SCANA Management Reviews Financial and Operating Highlights, Discusses Rate Strategy and Affirms 2004 Earnings Guidance at Analyst Meeting
John Winn
(803) 217-9240

Bryan Hatchell
(803) 217-7458

Columbia, SC, May 25, 2004 - At a meeting with utility security analysts held today in New York, the senior management of SCANA Corporation (NYSE: SCG) reviewed the Company's current operations, first quarter financial results, long-term strategic growth plan and near-term rate strategy. The Company also emphasized its ongoing commitment to the highest corporate governance standards in all its businesses and reaffirmed its earnings guidance for 2004.

Chairman and CEO Bill Timmerman provided an overview of the Company's "never left the basics" strategic plan, noting that the Company's unwavering commitment to its mission, vision and values has been a major contributor to recent financial and operational successes. He emphasized that the Company's future results are directly linked to achieving the four critical success factors that are an integral part of the Company's long-term growth strategy – employee development, excellence in customer service, cost effective operations and profitable growth.

Senior Vice President and CFO Kevin Marsh reviewed the Company's year-to-date financial and operational highlights, including an update on construction of a $275 million back-up dam at Lake Murray near Columbia, SC and completion of the $450 million, 875-megawatt combined-cycle natural gas-fired Jasper Generating Station, which began commercial operation May 1, 2004, on schedule and on budget. He noted that the addition of the Jasper Station will enable the Company to continue providing safe and reliable energy to its customers for many years to come.

Jimmy Addison, vice president – finance, reviewed SCANA's financial results for the first quarter of 2004 and reiterated the Company's commitment to strengthening its balance sheet by paying down debt and issuing new common equity through the Company's stock plans, improving internal cash flow, maintaining solid investment grade credit ratings, meeting earnings and dividend growth targets and providing a competitive total return to shareholders.

"Based on the solid results we reported for the first quarter of this year, we expect reported earnings for 2004 to fall within the previously announced range of $2.55 to $2.75 per share," said Addison. "We believe the growth strategies we have in place should enable SCANA to achieve its target of 4 - 6% average annual earnings per share growth over the next 3-5 years."

Addison also reported that South Carolina Electric & Gas Company (SCE&G), SCANA's principal subsidiary, has formally notified the South Carolina Public Service Commission that it plans to file an application seeking an increase in retail electric base rates.

"That application, which will be filed this summer, will request recovery of the investment in the Jasper Station that is not already reflected in SCE&G's base rates, plus the additional capital expenditures and operating expenses we have incurred since the company's last rate request in 2002," said Addison. "The application will also include a proposal to use the synthetic fuel tax credits we have been deferring and the additional credits we expect to accumulate to offset the construction cost of the back-up dam at Lake Murray. That project is on schedule to be completed in 2005. Filing the application this summer will allow the approved rates to go into effect in early 2005."


Today's meeting was broadcast live over the Internet. A replay of the webcast is available through June 8, 2004 on the Company's web site at


SCANA Corporation, a Fortune 500 company headquartered in Columbia, South Carolina, is a registered holding company engaged, through subsidiaries, in regulated electric and natural gas utility operations, telecommunications and other diversified energy-related businesses. The Company serves approximately 574,000 electric customers in South Carolina and more than one million natural gas customers in South Carolina, North Carolina and Georgia. Information about SCANA Corporation and its businesses is available on the Company's web site at


This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Those statements include statements regarding the intent, belief or current expectations of the Company and its management. Although SCANA Corporation believes that its expectations are based on reasonable assumptions, it can give no assurance that its goals will be achieved. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties, and that actual results could differ materially from those indicated by such forward-looking statements. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include, but are not limited to, the following: (1) that the information is of a preliminary nature and may be subject to further and/or continuing review and adjustment, (2) changes in the utility and non-utility regulatory environment, (3) changes in the economy, especially in areas served by the Company's subsidiaries, (4) the impact of competition from other energy suppliers, including competition from alternate fuels in industrial interruptible markets, (5) growth opportunities for the Company's regulated and diversified subsidiaries, (6) the results of financing efforts, (7) changes in the Company's accounting policies, (8) weather conditions, especially in areas served by the Company's subsidiaries, (9) performance of and marketability of the Company's investments in telecommunications companies, (10) performance of the Company's pension plan assets, (11) inflation, (12) changes in environmental regulations, (13) volatility in commodity natural gas markets and (14) the other risks and uncertainties described from time to time in the Company's periodic reports filed with the Securities and Exchange Commission. The Company disclaims any obligation to update any forward-looking statements.