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8-K - FORM 8-K - PORTLAND GENERAL ELECTRIC CO /OR/a2010form8kannualpressrele.htm
 

Exhibit 99.1
 
Portland General Electric
One World Trade Center
121 SW Salmon Street
Portland, Oregon 97204
 
News Release
 
 
 
FOR RELEASE
 
 
5 a.m. EST, February 25, 2011
 
 
 
 
 
Media Contact:
 
Investor Contact:
Gail Baker
 
Bill Valach
Director, Corporate Communications
 
Director, Investor Relations
Phone: 503-464-8693
 
Phone: 503-464-7395
Portland General Electric Reports
2010 Financial Results
and Initiates 2011 Guidance
 
Portland, Ore, February 25, 2011Portland General Electric Company (NYSE: POR) today reported net income of $125 million, or $1.66 per diluted share, for the year ended December 31, 2010, compared to $95 million, or $1.31 per diluted share, for the year ended December 31, 2009, an increase of $30 million, or 32%. Operating results for 2010 were positively impacted by strong power supply operations, resulting from increases in plant availability and lower fuel costs, which was partially offset by milder weather conditions and the continued effects of a weak economy.
 
Net income increased $17 million for the fourth quarter of 2010 and was $25 million, or $0.34 per diluted share, compared to $8 million, or $0.11 per diluted share, for the fourth quarter of 2009.
 
Retail revenues decreased $12 million, or 2.7%, from the fourth quarter of 2009 primarily due to a 5% decline in average retail prices and a $16 million decrease related to SB 408. Partially offsetting these decreases was an increase in revenues resulting from the return of customers purchasing their energy requirements from PGE.
 
Retail energy deliveries were comparable in the fourth quarter of 2010 relative to the fourth quarter of 2009, with an increase in industrial deliveries in the fourth quarter substantially offset by decreases in residential and commercial deliveries. The 9.5% increase in industrial energy deliveries was driven by increased production by certain customers in the high tech, steel and paper sectors. Decreases of 4.1% and 2.3% in residential and commercial deliveries, respectively, were driven by energy efficiency measures, the continued impact of the weak economy, and warmer weather in the fourth quarter of 2010 compared to the same period of 2009.
 
The average variable power cost in the fourth quarter of 2010 decreased 18% compared to the fourth quarter of 2009, with an increase in lower-cost generation, resulting from both lower fuel costs and higher plant availability, driving this decrease. Availability of the plants that PGE operates was 95% in 2010 compared to 89% in 2009.
 
“2010 was a strong year for operations. Our distribution system and plants performed well and we maintained high levels of customer satisfaction. On key capital projects, we achieved significant milestones such as completing the final phase of our 450 megawatt Biglow Canyon Wind Farm and the installation of approximately 825,000 smart meters. In addition, the reasonable outcome of our 2011 general rate case aligns customer prices with necessary operating costs while providing the opportunity to earn a fair return for our shareholders,” said Jim Piro, President

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and Chief Executive Officer.
 
“Looking ahead, the acknowledgement of our Integrated Resource Plan by the Public Utility Commission of Oregon allows us to begin implementation of the plan, positioning PGE for future growth as we remain focused on providing value to our customers and our shareholders.”
 
Fourth Quarter Highlights
 
•    
Public Utility Commission of Oregon (OPUC) issued its order concerning PGE’s 2011 General Rate Case, resulting in an approximate 3.9% overall increase in customer prices effective January 1, 2011. The increase in customer prices primarily reflects the cost of infrastructure investments and also provides, among other items, (i) a capital structure of 50% debt and 50% equity, with a return on equity of 10.0%, for an overall cost of capital of 8.033%, (ii) a narrower and fixed 'deadband' range for the Power Cost Adjustment Mechanism, and (iii) the continuation of the decoupling mechanism through December 31, 2013. The OPUC also approved a tariff that would provide a mechanism for future consideration of price changes related to the recovery of the Boardman generating plant over a shortened operating life. Including other adjustments, the overall increase in customer prices effective January 1, 2011 approximates 4.2%.
 
•    
OPUC acknowledged PGE’s Integrated Resource Plan which outlines the Company’s strategies to meet energy demand over the next 20 years, with an action plan for the acquisition of new resources. The resource acquisition plan includes: energy efficiency measures; additional renewable resources to meet the state’s renewable portfolio standard requirements; additional natural-gas fired generation; installation of emissions controls at Boardman; and a new transmission project.
 
•    
Oregon Environmental Quality Commission approved revised rules concerning emissions that affect the operation of PGE’s Boardman coal-fired plant. The revised rules provide, among other items, for coal-fired operations at Boardman to cease no later than December 31, 2020 and result in the reduction of required emissions controls at Boardman. The revised rules have been sent to the U.S. Environmental Protection Agency for consideration and approval.
 
•    
PGE received the U.S. Department of Energy’s Utility Green Power Program of the Year Award, which recognizes utilities that are leaders in implementing a voluntary renewable energy offering for their customers.
 
Fourth Quarter Operating Results
 
•    
Revenues decreased $30 million, or 6%, in the fourth quarter of 2010 compared to the fourth quarter of 2009, primarily due to:
 
◦    
A $12 million, or 2.7%, decrease in Retail revenues, largely resulting from:
 
•    
A $22 million decrease related to a 5% decline in average retail prices, resulting primarily from a decrease in net variable power costs;
 
▪    
A $16 million decrease related to SB 408, primarily due to the reversal in the fourth quarter of 2010 of a $24 million collection from customers that had been recorded through September 30, 2010. Such amount was reversed due to uncertainties concerning the applicable rules governing the application of SB 408; and
 
•    
An $18 million increase related to the volume of retail energy sold. An increase in the number of customers purchasing their energy requirements from PGE, an increase in deliveries to industrial customers, and the addition of an average of 4,900 retail customers contributed to the increase in the volume of retail energy sold in 2010 compared to 2009. Offsetting this increase were decreases of

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4.1% and 2.3% in residential and commercial deliveries, respectively, resulting from the continued effects of a weak economy, as well as the effects of energy efficiency measures and warmer weather.
 
◦    
A $9 million, or 33%, decrease in Wholesale revenues, consisting of a 21% decrease in average price and 25% decrease in volume; and
 
◦    
A $9 million, or 60%, decrease in Other operating revenues, which is primarily due to decreased sales of excess fuel oil.
 
•    
Purchased power and fuel expense decreased $64 million, or 23%, in the fourth quarter of 2010 compared to the fourth quarter of 2009, primarily due to an 18% decrease in average variable power cost and an $18 million write-off in 2009 related to a portion of a regulatory asset representing deferred excess replacement power costs associated with Boardman’s forced outage from late 2005 to early 2006. The average variable power cost decreased to $39.23 per MWh in the fourth quarter of 2010 from $48.13 per MWh in the fourth quarter of 2009, primarily driven by a shift in the mix of energy sources, with thermal generation higher in the fourth quarter of 2010 compared to the fourth quarter of 2009. Additionally, energy from hydro resources was approximately 1% below normal in the fourth quarter of 2010, compared to 9% below normal in 2009.
 
•    
Depreciation expense increased $14 million, or 27%, in the fourth quarter of 2010 compared to the fourth quarter of 2009 largely due to increased capital additions related to Biglow Canyon Phase III and the smart meter and Selective Water Withdrawal projects.
 
•    
Income taxes increased $9 million in the fourth quarter of 2010 compared to the fourth quarter of 2009 primarily due to higher taxable income.
 
2010 Annual Operating Results
 
•    
Revenues decreased $21 million, or 1%, in 2010 compared to 2009 primarily due to the net effect of:
 
◦    
A $7 million increase in Retail revenues largely due to the net effect of the following:
 
▪    
A $25 million increase related to the volume of retail energy sold. A shift in the mix of customers purchasing their energy requirements from PGE, an increase in deliveries to industrial customers, and the addition of an average of 4,400 retail customers contributed to the increase. A 5.7% and 3.7% decrease in residential and commercial deliveries, respectively, resulting from milder weather conditions in 2010 and the continued effects of a weak economy, as well as the effects of energy efficiency measures, partially offset the increase;
 
▪    
A $22 million increase related to a decrease in transition adjustment credits provided to customers purchasing their energy requirements from other energy service suppliers, the deferral of revenue requirements related to Biglow Canyon and the reversal of the deferral for customer refunds related to the 2005 Oregon Corporate Tax Kicker;
 
▪    
A $17 million increase related to SB 408, with a refund to customers of $13 million recorded in 2009 and a $4 million reduction to that amount recorded in 2010;
 
▪    
A $15 million increase related to the decoupling mechanism, with a collection from customers of $8 million recorded in 2010, compared to a refund to customers of $7 million recorded in 2009; and
 
▪    
A $72 million decrease related to a 4% decline in average retail prices, resulting primarily from a decrease in net variable power costs.
 
◦    
A $25 million, or 22%, decrease in Wholesale revenues, consisting of a 12% decline in average price and

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11% decline in volume.
 
•    
Purchased power and fuel expense decreased $115 million, or 12%, in 2010 compared to 2009, primarily related to an 11% decrease in average variable power cost and an $18 million write-off in 2009 of deferred excess replacement power costs. The average variable power cost decreased to $38.68 per MWh in 2010 from $43.22 per MWh in 2009, primarily driven by a shift in the mix of energy sources. Company-owned generation represented 57% of total system load in 2010 compared to 49% in 2009.
 
•    
Administrative and other expense increased $7 million, or 4%, in 2010 compared to 2009 primarily due to increased incentive compensation (related to improved corporate financial and operating performance), legal expenses and reserves for asserted claims, and higher pension and healthcare costs.
 
•    
Depreciation expense increased $27 million, or 13%, in 2010 compared to 2009 largely due to increased capital additions related to Biglow Canyon Phases II and III and the smart meter and Selective Water Withdrawal projects. Increased depreciation related to these new capital projects is being recovered in customer prices.
 
•    
Interest expense increased $6 million in 2010 compared to 2009, largely driven by a 16% increase in the average balance of long-term debt outstanding.
 
•    
Income taxes increased $17 million, or 47%, in 2010 compared to 2009 primarily due to higher taxable income in 2010. An increase in production tax credits, related to the increased production from Biglow Canyon Wind Farm, was largely offset by an increase in the state income tax rate and a reduction in state tax credits.
 
2011 Earnings Guidance
 
PGE is initiating full-year 2011 earnings guidance of $1.80 to $1.95 per diluted share. Guidance assumes normal hydro and plant operations, flat load for 2011 compared to 2010 on a weather adjusted basis, and operating costs aligned with the Company’s 2011 General Rate Case.
 
Fourth Quarter 2010 Earnings Call and Web cast — February 25, 2011 
 
PGE will host a conference call with financial analysts and investors on Friday, February 25, 2011, at 11 a.m. EST. The conference call will be web cast live on the PGE website at www.PortlandGeneral.com. A replay of the call will be available beginning at 2 p.m. EST on Friday, February 25, 2011 through Friday, March 6, 2011.
 
Jim Piro, President and CEO; Maria Pope, Senior Vice President, Finance, CFO, and Treasurer; and Bill Valach, Director, Investor Relations, will participate in the call. Management will respond to questions following formal comments.
 
The attached condensed consolidated statements of income, condensed consolidated balance sheets, and condensed consolidated statements of cash flows, as well as the supplemental operating statistics, are an integral part of this earnings release.
 
# # # # #
 

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About Portland General Electric Company
 
Portland General Electric Company is a vertically integrated electric utility that serves approximately 821,000 residential, commercial and industrial customers in the Portland/Salem metropolitan area of Oregon. The Company’s headquarters are located at 121 SW Salmon Street, Portland, Oregon 97204. Visit PGE’s website at www.PortlandGeneral.com.
 
Safe Harbor Statement
Statements in this news release that relate to future plans, objectives, expectations, performance, events and the like may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, 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 statements regarding earnings guidance, statements regarding future load, hydro conditions and operating and maintenance costs; statements concerning implementation of the Company's Integrated Resource Plan; statements regarding the outcome of any legal or regulatory proceeding; as well as other statements containing words such as “anticipates,” “believes,” “intends,” “estimates,” “promises,” “expects,” “should,” “conditioned upon,” and similar expressions. Investors are cautioned that any such forward-looking statements are subject to risks and uncertainties, including the reductions in demand for electricity and the sale of excess energy during periods of low wholesale market prices; operational risks relating to the Company’s generation facilities, including hydro conditions, wind conditions, disruption of fuel supply, and unscheduled plant outages, which may result in unanticipated operating, maintenance and repair costs, as well as replacement power costs; the costs of compliance with environmental laws and regulations, including those that govern emissions from thermal power plants; changes in weather, hydroelectric and energy markets conditions, which could affect the availability and cost of purchased power and fuel; changes in capital market conditions, which could affect the availability and cost of capital and result in delay or cancellation of capital projects; unforeseen problems or delays in completing capital projects, resulting in the failure to complete such projects on schedule or within budget; the outcome of various legal and regulatory proceedings; and general economic and financial market conditions. As a result, actual results may differ materially from those projected in the forward-looking statements. All forward-looking statements included in this news release are based on information available to the Company on the date hereof and such statements speak only as of the date hereof. The Company assumes no obligation to update any such forward-looking statement. Prospective investors should also review the risks and uncertainties listed in the Company’s most recent Annual Report on Form 10-K and the Company’s reports on Forms 8-K and 10-Q filed with the United States Securities and Exchange Commission, including Management’s Discussion and Analysis of Financial Condition and Results of Operations and the risks described therein from time to time.
POR-F
Source: Portland General Electric Company
 

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PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Dollars in millions, except per share amounts)
(Unaudited)
 
 
Three Months Ended
 
Years Ended
 
December 31,
 
December 31,
 
2010
 
2009
 
2010
 
2009
Revenues, net
$
455
 
 
$
485
 
 
$
1,783
 
 
$
1,804
 
Operating expenses:
 
 
 
 
 
 
 
Purchased power and fuel
216
 
 
280
 
 
829
 
 
944
 
Production and distribution
47
 
 
51
 
 
174
 
 
178
 
Administrative and other
46
 
 
45
 
 
186
 
 
179
 
Depreciation and amortization
65
 
 
51
 
 
238
 
 
211
 
Taxes other than income taxes
22
 
 
20
 
 
89
 
 
84
 
Total operating expenses
396
 
 
447
 
 
1,516
 
 
1,596
 
Income from operations
59
 
 
38
 
 
267
 
 
208
 
Other income (expense):
 
 
 
 
 
 
 
Allowance for equity funds used during construction
1
 
 
5
 
 
13
 
 
18
 
Miscellaneous income (expense), net
3
 
 
(3
)
 
4
 
 
3
 
Other income, net
4
 
 
2
 
 
17
 
 
21
 
Interest expense
28
 
 
28
 
 
110
 
 
104
 
Income before income taxes
35
 
 
12
 
 
174
 
 
125
 
Income taxes
13
 
 
4
 
 
53
 
 
36
 
Net income
22
 
 
8
 
 
121
 
 
89
 
Less: net loss attributable to noncontrolling interests
(3
)
 
 
 
(4
)
 
(6
)
Net income attributable to Portland General Electric Company
$
25
 
 
$
8
 
 
$
125
 
 
$
95
 
 
 
 
 
 
 
 
 
Weighted-average shares outstanding (in thousands):
 
 
 
 
 
 
 
Basic
75,299
 
 
75,192
 
 
75,275
 
 
72,790
 
Diluted
75,318
 
 
75,210
 
 
75,291
 
 
72,852
 
Earnings per share:
 
 
 
 
 
 
 
Basic
$
0.34
 
 
$
0.11
 
 
$
1.66
 
 
$
1.31
 
Diluted
$
0.34
 
 
$
0.11
 
 
$
1.66
 
 
$
1.31
 
Dividends declared per common share
$
0.260
 
 
$
0.255
 
 
$
1.035
 
 
$
1.010
 
 
 
 

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PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions)
(Unaudited)
 
 
As of December 31,
 
2010
 
2009
ASSETS
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
4
 
 
$
31
 
Accounts receivable, net
137
 
 
159
 
Unbilled revenues
93
 
 
95
 
Inventories
56
 
 
58
 
Margin deposits
83
 
 
56
 
Regulatory assets - current
221
 
 
197
 
Other current assets
67
 
 
94
 
Total current assets
661
 
 
690
 
Electric utility plant, net
4,133
 
 
3,858
 
Regulatory assets - noncurrent
544
 
 
465
 
Non-qualified benefit plan trust
44
 
 
47
 
Nuclear decommissioning trust
34
 
 
50
 
Other noncurrent assets
75
 
 
62
 
Total assets
$
5,491
 
 
$
5,172
 
 
 
 
 
LIABILITIES AND EQUITY
 
 
 
Current liabilities:
 
 
 
Accounts payable and accrued liabilities
$
169
 
 
$
187
 
Liabilities from price risk management activities - current
188
 
 
128
 
Short-term debt
19
 
 
 
Current portion of long-term debt
10
 
 
186
 
Regulatory liabilities - current
25
 
 
27
 
Other current liabilities
78
 
 
92
 
Total current liabilities
489
 
 
620
 
Long-term debt, net of current portion
1,798
 
 
1,558
 
Regulatory liabilities - noncurrent
657
 
 
654
 
Deferred income taxes
445
 
 
356
 
Liabilities from price risk management activities - noncurrent
188
 
 
127
 
Unfunded status of pension and postretirement plans
140
 
 
143
 
Non-qualified benefit plan liabilities
97
 
 
96
 
Other noncurrent liabilities
78
 
 
75
 
Total liabilities
3,892
 
 
3,629
 
Total equity
1,599
 
 
1,543
 
Total liabilities and equity
$
5,491
 
 
$
5,172
 
 
 
 

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PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
 
 
Years Ended December 31,
 
2010
 
2009
Cash flows from operating activities:
 
 
 
Net income
$
121
 
 
$
89
 
Depreciation and amortization
238
 
 
211
 
Other non-cash income and expenses, net included in Net income
66
 
 
46
 
Changes in working capital
17
 
 
77
 
Other, net
(51
)
 
(37
)
Net cash provided by operating activities
391
 
 
386
 
Cash flows from investing activities:
 
 
 
Capital expenditures
(450
)
 
(696
)
Other, net
20
 
 
(4
)
Net cash used in investing activities
(430
)
 
(700
)
Cash flows from financing activities:
 
 
 
Net issuances of long-term debt
61
 
 
433
 
Net proceeds from issuance of common stock
 
 
170
 
Net proceeds (payments) of short-term debt
19
 
 
(203
)
Dividends paid
(78
)
 
(72
)
Other, net
10
 
 
7
 
Net cash provided by financing activities
12
 
 
335
 
Change in cash and cash equivalents
(27
)
 
21
 
Cash and cash equivalents, beginning of year
31
 
 
10
 
Cash and cash equivalents, end of year
$
4
 
 
$
31
 
 
 
 
 
 

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PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES
SUPPLEMENTAL OPERATING STATISTICS
(Unaudited)
 
 
Three Months Ended
 
Years Ended
 
December 31,
 
December 31,
 
2010
 
2009
 
2010
 
2009
Revenues (dollars in millions):
 
 
 
 
 
 
 
Retail:
 
 
 
 
 
 
 
Residential
$
225
 
 
$
235
 
 
$
803
 
 
$
856
 
Commercial
152
 
 
161
 
 
601
 
 
642
 
Industrial
58
 
 
42
 
 
221
 
 
166
 
Subtotal
435
 
 
438
 
 
1,625
 
 
1,664
 
Other accrued revenues, net
(4
)
 
5
 
 
39
 
 
(7
)
Total retail revenues
431
 
 
443
 
 
1,664
 
 
1,657
 
Wholesale revenues
18
 
 
27
 
 
87
 
 
112
 
Other operating revenues
6
 
 
15
 
 
32
 
 
35
 
Total revenues
$
455
 
 
$
485
 
 
$
1,783
 
 
$
1,804
 
 
 
 
 
 
 
 
 
Energy sold and delivered (MWh in thousands):
 
 
 
 
 
 
 
Retail energy sales:
 
 
 
 
 
 
 
Residential
2,095
 
 
2,185
 
 
7,452
 
 
7,901
 
Commercial
1,768
 
 
1,787
 
 
6,945
 
 
7,154
 
Industrial
891
 
 
592
 
 
3,286
 
 
2,364
 
Total retail energy sales
4,754
 
 
4,564
 
 
17,683
 
 
17,419
 
Delivery to direct access customers:
 
 
 
 
 
 
 
Commercial
81
 
 
106
 
 
332
 
 
405
 
Industrial
186
 
 
392
 
 
718
 
 
1,512
 
 
267
 
 
498
 
 
1,050
 
 
1,917
 
Total retail energy sales and deliveries
5,021
 
 
5,062
 
 
18,733
 
 
19,336
 
Wholesale energy deliveries
465
 
 
622
 
 
2,580
 
 
2,896
 
Total energy sold and delivered
5,486
 
 
5,684
 
 
21,313
 
 
22,232
 
 
 
 
 
 
 
 
 
Number of retail customers at end of period:
 
 
 
 
 
 
 
Residential
 
 
 
 
719,031
 
 
715,458
 
Commercial
 
 
 
 
101,180
 
 
99,773
 
Industrial
 
 
 
 
247
 
 
255
 
Direct access
 
 
 
 
218
 
 
253
 
Total retail customers
 
 
 
 
820,676
 
 
815,739
 
 

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PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES
SUPPLEMENTAL OPERATING STATISTICS, continued
(Unaudited)
 
 
Three Months Ended
 
Years Ended
 
December 31,
 
December 31,
 
2010
 
2009
 
2010
 
2009
Sources of energy (MWh in thousands):
 
 
 
 
 
 
 
Generation:
 
 
 
 
 
 
 
Thermal:
 
 
 
 
 
 
 
Coal
1,381
 
 
1,325
 
 
4,984
 
 
3,760
 
Natural gas
1,295
 
 
1,399
 
 
4,460
 
 
4,500
 
Total thermal
2,676
 
 
2,724
 
 
9,444
 
 
8,260
 
Hydro
475
 
 
435
 
 
1,830
 
 
1,800
 
Wind
171
 
 
115
 
 
833
 
 
499
 
Total generation
3,322
 
 
3,274
 
 
12,107
 
 
10,559
 
Purchased power:
 
 
 
 
 
 
 
Term purchases
1,040
 
 
1,243
 
 
3,984
 
 
6,145
 
Purchased hydro
593
 
 
614
 
 
2,417
 
 
2,801
 
Purchased wind
47
 
 
62
 
 
297
 
 
292
 
Spot purchases
491
 
 
265
 
 
2,618
 
 
1,641
 
Total purchased power
2,171
 
 
2,184
 
 
9,316
 
 
10,879
 
Total system load
5,493
 
 
5,458
 
 
21,423
 
 
21,438
 
Less: wholesale sales
(465
)
 
(622
)
 
(2,580
)
 
(2,896
)
Retail load requirement
5,028
 
 
4,836
 
 
18,843
 
 
18,542
 
 
 
Heating Degree-days
 
Cooling Degree-days
 
2010
 
2009
 
2010
 
2009
1st Quarter
1,629
 
 
2,022
 
 
 
 
 
Average
1,849
 
 
1,831
 
 
 
 
 
2nd Quarter
861
 
 
578
 
 
18
 
 
90
 
Average
684
 
 
683
 
 
73
 
 
71
 
3rd Quarter
117
 
 
63
 
 
296
 
 
537
 
Average
82
 
 
80
 
 
398
 
 
394
 
4th Quarter
1,580
 
 
1,728
 
 
 
 
 
Average
1,577
 
 
1,575
 
 
2
 
 
2
 
Annual total
4,187
 
 
4,391
 
 
314
 
 
627
 
Annual total average
4,192
 
 
4,169
 
 
473
 
 
467
 
Note: “Average” amounts represent the 15-year rolling averages provided by the National Weather Service (Portland Airport).

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