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SOUTH CAROLINA ELECTRIC & GAS COMPANY TO REFUND $17.6 MILLION TO ELECTRIC CUSTOMERS

 COLUMBIA, S.C., Jan. 14 /PRNewswire/ -- South Carolina Electric & Gas Company (SCE&G), principal subsidiary of SCANA Corporation (NYSE: SCG), announced today that it will refund approximately $17.6 million to its retail electric customers next month in accordance with a remanded rate order from The Public Service Commission of South Carolina (PSC). The total impact of the refund, which includes interest, is 27 cents per common share on SCANA's 1992 earnings. The Company had previously recorded an after-tax reserve of 23 cents per share against third quarter 1992 earnings to reflect the estimated cost of the refund. The 4 cents per share difference between the estimated and actual refund amount will be charged against fourth quarter 1992 earnings.
 The refund results from an August 31, 1992 ruling from the South Carolina Supreme Court that reversed and remanded to the PSC certain portions of SCE&G's July 3, 1989 retail electric rate order. In its Opinion, the Court stated that the evidence in the record of that case did not support a rate of return on common equity (ROE) higher than 13 percent. The PSC's 1989 order had authorized SCE&G a 13.25 percent ROE. On remand, the PSC lowered the authorized ROE to 13 percent and ordered SCE&G to make a refund to its electric customers to reflect rates based on the lower authorized return during the period July 1989 through December 1992. The refund will be made to customers as a credit on February bills.
 SCE&G is the principal subsidiary of SCANA Corporation, an energy- based holding company headquartered in Columbia, SC. Through its subsidiaries, SCANA engages in regulated electric and natural gas utility businesses and other non-regulated businesses. SCE&G provides electric service to approximately 461,000 customers in a service area that covers more than 15,000 square miles in the central, southern and southwestern portions of South Carolina.
 -0- 1/14/93
 /CONTACT: H. John Winn, III, Manager Investor Relations & Shareholder Services, SCANA Corporation, 803-748-3240/
 (SCG)


CO: South Carolina Electric & Gas Company; SCANA Corporation ST: South Carolina IN: UTI SU:

CM -- CHOO6 -- 4827 01/14/93 11:15 EST
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Publication:PR Newswire
Date:Jan 14, 1993
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