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SCANA's CEO Discusses Q4 2011 Results - Earnings Call Transcript

Slide 4 shows the basic earnings in the fourth quarter of 2011 were $0.76 per share compared to $0.74 per share in the same quarter of 2010. While operation and maintenance expenses were lower in the current quarter, those benefits were offset by the anticipated cost of our capital program, higher interest, property tax, and depreciation expense along with related share dilution.

Now on Slide 5, I’d like to review results for our principal lines of business. South Carolina Electric and Gas Company’s full-year 2011 earnings, denoted in blue, were up $0.04 compared to 2010. Improved margins from increases under the Base Load Review Act offset the increased capital related cost.

For the fourth quarter, SCE&G earnings were $0.02 lower than the same period last year, reflecting the aforementioned increased capital related cost. PSNC Energy’s earnings for 2011, shown in red, were $0.37 per share compared to $0.36 per share in 2010.

Fourth quarter 2011 earnings were flat over the same period in 2010. Increases in customer growth along with lower operating and maintenance expenses were partially offset by higher depreciation and property tax expense.

SCANA Energy, in green, reported lower earnings for the full year 2011, due principally to milder weather.

I’m pleased to report that SCANA Energy has again been selected to serve as the regulated provider for the state for the upcoming two-year term, covering September 2012 through August 2014. SCANA Energy has served as a regulated provider since the program’s inception in 2002.

SCANA’s corporate and other businesses reported a 2011 loss for the year of $0.01 per share and earnings for the quarter of $0.01 per share compared to losses of $0.03 and $0.02 per share respectively for 2010. The improvement is due to improved results in our communications business during 2011.

Slide 6 shows customer growth at our major subsidiaries. We experienced customer growth in our North and South Carolina regulated business, while Georgia, while the Georgia market saw a decrease in customer count over the prior year. We are pleased that our regulated businesses continue to yield organic growth. The reduction in Georgia is due to a loss of customers in our Regulated Provider program, which was partially offset by increased customer count in our deregulated sector.

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