PAGE 1
Exhibit 12
SCANA CORPORATION
CALCULATION OF BOND RATIO
FOR THE YEAR ENDED DECEMBER 31, 1998
(Millions of Dollars)
Net earnings(1) $472.4
Divide by annualized interest charges on:
Bonds authenticated under SCE&G's
First and Refunding Mortgage Bond
Indenture $32.0
Other indebtedness(1) $51.7
Total annualized interest charges $89.1
Bond ratio 5.30
(1) As defined under SCE&G's First and Refunding Mortgage Bond Indenture (Old
Mortgage).
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SCANA CORPORATION
CALCULATION OF NEW BOND RATIO
FOR THE YEAR ENDED DECEMBER 31, 1998
(Millions of Dollars)
Net earnings(1) $599.1
Divide by annualized interest charges on:
Bonds authenticated under SCE&G's
First Mortgage Bond Indenture $32.0
Other indebtedness(1) $57.1
Total annualized interest charges $89.1
New Bond Ratio 6.72
(1) As defined under SCE&G's Collateral Trust Mortgage Indenture(New Mortgage).
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SCANA CORPORATION
CALCULATION OF PREFERRED STOCK RATIO
FOR THE YEAR ENDED DECEMBER 31, 1998
(Millions of Dollars)
Net Earnings (1) $219.7
Divide by annualized interest charges on:
Bonds authenticated under SCE&G's
mortgage bond indentures $32.0
Other indebtedness (1) $57.1
Preferred Dividend Requirements $ 7.5
Total annualized interest charges $ 96.6
Preferred stock ratio 2.27
(1) As defined under SCE&G's Restated Articles of Incorporation.
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SCANA CORPORATION COMPUTATION OF
RATIO OF EARNINGS TO FIXED CHARGES For Each of
the Five Years Ended December 31, 1998
(Millions of Dollars)
Years Ended December 31,
1998 1997 1996 1995 1994
---- ---- ---- ---- ----
Fixed Charges as defined:
Interest on long-term debt.................. $118.1 $113.6 $112.3 $113.9 $106.6
Amortization of debt premium, discount and
expense (net).............................. 2.7 2.6 2.6 2.5 2.2
Other interest expense...................... 10.0 11.7 13.3 17.1 6.8
Interest component of rentals............... 0.8 1.7 2.3 2.8 2.7
------ ------ ------ ------ ------
Total Fixed Charges (A)................. $131.6 $129.6 $130.5 $136.3 $118.3
====== ====== ====== ====== ======
Earnings, as defined:
Income...................................... $230.9 $230.0 $220.7 $174.0 $121.4
Income taxes................................ 131.1 113.6 119.1 99.1 62.5
Total fixed charges above................... 131.6 129.6 130.5 136.3 118.3
------ ------ ------ ------ ------
Total Earnings (B)...................... $493.6 $473.2 $470.3 $409.4 $302.2
====== ====== ====== ====== ======
Ratio of Earnings to fixed charges (B/A)...... 3.75 3.65 3.60 3.00 2.55
==== ==== ==== === ====
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SOUTH CAROLINA ELECTRIC & GAS COMPANY
CALCULATION OF BOND RATIO
FOR THE YEAR ENDED DECEMBER 31, 1998
(Millions of Dollars)
Net earnings(1) $472.4
Divide by annualized interest charges on:
Bonds authenticated under SCE&G's
First and Refunding Mortgage Bond
Indenture $32.0
Other indebtedness(1) $57.1
Total annualized interest charges $89.1
Bond ratio 5.30
(1) As defined under SCE&G's First and Refunding Mortgage Bond Indenture (Old
Mortgage).
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SOUTH CAROLINA ELECTRIC & GAS COMPANY
CALCULATION OF NEW BOND RATIO
FOR THE YEAR ENDED DECEMBER 31, 1998
(Millions of Dollars)
Net earnings(1) $599.1
Divide by annualized interest charges on:
Bonds authenticated under SCE&G's
First Mortgage Bond Indenture $32.0
Other indebtedness(1) $57.1
Total annualized interest charges $89.1
New Bond Ratio 6.72
(1) As defined under SCE&G's Collateral Trust Mortgage Indenture (New Mortgage).
PAGE 7
SOUTH CAROLINA ELECTRIC & GAS COMPANY
CALCULATION OF PREFERRED STOCK RATIO
FOR THE YEAR ENDED DECEMBER 31, 1998
(Millions of Dollars)
Net Earnings (1) $219.7
Divide by annualized interest charges on:
Bonds authenticated under SCE&G's
mortgage bond indentures $32.0
Other indebtedness (1) $57.1
Preferred Dividend Requirements $ 7.5
Total annualized interest charges $ 96.6
Preferred stock ratio 2.27
(1) As defined under SCE&G's Restated Articles of Incorporation.
215
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SOUTH CAROLINA ELECTRIC & GAS COMPANY
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
For Each of the Five Years Ended December 31, 1998
(Millions of Dollars)
Year Ended December 31,
1998 1997 1996 1995 1994
---- ---- ---- ---- ----
Fixed Charges as defined:
Interest on long-term debt.................. $ 92.7 $ 94.7 $ 94.8 $ 96.2 $ 85.4
Amortization of debt premium, discount and
expense (net).............................. 2.3 2.3 2.3 2.2 2.0
Interest on debt to affiliate............... - - - - -
Other interest expense...................... 6.2 4.9 7.4 9.2 5.1
Interest component of rentals............... 0.8 1.8 2.3 2.8 2.7
------- ------ ------ ------ ------
Total Fixed Charges (A)................. $102.0 $103.7 $106.8 $110.4 $ 95.2
====== ====== ====== ====== ======
Earnings, as defined:
Income...................................... $227.2 $194.7 $190.5 $169.2 $152.0
Income taxes................................ 132.2 100.6 108.1 97.3 82.7
Total fixed charges above................... 102.0 103.7 106.8 110.4 95.2
------ ------ ------ ------ ------
Total Earnings (B)...................... $461.1 $399.0 $405.4 $376.9 $329.9
====== ====== ====== ====== ======
Ratio of Earnings to fixed charges (B/A)...... 4.52 3.85 3.80 3.41 3.46