8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C.  20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): June 9, 2008

Commission	Registrant, State of Incorporation,	I.R.S. Employer
File Number	Address and Telephone Number	Identification No.
1-8809	SCANA Corporation	57-0784499
	(a South Carolina corporation)
	1426 Main Street, Columbia, South Carolina  29201
	(803) 217-9000
1-3375	South Carolina Electric & Gas Company	57-0248695
	(a South Carolina corporation)
	1426 Main Street, Columbia, South Carolina  29201
	(803) 217-9000

Not applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act

     (17 CFR 240.14d-2(b))

¨  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act

     (17 CFR 240.13e-4(c))

This combined Form 8-K is separately filed by SCANA Corporation and South Carolina Electric & Gas Company.  Information contained herein relating to any individual company is filed by such company on its own behalf.  Each company makes no representation as to information relating to the other company.

Item 8.01          OTHER EVENTS

On June 9, 2008, members of SCANA Corporation’s (SCANA) senior management conducted a conference call with securities analysts and other interested persons to discuss SCANA’s nuclear strategy, including a discussion of the Base Load Review Act application filed by South Carolina Electric & Gas Company on May 30, 2008.  Presentation materials for the call are attached to this Form 8-K as Exhibit 99.1

Item 9.01          FINANCIAL STATEMENTS AND EXHIBITS

(d)      Exhibits

                    Exhibit 99.1   SCANA’s Nuclear Strategy Presentation – June 2008

SIGNATURES

          Pursuant to the requirements of the Securities Exchange Act of 1934, each of the registrants has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.  The signature of each registrant shall be deemed to relate only to matters having reference to such registrant and any subsidiaries thereof.

SCANA Corporation

South Carolina Electric & Gas Company

(Registrants)

June 10, 2008	By:	/s/James E. Swan, IV
		James E. Swan, IV
		Controller

EXHIBIT INDEX

Number

99.1        SCANA’s Nuclear Strategy Presentation – June 2008

EX-99.01

SCANA Nuclear Strategy

Presentation

June 2008

Bill Timmerman

Chairman, President & CEO

Jimmy AddisonKevin Marsh

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

PLANTS

&

OWNERSHIP

BASE LOAD GENERATION

2

2

Considerations:

• Fuel Supply Diversity

• Fuel Price Volatility

• Emissions

- Carbon Tax

•Costs

Options:

• Nuclear

• Gas (Combined Cycle)

• Coal

NEW NUCLEAR

3

3

Technology

•2 Westinghouse AP1000 Reactors - 1,117 Mw each plant

•Shared Ownership - 55% to SCE&G, 45% to Santee Cooper

• Generation III - passive design - NRC approved

• 60 Year design life - modular construction concept

• 4 years to construct 1st plant(on-line 2016)

• 3 years to complete 2nd plant (on-line 2019)

Spent Fuel

• On-site pool storage for 18 years followed by dry cask storage

Federal Incentives

• Production Tax Credits

• Loan Guarantee Program

• Government Backed Insurance

Ownership

4

4

Existing Unit:New Units:

Plants: 1 PWR Unit @ 966 Mw* 2 AP1000 Units @ 1,117 Mw each

Total Mw = 966 Total Mw = 2,234

Owners:SCE&G (2/3) = 644 Mw SCE&G (55%) = 1,229 Mw

Santee Cooper (1/3) = 322 Mw Santee Cooper (45%) = 1,005 Mw

Operator:SCE&G SCE&G

* Outstanding 25 year service record

CONTRACT

EPC CONTRACT / BLRA STRUCTURE

7 EPC Cost Categories

• 4 Fixed/Fixed with Escalation (> 50% of Total)*

• 3 Variable Based on Actual Cost

• Risk Profile for Each Category

2 Owners’ Cost Categories

• Variable Risk Profile

Price Escalation linked to Indices in BLRA

• Handy-Whitman Construction Indices• GDP Chained Index

1.All Steam Generation Index

2.All Steam & Nuclear Index

3.Transmission Index

Contingencies

• Contractual

• SCANA

6

6

*Note: Confidentiality agreement with Consortium prevents further disclosure

SCE&G BLRA APPLICATION - EXHIBIT I, CHART A

Public Version

7

7

MAJOR CONTRACTUAL CONSIDERATIONS

8

8

REGULATORY APPROVALS

NRC:

COL Filed:March 31, 2008

COL Docketing: Expected August 2008

COL Review:2008 - - 2011

COL Issued:Late 2011

SCPSC:

BLRA Filed:May 30, 2008

BLRA Testimony/Discovery:Summer / Fall 2008

BLRA Hearing:Fall 2008

BLRA Order:February 2009

REGULATORY APPROVALS

10

2005

2006

2007

2008

2010

2012

2013

2014

2015

2016/2019

Decision to

DevelopCOL

Application

Decision to

Submit COL

Application

Decision to

Construct

Full Power

Operation

Prepare COL
Application

NRC Review &
Hearing

Plant Construction &

Startup

Prepare Site

Decision to

Fuel
load

License

BLRA
Decision

11

11

DECISION TIME LINE

FINANCING

&

EARNINGS

(Millions)

Plant Costs     $5,411   $4,403 / Kw

- includes Owner’s Costs

and Contingencies

Transmission Costs   $638 $519 / Kw

- Unit 2 = $136

- Unit 3 = $502

PROJECTED CAPEX

13

13

SCE&G Share*

($ in Future Value)

AFUDC $264$215 / Kw

Gross Construction$6,313$5,137 / Kw

*SCE&G 55% of 2 plants = 1,229 Mw

														Future $/kw
	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	Total
Plant	21	183	458	637	697	734	752	681	503	377	240	128	5,411	4,403
Transmission	--	--	--	--	--	2	16	46	73	4	190	307	638	519
AFUDC	1	5	18	25	31	34	34	34	28	13	17	24	264	215
Gross Construction	22	188	476	662	728	770	802	761	604	394	447	459	6,313	5,137

PROJECTED CAPEX

14

14

SCE&G Share*

(Future Value)

*SCE&G 55% of 2 plants = 1,229 Mw

Millions of $

15

15

PROJECTED CAPEX

SCE&G Share

(Millions of $ in Future Value)

 

	2008		2009		2010		Total
Construction Cash		183		458		637		1,278
DEBT*
New Issues		90		230		320		640
Total		90		230		320		640	50	%
EQUITY*
Internal Funds		50		--		80		130
Stock Plan Sales		40		80		90		210
Public Offerings		--		150		150		300
Total		90		230		320		640	50	%

 

	AMOUNT (Millions)		RATIO			EMBEDDED COSTS			WEIGHTED AVERAGE COST OF CAPITAL
Long-Term Debt	$	2,211		44.68	%		6.22	%		2.78	%
Preferred Stock	$	114		2.31	%		6.42	%		0.15	%
Common Equity	$	2,623		53.01	%		11.00	%		5.83	%
Total Capitalization	$	4,948	$	100.00						8.76	%
*December 2007 actual adjusted for actual and planned debt issuances in 2008

BASE LOAD REVIEW PROCESS

Initial Rates & Prudence:

• Base Load Review

Application (BLRA)

-incorporates siting

-return on Nuclear CWIP

-order within 9 months

Initial

Filing

Notice

Mar. ‘08

Filing

May

Fall ‘08

Hearing

Decision

&

New Rates

Feb./Mar. ‘09

Discovery

18

Hypothetical Timeline

BASE LOAD REVIEW PROCESS

Initial Rates & Prudence:

• Base Load Review

Application (BLRA)

-incorporates siting

-return on Nuclear CWIP

-order within 9 months

Initial

Filing

Notice

Mar. ‘08

Filing

May

Fall ‘08

Hearing

Decision

&

New Rates

Feb./Mar. ‘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

19

Subsequent Rate:

• Annual Revised Rate

Adjustments (RRA)

-CWIP balance through

filing date

-order within 5 months

Hypothetical Timeline

BASE LOAD REVIEW PROCESS

Initial Rates & Prudence:

• Base Load Review

Application (BLRA)

-incorporates siting

-return on Nuclear CWIP

-order within 9 months

Initial

Filing

Notice

Mar. ‘08

Filing

May

Fall ‘08

Hearing

Decision

&

New Rates

Feb./Mar. ‘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

In-Service

Filing

Sep. ‘15

Apr. ‘16

Includes budgeted costs

for production:

•O&M

•Depreciation

•Property Taxes

•Etc.

20

Subsequent Rate:

• Annual Revised Rate

Adjustments (RRA)

-CWIP balance through

filing date

-order within 5 months

In-Service Filing:

• Includes budgeted

operational costs:

-O&M

-Depreciation

-Property taxes

-Etc.

Hypothetical Timeline

Unit 2

Unit 3

Jun. ‘18

Jan. ‘20

KEY ASSUMPTIONS

21

Assumptions Included in Filing……..

Assumptions NOT Included in Filing……..

•2 plants - AP1000 technology @ 1,117 Mw each

•Ownership - - SCE&G 55% = 1,229 Mw, Santee Cooper 45% = 1,005 Mw

•Additional Equity Required to Maintain Regulated Cap Structure of 52% - 54%

•Federal Tax Credits (post operational)

•Average Annual Retail Rate Increase of 2.49% During Construction

•Supporting Transmission

•Loan Guarantees

•Government Backed Insurance

•Retirement of Any Current Generation Assets

PROJECTED NUCLEAR RATE IMPACT

22

	2009
	Mar	Oct.	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	Total
Increase	$9	$48	$66	$88	$97	$100	$100	$83	$298	$53	$71	$216	$0	$1,229
Projected % increase - Gross	0.49%	2.8%	2.8%	3.8%	3.5%	4.0%	3.7%	2.8%	10.4%	1.1%	1.6%	5.9%	-0.6%	Avg. 3.32%
Nuclear Fuel Impact on Increase	--	--	--	--	--	--	--	--	($247)	$23	$36	($165)	--	($353)
Projected % increase - Net of Nuclear Fuel	0.49%	2.8%	2.8%	3.8%	3.5%	4.0%	3.7%	2.8%	1.4%	2.2%	3.1%	1.1%	-0.5%	Avg. 2.49%

(Millions of $ in Future Value)

	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 8 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

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

23

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 future debt issuance, cost of capital,
capital structure, revised rates filings, effective dates of rates, inflation
rates, construction costs, AFUDC rates, capital expenditures,
construction schedules, licensing and permitting activities, completion
dates for new units, investment tax credits, fuel costs, generation mix,
customer and demand growth, natural gas prices, uranium prices, coal
prices, CO2 emission costs, and construction and permitting
contingencies and risks. In some cases, forward-looking statements
can be identified by terminology such as “may,” “will,” “could,” “should,”
“expects,” “forecasts,” “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,
regulatory delay, and intervention by opposing parties in licensing and
permitting proceedings; (3) collateral lawsuits, appeals and other
litigation; (4) changes in rate regulation, environmental laws and
regulations, and nuclear safety laws and regulations; (5) changes in the
cost or availability of labor, equipment, components and materials; (6)
performance of key contractors or suppliers of key components or
services; (7) transportation and shipping problems; (8) delays in
construction related to weather conditions or natural disasters both in
South Carolina and affecting suppliers and contractors; (9) changes in
the economy, especially in areas served by South Carolina Electric &
Gas Company (SCE&G or the Company); (10) changes in the public,
political and regulatory perception and support for nuclear power; (11)
the results of financing efforts; (12) changes in SCANA’s or its
subsidiaries’ accounting rules and accounting policies; (13) payment

by counterparties as and when due; (14) the results of efforts to license,
site and construct facilities for baseload electric generation; (15) the
availability and prices of fuels such as coal, natural gas and enriched
uranium used to produce electricity; (16) the level and volatility of future
market prices for such fuels and purchased power; (17) the impact of
competition from alternate energy sources; (18) the availability of
purchased power and natural gas for distribution; (19) inflation; (20)
capital market conditions; (21) compliance with regulations; and (22)
the other risks and uncertainties described in Exhibit J to this
Application and as described from time to time in the periodic reports
filed by SCANA Corporation or SCE&G with the United States
Securities and Exchange Commission (SEC).The Company disclaims
any obligation to update any forward-looking statements.

Questions ???

24

Nuclear StrategyPresentation -June 2008