10-K - SCANA Corporation

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Table of Contents Commodity Price Risk The following tables provide information about the Company’s financial instruments that are sensitive to changes in natural gas prices. Weighted average settlement prices are per 10,000 DT. Fair value represents quoted market prices. Expected Maturity: Options Purchased Purchased Sold Sold Future Contracts Call Put Call Put Long Short (Long) (Short) (Short) (Long) 2012 Settlement Price(a) 3.12 3.90 Strike Price(a) 4.63 3.75 5.00 3.75 Contract Amount(b) 17.0 0.2 Contract Amount(b) 38.7 0.2 0.2 0.2 Fair Value(b) 13.5 0.3 Fair Value(b) 0.4 — — — 2013 Settlement Price(a) 3.88 — Strike Price(a) 4.60 — — — Contract Amount(b) 1.4 — Contract Amount(b) 3.5 — — — Fair Value(b) 1.2 — Fair Value(b) 0.2 — — — (a) (b) Weighted average, in dollars Millions of dollars Swaps 2012 2013 2014 2015 2016 Commodity Swaps: Pay fixed/receive variable(b) 86.2 24.4 11.7 11.6 5.1 Average pay rate(a) 4.2928 5.5068 5.3603 5.3764 5.3088 Average received rate(a) 3.1876 3.9337 4.3395 4.5970 4.8541 Fair Value(b) 64.0 17.4 9.5 9.9 4.7 Pay variable/receive fixed(b) 48.5 14.3 9.4 9.9 4.7 Average pay rate(a) 3.2090 3.9361 4.3395 4.5970 4.8541 Average received rate(a) 4.2887 5.3655 5.3867 5.3867 5.3163 Fair Value(b) 64.9 19.5 11.6 11.6 5.1 Basis Swaps: Pay variable/receive variable(b) 26.2 5.9 — — — Average pay rate(a) 3.2342 3.9336 — — — Average received rate(a) 3.2102 3.8825 — — — Fair Value(b) 26.1 5.9 — — — (a) (b) Weighted average, in dollars Millions of dollars The Company uses derivative instruments to hedge forward purchases and sales of natural gas, which create market risks of different types. See Note 6 to the consolidated financial statements. The information above includes those financial positions of Energy Marketing, SCE&G and PSNC Energy. SCE&G and PSNC Energy utilize futures, options and swaps to hedge gas purchasing activities. SCE&G’s tariffs include a PGA clause that provides for the recovery of actual gas costs incurred. The SCPSC has ruled that the results of SCE&G’s hedging activities are to be included in the PGA. As such, costs of related derivatives utilized by SCE&G to hedge gas purchasing activities are recoverable through weighted average cost of gas calculations. The offset to the change in fair value of these derivatives is deferred. PSNC Energy’s tariffs also include a provision for the recovery of actual gas costs incurred. PSNC Energy defers premiums, transaction fees, margin requirements and any realized gains or losses from its hedging program for subsequent recovery from customers. 52
Table of Contents ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Board of Directors and Stockholders of SCANA Corporation Cayce, South Carolina We have audited the accompanying consolidated balance sheets of SCANA Corporation and subsidiaries (the “Company”) as of December 31, 2011 and 2010, and the related consolidated statements of income, changes in common equity and comprehensive income, and cash flows for each of the three years in the period ended December 31, 2011. Our audits also included the financial statement schedule listed in Part IV at Item 15. These financial statements and financial statement schedule are the responsibility of the Company’s management. Our responsibility is to express an opinion on the financial statements and financial statement schedule based on our audits. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, such consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2011 and 2010, and the results of their operations and their cash flows for each of the three years in the period ended December 31, 2011, in conformity with accounting principles generally accepted in the United States of America. Also, in our opinion, such financial statement schedule, when considered in relation to the basic consolidated financial statements taken as a whole, presents fairly, in all material respects, the information set forth therein. We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the Company’s internal control over financial reporting as of December 31, 2011, based on the criteria established in Internal Control— Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February 29, 2012, expressed an unqualified opinion on the Company’s internal control over financial reporting. /s/DELOITTE & TOUCHE LLP Charlotte, North Carolina February 29, 2012 53
Page 1 and 2: Table of Contents UNITED STATES SEC
Page 3 and 4: Table of Contents CAUTIONARY STATEM
Page 5 and 6: Table of Contents TERM MEANING MGP
Page 7 and 8: Table of Contents Regulated Utiliti
Page 9 and 10: Table of Contents Electric Intercon
Page 11 and 12: Table of Contents Gas Cost, Supply
Page 13 and 14: Table of Contents SCE&G holds licen
Page 15 and 16: Table of Contents PSNC Energy’s r
Page 17 and 18: Table of Contents Furthermore, rece
Page 19 and 20: Table of Contents One rating agency
Page 21 and 22: Table of Contents • Uncertainties
Page 23 and 24: Table of Contents ELECTRIC PROPERTI
Page 25 and 26: Table of Contents Litigation In May
Page 27 and 28: Table of Contents PART II ITEM 5. M
Page 29 and 30: Table of Contents SCANA CORPORATION
Page 31 and 32: Table of Contents Key Earnings Driv
Page 33 and 34: Table of Contents Retail Gas Market
Page 35 and 36: Table of Contents • 2010 vs 2009
Page 39 and 40: Table of Contents The Company’s c
Page 41 and 42: Table of Contents With respect to h
Page 43 and 44: Table of Contents Air Quality With
Page 45 and 46: Table of Contents Electric Operatio
Page 47 and 48: Table of Contents the effects of di
Page 49 and 50: Table of Contents substantial compl
Page 51: Table of Contents ITEM 7A. QUANTITA
Page 55 and 56: Table of Contents See Notes to Cons
Page 57 and 58: Table of Contents See Notes to Cons
Page 59 and 60: Table of Contents NOTES TO CONSOLID
Page 61 and 62: Table of Contents costs for turbine
Page 63 and 64: Table of Contents Fuel costs, emiss
Page 65 and 66: Table of Contents In May 2009, two
Page 67 and 68: Table of Contents Accumulated defer
Page 69 and 70: Table of Contents SCANA issued comm
Page 71 and 72: Table of Contents The difference be
Page 73 and 74: Table of Contents losses from its h
Page 75 and 76: Table of Contents The effect of der
Page 77 and 78: Table of Contents 8. EMPLOYEE BENEF
Page 79 and 80: Table of Contents The Company’s p
Page 81 and 82: Table of Contents Net Periodic Bene
Page 83 and 84: Table of Contents Equity Awards In
Page 85 and 86: Table of Contents SCE&G maintains a
Page 87 and 88: Table of Contents 11. AFFILIATED TR
Page 89 and 90: Table of Contents 13. QUARTERLY FIN
Page 91 and 92: Table of Contents ITEM 7. MANAGEMEN
Page 93 and 94: Table of Contents retain large comm
Page 97 and 98: Table of Contents regulations, will
Page 99 and 100: Table of Contents on its draws, whi
Page 101 and 102: Table of Contents To help mitigate
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Table of Contents The RSA allows na
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Table of Contents site of Summer St
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Table of Contents ITEM 7A. QUANTITA
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Table of Contents ITEM 8. FINANCIAL
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Table of Contents December 31, (Mil
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Table of Contents See Notes to Cons
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Table of Contents NOTES TO CONSOLID
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Table of Contents $32.7 million, of
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Table of Contents 2. RATE AND OTHER
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Table of Contents Regulatory Assets
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Table of Contents 4. LONG-TERM AND
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Table of Contents The tax effects o
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Table of Contents The fair value of
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Table of Contents 8. EMPLOYEE BENEF
Page 131 and 132:
Table of Contents The pension plan
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Table of Contents Net Periodic Bene
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Table of Contents Nonvested shares
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Table of Contents Claims and Litiga
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Table of Contents Disclosure of Rep
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Table of Contents ITEM 9. CHANGES I
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Table of Contents SCE&G: Evaluation
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Table of Contents ITEM 14. PRINCIPA
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Table of Contents Schedule II—Val
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Table of Contents SIGNATURES Pursua
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Table of Contents Applicable to Exh
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Exhibit 12.01 SCANA CORPORATION CAL
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Exhibit 23.01 CONSENT OF INDEPENDEN
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Exhibit 24.01 POWER OF ATTORNEY KNO
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Exhibit 31.01 CERTIFICATION I, Kevi
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Exhibit 31.03 CERTIFICATION I, Kevi
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Exhibit 32.01 SCANA CORPORATION CER
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Exhibit 32.03 SOUTH CAROLINA ELECTR
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scg-20111231_cal.xml
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10-K - SCANA Corporation

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