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FORM 8-K for 20130331 PR and Slides


 
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): May 1, 2013

 
 
 
PORTLAND GENERAL ELECTRIC COMPANY
(Exact name of registrant as specified in its charter)
 
 
 
 
 
 
Oregon
001-5532-99
     93-0256820          
(State or other jurisdiction
of incorporation)
(Commission
File Number)
     (I.R.S. Employer          
     Identification No.)          
121 SW Salmon Street, Portland, Oregon 97204
(Address of principal executive offices, including 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:

[ ]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 





Item 2.02    Results of Operations and Financial Condition.

The following information is furnished pursuant to both Item 2.02 and Item 7.01.

On May 1, 2013, Portland General Electric Company (the “Company”) issued a press release announcing its financial results for the three months ended March 31, 2013. The press release is furnished herewith as Exhibit 99.1 to this Report.

Item 7.01    Regulation FD Disclosure.

At 11:00 a.m. ET on Wednesday, May 1, 2013, the Company will hold its quarterly earnings call and webcast, and will utilize a slide presentation in conjunction with the earnings call. A copy of the slide presentation is furnished herewith as Exhibit 99.2.

Item 9.01
Financial Statements and Exhibits.

(d)
 
Exhibits.
99.1
 
Press Release issued by Portland General Electric Company dated May 1, 2013.
99.2
 
Portland General Electric Company First Quarter 2013 Slides dated May 1, 2013.






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 thereunto duly authorized.

 
 
 
 
PORTLAND GENERAL ELECTRIC COMPANY
 
 
 
 
(Registrant)
 
 
 
 
 
Date:
April 30, 2013
 
By:
/s/ James F. Lobdell
 
 
 
 
James F. Lobdell
 
                                                                             
 
 
Senior Vice President of Finance,
Chief Financial Officer and Treasurer




Exhibit 99.1 20130331 Press Release


Exhibit 99.1
Portland General Electric
One World Trade Center
121 S.W. Salmon Street
Portland, Oregon 97204

News Release
 
 
 
FOR IMMEDIATE RELEASE
 
 
May 1, 2013
 
 
 
 
 
Media Contact:
 
Investor Contact:
Steven Corson
 
Bill Valach
Corporate Communications
 
Director, Investor Relations
Phone: 503-464-8444
 
Phone: 503-464-7395

Portland General Electric announces solid first quarter earnings

PORTLAND, Ore. — Portland General Electric Company (NYSE: POR) today reported net income of $49 million, or 65 cents per share, for the first quarter of 2013. Net income and earnings per share were unchanged from the first quarter of 2012 as lower power costs and decreased storm restoration costs offset a decline in retail energy deliveries. In addition, the impact from an increase in PGE’s effective tax rate was largely offset by lower interest expense.

“We delivered solid financial results in the first quarter through strong power supply operations and operational excellence,” said Jim Piro, president and chief executive officer. “We’re making excellent progress on our strategic initiatives in 2013, including starting construction on Port Westward 2 and working through the negotiations for selecting the energy, renewable, and seasonal capacity resources from our request for proposals process.”

Strategic Updates

•
General Rate Case—PGE filed a 2014 General Rate Case in mid-February and the case is currently in the discovery phase. Settlement conferences are scheduled for the end of May and Public Utility Commission of Oregon staff and intervener opening testimony is scheduled to be filed in mid-June. The target date for the Commission decision is mid-December 2013.

•
Request for proposals—PGE is continuing negotiations with top performing bidders for energy and renewables resources. The final short lists include a mix of power purchase agreements and PGE-ownership options. Final resource selections are expected by mid-2013. In addition, PGE is in the process of negotiating power purchase agreements for seasonal peaking capacity.

First quarter operating results

Total revenues decreased $6 million, or 1 percent, to $473 million in the first quarter of 2013 from $479 million in the first quarter of 2012 due to the net effect of the following:

•
$13 million decrease in average retail price primarily driven by lower forecasted power costs as established in the 2013 annual power cost update tariff; and

•
$6 million decrease related to lower volume of retail energy sold and delivered, with total volume down approximately 1 percent from the first quarter of 2012 largely as a result of 2013 having one less day in the




quarter due to the leap year in 2012 and the impact of relatively warmer weather during the first quarter of 2013. Residential and commercial volumes were down 1 percent and 3 percent, respectively, which were partially offset by a 2 percent increase in industrial volumes; partially offset by

•
$5 million increase related to the decoupling mechanism, with a $4 million potential recovery recorded in the first quarter of 2013 compared with a $1 million potential refund recorded in the first quarter of 2012;

•
$3 million increase related to the Company’s PCAM, as a potential refund was recorded in the first quarter of 2012 related to the 2011 PCAM, with no comparable refund recorded in the first quarter of 2013; and

•
$6 million, or 60 percent, increase in wholesale revenues consisting of a 39 percent increase in the volume sold and a 12 percent increase in the average price of wholesale power.

Purchased power and fuel expense decreased $3 million, or 2 percent, to $192 million in the first quarter of 2013 from $195 million in the first quarter of 2012, largely due to a 2 percent decrease in the average variable power cost, with total system load comparable to the first quarter of 2012. The decrease is primarily due to more generation from lower-cost coal-fired resources, partially offset by an increase in the average cost of purchased power and a decrease in energy received from hydro resources.

Production and distribution expense decreased $2 million, or 4 percent, in the first quarter of 2013 compared with the first quarter of 2012, primarily due to lower delivery system costs resulting from higher storm restoration costs incurred during the first quarter of 2012.

Interest expense decreased $3 million, or 11 percent, primarily due to a $100 million decrease in the average balance of long-term debt outstanding during the first quarter of 2013 compared with the first quarter of 2012.

Income taxes increased $2 million, or 13 percent, in the first quarter of 2013 compared with the first quarter of 2012, reflecting an increase in the company’s effective tax rate to 26.2 percent from 23.4 percent. The increase was primarily due to a reduction of production tax credits (PTC) resulting from lower forecasted wind generation for 2013 compared to 2012, partially offset by an increase in the PTC rate.

2013 earnings guidance

PGE is reaffirming full-year 2013 earnings guidance of $1.85 to $2 per diluted share. Guidance is based on the following assumptions:

•
Load growth toward the lower end of the 0.5 percent to 1 percent range over weather-adjusted 2012;
•
Hydro conditions slightly below normal, expected wind conditions, and power plants achieving their targeted availability factors;
•
Operating and maintenance costs between $440 million to $460 million;
•
Depreciation expense between $240 million and $250 million;
•
Capital expenditures between $505 million and $525 million, which does not include any potential expenditures related to the energy and renewable resources RFPs; and
•
Port Westward Unit 2 AFUDC (debt and equity) between $5 million and $6 million.

First quarter 2013 earnings call and web cast — May 1, 2013

PGE will host a conference call with financial analysts and investors on Wednesday, May 1, at 11 a.m. ET. The conference call will be web cast live on the PGE website at portlandgeneral.com. A replay of the call will be available beginning at 2 p.m. ET on Wednesday, May 1 through Wednesday, May 8.





Jim Piro, president and CEO; Jim Lobdell, senior vice president of finance, CFO, and treasurer; and Bill Valach, director, investor relations, will participate in the call. Management will respond to questions following formal comments.

The attached unaudited condensed consolidated statements of income, condensed consolidated balance sheets, and condensed consolidated statements of cash flows, as well as the supplemental operating statistics, are an integral part of this earnings release.

# # # # #

About Portland General Electric Company

Portland General Electric Company is a vertically integrated electric utility that serves approximately 830,000 residential, commercial and industrial customers in the Portland/Salem metropolitan area of Oregon. The company’s headquarters are located at 121 S.W. Salmon Street, Portland, Oregon 97204. Visit PGE’s website at PortlandGeneral.com.

Safe Harbor Statement
Statements in this news release that relate to future plans, objectives, expectations, performance, events and the like may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements regarding earnings guidance; statements regarding future load, hydro conditions and operating and maintenance costs; statements concerning implementation of the company’s integrated resource plan; statements concerning future compliance with regulations limiting emissions from generation facilities and the costs to achieve such compliance; as well as other statements containing words such as “anticipates,” “believes,” “intends,” “estimates,” “promises,” “expects,” “should,” “conditioned upon,” and similar expressions. Investors are cautioned that any such forward-looking statements are subject to risks and uncertainties, including reductions in demand for electricity and the sale of excess energy during periods of low wholesale market prices; operational risks relating to the company’s generation facilities, including hydro conditions, wind conditions, disruption of fuel supply, and unscheduled plant outages, which may result in unanticipated operating, maintenance and repair costs, as well as replacement power costs; the costs of compliance with environmental laws and regulations, including those that govern emissions from thermal power plants; changes in weather, hydroelectric and energy markets conditions, which could affect the availability and cost of purchased power and fuel; changes in capital market conditions, which could affect the availability and cost of capital and result in delay or cancellation of capital projects; failure to complete capital projects on schedule or within budget, or the abandonment of capital projects, which could result in the company’s inability to recover project costs; the outcome of various legal and regulatory proceedings; and general economic and financial market conditions. As a result, actual results may differ materially from those projected in the forward-looking statements. All forward-looking statements included in this news release are based on information available to the company on the date hereof and such statements speak only as of the date hereof. The company assumes no obligation to update any such forward-looking statement. Prospective investors should also review the risks and uncertainties listed in the company’s most recent annual report on form 10-K and the company’s reports on forms 8-K and 10-Q filed with the United States Securities and Exchange Commission, including management’s discussion and analysis of financial condition and results of operations and the risks described therein from time to time.
POR-F
Source: Portland General Electric Company




PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In millions, except per share amounts)
(Unaudited)

 
Three Months Ended
 
March 31,
 
2013
 
2012
Revenues, net
$
473

 
$
479

Operating expenses:
 
 
 
Purchased power and fuel
192

 
195

Production and distribution
51

 
53

Administrative and other
54

 
54

Depreciation and amortization
62

 
62

Taxes other than income taxes
27

 
27

Total operating expenses
386

 
391

Income from operations
87

 
88

Other income:
 
 
 
Allowance for equity funds used during construction
2

 
1

Miscellaneous income, net
1

 
3

Other income, net
3

 
4

Interest expense
25

 
28

Income before income taxes
65

 
64

Income taxes
17

 
15

Net income
48

 
49

Less: net loss attributable to noncontrolling interests
(1
)
 
—

Net income attributable to Portland General Electric Company
$
49

 
$
49

 
 
 
 
Weighted-average shares outstanding (in thousands):
 
 
 
Basic
75,608

 
75,423

Diluted
75,699

 
75,443

Earnings per share—Basic and diluted
$
0.65

 
$
0.65

Dividends declared per common share
$
0.270

 
$
0.265







PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions)
(Unaudited)
 
 
March 31,
 
December 31,
 
2013
 
2012
ASSETS
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
33

 
$
12

Accounts receivable, net
144

 
152

Unbilled revenues
76

 
97

Inventories
77

 
78

Margin deposits
33

 
46

Regulatory assets—current
96

 
144

Other current assets
105

 
93

Total current assets
564

 
622

Electric utility plant, net
4,449

 
4,392

Regulatory assets—noncurrent
524

 
524

Nuclear decommissioning trust
38

 
38

Non-qualified benefit plan trust
32

 
32

Other noncurrent assets
54

 
62

Total assets
$
5,661

 
$
5,670

 
 
 
 
LIABILITIES AND EQUITY
 
 
 
Current liabilities:
 
 
 
Accounts payable
$
77

 
$
98

Liabilities from price risk management activities - current
91

 
127

Short-term debt
—

 
17

Current portion of long-term debt
100

 
100

Accrued expenses and other current liabilities
192

 
179

Total current liabilities
460

 
521

Long-term debt, net of current portion
1,536

 
1,536

Regulatory liabilities—noncurrent
782

 
765

Deferred income taxes
586

 
588

Unfunded status of pension and postretirement plans
249

 
247

Non-qualified benefit plan liabilities
103

 
102

Asset retirement obligations
93

 
94

Liabilities from price risk management activities—noncurrent
78

 
73

Other noncurrent liabilities
16

 
14

Total liabilities
3,903

 
3,940

Total equity
1,758

 
1,730

Total liabilities and equity
$
5,661

 
$
5,670








PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)

 
Three Months Ended
March 31,
 
2013
 
2012
Cash flows from operating activities:
 
 
 
Net income
$
48

 
$
49

Depreciation and amortization
62

 
62

Other non-cash income and expenses, net included in Net income
29

 
44

Changes in working capital
26

 
(43
)
Other, net
—

 
(2
)
Net cash provided by operating activities
165

 
110

Cash flows from investing activities:
 
 
 
Capital expenditures
(108
)
 
(69
)
Sale of solar power facility
—

 
10

Other, net
1

 
1

Net cash used in investing activities
(107
)
 
(58
)
Cash flows from financing activities:
 
 
 
Maturities of commercial paper, net
(17
)
 
(30
)
Dividends paid
(20
)
 
(20
)
Net cash used in financing activities
(37
)
 
(50
)
Increase in cash and cash equivalents
21

 
2

Cash and cash equivalents, beginning of period
12

 
6

Cash and cash equivalents, end of period
$
33

 
$
8

 
 
 
 






PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES
SUPPLEMENTAL OPERATING STATISTICS
(Unaudited)

 
Three Months Ended
 
March 31,
 
2013
 
2012
Revenues (dollars in millions):
 
 
 
Retail:
 
 
 
Residential
$
246

 
$
256

Commercial
149

 
156

Industrial
51

 
53

Subtotal
446

 
465

Other accrued (deferred) revenues, net
4

 
(3
)
Total retail revenues
450

 
462

Wholesale revenues
16

 
10

Other operating revenues
7

 
7

Total revenues
$
473

 
$
479

 
 
 
 
Energy sold and delivered (MWh in thousands):
 
 
 
Retail energy sales:
 
 
 
Residential
2,229

 
2,259

Commercial
1,657

 
1,733

Industrial
760

 
810

Total retail energy sales
4,646

 
4,802

Retail energy deliveries:
 
 
 
Commercial
130

 
106

Industrial
264

 
196

Total retail energy deliveries
394

 
302

Total retail energy sales and deliveries
5,040

 
5,104

Wholesale energy deliveries
540

 
388

Total energy sold and delivered
5,580

 
5,492

 
 
 
 
Number of retail customers at end of period:
 
 
 
Residential
726,799

 
722,419

Commercial
102,379

 
101,711

Industrial
207

 
211

Direct access
513

 
439

Total retail customers
829,898

 
824,780







PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES
SUPPLEMENTAL OPERATING STATISTICS, continued
(Unaudited)

 
Three Months Ended
 
March 31,
 
2013
 
2012
Sources of energy (MWh in thousands):
 
 
 
Generation:
 
 
 
Thermal:
 
 
 
Coal
1,361

 
1,077

Natural gas
976

 
1,130

Total thermal
2,337

 
2,207

Hydro
481

 
583

Wind
245

 
246

Total generation
3,063

 
3,036

Purchased power:
 
 
 
Term
1,310

 
1,216

Hydro
393

 
414

Wind
66

 
74

Spot
684

 
783

Total purchased power
2,453

 
2,487

Total system load
5,516

 
5,523

Less: wholesale sales
(540
)
 
(388
)
Retail load requirement
4,976

 
5,135


 
Heating Degree-days
 
2013
 
2012
January
835

 
740

February
569

 
618

March
498

 
609

1st Quarter
1,902

 
1,967

Average *
1,850

 
1,848

* — “Average” amounts represent the 15-year rolling averages provided by the National Weather Service (Portland Airport).




porq1earningscallslidesf
Earnings Conference Call First Quarter 2013 1 Exhibit 99.2

 
Cautionary Statement 2 Information Current as of May 1, 2013 Except as expressly noted, the information in this presentation is current as of May 1, 2013 — the date on which PGE filed its Quarterly Report on Form 10-Q for the quarter ended March 31, 2013 — and should not be relied upon as being current as of any subsequent date. PGE undertakes no duty to update the presentation, except as may be required by law. Forward-Looking Statements Statements in this presentation that relate to future plans, objectives, expectations, performance, events and the like may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements regarding earnings guidance, statements regarding future load, hydro conditions and operating and maintenance costs; statements concerning implementation of the Company’s Integrated Resource Plan and related future capital expenditures, statements concerning future compliance with regulations limiting emissions from generation facilities and the costs to achieve such compliance; statements regarding the outcome of any legal or regulatory proceeding; 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 the reductions in demand for electricity and the sale of excess energy during periods of low wholesale market prices; operational risks relating to the Company’s generation facilities, including hydro conditions, wind conditions, disruption of fuel supply, and unscheduled plant outages, which may result in unanticipated operating, maintenance and repair costs, as well as replacement power costs; the costs of compliance with environmental laws and regulations, including those that govern emissions from thermal power plants; changes in weather, hydroelectric and energy markets conditions, which could affect the availability and cost of purchased power and fuel; changes in capital market conditions, which could affect the availability and cost of capital and result in delay or cancellation of capital projects; failure to complete projects on schedule and within budget, or the abandonment of capital projects, which could result in the Company’s inability to recover project costs; the outcome of various legal and regulatory proceedings; and general economic and financial market conditions. As a result, actual results may differ materially from those projected in the forward-looking statements. All forward-looking statements included in this presentation 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.

 
Leadership Presenting Today 3 Jim Lobdell Senior Vice President, Finance, CFO & Treasurer Jim Piro President & CEO

 
On Today’s Call 4  Operating Performance  Economic Outlook  Strategic Initiatives Update  General Rate Case  Financial Update  2013 Outlook

 
Q1 2013 Earnings Results Q1 $0.65 Q1 $0.65 Q2 $0.34 Q3 $0.50 Q4 $0.38 $1.87 2012 EPS 2013E EPS 5 NI in millions Q1 2012 Q1 2013 2012 Actuals 2013 Guidance Net Income $49 $49 $141 $140 - $151 EPS $0.65 $0.65 $1.87 $1.85 - $2.00 $1.85-$2.00

 
Operational Excellence 6  Q1 2013 generating plant availability: 97%  1st quartile in system power quality and reliability metrics  Continuous improvements and efficiency

 
Economic Outlook 7 Growth in Operating Area  2nd in nation for in-migration  Unemployment rate of 7.3% in core operating area  Industrial sector load growth of about 2% in Q1 2013  Improved housing market

 
Capacity RFP – Results Peaking Capacity  Port Westward Unit 2 selected  220 MW natural gas plant  $300-$310 million (excluding AFDC)  Start of construction: 2013  Expected online: Q1 2015  $5-$6 million in debt and equity AFDC in 2013(1) Seasonal Capacity  200 MW bi-seasonal (winter and summer) peaking supply (PPA)  150 MW winter-only peaking supply (PPA)  In negotiations to select resources to meet these needs 8 $162 $119 $21 2013 2014 2015 PW2 CapEx ($ million) 1) AFDC debt and equity based on a 7.5% blended rate

 
Baseload Energy and Renewables RFPs 9 Baseload Energy RFP  300-500 MW resource  Short list includes PPAs and PGE ownership options  In negotiations with top performing bidder  Final resource selection: mid-year  Target online date: 2014-2017 Renewable RFP  100 MWa of renewable energy  Short list includes PPAs and PGE ownership options  In negotiations with top performing bidder  Final resource selection: mid-year  Target online date: 2014-2017

 
Cascade Crossing Transmission Project 10 Cascade Crossing  MOU with BPA signed January 2013  500 kV line, approximately 120 miles; exploring investments in BPA’s system and asset exchanges  Full project scope, as described in the MOU, expected to cost at least $800 million  Working to find a collaborative, regional solution to provide up to 2,600 MW of transmission capacity  Expected scope, timing, and estimated costs will be clearer by the end of the year

 
General Rate Case: 2014 Test Year Drivers of 2014 GRC in millions Capital investments (generation, technology) $39 Pension, health and wellness expense $27 Updated wind capacity factors $13 Plant operations and maintenance $11 Customer service initiatives $10 Regulatory requirements (CIP, Cyber Security) $5  Filed February 15, 2013  Average overall price increase: 6%  Return on Equity (ROE): 10%  Cost of Capital: 50% debt, 50% equity  Rate base: $3.13 billion  $105 million revenue requirement increase requested  New customer prices effective January 1, 2014 11

 
First Quarter Financial Results Quarter over Quarter Drivers of Net Income Reduced power costs Lower storm restoration expense Decreased interest expense Lower retail revenues Higher income taxes 12 NI in millions Q1 2012 Q1 2013 2012 Actuals 2013 Guidance Net Income $49 $49 $141 $140 - $151 EPS $0.65 $0.65 $1.87 $1.85 - $2.00

 
Retail Revenues and Power Costs 13 Q1 2012: $5 million below baseline PCAM Results in millions Q1 2012 Q1 2013 Total Revenues $479 $473 Power Costs $195 $192 Q1 2013: $1 million below baseline

 
O&M, Depreciation, and Income Taxes 14 in millions Q1 2012 Q1 2013 2011 2012 Production & Distribution $53 $51 $201 $211 Administrative & General $54 $54 $218 $216 Total O&M $107 $105 $419 $427 Depreciation & Amortization $62 $62 $227 $248 Interest Expense $28 $25 $58 $64 Income Taxes $15 $17

 
Liquidity and Financing Senior Secured Senior Unsecured Outlook S&P A- BBB Stable Moody’s A3 Baa2 Positive Credit Ratings Total Liquidity as of 3/31/13 (in millions) Lines of Credit $700 Commercial Paper $0 Letters of Credit $(52) Cash $33 Available $681 15 $69 $108 $68 $81 $92 2012 2013E Q4 Q3 Q2 Q1 Capital Expenditures $505-$525 $310

 
2013 Earnings Guidance Affirmed 16 2013 EPS Guidance: $1.85 to $2.00 per share  Load growth at the lower end of our initial range of 0.5% to 1% over 2012 weather-adjusted levels  Slightly below normal hydro, wind generation from updated forecasts  D&A expense between $240 - $250 million  O&M between $440 - $460 million Assumptions for FY 2013  Capital expenditures between $505 - $525 million  $5 - $6 million in AFDC debt and equity for Port Westward Unit 2