SCANA Corp. trimmed operating and maintenance expenses by $15 million in 4Q2009, but the cost-control measures were not enough to offset electric margin erosion, dilution and reduced income from asset sales in 2008. The Cayce, SC-based company on Thursday reported 4Q009 earnings of $76 million (62 cents/share), an 11.6% decline compared with $86 million (73 cents) in 4Q2008.

SCANA reported full year earnings of $348 million ($2.85/share) for 2009, compared with $346 million ($2.95/share) in 2008.

“Reflective of a very weak economy, 2009 has been a challenging year for our company,” said CFO Jimmy Addison. “However, our employees have maintained our focus on safety and reliability while providing high quality service to our customers…I am extremely proud of our cost control during this recession. These efforts have been significant in mitigating our margin erosion and we believe are largely sustainable going forward in a weak economy.”

SCANA’s North Carolina-based retail natural gas distribution subsidiary, PSNC Energy, 4Q2009 earnings of $20 million (17 cents/share), compared with $19 million (17 cents) in 4Q2008. SCANA Energy, the company’s retail natural gas marketing business in Georgia, reported 4Q2009 earnings of $9 million (7 cents) compared to $12 million (10 cents) in 4Q2008. Carolina Gas Transmission Corp. reported earnings of $2 million (2 cents) compared with $2 million (1 cent) in 4Q2008.

Lower electric margins driven by reduced customer consumption, which more than offset lower operating and maintenance expenses, drove principal subsidiary South Carolina Electric & Gas Co.’s 4Q2009 earnings down to $49 million (39 cents/share) compared with $54 million (46 cents) in 4Q2008.

SCANA’s preliminary earnings estimate for 2010 is $2.85-3.05/share. The company continues to target an average annual earnings growth rate of 4-6% over the next three to five years.

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