-
Financial and operating performance on track for 2015 and earnings
guidance reaffirmed at $2.05 - $2.20 per share
-
Carty Generating Station on budget and scheduled to be in-service
in the second quarter of 2016
-
Settlement reached on all issues in the 2016 general rate case
Portland General Electric Company (NYSE: POR) today reported net
income of $36 million, or 40 cents per diluted share, for the third
quarter of 2015. This compares with net income of $39 million, or 47
cents per diluted share, for the third quarter of 2014.
“Although our financial results were lower quarter over quarter, we are
on track to meet our revised 2015 financial targets, and I’m pleased
with our solid operations and strong load growth supported by continued
positive economic trends in Oregon,” said Jim Piro, president and chief
executive officer. “We are reaffirming our full-year earnings guidance
of $2.05 - $2.20 per share.”
When compared to the prior year, earnings in the third quarter of 2015
were positively impacted by new generating resources (approx. $0.04
EPS), which were offset by increases in several miscellaneous operating
and maintenance and other expenses (approx. $0.06 EPS). In addition, the
company issued new shares of common stock in June 2015 and the timing of
this issuance impacted quarter over quarter earnings per share by
approximately $0.05. Average diluted shares increased from 80.2 million
for the third quarter 2014 to 88.8 million for the third quarter 2015.
The Company is increasing its full year weather adjusted load forecast
from 1.5 percent to 2 percent due to continued strong load growth in the
industrial sector.
Company Updates
Generation Project: Construction is proceeding on the Carty
Generating Station, a 440 megawatt natural gas-fired baseload power
plant near Boardman, Ore. The plant is scheduled to be placed into
service during the second quarter of 2016 at an estimated cost of $450
million, excluding allowance for funds used during construction (AFDC).
The 500 KV Grassland switchyard serving the site has been completed and
construction on the plant is now approximately 70 percent complete.
2016 General Rate Case: During the third quarter of 2015, PGE,
Oregon Public Utility Commission (OPUC) Staff and interveners reached an
agreement that resolved all remaining matters in the general rate case,
subject to OPUC approval. Parties have agreed to:
-
A capital structure of 50% debt and 50% equity;
-
A return on equity of 9.6%, down from the current authorized rate of
9.68%;
-
A cost of capital of 7.52%; and
-
An average rate base of $4.4 billion.
On October 1, 2015, PGE filed its latest power cost and retail load
forecast updates. The net increase in annual revenue requirement as
proposed in the Company’s initial filing and as revised consists of the
following (in millions):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional
|
|
|
|
|
|
|
|
|
Stipulations and
|
|
|
Stipulations and
|
|
|
|
|
|
As Filed
|
|
|
Updates through
|
|
|
Updates through
|
|
|
As Revised
|
|
|
February 12, 2015
|
|
|
July 15, 2015
|
|
|
October 1, 2015
|
|
|
October 1, 2015
|
Carty
|
|
$83
|
|
|
$2
|
|
|
$(1)
|
|
|
$84
|
Base business cost*
|
|
$39
|
|
|
$(21)
|
|
|
$(33)
|
|
|
$(15)
|
Supplemental tariff updates
|
|
$(56)
|
|
|
$(6)
|
|
|
$6
|
|
|
$(56)
|
Annual revenue requirement, net
|
|
$66
|
|
|
$(25)
|
|
|
$(28)
|
|
|
$13
|
* The July reduction in base business revenue requirement includes
various Operating and Maintenance and other cost adjustments ($11
million), lower net variable power costs (NVPC) ($7 million), and
the Grassland switchyard moved from base business to Carty ($3
million). The additional stipulations and updates through October 1,
2015, include the August reduction in base business revenue
requirement, which consists primarily of a lower return on equity
than requested ($10 million), lower NVPC ($10 million),
miscellaneous reductions ($4 million), and settlement on cost of
capital and all other issues in the filing ($4 million), as well as
reductions for the load forecast update ($3 million) and the power
cost update ($2 million).
|
|
The net annual revenue requirement increase of $13 million, or 0.7%,
will be effective in two phases. A $43 million decrease, representing a
2.4% decrease in customer prices effective January 1, 2016, will consist
of a reduction in base business costs of $15 million and a decrease of
$28 million related to the amortization of certain customer credits
through supplemental tariffs. A $56 million annualized increase,
representing a customer price increase of 3.1%, will be effective when
Carty becomes operational, provided that occurs by July 31, 2016. The
increase will consist of an $84 million annualized increase related to
the cost recovery of Carty and a $28 million annualized decrease related
to the amortization of certain customer credits through supplemental
tariffs.
Updates to power costs and actual cost of debt, to be finalized in
November 2015, may further change the amounts shown in the table above.
Regulatory review of the 2016 GRC will continue, with a final order
expected to be issued by the OPUC by December 2015.
|
Third quarter operating results
|
|
Earnings Reconciliation of Q3 2014 to Q3 2015
|
($ in millions, except EPS)
|
|
Pre-Tax Income
|
|
|
Net Income*
|
|
|
Diluted EPS
|
Reported Q3 2014
|
|
$
|
54
|
|
|
|
$
|
39
|
|
|
|
$
|
0.47
|
|
Adjustment for change in share count
|
|
|
|
|
|
|
|
(0.05
|
)
|
EPS After share count adjustment
|
|
|
|
|
|
|
|
0.42
|
|
Revenue Adjustments
|
|
|
|
|
|
|
|
|
Electric retail price and volume
|
|
12
|
|
|
|
7
|
|
|
|
0.08
|
|
Supplemental tariffs
|
|
(7
|
)
|
|
|
(4
|
)
|
|
|
(0.05
|
)
|
Electric wholesale price and volume
|
|
(10
|
)
|
|
|
(6
|
)
|
|
|
(0.07
|
)
|
Other revenue adjustments
|
|
(3
|
)
|
|
|
(2
|
)
|
|
|
(0.01
|
)
|
Change in Revenue
|
|
(8
|
)
|
|
|
(5
|
)
|
|
|
(0.05
|
)
|
Power Cost Adjustments
|
|
|
|
|
|
|
|
|
Average power cost
|
|
18
|
|
|
|
11
|
|
|
|
0.13
|
|
Purchased power and generating volume
|
|
3
|
|
|
|
2
|
|
|
|
0.02
|
|
Change in Power Costs
|
|
21
|
|
|
|
13
|
|
|
|
0.15
|
|
O&M Adjustments
|
|
|
|
|
|
|
|
|
Generation, transmission, distribution
|
|
(4
|
)
|
|
|
(3
|
)
|
|
|
(0.03
|
)
|
Administrative and general
|
|
(5
|
)
|
|
|
(3
|
)
|
|
|
(0.03
|
)
|
Change in O&M
|
|
(9
|
)
|
|
|
(6
|
)
|
|
|
(0.06
|
)
|
Other Item Adjustments
|
|
|
|
|
|
|
|
|
Depreciation & amortization
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Interest
|
|
(5
|
)
|
|
|
(3
|
)
|
|
|
(0.03
|
)
|
AFDC equity**
|
|
(5
|
)
|
|
|
(5
|
)
|
|
|
(0.06
|
)
|
Other Items
|
|
(4
|
)
|
|
|
(2
|
)
|
|
|
(0.03
|
)
|
Adjustment for effective vs statutory tax rate
|
|
|
|
|
5
|
|
|
|
0.06
|
|
Change in Other Items
|
|
(14
|
)
|
|
|
(5
|
)
|
|
|
(0.06
|
)
|
Reported Q3 2015
|
|
$
|
44
|
|
|
|
$
|
36
|
|
|
|
$
|
0.40
|
|
* After tax adjustments based on PGE’s statutory tax rate of 39.5%
|
** Statutory tax rate applied only to AFDC debt
|
|
Retail revenues increased $5 million, or 1 percent, to $439
million for the third quarter of 2015 from $434 million for the third
quarter of 2014. The increase consisted of:
-
A $10 million increase related to a 2.3 percent increase in average
customer prices largely resulting from the 2015 general rate case; and
-
A $2 million increase related to a 0.6 percent higher volume of retail
energy delivered in the third quarter of 2015 compared with the third
quarter of 2014, with an increase in residential and industrial
deliveries of 0.2 percent and 4.0 percent, respectively and a decrease
in commercial deliveries of 0.9 percent; partially offset by
-
A $7 million decrease related to various supplemental tariff changes,
including the return of $5 million to customers in the third quarter
of 2015 of proceeds received in connection with the settlement of a
legal matter related to the operation of the Independent Spent Fuel
Storage Installation (ISFSI) at the Trojan nuclear power plant, which
was closed in 1993 (offset in depreciation and amortization).
Net variable power costs (purchased power and fuel expense, net
of wholesale revenues) decreased $11 million for the third quarter of
2015 compared with the third quarter of 2014, and consisted of the
following:
-
An $18 million decrease related to a 9 percent decline in the average
variable power cost per MWh; and
-
A $3 million decrease related to a 2 percent decline in total system
load which included both retail and wholesale loads; partially offset
by
-
A $10 million decrease in wholesale revenue, related to a 16 percent
decrease in wholesale sales volume and a 12 percent decrease in
wholesale prices.
For the third quarter of 2015, actual NVPC were $6 million above
baseline NVPC included in the annual power cost update tariff (AUT),
while NVPC for the third quarter of 2014 were above baseline NVPC
included in the AUT by $5 million. Forecasted NVPC for 2015 are expected
to be within the deadband of the power cost adjustment mechanism;
accordingly, no estimated collection from, or refund to customers, has
been recorded pursuant to the Power Cost Adjustment Mechanism.
Generation, transmission and distribution expense increased $4
million, or 7 percent, in the third quarter of 2015 compared with the
third quarter of 2014 driven by $2 million higher operating and
maintenance expenses in 2015, driven by the addition of Port Westward
Unit 2 and Tucannon River, a $1 million write-off of inventory related
to the Boardman biomass project and $1 million in unexpected repairs and
maintenance in the third quarter of 2015, compared with the third
quarter of 2014.
Administrative and other expense in the third quarter of
2015 was $5 million, or 9 percent, higher than in the third quarter of
2014 due to a combination of higher expenses for legal and environmental
services, pension, information technology and other items.
Depreciation and amortization expense in the third quarter
of 2015 was comparable to the third quarter of 2014. A $7 million
increase resulting from capital additions were largely offset by $6
million in amortization of deferred regulatory liabilities for the
Trojan spent fuel settlement and ISFSI tax credits. The reduction in
expenses resulting from the amortization of the regulatory liabilities
is offset by corresponding reductions in revenues.
Interest expense in the third quarter of 2015 was $5 million, or
22 percent, higher than in the third quarter of 2014, primarily due to
$3 million lower allowance for borrowed funds used during construction.
In December 2014, Port Westward Unit 2 and Tucannon River were placed
into service resulting in a lower average construction work in process
(CWIP) balance during 2015. Interest on long-term debt increased $2
million due to issuance of First Mortgage Bonds in the fourth quarter of
2014.
Other income, net in the third quarter of 2015 was $8 million
lower than in the third quarter of 2014 driven by a $5 million decrease
in the allowance for equity funds used during construction resulting
from the lower average CWIP balance due to new plants being placed into
service, $1 million lower earnings on the non-qualified benefit plan
trust assets and other decreases of $2 million.
Income tax expense was $8 million in the third quarter of
2015 compared with $16 million in the third quarter of 2014. The
decrease was largely due to lower pre-tax income and an increase in
production tax credits for 2015 compared to 2014.
2015 earnings guidance
PGE is reaffirming its full-year 2015 earnings guidance of $2.05 - $2.20
per share, based on the following assumptions:
-
Annual weather adjusted load growth of approximately 2 percent;
-
Below average hydro conditions for the year;
-
Normal thermal plant and wind generation for the remainder of the year;
-
Depreciation and amortization expense between $300 and $310 million;
and,
-
Capital expenditures of $580 million.
Third Quarter 2015 earnings call and web cast —
October 27
PGE will host a conference call with financial analysts and investors on
Tuesday, October 27, at 11 a.m. ET. The conference call will be webcast
live on the PGE website at portlandgeneral.com.
A replay of the call will be available beginning at 2 p.m. ET on
Tuesday, October 27 through Tuesday, November 3.
Jim Piro, president and CEO; Jim Lobdell, senior vice president of
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 unaudited 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.
About Portland General Electric Company
Portland General Electric Company is a vertically integrated electric
utility that serves approximately 852,000 residential, commercial and
industrial customers in the Portland/Salem metropolitan area of Oregon.
The company’s headquarters are located at 121 S.W. Salmon Street,
Portland, Oregon 97204. Visit PGE’s website at 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
concerning future compliance with regulations limiting emissions from
generation facilities and the costs to achieve such compliance; 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 reductions in demand for electricity; the sale of excess
energy during periods of low demand or 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; failure to complete capital projects on schedule or within
budget, or the abandonment of capital projects, which could result in
the company’s inability to recover project 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; 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
|
|
|
|
|
|
PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES
|
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
|
(In millions, except per share amounts)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Nine Months Ended
|
|
|
September 30,
|
|
|
September 30,
|
|
|
2015
|
|
2014
|
|
|
2015
|
|
2014
|
Revenues, net
|
|
$
|
476
|
|
|
$
|
484
|
|
|
|
$
|
1,399
|
|
|
$
|
1,400
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
Purchased power and fuel
|
|
181
|
|
|
202
|
|
|
|
490
|
|
|
528
|
|
Generation, transmission and distribution
|
|
64
|
|
|
60
|
|
|
|
192
|
|
|
181
|
|
Administrative and other
|
|
59
|
|
|
54
|
|
|
|
179
|
|
|
164
|
|
Depreciation and amortization
|
|
76
|
|
|
76
|
|
|
|
227
|
|
|
224
|
|
Taxes other than income taxes
|
|
28
|
|
|
27
|
|
|
|
86
|
|
|
82
|
|
Total operating expenses
|
|
408
|
|
|
419
|
|
|
|
1,174
|
|
|
1,179
|
|
Income from operations
|
|
68
|
|
|
65
|
|
|
|
225
|
|
|
221
|
|
Interest expense (1)
|
|
28
|
|
|
23
|
|
|
|
86
|
|
|
71
|
|
Other income:
|
|
|
|
|
|
|
|
|
|
Allowance for equity funds used during construction
|
|
6
|
|
|
11
|
|
|
|
15
|
|
|
26
|
|
Miscellaneous income, net
|
|
(2
|
)
|
|
1
|
|
|
|
—
|
|
|
1
|
|
Other income, net
|
|
4
|
|
|
12
|
|
|
|
15
|
|
|
27
|
|
Income before income tax expense
|
|
44
|
|
|
54
|
|
|
|
154
|
|
|
177
|
|
Income tax expense
|
|
8
|
|
|
16
|
|
|
|
33
|
|
|
46
|
|
Net income
|
|
36
|
|
|
38
|
|
|
|
$
|
121
|
|
|
$
|
131
|
|
Less: net loss attributable to noncontrolling interests
|
|
—
|
|
|
(1
|
)
|
|
|
—
|
|
|
(1
|
)
|
Net income attributable to Portland General Electric Company
|
|
$
|
36
|
|
|
$
|
39
|
|
|
|
$
|
121
|
|
|
$
|
132
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares outstanding (in thousands):
|
|
|
|
|
|
|
|
|
|
Basic
|
|
88,766
|
|
|
78,203
|
|
|
|
82,633
|
|
|
78,170
|
|
Diluted
|
|
88,766
|
|
|
80,225
|
|
|
|
82,633
|
|
|
79,977
|
|
Earnings per share:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.40
|
|
|
$
|
0.48
|
|
|
|
$
|
1.47
|
|
|
$
|
1.67
|
|
Diluted
|
|
$
|
0.40
|
|
|
$
|
0.47
|
|
|
|
$
|
1.47
|
|
|
$
|
1.63
|
|
Dividends declared per common share
|
|
$
|
0.300
|
|
|
$
|
0.280
|
|
|
|
$
|
0.880
|
|
|
$
|
0.835
|
|
|
(1) Net of an allowance for borrowed funds used during construction
of $3 million and $7 million in the three months ended September 30,
2015 and 2014, respectively, and $9 million and $15 million in the
nine months ended September 30, 2015 and 2014, respectively.
|
|
|
|
|
|
|
|
PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES
|
CONDENSED CONSOLIDATED BALANCE SHEETS
|
(In millions)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
September 30,
|
|
|
December 31,
|
|
|
2015
|
|
|
2014
|
ASSETS
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
92
|
|
|
|
$
|
127
|
Accounts receivable, net
|
|
133
|
|
|
|
149
|
Unbilled revenues
|
|
72
|
|
|
|
93
|
Inventories
|
|
94
|
|
|
|
82
|
Regulatory assets—current
|
|
122
|
|
|
|
133
|
Other current assets
|
|
92
|
|
|
|
115
|
Total current assets
|
|
605
|
|
|
|
699
|
Electric utility plant, net
|
|
5,920
|
|
|
|
5,679
|
Regulatory assets—noncurrent
|
|
547
|
|
|
|
494
|
Nuclear decommissioning trust
|
|
40
|
|
|
|
90
|
Non-qualified benefit plan trust
|
|
33
|
|
|
|
32
|
Other noncurrent assets
|
|
52
|
|
|
|
48
|
Total assets
|
|
$
|
7,197
|
|
|
|
$
|
7,042
|
|
|
|
|
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
Accounts payable
|
|
$
|
96
|
|
|
|
$
|
156
|
Liabilities from price risk management activities—current
|
|
115
|
|
|
|
106
|
Current portion of long-term debt
|
|
—
|
|
|
|
375
|
Accrued expenses and other current liabilities
|
|
254
|
|
|
|
236
|
Total current liabilities
|
|
465
|
|
|
|
873
|
Long-term debt, net of current portion
|
|
2,204
|
|
|
|
2,126
|
Regulatory liabilities—noncurrent
|
|
939
|
|
|
|
906
|
Deferred income taxes
|
|
664
|
|
|
|
625
|
Unfunded status of pension and postretirement plans
|
|
246
|
|
|
|
237
|
Liabilities from price risk management activities—noncurrent
|
|
184
|
|
|
|
122
|
Asset retirement obligations
|
|
137
|
|
|
|
116
|
Non-qualified benefit plan liabilities
|
|
105
|
|
|
|
105
|
Other noncurrent liabilities
|
|
21
|
|
|
|
21
|
Total liabilities
|
|
4,965
|
|
|
|
5,131
|
Total equity
|
|
2,232
|
|
|
|
1,911
|
Total liabilities and equity
|
|
$
|
7,197
|
|
|
|
$
|
7,042
|
|
|
|
|
|
|
|
|
|
|
|
|
PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(In millions)
|
(Unaudited)
|
|
|
|
|
|
Nine Months Ended September 30,
|
|
|
2015
|
|
2014
|
Cash flows from operating activities:
|
|
|
|
|
Net income
|
|
$
|
121
|
|
|
$
|
131
|
|
Depreciation and amortization
|
|
227
|
|
|
224
|
|
Other non-cash income and expenses, net included in Net income
|
|
70
|
|
|
61
|
|
Changes in working capital
|
|
41
|
|
|
65
|
|
Proceeds received from legal settlement
|
|
—
|
|
|
6
|
|
Other, net
|
|
(20
|
)
|
|
(14
|
)
|
Net cash provided by operating activities
|
|
439
|
|
|
473
|
|
Cash flows from investing activities:
|
|
|
|
|
Capital expenditures
|
|
(452
|
)
|
|
(824
|
)
|
Distribution from Nuclear decommissioning trust
|
|
50
|
|
|
(6
|
)
|
Sales tax refund received related to Tucannon River Wind Farm
|
|
23
|
|
|
—
|
|
Other, net
|
|
2
|
|
|
9
|
|
Net cash used in investing activities
|
|
(377
|
)
|
|
(821
|
)
|
Cash flows from financing activities:
|
|
|
|
|
Proceeds from issuance of common stock, net of issuance costs
|
|
271
|
|
|
—
|
|
Repayment of long-term debt, net of issuances
|
|
(298
|
)
|
|
404
|
|
Dividends paid
|
|
(70
|
)
|
|
(66
|
)
|
Net cash (used in) provided by financing activities
|
|
(97
|
)
|
|
338
|
|
Decrease in cash and cash equivalents
|
|
(35
|
)
|
|
(10
|
)
|
Cash and cash equivalents, beginning of period
|
|
127
|
|
|
107
|
|
Cash and cash equivalents, end of period
|
|
$
|
92
|
|
|
$
|
97
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES
|
SUPPLEMENTAL OPERATING STATISTICS
|
(Unaudited)
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Nine Months Ended
|
|
|
September 30,
|
|
|
September 30,
|
|
|
2015
|
|
2014
|
|
|
2015
|
|
2014
|
Revenues (dollars in millions):
|
|
|
|
|
|
|
|
|
|
Retail:
|
|
|
|
|
|
|
|
|
|
Residential
|
|
$
|
213
|
|
|
$
|
208
|
|
|
|
$
|
647
|
|
|
$
|
653
|
|
Commercial
|
|
176
|
|
|
176
|
|
|
|
498
|
|
|
493
|
|
Industrial
|
|
59
|
|
|
59
|
|
|
|
172
|
|
|
164
|
|
Subtotal
|
|
448
|
|
|
443
|
|
|
|
1,317
|
|
|
1,310
|
|
Other retail revenues, net
|
|
(9
|
)
|
|
(9
|
)
|
|
|
(11
|
)
|
|
(11
|
)
|
Total retail revenues
|
|
439
|
|
|
434
|
|
|
|
1,306
|
|
|
1,299
|
|
Wholesale revenues
|
|
29
|
|
|
39
|
|
|
|
66
|
|
|
73
|
|
Other operating revenues
|
|
8
|
|
|
11
|
|
|
|
27
|
|
|
28
|
|
Total revenues
|
|
$
|
476
|
|
|
$
|
484
|
|
|
|
$
|
1,399
|
|
|
$
|
1,400
|
|
|
|
|
|
|
|
|
|
|
|
Energy sold and delivered (MWh in thousands):
|
|
|
|
|
|
|
|
|
|
Retail energy sales:
|
|
|
|
|
|
|
|
|
|
Residential
|
|
1,749
|
|
|
1,746
|
|
|
|
5,308
|
|
|
5,472
|
|
Commercial
|
|
1,862
|
|
|
1,872
|
|
|
|
5,246
|
|
|
5,198
|
|
Industrial
|
|
870
|
|
|
848
|
|
|
|
2,563
|
|
|
2,373
|
|
Total retail energy sales
|
|
4,481
|
|
|
4,466
|
|
|
|
13,117
|
|
|
13,043
|
|
Retail energy deliveries:
|
|
|
|
|
|
|
|
|
|
Commercial
|
|
145
|
|
|
154
|
|
|
|
401
|
|
|
423
|
|
Industrial
|
|
313
|
|
|
290
|
|
|
|
875
|
|
|
823
|
|
Total retail energy deliveries
|
|
458
|
|
|
444
|
|
|
|
1,276
|
|
|
1,246
|
|
Total retail energy sales and deliveries
|
|
4,939
|
|
|
4,910
|
|
|
|
14,393
|
|
|
14,289
|
|
Wholesale energy deliveries
|
|
836
|
|
|
999
|
|
|
|
1,954
|
|
|
1,892
|
|
Total energy sold and delivered
|
|
5,775
|
|
|
5,909
|
|
|
|
16,347
|
|
|
16,181
|
|
|
|
|
|
|
|
|
|
|
|
Number of retail customers at end of period:
|
|
|
|
|
|
|
|
|
|
Residential
|
|
|
|
|
|
|
744,172
|
|
|
736,289
|
|
Commercial
|
|
|
|
|
|
|
106,892
|
|
|
106,188
|
|
Industrial
|
|
|
|
|
|
|
197
|
|
|
203
|
|
Direct access
|
|
|
|
|
|
|
389
|
|
|
430
|
|
Total retail customers
|
|
|
|
|
|
|
851,650
|
|
|
843,110
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Heating Degree-days
|
|
|
Cooling Degree-days
|
|
|
2015
|
|
2014
|
|
Average
|
|
|
2015
|
|
2014
|
|
Average
|
First quarter
|
|
1,481
|
|
1,891
|
|
1,864
|
|
|
—
|
|
—
|
|
—
|
Second quarter
|
|
513
|
|
530
|
|
713
|
|
|
207
|
|
57
|
|
70
|
Third quarter
|
|
76
|
|
18
|
|
85
|
|
|
573
|
|
579
|
|
383
|
Year-to-date
|
|
2,070
|
|
2,439
|
|
2,662
|
|
|
780
|
|
636
|
|
453
|
|
* — “Average” amounts represent the 15-year rolling averages
provided by the National Weather Service (Portland Airport).
|
|
|
|
|
|
|
|
PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES
|
SUPPLEMENTAL OPERATING STATISTICS, continued
|
(Unaudited)
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Nine Months Ended
|
|
|
September 30,
|
|
|
September 30,
|
|
|
2015
|
|
2014
|
|
|
2015
|
|
2014
|
Sources of energy (MWh in thousands):
|
|
|
|
|
|
|
|
|
|
Generation:
|
|
|
|
|
|
|
|
|
|
Thermal:
|
|
|
|
|
|
|
|
|
|
Coal
|
|
1,445
|
|
|
1,479
|
|
|
|
2,656
|
|
|
3,079
|
|
Natural gas
|
|
1,702
|
|
|
1,282
|
|
|
|
3,356
|
|
|
2,273
|
|
Total thermal
|
|
3,147
|
|
|
2,761
|
|
|
|
6,012
|
|
|
5,352
|
|
Hydro
|
|
267
|
|
|
311
|
|
|
|
1,063
|
|
|
1,292
|
|
Wind
|
|
568
|
|
|
332
|
|
|
|
1,371
|
|
|
953
|
|
Total generation
|
|
3,982
|
|
|
3,404
|
|
|
|
8,446
|
|
|
7,597
|
|
Purchased power:
|
|
|
|
|
|
|
|
|
|
Term
|
|
527
|
|
|
916
|
|
|
|
3,403
|
|
|
4,698
|
|
Hydro
|
|
326
|
|
|
352
|
|
|
|
1,239
|
|
|
1,219
|
|
Wind
|
|
88
|
|
|
102
|
|
|
|
241
|
|
|
267
|
|
Spot
|
|
733
|
|
|
977
|
|
|
|
2,594
|
|
|
2,018
|
|
Total purchased power
|
|
1,674
|
|
|
2,347
|
|
|
|
7,477
|
|
|
8,202
|
|
Total system load
|
|
5,656
|
|
|
5,751
|
|
|
|
15,923
|
|
|
15,799
|
|
Less: wholesale sales
|
|
(836
|
)
|
|
(999
|
)
|
|
|
(1,954
|
)
|
|
(1,892
|
)
|
Retail load requirement
|
|
4,820
|
|
|
4,752
|
|
|
|
13,969
|
|
|
13,907
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20151027005579/en/
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