Portland General Electric Company and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(In millions)
(Unaudited)
|
|
Three Months Ended March 31 |
| |
2008 |
|
2007 |
| Cash flows from operating activities: |
| Net income |
$ 28 |
|
$ 55 |
Reconciliation of net income to net cash provided by
operating activities: |
|
|
| Depreciation and amortization |
50 |
|
45 |
| Net assets from price risk
management activities |
(141) |
|
(41) |
| Regulatory deferral - price risk management activities |
141 |
|
41 |
| Deferred income taxes |
10 |
|
5 |
| Senate Bill 408 deferrals |
3 |
|
- |
| Allowance for equity funds used during construction |
(2) |
|
(5) |
| Power cost deferrals |
- |
|
(23) |
| Other non-cash income and expenses, net |
11 |
|
(5) |
| Changes in working capital: |
| Net margin deposit activity |
22 |
|
38 |
| Increase in receivables |
- |
|
(1) |
| Increase in payables |
13 |
|
23 |
| Other working capital items, net |
(13) |
|
(14) |
| Other, net |
(5) |
|
4 |
| Net cash provided by operating activities |
117 |
|
122 |
|
| Cash flows from investing activities: |
| Capital expenditures |
(71) |
|
(67) |
| Sales of nuclear decommissioning trust securities |
7 |
|
6 |
| Purchases of nuclear decommissioning trust securities |
(6) |
|
(7) |
| Insurance proceeds |
3 |
|
- |
| Other, net |
(1) |
|
(1) |
| Net cash used in investing activities |
(68) |
|
(69) |
|
| Cash flows from financing activities: |
| Payments on long-term debt, net of issuance costs |
(56) |
|
- |
| Payments on short-term debt, net |
- |
|
(52) |
| Dividends paid |
(15) |
|
(14) |
| Proceeds from issuance of long-term debt |
- |
|
6 |
| Net cash used in financing activities |
(71) |
|
(60) |
|
| Decrease in cash and cash equivalents |
(22) |
|
(7) |
| Cash and cash equivalents, beginning of period |
73 |
|
12 |
| Cash and cash equivalents, end of period |
$
51 |
|
$
5 |
|
| Supplemental cash flow information is as
follows: |
Cash paid during the period for interest,
net of amounts capitalized |
$ 12 |
|
$ 10 |
| Non-cash investing and financing activities: |
| Accrued capital additions |
71 |
|
23 |
| Accrued dividends payable |
15 |
|
14 |
|
