Portland General Corporation and Subsidiaries
Management's Discussion and Analysis of Financial
Condition and Results of Operations
Results of Operations
Portland General Electric Company (PGE or the Company), an electric
utility company and Portland General Corporation's (Portland General)
principal operating subsidiary, accounts for substantially all of
Portland General's assets, revenues and net income. The following
discussion focuses on utility operations, unless noted.
1995 Compared to 1994 for the Three Months Ended March 31
Portland General lost $2 million or $0.04
per share for the first quarter of 1995,
compared to earnings of $39 million or
$0.80 per share in 1994. The loss for
the period is the result of a $36.7
million charge to income, after tax,
related to the PUC's rate order
disallowing 13% of PGE's remaining
investment in the Trojan Nuclear Plant
(Trojan). Excluding the Trojan loss,
earnings would have been $35 million.
Quarterly operating results reflect
improved hydro conditions, continued
retail load growth and favorable
secondary power costs offset by the
effects of mild winter weather and decreased wholesale sales.
Weather adjusted retail load increased 1.8% for the quarter driven by
increased sales to commercial and industrial customers. Despite the
effects of mild first quarter weather, kilowatt-hour (kWh) sales to
residential customers remained comparable to last year due to the
addition of nearly 3,000 residential customers during the quarter.
Although retail megawatt-hour (MWh) sales increased, retail revenues
declined $12 million, or 5%, primarily due to fewer accrued revenues
related to power cost deferrals and incentive revenues related to
energy efficiency programs.
Wholesale revenues declined $7 million or
25% from 1994 levels due to a surplus of
low-cost power coupled with decreased
demand, caused by mild winter weather and
abundant hydro generation in
the Northwest and California.
Comparatively, wholesale revenues for 1994
benefited from increased demand from
California due to disruptions in the DC
intertie and plant outages.
Low cost secondary power and increased
hydro production reduced variable power
costs $13 million. Warm temperatures and
abundant rainfall resulted in above
average hydro conditions on the Clackamas
River system and yielded a 25% increase in PGE hydro generation. Heavy storms
produced high levels of hydro generation in California and contributed to lower
spot-market prices allowing PGE's secondary purchases to average 11.9
mills per kWh (10 mills = 1 cent) compared to 21.7 mills per kWh in 1994.
Operating Expenses
12 Months Ending March 31
Millions of Dollars
1993 1994 1995
Operating Costs 332 270 265
Variable Power Costs 250 322 334
Depreciation 99 122 125
Portland General Corporation and Subsidiaries
Management's Discussion and Analysis of Financial
Condition and Results of Operations
PGE reduced thermal plant generation 31% to take advantage of low
secondary prices.
Operating expenses increased slightly as PGE accelerated maintenance
work at generating facilities during economic outages.
1995 Compared to 1994 for the Twelve Months Ended March 31
Portland General earned $58 million, or $1.16 per share for the twelve
months ended March 31, 1995, compared to $92 million, or $1.92 per share
for the 1994 period. 1995 earnings include a $36.7 million charge to
income related to the PUC's disallowance of 13% of PGE's investment in
Trojan. During the 1995 period, previously recorded real estate
reserves of $6 million, after tax, were restored to income as a result
of the substantial completion of divestiture of real estate investments.
Exclusive of these items earnings for 1995 would have been $89 million.
PGE experienced strong retail load growth
of 2.3% during 1995. In addition,
wholesale sales jumped 24% for the period.
Although sales increased, operating
revenues decreased $6 million primarily due
to fewer accrued revenues for power cost
deferrals.
Variable power costs increased $12 million
to support the higher level of wholesale
and retail sales. At the same time, strong
performance at PGE's thermal generating
facilities and favorable gas prices lowered
the average variable power cost from 19.0
mills per kWh to 18.6 mills per kWh.
Further declines in nuclear operating costs contributed to a $6 million
decline in operating expenses. In addition, other income, net of income
taxes, increased $6 million reflecting an increase in accrued interest
on deferred power costs and a gain on the sale of non-utility property.
Cash Flow
Portland General Corporation
Portland General requires cash to pay dividends to its common stockholders,
to provide funds to its subsidiaries, to meet debt service obligations and
for day to day operations. Sources of cash are dividends from PGE, leasing
rentals, short- and intermediate-term borrowings and the sale of its common
stock.
PGE Electricity Sales
12 Months ending March 31
Billions of kWhs
1993 1994 1995
Residential 6.7 6.6 6.7
Commercial 6.0 6.0 6.3
Industrial 3.7 3.8 3.9
Wholesale 2.1 2.0 2.5
Portland General Corporation and Subsidiaries
Management's Discussion and Analysis of Financial
Condition and Results of Operations
Portland General received $13 million in dividends from PGE during the
first quarter of 1995 and $2.3 million in proceeds from the issuance of
shares of common stock under its Dividend Reinvestment and Optional Cash
Payment Plan.
Portland General Electric Company
Cash Provided by Operations
Operations are the primary source of cash used for day to day operating
needs of PGE and funding of construction activities. PGE also obtains
cash from external borrowings, as needed.
A significant portion of cash from operations comes from depreciation
and amortization of utility plant, charges which are recovered in
customer revenues but require no current cash outlay. Changes in
accounts receivable and accounts payable can also be significant
contributors or users of cash.
Portland General has reached a tentative settlement with the IRS
regarding the WNP-3 abandonment loss deduction on its 1985 tax return.
Portland General does not expect future cash requirements to be
materially affected by the resolution of this matter (see Note 3, Income
Taxes, for further information).
Investing Activities
PGE invests in facilities for generation, transmission and distribution
of electric energy and products and services for energy efficiency.
Estimated capital expenditures for 1995 are expected to be $250 million.
Approximately $48 million has been expended for capital projects,
including energy efficiency, through March 31, 1995.
PGE pays into an external trust for Trojan decommissioning costs. A
higher level of current collections from customers authorized in the
PUC's recent general rate order has allowed PGE to increase its'
contribution to the trust from $11 million to $14 million annually as of
April 1, 1995.
Financing Activities
In May, Moody's upgraded the senior secured debt ratings of PGE and
Standard & Poor's (S&P) revised its outlook to positive. Senior secured
debt ratings for PGE from Moody's and S&P are A3 and A-, respectively.
Financial and Operating Outlook
Utility
General Rate Case
On March 29, 1995 the PUC issued an order on PGE's 1993 general rate
request. The order, based on a two-year test period, authorized a
single average rate increase of 5% representing additional revenues of
$51 million in 1995 and $52 million in 1996. The tariff change, which
increased residential rates 7.7%, commercial rates 5.6% and industrial
rates 2.6%, became effective April 1, 1995. The order established PGE's
return on equity at 11.6%, a decrease from the previously authorized
12.5%. The
Portland General Corporation and Subsidiaries
Management's Discussion and Analysis of Financial
Condition and Results of Operations
order authorized PGE to recover all of the estimated Trojan
decommissioning costs and 87% of its remaining investment in Trojan.
Amounts will be collected over Trojan's original license period ending
in 2011. The order also adopted a mechanism to decouple short-term
profits from retail kilowatt-hour sales during the two-year test period.
The disallowed portion of the Trojan investment is comprised of $17.1
million of post-1991 capital expenditures, primarily related to steam
generator repair activities, and $20.4 million of general Trojan
investment. As a result of this disallowance, PGE has recorded a first
quarter 1995 after tax charge to income of $36.7 million.
The decoupling mechanism adopted by the PUC sets revenue targets
associated with retail loads for each month beginning April 1995 through
December 1996. If actual weather-adjusted revenues exceed or fall short
of target revenues, PGE will refund or collect the difference from
customers over an 18-month period. The adjustment at anytime during the
two-year period cannot result in an overall increase or decrease in
rates, due solely to decoupling, of more than 3%. Adjustments to rates,
if necessary, will be made every six months.
The order included approximately $16 million of variable power cost
savings expected from the commercial operation of the Coyote Springs
Generating Project (Coyote Springs), a 220 megawatt natural gas-fueled
cogeneration facility under construction in eastern Oregon. The order
did not include projected capital and fixed costs associated with the
plant of approximately $36 million. PGE will file to include these
costs in base rates coinciding with anticipated commercial operation of
the plant in late 1995.
The order did not address collection of PGE's power cost deferrals which
will be the subject of separate rate proceedings to be filed with the
PUC during 1995 (see Power Cost Recovery discussion below).
Legal challenges have been filed against the PUC's rate order (see Item
1. Legal Proceedings for further discussion). Any party to the general
rate proceeding, including PGE, has 60 days from the date of the order
entered by the PUC to file an application for reconsideration or to
appeal to state court.
Trojan Issues
Investment Recovery - Regarding the authority of the PUC to grant
recovery of the Trojan investment, the Oregon Department of Justice
(Attorney General) issued an opinion that the PUC may allow rate
recovery of total plant costs including operating expenses, taxes,
decommissioning costs, return of capital invested in the plant and
return on the undepreciated investment. On August 9, 1993, the PUC
issued a declaratory ruling (DR-10) agreeing with the Attorney General's
opinion. In the March 1995 rate order the PUC granted PGE recovery of
all of its estimated decommissioning costs and 87% of its remaining
Trojan investment. Both the DR-10 ruling and the rate case order are
being challenged in state courts (see Item 1. Legal Proceedings for
further discussion). Management believes that the authorized recovery
of the Trojan investment and decommissioning costs will be upheld.
Portland General Corporation and Subsidiaries
Management's Discussion and Analysis of Financial
Condition and Results of Operations
Decommissioning - PGE commenced the early removal of some of Trojan's
large components in November 1994 when the Energy Facility Siting
Council of Oregon (EFSC) granted specific approval for the project. The
large component removal project (LCRP) is scheduled for completion by
year-end 1995 and is expected to provide decommissioning cost savings by
taking advantage of lower near-term burial costs. Various legal
challenges have been filed in opposition to the project but are not
expected to delay or increase the cost of the project.
In January 1995 PGE submitted its Trojan decommissioning plan to the
Nuclear Regulatory Commission (NRC) and EFSC. The plan represents the
culmination of a two-year process undertaken by PGE to evaluate the most
economical way to safely decommission Trojan in a regulated environment.
The plan will undergo extensive review by both agencies prior to
approval.
PGE is collecting $14 million annually in revenues from customers for
decommissioning costs and deposits them into the Nuclear Decommissioning
Trust (NDT), an external trust fund. Use of these funds is limited to
decommissioning activities provided for in PGE's decommissioning plan.
NDT funds are currently being withdrawn to reimburse the Company for its
expenditures related to the LCRP. PGE expects any future changes in
estimated decommissioning costs to be incorporated in revenues to be
collected from customers.
Power Cost Recovery
PGE operates without a power cost adjustment tariff, therefore
adjustments for power costs above or below those set in existing general
tariffs are not automatically reflected in customers' rates. As a
result, PGE has obtained PUC approval to defer incremental replacement
power costs related to the closure of Trojan prior to resolution of its'
general rate case discussed above. The following table sets
out the amounts deferred and the collection status of the various
deferrals. In accordance with Oregon law, collection of the deferrals
is subject to PUC review of PGE's reported earnings, adjusted for the
regulatory treatment of unusual and/or non-recurring items, as well as
the determination of an appropriate rate of return on equity for a given
review period.
Synopsis of Power Cost Deferrals
Deferral Earnings Amounts
Period Covered Rate Review Deferred Collected
December 4, 1992 - 80% Approved (1) $54 million $18 million
March 31, 1993 (4)(a)
July 1, 1993 - 50% Mid-1995 (2) $57 million N/A
March 31, 1994 (4)(b)
January 1, 1995 - 40% Mid-1995 (3) $11 million N/A
March 31, 1995
(1) Approved for collection which began on 4/1/94.
(2) Subject to earnings review for the period 4/1/93 through 3/31/94 to be
filed on June 30, 1995.
(3) Subject to earnings review for the period 4/1/94 through 3/31/95 to be
filed on June 30, 1995.
(4) Includes accrued interest of (a) $10 million and (b) $7 million and
(c) $.2 million.
Portland General Corporation and Subsidiaries
Management's Discussion and Analysis of Financial
Condition and Results of Operations
Customer Growth and Revenues
During the first quarter of 1995
approximately 3,200 retail customers
were added to PGE's service territory.
For the twelve-months ended March 31,
1995, 13,600 retail customers were
added. PGE's weather-adjusted retail
energy sales through the first quarter
of 1995 were 1.8% higher than energy
sales for the same period in 1994.
The Company expects 1995 load growth
to be approximately 2.6%.
Seasonality
PGE's retail sales peak in the winter, therefore, quarterly earnings are
not necessarily indicative of results to be expected for fiscal year
1995.
Competition
The Energy Policy Act of 1992 and various state actions including the
California Public Utility Commission's Industry Restructuring Proposal
(Restructuring Proposal) have caused utilities to address their competitive
environment. The 1994 Restructuring Proposal outlines a changed electric
services industry in which consumers are gradually allowed direct access to
generation suppliers, marketers, brokers and other service providers in
a competitive marketplace for energy services.
The Notice of Proposed Rulemaking (NOPR) issued by the Federal Energy
Regulatory Commission (FERC) on March 29, 1995 regarding non-
discriminatory open access transmission requirements for all public
utilities is likely to have a significant effect on the electric utility
industry. The proposed rules address several issues including stranded
asset recovery and the open access transmission of electricity. The proposed
open access transmission requirements would give wholesale competitors access
to PGE's transmission facilities, as well as the Company's 950 megawatts of
transmission rights on the Pacific Northwest Intertie, and, in turn,
give PGE access to their transmission facilities. PGE is in the
process of preparing an open access transmission tariff for its
existing transmission facilities.
Although presently operating in a cost-based regulated environment, PGE
expects increasing competition from other forms of energy and other
suppliers of electricity. The Company is unable to determine the future
impact that increased competitive factors will have on wholesale and retail
pricing in the industry.
Quarterly Increase in Retail Customers
Residential Commercial/Industrial
Quarter/Year Customers Customers
4Q 92 2927 380
1Q 93 2025 275
2Q 93 1697 429
3Q 93 2802 446
4Q 93 2775 563
1Q 94 2986 390
2Q 94 2476 550
3Q 94 2219 454
4Q 94 4247 379
1Q 95 3010 270
New Accounting Standard
The Financial Accounting Standards Board has issued new accounting
guidelines, effective in 1996, regarding the impairment of long-lived
Portland General Corporation and Subsidiaries
Management's Discussion and Analysis of Financial
Condition and Results of Operations
assets. The standard requires an asset impairment review that may lead
to impairment loss recognition whenever events or changes in circumstances
indicate the regulatory asset is no longer probable of recovery. Management
does not anticipate that the adoption of this standard will have a material
impact on the financial position or results of operations of the Company
based on the current regulatory structure in which the Company operates.
Nonutility
Portland General, Portland General Holdings, Inc. (Holdings), and
certain affiliated individuals (Portland Defendants), along with others,
have been named as defendants in a class action by investors in
Bonneville Pacific Corporation (Bonneville Pacific) and in a suit filed
by the bankruptcy trustee for Bonneville Pacific. The Portland
Defendants have settled the claims alleged in the class action for $2.5
million. The settlement is subject to approval by the members of the
class. The suit by the bankruptcy trustee for Bonneville Pacific
alleges RICO violations and RICO conspiracy, collusive tort, civil
conspiracy, common law fraud, negligent misrepresentation, breach of
fiduciary duty, liability as a partner for the debts of a partnership
and other actionable wrongs.
Holdings has filed a complaint seeking approximately $228 million in
damages against Deloitte & Touche and certain parties associated with
Bonneville Pacific alleging that it relied on fraudulent and negligent
statements and omissions when it acquired an interest in and made loans
to Bonneville Pacific.
A detailed report released in June 1992, by a U.S. Bankruptcy examiner
outlined a number of questionable transactions that resulted in gross
exaggeration of Bonneville Pacific's assets prior to Holdings'
investment. This report includes the examiner's opinion that there was
significant mismanagement and very likely fraud at Bonneville Pacific.
For background information and further details, see Note 2, Legal
Matters in the Notes to Financial Statements.
Portland General Corporation and Subsidiaries
Consolidated Statements of Income for the
Three Months and Twelve Months Ended March 31, 1995 and 1994
(Unaudited)
Three Months Ended Twelve Months Ended
March 31 March 31
1995 1994 1995 1994
(Thousands of Dollars except per share amounts)
Operating Revenues $259,177 $278,014 $940,572 $948,011
Operating Expenses
Purchased power and fuel 87,696 100,970 333,851 321,875
Production and distribution 15,153 15,406 61,638 68,391
Maintenance and repairs 9,933 9,159 48,165 49,361
Administrative and other 25,140 22,432 103,304 98,182
Depreciation and amortization 31,458 30,849 124,690 122,323
Taxes other than income taxes 13,757 14,294 51,614 53,899
183,137 193,110 723,262 714,031
Operating Income Before
Income Taxes 76,040 84,904 217,310 233,980
Income Taxes 26,487 28,984 69,381 75,066
Net Operating Income 49,553 55,920 147,929 158,914
Other Income (Deductions)
Trojan disallowance - net of income
taxes of $17,101 (36,708) - (36,708) -
Interest expense (19,195) (17,051) (73,797) (70,113)
Allowance for funds used
during construction 2,148 464 5,998 1,076
Preferred dividend requirement - PGE (2,583) (2,988) (10,395) (11,966)
Other - net of income taxes 4,831 2,820 18,912 13,816
Income (Loss) from Continuing Operations (1,954) 39,165 51,939 91,727
Discontinued Operations
Gain on disposal of real estate
operations - net of income taxes
of $4,226 - - 6,472 -
Net Income (Loss) $ (1,954) $ 39,165 $ 58,411 $ 91,727
Common Stock
Average shares outstanding 50,591,449 48,670,211 50,370,419 47,749,975
Earnings (Loss) per average share
Continuing operations (0.04) 0.80 1.03 1.92
Discontinued operations - - 0.13 -
Earnings (Loss) per average share $(0.04) $ 0.80 $ 1.16 $ 1.92
Dividends declared per share $ .30 $ .30 $ 1.20 $ 1.20
Consolidated Statements of Retained Earnings for the
Three Months and Twelve Months Ended March 31, 1995 and 1994
(Unaudited)
Three Months Ended Twelve Months Ended
March 31 March 31
1995 1994 1995 1994
(Thousands of Dollars)
Operating Revenues $259,177 $278,014 $940,572 $948,011
Balance at Beginning of Period $118,676 $ 81,159 $104,939 $ 72,481
Net Income (Loss) (1,954) 39,165 58,411 91,727
ESOP Tax Benefit & Amortization of
Preferred Stock Premium (474) (370) (1,809) (1,515)
116,248 119,954 161,541 162,693
Dividends Declared on
Common Stock 15,185 15,015 60,478 57,754
Balance at End of Period $101,063 $104,939 $101,063 $104,939
The accompanying notes are an integral part of these consolidated statements.
Portland General Corporation and Subsidiaries
Consolidated Balance Sheets as
of March 31, 1995 and December 31, 1994
(Unaudited)
March 31 December 31
1995 1994
(Thousands of Dollars)
Assets
Electric Utility Plant - Original Cost
Utility plant (includes Construction Work
in Progress of $170,852 and $148,267) $2,604,758 $2,563,476
Accumulated depreciation (977,998) (958,465)
1,626,760 1,605,011
Capital leases - less amortization of $26,338 and $25,796 10,980 11,523
1,637,740 1,616,534
Other Property and Investments
Leveraged leases 153,053 153,332
Net assets of discontinued real estate operations 5,845 11,562
Trojan decommissioning trust, at market value 58,825 58,485
Corporate Owned Life Insurance less loans of $24,320 in 1995
and $21,731 in 1994 64,135 65,687
Other investments 28,562 28,626
310,420 317,692
Current Assets
Cash and cash equivalents 19,057 17,542
Accounts and notes receivable 82,948 91,418
Unbilled and accrued revenues 157,071 158,259
Inventories, at average cost 37,794 31,149
Prepayments and other 55,754 38,347
352,624 336,715
Deferred Charges
Unamortized regulatory assets
Trojan investment 340,162 402,713
Trojan decommissioning 331,745 338,718
Income taxes recoverable 206,594 217,967
Debt reacquisition costs 31,570 32,245
Energy efficiency programs 61,610 58,894
Other 46,969 47,787
WNP-3 settlement exchange agreement 172,081 173,308
Miscellaneous 19,804 16,698
1,210,535 1,288,330
$3,511,319 $3,559,271
Capitalization and Liabilities
Capitalization
Common stock $ 189,812 $ 189,358
Other paid-in capital 566,405 563,915
Unearned compensation (12,016) (13,636)
Retained earnings 101,063 118,676
845,264 858,313
Cumulative preferred stock of subsidiary
Subject to mandatory redemption 50,000 50,000
Not subject to mandatory redemption 69,704 69,704
Long-term debt 835,360 835,814
1,800,328 1,813,831
Current Liabilities
Long-term debt and preferred stock due within one year 78,497 81,506
Short-term borrowings 124,971 148,598
Accounts payable and other accruals 96,244 104,254
Accrued interest 22,134 19,915
Dividends payable 18,161 18,109
Accrued taxes 59,167 27,778
399,174 400,160
Other
Deferred income taxes 656,975 687,670
Deferred investment tax credits 55,691 56,760
Deferred gain on sale of assets 118,563 118,939
Trojan decommissioning and transition costs 393,804 396,873
Miscellaneous 86,784 85,038
1,311,817 1,345,280
$3,511,319 $3,559,271
The accompanying notes are an integral part of these consolidated balance sheets.
Portland General Corporation and Subsidiaries
Consolidated Statements of Capitalization
as of March 31, 1995 and December 31, 1994
(Unaudited)
March 31 December 31
1995 1994
(Thousands of Dollars)
Common Stock Equity
Common stock, $3.75 par value per
share 100,000,000 shares authorized,
50,616,653 and 50,495,492 shares outstanding $ 189,812 $ 189,358
Other paid-in capital - net 566,405 563,915
Unearned compensation (12,016) (13,636)
Retained earnings 101,063 118,676
845,264 46.9% 858,313 47.3%
Cumulative Preferred Stock
Subject to mandatory redemption
No par value, 30,000,000 shares authorized
7.75% Series, 300,000 shares outstanding 30,000 30,000
$100 par value, 2,500,000 shares authorized
8.10% Series, 300,000 shares outstanding 30,000 30,000
Current sinking fund (10,000) (10,000)
50,000 2.8 50,000 2.8
Not subject to mandatory redemption, $100 par value
7.95% Series, 298,045 shares outstanding 29,804 29,804
7.88% Series, 199,575 shares outstanding 19,958 19,958
8.20% Series, 199,420 shares outstanding 19,942 19,942
69,704 3.9 69,704 3.8
Long-Term Debt
First mortgage bonds
Maturing 1995 through 2000
4.70% Series due March 1, 1995 - 3,045
5-7/8% Series due June 1, 1996 5,216 5,216
6.60% Series due October 1, 1997 15,363 15,363
Medium-term notes - 5.65%-9.27% 251,000 251,000
Maturing 2001 through 2005 - 6.47%-9.07% 210,845 210,845
Maturing 2021 through 2023 - 7.75%-9.46% 195,000 195,000
Pollution control bonds
Port of Morrow, Oregon, variable rate
(Average 2.7% for 1994), due 2013 23,600 23,600
City of Forsyth, Montana, variable rate
(Average 2.9% for 1994), due 2013
through 2016 118,800 118,800
Amount held by trustee (8,175) (8,355)
Port of St. Helens, Oregon, due 2010 and 2014
(Average variable 2.7%-2.9% for 1994) 51,600 51,600
Medium-term notes maturing 1996 - 8.09% 30,000 30,000
Capital lease obligations 10,980 11,523
Other (372) (317)
903,857 907,320
Long-term debt due within one year (68,497) (71,506)
835,360 46.4 835,814 46.1
Total capitalization $1,800,328 100.0% $1,813,831 100.0%
The accompanying notes are an integral part of these consolidated statements.
Portland General Corporation and Subsidiaries
Consolidated Statements of Cash Flow for the
Three Months and Twelve Months Ended March 31, 1995 and 1994
(Unaudited)
Three Months Ended Twelve Months Ended
March 31 March 31
1995 1994 1995 1994
(Thousands of Dollars)
Cash Provided (Used) By -
Operations:
Net income (loss) $ (1,954) $ 39,165 $ 58,411 $ 91,727
Adjustments to reconcile net income (loss)
to net cash provided by operations:
Depreciation and amortization 23,806 22,565 95,458 89,573
Amortization of WNP-3 exchange agreement 1,228 1,174 4,749 4,541
Amortization of Trojan investment 6,463 6,721 26,480 26,587
Amortization of Trojan decommissioning 2,805 2,805 11,220 11,220
Amortization of deferred charges - other (1,011) 2,339 (638) 7,597
Deferred income taxes - net (3,732) 2,812 30,852 48,635
Other noncash revenues (403) (334) (2,639) (1,802)
(Increase) Decrease in receivables 10,084 (17,769) 3,413 (62,513)
(Increase) Decrease in inventories (6,645) 1,117 (4,498) 15,454
Increase (Decrease) in payables 24,666 27,443 (7,882) (17,800)
Other working capital items - net (16,247) (7,618) (25,245) 12,953
Gain from discontinued operations - - (6,472) -
Deferred charges - other 130 (1,143) 11,531 (7,861)
Miscellaneous - net 2,813 502 14,680 18,273
Trojan disallowance 36,708 - 36,708 -
78,711 79,779 246,128 236,584
Investing Activities:
Utility construction - new resources (15,959) (22,979) (80,517) (51,645)
Utility construction - other (28,434) (25,300) (134,809) (106,081)
Energy efficiency programs (3,902) (4,834) (22,813) (20,604)
Rentals received from leveraged leases 4,423 5,029 20,280 17,732
Nuclear decommissioning trust contributions (2,805) (2,805) (11,220) (11,220)
Nuclear decommissioning expenditures 4,938 - 4,938 -
Other (501) (340) (14,219) (10,587)
(42,240) (51,229) (238,360) (182,405)
Financing Activities:
Short-term borrowings - net (23,627) (39,149) 4,706 (1,710)
Borrowings from Corporate Owned Life Insurance 2,589 - 24,320 -
Long-term debt issued - - 75,000 252,000
Long-term debt retired (3,045) (11,232) (41,695) (282,529)
Repayment of nonrecourse borrowings for
leveraged leases (3,871) (4,475) (17,442) (15,161)
Preferred stock retired - - (20,000) (3,600)
Common stock issued 2,414 43,307 9,181 50,147
Dividends paid (15,133) (14,228) (60,761) (56,932)
(40,673) (25,777) (26,691) (57,785)
Net Cash Provided By (Used In)
Continuing Operations (4,202) 2,773 (18,923) (3,606)
Discontinued Operations 5,717 611 31,394 2,175
Increase (Decrease) In Cash and
Cash Equivalents 1,515 3,384 12,471 (1,431)
Cash and Cash Equivalents at the Beginning
of Period 17,542 3,202 6,586 8,017
Cash and Cash Equivalents at the End
of Period $ 19,057 $ 6,586 $ 19,057 $ 6,586
Supplemental disclosures of cash flow information
Cash paid during the period:
Interest $ 15,403 $ 12,608 $ 67,690 $ 69,759
Income taxes - (211) 31,750 12,538
The accompanying notes are an integral part of these consolidated statements.
Portland General Corporation and Subsidiaries
Notes to Financial Statements
(Unaudited)
Note 1
Principles of Interim Statements
The interim financial statements have been prepared by Portland
General Corporation (Portland General) and, in the opinion of
management, reflect all material adjustments which are necessary to a
fair statement of results for the interim periods presented. Certain
information and footnote disclosures made in the last annual report on
Form 10-K have been condensed or omitted for the interim statements.
Certain costs are estimated for the full year and allocated to interim
periods based on the estimates of operating time expired, benefit
received or activity associated with the interim period. Accordingly,
such costs are subject to year-end adjustment. It is Portland
General's opinion that, when the interim statements are read in
conjunction with the 1994 Annual Report on Form 10-K, the disclosures
are adequate to make the information presented not misleading.
Reclassifications
Certain amounts in prior years have been reclassified for comparative
purposes.
Note 2
Legal Matters
WNP Cost Sharing
PGE and three other investor-owned utilities (IOUs) are involved in
litigation surrounding the proper allocation of shared costs between
Washington Public Power Supply System (Supply System) Units 1 and 3 and
Units 4 and 5. A court ruling, issued in May 1989, stated that Bond
Resolution No. 890, adopted by the Supply System, controlled
disbursement of proceeds from bonds issued for the construction of Unit
5, including the method for allocation of shared costs. It is the IOUs'
contention that at the time the project commenced there was agreement
among the parties as to the allocation of shared costs and that this
agreement and the Bond Resolution are consistent, such that the
allocation under the agreement is not prohibited by the Bond Resolution.
In February 1992, the Court of Appeals ruled that shared costs between
Units 3 and 5 should be allocated in proportion to benefits under the
equitable method supported by PGE and the IOUs. A trial remains
necessary to assure that the allocations are properly performed.
PGE has agreed to a tentative settlement in the case which would result
in a $1 million payment by the Company. Any final settlement will
require court approval.
Portland General Corporation and Subsidiaries
Notes to Financial Statements
(Unaudited)
Bonneville Pacific Class Action and Lawsuit
The class action suit is a consolidation of various actions filed on behalf
of certain purchasers of Bonneville Pacific Corporation (Bonneville
Pacific) common shares and subordinated debentures. The defendants in the
action are certain Bonneville Pacific insiders and other individuals
associated with Bonneville Pacific, Portland General Corporation
(Portland General), Portland General Holdings, Inc. (Holdings), certain
Portland General individuals, Deloitte & Touche (Bonneville Pacific's
independent auditors) and one of its partners, Mayer, Brown & Platt, a
law firm used by Bonneville Pacific, and two partners of that firm,
three underwriters of a Bonneville offering of convertible subordinated
debentures (Kidder, Peabody & Co., Piper Jaffray & Hopwood Incorporated,
and Hanifen, Imhoff Inc.), and Norwest Bank, Minnesota, N.A., indenture
trustee on Bonneville Pacific's offering of convertible subordinated
debentures. The amount of damages sought is not specified.
The claims asserted against Portland General, Holdings, and the Portland
General individuals (Portland Defendants) allege violations of federal
and Utah state securities laws and of the Racketeer Influenced and
Corrupt Organizations Act (RICO). The Portland Defendants have agreed
to settle these claims for $2.5 million. The settlement is subject to
approval by the members of the class.
Further motions to dismiss have been filed in response to the amended
complaint, however hearing on the motions of Portland General, Holdings,
and the Portland General individuals has been deferred pending ongoing
settlement discussions between those parties and the plaintiffs.
A separate legal action was filed by Bonneville Pacific against Portland
General, Holdings, and certain individuals affiliated with Portland
General or Holdings alleging breach of fiduciary duty, tortious
interference, breach of contract, and other actionable wrongs related to
Holdings' investment in Bonneville Pacific. Following his appointment,
the Bonneville Pacific bankruptcy trustee, on behalf of Bonneville
Pacific, has filed numerous amendments to the complaint. The complaint
includes allegations of RICO violations and RICO conspiracy, collusive
tort, civil conspiracy, common law fraud, negligent misrepresentation,
breach of fiduciary duty, liability as a partner for the debts of a
partnership, and other actionable wrongs. Although the amount of
damages sought is not specified in the Complaint, the Trustee has filed
a damage disclosure calculation which purports to compute damages in
amounts ranging from $340 million to $1 billion - subject to possible
increase based on various factors.
Other Legal Matters
Portland General and certain of its subsidiaries are party to various
other claims, legal actions and complaints arising in the ordinary
course of business. These claims are not considered material.
Summary
While the ultimate disposition of these matters may have an impact on the
results of operations for a future reporting period, management believes,
based on discussion of the underlying facts and circumstances with legal
Portland General Corporation and Subsidiaries
Notes to Financial Statements
(Unaudited)
counsel, that these matters will not have a material adverse effect on
the financial condition of Portland General.
Other Bonneville Pacific Related Litigation
Holdings has filed complaints seeking approximately $228 million in
damages against Deloitte & Touche and certain other parties associated
with Bonneville Pacific alleging that it relied on fraudulent and
negligent statements and omissions by Deloitte & Touche and the other
defendants when it acquired an interest in and made loans to Bonneville
Pacific.
Note 3
Income Taxes
As a result of its examination of PGE's 1985 tax return the IRS proposed
to disallow PGE's 1985 WNP-3 abandonment loss deduction on the premise
that it is a taxable exchange. Portland General and the IRS have
reached a tentative settlement regarding this issue. Management has
previously provided for probable tax adjustments and is of the opinion
that the ultimate disposition of this matter will not have a material
adverse impact on the results of operations or cash flows of Portland
General.
Note 4
Trojan Nuclear Plant
On March 29, 1995 the PUC issued an order on PGE's general rate request.
The order authorized PGE to recover all of the estimated Trojan Nuclear
Plant (Trojan) decommissioning costs and 87% of its remaining
investment. Amounts will be collected over Trojan's original license
period ending in 2011. The disallowed portion of the Trojan investment
is comprised of $17.1 million of post-1991 capital expenditures,
primarily related to steam generator repair activities and $20.4 million
of general Trojan investment. As a result of this disallowance, PGE has
recorded an after tax charge to income of $36.7 million.
The PUC's rate order, as well as their authority to grant recovery of the
Trojan investment under Oregon law, are being challenged in state courts.
Management believes that the authorized recovery of the Trojan investment
and decommissioning costs will be upheld and that these legal challenges
will not have a material adverse impact on the results of operations or
financial condition of the Company for any future reporting period.
Portland General Electric Company and Subsidiaries
Financial Statements and Related Information
Table of Contents
Page
Number
Management Discussion and Analysis of
Financial Condition and Results of Operations * 3-9
Financial Statements 18-21
Notes to Financial Statements ** 14-16
* The discussion is substantially the same as that disclosed by
Portland General and, therefore, is incorporated by reference
to the information on the page numbers listed above.
** The notes are substantially the same as those disclosed by
Portland General and are incorporated by reference to the
information on the page numbers shown above, excluding the
Bonneville Pacific litigation discussion contained in Note 2
which relates solely to Portland General.
Portland General Corporation and Subsidiaries
Consolidated Statements of Income for the
Three Months and Twelve Months Ended March 31, 1995 and 1994
(Unaudited)
Three Months Ended Twelve Months Ended
March 31 March 31
1995 1994 1995 1994
(Thousands of Dollars)
Operating Revenues $258,891 $277,672 $940,174 $945,899
Operating Expenses
Purchased power and fuel 87,696 100,970 333,851 321,875
Production and distribution 15,153 15,406 61,638 68,391
Maintenance and repairs 9,933 9,159 48,163 49,361
Administrative and other 24,817 22,007 100,797 96,489
Depreciation and amortization 31,437 30,770 124,670 122,030
Taxes other than income taxes 13,721 14,237 51,522 53,904
Income taxes 26,746 31,568 70,492 77,463
209,503 224,117 791,133 789,513
Net Operating Income 49,388 53,555 149,041 156,386
Other Income (Deductions)
Trojan disallowance - net of income
taxes of $17,101 (36,708) - (36,708) -
Allowance for equity funds used
during construction 121 - 392 -
Other 4,690 1,815 18,376 11,247
Income taxes (344) 1,060 (1,028) (285)
(32,241) 2,875 (18,968) 10,962
Interest Charges
Interest on long-term debt and other 16,347 14,711 63,129 61,320
Interest on short-term borrowings 2,187 996 6,979 3,555
Allowance for borrowed funds used
during construction (2,027) (464) (5,606) (1,076)
16,507 15,243 64,502 63,799
Net Income 640 41,187 65,571 103,549
Preferred Dividend Requirement 2,583 2,988 10,395 11,966
Income (Loss) Available for Common Stock $ (1,943) $ 38,199 $ 55,176 $ 91,583
Consolidated Statements of Retained Earnings for the
Three Months and Twelve Months Ended March 31, 1995 and 1994
(Unaudited)
Three Months Ended Twelve Months Ended
March 31 March 31
1995 1994 1995 1994
(Thousands of Dollars)
Balance at Beginning of Period $216,468 $179,297 $201,670 $181,678
Net Income 640 41,187 65,571 103,549
ESOP Tax Benefit & Amortization of
Preferred Stock Premium (474) (370) (1,809) (1,515)
216,634 220,114 265,432 283,712
Dividends Declared
Common stock 11,545 15,393 52,594 70,013
Preferred stock 2,583 3,051 10,332 12,029
14,128 18,444 62,926 82,042
Balance at End of Period $202,506 $201,670 $202,506 $201,670
The accompanying notes are an integral part of these consolidated statements.
Portland General Corporation and Subsidiaries
Consolidated Balance Sheets as
of March 31, 1995 and December 31, 1994
(Unaudited)
March 31 December 31
1995 1994
(Thousands of Dollars)
Assets
Electric Utility Plant - Original Cost
Utility plant (includes Construction Work in Progress of
$170,852 and $148,267) $2,604,758 $2,563,476
Accumulated depreciation (977,998) (958,465)
1,626,760 1,605,011
Capital leases - less amortization of $26,338 and $25,796 10,980 11,523
1,637,740 1,616,534
Other Property and Investments
Trojan decommissioning trust, at market value 58,825 58,485
Corporate Owned Life Insurance less loans of $24,320 in
1995 and $21,731 in 1994 38,188 40,034
Other investments 26,018 26,074
123,031 124,593
Current Assets
Cash and cash equivalents 10,370 9,590
Accounts and notes receivable 84,428 91,672
Unbilled and accrued revenues 157,071 158,259
Inventories, at average cost 37,794 31,149
Prepayments and other 53,950 37,040
343,613 327,710
Deferred Charges
Unamortized regulatory assets
Trojan investment 340,162 402,713
Trojan decommissioning 331,745 338,718
Income taxes recoverable 206,594 217,967
Debt reacquisition costs 31,570 32,245
Energy efficiency programs 61,610 58,894
Other 46,969 47,787
WNP-3 settlement exchange agreement 172,081 173,308
Miscellaneous 16,804 13,682
1,207,535 1,285,314
$3,311,919 $3,354,151
Capitalization and Liabilities
Capitalization
Common stock equity $ 822,422 $ 834,226
Cumulative preferred stock
Subject to mandatory redemption 50,000 50,000
Not subject to mandatory redemption 69,704 69,704
Long-term debt 805,360 805,814
1,747,486 1,759,744
Current Liabilities
Long-term debt and preferred stock due within one year 78,497 81,506
Short-term borrowings 124,990 148,598
Accounts payable and other accruals 96,725 104,612
Accrued interest 21,910 19,084
Dividends payable 14,420 15,702
Accrued taxes 67,838 32,820
404,380 402,322
Other
Deferred income taxes 520,827 549,160
Deferred investment tax credits 55,691 56,760
Deferred gain on sale of assets 118,563 118,939
Trojan decommissioning and transition costs 393,804 396,873
Miscellaneous 71,168 70,353
1,160,053 1,192,085
$3,311,919 $3,354,151
The accompanying notes are an integral part of these consolidated balance sheets.
Portland General Corporation and Subsidiaries
Consolidated Statements of Capitalization
as of March 31, 1995 and December 31, 1994
(Unaudited)
March 31 December 31
1995 1994
(Thousands of Dollars)
Common Stock Equity
Common stock, $3.75 par value per share,
100,000,000 shares authorized, 42,758,877
shares outstanding $ 160,346 $ 160,346
Other paid-in capital - net 470,621 470,008
Unearned compensation (11,051) (12,596)
Retained earnings 202,506 216,468
822,422 47.0% 834,226 47.4%
Cumulative Preferred Stock
Subject to mandatory redemption
No par value, 30,000,000 shares authorized
7.75% Series, 300,000 shares outstanding 30,000 30,000
$100 par value, 2,500,000 shares outstanding
8.10% Series, 300,000 shares outstanding 30,000 30,000
Current sinking fund (10,000) (10,000)
50,000 2.9 50,000 2.8
Not subject to mandatory redemption, $100 par value
7.95% Series, 298,045 shares outstanding 29,804 29,804
7.88% Series, 199,575 shares outstanding 19,958 19,958
8.20% Series, 199,420 shares outstanding 19,942 19,942
69,704 4.0 69,704 4.0
Long-Term Debt
First mortgage bonds
Maturing 1995 through 2000
4.70% Series due March 1, 1995 - 3,045
5-7/8% Series due June 1, 1996 5,216 5,216
6.60% Series due October 1, 1997 15,363 15,363
Medium-term notes - 5.65%-9.27% 251,000 251,000
Maturing 2001 through 2005 - 6.47%-9.07% 210,845 210,845
Maturing 2021 through 2023 - 7.75%-9.46% 195,000 195,000
Pollution control bonds
Port of Morrow, Oregon, variable rate
(Average 2.7% for 1994), due 2013 23,600 23,600
City of Forsyth, Montana, variable rate
(Average 2.9% for 1994), due 2013
through 2016 118,800 118,800
Amount held by trustee (8,175) (8,355)
Port of St. Helens, Oregon, due 2010 and 2014
(Average variable 2.7% - 2.9% for 1994) 51,600 51,600
Capital lease obligations 10,980 11,523
Other (372) (317)
873,857 877,320
Long-term debt due within one year (68,497) (71,506)
805,360 46.1 805,814 45.8
Total capitalization $1,747,486 100.0% 1,759,744 100.0%
The accompanying notes are an integral part of these consolidated statements.
Portland General Corporation and Subsidiaries
Consolidated Statements of Cash Flow for the
Three Months and Twelve Months Ended March 31, 1995 and 1994
(Unaudited)
Three Months Ended Twelve Months Ended
March 31 March 31
1995 1994 1995 1994
(Thousands of Dollars)
Cash Provided (Used) By -
Operations:
Net Income $ 640 $ 41,187 $ 65,571 $103,549
Non-cash items included in net income:
Depreciation and amortization 23,785 22,559 95,366 89,570
Amortization of WNP-3 exchange agreement 1,228 1,174 4,749 4,541
Amortization of Trojan investment 6,463 6,721 26,480 26,587
Amortization of Trojan decommissioning 2,805 2,805 11,220 11,220
Amortization of deferred charges - other (1,011) 2,339 (638) 7,614
Deferred income taxes - net (28) 7,577 18,115 54,005
Other noncash revenues (121) - (392) -
Changes in working capital:
(Increase) Decrease in receivables 8,858 (17,577) (4,731) (57,979)
(Increase) Decrease in inventories (6,645) 1,117 (4,498) 15,454
Increase (Decrease) in payables 28,969 33,089 (7,590) (15,343)
Other working capital items - net (17,036) (8,730) (27,572) 9,621
Deferred charges - other 130 (1,143) 11,531 (7,861)
Miscellaneous - net 2,171 94 9,451 15,705
Trojan disallowance 36,708 - 36,708 -
86,916 91,212 233,770 256,683
Investing Activities:
Utility construction - new resources (15,959) (22,979) (80,517) (51,645)
Utility construction - other (28,434) (25,300) (134,809) (106,081)
Energy efficiency programs (3,902) (4,834) (22,813) (20,604)
Nuclear decommissioning trust contributions (2,805) (2,805) (11,220) (11,220)
Nuclear decommissioning expenditures 4,938 - 4,938 -
Other investments (501) (105) (10,350) (6,777)
(46,663) (56,023) (254,771) (196,327)
Financing Activities:
Short-term debt - net (23,608) (42,856) 37,926 1,613
Borrowings from Corporate Owned Life Insurance 2,589 - 24,320 -
Long-term debt issued - - 75,000 252,000
Long-term debt retired (3,045) (8,732) (24,195) (267,029)
Preferred stock retired - - (20,000) (3,600)
Common stock issued - 41,055 - 41,055
Dividends paid (15,409) (21,195) (67,240) (84,872)
(39,473) (31,728) 25,811 (60,833)
Increase (Decrease) in Cash and
Cash Equivalents 780 3,461 4,810 (477)
Cash and Cash Equivalents at the Beginning
of Period 9,590 2,099 5,560 6,037
Cash and Cash Equivalents at the End
of Period $ 10,370 $ 5,560 $ 10,370 $ 5,560
Supplemental disclosures of cash flow
information
Cash paid during the period:
Interest $ 14,178 $ 10,376 $ 63,840 $ 64,248
Income taxes (705) (6,100) 50,313 11,142
The accompanying notes are an integral part of these consolidated statements.
Portland General Corporation and Subsidiaries
Portland General Electric Company and Subsidiaries
Part II. Other Information
Item 1. Legal Proceedings
For further information, see Portland General's and PGE's reports on
Form 10-K for the year ended December 31, 1994.
NONUTILITY
Gerhard W. Gohler, IRA, et al v Robert L. Wood et al, U.S. District
Court for the District of Utah
Portland General, Portland General Holdings, Inc., and certain
affiliated individuals have settled the claims alleged in the class
action for $2.5 million. The settlement is subject to approval by the
members of the class.
UTILITY
Citizen's Utility Board of Oregon v. Public Utility Commission of
Oregon, Court of Appeals for the State of Oregon, January 1995
The Citizen's Utility Board (CUB) appealed a 1994 ruling from the Marion
County Circuit Court which upheld the order of the Public Utility
Commission of Oregon (PUC) in its Declaratory Ruling proceeding (DR-10).
In the DR-10 proceeding, PGE filed an Application with the PUC
requesting a Declaratory Ruling regarding recovery of the Trojan
investment and decommissioning costs. On August 9, 1993 the PUC issued
the declaratory ruling. In its ruling, the PUC agreed with an opinion
issued by the Oregon Department of Justice (Attorney General) stating
that under current law, the PUC has authority to allow recovery of
Trojan investment and future decommissioning costs.
Utility Reform Project and Colleen O'Neil v. Oregon Public Utility
Commission, Multnomah County Oregon Circuit Court, March 1995
The Utility Reform Project (URP) filed an appeal of the PUC's order in
PGE's general rate case. Among other things, the PUC order granted PGE
full recovery of Trojan Decommissioning costs and 87% of its remaining
investment in the plant. URP alleges that the PUC lacks authority to
allow PGE to recover Trojan costs through its rates. The complaint
seeks to remand the case back to the PUC and have all costs related to
Trojan immediately removed from PGE's rates.
Citizens Utility Board of Oregon v. Public Utility Commission of Oregon,
Marion County Oregon Circuit Court, April 1995
The Citizens Utility Board of Oregon (CUB) filed an appeal challenging
the portion of the PUC's order in PGE's general rate case authorizing
PGE to recover a return on its remaining investment in Trojan. CUB
alleges that the PUC's decision is not based upon evidence received in
the rate case, is not supported by substantial evidence in the record of
the case, is
Portland General Corporation and Subsidiaries
Portland General Electric Company and Subsidiaries
Part II. Other Information
based on an erroneous interpretation of law and is outside the scope of
the PUC's discretion and otherwise violates constitutional or statutory
provisions. CUB seeks to have the order modified, vacated, set aside or
reversed.
Item 6. Exhibits and Reports on Form 8-K
a. Exhibits
Number Exhibit Page
Portland General Corporation:
27 Financial Data Schedule - UT Electronic Filing Only
Portland General Corporation
Portland General Electric Company:
27 Financial Data Schedule - UT Electronic Filing Only
Portland General Electric Company
b. Reports on Form 8-K
March 29, 1995 - Item 5. Other Events
The PUC issued an order on PGE's general rate request.
March 30, 1995 - Item 5. Other Events
Trojan Investment Loss Recorded
Appeal of Rate Order Filed
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrants have duly caused this report to be signed on their behalf by
the undersigned hereunto duly authorized.
PORTLAND GENERAL CORPORATION
PORTLAND GENERAL ELECTRIC COMPANY
(Registrants)
May 11, 1995 By /s/ Joseph M. Hirko
Joseph M. Hirko
Vice President Finance,
Chief Financial Officer,
Chief Accounting Officer,
and Treasurer
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
UT
1,000
QTR-1
DEC-31-1995
MAR-31-1995
PER-BOOK
1,637,740
310,420
352,624
1,210,535
0
3,511,319
189,812
566,405
101,063
845,264
50,000
69,704
835,360
0
0
124,971
66,150
10,000
8,633
2,347
1,507,523
3,511,319
259,177
26,487
183,137
209,624
49,553
(31,877)
17,676
17,047
629
2,583
(1,954)
15,185
59,032
78,711
(.04)
0
Including capital lease obligations net of amortization.
Includes unearned compensation of $12,016.
Net of mandatory sinking fund of $10,000.
Net of current portion.
Net of current portion of capital lease obligations.
Exclusive of interest expense and preferred dividend requirement for PGE.
Including AFUDC.
Prior to preferred dividend requirements.
Represents the 12 month-to-date figure ending March 31, 1995.
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
UT
1,000
QTR-1
DEC-31-1995
MAR-31-1995
PER-BOOK
1,637,740
123,031
343,613
1,207,535
0
3,311,919
160,346
470,621
202,506
822,422
50,000
69,704
805,360
0
0
124,990
66,150
10,000
8,633
2,347
1,360,946
3,311,919
258,891
26,746
182,757
209,503
49,388
(32,241)
17,147
16,507
640
2,583
(1,943)
11,545
56,115
86,916
0
0
Including capital lease obligations net of amortization.
Includes unearned compensation of $11,051.
Net of mandatory sinking fund of $10,000.
Net of current portion.
Net of current portion of capital lease obligations.
Exclusive of interest expense and preferred dividend requirement for PGE.
Including AFUDC.
Prior to preferred dividend requirements.
Represents the 12 month-to-date figure ending March 31, 1995.
