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2019-12-31

 

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 June 30, 2020

 

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

 

For the transition period from _____ to _____

 

 

 

 

 

I.R.S. Employer

Commission File Number

 

Exact name of registrant as specified in its charter

 

Identification Number

 

 

 

 

 

001-3375

  

DOMINION ENERGY SOUTH CAROLINA, INC.

  

57-0248695

 

 

 

 

 

 

  

south carolina

  

 

 

  

(State or other jurisdiction of incorporation or organization)

  

 

 

 

 

 

 

 

 

400 OTARRE PARKWAY

 

 

 

 

CAYCE, South Carolina

 

29033

 

 

(Address of principal executive offices)

 

(Zip Code)

 

 

 

 

 

 

 

(803) 217-9000

 

 

 

  

(Registrants’ telephone number)

  

 

 

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 (§232.405 of this chapter) 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,” “non-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 July 17, 2020, 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

 

30

 

 

 

 

 

Item 4.

 

Controls and Procedures

 

33

 

 

 

 

 

PART II. OTHER INFORMATION

 

 

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

34

 

 

 

 

 

Item 1A.

 

Risk Factors

 

34

 

 

 

 

 

Item 6.

 

Exhibits

 

35

 

 

 

 

 

 

 

 

2


 

GLOSSARY OF TERMS

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

 

Abbreviation or Acronym

 

Definition

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

BACT

 

Best available control technology

BLRA

 

South Carolina Base Load Review Act

CAA

 

Clean Air Act

CARES Act

 

Coronavirus Aid, Relief and Economic Security Act enacted on March 27, 2020

CCR

 

Coal combustion residual

CEO

 

Chief Executive Officer

CERCLA

 

Comprehensive Environmental Response, Compensation and Liability Act of 1980, also known as Superfund

CFO

 

Chief Financial Officer

CO2

 

Carbon dioxide

Consortium

 

A consortium consisting of Westinghouse and WECTEC

CUA

 

Capacity Use Area

CWA

 

Clean Water Act

DECG

 

Dominion Energy Carolina Gas Transmission, LLC

DESC

 

The legal entity, Dominion Energy South Carolina, Inc., one or more of its consolidated entities or operating segment, or the entirety of Dominion Energy South Carolina, Inc. and its consolidated entities

DESS

 

Dominion Energy Southeast Services, Inc.

Dominion Energy

 

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

Dominion Energy Gas

 

The legal entity, Dominion Energy Gas Holdings, LLC, a wholly-owned subsidiary of Dominion Energy, one or more of its consolidated subsidiaries or operating segment, or the entirety of Dominion Energy Gas Holdings, LLC and its consolidated subsidiaries

Dominion Energy South Carolina

 

Dominion Energy South Carolina operating segment

 

DSM

 

Demand-side management

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

GENCO

 

South Carolina Generating Company, Inc.

GHG

 

Greenhouse gas

IAA

 

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

kV

 

Kilovolt

MATS

 

Utility Mercury and Air Toxics Standard Rule

MD&A

 

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

MGD

 

Million gallons a day

3


 

Abbreviation or Acronym

 

Definition

MGP

 

Manufactured gas plant

NEIL

 

Nuclear Electric Insurance Limited

NND Project

 

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

NOx

 

Nitrogen oxide

NSPS

 

New Source Performance Standards

Order 1000

 

Order issued by FERC adopting requirements for electric transmission planning, cost allocation and development

Price-Anderson

 

Price-Anderson Amendments Act of 1988

PSD

 

Prevention of significant deterioration

Questar Gas

 

Questar Gas Company, a wholly-owned subsidiary of Dominion Energy

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

SEMI

 

SCANA Energy Marketing, LLC (formerly known as SCANA Energy Marketing, Inc.), a subsidiary of SCANA through December 2019, and effective December 2019, a subsidiary of Wrangler Retail Gas Holdings, LLC, a partnership between Dominion Energy and Interstate Gas Supply Inc.

SO2

 

Sulfur dioxide

South Carolina Commission

 

Public Service Commission of South Carolina

Southern

 

The legal entity, The Southern Company, one or more of its consolidated subsidiaries, or the entirety of The Southern Company and its consolidated subsidiaries

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

Virginia Power

 

The legal entity, Virginia Electric and Power Company, a wholly-owned subsidiary of Dominion Energy, one or more of its consolidated subsidiaries or operating segment, or the entirety of Virginia Electric and Power Company and its consolidated subsidiaries

VOC

 

Volatile organic compounds

WECTEC

 

WECTEC Global Project Services, 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)

 

June 30,

2020

 

 

December 31,

2019

 

ASSETS

 

 

 

 

 

 

 

 

Utility plant in service

 

$

13,472

 

 

$

13,208

 

Accumulated depreciation and amortization

 

 

(4,933

)

 

 

(4,851

)

Construction work in progress

 

 

372

 

 

 

339

 

Nuclear fuel, net of accumulated amortization

 

 

201

 

 

 

219

 

Utility plant, net ($706 and $727 related to VIEs)

 

 

9,112

 

 

 

8,915

 

Nonutility Property and Investments:

 

 

 

 

 

 

 

 

Nonutility property, net of accumulated depreciation

 

 

51

 

 

 

69

 

Assets held in trust, nuclear decommissioning

 

 

223

 

 

 

214

 

Nonutility property and investments, net

 

 

274

 

 

 

283

 

Current Assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

7

 

 

 

4

 

Receivables:

 

 

 

 

 

 

 

 

Customer, net of allowance for uncollectible accounts of $9 and $3

 

 

322

 

 

 

320

 

Affiliated and related party

 

 

 

 

 

14

 

Other

 

 

123

 

 

 

119

 

Inventories (at average cost):

 

 

 

 

 

 

 

 

Fuel

 

 

104

 

 

 

104

 

Materials and supplies

 

 

171

 

 

 

168

 

Prepayments

 

 

121

 

 

 

91

 

Regulatory assets

 

 

261

 

 

 

271

 

Other current assets

 

 

32

 

 

 

27

 

Total current assets ($126 and $143 related to VIEs)

 

 

1,141

 

 

 

1,118

 

Deferred Debits and Other Assets:

 

 

 

 

 

 

 

 

Regulatory assets

 

 

3,821

 

 

 

3,892

 

Other

 

 

92

 

 

 

93

 

Total deferred debits and other assets ($38 and $32 related to VIEs)

 

 

3,913

 

 

 

3,985

 

Total assets

 

$

14,440

 

 

$

14,301

 

 

See Notes to Consolidated Financial Statements.

5


 

Dominion Energy South Carolina, Inc.

Consolidated Balance Sheets—(Continued)

(Unaudited)

 

(millions)

 

June 30,

2020

 

 

December 31,

2019

 

CAPITALIZATION AND LIABILITIES

 

 

 

 

 

 

 

 

Common Stock - no par value, 40.3 million shares outstanding

 

$

3,695

 

 

$

3,695

 

Retained earnings

 

 

177

 

 

 

20

 

Accumulated other comprehensive loss

 

 

(3

)

 

 

(3

)

Total common equity

 

 

3,869

 

 

 

3,712

 

Noncontrolling interest

 

 

183

 

 

 

180

 

Total equity

 

 

4,052

 

 

 

3,892

 

Long-term debt, net

 

 

3,359

 

 

 

3,358

 

Affiliated long-term debt

 

 

230

 

 

 

230

 

Finance leases

 

 

18

 

 

 

20

 

Total long-term debt

 

 

3,607

 

 

 

3,608

 

Total capitalization

 

 

7,659

 

 

 

7,500

 

Current Liabilities:

 

 

 

 

 

 

 

 

Securities due within one year

 

 

7

 

 

 

7

 

Accounts payable

 

 

136

 

 

 

245

 

Affiliated and related party payables

 

 

769

 

 

 

624

 

Customer deposits and customer prepayments

 

 

71

 

 

 

76

 

Taxes accrued

 

 

121

 

 

 

218

 

Interest accrued

 

 

92

 

 

 

88

 

Regulatory liabilities

 

 

287

 

 

 

256

 

Reserves for litigation and regulatory proceedings

 

 

473

 

 

 

492

 

Other

 

 

42

 

 

 

60

 

Total current liabilities

 

 

1,998

 

 

 

2,066

 

Deferred Credits and Other Liabilities:

 

 

 

 

 

 

 

 

Deferred income taxes and investment tax credits

 

 

690

 

 

 

629

 

Asset retirement obligations

 

 

587

 

 

 

489

 

Pension and other postretirement benefits

 

 

200

 

 

 

203

 

Regulatory liabilities

 

 

3,098

 

 

 

3,210

 

Affiliated liabilities

 

 

14

 

 

 

15

 

Other

 

 

194

 

 

 

189

 

Total deferred credits and other liabilities

 

 

4,783

 

 

 

4,735

 

Commitments and Contingencies (see Note 12)

 

 

 

 

 

 

 

 

Total capitalization and liabilities

 

$

14,440

 

 

$

14,301

 

 

See Notes to Consolidated Financial Statements.

6


 

Dominion Energy South Carolina, Inc.

Consolidated Statements of Comprehensive Income (Loss)

(Unaudited)

 

 

 

Three Months Ended

June 30,

 

 

Six Months Ended

June 30,

 

(millions)

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Operating Revenue(1)

 

$

624

 

 

$

698

 

 

$

1,296

 

 

$

363

 

Operating Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fuel used in electric generation(1)

 

 

95

 

 

 

143

 

 

 

199

 

 

 

280

 

Purchased power(1)

 

 

25

 

 

 

12

 

 

 

38

 

 

 

20

 

Gas purchased for resale(1)

 

 

34

 

 

 

44

 

 

 

91

 

 

 

121

 

Other operations and maintenance

 

 

93

 

 

 

123

 

 

 

183

 

 

 

219

 

Other operations and maintenance - affiliated suppliers

 

 

50

 

 

 

72

 

 

 

105

 

 

 

120

 

Impairment of assets and other charges

 

 

 

 

 

100

 

 

 

2

 

 

 

371

 

Depreciation and amortization

 

 

118

 

 

 

115

 

 

 

236

 

 

 

217

 

Other taxes(1)

 

 

65

 

 

 

72

 

 

 

127

 

 

 

141

 

Total operating expenses

 

 

480

 

 

 

681

 

 

 

981

 

 

 

1,489

 

Operating income (loss)

 

 

144

 

 

 

17

 

 

 

315

 

 

 

(1,126

)

Other income (expense), net

 

 

2

 

 

 

(9

)

 

 

5

 

 

 

(14

)

Interest charges, net of allowance for borrowed funds used during

   construction of $1, $2, $3 and $2(1)

 

 

58

 

 

 

63

 

 

 

116

 

 

 

136

 

Income (loss) before income tax expense (benefit)

 

 

88

 

 

 

(55

)

 

 

204

 

 

 

(1,276

)

Income tax expense (benefit)

 

 

21

 

 

 

15

 

 

 

44

 

 

 

(103

)

Net Income (Loss) and Other Comprehensive Income (Loss)

 

 

67

 

 

 

(70

)

 

 

160

 

 

 

(1,173

)

Comprehensive Income (Loss) Attributable to Noncontrolling

   Interest

 

 

(2

)

 

 

8

 

 

 

3

 

 

 

14

 

Comprehensive Income (Loss) Available (Attributable) to

   Common Shareholder

 

$

69

 

 

$

(78

)

 

$

157

 

 

$

(1,187

)

 

(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)

 

 

Six Months Ended June 30,

 

(millions)

 

2020

 

 

2019

 

Operating Activities

 

 

 

 

 

 

 

 

Net income (loss)

 

$

160

 

 

$

(1,173

)

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

 

 

 

 

 

 

 

 

Impairment of assets and other charges

 

 

2

 

 

 

371

 

Provision for refunds to customers

 

 

 

 

 

950

 

Deferred income taxes, net

 

 

61

 

 

 

(434

)

Depreciation and amortization

 

 

236

 

 

 

223

 

Amortization of nuclear fuel

 

 

21

 

 

 

27

 

Other adjustments

 

 

7

 

 

 

(4

)

Changes in certain assets and liabilities:

 

 

 

 

 

 

 

 

Receivables

 

 

(23

)

 

 

 

Receivables - affiliated and related party

 

 

5

 

 

 

(3

)

Inventories

 

 

(3

)

 

 

(48

)

Prepayments

 

 

(30

)

 

 

(29

)

Pension and other postretirement benefits

 

 

(3

)

 

 

 

Regulatory assets

 

 

3

 

 

 

187

 

Regulatory liabilities

 

 

(111

)

 

 

195

 

Accounts payable

 

 

(35

)

 

 

(72

)

Accounts payable - affiliated and related party

 

 

4

 

 

 

17

 

Revenue subject to refund

 

 

 

 

 

(63

)

Taxes accrued

 

 

(97

)

 

 

(65

)

Interest accrued

 

 

3

 

 

 

 

Other assets and liabilities

 

 

(12

)

 

 

(79

)

Net cash provided by operating activities

 

 

188

 

 

 

 

Investing Activities

 

 

 

 

 

 

 

 

Property additions and construction expenditures

 

 

(330

)

 

 

(226

)

Proceeds from investments and sales of assets

 

 

5

 

 

 

12

 

Purchase of investments

 

 

(5

)

 

 

(23

)

Purchase of investments - affiliated

 

 

(1

)

 

 

 

Short-term investments - affiliated

 

 

9

 

 

 

343

 

Net cash provided by (used in) investing activities

 

 

(322

)

 

 

106

 

Financing Activities

 

 

 

 

 

 

 

 

Proceeds from issuance of affiliated debt

 

 

 

 

 

230

 

Repayment of long-term debt, including redemption premiums

 

 

 

 

 

(1,247

)

Dividend to parent

 

 

 

 

 

(30

)

Contribution from parent

 

 

 

 

 

775

 

Contribution returned to parent

 

 

 

 

 

(20

)

Money pool borrowings, net

 

 

 

 

 

4

 

Short-term borrowings, net

 

 

 

 

 

(73

)

Short-term borrowings - affiliated, net

 

 

141

 

 

 

 

Other

 

 

(4

)

 

 

 

Net cash provided by (used in) financing activities

 

 

137

 

 

 

(361

)

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

 

 

3

 

 

 

(255

)

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

 

 

4

 

 

 

377

 

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

 

$

7

 

 

$

122

 

Supplemental Cash Flow Information

 

 

 

 

 

 

 

 

Significant noncash investing and financing activities:

 

 

 

 

 

 

 

 

Accrued construction expenditures

 

$

41

 

 

$

39

 

Leases(2)

 

 

2

 

 

 

5

 

(1)

At June 30, 2020, June 30, 2019, December 31, 2019 and December 31, 2018 there were no restricted cash and equivalent balances.

(2)

Includes $2 million of financing leases for the six months ended June 30, 2020 and $3 million of financing leases and $2 million of operating leases for the six months ended June 30, 2019.

 

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

 

March 31, 2019

 

 

40

 

 

$

3,535

 

 

$

151

 

 

$

(4

)

 

$

185

 

 

$

3,867

 

Total comprehensive income (loss) available

    (attributable) to common shareholder

 

 

 

 

 

 

 

 

 

 

(78

)

 

 

 

 

 

 

8

 

 

 

(70

)

Capital contribution from parent

 

 

 

 

 

100

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

100

 

Capital contribution returned to parent

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(20

)

 

 

(20

)

Other

 

 

 

 

 

 

 

 

 

 

(1

)

 

 

 

 

 

 

 

 

 

 

(1

)

June 30, 2019

 

 

40

 

 

$

3,635

 

 

$

72

 

 

$

(4

)

 

$

173

 

 

$

3,876

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2020

 

 

40

 

 

$

3,695

 

 

$

108

 

 

$

(3

)

 

$

185

 

 

$

3,985

 

Total comprehensive income (loss) available

    (attributable) to common shareholder

 

 

 

 

 

 

 

 

 

 

69

 

 

 

 

 

 

 

(2

)

 

 

67

 

June 30, 2020