
169
|
|
|
$
|
5,085
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Balance at January 1, 2017
|
|
40
|
|
|
$
|
2,860
|
|
|
$
|
2,481
|
|
|
$
|
(3
|
)
|
|
$
|
134
|
|
|
$
|
5,472
|
|
Earnings available to common shareholder
|
|
|
|
|
|
231
|
|
|
|
|
7
|
|
|
238
|
|
||||||||
Total Comprehensive Income
|
|
|
|
|
|
231
|
|
|
—
|
|
|
7
|
|
|
238
|
|
|||||||
Cash dividend declared
|
|
|
|
|
|
(155
|
)
|
|
|
|
(5
|
)
|
|
(160
|
)
|
||||||||
Balance at June 30, 2017
|
|
40
|
|
|
$
|
2,860
|
|
|
$
|
2,557
|
|
|
$
|
(3
|
)
|
|
$
|
136
|
|
|
$
|
5,550
|
|
1.
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
•
|
In January 2017, the FASB issued accounting guidance to simplify the accounting for goodwill impairment by removing Step 2 of the goodwill impairment test. The guidance is effective for years beginning in 2020, though early adoption after January 1, 2017 is allowed. The Company adopted this guidance on January 1, 2018.
|
•
|
Effective January 1, 2018, the Company and Consolidated SCE&G adopted new accounting guidance for revenue arising from contracts with customers. This guidance uses a five-step analysis in determining when and how revenue is recognized, and requires that revenue recognition depict the transfer of control of promised goods or services to customers in an amount that reflects the consideration a company expects to receive in exchange for those goods or services. As permitted, this guidance was adopted using the modified retrospective method whereby amounts and disclosures for prior periods are not restated. Revenue recognition patterns did not change as a result of adopting this guidance, and no cumulative effect adjustment to Retained Earnings was required. For additional required disclosures, see Note 3.
|
•
|
Effective January 1, 2018, the Company and Consolidated SCE&G adopted accounting guidance that changed the required presentation of net periodic pension and postretirement benefit costs. As a result, net periodic pension and postretirement benefit costs have been separated into their service cost components and non-service cost components. Service cost components continue to be included within operating income and are presented in the same line item as other compensation costs arising from services rendered by employees during the period. Non-service cost components are now excluded from operating income. This guidance has been applied on a retrospective basis for the presentation of the service cost components and other components, and resulted in the following changes to the amounts reported in 2017.
|
Increase (Decrease) Millions of dollars
|
|
The Company
|
|
Consolidated SCE&G
|
||||||||||||
June 30, 2017
|
|
Three Months Ended
|
|
Six Months Ended
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||
Other operation and maintenance
|
|
$
|
(2
|
)
|
|
$
|
(6
|
)
|
|
$
|
(1
|
)
|
|
$
|
(5
|
)
|
Total Operating Expenses
|
|
(2
|
)
|
|
(6
|
)
|
|
(1
|
)
|
|
(5
|
)
|
||||
Operating Income
|
|
2
|
|
|
6
|
|
|
1
|
|
|
5
|
|
||||
Other Income (Expense), Net
|
|
(2
|
)
|
|
(6
|
)
|
|
(1
|
)
|
|
(5
|
)
|
•
|
Guidance issued in January 2016 changed how entities measure certain equity investments and financial liabilities, among other things.
|
•
|
Guidance issued in August 2016 is intended to reduce diversity in cash flow statement classification related to certain transactions, and entities must apply the guidance retrospectively to all periods presented.
|
•
|
Guidance issued in November 2016 clarified how restricted cash should be presented on the statement of cash flows, and entities were to apply the guidance retrospectively to all periods presented.
|
Rates Effective
|
|
Incremental Increase
|
March 1, 2017
|
|
$1.9 million
|
September 1, 2017
|
|
$0.7 million
|
March 1, 2018
|
|
$14.7 million
|
|
|
The Company
|
|
Consolidated SCE&G
|
||||||||||||
Millions of dollars
|
|
June 30,
2018 |
|
December 31,
2017 |
|
June 30,
2018 |
|
December 31,
2017 |
||||||||
Regulatory Assets:
|
|
|
|
|
|
|
|
|
|
|
||||||
Unrecovered Nuclear Project costs
|
|
$
|
4,142
|
|
|
$
|
3,976
|
|
|
$
|
4,142
|
|
|
$
|
3,976
|
|
AROs and related funding
|
|
451
|
|
|
434
|
|
|
426
|
|
|
410
|
|
||||
Deferred employee benefit plan costs
|
|
296
|
|
|
305
|
|
|
266
|
|
|
273
|
|
||||
Deferred losses on interest rate derivatives
|
|
449
|
|
|
456
|
|
|
449
|
|
|
456
|
|
||||
Other unrecovered plant
|
|
99
|
|
|
105
|
|
|
99
|
|
|
105
|
|
||||
DSM Programs
|
|
59
|
|
|
59
|
|
|
59
|
|
|
59
|
|
||||
Pipeline integrity management costs
|
|
61
|
|
|
51
|
|
|
9
|
|
|
8
|
|
||||
Environmental remediation costs
|
|
29
|
|
|
30
|
|
|
24
|
|
|
25
|
|
||||
Deferred storm damage costs
|
|
24
|
|
|
24
|
|
|
24
|
|
|
24
|
|
||||
Other
|
|
147
|
|
|
140
|
|
|
146
|
|
|
140
|
|
||||
Total Regulatory Assets
|
|
$
|
5,757
|
|
|
$
|
5,580
|
|
|
$
|
5,644
|
|
|
$
|
5,476
|
|
Regulatory Liabilities:
|
|
|
|
|
|
|
|
|
|
|
||||||
Monetization of guaranty settlement
|
|
$
|
1,098
|
|
|
$
|
1,095
|
|
|
$
|
1,098
|
|
|
$
|
1,095
|
|
Accumulated deferred income taxes
|
|
1,074
|
|
|
1,076
|
|
|
915
|
|
|
914
|
|
||||
Asset removal costs
|
|
768
|
|
|
757
|
|
|
535
|
|
|
527
|
|
||||
Deferred gains on interest rate derivatives
|
|
78
|
|
|
131
|
|
|
78
|
|
|
131
|
|
||||
Other
|
|
1
|
|
|
—
|
|
|
1
|
|
|
—
|
|
||||
Total Regulatory Liabilities
|
|
$
|
3,019
|
|
|
$
|
3,059
|
|
|
$
|
2,627
|
|
|
$
|
2,667
|
|
•
|
To recover costs related to fuel, pension, pipeline integrity and energy conservation, among others;
|
•
|
To recover carrying costs associated with debt-based financing;
|
•
|
To replace revenues lost as a result of the utility implementing DER programs and DSM Programs; and
|
•
|
For gas revenues, to achieve weather normalization or to decouple gas revenues from weather and other factors, such as through the WNA at SCE&G or the CUT at PSNC Energy.
|
The Company
|
|
Consolidated SCE&G
|
|
PSNC Energy
|
|
|
|
Gas-nonregulated
|
||||||||||||
Millions of dollars
|
|
Electric
|
|
Gas-regulated
|
|
Gas-regulated
|
|
Total
Gas-regulated
|
|
|||||||||||
Three months ended June 30, 2018
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Customer class:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Residential
|
|
$
|
243
|
|
|
$
|
34
|
|
|
$
|
38
|
|
|
$
|
72
|
|
|
$
|
30
|
|
Commercial
|
|
171
|
|
|
22
|
|
|
18
|
|
|
40
|
|
|
16
|
|
|||||
Industrial
|
|
106
|
|
|
21
|
|
|
4
|
|
|
25
|
|
|
91
|
|
|||||
Other
|
|
30
|
|
|
2
|
|
|
7
|
|
|
9
|
|
|
6
|
|
|||||
Revenues from contracts with customers
|
|
550
|
|
|
79
|
|
|
67
|
|
|
146
|
|
|
143
|
|
|||||
Other operating revenues
|
|
3
|
|
|
—
|
|
|
2
|
|
|
2
|
|
|
—
|
|
|||||
Total Operating Revenues
|
|
$
|
553
|
|
|
$
|
79
|
|
|
$
|
69
|
|
|
$
|
148
|
|
|
$
|
143
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Six months ended June 30, 2018
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Customer class:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Residential
|
|
$
|
495
|
|
|
$
|
120
|
|
|
$
|
183
|
|
|
$
|
303
|
|
|
$
|
136
|
|
Commercial
|
|
340
|
|
|
61
|
|
|
66
|
|
|
127
|
|
|
50
|
|
|||||
Industrial
|
|
191
|
|
|
45
|
|
|
10
|
|
|
55
|
|
|
211
|
|
|||||
Other
|
|
68
|
|
|
7
|
|
|
15
|
|
|
22
|
|
|
19
|
|
|||||
Revenues from contracts with customers
|
|
1,094
|
|
|
233
|
|
|
274
|
|
|
507
|
|
|
416
|
|
|||||
Other operating revenues
|
|
6
|
|
|
1
|
|
|
1
|
|
|
2
|
|
|
—
|
|
|||||
Total Operating Revenues
|
|
$
|
1,100
|
|
|
$
|
234
|
|
|
$
|
275
|
|
|
$
|
509
|
|
|
$
|
416
|
|
June 30, 2018 (Millions of dollars)
|
|
Total
|
|
SCANA
|
|
Consolidated SCE&G
|
|
PSNC Energy
|
||||||||
Lines of credit:
|
|
+
|
|
|
|
|
|
|
|
|
||||||
Five-year, expiring December 2020
|
|
$
|
1,300.0
|
|
|
$
|
400.0
|
|
|
$
|
700.0
|
|
|
$
|
200.0
|
|
Fuel Company five-year, expiring December 2020
|
|
500.0
|
|
|
—
|
|
|
500.0
|
|
|
—
|
|
||||
Three-year, expiring December 2018
|
|
200.0
|
|
|
—
|
|
|
200.0
|
|
|
—
|
|
||||
Total committed long-term
|
|
2,000.0
|
|
|
400.0
|
|
|
1,400.0
|
|
|
200.0
|
|
||||
LOC advances
|
|
100.0
|
|
|
—
|
|
|
100.0
|
|
|
—
|
|
||||
Weighted average interest rate
|
|
|
|
—
|
|
|
3.31
|
%
|
|
—
|
|
|||||
Outstanding commercial paper (270 or fewer days)
|
|
517.4
|
|
|
29.0
|
|
|
457.5
|
|
|
30.9
|
|
||||
Weighted average interest rate
|
|
|
|
2.99
|
%
|
|
2.96
|
%
|
|
2.61
|
%
|
|||||
Letters of credit supported by LOC
|
|
33.7
|
|
|
33.4
|
|
|
0.3
|
|
|
—
|
|
||||
Available
|
|
$
|
1,348.9
|
|
|
$
|
337.6
|
|
|
$
|
842.2
|
|
|
$
|
169.1
|
|
December 31, 2017 (Millions of dollars)
|
|
Total
|
|
SCANA
|
|
Consolidated SCE&G
|
|
PSNC Energy
|
||||||||
Lines of credit:
|
|
|
|
|
|
|
|
|
||||||||
Five-year, expiring December 2020
|
|
$
|
1,300.0
|
|
|
$
|
400.0
|
|
|
$
|
700.0
|
|
|
$
|
200.0
|
|
Fuel Company five-year, expiring December 2020
|
|
500.0
|
|
|
—
|
|
|
500.0
|
|
|
—
|
|
||||
Three-year, expiring December 2018
|
|
200.0
|
|
|
—
|
|
|
200.0
|
|
|
—
|
|
||||
Total committed long-term
|
|
2,000.0
|
|
|
400.0
|
|
|
1,400.0
|
|
|
200.0
|
|
||||
Outstanding commercial paper (270 or fewer days)
|
|
350.3
|
|
|
—
|
|
|
251.6
|
|
|
98.7
|
|
||||
Weighted average interest rate
|
|
|
|
—
|
|
|
1.92
|
%
|
|
1.93
|
%
|
|||||
Letters of credit supported by LOC
|
|
3.3
|
|
|
3.0
|
|
|
0.3
|
|
|
—
|
|
||||
Available
|
|
$
|
1,646.4
|
|
|
$
|
397.0
|
|
|
$
|
1,148.1
|
|
|
$
|
101.3
|
|
|
|
Commodity and Other Energy Management Contracts (in MMBTU)
|
|||||||
Hedge designation
|
|
Gas Distribution
|
|
Gas Marketing
|
|
Total
|
|||
As of June 30, 2018
|
|
|
|
|
|
|
|
|
|
Commodity contracts
|
|
6,090,000
|
|
|
14,412,000
|
|
|
20,502,000
|
|
Energy management contracts
(a)
|
|
—
|
|
|
41,876,028
|
|
|
41,876,028
|
|
Total
(a)
|
|
6,090,000
|
|
|
56,288,028
|
|
|
62,378,028
|
|
|
|
|
|
|
|
|
|||
As of December 31, 2017
|
|
|
|
|
|
|
|
|
|
Commodity contracts
|
|
6,430,000
|
|
|
13,433,000
|
|
|
19,863,000
|
|
Energy management contracts
(a)
|
|
—
|
|
|
41,856,890
|
|
|
41,856,890
|
|
Total
(a)
|
|
6,430,000
|
|
|
55,289,890
|
|
|
61,719,890
|
|
Interest Rate Swaps
|
|
|
|
|
|
|
|
|
||||||||
|
|
The Company
|
|
Consolidated SCE&G
|
||||||||||||
Millions of dollars
|
|
June 30, 2018
|
|
December 31, 2017
|
|
June 30, 2018
|
|
December 31, 2017
|
||||||||
Designated as hedging instruments
|
|
$
|
106.8
|
|
|
$
|
111.2
|
|
|
$
|
36.4
|
|
|
$
|
36.4
|
|
Not designated as hedging instruments
|
|
35.0
|
|
|
735.0
|
|
|
35.0
|
|
|
735.0
|
|
Fair Values of Derivative Instruments
|
||||||||||||||||||
|
|
The Company
|
|
Consolidated SCE&G
|
||||||||||||||
Millions of dollars
|
|
Balance Sheet Location
|
|
Asset
|
|
Liability
|
|
Asset
|
|
Liability
|
||||||||
As of June 30, 2018
|
|
|
|
|
|
|
|
|
|
|
||||||||
Designated as hedging instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest rate contracts
|
|
Derivative financial instruments
|
|
—
|
|
|
$
|
3
|
|
|
—
|
|
|
$
|
1
|
|
||
|
|
Other deferred credits and other liabilities
|
|
—
|
|
|
17
|
|
|
—
|
|
|
6
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
Commodity contracts
|
|
Prepayments
|
|
$
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Total
|
|
$
|
1
|
|
|
$
|
20
|
|
|
—
|
|
|
$
|
7
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
||||||||
Not designated as hedging instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest rate contracts
|
|
Other deferred credits and other liabilities
|
|
—
|
|
|
$
|
3
|
|
|
—
|
|
|
$
|
3
|
|
||
|
|
|
|
|
|
|
|
|
||||||||||
Commodity contracts
|
|
Prepayments
|
|
$
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
|
|
|
|
|
|
|
|
|
||||||||||
Energy management contracts
|
|
Other current assets
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
|
Other deferred debits and other assets
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
|
Other current liabilities
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
||||
|
|
Derivative financial instruments
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
||||
Total
|
|
|
|
$
|
3
|
|
|
$
|
5
|
|
|
—
|
|
|
$
|
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
As of December 31, 2017
|
|
|
|
|
|
|
|
|
||||||||||
Designated as hedging instruments
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest rate contracts
|
|
Derivative financial instruments
|
|
—
|
|
|
$
|
3
|
|
|
—
|
|
|
$
|
1
|
|
||
|
|
Other deferred credits and other liabilities
|
|
—
|
|
|
24
|
|
|
—
|
|
|
9
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||||
Commodity contracts
|
|
Prepayments
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
||||
|
|
Other current assets
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
||||
Total
|
|
—
|
|
|
$
|
30
|
|
|
—
|
|
|
$
|
10
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
Not designated as hedging instruments
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest rate contracts
|
|
Derivative financial instruments
|
|
$
|
54
|
|
|
$
|
1
|
|
|
$
|
54
|
|
|
$
|
1
|
|
|
|
Other deferred credits and other liabilities
|
|
—
|
|
|
4
|
|
|
—
|
|
|
4
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||||
Commodity contracts
|
|
Other current assets
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||||
Energy management contracts
|
|
Prepayments
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
||||
|
|
Other current assets
|
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
|
Other deferred debits and other assets
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
|
Derivative financial instruments
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
||||
Total
|
|
|
|
$
|
59
|
|
|
$
|
8
|
|
|
$
|
54
|
|
|
$
|
5
|
|
The Company and Consolidated SCE&G:
|
|
|
|
|
|
|
||||||||||||
|
|
Gain (Loss) Deferred in Regulatory Accounts
|
|
|
|
Gain (Loss) Reclassified from Deferred Accounts into Income
|
||||||||||||
|
|
|
|
|
||||||||||||||
Millions of dollars
|
|
2018
|
|
|
2017
|
|
|
Location
|
|
2018
|
|
|
2017
|
|
||||
Three Months Ended June 30,
|
|
|
|
|
|
|
|
|
||||||||||
Interest rate contracts
|
|
—
|
|
|
$
|
(1
|
)
|
|
Interest expense
|
|
$
|
(1
|
)
|
|
—
|
|
||
Six Months Ended June 30,
|
|
|
|
|
|
|
|
|
||||||||||
Interest rate contracts
|
|
$
|
2
|
|
|
$
|
(1
|
)
|
|
Interest expense
|
|
$
|
(1
|
)
|
|
$
|
(1
|
)
|
The Company:
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
Gain (Loss) Recognized in OCI, net of tax
|
|
|
|
Gain (Loss) Reclassified from AOCI into Income, net of tax
|
||||||||||||
|
|
|
|
|
||||||||||||||
Millions of dollars
|
|
2018
|
|
|
2017
|
|
|
Location
|
|
2018
|
|
|
2017
|
|
||||
Three Months Ended June 30,
|
|
|
|
|
|
|
|
|
||||||||||
Interest rate contracts
|
|
—
|
|
|
$
|
(1
|
)
|
|
Interest expense
|
|
$
|
(2
|
)
|
|
$
|
(2
|
)
|
|
Commodity contracts
|
|
$
|
1
|
|
|
(2
|
)
|
|
Gas purchased for resale
|
|
—
|
|
|
—
|
|
|||
Total
|
|
$
|
1
|
|
|
$
|
(3
|
)
|
|
|
|
$
|
(2
|
)
|
|
$
|
(2
|
)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Six Months Ended June 30,
|
|
|
|
|
|
|
|
|
||||||||||
Interest rate contracts
|
|
$
|
2
|
|
|
$
|
(1
|
)
|
|
Interest expense
|
|
$
|
(4
|
)
|
|
$
|
(4
|
)
|
Commodity contracts
|
|
2
|
|
|
(4
|
)
|
|
Gas purchased for resale
|
|
(2
|
)
|
|
2
|
|
||||
Total
|
|
$
|
4
|
|
|
$
|
(5
|
)
|
|
|
|
$
|
(6
|
)
|
|
$
|
(2
|
)
|
Derivative Contracts with Credit Contingent Features
|
||||||||||||||||
|
|
The Company
|
|
Consolidated SCE&G
|
||||||||||||
Millions of dollars
|
|
June 30, 2018
|
|
December 31, 2017
|
|
June 30, 2018
|
|
December 31, 2017
|
||||||||
in Net Liability Position
|
|
|
|
|
|
|
|
|
|
|
||||||
Aggregate fair value of derivatives in net liability position
|
|
$
|
24.1
|
|
|
$
|
33.7
|
|
|
$
|
10.3
|
|
|
$
|
14.7
|
|
Fair value of collateral already posted
|
|
25.3
|
|
|
28.9
|
|
|
10.9
|
|
|
10.1
|
|
||||
Additional cash collateral or letters of credit in the event credit-risk-related contingent features were triggered
|
|
$
|
(1.2
|
)
|
|
$
|
4.8
|
|
|
$
|
(0.6
|
)
|
|
$
|
4.6
|
|
|
|
|
|
|
|
|
|
|
||||||||
in Net Asset Position
|
|
|
|
|
|
|
|
|
||||||||
Aggregate fair value of derivatives in net asset position
|
|
—
|
|
|
$
|
53.5
|
|
|
—
|
|
|
$
|
53.5
|
|
||
Fair value of collateral already posted
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Additional cash collateral or letters of credit in the event credit-risk-related contingent features were triggered
|
|
—
|
|
|
$
|
53.5
|
|
|
—
|
|
|
$
|
53.5
|
|
Derivative Assets
|
|
The Company
|
|
Consolidated SCE&G
|
||||||||||||||||
Millions of dollars
|
|
Interest Rate Contracts
|
|
Commodity Contracts
|
|
Energy Management Contracts
|
|
Total
|
|
Interest Rate Contracts
|
||||||||||
As of June 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Gross Amounts of Recognized Assets
|
|
—
|
|
|
$
|
2
|
|
|
$
|
2
|
|
|
$
|
4
|
|
|
—
|
|
||
Gross Amounts Offset in Statement of Financial Position
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Net Amounts Presented in Statement of Financial Position
|
|
—
|
|
|
2
|
|
|
2
|
|
|
4
|
|
|
—
|
|
|||||
Gross Amounts Not Offset - Financial Instruments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Gross Amounts Not Offset - Cash Collateral Received
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Net Amount
|
|
—
|
|
|
$
|
2
|
|
|
$
|
2
|
|
|
$
|
4
|
|
|
—
|
|
||
Balance sheet location
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Prepayments
|
|
|
|
|
|
|
|
$
|
2
|
|
|
—
|
|
|||||||
Other current assets
|
|
|
|
|
|
|
|
1
|
|
|
—
|
|
||||||||
Other deferred debits and other assets
|
|
|
|
|
|
|
|
1
|
|
|
—
|
|
||||||||
Total
|
|
|
|
|
|
|
|
$
|
4
|
|
|
—
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
As of December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Gross Amounts of Recognized Assets
|
|
$
|
54
|
|
|
$
|
1
|
|
|
$
|
4
|
|
|
$
|
59
|
|
|
$
|
54
|
|
Gross Amounts Offset in Statement of Financial Position
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Net Amounts Presented in Statement of Financial Position
|
|
54
|
|
|
1
|
|
|
4
|
|
|
59
|
|
|
54
|
|
|||||
Gross Amounts Not Offset - Financial Instruments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Gross Amounts Not Offset - Cash Collateral Received
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Net Amount
|
|
$
|
54
|
|
|
$
|
1
|
|
|
$
|
4
|
|
|
$
|
59
|
|
|
$
|
54
|
|
Balance sheet location
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Other current assets
|
|
|
|
|
|
|
|
$
|
58
|
|
|
$
|
54
|
|
||||||
Other deferred debits and other assets
|
|
|
|
|
|
|
|
1
|
|
|
—
|
|
||||||||
Total
|
|
|
|
|
|
|
|
$
|
59
|
|
|
$
|
54
|
|
Derivative Liabilities
|
|
The Company
|
|
Consolidated SCE&G
|
||||||||||||||||
Millions of dollars
|
|
Interest Rate Contracts
|
|
Commodity Contracts
|
|
Energy Management Contracts
|
|
Total
|
|
Interest Rate Contracts
|
||||||||||
As of June 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Gross Amounts of Recognized Liabilities
|
|
$
|
23
|
|
|
—
|
|
|
$
|
2
|
|
|
$
|
25
|
|
|
$
|
10
|
|
|
Gross Amounts Offset in Statement of Financial Position
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Net Amounts Presented in Statement of Financial Position
|
|
23
|
|
|
—
|
|
|
2
|
|
|
25
|
|
|
10
|
|
|||||
Gross Amounts Not Offset - Financial Instruments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Gross Amounts Not Offset - Cash Collateral Posted
|
|
(24
|
)
|
|
—
|
|
|
(1
|
)
|
|
(25
|
)
|
|
(11
|
)
|
|||||
Net Amount
|
|
$
|
(1
|
)
|
|
—
|
|
|
$
|
1
|
|
|
—
|
|
|
$
|
(1
|
)
|
||
Balance sheet location
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Derivative financial instruments
|
|
|
|
|
|
|
|
$
|
4
|
|
|
$
|
1
|
|
||||||
Other current liabilities
|
|
|
|
|
|
|
|
1
|
|
|
—
|
|
||||||||
Other deferred credits and other liabilities
|
|
|
|
|
|
|
|
20
|
|
|
9
|
|
||||||||
Total
|
|
|
|
|
|
|
|
$
|
25
|
|
|
$
|
10
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
As of December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Gross Amounts of Recognized Liabilities
|
|
$
|
32
|
|
|
$
|
3
|
|
|
$
|
3
|
|
|
$
|
38
|
|
|
$
|
15
|
|
Gross Amounts Offset in Statement of Financial Position
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
(1
|
)
|
|
—
|
|
|||||
Net Amounts Presented in Statement of Financial Position
|
|
32
|
|
|
3
|
|
|
2
|
|
|
37
|
|
|
15
|
|
|||||
Gross Amounts Not Offset - Financial Instruments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Gross Amounts Not Offset - Cash Collateral Posted
|
|
28
|
|
|
—
|
|
|
(1
|
)
|
|
27
|
|
|
—
|
|
|||||
Net Amount
|
|
$
|
60
|
|
|
$
|
3
|
|
|
$
|
1
|
|
|
$
|
64
|
|
|
$
|
15
|
|
Balance sheet location
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Other current assets
|
|
|
|
|
|
|
|
$
|
2
|
|
|
—
|
|
|||||||
Derivative financial instruments
|
|
|
|
|
|
|
|
7
|
|
|
$
|
2
|
|
|||||||
Other deferred credits and other liabilities
|
|
|
|
|
|
|
|
28
|
|
|
13
|
|
||||||||
Total
|
|
|
|
|
|
|
|
$
|
37
|
|
|
$
|
15
|
|
|
|
As of June 30, 2018
|
|
As of December 31, 2017
|
||||||||||||||||||||||||
|
|
The Company
|
|
Consolidated SCE&G
|
|
The Company
|
|
Consolidated SCE&G
|
||||||||||||||||||||
Millions of dollars
|
|
Level 1
|
|
Level 2
|
|
Level 2
|
|
Level 1
|
|
Level 2
|
|
Level 1
|
|
Level 2
|
||||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Available for sale securities
|
|
$
|
15
|
|
|
—
|
|
|
—
|
|
|
$
|
119
|
|
|
—
|
|
|
$
|
100
|
|
|
—
|
|
||||
Held to maturity securities
|
|
—
|
|
|
$
|
6
|
|
|
—
|
|
|
—
|
|
|
$
|
6
|
|
|
—
|
|
|
—
|
|
|||||
Interest rate contracts
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
54
|
|
|
—
|
|
|
$
|
54
|
|
||||||
Commodity contracts
|
|
2
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Energy management contracts
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Interest rate contracts
|
|
—
|
|
|
23
|
|
|
$
|
10
|
|
|
—
|
|
|
32
|
|
|
—
|
|
|
15
|
|
||||||
Commodity contracts
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|||||||
Energy management contracts
|
|
—
|
|
|
4
|
|
|
—
|
|
|
1
|
|
|
4
|
|
|
—
|
|
|
—
|
|
Long-Term Debt
|
|
June 30, 2018
|
|
December 31, 2017
|
||||||||||||
Millions of dollars
|
|
Carrying
Amount
|
|
Estimated
Fair Value
|
|
Carrying
Amount
|
|
Estimated
Fair Value
|
||||||||
The Company
|
|
$
|
6,665.5
|
|
|
$
|
6,925.0
|
|
|
$
|
6,632.9
|
|
|
$
|
7,399.7
|
|
Consolidated SCE&G
|
|
5,099.7
|
|
|
5,265.0
|
|
|
5,163.3
|
|
|
5,790.3
|
|
The Company
|
|
Pension Benefits
|
|
Other Postretirement Benefits
|
||||||||||||
Millions of dollars
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Three months ended June 30,
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Service cost
|
|
$
|
4.9
|
|
|
$
|
5.3
|
|
|
$
|
1.1
|
|
|
$
|
1.2
|
|
Interest cost
|
|
8.6
|
|
|
9.4
|
|
|
2.7
|
|
|
2.9
|
|
||||
Expected return on assets
|
|
(14.3
|
)
|
|
(13.8
|
)
|
|
—
|
|
|
—
|
|
||||
Prior service cost amortization
|
|
0.2
|
|
|
0.4
|
|
|
—
|
|
|
—
|
|
||||
Amortization of actuarial losses
|
|
2.9
|
|
|
3.9
|
|
|
0.6
|
|
|
0.4
|
|
||||
Net periodic benefit cost
|
|
$
|
2.3
|
|
|
$
|
5.2
|
|
|
$
|
4.4
|
|
|
$
|
4.5
|
|
|
|
|
|
|
|
|
|
|
||||||||
Six months ended June 30,
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Service cost
|
|
$
|
9.9
|
|
|
$
|
10.5
|
|
|
$
|
2.3
|
|
|
$
|
2.3
|
|
Interest cost
|
|
17.1
|
|
|
18.9
|
|
|
5.4
|
|
|
5.9
|
|
||||
Expected return on assets
|
|
(28.6
|
)
|
|
(27.6
|
)
|
|
—
|
|
|
—
|
|
||||
Prior service cost amortization
|
|
0.3
|
|
|
0.8
|
|
|
—
|
|
|
—
|
|
||||
Amortization of actuarial losses
|
|
5.9
|
|
|
7.9
|
|
|
1.1
|
|
|
0.7
|
|
||||
Net periodic benefit cost
|
|
$
|
4.6
|
|
|
$
|
10.5
|
|
|
$
|
8.8
|
|
|
$
|
8.9
|
|
Consolidated SCE&G
|
|
Pension Benefits
|
|
Other Postretirement Benefits
|
||||||||||||
Millions of dollars
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Three months ended June 30,
|
|
|
|
|
|
|
|
|
||||||||
Service cost
|
|
$
|
4.0
|
|
|
$
|
4.4
|
|
|
$
|
0.8
|
|
|
$
|
1.0
|
|
Interest cost
|
|
7.2
|
|
|
8.1
|
|
|
2.2
|
|
|
2.4
|
|
||||
Expected return on assets
|
|
(12.1
|
)
|
|
(11.8
|
)
|
|
—
|
|
|
—
|
|
||||
Prior service cost amortization
|
|
0.1
|
|
|
0.3
|
|
|
—
|
|
|
—
|
|
||||
Amortization of actuarial losses
|
|
2.5
|
|
|
3.4
|
|
|
0.5
|
|
|
0.3
|
|
||||
Net periodic benefit cost
|
|
$
|
1.7
|
|
|
$
|
4.4
|
|
|
$
|
3.5
|
|
|
$
|
3.7
|
|
|
|
|
|
|
|
|
|
|
||||||||
Six months ended June 30,
|
|
|
|
|
|
|
|
|
||||||||
Service cost
|
|
$
|
8.1
|
|
|
$
|
8.8
|
|
|
$
|
1.8
|
|
|
$
|
1.9
|
|
Interest cost
|
|
14.4
|
|
|
16.1
|
|
|
4.3
|
|
|
4.8
|
|
||||
Expected return on assets
|
|
(24.2
|
)
|
|
(23.6
|
)
|
|
—
|
|
|
—
|
|
||||
Prior service cost amortization
|
|
0.2
|
|
|
0.7
|
|
|
—
|
|
|
—
|
|
||||
Amortization of actuarial losses
|
|
5.0
|
|
|
6.7
|
|
|
0.9
|
|
|
0.6
|
|
||||
Net periodic benefit cost
|
|
$
|
3.5
|
|
|
$
|
8.7
|
|
|
$
|
7.0
|
|
|
$
|
7.3
|
|
The Company
|
|
|
|
|
|
|
|
|
||||||||
Millions of dollars
|
|
External
Revenue
|
|
Intersegment Revenue
|
|
Operating
Income
|
|
Net
Income
|
||||||||
Three Months Ended June 30, 2018
|
|
|
|
|
|
|
|
|
||||||||
Electric Operations
|
|
$
|
552
|
|
|
$
|
2
|
|
|
$
|
106
|
|
|
n/a
|
|
|
Gas Distribution
|
|
148
|
|
|
1
|
|
|
3
|
|
|
n/a
|
|
||||
Gas Marketing
|
|
143
|
|
|
29
|
|
|
n/a
|
|
|
$
|
3
|
|
|||
All Other
|
|
—
|
|
|
118
|
|
|
—
|
|
|
(24
|
)
|
||||
Adjustments/Eliminations
|
|
—
|
|
|
(150
|
)
|
|
(6
|
)
|
|
29
|
|
||||
Consolidated Total
|
|
$
|
843
|
|
|
$
|
—
|
|
|
$
|
103
|
|
|
$
|
8
|
|
|
|
|
|
|
|
|
|
|
||||||||
Six Months Ended June 30, 2018
|
|
|
|
|
|
|
|
|
||||||||
Electric Operations
|
|
$
|
1,098
|
|
|
$
|
3
|
|
|
$
|
179
|
|
|
n/a
|
|
|
Gas Distribution
|
|
509
|
|
|
1
|
|
|
116
|
|
|
n/a
|
|
||||
Gas Marketing
|
|
416
|
|
|
60
|
|
|
n/a
|
|
|
$
|
20
|
|
|||
All Other
|
|
—
|
|
|
223
|
|
|
—
|
|
|
(49
|
)
|
||||
Adjustments/Eliminations
|
|
—
|
|
|
(287
|
)
|
|
(5
|
)
|
|
206
|
|
||||
Consolidated Total
|
|
$
|
2,023
|
|
|
$
|
—
|
|
|
$
|
290
|
|
|
$
|
177
|
|
Three Months Ended June 30, 2017
|
|
|
|
|
|
|
|
|
||||||||
Electric Operations
|
|
$
|
679
|
|
|
$
|
2
|
|
|
$
|
246
|
|
|
n/a
|
|
|
Gas Distribution
|
|
140
|
|
|
1
|
|
|
4
|
|
|
n/a
|
|
||||
Gas Marketing
|
|
182
|
|
|
34
|
|
|
n/a
|
|
|
$
|
1
|
|
|||
All Other
|
|
—
|
|
|
102
|
|
|
—
|
|
|
(7
|
)
|
||||
Adjustments/Eliminations
|
|
—
|
|
|
(139
|
)
|
|
1
|
|
|
127
|
|
||||
Consolidated Total
|
|
$
|
1,001
|
|
|
$
|
—
|
|
|
$
|
251
|
|
|
$
|
121
|
|
|
|
|
|
|
|
|
|
|
||||||||
Six Months Ended June 30, 2017
|
|
|
|
|
|
|
|
|
||||||||
Electric Operations
|
|
$
|
1,256
|
|
|
$
|
3
|
|
|
$
|
428
|
|
|
n/a
|
|
|
Gas Distribution
|
|
461
|
|
|
1
|
|
|
117
|
|
|
n/a
|
|
||||
Gas Marketing
|
|
456
|
|
|
58
|
|
|
n/a
|
|
|
$
|
16
|
|
|||
All Other
|
|
—
|
|
|
196
|
|
|
—
|
|
|
(7
|
)
|
||||
Adjustments/Eliminations
|
|
—
|
|
|
(258
|
)
|
|
26
|
|
|
283
|
|
||||
Consolidated Total
|
|
$
|
2,173
|
|
|
$
|
—
|
|
|
$
|
571
|
|
|
$
|
292
|
|
Consolidated SCE&G
|
|
|
|
|
|
|
||||||
Millions of dollars
|
|
External Revenue
|
|
Operating Income
|
|
Earnings Available to
Common Shareholder
|
||||||
Three Months Ended June 30, 2018
|
|
|
|
|
|
|
||||||
Electric Operations
|
|
$
|
553
|
|
|
$
|
107
|
|
|
n/a
|
|
|
Gas Distribution
|
|
79
|
|
|
—
|
|
|
n/a
|
|
|||
Adjustments/Eliminations
|
|
—
|
|
|
—
|
|
|
$
|
26
|
|
||
Consolidated Total
|
|
$
|
632
|
|
|
$
|
107
|
|
|
$
|
26
|
|
|
|
|
|
|
|
|
||||||
Six Months Ended June 30, 2018
|
|
|
|
|
|
|
||||||
Electric Operations
|
|
$
|
1,100
|
|
|
$
|
180
|
|
|
n/a
|
|
|
Gas Distribution
|
|
234
|
|
|
47
|
|
|
n/a
|
|
|||
Adjustments/Eliminations
|
|
—
|
|
|
—
|
|
|
$
|
150
|
|
||
Consolidated Total
|
|
$
|
1,334
|
|
|
$
|
227
|
|
|
$
|
150
|
|
Three Months Ended June 30, 2017
|
|
|
|
|
|
|
||||||
Electric Operations
|
|
$
|
680
|
|
|
$
|
247
|
|
|
n/a
|
|
|
Gas Distribution
|
|
76
|
|
|
—
|
|
|
n/a
|
|
|||
Adjustments/Eliminations
|
|
—
|
|
|
—
|
|
|
$
|
123
|
|
||
Consolidated Total
|
|
$
|
756
|
|
|
$
|
247
|
|
|
$
|
123
|
|
|
|
|
|
|
|
|
||||||
Six Months Ended June 30, 2017
|
|
|
|
|
|
|
||||||
Electric Operations
|
|
$
|
1,259
|
|
|
$
|
429
|
|
|
n/a
|
|
|
Gas Distribution
|
|
217
|
|
|
44
|
|
|
n/a
|
|
|||
Adjustments/Eliminations
|
|
—
|
|
|
—
|
|
|
$
|
231
|
|
||
Consolidated Total
|
|
$
|
1,476
|
|
|
$
|
473
|
|
|
$
|
231
|
|
Segment Assets
|
|
The Company
|
|
Consolidated SCE&G
|
||||||||||||
|
|
June 30,
|
|
December 31,
|
|
June 30,
|
|
December 31,
|
||||||||
Millions of dollars
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Electric Operations
|
|
$
|
12,082
|
|
|
$
|
11,979
|
|
|
$
|
12,082
|
|
|
$
|
11,979
|
|
Gas Distribution
|
|
3,292
|
|
|
3,259
|
|
|
895
|
|
|
869
|
|
||||
Gas Marketing
|
|
214
|
|
|
230
|
|
|
n/a
|
|
|
n/a
|
|
||||
All Other
|
|
1,039
|
|
|
1,042
|
|
|
n/a
|
|
|
n/a
|
|
||||
Adjustments/Eliminations
|
|
2,274
|
|
|
2,229
|
|
|
3,298
|
|
|
3,098
|
|
||||
Consolidated Total
|
|
$
|
18,901
|
|
|
$
|
18,739
|
|
|
$
|
16,275
|
|
|
$
|
15,946
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
Millions of Dollars
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Purchases from Canadys Refined Coal, LLC
|
|
$
|
44.8
|
|
|
$
|
52.8
|
|
|
$
|
77.3
|
|
|
$
|
97.4
|
|
Sales to Canadys Refined Coal, LLC
|
|
44.6
|
|
|
52.5
|
|
|
76.9
|
|
|
96.8
|
|
Millions of Dollars
|
|
June 30, 2018
|
|
December 31, 2017
|
||||
Receivable from Canadys Refined Coal, LLC
|
|
$
|
17.3
|
|
|
$
|
4.9
|
|
Payable to Canadys Refined Coal, LLC
|
|
17.4
|
|
|
4.9
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
Millions of Dollars
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Purchases from SCANA Energy
|
|
$
|
28.7
|
|
|
$
|
34.3
|
|
|
$
|
60.0
|
|
|
$
|
58.2
|
|
Direct and Allocated Costs from SCANA Services
|
|
76.0
|
|
|
82.9
|
|
|
135.4
|
|
|
155.4
|
|
Millions of Dollars
|
|
June 30, 2018
|
|
December 31, 2017
|
||||
Payable to SCANA Energy
|
|
$
|
10.6
|
|
|
$
|
10.0
|
|
Payable to SCANA Services
|
|
43.2
|
|
|
42.0
|
|
|
|
The Company
|
|
Consolidated SCE&G
|
||||||||||||||||||||||||||||
|
|
Three Months Ended
|
|
Six Months Ended
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||||||||||||||
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
||||||||||||||||||||||||
Millions of dollars
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||||||||||
Revenues from contracts with customers
|
|
$
|
5
|
|
|
—
|
|
|
$
|
10
|
|
|
—
|
|
|
$
|
2
|
|
|
—
|
|
|
$
|
3
|
|
|
—
|
|
||||
Other income
|
|
7
|
|
|
$
|
16
|
|
|
136
|
|
|
$
|
33
|
|
|
4
|
|
|
$
|
7
|
|
|
130
|
|
|
$
|
15
|
|
||||
Other expense
|
|
(11
|
)
|
|
(11
|
)
|
|
(20
|
)
|
|
(24
|
)
|
|
(5
|
)
|
|
(6
|
)
|
|
(12
|
)
|
|
(16
|
)
|
||||||||
Allowance for equity funds used during construction
|
|
3
|
|
|
9
|
|
|
7
|
|
|
18
|
|
|
1
|
|
|
7
|
|
|
4
|
|
|
16
|
|
||||||||
Other income, net
|
|
$
|
4
|
|
|
$
|
14
|
|
|
$
|
133
|
|
|
$
|
27
|
|
|
$
|
2
|
|
|
$
|
8
|
|
|
$
|
125
|
|
|
$
|
15
|
|
|
|
Second Quarter
|
|
Year to Date
|
||||||||||||
The Company
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Earnings per share
|
|
$
|
0.06
|
|
|
$
|
0.85
|
|
|
$
|
1.24
|
|
|
$
|
2.04
|
|
|
|
|
|
|
|
|
|
|
||||||||
Consolidated SCE&G
|
|
|
|
|
|
|
|
|
||||||||
Net income (millions of dollars)
|
|
$
|
31.0
|
|
|
$
|
125.7
|
|
|
$
|
158.7
|
|
|
$
|
238.0
|
|
|
|
The Company
|
|
Consolidated SCE&G
|
||||||||||||||||||||||||||||
|
|
Second Quarter
|
|
Year to Date
|
|
Second Quarter
|
|
Year to Date
|
||||||||||||||||||||||||
Millions of dollars
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||||||||||
Operating revenues
|
|
$
|
553.1
|
|
|
$
|
680.1
|
|
|
$
|
1,100.5
|
|
|
$
|
1,258.6
|
|
|
$
|
553.1
|
|
|
$
|
680.1
|
|
|
$
|
1,100.5
|
|
|
$
|
1,258.6
|
|
Fuel used in electric generation
|
|
155.4
|
|
|
161.2
|
|
|
314.7
|
|
|
297.6
|
|
|
155.4
|
|
|
161.2
|
|
|
314.7
|
|
|
297.6
|
|
||||||||
Purchased power
|
|
15.1
|
|
|
20.7
|
|
|
67.2
|
|
|
31.8
|
|
|
15.1
|
|
|
20.7
|
|
|
67.2
|
|
|
31.8
|
|
||||||||
Other operation and maintenance
|
|
142.8
|
|
|
123.4
|
|
|
268.8
|
|
|
244.4
|
|
|
146.4
|
|
|
127.0
|
|
|
275.3
|
|
|
251.5
|
|
||||||||
Impairment loss
|
|
—
|
|
|
—
|
|
|
3.6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3.6
|
|
|
—
|
|
||||||||
Depreciation and amortization
|
|
75.8
|
|
|
73.1
|
|
|
151.7
|
|
|
146.1
|
|
|
73.1
|
|
|
70.1
|
|
|
146.1
|
|
|
140.1
|
|
||||||||
Other taxes
|
|
57.2
|
|
|
55.6
|
|
|
114.5
|
|
|
110.2
|
|
|
56.5
|
|
|
55.0
|
|
|
113.3
|
|
|
109.1
|
|
||||||||
Operating Income
|
|
$
|
106.8
|
|
|
$
|
246.1
|
|
|
$
|
180.0
|
|
|
$
|
428.5
|
|
|
$
|
106.6
|
|
|
$
|
246.1
|
|
|
$
|
180.3
|
|
|
$
|
428.5
|
|
•
|
Operating revenues decreased in 2018 by $109.3 million due to the recognition of estimated amounts to be refunded to customers as a result of the enactment of Act 258, by $10.9 million due to the recognition of estimated amounts to be refunded to customers as a result of the Tax Act, lower residential and commercial average use of $18.6 million and lower fuel cost recovery of $17.7 million. These revenue decreases were partially offset by the effects of weather of $15.7 million, residential and commercial growth of $5.0 million, industrial growth and higher usage of $1.7 million and revenue recognized under the DER program of $4.6 million.
|
•
|
Fuel used in electric generation and purchased power expenses decreased in 2018 due to lower fuel prices of $17.7 million and lower residential and commercial average use of $5.1 million. These decreases were partially offset by higher amortization of DER program costs of $3.8 million, increased sales volumes associated with residential and commercial customer growth of $1.2 million, higher industrial usage of $1.4 million, higher sales volumes associated with the effects of weather of $4.8 million and higher fuel handling expenses of $0.3 million.
|
•
|
Other operation and maintenance expenses increased in 2018 due to wind down costs associated with the abandonment of the Nuclear Project of $3.4 million, higher legal and other costs related to the abandonment of the Nuclear Project of approximately $10.0 million, higher non-labor generation and other electric operations costs of $4.2 million and higher injuries and damages expenses of $3.0 million. These increases were partially offset by lower labor costs of $4.4 million, primarily due to lower incentive compensation costs.
|
•
|
Depreciation and amortization increased primarily due to net plant additions.
|
•
|
Other taxes increased primarily due to higher property taxes associated with net plant additions.
|
•
|
Operating revenues decreased in 2018 by $113.7 million pursuant to an SCPSC order whereby fuel cost recovery is offset with gains realized upon the settlement of certain interest rate derivative contracts, as further described in Other Income (Expense) below, related to fuel cost recovery. Operating revenue also decreased by $109.3 million due to the recognition of estimated amounts to be refunded to customers as a result of Act 258, by $35.0 million due to the recognition of estimated amounts to be refunded to customers as a result of the Tax Act, lower collections under the rate rider for pension costs of $2.6 million and lower residential and commercial average use of $20.7 million. The downward adjustment related to fuel costs recovery had no effect on net income as it was fully offset by the recognition within other income of gains realized upon the settlement of certain derivative interest rate contracts. The lower pension rider collections had no impact on net income as they were fully offset by the recognition, within other operation and maintenance expenses, of lower pension costs. These revenue decreases were partially offset by the effects of weather of $63.2 million, residential and commercial growth of $11.4 million, industrial growth and higher usage of $4.3 million, revenue recognized under the DER program of $6.7 million and higher fuel cost recovery of $30.7 million.
|
•
|
Fuel used in electric generation and purchased power expenses increased due to higher fuel prices of $30.7 million, amortization of DER program costs of $5.4 million, increased sales volumes associated with residential and commercial customer growth of $2.6 million, higher industrial usage of $2.2 million, higher sales volumes associated with the effects of weather of $15.4 million and higher fuel handling expenses of $1.7 million. These increases were partially offset by lower residential and commercial average use of $5.4 million.
|
•
|
Other operation and maintenance expenses increased due to wind down costs associated with the abandonment of the Nuclear Project of $7.1 million, higher legal and other costs related to the abandonment of the Nuclear Project of approximately $10.7 million at the Company and approximately $10.4 million at Consolidated SCE&G, higher non-labor generation and other electric operations costs of $3.2 million and higher injuries and damages expenses of $2.4 million. These increases were partially offset by lower labor costs of $6.2 million, primarily due to lower incentive compensation costs.
|
•
|
Impairment loss represents the writedown of nuclear fuel acquired for use in Unit 2 and Unit 3 to its estimated fair value in the first quarter of 2018.
|
•
|
Depreciation and amortization increased primarily due to net plant additions.
|
•
|
Other taxes increased primarily due to higher property taxes associated with net plant additions.
|
|
|
Second Quarter
|
|
Year to Date
|
||||||||
Classification
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||
Residential
|
|
1,968
|
|
|
1,916
|
|
|
3,955
|
|
|
3,553
|
|
Commercial
|
|
1,870
|
|
|
1,872
|
|
|
3,574
|
|
|
3,504
|
|
Industrial
|
|
1,612
|
|
|
1,565
|
|
|
3,101
|
|
|
3,024
|
|
Other
|
|
149
|
|
|
147
|
|
|
280
|
|
|
281
|
|
Total Retail Sales
|
|
5,599
|
|
|
5,500
|
|
|
10,910
|
|
|
10,362
|
|
Wholesale
|
|
244
|
|
|
228
|
|
|
486
|
|
|
441
|
|
Total Sales
|
|
5,843
|
|
|
5,728
|
|
|
11,396
|
|
|
10,803
|
|
|
|
The Company
|
|
Consolidated SCE&G
|
||||||||||||||||||||||||||||
|
|
Second Quarter
|
|
Year to Date
|
|
Second Quarter
|
|
Year to Date
|
||||||||||||||||||||||||
Millions of dollars
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||||||||||
Operating revenues
|
|
$
|
148.7
|
|
|
$
|
140.2
|
|
|
$
|
509.7
|
|
|
$
|
462.3
|
|
|
$
|
79.5
|
|
|
$
|
75.9
|
|
|
$
|
234.1
|
|
|
$
|
216.8
|
|
Gas purchased for resale
|
|
67.2
|
|
|
61.5
|
|
|
237.8
|
|
|
196.3
|
|
|
45.2
|
|
|
42.1
|
|
|
120.6
|
|
|
108.0
|
|
||||||||
Other operation and maintenance
|
|
42.7
|
|
|
43.1
|
|
|
84.7
|
|
|
85.5
|
|
|
17.8
|
|
|
18.7
|
|
|
35.1
|
|
|
36.0
|
|
||||||||
Depreciation and amortization
|
|
23.1
|
|
|
21.1
|
|
|
46.0
|
|
|
41.9
|
|
|
7.6
|
|
|
7.2
|
|
|
15.1
|
|
|
14.2
|
|
||||||||
Other taxes
|
|
12.2
|
|
|
11.1
|
|
|
24.3
|
|
|
21.9
|
|
|
8.1
|
|
|
7.2
|
|
|
16.2
|
|
|
14.4
|
|
||||||||
Operating Income
|
|
$
|
3.5
|
|
|
$
|
3.4
|
|
|
$
|
116.9
|
|
|
$
|
116.7
|
|
|
$
|
0.8
|
|
|
$
|
0.7
|
|
|
$
|
47.1
|
|
|
$
|
44.2
|
|
•
|
Operating revenues increased at SCE&G primarily due to increased base rates under the RSA of $1.5 million, customer growth of $2.4 million and higher average use of $1.4 million. These increases were partially offset by a decrease of $1.5 million due to the recognition of estimated amounts to be refunded to customers as a result of the Tax Act and lower gas cost recovery of $0.3 million. In addition to these factors, operating revenues at the Company increased due to weather at PSNC Energy of $6.1 million and customer growth of $1.1 million. These increases were partially offset by a CUT adjustment of $3.8 million, decreased cost of gas recoveries of $1.4 million and $1.8 million due to the recognition of estimated amounts to be refunded to customers as a result of the Tax Act.
|
•
|
Gas purchased for resale increased at SCE&G due to higher average use of $1.9 million, increased sales volumes due to weather of $0.8 million and firm customer growth of $1.4 million. These increases were partially offset by lower gas prices of $1.1 million. In addition to these factors, gas purchased for resale at the Company reflects increased sales volumes due to weather at PSNC Energy of $2.8 million. These increases were partially offset by decreased gas costs of $1.4 million and a CUT adjustment of $1.3 million.
|
•
|
Other operation and maintenance expenses decreased primarily due to lower labor costs, including lower incentive compensation.
|
•
|
Depreciation and amortization increased primarily due to net plant additions.
|
•
|
Other taxes increased primarily due to higher property taxes associated with net plant additions.
|
•
|
Operating revenues increased at SCE&G primarily due to increased base rates under the RSA of $5.9 million, customer growth of $6.2 million, higher average use of $2.6 million and higher gas cost recovery of $6.3 million. These increases were partially offset by a decrease of $4.6 million due to the recognition of estimated amounts to be refunded to customers as a result of the Tax Act. In addition to these factors, operating revenues at the Company increased due to weather at PSNC Energy of $60.0 million, customer growth of $6.2 million and pipeline integrity management tracking recovered costs of $3.9 million. These increases were partially offset by a CUT adjustment of $20.1 million, decreased cost of gas recoveries of $15.6 million and $8.6 million due to the recognition of estimated amounts to be refunded to customers as a result of the Tax Act.
|
•
|
Gas purchased for resale increased at SCE&G due to higher average use of $3.0 million, increased sales volumes due to weather of $13.4 million and firm customer growth of $3.2 million. These increases were partially offset by lower gas prices of $7.1 million. In addition to these factors, gas purchased for resale at the Company reflects increased sales volumes due to weather at PSNC Energy of $29.8 million, customer growth of $2.8 million and the effect of a CUT adjustment that decreased gas purchased for resale by $9.2 million. These increases were partially offset by decreased gas costs of $15.6 million.
|
•
|
Other operation and maintenance expenses decreased primarily due to lower labor costs, including lower incentive compensation.
|
•
|
Depreciation and amortization increased primarily due to net plant additions.
|
•
|
Other taxes increased primarily due to higher property taxes associated with net plant additions.
|
|
|
The Company
|
|
Consolidated SCE&G
|
||||||||||||||||||||
|
|
Second Quarter
|
|
Year to Date
|
|
Second Quarter
|
|
Year to Date
|
||||||||||||||||
Classification (in thousands)
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Residential
|
|
4,093
|
|
|
3,202
|
|
|
27,281
|
|
|
19,762
|
|
|
1,432
|
|
|
1,043
|
|
|
8,467
|
|
|
5,948
|
|
Commercial
|
|
5,361
|
|
|
5,107
|
|
|
17,418
|
|
|
14,576
|
|
|
2,735
|
|
|
2,650
|
|
|
7,153
|
|
|
6,402
|
|
Industrial
|
|
5,370
|
|
|
4,758
|
|
|
10,878
|
|
|
10,080
|
|
|
4,890
|
|
|
4,347
|
|
|
9,540
|
|
|
9,000
|
|
Transportation
|
|
13,877
|
|
|
12,494
|
|
|
26,024
|
|
|
23,448
|
|
|
1,570
|
|
|
1,530
|
|
|
3,072
|
|
|
3,086
|
|
Total
|
|
28,701
|
|
|
25,561
|
|
|
81,601
|
|
|
67,866
|
|
|
10,627
|
|
|
9,570
|
|
|
28,232
|
|
|
24,436
|
|
|
|
Second Quarter
|
|
Year to Date
|
||||||||||||
Millions of dollars
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Operating revenues
|
|
$
|
171.7
|
|
|
$
|
216.3
|
|
|
$
|
475.8
|
|
|
$
|
514.3
|
|
Net income
|
|
3.6
|
|
|
1.1
|
|
|
20.6
|
|
|
16.2
|
|
|
|
The Company
|
|
Consolidated SCE&G
|
||||||||||||||||||||||||||||
|
|
Second Quarter
|
|
Year to Date
|
|
Second Quarter
|
|
Year to Date
|
||||||||||||||||||||||||
Millions of dollars
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||||||||||
Other operation and maintenance
|
|
$
|
208.3
|
|
|
$
|
178.8
|
|
|
$
|
410.0
|
|
|
$
|
354.0
|
|
|
$
|
164.2
|
|
|
$
|
145.7
|
|
|
$
|
310.4
|
|
|
$
|
287.5
|
|
Impairment loss
|
|
—
|
|
|
—
|
|
|
3.6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3.6
|
|
|
—
|
|
||||||||
Depreciation and amortization
|
|
99.4
|
|
|
94.6
|
|
|
198.6
|
|
|
189.0
|
|
|
80.7
|
|
|
77.3
|
|
|
161.2
|
|
|
154.3
|
|
||||||||
Other taxes
|
|
69.7
|
|
|
67.1
|
|
|
139.6
|
|
|
133.0
|
|
|
64.5
|
|
|
62.2
|
|
|
129.4
|
|
|
123.5
|
|
|
|
The Company
|
|
Consolidated SCE&G
|
||||||||||||||||||||||||||||
|
|
Second Quarter
|
|
Year to Date
|
|
Second Quarter
|
|
Year to Date
|
||||||||||||||||||||||||
Millions of dollars
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||||||||||
Other income
|
|
$
|
11.6
|
|
|
$
|
15.6
|
|
|
$
|
145.6
|
|
|
$
|
32.5
|
|
|
$
|
5.2
|
|
|
$
|
7.6
|
|
|
$
|
132.6
|
|
|
$
|
15.3
|
|
Other expense
|
|
(10.6
|
)
|
|
(10.8
|
)
|
|
(20.2
|
)
|
|
(24.4
|
)
|
|
(5.2
|
)
|
|
(6.6
|
)
|
|
(11.7
|
)
|
|
(16.1
|
)
|
||||||||
AFC - equity funds
|
|
3.0
|
|
|
9.1
|
|
|
7.2
|
|
|
18.2
|
|
|
1.3
|
|
|
7.5
|
|
|
4.2
|
|
|
16.1
|
|
Expected Maturity
|
|
2018
|
|
2019
|
|
2020
|
2021
|
||||
Futures - Long
|
|
|
|
|
|
|
|
||||
Settlement Price (a)
|
|
2.97
|
|
|
2.95
|
|
|
2.89
|
|
—
|
|
Contract Amount (b)
|
|
27.1
|
|
|
32.9
|
|
|
2.9
|
|
—
|
|
Fair Value (b)
|
|
27.4
|
|
|
33.0
|
|
|
2.9
|
|
—
|
|
|
|
|
|
|
|
|
|
||||
Futures - Short
|
|
|
|
|
|
|
|
||||
Settlement Price (a)
|
|
2.91
|
|
|
—
|
|
|
—
|
|
—
|
|
Contract Amount (b)
|
|
0.9
|
|
|
—
|
|
|
—
|
|
—
|
|
Fair Value (b)
|
|
0.9
|
|
|
—
|
|
|
—
|
|
—
|
|
|
|
|
|
|
|
|
|
||||
Options - Purchased Call (Long)
|
|
|
|
|
|
|
|
||||
Strike Price (a)
|
|
3.26
|
|
|
3.08
|
|
|
—
|
|
—
|
|
Contract Amount (b)
|
|
8.7
|
|
|
10.3
|
|
|
—
|
|
—
|
|
Fair Value (b)
|
|
0.6
|
|
|
0.8
|
|
|
—
|
|
—
|
|
|
|
|
|
|
|
|
|
||||
Options Sold Call (Short)
|
|
|
|
|
|
|
|
||||
Strike Price (a)
|
|
0.20
|
|
|
—
|
|
|
—
|
|
—
|
|
Contract Amount (b)
|
|
0.3
|
|
|
—
|
|
|
—
|
|
—
|
|
Fair Value (b)
|
|
0.3
|
|
|
—
|
|
|
—
|
|
—
|
|
|
|
|
|
|
|
|
|
||||
Swaps - Commodity
|
|
|
|
|
|
|
|
||||
Pay fixed/receive variable (b)
|
|
5.6
|
|
|
7.1
|
|
|
3.3
|
|
0.3
|
|
Average pay rate (a)
|
|
3.2210
|
|
|
2.9257
|
|
|
2.8627
|
|
2.7890
|
|
Average received rate (a)
|
|
2.9520
|
|
|
2.8581
|
|
|
2.7039
|
|
2.7157
|
|
Fair value (b)
|
|
5.1
|
|
|
6.9
|
|
|
3.2
|
|
0.2
|
|
|
|
|
|
|
|
|
|
||||
Pay variable/receive fixed (b)
|
|
14.5
|
|
|
18.3
|
|
|
3.3
|
|
—
|
|
Average pay rate (a)
|
|
2.9532
|
|
|
2.8607
|
|
|
2.7172
|
|
—
|
|
Average received rate (a)
|
|
3.0556
|
|
|
2.9001
|
|
|
2.8586
|
|
—
|
|
Fair value (b)
|
|
15.0
|
|
|
18.5
|
|
|
3.5
|
|
—
|
|
|
|
|
|
|
|
|
|
||||
Swaps - Basis
|
|
|
|
|
|
|
|
|
|
|
|
Pay variable/receive variable (b)
|
|
19.8
|
|
|
15.2
|
|
|
—
|
|
—
|
|
Average pay rate (a)
|
|
2.9162
|
|
|
3.0094
|
|
|
—
|
|
—
|
|
Average received rate (a)
|
|
2.9004
|
|
|
3.0033
|
|
|
—
|
|
—
|
|
Fair value (b)
|
|
19.7
|
|
|
15.2
|
|
|
—
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Weighted average, in dollars
|
|
|
|
|
|
|
|
||||
(b) Millions of dollars
|
|
|
|
|
|
|
|
|
|
|
ITEM 4.
|
CONTROLS AND PROCEDURES
|
•
|
the price of SCANA common stock may decline to the extent that the current market price reflects an expectation by the market that the merger will be completed;
|
•
|
obligations to pay certain costs relating to the merger, such as legal, accounting, financial advisory, filing, proxy solicitation, printing and mailing fees;
|
•
|
the disruption of the Company’s and Consolidated SCE&G’s ongoing business or inconsistencies in its services, standards, controls, procedures and policies due to management’s focus on the merger, any of which could adversely affect the ability of the Company and Consolidated SCE&G to maintain relationships with customers, regulators, vendors and employees, or could otherwise adversely affect the business and financial results of the
|
•
|
the potential negative impact on the Company and Consolidated SCE&G of ultimately resolving the rate and regulatory issues, including pending investigations and legal challenges, relating to the abandonment of the Nuclear Project in a manner satisfactory to SCANA on account of SCANA working with Dominion Energy to pursue the resolution of these issues as contemplated by the Merger Agreement rather than pursuing its regulatory and legal options for resolving these issues independently of considerations and obligations related to the merger; and
|
•
|
the loss of other opportunities that could be beneficial to the Company and Consolidated SCE&G that could have been pursued during the pendency of the merger, without realizing any of the benefits of having the merger completed.
|
•
|
the complexities associated with integrating SCANA and its utility businesses, while at the same time providing consistent, high quality services;
|
•
|
the complexities of integrating a company with different core services, markets and customers;
|
•
|
the inability to attract and retain key employees;
|
•
|
potential unknown liabilities and unforeseen increased expenses, delays or regulatory conditions associated with the merger;
|
•
|
difficulties in managing political and regulatory conditions related to SCANA’s utility businesses after the merger;
|
•
|
the cost recovery plan outlined in the Joint Petition includes a moratorium on filing requests for adjustments in SCANA’s base electric rates until 2021 if the merger is approved by the SCPSC, which would limit Dominion Energy’s ability to recover increases in non-fuel related costs of electric operations for SCE&G’s customers; and
|
•
|
performance shortfalls as a result of the diversion of Dominion Energy management’s attention caused by completing the merger and integrating SCANA’s utility businesses.
|
•
|
The potential harmful effects on the environment and human health resulting from a release of radioactive materials in connection with the operation of nuclear facilities and the storage, handling and disposal of radioactive materials;
|
•
|
Limitations on the amounts and types of insurance commercially available to cover losses that might arise in connection with our nuclear operations or those of others in the United States;
|
•
|
The possibility that new laws and regulations could be enacted that could adversely affect the liability structure that currently exists in the United States;
|
•
|
Uncertainties with respect to procurement of nuclear fuel and suppliers thereof, fabrication of nuclear fuel and related vendors, and the storage of spent nuclear fuel;
|
•
|
Uncertainties with respect to contingencies if insurance coverage is inadequate;
|
•
|
Uncertainties with respect to possible future increased regulation of nuclear facilities and nuclear generation, and related costs thereof; and
|
•
|
Uncertainties with respect to the technological and financial aspects of decommissioning nuclear plants at the end of their operating lives.
|
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
|
||||
April 1 - 30
|
|
10,197
|
|
|
$
|
37.43
|
|
|
10,197
|
|
|
|
May 1 - 31
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
June 1 - 30
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
Total
|
|
10,197
|
|
|
|
|
|
10,197
|
|
|
*
|
|
Applicable to
Form 10-Q of
|
|
|
Exhibit No.
|
SCANA
|
SCE&G
|
Description
|
2.01*
|
X
|
|
Agreement and Plan of Merger by and among Dominion Energy, Sedona, and SCANA, dated as of January 2, 2018 (
Filed as Exhibit 2.1 to Form 8-K
on January 5, 2018 (File No. 001-08809 (SCANA)) and incorporated by reference herein)
|
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). (Filed on paper - hyperlink is not required pursuant to Rule 105 of Regulation S-T).
|
3.02
|
X
|
|
Articles of Amendment dated April 27, 1995 (
Filed as Exhibit 4-A 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 December 30, 2016
(Filed as Exhibit 3.05 to Form 10-K for the period ended December 31, 2016 (File No. 001-08809)
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)
|
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
|
|
|
32.02
|
|
X
|
|
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
|
SCANA CORPORATION
|
SOUTH CAROLINA ELECTRIC & GAS COMPANY
|
(Registrants)
|
|
By:
|
/s/James E. Swan, IV
|
Date: August 2, 2018
|
James E. Swan, IV
|
|
|
Vice President and Controller
|
|
|
(Principal accounting officer)
|
1 Year Scana Chart |
1 Month Scana Chart |
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