SCANA CORP, 10-K/A, 1994-04-28

SCANA CORP
10-K/A, 1994-04-28
ELECTRIC & OTHER SERVICES COMBINED

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<PAGE>

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

FORM 10-K/A

(Mark One)

x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 [FEE REQUIRED]

For the fiscal year ended December 31, 1993

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 [NO FEE REQUIRED]

For the transition period from to

Commission File Number 1-8809

SCANA CORPORATION
(Exact name of registrant as specified in its charter)

SOUTH CAROLINA 57-0784499

(State or other jurisdiction of (IRS employer
incorporation or organization) identification no.)

1426 MAIN STREET, COLUMBIA, SOUTH CAROLINA 29201

(Address of principal executive offices) (Zip code)

Registrant's telephone number, including area code (803) 748-3000

Securities registered pursuant to 12(b) of the Act:

Title of each class Name of each exchange on which registered

Common Stock, without par value New York Stock Exchange

Securities registered pursuant to 12(g) of the Act:

None
(Title of class)

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 x No

Indicate by check mark if disclosure of delinquent filers pursuant to
Item 405 of Regulation S-K is not contained herein, and will not be contained,
to the best of registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K. [ ]

State the aggregate market value of the voting stock held by non-
affiliates of the registrant. The aggregate market value shall be computed by
reference to the price at which the stock was sold, or the average bid and
asked prices of such stock, as of a specified date within 60 days prior to the
date of filing. (See definition of affiliate in Rule 405.)

<PAGE>

AMENDMENT NO. 1

The undersigned registrant hereby amends the following items, financial
statements, exhibits or other portions of its Annual Report on Form 10-K for
the year ended December 31, 1993, as set forth in the pages attached hereto:

(List all such items, financial statements, exhibits or other portions
amended.)

Item 14: Financial Statements of the Company's Stock Purchase-Savings Plan,
Independent Auditors' Report and Consent thereto
Financial Statements of the Company's Employee Stock Ownership Plan,
Independent Auditors' Report and Consent thereto

PART IV

Item 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K

(a) Documents filed as a part of this report:

1. Financial Statements and Schedules: See Table of Contents of
Consolidated Financial Statements and Supplementary Financial Data on
page 38 of the Company's Annual Report on Form 10-K.

* 3. Exhibits:

Exhibits required to be filed with this Annual Report on Form
10-K are listed in the following Exhibit Index. Certain of such
exhibits which have heretofore been filed with the Securities
and Exchange Commission and which are designated by reference to
their exhibit numbers in prior filings are incorporated herein by
reference and made a part hereof.

Pursuant to Rule 15d-21 promulgated under the Securities Exchange
Act of 1934, the following financial statements for the Company's
employee stock purchase plans will be furnished to the Commission when
the information becomes available:

** The financial statements of the Company's Stock Purchase-Savings Plan for
the year ended December 31, 1993 are incorporated herein by reference.

** The financial statements of the Company's Employee Stock Ownership Plan
for the period ended May 5, 1993 are incorporated herein by reference.

For the purposes of complying with the amendments to the rules
governing Form S-8 (effective July 13, 1990) under the Securities Act
of 1933, the undersigned registrant hereby undertakes as follows, which
undertaking shall be incorporated by reference into registrant's
Registration Statements on Form S-8 Nos. 2-92743 and 2-90618:

Insofar as indemnification for liabilities arising under the
Securities Act of 1933 may be permitted to directors, officers and
controlling persons of the registrant pursuant to the foregoing
provisions, or otherwise, the registrant has been advised that in
the opinion of the Securities and Exchange Commission such
indemnification is against public policy as expressed in the
Securities Act of 1933 and is, therefore, unenforceable. In the
event that a claim for indemnification against such liabilities
(other than the payment by the registrant of expenses incurred or
paid by a director, officer or controlling person of the
registrant in the successful defense of any action, suit or
proceeding) is asserted by such director, officer or controlling
person in connection with the securities being registered, the
registrant will, unless in the opinion of its counsel the matter
has been settled by controlling precedent, submit to a court of
appropriate jurisdiction the question whether such indemnification
by it is against public policy as expressed in the Act and will be
governed by the final adjudication of such issue.

As permitted under Item 601(b)(4)(iii), instruments defining the
rights of holders of long-term debt of less than $400,000,000, or 10
percent of the total consolidated assets of the Company and its
subsidiaries, have been omitted and the Company agrees to furnish a
copy of such instruments to the Commission upon request.

(b) The Company filed a report on Form 8-K on January 13, 1994 in response to
Item 5. "Other Events" regarding SCE&G's settlement with Westinghouse
Electric Corporation of a lawsuit relating to the steam generators
provided to the Company's Summer Station.

* Previously filed with Form 10-K.
** Filed herein.

3
<PAGE>
<PAGE>

TO PARTICIPATING EMPLOYEES:

For your information there are submitted herewith the financial statements of
the Stock Purchase-Savings Plan for the years ended December 31, 1993, 1992
and 1991, together with related Notes and Independent Auditors' Report.

s/L. M. Gressette, Jr.
L. M. Gressette, Jr.
Chairman of the SCANA Corporation
Stock Purchase-Savings Plan Committee

INDEPENDENT AUDITORS' REPORT
SCANA CORPORATION
STOCK PURCHASE-SAVINGS PLAN:

We have audited the Statements of Financial Position of SCANA Corporation
Stock Purchase-Savings Plan (the "Plan") as of December 31, 1993, 1992 and
1991, and the related Statements of Changes in Participants' Equity for the
years then ended. These financial statements are the responsibility of the
Committee for Administration of the Plan (the "Committee"). Our
responsibility is to express an opinion on these financial statements based on
our audits.

We conducted our audits in accordance with generally accepted auditing stand-
ards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant esti-
mates made by the Committee, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.

In our opinion, such financial statements present fairly, in all material
respects, the financial position of the Plan as of December 31, 1993, 1992 and
1991 and its changes in participants' equity for the years then ended in
conformity with generally accepted accounting principles.

s/Deloitte & Touche
DELOITTE & TOUCHE
Columbia, South Carolina
April 6, 1994

4
<PAGE>
<PAGE>

<TABLE>
SCANA CORPORATION
STOCK PURCHASE-SAVINGS PLAN

STATEMENTS OF FINANCIAL POSITION

As of December 31, 1993, 1992 and 1991
(Thousands of Dollars)

ACQUIRED WITH ACQUIRED WITH
EMPLOYEES' COMPANY
CONTRIBUTIONS CONTRIBUTIONS
SCANA U.S. SCANA
TOTAL COMMON SAVINGS COMMON
December 31, 1993 PLAN STOCK BONDS STOCK

A S S E T S

Investments in Securities:
SCANA Corporation - 3,538,723
shares of common stock - at
market value (cost - $125,260)
(Note 3)....................... $176,051 $79,734 $96,317
United States Savings Bonds -
Series E & EE - at cost........ 393 $393
Total Investments in
Securities.................. 176,444 79,734 393 96,317
Cash............................. 5 3 2
Receivable from Participants
(Note 2)........................ 14,089 14,068 21
Receivable from SCANA
Corporation - Dividends......... 2,387 1,076 1,311
TOTAL..................... $192,925 $94,881 $414 $97,630

PARTICIPANTS' EQUITY............. $192,925 $94,881 $414 $97,630

See Notes to Financial Statements.

ACQUIRED WITH ACQUIRED WITH
EMPLOYEES' COMPANY
CONTRIBUTIONS CONTRIBUTIONS
SCANA U.S. SCANA
TOTAL COMMON SAVINGS COMMON
December 31, 1992 PLAN STOCK BONDS STOCK

A S S E T S

Investments in Securities:
SCANA Corporation - 3,072,460
shares of common stock - at
market value (cost - $104,038)
(Note 3)....................... $124,435 $56,876 $67,559
United States Savings Bonds -
Series E & EE - at cost........ 399 $399
Total Investments in
Securities.................. 124,834 56,876 399 67,559
Cash............................. 250 249 1
Receivable from Participants
(Note 2)........................ 12,681 12,660 21
Receivable from SCANA
Corporation - Dividends......... 2,021 928 1,093
TOTAL..................... $139,786 $70,713 $420 $68,653

L I A B I L I T I E S
A N D P A R T I C I P A N T S'
E Q U I T Y

Due to SCANA Corporation......... $ 246 $ 246
Participants' Equity............. 139,540 70,467 $420 $68,653
TOTAL..................... $139,786 $70,713 $420 $68,653

See Notes to Financial Statements.

<PAGE>

ACQUIRED WITH ACQUIRED WITH
EMPLOYEES' COMPANY
CONTRIBUTIONS CONTRIBUTIONS
SCANA U.S. SCANA
TOTAL COMMON SAVINGS COMMON
December 31, 1991 PLAN STOCK BONDS STOCK

A S S E T S

Investments in Securities:
SCANA Corporation - 2,802,556
shares of common stock - at
market value (cost - $89,542)
(Note 3)....................... $124,013 $56,926 $67,087
United States Savings Bonds -
Series E & EE - at cost........ 419 $419
Total Investments in
Securities.................. 124,432 56,926 419 67,087
Receivable from Participants
(Note 2)........................ 7,160 7,148 12
Receivable from SCANA
Corporation - Dividends......... 1,818 830 988
TOTAL..................... $133,410 $64,904 $431 $68,075

L I A B I L I T I E S
A N D P A R T I C I P A N T S'
E Q U I T Y

Due to SCANA Corporation......... $ 435 $ 435
Participants' Equity............. 132,975 64,469 $431 $68,075
TOTAL..................... $133,410 $64,904 $431 $68,075

See Notes to Financial Statements.

SCANA CORPORATION
STOCK PURCHASE-SAVINGS PLAN

STATEMENTS OF CHANGES IN PARTICIPANTS' EQUITY

For the years ended December 31, 1993, 1992 and 1991
(Thousands of Dollars)

ACQUIRED WITH ACQUIRED WITH
EMPLOYEES' COMPANY
CONTRIBUTIONS CONTRIBUTIONS
SCANA U.S. SCANA
Year Ended TOTAL COMMON SAVINGS COMMON
December 31, 1993 PLAN STOCK BONDS STOCK

Investment Income - Dividends
on Common Stock of SCANA
Corporation and Other............ $ 10,218 $ 5,128 $ 5,090
Net Appreciation in Market
Value of Common Stock of
SCANA Corporation (Note 3)....... 29,859 13,513 16,346
Contributions (Note 2):
Company and participating
subsidiaries.................... 8,869 8,869
Participating employees.......... 9,755 9,755
Total....................... 58,701 28,396 30,305
Deduct:
Distributions to participants.... 17 547 6,172 $6 11,369
Total....................... 17,547 6,172 6 11,369
Net Increase (Decrease)
in Participants' Equity.......... 41,154 22,224 (6) 18,936
Transfer of Net Assets from
ESOP (Note 2).................... 12,231 2,190 10,041
Participants' Equity, Beginning
of Year.......................... 139,540 70,467 420 68,653
Participants' Equity, End of
Year............................. $192,925 $94,881 $414 $97,630

See Notes to Financial Statements.

<PAGE>

ACQUIRED WITH ACQUIRED WITH
EMPLOYEES' COMPANY
CONTRIBUTIONS CONTRIBUTIONS
SCANA U.S. SCANA
Year Ended TOTAL COMMON SAVINGS COMMON
December 31, 1992 PLAN STOCK BONDS STOCK

Investment Income - Dividends
on Common Stock of SCANA
Corporation and Other............ $ 8,615 $ 4,328 $ 4,287
Net Appreciation in Market
Value of U. S. Savings
Bonds (Note 6)................... 2 $ 2
Contributions (Note 2):
Company and participating
subsidiaries.................... 8,816 8,816
Participating employees.......... 9,647 9,647
Total....................... 27,080 13,975 2 13,103
Deduct:
Distributions to participants.... 9,699 3,007 13 6,679
Net Depreciation in Market Value
of Common Stock of SCANA
Corporation (Note 3)............ 10,816 4,970 5,846
Total....................... 20,515 7,977 13 12,525
Net Increase (Decrease)
in Participants' Equity.......... 6,565 5,998 (11) 578
Participants' Equity, Beginning
of Year.......................... 132,975 64,469 431 68,075
Participants' Equity, End of
Year............................. $139,540 $70,467 $420 $68,653

See Notes to Financial Statements.

ACQUIRED WITH ACQUIRED WITH
EMPLOYEES' COMPANY
CONTRIBUTIONS CONTRIBUTIONS
SCANA U.S. SCANA
Year Ended TOTAL COMMON SAVINGS COMMON
December 31, 1991 PLAN STOCK BONDS STOCK

Investment Income - Dividends
on Common Stock of SCANA
Corporation and Other............ $ 7,481 $ 3,712 $ 3,769
Net Appreciation in Market Value
of Common Stock of SCANA
Corporation (Note 3)............. 25,583 11,771 13,812
Net Appreciation in Market
Value of U. S. Savings
Bonds (Note 6)................... 2 $ 2
Contributions (Note 2):
Company and participating
subsidiaries.................... 8,450 8,450
Participating employees.......... 8,362 8,362
Total....................... 49,878 23,845 2 26,031
Deduct:
Distributions to participants.... 6,895 3,815 19 3,061
Net Increase (Decrease)
in Participants' Equity.......... 42,983 20,030 (17) 22,970
Participants' Equity, Beginning
of Year.......................... 89,992 44,439 448 45,105
Participants' Equity, End of
Year............................. $132,975 $64,469 $431 $68,075

See Notes to Financial Statements.

</TABLE>

SCANA CORPORATION
STOCK PURCHASE-SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 1993, 1992 AND 1991

1. Significant Accounting Policies:

Basis of Accounting

The accompanying financial statements have been prepared on the accrual
basis of accounting.

Investments

Common stock investments in the accompanying financial statements are
stated at market value and bonds are stated at cost which approximates fair
value. Costs of administering the Stock Purchase Savings Plan (Plan) are paid
by the Plan sponsor, SCANA Corporation (Company).

Reclassifications

Certain 1992 and 1991 amounts have been reclassified to conform with the
1993 presentation.

2. Plan Information:

The Plan is designed to encourage voluntary systematic savings by
employees with the Company's and participating subsidiaries' contributions as
an added incentive. The Company and participating subsidiaries match employee
contributions made through payroll deductions of up to 6% of eligible
earnings. Employees may contribute additional amounts up to 9
eligible earnings (4% prior to October 11, 1991), but such additional
contributions are not supplemented by the Company's and participating
subsidiaries' contributions. Employee contributions are invested in common
stock of the Company or, prior to November 1, 1988, such contributions could,
in the alternative, have been invested in United States Savings Bonds. The
Company's and participating subsidiaries' contributions are invested only in
shares of common stock of the Company. Effective July 1, 1989, Company and
participating subsidiaries' contributions are fully and immediately vested.

The Plan, as amended, allows Participants to contribute up to 15% (10%
prior to October 11, 1991) of eligible earnings on an after tax basis (Regular
Savings) or before tax basis (Tax Deferred Savings), except that "highly
compensated employees" within the context of Internal Revenue Code of 1986
("Code"), as amended, Section 414(q) have been subject to Tax Deferred
contribution limitations of 6% or less pursuant to the limitation of Code
Section 401(k)(3) and the Regulations thereunder. Regular Savings are
included in wages subject to federal or state income tax withholding, whereas
Tax Deferred Savings are exempt from withholding of federal or state income
tax. Participants may request a distribution of all securities and earnings
credited to their Regular Savings accounts (cash is distributed for fractional
shares; as of October 11, 1991, cash may also be distributed for whole shares)
at the end of the second year following the Plan Year to which such accounts
pertain.

Participants may not request a distribution from their Tax Deferred
Savings accounts before age 59-1/2 unless they can demonstrate a hardship.

Participants may request a loan from their Tax Deferred and Regular
Savings accounts. Loans are made available based on the asset value in a
Participant's Tax Deferred and Regular Savings accounts at the time of the
loan, but in any case, not less than $500 or greater than $50,000. Assets
equal to the amount of the loan are converted into cash by the Trustee and
made available to the borrowing Participant; the Participant no longer earns
interest or dividends on the liquidated assets. The period of repayment for
any loan cannot exceed five years, except a loan used to acquire the principal
residence of the Participant may be extended to a maximum of 10 years. All
payments of the loan, including interest, are used to repurchase shares of
SCANA common stock on behalf of the Participant. A Participant may have no
more than two loans from the Plan outstanding at a time. Upon termination of
employment or death, the outstanding balance of the loan may be paid in full
or will be converted to taxable income on the distribution to the participant
or the participant's beneficiary; if the terminating Participant elects to
delay distribution (permissible when the present value of the Participant's
vested accrued benefit exceeds $3,500), an unpaid loan balance may be
converted to taxable income prior to the distribution of assets to the
delinquent Participant. Participants may receive a distribution of all
securities and earnings credited to their Tax Deferred Savings accounts in the
event of retirement, disability, termination of employment or death.

Participants may request a distribution of all Company Contributions
which have been in existence for two years following the close of the Plan
Year during which they were made, even if they elected to contribute on a tax
deferred basis. If the participant has participated in the Plan in excess of
five years, all Company contributions, regardless of length of time in the
Plan, are eligible for distribution.

Distribution due to the death of the Participant will be made to the
surviving spouse, unless there is no surviving spouse or the spouse has
consented in writing to distribution to a beneficiary designated by the
Participant.

At December 31, 1993, 1992 and 1991, there were 1,112, 1,067 and 1,155
participants, respectively, (including former employees) in the Regular
Savings Option and 3,287, 3,050 and 2,836 participants, respectively, in the
Tax Deferred Savings Option. At March 1, 1994 all of the Company's and the
Company's participating subsidiaries' 4,503 full time employees were eligible
to participate in the Plan, and payroll deductions under the Plan were in
effect for 4,071 employees. At the SCANA Board of Directors meeting held on
August 25, 1993, the Board voted that all temporary employees hired in such
capacity on or after October 30, 1993 shall not be permitted to participate in
the Plan.

The Plan, as amended through 1985, has been approved by the Internal
Revenue Service (IRS) as a qualified employees' trust under Section 401(a) of
the Internal Revenue Code and, as such, is exempt from federal income taxes
under Section 501(a). Participants are not taxed on the income earned or
Company contributions made for their accounts, pursuant to the provisions of
Section 401(a) of the Internal Revenue Code, until such time as the employees
or their beneficiaries receive distributions from the Plan.

At the SCANA Board of Directors meeting held on April 29, 1993 the Board
voted that the SCANA Corporation Employee Stock Ownership Plan (ESOP) be
merged with and into the Plan effective April 30, 1993. All remaining assets
of the ESOP were transferred to the Plan on May 5, 1993. It is believed that
this change will enhance the retirement savings purposes of those ESOP
participants who have retained their matured shares in the ESOP rather than
electing to receive them in distribution, while at the same time significantly
reducing the administrative cost associated with these plans.

The South Carolina National Bank served as Trustee for the Plan until
December 18, 1991. Effective January 1, 1992, First Union National Bank of
South Carolina became the Trustee pursuant to a Trust Agreement executed on
December 16, 1991, and assumed certain Trustee functions within a transitional
context from December 18th through 31st, 1991.

<PAGE>

3. Appreciation (Depreciation) in Market Value of Common Stock:

The cost, market value and appreciation (depreciation) in market value of
common stock of SCANA Corporation as of and for the years ended December 31,
1993, 1992 and 1991 is summarized as follows:

<TABLE>
<S> <C> <C> <C> <S> <C>
Market Excess of Market
Number Quotation Value Over Cost
(Thousands of Dollars) of Shares Cost Value (Cost Over Market)

December 31, 1993:
Employee 1,602,695 $ 59,045 $ 79,734 $ 20,689
Company 1,936,028 66,215 96,317 30,102
Total 3,538,723 $125,260 $176,051 $ 50,791

December 31, 1992: 3,072,460 $104,038 $124,435 $ 20,397

Increase in Unrealized Appreciation, Net................................. $ 30,394
Unrealized Appreciation on Shares Transferred from ESOP (Note 2)......... (7,010)
Appreciation Realized on Withdrawals..................................... 6,475
Net Appreciation in Market Value of Common Stock - Year
ended December 31, 1993.............................................. $ 29,859

December 31, 1991: 2,802,556 $ 89,542 $124,013 $ 34,471

Decrease in Unrealized Appreciation, Net................................. $(14,074)
Appreciation Realized on Withdrawals..................................... 3,258
Net Depreciation in Market Value of Common Stock - Year
ended December 31, 1992.............................................. $(10,816)

December 31, 1990: 2,449,238 $ 74,096 $ 84,805 $ 10,709

Increase in Unrealized Appreciation, Net................................. $ 23,762
Appreciation Realized on Withdrawals..................................... 1,821
Net Appreciation in Market Value of Common Stock - Year
ended December 31, 1991.............................................. $ 25,583

</TABLE>

4. Contributions Forfeited:

Prior to July 1989, those participants who removed unmatured shares from
the Stock Purchase-Savings Plan forfeited the unmatured Company matching
shares. These forfeited shares were then held by the Trustee in a separate
account which continued to earn dividends. When the Plan was amended in July
1989 to allow for 100% vesting, forfeitures were eliminated and the forfeiture
account remained idle except for earnings. In 1991 the shares in this account
were allocated to currently active participants.

5. Accounts Payable to Participants and Former Participants:

The Plan is obligated to deliver to a participant all securities and cash
attributable to the savings to which the distribution applies. The Plan does
not guarantee that market value of the securities at date of distribution will
equal or exceed cost. Amounts included in participants' equity to be
distributed to participants and former participants were $1,890,124, $761,982
and $579,519 at December 31, 1993, 1992 and 1991, respectively.

6. Appreciation in Market Value of U. S. Savings Bonds:

Investments in U. S. Savings Bonds are reported at cost. When a
participant requests a loan, the U. S. Savings Bonds are redeemed at their
market value (cost plus interest earned) and the cash is provided to the
participant. Therefore, although the U. S. Savings Bonds are reported at
cost, appreciation is realized when the bonds are redeemed for purposes of
providing a loan.

TO PARTICIPATING EMPLOYEES:

For your information there are submitted herewith the financial statements of
the Employee Stock Ownership Plan for the period ended May 5, 1993 and the
years ended December 31, 1992 and 1991, together with the Independent
Auditors' Report.

s/W. B. Timmerman
W. B. Timmerman
Plan Administrator of
SCANA Corporation
Employee Stock Ownership Plan

INDEPENDENT AUDITORS' REPORT

SCANA CORPORATION
EMPLOYEE STOCK OWNERSHIP PLAN:

We have audited the Statements of Net Assets of SCANA Corporation Employee
Stock Ownership Plan (the "Plan") as of May 5, 1993 and December 31, 1992 and
1991 and the related Statements of Changes in Net Assets for the period
January 1, 1993 through May 5, 1993 and for the years ended December 31, 1992
and 1991. These financial statements are the responsibility of the Plan's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.

We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.

In our opinion, such financial statements present fairly, in all material
respects, the net assets of the Plan as of May 5, 1993 and December 31, 1992
and 1991 and the changes in its net assets for the period January 1, 1993
through May 5, 1993 and for the years ended December 31, 1992 and 1991 in
conformity with generally accepted accounting principles.

Our audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedule of
reportable transactions for the period January 1, 1993 through May 5, 1993 is
presented for the purpose of additional analysis and is not a required part of
the basic financial statements, but is supplementary information required by
the Department of Labor's Rules and Regulations for Reporting and Disclosure
under the Employee Retirement Income Security Act of 1974. This schedule is
the responsibility of the Plan's management. Such schedule has been subjected
to the auditing procedures applied to our audit of the basic 1993 financial
statements and, in our opinion, is fairly stated in all material respects when
considered in relation to the basic financial statements taken as a whole.

The Plan was merged into the SCANA Corporation Stock Purchase Savings Plan
(SPSP) effective April 30, 1993, and all Plan assets were transferred to that
Plan on May 5, 1993, as described in Note 1 to the financial statements.

s/Deloitte & Touche
DELOITTE & TOUCHE
Columbia, South Carolina
October 1, 1993

<PAGE>

<TABLE>
SCANA CORPORATION
EMPLOYEE STOCK OWNERSHIP PLAN
STATEMENTS OF NET ASSETS
MAY 5, 1993, DECEMBER 31, 1992 and 1991

May 5, December December
1993 1992 1991
(Thousands of Dollars)

INVESTMENTS IN SCANA CORPORATION COMMON
STOCK - At market value
(Cost, 1993 - $ - ; 1992 - $5,345;
1991 - $5,906) (Note 4).................... $ - $10,952 $13,098

CASH......................................... 9 9

DUE FROM SCANA CORPORATION:
Dividends receivable on common stock....... - 181 194
TOTAL.................................. - 11,142 13,301

LESS:
DUE TO SCANA CORPORATION:
Accrued expenses incurred in administering
the Plan.................................. - 93 43
ACCRUED DISTRIBUTIONS PAYABLE TO
PARTICIPANTS............................... - 73 457
ACCRUED DIVIDENDS PAYABLE.................... - 181 194
TOTAL.................................. - 347 694

NET ASSETS................................... $ - $10,795 $12,607

See Notes to Financial Statements.

16<PAGE>
<PAGE>

SCANA CORPORATION
EMPLOYEE STOCK OWNERSHIP PLAN
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIOD JANUARY 1, 1993 THROUGH MAY 5, 1993 AND
THE YEARS ENDED DECEMBER 31, 1992 and 1991

1993 1992 1991
(Thousands of Dollars)

INCREASES:
Dividend income........................... $ 182 $ 743 $ 789
Interest income........................... - - 1
Appreciation (depreciation) in market
value of investments:
Realized (Note 5)....................... 7,120 496 1,431
Unrealized (Note 4)..................... (5,607) (1,585) 1,436

TOTAL................................. 1,695 (346) 3,657

DECREASES:
Distributions of stock to participants, at
market value............................. 170 672 999
Distributions of dividends................ 182 701 755
Expenses incurred in administering the
Plan..................................... (93) 93 43
Distribution to SCANA Stock Purchase
Savings Plan (Notes 1 and 5)............. 12,231 - -

TOTAL................................. 12,490 1,466 1,797

INCREASE (DECREASE) IN NET ASSETS........... (10,795) (1,812) 1,860

NET ASSETS BEGINNING OF YEAR................ 10,795 12,607 10,747

NET ASSETS END OF PERIOD.................... $ - $10,795 $12,607

See Notes to Financial Statements.

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SCANA CORPORATION
EMPLOYEE STOCK OWNERSHIP PLAN
NOTES TO FINANCIAL STATEMENTS
FOR THE PERIOD JANUARY 1, 1993 THROUGH MAY 5, 1993
AND THE YEARS ENDED DECEMBER 31, 1992 and 1991

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:

The Plan

SCANA Corporation's Employee Stock Ownership Plan (the Plan) was
originally adopted on September 15, 1976, by the Board of Director of
South Carolina Electric & Gas Company (SCE&G) to be effective January 1,
1975 for all employees of SCE&G and its wholly owned subsidiaries. The
Plan was amended on January 29, 1985, effective December 31, 1984, to
reflect SCANA Corporation (Company) as successor corporation to SCE&G
under the Plan.

Prior to January 1, 1983, annual contributions to the Plan were based
on additional investment tax credits as provided in the "Tax Reduction
Act of 1975" and the "Tax Reform Act of 1976." The investment-based tax
credit for contributions to an employee stock ownership plan (ESOP)
terminated at the end of 1982 and was replaced with a payroll-based tax
credit through the Economic Recovery Tax Act of 1981 (ERTA). The
payroll-based tax credit expired on January 1, 1987, terminating the
further acquisition of shares of stock by the Plan.

All Company contributions were made either in the form of common stock of
the Company or cash that was invested in common stock of the Company.
The Plan provides for immediate vesting, and distributions are generally
made at the end of the seventh year following the Plan year during which
the contribution was made, or earlier for reasons of retirement or
termination of employment. Dividends on Participant's shares held by the
Plan are paid currently. Costs of administering the Plan are paid by
SCANA Corporation.

On August 28, 1985, the Plan was amended to allow participants to defer
distributions by not more than one year, or, if later, a taxable year in
which there will be a lump-sum distribution from another qualified plan
maintained by the Company. Also, in the event of the death of a
participant, distribution will be made to the surviving spouse, unless
there is no surviving spouse or the spouse has consented in writing to
distribution to a beneficiary designated by the participant.

At the SCANA Board of Directors meeting held on April 29, 1993, the
Board voted that the Plan be merged with and into the SCANA Corporation
Stock Purchase Savings Plan (SPSP) effective April 30, 1993. All
remaining assets of the Plan were transferred to the SPSP on May 5, 1993.
It is believed that this will enhance the retirement of those Plan
participants who have retained their matured shares in the Plan rather
than electing to receive them in distribution, while at the same time
significantly reducing the administrative cost associated with this plan.

At December 31, 1992, and 1991 there were approximately 3,263 and 3,346
participants, respectively, in the Plan.

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Basis of Accounting

The financial statements of the Plan are prepared on the accrual basis of
accounting. Investments in the accompanying financial statements are
stated at market values (New York Stock Exchange) as of year-end.
Unrealized appreciation (depreciation) of investments has been included
in the statements of changes in net assets. Realized appreciation
(depreciation) is calculated as the difference between the market value
and historical cost of shares distributed.

2. THE TRUSTEE:

In accordance with terms of a trust agreement, the South Carolina
National Bank served as Trustee for the Plan until December 18, 1991,
holding all investments and making all distributions to participants.
Effective January 1, 1992, First Union National Bank of South Carolina
became Trustee pursuant to a Trust Agreement executed on December 16,
1991, and assumed certain Trustee functions within a transitional context
from December 18th through 31st, 1991.

3.TAX CONSEQUENCES OF THE PLAN:

The Plan, as amended thru July 1, 1985, has been approved by the Internal
Revenue Service (IRS) as a qualified employees' trust and, as such, is
exempt from federal income taxes. Employees are not taxed on Company
contributions made for their accounts until such time as the employees or
their beneficiaries receive distributions from the Plan.

4.INVESTMENTS AND UNREALIZED APPRECIATION (DEPRECIATION) IN MARKET
VALUE OF INVESTMENTS:

At May 5, 1993, December 31, 1993, and December 31, 1992 the cost, market
value and unrealized appreciation (depreciation) in market value of
investments in common stock of the Company were as follows: (Dollars in
thousands)

Change in
Number Accumulated Unrealized
of Market Unrealized (Depreciation)
Shares Cost Value Appreciation Appreciation

1993 - $ - $ - $ - $(5,607)
1992 270,426 5,345 10,952 5,607 (1,585)
1991 295,996 5,906 13,098 7,192 1,436

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5.TRANSACTIONS IN COMMON STOCK:

Transactions in the common stock of the Company during the periods ended
May 5, 1993 and December 31, 1993 and 1992 were as follows: (Dollars in
thousands)

Distributions to
Participants (Actual)

1993 1992 1991

Shares 5,468 25,570 113,732

Cost $ 123 $ 561 $ 2,526

Market Value at
Date of Transaction $ 243 $ 1,057 $ 3,957

Realized Appreciation $ 120 $ 496 $ 1,431

A total of 265,149 shares with a market value of $12,229,998 and cost of
approximately $5,230,278 was transferred to the SPSP on May 5, 1993.

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SCANA CORPORATION EMPLOYEE STOCK OWNERSHIP PLAN

SCHEDULE OF REPORTABLE TRANSACTIONS

FOR THE PERIOD JANUARY 1, 1993 THROUGH MAY 5, 1993
<S> <C> <C> <C>

Current Value
Identity of Description Purchase Selling Cost of of Asset on Net Gain
Party Involved of Asset Price Price Asset Transaction Date or Loss

SCANA SPSP Common Stock - - $5,230,278 $12,229,998 $6,999,720

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