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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

FORM 10-Q

 

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended September 30, 2019

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from _____ to _____

 

Commission File Number 001-3375

Dominion Energy South Carolina, Inc.

Exact Name of Registrant as Specified in its Charter

 

South Carolina

 

57-0248695

State or Other Jurisdiction of Incorporation or Organization

 

I.R.S. Employer Identification No.

 

 

 

400 Otarre Parkway, Cayce, South Carolina

 

29033

Address of Principal Executive Offices

 

Zip Code

 

(803) 217-9000

Registrant’s Telephone Number, Including Area Code

Securities registered pursuant to Section 12(b) of the Act: None

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

Accelerated filer

Emerging growth company

Non-accelerated filer

 

Smaller reporting company

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes  No 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. At October 31, 2019, Dominion Energy South Carolina, Inc. had outstanding 40,296,147 shares of common stock, all of which were held by SCANA Corporation, a wholly-owned subsidiary of Dominion Energy, Inc.

Dominion Energy South Carolina, Inc. meets the conditions set forth in General Instruction H(1)(a) and (b) of Form 10-Q and therefore is filing this Form with the reduced disclosure format allowed under General Instruction H(2).

 

 


 

TABLE OF CONTENTS 

 

 

 

 

 

Page

 

 

Glossary of Terms

 

3

 

 

 

 

 

PART I. FINANCIAL INFORMATION

 

 

 

 

 

 

 

Item 1.

 

Financial Statements

 

5

 

 

 

 

 

Item 2.

 

Management's Discussion and Analysis of Financial Condition and Results of Operations

 

32

 

 

 

 

 

Item 4.

 

Controls and Procedures

 

35

 

 

 

 

 

PART II. OTHER INFORMATION

 

 

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

36

 

 

 

 

 

Item 1A.

 

Risk Factors

 

36

 

 

 

 

 

Item 6.

 

Exhibits

 

37

 

 

 

 

 

 

 

 

2


 

GLOSSARY OF TERMS

The following abbreviations or acronyms used in this Form 10-Q are defined below:

 

Abbreviation or Acronym

 

Definition

2015 Task Order

 

Retail services agreement between DESC and the DOE, which includes a potential FERC jurisdictional charge for operating and maintaining DOE transmission facilities at the Savannah River Site

2017 Tax Reform Act

 

An Act to Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for Fiscal Year 2018 (previously known as The Tax Cuts and Jobs Act) enacted on December 22, 2017

ACE Rule

 

Affordable Clean Energy Rule

AOCI

 

Accumulated other comprehensive income (loss)

ARO

 

Asset retirement obligation

BLRA

 

South Carolina Base Load Review Act

CCR

 

Coal combustion residual

CEO

 

Chief Executive Officer

CFO

 

Chief Financial Officer

Consortium

 

A consortium consisting of Westinghouse and WECTEC

CSAPR

 

Cross-State Air Pollution Rule

CWA

 

Clean Water Act

DESC

 

The legal entity, Dominion Energy South Carolina, Inc. (formerly known as South Carolina Electric & Gas Company), one or more of its consolidated affiliates or operating segments, or the entirety of Dominion Energy South Carolina, Inc. and its consolidated affiliates

DESS

 

Dominion Energy Southeast Services, Inc. (formerly known as SCANA Services, Inc.)

DOE

 

U.S. Department of Energy

Dominion Energy

 

The legal entity, Dominion Energy, Inc., one or more of its consolidated subsidiaries (other than SCANA and DESC) or operating segments, or the entirety of Dominion Energy, Inc. and its consolidated subsidiaries

DSM

 

Demand-side management

Electric Operations

 

Electric Operations Group operating segment

ELG Rule

 

Effluent limitations guidelines for the steam electric power generating category

EMANI

 

European Mutual Association for Nuclear Insurance

EPA

 

U.S. Environmental Protection Agency

Exchange Act

 

Securities Exchange Act of 1934, as amended

FERC

 

Federal Energy Regulatory Commission

FILOT

 

Fee in lieu of taxes

Fuel Company

 

South Carolina Fuel Company, Inc.

GAAP

 

U.S. generally accepted accounting principles

Gas Distribution

 

Gas Distribution Group operating segment

GENCO

 

South Carolina Generating Company, Inc.

IAA

 

Interim Assessment Agreement dated March 28, 2017, as amended, among DESC, Santee Cooper, Westinghouse and WECTEC

MATS

 

Utility Mercury and Air Toxics Standard Rule

MD&A

 

Management's Discussion and Analysis of Financial Condition and Results of Operations

MGP

 

Manufactured gas plant

MW

 

Megawatt

NEIL

 

Nuclear Electric Insurance Limited

NOX

 

Nitrogen oxide

NPDES

 

National Pollutant Discharge Elimination System

NND Project

 

V. C. Summer Units 2 and 3 nuclear development project under which SCANA and Santee Cooper undertook to construct two Westinghouse AP1000 Advanced Passive Safety nuclear units in Jenkinsville, South Carolina

Price-Anderson

 

Price-Anderson Nuclear Industries Indemnity Act

3


 

Abbreviation or Acronym

 

Definition

Reorganization Plan

 

Modified Second Amended Joint Chapter 11 Plan of Reorganization, filed by Westinghouse

RICO

 

Racketeer Influenced and Corrupt Organizations Act

Santee Cooper

 

South Carolina Public Service Authority

SCANA

 

The legal entity, SCANA Corporation, one or more of its consolidated subsidiaries (other than DESC) or the entirety of SCANA Corporation and its consolidated subsidiaries

SCANA Combination

 

Dominion Energy's acquisition of SCANA completed on January 1, 2019 pursuant to the terms of the SCANA Merger Agreement

SCANA Merger Agreement

 

Agreement and plan of merger entered on January 2, 2018 between Dominion Energy and SCANA

SCANA Merger Approval Order

 

Final order issued by the South Carolina Commission on December 21, 2018 setting forth its approval of the SCANA Combination

SCDHEC

 

South Carolina Department of Health and Environmental Control

SCDOR

 

South Carolina Department of Revenue

SEC

 

U.S. Securities and Exchange Commission

SO2

 

Sulfur dioxide

South Carolina Commission

 

Public Service Commission of South Carolina

Summer

 

V. C. Summer nuclear power station

Toshiba

 

Toshiba Corporation, parent company of Westinghouse

Toshiba Settlement

 

Settlement Agreement dated as of July 27, 2017, by and among Toshiba, DESC and Santee Cooper

VIE

 

Variable interest entity

WECTEC

 

WECTEC Global Project Services, Inc. (formerly known as Stone & Webster, Inc.), a wholly-owned subsidiary of Westinghouse

Westinghouse

 

Westinghouse Electric Company LLC

Westinghouse Subcontractors

 

Subcontractors and suppliers to the Consortium

 

 

 

4


 

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Dominion Energy South Carolina, Inc.

Consolidated Balance Sheets

(Unaudited)

 

(millions)

 

September 30,

2019

 

 

December 31,

2018

 

ASSETS

 

 

 

 

 

 

 

 

Utility plant in service

 

$

13,056

 

 

$

12,803

 

Accumulated depreciation and amortization

 

 

(4,799

)

 

 

(4,581

)

Construction work in progress

 

 

309

 

 

 

350

 

Nuclear fuel, net of accumulated amortization

 

 

185

 

 

 

211

 

Utility plant, net ($683 and $711 related to VIEs)

 

 

8,751

 

 

 

8,783

 

Nonutility Property and Investments:

 

 

 

 

 

 

 

 

Nonutility property, net of accumulated depreciation

 

 

71

 

 

 

72

 

Assets held in trust, net-nuclear decommissioning

 

 

210

 

 

 

190

 

Other investments

 

 

 

 

 

1

 

Nonutility property and investments, net

 

 

281

 

 

 

263

 

Current Assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

11

 

 

 

377

 

Receivables:

 

 

 

 

 

 

 

 

Customer, net of allowance for uncollectible accounts of $8 and $4

 

 

335

 

 

 

331

 

Affiliated and related party

 

 

30

 

 

 

359

 

Other

 

 

77

 

 

 

68

 

Inventories (at average cost):

 

 

 

 

 

 

 

 

Fuel

 

 

110

 

 

 

89

 

Materials and supplies

 

 

164

 

 

 

158

 

Prepayments

 

 

91

 

 

 

82

 

Regulatory assets

 

 

322

 

 

 

224

 

Other current assets

 

 

23

 

 

 

1

 

Total current assets ($134 and $96 related to VIEs)

 

 

1,163

 

 

 

1,689

 

Deferred Debits and Other Assets:

 

 

 

 

 

 

 

 

Regulatory assets

 

 

3,970

 

 

 

4,060

 

Other

 

 

155

 

 

 

168

 

Total deferred debits and other assets ($34 and $34 related to VIEs)

 

 

4,125

 

 

 

4,228

 

Total assets

 

$

14,320

 

 

$

14,963

 

 

See Notes to Consolidated Financial Statements.

5


 

Dominion Energy South Carolina, Inc.

Consolidated Balance Sheets—(Continued)

(Unaudited)

 

(millions)

 

September 30,

2019

 

 

December 31,

2018

 

CAPITALIZATION AND LIABILITIES

 

 

 

 

 

 

 

 

Common Stock - no par value, 40.3 million shares outstanding

 

$

3,685

 

 

$

2,860

 

Retained earnings

 

 

214

 

 

 

1,279

 

Accumulated other comprehensive loss

 

 

(3

)

 

 

(3

)

Total common equity

 

 

3,896

 

 

 

4,136

 

Noncontrolling interest

 

 

173

 

 

 

179

 

Total equity

 

 

4,069

 

 

 

4,315

 

Affiliated long-term debt

 

 

230

 

 

 

 

Long-term debt, net

 

 

3,378

 

 

 

5,132

 

Total long-term debt

 

 

3,608

 

 

 

5,132

 

Total capitalization

 

 

7,677

 

 

 

9,447

 

Current Liabilities:

 

 

 

 

 

 

 

 

Short-term borrowings

 

 

 

 

 

73

 

Current portion of long-term debt

 

 

7

 

 

 

14

 

Accounts payable

 

 

151

 

 

 

267

 

Affiliated and related party payables

 

 

795

 

 

 

347

 

Customer deposits and customer prepayments

 

 

71

 

 

 

73

 

Revenue subject to refund

 

 

3

 

 

 

77

 

Taxes accrued

 

 

206

 

 

 

228

 

Interest accrued

 

 

78

 

 

 

72

 

Regulatory liabilities

 

 

308

 

 

 

126

 

Reserves for litigation and regulatory proceedings

 

 

181

 

 

 

11

 

Other

 

 

66

 

 

 

42

 

Total current liabilities

 

 

1,866

 

 

 

1,330

 

Deferred Credits and Other Liabilities:

 

 

 

 

 

 

 

 

Deferred income taxes, net

 

 

605

 

 

 

989

 

Asset retirement obligations

 

 

493

 

 

 

542

 

Pension and other postretirement benefits

 

 

205

 

 

 

232

 

Regulatory liabilities

 

 

3,241

 

 

 

2,264

 

Other

 

 

218

 

 

 

143

 

Other affiliate

 

 

15

 

 

 

16

 

Total deferred credits and other liabilities

 

 

4,777

 

 

 

4,186

 

Commitments and Contingencies (see Note 11)

 

 

 

 

 

 

 

 

Total capitalization and liabilities

 

$

14,320

 

 

$

14,963

 

 

See Notes to Consolidated Financial Statements.

6


 

Dominion Energy South Carolina, Inc.

Consolidated Statements of Comprehensive Income (Loss)

(Unaudited)

 

 

 

Three Months Ended

September 30,

 

 

Nine Months Ended

September 30,

 

(millions)

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Operating Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Electric(1)

 

$

728

 

 

$

670

 

 

$

869

 

 

$

1,770

 

Gas

 

 

67

 

 

 

69

 

 

 

289

 

 

 

304

 

Total operating revenues

 

 

795

 

 

 

739

 

 

 

1,158

 

 

 

2,074

 

Operating Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fuel used in electric generation(1)

 

 

167

 

 

 

188

 

 

 

447

 

 

 

503

 

Purchased power(1)

 

 

15

 

 

 

10

 

 

 

35

 

 

 

77

 

Gas purchased for resale(1)

 

 

37

 

 

 

41

 

 

 

158

 

 

 

161

 

Other operations and maintenance

 

 

90

 

 

 

105

 

 

 

309

 

 

 

320

 

Other operations and maintenance - affiliated suppliers

 

 

54

 

 

 

39

 

 

 

174

 

 

 

135

 

Impairment of assets and other charges

 

 

 

 

 

 

 

 

371

 

 

 

4

 

Depreciation and amortization

 

 

116

 

 

 

81

 

 

 

333

 

 

 

242

 

Other taxes(1)

 

 

55

 

 

 

63

 

 

 

196

 

 

 

192

 

Total operating expenses

 

 

534

 

 

 

527

 

 

 

2,023

 

 

 

1,634

 

Operating income (loss)

 

 

261

 

 

 

212

 

 

 

(865

)

 

 

440

 

Other income (expense), net

 

 

(13

)

 

 

(1

)

 

 

(27

)

 

 

124

 

Interest charges, net of allowance for borrowed funds used during

   construction of $2, $2, $4 and $7(1)

 

 

66

 

 

 

79

 

 

 

202

 

 

 

232

 

Income (loss) before income tax expense (benefit)

 

 

182

 

 

 

132

 

 

 

(1,094

)

 

 

332

 

Income tax expense (benefit)

 

 

40

 

 

 

29

 

 

 

(63

)

 

 

70

 

Net Income (Loss)

 

 

142

 

 

 

103

 

 

 

(1,031

)

 

 

262

 

Other Comprehensive Income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred cost of employee benefit plans, net of tax

   of $-, $-, $-, $-

 

 

1

 

 

 

1

 

 

 

1

 

 

 

1

 

Total Comprehensive Income (Loss)

 

 

143

 

 

 

104

 

 

 

(1,030

)

 

 

263

 

Comprehensive Income Attributable to Noncontrolling Interest

 

 

 

 

 

6

 

 

 

14

 

 

 

15

 

Comprehensive Income (Loss) Available (Attributable) to

   Common Shareholder

 

$

143

 

 

$

98

 

 

$

(1,044

)

 

$

248

 

 

(1)

See Note 14 for amounts attributable to affiliates.

 

See Notes to Consolidated Financial Statements.

7


 

Dominion Energy South Carolina, Inc.

Consolidated Statements of Cash Flows

(Unaudited)

 

 

Nine Months Ended September 30,

 

(millions)

 

2019

 

 

2018

 

Operating Activities

 

 

 

 

 

 

 

 

Net income (loss)

 

$

(1,031

)

 

$

262

 

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Impairment of assets and other charges

 

 

256

 

 

 

4

 

Provision for refunds to customers

 

 

923

 

 

 

 

Gain on sale of assets

 

 

(7

)

 

 

 

Deferred income taxes, net

 

 

(384

)

 

 

93

 

Depreciation and amortization

 

 

341

 

 

 

259

 

Amortization of nuclear fuel

 

 

41

 

 

 

41

 

Other adjustments

 

 

(5

)

 

 

(11

)

Changes in certain assets and liabilities:

 

 

 

 

 

 

 

 

Receivables

 

 

(9

)

 

 

49

 

Receivables - affiliated and related party

 

 

(7

)

 

 

(4

)

Income tax receivable

 

 

 

 

 

198

 

Inventories

 

 

(66

)

 

 

(15

)

Prepayments

 

 

(9

)

 

 

(13

)

Regulatory assets

 

 

(109

)

 

 

2

 

Regulatory liabilities

 

 

223

 

 

 

(102

)

Accounts payable

 

 

(68

)

 

 

(10

)

Accounts payable - affiliated and related party

 

 

7

 

 

 

 

Revenue subject to refund

 

 

(74

)

 

 

61

 

Taxes accrued

 

 

(22

)

 

 

(39

)

Other assets

 

 

124

 

 

 

(44

)

Other liabilities

 

 

40

 

 

 

38

 

Net cash provided by operating activities

 

 

164

 

 

 

769

 

Investing Activities

 

 

 

 

 

 

 

 

Property additions and construction expenditures

 

 

(340

)

 

 

(538

)

Proceeds from investments and sales of assets

 

 

33

 

 

 

35

 

Purchase of investments

 

 

(42

)

 

 

(21

)

Purchase of investments - affiliate

 

 

 

 

 

(113

)

Proceeds from interest rate derivative contract settlement

 

 

 

 

 

115

 

Investment in affiliate, net

 

 

336

 

 

 

(108

)

Net cash used in investing activities

 

 

(13

)

 

 

(630

)

Financing Activities

 

 

 

 

 

 

 

 

Proceeds from issuance of debt

 

 

 

 

 

795

 

Proceeds from issuance of affiliated debt

 

 

230

 

 

 

 

Repayment of long-term debt, including redemption premiums

 

 

(1,890

)

 

 

(824

)

Dividend to parent

 

 

(30

)

 

 

(164

)

Contribution from parent

 

 

825

 

 

 

20

 

Contribution returned to parent

 

 

(20

)

 

 

 

Money pool borrowings, net

 

 

441

 

 

 

157

 

Short-term borrowings, net

 

 

(73

)

 

 

(79

)

Net cash used in financing activities

 

 

(517

)

 

 

(95

)

Net increase (decrease) in cash, restricted cash and equivalents

 

 

(366

)

 

 

44

 

Cash, restricted cash and equivalents at beginning of period(1)

 

 

377

 

 

 

395

 

Cash, restricted cash and equivalents at end of period(1)

 

$

11

 

 

$

439

 

Supplemental Cash Flow Information

 

 

 

 

 

 

 

 

Noncash investing and financing activities:(2)

 

 

 

 

 

 

 

 

Accrued construction expenditures

 

$

47

 

 

$

25

 

Leases(3)

 

 

7

 

 

 

7

 

(1)

At September 30, 2019, September 30, 2018, December 31, 2018 and December 31, 2017 there were no restricted cash and equivalent balances.

(2)

See Note 1 for noncash investing and financing activities related to the adoption of a new accounting standard for leasing arrangements.

(3)   Includes $3 million of financing leases and $4 million of operating leases for the nine months ended September 30, 2019 and $7 million of capital leases for the nine months ended September 30, 2018.

See Notes to Consolidated Financial Statements.

8


 

Dominion Energy South Carolina, Inc.

Consolidated Statements of Changes in Common Equity

(Unaudited)

 

Quarter-To-Date

 

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(millions)

 

Shares

 

 

Amount

 

 

Retained

Earnings

 

 

AOCI

 

 

Noncontrolling

Interest

 

 

Total

Equity

 

June 30, 2018

 

 

40

 

 

$

2,860

 

 

$

2,060

 

 

$

(4

)

 

$

169

 

 

$

5,085

 

Total comprehensive income available to common shareholder

 

 

 

 

 

 

 

 

 

 

97

 

 

 

1

 

 

 

6

 

 

 

104

 

Dividend to parent

 

 

 

 

 

 

 

 

 

 

(11

)

 

 

 

 

 

 

(6

)

 

 

(17

)

September 30, 2018

 

 

40

 

 

$

2,860

 

 

$

2,146

 

 

$

(3

)

 

$

169

 

 

$

5,172

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2019

 

 

40

 

 

$

3,635

 

 

$

72

 

 

$

(4

)