SCANA and Subsidiary File Form 8-K/A Regarding Engineering Procurement and Construction (EPC) Contract
SCANA Investor Contact:
Bryan Hatchell 
803-217-7458 
bhatchell@scana.com  


SCANA Media Contact:
Eric Boomhower
803-217-7701
eboomhower@scana.com


COLUMBIA, S.C., August 28, 2008… Today, SCANA Corporation (NYSE: SCG) and its principal subsidiary, South Carolina Electric & Gas Company (SCE&G) (combined, the Company), filed a joint Form 8-K/A with the Securities and Exchange Commission which provided additional information related to the Engineering, Procurement and Construction (EPC) contract with Westinghouse Electric Company, LLC, and a subsidiary of The Shaw Group Inc., Stone & Webster, Inc., for two 1,117-megawatt nuclear electric-generating units at the site of the V.C. Summer Nuclear Station, near Jenkinsville, S.C.

SCE&G and Santee Cooper, a state-owned electric and water utility in South Carolina, are joint owners and share operating costs and generating output of the existing V. C. Summer Nuclear Station’s 966-megawatt unit in the proportion of two-thirds and one-third, respectively. Under a similar arrangement, the new units described above are to be jointly owned, and operating costs and output will be shared in the proportion of 55 percent and 45 percent, respectively. As with the existing unit, SCE&G will be the operator of the new units. Westinghouse and some of its affiliates provide certain engineering and fuel fabrication services and certain materials, services and equipment used at V. C. Summer.

As part of the initial Form 8-K filing dated May 23, 2008, the Company had provided a total estimated shared cost of approximately $9.8 billion for the two new nuclear units, including forecasted inflation, owner’s costs, and contingencies; SCE&G’s 55 percent share of that total is about $5.4 billion. The Form 8-K/A filed today discloses the contract price for the two units, excluding inflation, owner’s costs and contingencies, of approximately $6.4 billion; SCE&G’s 55 percent share of the contract price is about $3.5 billion.


PROFILES

SCE&G is a regulated public utility engaged in the generation, transmission, distribution and sale of electricity to approximately 646,000 customers in South Carolina. The company also provides natural gas service to approximately 303,000 customers throughout the state. Information about SCE&G, including a copy of the BLRA application and the Form 8-K/A, is available on the Company’s web site at www.sceg.com.

Form 8-K/A (PDF, 26KB)
BLRA Filing (PDF, 3.5MB)
 

SCANA Corporation, a Fortune 500 company headquartered in Columbia, SC, is an energy-based holding company principally engaged, through subsidiaries, in electric and natural gas utility operations and other energy-related businesses. Information about SCANA and its businesses is available on the Company’s web site at www.scana.com.  


SAFE HARBOR STATEMENT – SCANA CORPORATION
Statements included in this press release which are not statements of historical fact are intended to be, and are hereby identified as, “forward-looking statements” for purposes of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, but are not limited to, statements concerning key earnings drivers, customer growth, environmental regulations and expenditures, leverage ratio, projections for pension fund contributions, financing activities, access to sources of capital, impacts of the adoption of new accounting rules, estimated construction and other expenditures and factors affecting the availability of synthetic fuel tax credits. In some cases, forward-looking statements can be identified by terminology such as “may,” “will,” “could,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “projects,” “predicts,” “potential” or “continue” or the negative of these terms or other similar terminology. 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) the information is of a preliminary nature and may be subject to further and/or continuing review and adjustment; (2) regulatory actions, particularly changes in rate regulation and environmental regulations; (3) current and future litigation; (4) changes in the economy, especially in areas served by subsidiaries of SCANA Corporation (SCANA); (5) the impact of competition from other energy suppliers, including competition from alternate fuels in industrial interruptible markets; (6) growth opportunities for SCANA’s regulated and diversified subsidiaries; (7) the results of financing efforts; (8) changes in SCANA’s or its subsidiaries’ accounting rules and accounting policies; (9) the effects of weather, including drought, especially in areas where the Company’s generation and transmission facilities are located and in areas served by SCANA's subsidiaries; (10) payment by counterparties as and when due; (11) the results of efforts to license, site and construct facilities for baseload electric generation; (12) the availability of fuels such as coal, natural gas and enriched uranium used to produce electricity; the availability of purchased power and natural gas for distribution; the level and volatility of future market prices for such fuels and purchased power; and the ability to recover the costs for such fuels and purchased power; (13) performance of SCANA’s pension plan assets; (14) inflation; (15) compliance with regulations; and (16) the other risks and uncertainties described from time to time in the periodic reports filed by SCANA or South Carolina Electric & Gas Company (SCE&G) with the United States Securities and Exchange Commission (SEC). The Company disclaims any obligation to update any forward-looking statements.