UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) July 30, 2007
PORTLAND GENERAL ELECTRIC COMPANY
(Exact name of registrant as specified in its charter)
|
Oregon |
Commission File Number |
93-0256820 |
|
(State or other jurisdiction of incorporation or organization) |
1-5532-99 |
(I.R.S. Employer Identification No.) |
121 SW Salmon Street, Portland, Oregon 97204
(Address of principal executive offices) (zip code)
Registrant's telephone number, including area code: (503) 464-8000
|
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: |
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[ ] |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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[ ] |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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[ ] |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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[ ] |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
This current report and its exhibit include forward-looking statements. Portland General Electric Company based these forward-looking statements on its current expectations and projections about future events in light of its knowledge of facts as of the date of this current report and its assumptions about future circumstances. These forward-looking statements are subject to various risks and uncertainties that may be outside the control of Portland General Electric Company. Any forward-looking statement speaks only as of the date on which such statement is made and, except as required by law, Portland General Electric Company undertakes no obligation to publicly update or revise any forward-looking statements, whether due to new information, future events, or otherwise. This current report should be read in conjunction with Portland General Electric Company's Annual Report on Form 10-K for the year ended December 31, 2006 and subsequent Quarterly Reports on Form 10-Q.
Section 2 - Financial Information
Item 2.02 Results of Operations and Financial Condition.
On July 30, 2007, Portland General Electric Company issued a press release announcing its earnings results for the quarter ended June 30, 2007. A copy of the press release is furnished as Exhibit 99.1.
Section 9 - Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit Description
(99) Additional exhibits
99.1 Portland General Electric Company Earnings Release dated July 30, 2007
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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PORTLAND GENERAL ELECTRIC COMPANY |
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(Registrant) |
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Date |
July 30, 2007 |
By: |
/s/ James J. Piro |
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James J. Piro Executive Vice President, Finance Chief Financial Officer and Treasurer |
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EXHIBIT 99.1
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Portland General Electric One World Trade Center 121 SW Salmon Street Portland, Oregon 97204 News Release |
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FOR RELEASE |
Media Contact: |
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5 a.m. EDT, July 30, 2007 |
Gail Baker |
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Director, Corporate Communications |
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Phone: 503-464-8693 |
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Investor Contact: |
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Bill Valach |
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Director, Investor Relations |
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Phone: 503-464-7395 |
Portland General Electric reports second quarter
2007 earnings results
Increases 2007 guidance
Portland, Ore. - Portland General Electric Company (NYSE: POR) today reported net income of $46 million, or $0.73 per diluted share, for the quarter ending June 30, 2007, compared to $27 million, or $0.43 per diluted share, for the second quarter 2006. The improved results were primarily driven by increased margins on energy sales, as power costs in the second quarter of 2007 reflect the return of the Boardman power plant to full operation. Additionally, results were positively impacted by adjustments for Senate Bill 408 (SB 408), an Oregon utility income tax law.
"I'm pleased to report strong financial and operating performance in the second quarter," said Peggy Fowler, CEO and president of PGE. "We're successfully executing our strategy to deliver value to our customers and shareholders: our new 400 megawatt Port Westward Generating Plant became commercially available; construction is underway at the Biglow Canyon Wind Farm; and just one year after the initial stock distribution, substantially all of PGE's common stock is publicly traded."
Second Quarter 2007 Summary
- Purchased power and fuel expenses increased by $32 million from last year's second quarter. The increase was due primarily to a higher average cost of purchased power, driven by an increase in natural gas prices and a reduction in regional hydro availability. This increase was partially offset by a 4 percent reduction in total system load and the availability of the Boardman power plant.
- Production and distribution expenses increased by $8 million from last year's second quarter due primarily to higher repair and maintenance costs at Boardman and an increase in distribution expenses, primarily related to overhead line maintenance.
- Depreciation and amortization expenses decreased from the second quarter of 2006 by $10 million primarily due to reductions in both depreciation rates for utility plant and in the authorized recovery of Trojan decommissioning costs, both of which became effective in January 2007 pursuant to the OPUC order in PGE's general rate case.
- Income taxes increased $5 million due primarily to higher taxable income in the second quarter of 2007.
- Other income increased $6 million primarily due to an increase in income from non-qualified benefit plan trust assets and accrued interest on $26.4 million of excess power costs associated with Boardman's repair outage, which has been deferred for future rate recovery as approved by the OPUC.
Year-to-Date 2007
For the six months ending June 30, 2007, net income was $101 million, or $1.61 per diluted share, compared to $21 million, or $0.34 per diluted share, for the same period in 2006. The increase was attributable to improved margins on energy sales, as power costs in the first half of 2006 were adversely affected by the repair outage at Boardman and by unrealized losses on power and natural gas contracts. Results for the first half of 2007 include the positive impacts of the deferral of a portion of Boardman replacement power costs for future rate recovery (as approved by the OPUC) and the settlement between PGE and certain California parties related to wholesale energy transactions in the western energy markets during 2000-2001. Also contributing to the increase in earnings was an approximate $8 million after tax impact of adjustments related to SB 408, with a potential customer collection recorded in the first half of 2007 and a potential refund recorded in the first half of 2006.
Year-to-Date 2007 Summary
- Purchased power and fuel expenses were approximately the same as in last year's first half. An increase in the average cost of purchased power was partially offset by reduced electricity purchases, related to the return of Boardman to full operation. In addition, unrealized losses on derivative activities, expensed in 2006, are deferred in 2007 pursuant to the approval of a power cost adjustment mechanism by the OPUC. Results for the first half of 2007 also reflect the deferral, for future rate recovery, of $20.4 million of excess Boardman power costs, and a $6 million reduction in the Company's wholesale credit reserve related to the settlement with certain California parties involving wholesale energy transactions in 2000-2001.
- Production, distribution, administrative and other expenses increased by $15 million from last year's first half, due to higher employee benefit expenses, higher customer support and distribution expenses, and increased maintenance activities at Boardman and Colstrip.
- Depreciation and amortization expenses decreased by $22 million due to reductions in both depreciation rates for utility plant and in the authorized recovery of Trojan decommissioning costs, both of which became effective in January 2007 pursuant to the OPUC order in PGE's general rate case.
- Income taxes increased $35 million due primarily to higher taxable income in the first half of 2007.
- Other income increased $10 million in the first half of 2007. Included in the increase was a $4 million interest accrual (retroactive to January 2006) on $26.4 million of excess power costs associated with Boardman's repair outage, which has been deferred for future rate recovery. A $3 million increase in income from non-qualified benefit plan trust assets and a $2 million increase in the allowance for equity funds used during construction, related primarily to PGE's new Port Westward plant, also contributed to the increase in the first half of 2007.
Capital Expenditures
Capital expenditures in 2007 are estimated to total $529 million compared to actual 2006 expenditures of $371 million. Capital expenditures for 2007 consist of approximately $282 million for the Biglow Canyon Wind Farm, $187 million for ongoing production, transmission and distribution facilities, $44 million for hydro relicensing projects and $16 million for Port Westward. Capital expenditures do not include the advanced metering infrastructure project.
2007 Earnings Guidance
PGE is revising its full-year 2007 earnings guidance from $1.90 to $2.00 per diluted share to $2.25 to $2.35 per diluted share. The revised guidance includes the effects of improved margins on retail energy sales, favorable Mid-Columbia hydro generation more than off-setting reduced generation on PGE's hydro system, improved thermal plant operations and the FERC approved settlement between PGE and certain California parties relating to wholesale energy transactions in the western markets during 2000-2001. Guidance continues to include approximately $0.30 per diluted share due to a $20.4 million pre-tax deferral, recorded in 2007, related to the Boardman outage as well as the associated interest and Senate Bill 408 impacts.
Overview of Recent Developments
Port Westward
On June 11, 2007, the Port Westward Generating Plant, a 400 MW natural gas-fired plant located in Clatskanie, Oregon, was placed into service. The total cost of the new plant through June 30, 2007 was approximately $280 million (including AFDC). In January 2007, the OPUC issued a rate order approving a 2.8 percent increase related to the cost recovery of Port Westward, which became effective on June 15, 2007.
Integrated Resource Plan
PGE filed a new Integrated Resource Plan (IRP) with the OPUC on June 29, 2007. The IRP describes the Company's energy supply strategy for the years 2008 through 2015 and includes additional renewable resources, energy efficiency, demand-side resources, and power purchase agreements of varying terms. The plan also includes the purchase of additional capacity to assure reliability under peak demand situations and to facilitate the integration of variable wind generation. Review of the IRP by stakeholders and the OPUC staff is expected to take place over an approximate nine-month period.
Biglow Canyon Wind Farm
On March 2, 2007, PGE filed a rate application with the OPUC seeking an increase in annual revenue requirements for full recovery of costs related to the first phase of the Biglow Canyon Wind Farm. On June 20, 2007, PGE, the OPUC staff and other parties agreed to certain adjustments that would result in a $9.4 million increase in annual revenue requirements related to the project. Phase I of the project will have an installed capacity of 125 MW, with completion expected by December 2007 at a total cost of approximately $260 million (including AFDC). The application proposes to maintain PGE's currently allowed ROE of 10.1 percent and equity capital structure of 50.0 percent. Biglow Canyon Phase I fulfills the Company's goals for adding renewable energy as outlined in PGE's last Integrated Resource Plan.
Phases II and III of the project are currently in the planning stages. In the second quarter of 2007, PGE made a $17 million payment to a vendor toward wind turbines for Phases II and III. If PGE does not use good faith efforts to negotiate and execute a definitive agreement, the payment would be non-refundable. The estimated cost of Phases II and III is $600 million to $700 million (including AFDC). Phase II is expected to be completed by the end of 2009 and Phase III by the end of 2010. All three phases of the project combined could provide a total maximum generating capacity of 400 to 450 megawatts.
Advanced Metering Infrastructure (AMI)
On July 27, 2007, PGE filed testimony requesting that the tariff effective date be moved from January 1, 2008, to June 1, 2008, and run through December 31, 2010. This decision was based on the meter technology vendor requiring additional time to complete its scalability testing and deliver host-system software. In addition, the Company seeks to minimize the initial rate impact of AMI by coinciding the project's implementation with potential customer rate credits expected from SB 408. The proposed tariff would run for approximately two and a half years, coinciding with the period over which PGE completes systems acceptance testing and installation of over 800,000 meters. After the tariff period ends, the project's costs, net of savings, will be incorporated into a future general rate case. Once the meters are installed, at an estimated capital cost of $132 million, the Company estimates that AMI will save approximately $18 million annually in o perating expenses, providing future benefits to customers.
Stock Distribution
On June 18, 2007, the Disputed Claims Reserve sold approximately 23.7 million shares of PGE common stock in a secondary offering. With the completion of this offering, the Disputed Claims Reserve has sold or distributed substantially all of its remaining PGE common stock.
Second Quarter 2007 Earnings Call and Webcast July 30, 2007
PGE will host a conference call with financial analysts on Monday, July 30, 2007, 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 Monday, July 30 through Monday, August 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 consolidated income statements, balance sheets, cash flow statements 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 fully integrated electric utility that serves approximately 802,000 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 may be identified by words including, but not limited to, "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 matters and events related to 2007 earnings guidance, statements concerning estimated capital expenditures in 2007, final review of the deferral of excess power costs for the Boardman Plant outage; final approval of rates for the new P ort Westward power plant; completion and rate treatment of Phase I of the Biglow Canyon Wind Farm and the Advanced Metering Infrastructure project; the expected completion dates of Phases II and III of the Biglow Canyon Wind Farm; statements concerning the estimated cost savings resulting from deployment of AMI; statements concerning the recovery of costs through future rate increases; changes in weather, hydroelectric, and energy market conditions, which could affect the availability and cost of fuel or purchased power; 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 the date hereof. The Company assumes no obligation to update any such forward-looking statement. Prospective investors should also review the risks and uncertainties listed in the Company's most recent Annual Report on Form 10-K and the Company's reports on Forms 8-K and 10-Q filed with the United States Securities and Exchange Commission, including Management's Discussion and Analysis of Financial Condition and Results of Operations and the risks described therein from time to time.
POR-F
Source: Portland General Electric Company
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Portland General Electric Company and Subsidiaries |
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Three Months Ended |
Six Months Ended |
|||||||||
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2007 |
2006 |
2007 |
2006 |
|||||||
|
(In Millions, Except per Share Amounts) |
||||||||||
|
Operating Revenues |
$ |
402 |
$ |
351 |
$ |
838 |
$ |
732 |
||
|
Operating Expenses |
||||||||||
Purchased power and fuel |
175 |
143 |
378 |
375 |
||||||
Production and distribution |
41 |
33 |
73 |
69 |
||||||
Administrative and other |
45 |
45 |
90 |
79 |
||||||
Depreciation and amortization |
43 |
53 |
88 |
110 |
||||||
Taxes other than income taxes |
19 |
18 |
40 |
38 |
||||||
Income taxes |
23 |
18 |
49 |
14 |
||||||
|
346 |
310 |
718 |
685 |
|||||||
|
Net Operating Income |
56 |
41 |
120 |
47 |
||||||
|
Other Income (Deductions) |
||||||||||
Allowance for equity funds used during construction |
4 |
4 |
9 |
7 |
||||||
Miscellaneous |
4 |
(2) |
8 |
(2) |
||||||
Income taxes |
- |
- |
(1) |
1 |
||||||
|
8 |
2 |
16 |
6 |
|||||||
|
Interest Charges |
||||||||||
Interest on long-term debt and other |
18 |
16 |
35 |
32 |
||||||
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Net Income |
$ |
46 |
$ |
27 |
$ |
101 |
$ |
21 |
||
Common Stock: |
||||||||||
Weighted-average shares outstanding (thousands), Basic |
62,507 |
62,500 |
62,506 |
62,500 |
||||||
Weighted-average shares outstanding (thousands), Diluted |
62,536 |
62,500 |
62,531 |
62,500 |
||||||
Earnings per share, Basic and Diluted |
$ |
0.73 |
$ |
0.43 |
$ |
1.61 |
$ |
0.34 |
||
Dividends declared per share |
$ |
0.235 |
$ |
0.225 |
$ |
0.46 |
$ |
0.225 |
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Portland General Electric Company and Subsidiaries Condensed Consolidated Balance Sheets |
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|
June 30, |
December 31, |
||||
|
2007 |
2006 |
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(In Millions) |
|||||
|
Assets |
|||||
|
Electric Utility Plant - Original Cost |
|||||
Utility plant (includes construction work in progress of $255 and $412) |
$ |
4,801 |
$ |
4,582 |
|
Accumulated depreciation |
(1,909) |
(1,864) |
|||
|
2,892 |
2,718 |
||||
|
Other Property and Investments |
|||||
Nuclear decommissioning trust, at market value |
43 |
42 |
|||
Non-qualified benefit plan trust |
72 |
70 |
|||
Miscellaneous |
31 |
26 |
|||
|
146 |
138 |
||||
|
Current Assets |
|||||
Cash and cash equivalents |
42 |
12 |
|||
Accounts and notes receivable (less allowance for uncollectible accounts of $5 and $45) |
163 |
177 |
|||
Unbilled revenues |
66 |
88 |
|||
Assets from price risk management activities |
78 |
93 |
|||
Inventories, at average cost |
65 |
64 |
|||
Margin deposits |
12 |
46 |
|||
Prepayments and other |
27 |
25 |
|||
Deferred income taxes |
12 |
22 |
|||
|
465 |
527 |
||||
|
Deferred Charges |
|||||
Regulatory assets |
357 |
351 |
|||
Miscellaneous |
34 |
33 |
|||
|
391 |
384 |
||||
|
$ |
3,894 |
$ |
3,767 |
||
|
Capitalization and Liabilities |
|||||
|
Capitalization |
|||||
Common stock equity: |
|||||
Common stock, no par value, 80,000,000 shares authorized; 62,510,033 and 62,504,767 shares outstanding at June 30, 2007 and December 31, 2006, respectively |
$ |
644 |
$ |
643 |
|
Retained earnings |
659 |
587 |
|||
Accumulated other comprehensive income (loss): |
|||||
Pension and other post-retirement plans |
(6) |
(6) |
|||
Long-term debt |
1,108 |
937 |
|||
|
2,405 |
2,161 |
||||
|
Current Liabilities |
|||||
Long-term debt due within one year |
- |
66 |
|||
Short-term borrowings |
- |
81 |
|||
Accounts payable and other accruals |
245 |
212 |
|||
Liabilities from price risk management activities |
113 |
155 |
|||
Customer deposits |
5 |
5 |
|||
Accrued interest |
16 |
15 |
|||
Accrued taxes |
19 |
14 |
|||
Dividends payable |
15 |
14 |
|||
|
413 |
562 |
||||
Other |
|||||
Deferred income taxes |
259 |
251 |
|||
Deferred investment tax credits |
5 |
7 |
|||
Trojan asset retirement obligation |
110 |
108 |
|||
Accumulated asset retirement obligation |
25 |
26 |
|||
Regulatory liabilities: |
|||||
Accumulated asset retirement removal costs |
434 |
411 |
|||
Other |
106 |
112 |
|||
Non-qualified benefit plan liabilities |
87 |
84 |
|||
Miscellaneous |
50 |
45 |
|||
|
1,076 |
1,044 |
||||
|
$ |
3,894 |
$ |
3,767 |
||
|
Portland General Electric Company and Subsidiaries Condensed Consolidated Statements of Cash Flows |
||||||||
|
Six Months Ended |
||||||||
|
June 30, |
||||||||
|
2007 |
2006 |
|||||||
|
(In Millions) |
||||||||
|
Cash Flows From Operating Activities: |
||||||||
|
Reconciliation of net income to net cash provided by operating activities |
||||||||
Net income |
$ |
101 |
$ |
21 |
||||
Non-cash items included in net income: |
||||||||
Depreciation and amortization |
88 |
110 |
||||||
Deferred income taxes |
18 |
(31) |
||||||
Net assets from price risk management activities |
(34) |
92 |
||||||
Power cost deferral |
(21) |
- |
||||||
Regulatory deferrals - price risk management activities |
34 |
(67) |
||||||
Other non-cash income and expenses (net) |
(22) |
4 |
||||||
Changes in working capital: |
||||||||
Net margin deposit activity |
34 |
(48) |
||||||
Decrease in receivables |
37 |
84 |
||||||
(Decrease) in payables |
(25) |
(109) |
||||||
Other working capital items - net |
(3) |
(14) |
||||||
Other - net |
(6) |
4 |
||||||
|
Net Cash Provided by Operating Activities |
201 |
46 |
||||||
|
Cash Flows From Investing Activities: |
||||||||
Capital expenditures |
(159) |
(211) |
||||||
Purchases of nuclear decommissioning trust securities |
(10) |
(20) |
||||||
Sales of nuclear decommissioning trust securities |
9 |
10 |
||||||
Other - net |
(5) |
5 |
||||||
|
Net Cash Used in Investing Activities |
(165) |
(216) |
||||||
|
Cash Flows From Financing Activities: |
||||||||
Short-term borrowings (repayments) - net |
(81) |
- |
||||||
Repayment of long-term debt |
(71) |
(158) |
||||||
Issuance of long-term debt |
176 |
275 |
||||||
Debt issue costs |
(2) |
- |
||||||
Dividends paid |
(28) |
- |
||||||
|
Net Cash Provided by (Used in) Financing Activities |
(6) |
117 |
||||||
|
Increase (Decrease) in Cash and Cash Equivalents |
30 |
(53) |
||||||
|
Cash and Cash Equivalents, Beginning of Period |
12 |
122 |
||||||
|
Cash and Cash Equivalents, End of Period |
$ |
42 |
$ |
69 |
||||
|
Supplemental disclosures of cash flow information |
||||||||
Cash paid during the period: |
||||||||
Interest, net of amounts capitalized |
$ |
21 |
$ |
29 |
||||
Income taxes |
29 |
42 |
||||||
Non-cash activities: |
||||||||
Accrued capital additions |
84 |
22 |
||||||
Common stock dividends declared but not paid |
15 |
14 |
||||||
|
Portland General Electric Company and Subsidiaries |
|||||||
|
Three Months Ended |
Six Months Ended |
||||||
|
2007 |
2006 |
2007 |
2006 |
||||
|
Operating revenues (millions) |
|||||||
|
Retail sales |
|||||||
|
Residential |
$ 149 |
$ 132 |
$ 341 |
$ 313 |
|||
|
Commercial |
144 |
134 |
283 |
263 |
|||
|
Industrial |
41 |
52 |
78 |
100 |
|||
|
Total retail sales |
334 |
318 |
702 |
676 |
|||
|
Direct access customers |
|||||||
|
Commercial |
- |
(2) |
- |
(3) |
|||
|
Industrial |
(3) |
(1) |
(6) |
(3) |
|||
|
Tariff revenues |
331 |
315 |
696 |
670 |
|||
|
Regional Power Act credits |
16 |
6 |
42 |
6 |
|||
|
Provision for collection (refund) - SB 408 |
4 |
(9) |
5 |
(9) |
|||
|
Accrued revenues |
(1) |
2 |
- |
1 |
|||
|
Total retail revenues |
350 |
314 |
743 |
668 |
|||
|
Wholesale revenues |
44 |
30 |
81 |
54 |
|||
|
Other operating revenues |
8 |
7 |
14 |
10 |
|||
|
Total Operating Revenues |
$ 402 |
$ 351 |
$ 838 |
$ 732 |
|||
|
Energy sold and delivered - MWhs (thousands) |
|||||||
|
Retail energy sales |
|||||||
|
Residential |
1,633 |
1,607 |
3,903 |
3,819 |
|||
|
Commercial |
1,786 |
1,783 |
3,532 |
3,520 |
|||
|
Industrial |
665 |
922 |
1,243 |
1,746 |
|||
|
Total retail energy sales |
4,084 |
4,312 |
8,678 |
9,085 |
|||
|
Delivered to direct access customers |
|||||||
|
Commercial |
129 |
120 |
241 |
220 |
|||
|
Industrial |
410 |
143 |
804 |
290 |
|||
|
Total retail energy deliveries |
4,623 |
4,575 |
9,723 |
9,595 |
|||
|
Wholesale sales |
916 |
897 |
1,939 |
1,509 |
|||
|
Total energy sold and delivered |
5,539 |
5,472 |
11,662 |
11,104 |
|||
|
Customers - end of period |
|||||||
|
Residential |
701,697 |
691,830 |
|||||
|
Commercial |
100,051 |
98,709 |
|||||
|
Industrial |
259 |
256 |
|||||
|
Total retail customers |
802,007 |
790,795 |
|||||