Portland General Electric Reports Third-Quarter 2008 Earnings Results
PORTLAND, Ore., Oct 30, 2008 (BUSINESS WIRE) -- --Third-Quarter Financial and Operating Summary:
--Net income was zero for the third quarter of 2008 compared to $20 million, or $0.32 per diluted share, for the third quarter of 2007. The decrease in net income was primarily attributable to the effects of the Trojan Refund Order.
--PGE had solid operating results with generation plants running well and increases in both the number of customers and total retail energy deliveries.
--PGE lowers full-year 2008 earnings guidance from $1.85 -- $1.95 to $1.40 -- $1.50 per diluted share primarily due to effects related to the Trojan Refund Order and losses on non-qualified benefit plan trust assets.
--PGE initiates 2009 earnings guidance of $1.80 -- $1.90 per diluted share.
Portland General Electric Company (NYSE:POR) today reported that net income was zero for the third quarter of 2008 compared to $20 million, or $0.32 per diluted share, for the third quarter of 2007. The decrease was due primarily to a $20 million after-tax provision for the future refund to customers related to the Oregon Public Utility Commission's (OPUC) Trojan Refund Order. Pursuant to Senate Bill 408 (SB 408) there was also a $7 million after-tax impact of an estimated increased customer refund, primarily due to the Trojan Refund Order. Also contributing to the decrease was a $3 million after-tax impact of a decline in the fair market value of non-qualified benefit plan trust assets. Results were partially offset by a 3 percent increase in retail energy deliveries and reduced power costs. In the third quarter of 2008, the Company's power costs decreased by $6 million related to results of the power cost adjustment mechanism (PCAM), while power costs in the 2007 comparable period included a $12 million increase related to the PCAM.
Net income for the nine months ended Sept. 30, 2008, was $67 million, or $1.08 per diluted share, compared to $121 million, or $1.93 per diluted share, for the nine months ended Sept. 30, 2007.
"Portland General Electric had solid operating results in the third quarter, andour residential customer satisfaction ratings rose to their highest level in a decade," said Peggy Fowler, CEO and president of Portland General Electric (PGE). "Our third-quarter financial results were impacted by the Trojan Refund Order,but we're pleased to bemoving ahead in getting thischallenging issue resolved."
2008 and 2009 Earnings Guidance
PGE is reducing its full-year 2008 earnings guidance to $1.40 -- $1.50 per diluted share. This decrease from $1.85 -- $1.95 per diluted share is due primarily to the effects of the Trojan Refund Order and losses on non-qualified benefit trust assets. The estimated net impact of the Trojan Refund Order on 2008 earnings is approximately $0.41 per diluted share and includes both SB 408 and PCAM impacts. PGE is initiating 2009 earnings guidance of $1.80 -- $1.90 per diluted share based on normal hydro conditions and normal plant operations. PGE is also reaffirming its long-term annual earnings growth expectation of 6 to 8 percent beginning with 2009.
Dividend
On Wednesday, Oct. 29, 2008, the PGE Board of Directors declared a quarterly common stock dividend of 24.5 cents per share. The dividend is payable on or before Jan. 15, 2009, to shareholders of record at the close of business on Dec. 26, 2008.
Market Conditions and Liquidity
PGE has significant capital funding requirements in 2009 and 2010. Although the recent turmoil in market conditions has made access to capital more challenging, PGE believes it has sufficient access to liquidity to meet anticipated capital and operating requirements. Liquidity sources include issuances of long-term debt and equity securities, availability under the Company's revolving credit facility and the expected ability to increase short-term credit capacity. The Company anticipates issuing a total of approximately $230 million of equity and $300 million of new long-term debt in either late 2008 or in 2009, subject to market conditions and availability of capital.
PGE has an unsecured $400 million revolving credit facility with a group of banks. In June 2008, PGE extended the maturity on $390 million of the facility to July 2013, with the remaining $10 million maturing in July 2012.
Lehman Brothers represented $55 million of PGE's $400 million revolving credit facility. On Sept.15, 2008, Lehman's parent company, Lehman Brothers Holdings, Inc., filed for protection under Chapter 11 of the U.S. Bankruptcy Code. In October 2008, $25 million of Lehman's $55 million share was reassigned to Sumitomo Mitsui Banking Corporation. PGE is in discussions with another financial institution for reassignment of the remaining $30 million.
As of Oct. 24, 2008, PGE had $179 million of available borrowing capacity under its revolving credit facility. PGE had $50 million of commercial paper outstanding and $83 million in letters of credit. In addition, the Company had $58 million of borrowings under the credit facility.
Trojan Refund Order
On Sept. 30, 2008, the OPUC issued an order that requires PGE to refund $33.1 million to customers. The refund relates to the OPUC determination of the recoverable balance at Sept. 30, 2000, of the Company's remaining investment in Trojan.
The OPUC ruled that the difference of $15.4 million, plus interest at 9.6 percent from Sept. 30, 2000, should be refunded to customers who received service from PGE during the period Oct. 1, 2000, to Sept. 30, 2001. The $15.4 million amount, plus accrued interest, results in a total refund of $33.1 million as of Sept. 30, 2008. The order also provides that the total refund amount will earn interest at 9.6 percent from Oct. 1, 2008, until all refunds are issued to customers.
In the order, the OPUC also made the following findings:
-- The OPUC has authority to order a utility to issue refunds to former customers under certain limited circumstances.
-- PGE's rates that were in effect for the period April 1, 1995, through Sept. 30, 2000, were just and reasonable.
As a result of this order, PGE accrued the total refund due to customers of $33.1 million as a regulatory liability, which reduced revenues for the third quarter of 2008. PGE is continuing to review and evaluate the order.
2009 General Rate Case
In February 2008, PGE filed a general rate case which is currently under review by the OPUC. PGE's initial filing proposed an 8.9 percent average price increase related to higher purchased power and fuel costs, increased investment in utility plant and higher operating expenses.
PGE, OPUC staff and interveners have reached stipulations on two major items: cost of capital and the method for determining estimated power cost. First, the cost of capital stipulation provides for a capital structure of 50 percent equity and 50 percent debt and a return on equity of 10.1 percent. Second, the agreement on net variable power costs (NVPC) stipulates to a number of modeling and other adjustments, which results in an approximate $5 million downward adjustment to the forecast of 2009's NVPC. The stipulated items and the power cost updates filed to date would result in a proposed average price increase of approximately 10 percent. Certain customer credits, including those related to 2007 results of PGE's PCAM, are expected to reduce the average price increase to approximately 8.4 percent.
Next steps in the procedural schedule include reply briefs on Tuesday, Nov. 4, oral arguments on Thursday, Nov. 13, and an order from the OPUC by year-end, with new prices expected to go into effect on Jan. 1, 2009.
The following table indicates the revenue requirement increase as originally filed on Feb. 27, 2008, and PGE's updated revenue requirement increase based on the settlement agreements and the Sept. 29, 2008, NVPC update:
Initial Filing Update(1) NVPC(2) $53 million $104 million Other $93 million $57 million Total $146 million $161 million 1. Includes both Sept. 29 update to NVPC and stipulations to date. 2. Net of load adjustments.
Biglow Canyon Wind Farm
Construction has started on Phase II of the Biglow Canyon Wind Farm. The estimated total cost of Phases II and III is $730 million to $770 million, including allowance for funds used during construction (AFDC) of approximately $40 million, with Phases II and III expected to be completed by the end of 2009 and 2010, respectively.
Smart Meters
PGE plans to install approximately 850,000 new customer meters that will enable two-way remote communications. In May 2008, the OPUC approved PGE's smart-meter project. Approximately 16,000 new meters are currently being installed as part of the project's acceptance testing phase, with the remaining meters to be installed starting in 2009 and concluding in 2010. PGE expects the smart-meter project to provide improved services, as well as operational efficiencies and a reduction in future expenses.
Capital Expenditures
Capital expenditures in 2008 are estimated to be $401 million. This consists of:
-- $222 million for ongoing production, transmission and distribution facilities
-- $98 million for Phases II and III of the Biglow Canyon Wind Farm
-- $59 million for hydro relicensing projects
-- $19 million for smart meters
-- $3 million for Boardman emissions controls
Capital expenditures in 2009 are estimated to be $760 million. This consists of:
-- $240 million for ongoing production, transmission and distribution facilities
-- $414 million for Phases II and III of the Biglow Canyon Wind Farm
-- $25 million for hydro relicensing projects
-- $79 million for smart meters
-- $2 million for Boardman emissions controls
Third-Quarter 2008 Results Compared to Third Quarter 2007
-- Total retail customers served increased 1.3 percent to approximately 814,000 as of Sept. 30, 2008, compared to approximately 804,000 as of Sept. 30, 2007.
-- Total revenues decreased by $35 million due primarily to the net effect of the following factors:
-- Total retail revenues decreased $34 million, or 9 percent, due
primarily to the accrual of refunds to customers in the amount of
$33.1 million pursuant to the OPUC order issued Sept. 30, 2008,
related to various Trojan matters.
-- $12 million decrease related to SB 408, largely due to an
estimated refund due to customers of $6 million recorded in the
third quarter of 2008, resulting primarily from the Trojan Refund
Order, compared to an estimated collection from customers of $5
million recorded in the third quarter of 2007.
-- $10 million increase resulting from a 2 percent increase in
average price and a 3 percent increase in total retail energy
deliveries, which was primarily due to a 1.4 percent increase in the
average number of customers served during the third quarter of 2008,
relative to the third quarter of 2007.
-- $7 million decrease in wholesale revenues due to a $16 million
decrease in wholesale energy sales volume partially offset by a $9
million increase in average price due to higher natural gas prices.
-- $6 million increase in other operating revenue due primarily to
the sale of fuel oil in 2008. Pursuant to an assessment of
reliability requirements, PGE reduced oil inventory levels at its
Beaver Plant.
-- Purchased power and fuel expense decreased by $25 million due primarily to the net effect of the following factors:
-- $50 million decrease related to settled natural gas agreements
entered into in conjunction with PGE's management of its NVPC.
-- $18 million decrease related to application of the Company's PCAM.
-- $30 million increase in the cost of purchased power, resulting
primarily from a 27 percent increase in the average cost.
-- $11 million increase in the cost of natural gas-fired production,
as a 55 percent increase in the average cost of natural gas was only
partially offset by a 24 percent reduction in generation.
-- Production and distribution expense increased by $4 million due primarily to a $2 million increase in overhead and underground line maintenance costs, including tree trimming, and a $1 million increase in operating costs at Biglow Canyon Phase I, which was completed in December 2007.
-- Administrative and other expense increased $2 million primarily due to an increase in the provision for uncollectible accounts and increased legal and regulatory fees.
-- Depreciation and amortization expense increased by $8 million. Of this increase, $4 million is related to higher distribution plant balances and accelerated depreciation on existing meters which are being replaced as part of the Company's smart-meter project, and $3 million is related to the new Biglow Canyon Phase I project.
-- Other income decreased by $7 million primarily due to a decline in the fair market value of non-qualified benefit plan trust assets.
-- Interest expense increased $2 million due primarily to a higher level of short- and long-term debt outstanding.
-- Income tax benefit was $1 million compared to a $12 million income tax expense in the third quarter of 2007. The change is primarily the result of lower taxable income and an increase of $1 million in federal energy tax credits generated from the operation of Biglow Canyon Phase I in the third quarter of 2008.
Year-to-Date 2008
Net income for the nine months ended Sept. 30, 2008, was $67 million, or $1.08 per diluted share, compared to $121 million, or $1.93 per diluted share, for 2007. The decrease was primarily due to the net effect of:
-- $20 million after-tax provision for the future refund to customers related to the Trojan Refund Order.
-- $13 million after-tax impact of the deferral in 2007 of a portion of Boardman replacement power cost (including accrued interest) for potential future recovery.
-- $10 million after-tax impact of adjustments related to SB 408.
-- $9 million after-tax impact of a decline in the fair market value of non-qualified benefit plan assets.
-- $4 million after-tax impact of a 2007 settlement between PGE and certain California parties related to wholesale energy transactions during 2000 and 2001.
-- The decreases above were partially offset by a 3 percent increase in retail energy deliveries.
Year-to-Date 2008 Results Compared to Year-to-Date 2007
-- Total revenues increased by $23 million due to the net effect of the following factors:
-- $28 million increase resulting from a 2 percent increase in
average price, which was driven by the Company's smart-meter
project, and recovery of Port Westward and Biglow Canyon Phase I.
-- $21 million increase resulting from a 3 percent increase in total
retail energy deliveries, due to more extreme weather conditions in
2008 and a 1.4 percent increase in the average number of customers
served during the first nine months of 2008 relative to the first
nine months of 2007.
-- $33.1 million decrease, related to the accrual of refunds to
customers pursuant to the OPUC order issued Sept. 30, 2008, related
to various Trojan matters.
-- $17 million decrease related to SB 408, with an estimated refund
due to customers of $7 million recorded in 2008, compared to an
estimated collection from customers of $10 million recorded in 2007.
-- $4 million increase in wholesale revenues due to a $39 million
increase resulting from a 34 percent increase in average price,
partially offset by a $35 million decrease in wholesale energy sales
volume.
-- $16 million increase in other operating revenue due to sales of
fuel oil from the Company's Beaver Plant in 2008, which resulted in
a net gain of $11 million.
-- Purchased power and fuel expense increased by $32 million due primarily to the net effect of the following factors:
-- $99 million increase in the cost of thermal production, due
primarily to a 39 percent increase in the average cost of natural
gas and a 41 percent increase in gas-fired generation.
-- $20 million increase related to the deferral of excess Boardman
power costs in the first quarter of 2007, which were incurred in
late 2005 and early 2006.
-- $5 million increase due to a reduction in the Company's wholesale
credit reserve in the first quarter of 2007, primarily as a result
of a settlement with certain California parties involving
transactions in 2000 and 2001.
-- $46 million decrease in the cost of purchased power, due
primarily to an 18 percent decrease in purchases resulting from the
addition of Port Westward and Biglow Canyon Phase I to the Company's
generation portfolio.
-- $37 million decrease related to settled natural gas agreements
entered into in conjunction with PGE's management of its power cost.
-- $14 million decrease in the estimated amount recorded for
potential future refund to customers under the PCAM.
-- Production and distribution expense increased by $16 million due primarily to the following:
-- $7 million increase in operating costs at the Company's
generation facilities, including Port Westward and Biglow Canyon
Phase I.
-- $4 million increase in distribution labor, contractor and
tree-trimming costs.
-- $3 million increase related to repair and maintenance activities
completed at Boardman and Beaver during the plants' scheduled
outages in 2008.
-- Administrative and other expense increased $6 million primarily due to an increase in legal settlement expense, higher employee benefit expenses and an increase in the provision for uncollectible accounts.
-- Depreciation and amortization expense increased by $20 million primarily due to increased capital plant additions. Increased depreciation of $14 million is primarily related to Port Westward and Biglow Canyon Phase I. In addition, a $4 million increase was related to accelerated depreciation of existing meters that are being replaced as part of the Company's smart-meter project.
-- Other income decreased by $22 million primarily due to the following:
-- $15 million decrease in income from non-qualified benefit plan
trust assets resulting from the recognition of a $9 million decline
in the fair market value of the plan assets during the first nine
months of 2008, compared to a $6 million increase in the first nine
months of 2007.
-- $6 million decrease in AFDC equity, which resulted from lower
construction work in progress (CWIP) balances during the first nine
months of 2008 due to the completion of both Port Westward and
Biglow Canyon Phase I.
-- Interest expense increased by $13 million primarily due to a higher level of outstanding long-term debt and lower AFDC debt resulting from lower CWIP balances.
-- Income taxes decreased by $35 million, with an effective tax rate of 29 percent in 2008 compared to 34 percent in 2007. These decreases were primarily the result of lower taxable income and an increase of $5 million in federal energy tax credits generated from the operation of Biglow Canyon Phase I in 2008.
Third-Quarter 2008 Earnings Call and Webcast Oct. 30, 2008
PGE will host a conference call with financial analysts and investors on Thursday, Oct. 30, 2008, at 5 p.m. EDT. The conference call will be webcast live on the PGE Web site at www.PortlandGeneral.com.
A replay of the call will be available beginning at 7 p.m. EDT on Thursday, Oct. 30, through Thursday, Nov. 6.
Peggy Fowler, CEO and president; Jim Piro, executive vice president, CFO and treasurer; and Bill Valach, director of investor relations, will participate in the call. Management will respond to questions following formal comments.
The attached condensed consolidated statements of income, balance sheets, statements of cash flows and supplemental operating statistics are an integral part of this earnings release.
About Portland General Electric Company
Portland General Electric, headquartered in Portland, Ore., is a vertically integrated electric utility that serves approximately 814,000 residential, commercial and industrial customers in Oregon. Visit our Web site 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 and long-term earnings growth; statements regarding future capital expenditure;, statements regarding PGE's access to capital and cost of capital; statements regarding PGE's future liquidity; statements regarding the cost, completion and benefits of capital projects, such as the smart-meter and Biglow Canyon Wind Farm projects; statements regarding the outcome of the 2009 general rate case, 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 changes in weather, hydroelectric and energy market 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; operational factors affecting the Company's power generation facilities, including outages, hydro conditions, wind conditions and disruption of fuel supply; and the outcome of various legal and regulatory proceedings. 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
(Dollars in millions, except per share amounts)
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2008 2007 2008 2007
Revenues, net $ 400 $ 435 $ 1,296 $ 1,273
Operating expenses:
Purchased power and fuel 217 242 652 620
Production and distribution 40 36 125 109
Administrative and other 48 46 142 136
Depreciation and amortization 54 46 154 134
Taxes other than income taxes 20 20 63 60
Total operating expenses 379 390 1,136 1,059
Income from operations 21 45 160 214
Other income (expense):
Allowance for equity funds used during construction 3 4 7 13
Miscellaneous income (expense), net (4 ) 2 (6 ) 10
Other income (expense), net (1 ) 6 1 23
Interest expense 21 19 67 54
Income (loss) before income tax expense (benefit) (1 ) 32 94 183
Income tax expense (benefit) (1 ) 12 27 62
Net income $ - $ 20 $ 67 $ 121
Weighted-average shares outstanding (in thousands):
Basic 62,554 62,516 62,539 62,509
Diluted 62,607 62,542 62,589 62,534
Earnings per share - basic and diluted $ - $ 0.32 $ 1.08 $ 1.93
Dividends declared per share $ 0.245 $ 0.235 $ 0.725 $ 0.695
PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions, except share amounts)
(Unaudited)
September 30, December 31,
2008 2007
ASSETS
Current assets:
Cash and cash equivalents $ 5 $ 73
Accounts and notes receivable, net 142 178
Margin deposits 145 28
Assets from price risk management activities 70 64
Inventories, at average cost 69 64
Deferred income taxes 68 12
Unbilled revenues 62 92
Other current assets 66 27
Total current assets 627 538
Electric utility plant, net 3,236 3,066
Non-qualified benefit plan trust 56 69
Nuclear decommissioning trust 45 46
Regulatory assets 427 304
Other noncurrent assets 84 85
Total assets $ 4,475 $ 4,108
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities $ 194 $ 227
Liabilities from price risk management activities 246 101
Current portion of long-term debt 142 -
Accrued taxes 54 23
Short-term borrowings 38 -
Other current liabilities 47 40
Total current liabilities 721 391
Long-term debt, net of current portion 1,164 1,313
Regulatory liabilities 666 574
Deferred income taxes 342 279
Non-qualified benefit plan liabilities 89 86
Accumulated asset retirement obligations 80 91
Other noncurrent liabilities 59 58
Total liabilities 3,121 2,792
Commitments and contingencies
Shareholders' equity:
Common stock, no par value, 80,000,000 shares authorized; 662 646
62,557,928 and 62,529,787 shares issued and outstanding as of
September 30, 2008, and December 31, 2007, respectively
Accumulated other comprehensive loss (4 ) (4 )
Retained earnings 696 674
Total shareholders' equity 1,354 1,316
Total liabilities and shareholders' equity $ 4,475 $ 4,108
PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
Nine Months Ended
September 30,
2008 2007
Cash flows from operating activities:
Net income $ 67 $ 121
Reconciliation of net income to net cash provided by operating
activities:
Depreciation and amortization 154 134
Net assets from price risk management activities 139 (16 )
Regulatory deferral - price risk management activities (139 ) 16
Trojan refund liability 33 -
Deferred income taxes 9 20
Non-qualified benefit plan trust (gain) loss 9 (6 )
Senate Bill 408 deferrals 2 (9 )
Allowance for equity funds used during construction (7 ) (13 )
Power cost deferrals 2 (10 )
Other non-cash income and expenses, net 19 1
Changes in working capital:
Net margin deposit activity (120 ) 7
Decrease in receivables 66 29
Increase (decrease) in payables (10 ) 41
Other working capital items, net 7 (15 )
Other, net (9 ) (9 )
Net cash provided by operating activities 222 291
Cash flows from investing activities:
Capital expenditures (281 ) (351 )
Sales of nuclear decommissioning trust securities 23 17
Purchases of nuclear decommissioning trust securities (20 ) (19 )
Insurance proceeds received 3 -
Other, net (2 ) 2
Net cash used in investing activities (277 ) (351 )
Cash flows from financing activities:
Payments on long-term debt (56 ) (71 )
Proceeds from issuance of long-term debt 50 306
Short-term borrowings (payments), net 38 (81 )
Dividends paid (45 ) (43 )
Debt issuance costs - (3 )
Net cash provided by (used in) financing activities (13 ) 108
Increase (decrease) in cash and cash equivalents (68 ) 48
Cash and cash equivalents, beginning of period 73 12
Cash and cash equivalents, end of period $ 5 $ 60
Supplemental cash flow information is as follows:
Cash paid during the period for:
Interest, net of amounts capitalized $ 49 $ 37
Income taxes 8 30
Non-cash investing and financing activities:
Accrued capital additions 19 33
Accrued dividends payable 15 15
Former parent's capital contribution of Oregon tax credits 13 -
PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES
SUPPLEMENTAL OPERATING STATISTICS
(Unaudited)
Three Months Ended Sept. 30, Nine Months Ended Sept. 30,
2008 2007 2008 2007
Revenues (millions)
Retail sales:
Residential $ 155 $ 160 $ 559 $ 501
Commercial 156 157 450 440
Industrial 42 41 119 119
Total retail sales 353 358 1,128 1,060
Trojan refund liability (33 ) - (33 ) -
Direct access customers (3 ) (3 ) (7 ) (9 )
Other retail revenues 11 7 20 54
Total retail revenues 328 362 1,108 1,105
Wholesale revenues 61 68 153 149
Other operating revenues 11 5 35 19
Revenues, net $ 400 $ 435 $ 1,296 $ 1,273
Energy sold and delivered - MWhs (thousands)
Retail energy sales:
Residential 1,643 1,602 5,765 5,504
Commercial 1,909 1,910 5,439 5,442
Industrial 649 632 1,857 1,875
Total retail energy sales 4,201 4,144 13,061 12,821
Delivered to direct access customers 636 567 1,825 1,612
Total retail energy deliveries 4,837 4,711 14,886 14,433
Wholesale sales 942 1,221 2,429 3,161
Total energy sold and delivered 5,779 5,932 17,315 17,594
Retail customers - end of period
Residential 711,963 703,272
Commercial 102,162 100,110
Industrial 267 257
Total retail customers 814,392 803,639
Degree-Days
Heating Cooling
2008 2007 2008 2007
1st Quarter 1,981 1,852 - -
Average 1,840 1,840 - -
2nd Quarter 860 698 98 56
Average 664 664 67 67
3rd Quarter 80 123 376 344
Average 82 82 385 385
Note: "Average"
amounts represent 15-year rolling averages provided by the National
Weather Service (Portland Airport).
SOURCE: Portland General Electric Company
Portland General Electric Company Media Contact: Gail Baker, 503-464-8693 Director, Corporate Communications or Investor Contact: Bill Valach, 503-464-7395 Director, Investor Relations
Copyright Business Wire 2008
News Provided by COMTEX