Scana 8-K Regulation FD Disclosure

SCANA Analyst Presentation

May 2008

Bill Timmerman

Chairman, President & CEO

Jimmy AddisonKevin Marsh

Senior Vice President & CFOPresident - - South Carolina Electric & Gas

UTILITY SERVICE AREAS

Electric & Natural Gas

As of 3/31/08

Electric Operations

•643,000 customers in SC

•2.1% projected annual customer
growth

•23 generating facilities

•5,745 MW generating capability

•3,200 miles transmission lines

Natural Gas Operations

•1.2 million customers

•2.3% projected annual customer
growth

•2,500 miles transmission pipeline

•25,000 miles distribution pipeline

Electric & Natural Gas

Natural Gas Pipeline System

Natural Gas Only

•Asheville

•Raleigh

•Columbia

•Charleston

•Savannah/Hilton Head

•Augusta

•Atlanta

1

•Charlotte

SCANA Financial Overview:

$10.2B in assets (YE ’07)

$4.6B in annual revenues (2007)

Dividend Yield 4.2% (2007)

$4.7B market capitalization (April 30, 2008)

Assets and earnings are primarily from regulated businesses.

ASSETS & EARNINGS

Regulated Subsidiaries

South Carolina Electric & Gas

-GENCO

-Fuel Co.

PSNC Energy

Carolina Gas Transmission

Non-Regulated Subsidiaries

SCANA Energy - Georgia

SCANA Energy Marketing

SCANA Communications

ServiceCare

2

Total Assets - 12/31/07

2007 Earnings Per Share

Regulated

Non-Regulated

8%

92%

11%

89%

2003

2004

2005

2006

2007

2008

6-Year

Avg. Annual

Growth

Dividends Declared

Per Share

$1.38

$1.46

$1.56

$1.68

$1.76

$1.84*

6.0%

*Indicated annual rate

EARNINGS & DIVIDENDS

Dividend History

Increased annual cash dividend 9 consecutive
years and in 54 of last 56 years

Long-term Earnings Drivers:

•Normal weather in utility
service areas

•Continued strong regional

customer growth

•Additions to rate base

- Growth

- Environmental

- New Generation

•Supportive regulatory

environment

•Sustained profitability of
non-regulated businesses

•Continue effective O&M

cost controls

•Not M&A dependent

2007 Earnings:

•$ 2.74 per Share

2008 Earnings Guidance:

•$2.90-$3.05 per share

Common Dividends

Dividend Policy:

To increase the annual cash dividend at a rate that reflects the earnings growth in
the Company’s businesses, while maintaining a payout ratio of 55-60%

Earnings Goal:

To increase EPS by an average of 4-6% annually over the next 3-5 years

3

Q1 2008 EARNINGS

CompanyFirst Quarter

20082007

SC Electric & Gas$.51$.32

PSNC Energy.24.23

Carolina Gas Transmission .02.02

SCANA Energy-Georgia .19.16

Corporate and Other Non-regulated, Net    (.02)-

Earnings per Share$.94$.73

Earnings Variance - Q1 2008

First Quarter

2007 Basic & Diluted Earnings Per Share$.73

Variances:

Electric Margin.16

Natural Gas Margin .07

Operation & Maintenance Expense  (.02)

Property Taxes (.01)

Other.01

Variance in Earnings per Share.21

2008 Basic & Diluted Earnings Per Share$.94

2008 Earnings Drivers:

•Normal weather in utility service
areas

•Maintain historic customer
growth

•Regional economic growth

•Supportive regulation

•Continue effective cost controls

•Increasing profitability of non-
regulated businesses

•Rate base additions @ SCE&G

& PSNC Energy

4

SCE&G:

2008

2009

2010

3-Year

Total

Environmental

280

94

28

402

New Generating Capacity - 2011 Peakers

-

-

98

98

- New Nuclear*

183

470

643

1,296

Other Electric

339

345

313

997

Gas

65

61

67

193

Common/Other

13

11

7

31

Total SCE&G (Includes Genco)

880

981

1,156

3,017

PSNC Energy

85

80

81

246

Other Companies Combined

81

81

44

206

Cash Requirements for Construction

1,046

1,142

1,281

3,469

Nuclear Fuel

6

27

74

107

Total SCANA

1,052

1,169

1,355

3,576

* Updated to reflect expectations of EPC contract

CAPEX FORECAST

Growing Rate Base:

•Increase in 3-year CAPEX driven by:

− System Expansion

− Environmental Upgrades

− New Nuclear

•Includes normal CAPEX of
approximately $500MM-$600MM
annually

•CAPEX historically included in rates
on a timely basis

•Regulatory mechanisms:

−Rate Stabilization Act (RSA) @
SCE&G Gas

−Base Load Review Act (BLRA) for
New Nuclear

PROJECTIONS FOR CAPITAL EXPENDITURES (CAPEX), NET OF AFC (Millions of $)

5

As of 3/31/08

Long-Term Debt:

• From 2002-2006, the Company

redeemed $1.2B and refinanced

$925MM of debt

• 6.0% consolidated WAC LTD

• 100% fixed

• 14 years average maturity

• Single ‘A’ senior secured LTD
creditratings, stable outlook

•Short-Term Debt:

• Commercial paper programs
backed 100% by LOC

• $1.1B total committed LOC

LOC 100% available at 4/30/08

• ‘P-2’ / ‘A-2’ credit ratings, stable /
negative outlook

Equity:

• $45MM-$50MM SPSP/SIPP new
issue in 2008, $90MM per year
through forecast period

LIQUIDITY

Financing Strategy:

To sustain consolidated and subsidiary financial ratios throughout the new
nuclear construction cycle warranting investment grade ratings

2008 Financings:

Long-Term Debt (used to repay short-term debt &/or refinance maturities):

SCE&G - January 2008 $250MM FMB

SCANA - March 2008 $250MM MTN

Additional financings for pollution control facilities & new nuclear - TBD

Equity:

New issues via Shareholder Profit Sharing Plans and Investor Plus Plans
beginning July 2008

2009-2010 Financings:

Comprehensive financing strategy to be provided when the EPC contract is
finalized

6

Recent Regulatory Actions:

SUPPORTIVE REGULATORY ENVIRONMENT

Fair & Balanced Regulation:

•Settlements reached in ALL
proceedings since 2005

•WNA in SC & NC minimizes
fluctuations in gas margin due
to abnormal weather

•Customer Utilization Tracker (de
-coupler) pending @ PSNC

•Electric fuel adjustment clause
& PGA reviewed at least
annually - - full pass through

PSNCSCE&G GasSCE&G Electric

Jan. 2008*_$76.9MM

Nov. 2007_ $4.5MM (RSA)_

Nov. 2006$15MM$17MM (RSA)_

Nov. 2005_ $23MM                         _

Jan. 2005__$41MM

Jan. 2003__$71MM

WNA

Fuel/PGA

(full pass through)

ü*

N/A

ü

ü

ü

ü

2.6%3.3%

5.7%

0.9%

2.9%

5.8%

4.4%

*Retail natural gas rate case filed 3/31/08, new rates expected by 11/08.

7

Actual

ROE

Regulatory

Actions

Equity

Ratio*

Rate Base

(Millions of $)

SCE&G - - Retail Electric

9.03%

( 1 )

54.55%

$4,328

SCE&G - - Retail Gas

9.12%

( 2 )

54.55%

$384

PSNC Energy - Retail Gas

8.82%

( 3 )

53.75%

$693

CGTC - - Gas Transmission

12.7%

50.00%

$167

RATE OF RETURN - 2007

Authorized Returns:

•SCE&G retail electric ROE 11%

•SCE&G retail natural gas - RSA

with 10.25% ROE

(banded @ 9.75% - 10.75%)

•PSNC retail natural gas
authorized ROE not disclosed
in latest rate case - Nov ’06

•CGTC - - FERC authorized ROE
of 12.7%

*As of 12/31/07

(1)New base rates enacted 1/08

(2)New base rates enacted 11/07

(3)In March 2008, PSNC filed a 3% ($21.4 MM) retail natural gas base rate
increase request with the NCUC

8

NEW NUCLEAR

Reserve Margin:

•Need 500 MW base load
generation by 2016

Nuclear Generation:

•Prior nuclear experience @
VC Summer

•Competitive capital &
operating costs

•Lowest projected fuel cost

•Least environmental impact

•Expansion @ VC Summer
site

•Solid public & regulatory
support in SC

•Joint Ownership with
Santee Cooper

THE NEED FOR NEW GENERATION

10

Major Considerations:

- Net cost to customers

- Environmental - CO2, SO2, NOx, Hg

- Economic development

- Fuel diversity

- Age of existing plants

Nuclear

Coal

Gas

Hydro

GENERATION OPTIONS

SCANA’S Current Fuel Mix:

11

12

14%13%11%

30%27%25%

11%20%27%

45%40%37%

200720162019

SYSTEM FUEL DIVERSITY

(BY CAPACITY)

13

SYSTEM DISPATCH

(BY FUEL)

2007

2016

2019

5%

4%

4%

12%

7%

4%

18%

33%

46%

65%

56%

46%

2005 first year
Jasper

1999 Cope impact

PROJECTED SYSTEM CARBON EMISSIONS

(MILLIONS OF TONS)

14

NUCLEAR INFRASTRUCTURE IN SOUTH CAROLINA

•Barnwell low level waste facility available only to SC, CT & NJ

• Savannah River Site

• Westinghouse Nuclear fuels plant

• Naval Nuclear Power Training Command in Charleston

• 7 Commercial reactors in SC

• 3RD National ranking in nuclear capacity

• Greater than50% nuclear capacity

15

NUCLEAR ENERGY IN SOUTH CAROLINA

DEMONSTRATED NUCLEAR SUCCESS AT VC SUMMER UNIT 1

•Successful operation for over 25 years

•Consistently high NRC and INPO ratings

STABLE REGULATORY CLIMATE

•BLRA - Recovery of financing cost

•Excellent reputation with regulatoryagencies

•Santee-Cooper affiliation with state

•Nuclear Advisory Council appointed by governor

•Positive support by US Congressional delegation

16

NUCLEAR ENERGY IN SOUTH CAROLINA

US Rep. John Spratt (D-SC) - April 1, 2008

“V.C. Summer plant has proven its value, as a generator of electricity and as a good corporate citizen.
I am glad to see its owners, SCE&G and Santee-Cooper, move one step closer to the construction of
a new reactor. Nuclear power now supplies half our electricity in South Carolina, and its role is
essential for our future if we are to meet the demand for electricity while diminishing carbon
emissions.”

US Senator Lindsey Graham (R-SC) - March 31, 2008

“I’m very pleased and excited to hear SCE&G and Santee Cooper have applied to construct and
operate two new nuclear power plants in South Carolina. The additional use of nuclear power is one
of the major steps we must take to become more energy independent as a nation. The benefits of
nuclear power are clear: It is reliable, efficient, and safe.  It helps lessen our dependence on foreign
oil. It is an environmentally-friendly energy source which does not pollute our air or produce carbon
emissions.

“I strongly support this application. Construction and operation of new nuclear power plants will
provide South Carolina with abundant, affordable power for decades to come.” 

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UTILITY INFRASTRUCTURE INVESTMENT ACT

*Letter of Intent filed with
SCPSC on March 31, 2008

Key Provisions:

•Up-front prudence

•Annual rate adjustments
providing cash return
on CWIP

•Forecasted operations
costs when operational

Base Load Review (BLR):

The Act, which became law in South Carolina in May 2007, provides for the
recovery of prudently incurred capital and operating costs associated with new
nuclear or coal-fired base load electric generating facilities larger than 350
megawatts.As long as the plant is constructed in accordance with the
schedules, estimates and projections set forth in the approved application, the
utility will be allowed to file revised rates with the Commission annually to
recover on-going construction financing costs, for the nuclear plants only.

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BASE LOAD REVIEW PROCESS

Hypothetical Timeline

Initial Rates & Prudence:

• Base Load Review

Application (BLRA)

-incorporates siting

-contracts finalized

-return on Nuclear CWIP

-order within 9 months

Initial

Filing

Notice

Mar, ‘08

Filing

May

Oct.

Hearing

Decision

&

New Rates

Feb. ‘09

Discovery

Annual

Filings

Filing

New

Rates

Filing

New

Rates

Filing

New

Rates

May ‘09

Oct. ‘09

May ‘10

Oct. ‘10

May ‘14

Oct. ‘14

Final

Filing

Sep. ‘15

Apr. ‘16

Includes budgeted costs

for production:

•O&M

•Depreciation

•Property Taxes

•Etc.

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Subsequent Rate:

• Annual Revised Rate

Adjustments (RRA)

-CWIP balance through

filing date

-order within 5 months

Final Filing:

• Includes budgeted

operational costs:

-O&M

-Depreciation

-Property taxes

-Etc.

SUMMARY

•Strategic growth plan focused on retail markets in Southeast

•Primarily regulated businesses contribute to low-risk profile

•Additional CAPEX supports system growth, environmental mandates

and new generation

•Nuclear generation currently most cost effective - final decision in 2010

•Supportive regulatory environment in all jurisdictions

•Strong liquidity position

•Low risk, profitable non-regulated businesses

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SAFE HARBOR STATEMENT

Statements included in this presentation 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.

Questions ???

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Analyst Presentation -May 2008