First Quarter 2014 Earnings Conference Call. New Nuclear Presentation Section. April 24, 2014 First Quarter 2014 Earnings Conference Call 1
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1 First Quarter 2014 Earnings Conference Call New Nuclear Presentation Section April 24,
2 Safe Harbor Statement/Regulation G Information 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 key earnings drivers, customer growth, environmental regulations and expenditures, leverage ratio, projections for pension fund contributions, financing activities, access to sources of capital, impacts of the adoption of new accounting rules and estimated construction and other expenditures. 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, particularly changes in rate regulation, regulations governing electric grid reliability and pipeline integrity, environmental regulations, and actions affecting the construction of new nuclear units; (3) current and future litigation; (4) changes in the economy, especially in areas served by subsidiaries of SCANA; (5) the impact of competition from other energy suppliers, including competition from alternate fuels in industrial markets; (6) the impact of conservation and demand side management efforts and/or technological advances on customer usage; (7) the loss of sales to distributed generation, such as solar photovoltaic systems; (8) growth opportunities for SCANA s regulated and diversified subsidiaries; (9) the results of short- and long-term financing efforts, including prospects for obtaining access to capital markets and other sources of liquidity; (10) the effects of weather, especially in areas where the generation and transmission facilities of SCANA and its subsidiaries (the Company) are located and in areas served by SCANA's subsidiaries; (11) changes in SCANA s or its subsidiaries accounting rules and accounting policies; (12) payment and performance by counterparties and customers as contracted and when due; (13) the results of efforts to license, site, construct and finance facilities for electric generation and transmission; (14) maintaining creditworthy joint owners for SCE&G s new nuclear generation project; (15) the ability of suppliers, both domestic and international, to timely provide the labor, secure processes, components, parts, tools, equipment and other supplies needed, at agreed upon prices, for our construction program, operations and maintenance; (16) the results of efforts to ensure the physical and cyber security of key assets and processes; (17) the availability of fuels such as coal, natural gas and enriched uranium used to produce electricity; the availability of purchased power and natural gas for distribution; the level and volatility of future market prices for such fuels and purchased power; and the ability to recover the costs for such fuels and purchased power; (18) the availability of skilled and experienced human resources to properly manage, operate, and grow the Company s businesses; (19) labor disputes; (20) performance of SCANA s pension plan assets; (21) changes in taxes; (22) inflation or deflation; (23) compliance with regulations; (24) natural disasters and man-made mishaps that directly affect our operations or the regulations governing them; and (25) the other risks and uncertainties described from time to time in the periodic reports filed by SCANA or SCE&G with the United States Securities and Exchange Commission. The Company disclaims any obligation to update any forward-looking statements. During this presentation, certain non-gaap measures (as defined by SEC Regulation G) may be disclosed. A reconciliation of those measures to the most directly comparable GAAP measures is included on our website at in the Investor Relations section under Regulation G Information. 2
3 Unit 2 In Service Current construction schedule indicates the in-service: For Unit 2 likely ranges from Q Q Similar delay for Unit 3 or roughly 12 months after Unit 2 Previous In Service Date March 2017 Unit Months 18 Months September 2018 Current In-Service Estimate Current PSC Approved Schedule Current PSC Approved Schedule As the Company indicated in the Q4 BLRA filing, the Consortium is currently re-baselining the Unit 2 and Unit 3 construction schedule. Updated construction schedule expected in Q3 of While we do not have a rebaselined schedule with a specific in-service date, we believe, based on discussions with the Consortium, the range for Unit 2 will be within the 18-month PSC allowed construction contingency. 3
4 Unit 2 Module CA-20 Module CA-20 is the Auxiliary Building and Fuel Handling area On hook date scheduled May
5 Unit 2 Module CA-01 Module CA-01 is the steam generator and refueling canal module placed in the containment vessel at Sanmen Unit 1 VCS Unit 2 on hook date scheduled Q3/Q Provided by Westinghouse 5 5
6 Module CA-03 is the southwest wall module of the containment refueling water storage tank inside of the containment building On hook date scheduled Q Unit 2 Module CA-03 Provided by Westinghouse 6
7 Unit 2 Containment Vessel Ring 2 Second ring of the containment vessel which will house numerous reactor system components On hook date scheduled Q
8 On Hook Date Summary Module / Structure CA-20 CA-01 CA-03 Containment Vessel Ring 2 Description Scheduled On Hook Date Auxiliary building module that will be located outside and adjacent to the containment vessel May 2014 Steam generator and refueling canal module that will be located inside the containment vessel Southwest wall module of the containment refueling water storage tank inside of the containment building Second ring of the containment vessel which will house numerous reactor system components Q3/Q Q Q Status Various factors contributed to this modification, including inclement winter weather from two storms which closed the site for approximately a week, the incorporation of lessons learned from setting the same module at the Vogtle site a few weeks earlier, and CB&I performance and production related delays in aligning & welding of sub-modules. Various factors contributed to this modification, including a CB&I self imposed stop work order (now lifted) at the sub-module production facility, and CB&I performance and production related experience. In Progress In Progress 8
9 NND Site Aerial View Cooling Towers Concrete Plants Cars Unit 3 MAB CR-10 HLD Training & Storage Unit 2 CV Fabrication Turbine Building 9 First Quarter 2014 Earnings Conference March Call
10 Unit 2 Nuclear Island Placement of the Containment Vessel Bottom Head Nuclear Island Walls Aux Building Inside Unit 2 CV 10
11 Unit 3 Nuclear Island 11
12 New Nuclear Project New Nuclear Project U3 Containment Vessel Bottom Head Containment Vessel Rings Equipment Hatch U2 CWS Pump House Excavation Offsite Water Treatment Facility 12
13 Turbine Building Layout Condenser C Upper Condenser B Upper CH-81C CH-82 CH-81B CH-81A Condenser A Upper CH-80 Condenser C Lower Condenser B Lower Condenser A Lower Hydro Support Steel Gerb Springs and Dampers 13
14 Unit 2 Turbine Building CH82 CH81B CH81A CH80 C Upper Condenser B Upper Condenser A Upper Condenser C Lower Condenser B Lower Condenser A Lower Condenser 14
15 Components Arriving on Site Unit 2 Reactor Vessel Unit 2 Auxiliary Transformers Unit 2 Moisture Separator Reheater Unit 2 Diesel Generators 15 15
16 Capital Expenditures New Nuclear CAPEX & Rate Increases New nuclear capex recovery independent of other SCE&G (base) rate case activity Annual new nuclear capex cost recovery is formulaic BLRA provides year over year rate increases, thus mitigating rate shock at commercial operation date New Nuclear Capex, AFUDC, and Rate Adjustments SCE&G 55% Share* (Millions of $ in Future Value) $1,000 $900 $800 $700 7% 6% 5% $600 $500 $400 $300 $200 $100 4% 3% 2% 1% Rate Increase Average Annual Rate Increase 2.31% $ Project Costs (including Transmission) AFUDC Rate Increase 0% Note: Reflects our preliminary estimated new nuclear capex and rate increases as of Q
17 BLRA Filings & Rate Increases 6 Consecutive BLRA Increases approved Recover financing costs on construction work in progress annually $80 $70 $60 $50 $40 $30 $20 $10 $- BLRA Increases to Rates (Millions) 2.87% 2.3% 2.4% 2.3% $ % $47.3 $52.8 $ % $22.5 $7.8 April 2009 Nov 2009 Nov 2010 Nov 2011 Nov 2012 Nov 2013 Approved by PSC 2014 BLRA Filings 2/11 Q Status Report 5/15 Q Status Report 5/30 BLRA Revised Rate Application 8/14 Q Status Report 11/14 Q Status Report Completed 17
18 New Nuclear Projected Costs (in billions) $8 New Nuclear Total Projected Costs (SCE&G 55% Share)* $7 $6.875 $6.313 $6 $5.787 $5.755 $5.680 ~$623M $5.690 $5 $4 $3 Order No (A) Order No Order No Order No February 2014 BLRA Report May 2014 BLRA Estimate Capital Cost, 2007 Dollars AFUDC Escalation Note: Reflects new nuclear projected costs as estimated for May 2014 BLRA Quarterly Report; SCE&G 55% share * SCE&G s additional 5% ownership interest in the New Nuclear project does not impact the BLRA Projected Cost Calculation 18
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