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: December 15, 1998
South Carolina Electric & Gas Company
(Exact name of registrant as specified in its charter)
South Carolina 1-3375 57-0248695
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
1426 Main Street, Columbia, South Carolina 29201
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (803) 217-9000
(Former name or former address, if changed since last report.)
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South Carolina Electric & Gas Company
Item 5. Other Events.
On December 11, 1998, The Public Service Commission of South Carolina
(Commission) issued an Order requiring the Company to reduce retail electric
rates on a prospective basis. The Commission acted in response to the Company
reporting that it earned a 13.04 percent return on common equity for its retail
electric operations for the twelve months ended September 30, 1998. This return
on common equity exceeded the Company's authorized return on common equity of 12
percent by 1.04 percent, or $22.7 million, primarily as a result of
record-breaking heat experienced during the summer. The Order requires
prospective rate reductions on a per kilowatt-hour basis, based on actual retail
sales for the 12 months ended September 30, 1998. This action reduces the
reported return on common equity for the 12 months ended September 30, 1998 to
the Commission-authorized level. The Order requires the rate reductions to be
placed into effect with the first billing cycle of January 1999.
The Order also requires the Commission Staff to review the Company's
earnings for the twelve month period ended September 30, 1998 and report any
other potential ratepayer savings to the Commission within 30 days of the date
of the Order.
The Company has not yet filed a response.
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South Carolina Electric & Gas Company
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
SOUTH CAROLINA ELECTRIC & GAS COMPANY
(Registrant)
December 15, 1998 By: s/M. R. Cannon
M. R. Cannon
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SOUTH CAROLINA ELECTRIC & GAS COMPANY
EXHIBIT INDEX
Number
1. Underwriting Agreement
Not Applicable
2. Plan of Acquisition, Reorganization, Arrangement,
Liquidation or Succession
Not Applicable
4. Instruments Defining the Rights of Security
Holders, Including Indentures
Not Applicable
16. Letter Re Change in Certifying Accountant
Not Applicable
17. Letter Re Director Resignation
Not Applicable
20. Other Documents or Statements to Security Holders
Not Applicable
23. Consents of Experts and Counsel
Not Applicable
24. Power of Attorney
Not Applicable
27. Financial Data Schedule
Not Applicable
99. Additional Exhibits
Not Applicable
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