Washington, D.C. 20549


Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 31, 2020

(Exact name of registrant as specified in its charter)
(State or other jurisdiction
of incorporation)
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))
Securities registered pursuant to Section 12(b) of the Act:
(Title of class)(Trading Symbol)(Name of exchange on which registered)
Common Stock, no par valuePORNew York Stock Exchange
9.31% Medium-Term Notes due 2021POR 21New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]

Item 2.02 Results of Operations and Financial Condition.

The following information is furnished pursuant to Item 2.02.

On July 31, 2020, Portland General Electric Company (PGE or the Company) issued a press release announcing its financial results for the three and six months ended June 30, 2020. The press release is furnished herewith as Exhibit 99.1 to this Report.

Item 7.01 Regulation FD Disclosure.

The following information is furnished pursuant to Item 7.01.

At 11:00 a.m. ET on Friday, July 31, 2020, the Company will hold its quarterly earnings call and webcast, and will use a slide presentation in conjunction with the earnings call. A copy of the slide presentation is furnished herewith as Exhibit 99.2 to this Report.

Item 9.01 Financial Statements and Exhibits.

104Cover page information from Portland General Electric Company’s Current Report on Form 8-K filed July 31, 2020, formatted in iXBRL (Inline Extensible Business Reporting Language).


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.

Date:July 31, 2020By:/s/ James F. Lobdell
James F. Lobdell
                                                                             Senior Vice President of Finance,
Chief Financial Officer and Treasurer

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

News Release
July 31, 2020
Media Contact:Investor Contact:
Andrea PlattJardon Jaramillo
Corporate CommunicationsInvestor Relations
Phone: 503-464-7980Phone: 503-464-7051

Portland General Electric announces second quarter 2020 results

Strong second quarter results driven by favorable regional power conditions and lower operating expense
Capital plan for 2020, including major capital projects, remains on track
Maintaining earnings guidance of $2.20 to $2.50 per diluted share

PORTLAND, Ore. -- Portland General Electric Company (NYSE: POR) today reported net income of $39 million, or 43 cents per diluted share, for the second quarter of 2020. This compares with net income of $25 million, or 28 cents per diluted share, for the second quarter of 2019.

“We achieved solid second quarter financial results, driven by a combination of favorable hydro and wind conditions and lower operating expenses,” said Maria Pope, PGE president and CEO. “As an essential service provider, we will continue working to keep costs low to support economic recovery and the communities we serve in this unprecedented time.”

Second quarter 2020 earnings compared to second quarter 2019 earnings
Total revenues increased as a result of higher residential, industrial and wholesale demand, which was partially offset by lower commercial demand. Power costs increased due to higher overall system deliveries, which more than offset a decline in the average cost per MWh due to lower gas prices and surplus hydro in the region. Operating expense declined due to continuous efforts to reduce the company’s overall cost structure as well as lower plant maintenance expense. Tax expense was favorable due to higher Production Tax Credit generation at PGE’s wind facilities.
Company Update
Major Capital Projects
PGE’s Integrated Operations Center and the Wheatridge Renewable Energy Facility remain on schedule and on budget. There have been no significant supply chain or operational disruptions as a result of COVID-19.
Integrated Resource Plan (IRP)
The Public Utility Commission of Oregon acknowledged the Action Plan in PGE’s 2019 IRP in a written Order on May 6, 2020. PGE plans to begin procurement activities for renewables and capacity later this year and will consider the potential impacts of economic conditions on resource needs.


2020 Earnings Guidance
PGE is reaffirming its 2020 earnings guidance of $2.20 to $2.50 per diluted share. This guidance is based on the following assumptions:
Revised annual retail deliveries from a decrease of 1% to 2%, weather adjusted, to flat energy deliveries, weather adjusted, year over year. This upward revision reflects stronger residential and industrial demand offset by a decline in commercial deliveries;
Net variable power costs for the year ending December 31, 2020 to be below the power cost adjustment mechanism baseline, but within the established deadband range;
Average hydro conditions for the year;
Wind generation based on five years of historical levels or forecast studies when historical data is not available;
Normal thermal plant operations;
Operating and maintenance expense between $570 million and $590 million, which includes a full-year forecasted bad debt expense of $15 million due to moratoriums on collection activities and customer disconnects; and
Depreciation and amortization expense between $410 million and $430 million.

Second Quarter 2020 earnings call and webcast — July 31, 2020

PGE will host a conference call with financial analysts and investors on Friday, July 31, 2020, at 11 a.m. ET. The conference call will be webcast live on the PGE website at investors.portlandgeneral.com. A replay of the call will be available beginning at 2 p.m. ET on Friday, July 31, 2020, through 1 p.m. ET on Friday, August 7, 2020.

Maria Pope, president and CEO; Jim Lobdell, senior vice president of Finance, CFO, and treasurer; and Jardon Jaramillo, senior director, Investor Relations, Treasury, and Finance Operations, will participate in the call. Management will respond to questions following formal comments.

The attached unaudited condensed consolidated statements of income and comprehensive 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 (NYSE: POR) is a fully integrated energy company based in Portland, Oregon, with operations across the state. The company serves 901,000 customers with a service area population of 1.9 million Oregonians in 51 cities. PGE has 16 generation plants in five Oregon counties, and maintains and operates 13 public parks and recreation areas. For over 130 years, PGE has delivered safe, affordable and reliable energy to Oregonians. Together with its customers, PGE has the No. 1 voluntary renewable energy program in the U.S. PGE and its 3,000 employees are working with customers to build a clean energy future. In 2019, PGE, employees, retirees and the PGE Foundation donated $4.7 million and volunteered 32,900 hours with more than 700 nonprofits across Oregon. For more information visit portlandgeneral.com/news.


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; the sale of excess energy during periods of low demand or 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; 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 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; the outcome of various legal and regulatory proceedings; general economic and financial market conditions; severe weather conditions, wildfires, and other natural phenomena and natural disasters that could result in operational disruptions, unanticipated restoration costs, or liability for third party property damage; and cyber security breaches of the company’s customer information system or operating systems, which may affect customer bills or other aspects of our operations; and widespread health emergencies or outbreaks of infectious diseases such as the novel coronavirus disease (COVID-19), which may affect our financial position, results of operations and cash flows. 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 expressly disclaims any current intention to update publicly any forward-looking statement after the distribution of this release, whether as a result of new information, future events, changes in assumptions or otherwise. Prospective investors should also review the risks, assumptions and uncertainties listed in the company’s most recent annual report on form 10-K and in other documents that we file 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.

Source: Portland General Company


(Dollars in millions, except per share amounts)
Three Months Ended June 30, Six Months Ended June 30,
Revenues, net$469  $462  $1,033  $1,032  
Alternative revenue programs, net of amortization—  (2)   
Total revenues469  460  1,042  1,033  
Operating expenses:
Purchased power and fuel109  105  262  284  
Generation, transmission and distribution77  86  150  163  
Administrative and other74  78  145  149  
Depreciation and amortization104  101  212  202  
Taxes other than income taxes34  33  69  67  
Total operating expenses398  403  838  865  
Income from operations71  57  204  168  
Interest expense, net34  31  67  63  
Other income:
Allowance for equity funds used during construction    
Miscellaneous income (loss), net —  (1)  
Other income, net    
Income before income tax expense44  28  143  112  
Income tax expense  23  14  
Net income39  25  120  98  
Other comprehensive income—     
Comprehensive income$39  $26  $121  $100  
Weighted-average common shares outstanding (in thousands):
Basic89,489  89,357  89,459  89,333  
Diluted89,625  89,561  89,602  89,537  
Earnings per share:
Basic$0.44  $0.28  $1.34  $1.10  
Diluted$0.43  $0.28  $1.34  $1.09  

(Dollars in millions)
June 30, 2020December 31, 2019
Current assets:
Cash and cash equivalents$303  $30  
Accounts receivable, net204  253  
Inventories109  96  
Regulatory assets—current12  17  
Other current assets108  104  
Total current assets736  500  
Electric utility plant, net7,301  7,161  
Regulatory assets—noncurrent526  483  
Nuclear decommissioning trust47  46  
Non-qualified benefit plan trust37  38  
Other noncurrent assets158  166  
Total assets$8,805  $8,394  


(Dollars in millions)

June 30, 2020December 31, 2019
Current liabilities:
Accounts payable$134  $165  
Liabilities from price risk management activities—current40  23  
Short-term debt150  —  
Current portion of long-term debt140  —  
Current portion of finance lease obligation16  16  
Accrued expenses and other current liabilities289  315  
Total current liabilities769  519  
Long-term debt, net of current portion2,676  2,597  
Regulatory liabilities—noncurrent1,362  1,377  
Deferred income taxes385  378  
Unfunded status of pension and postretirement plans249  247  
Liabilities from price risk management activities—noncurrent145  108  
Asset retirement obligations265  263  
Non-qualified benefit plan liabilities101  103  
Finance lease obligations, net of current portion132  135  
Other noncurrent liabilities75  76  
Total liabilities6,159  5,803  
Shareholders’ Equity:
Preferred stock, no par value, 30,000,000 shares authorized; none issued and outstanding as of June 30, 2020 and December 31, 2019—  —  
Common stock, no par value, 160,000,000 shares authorized; 89,506,951 and 89,387,124 shares issued and outstanding as of June 30, 2020 and December 31, 2019, respectively1,224  1,220  
Accumulated other comprehensive loss(9) (10) 
Retained earnings1,431  1,381  
Total shareholders’ equity2,646  2,591  
Total liabilities and shareholders’ equity$8,805  $8,394  


(In millions)
Six Months Ended June 30,
Cash flows from operating activities:
Net income$120  $98  
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization212  202  
Deferred income taxes  
Pension and other postretirement benefits12  12  
Allowance for equity funds used during construction(7) (5) 
Decoupling mechanism deferrals, net of amortization(8) (1) 
(Amortization) of net benefits due to Tax Reform(11) (11) 
Other non-cash income and expenses, net46  21  
Changes in working capital:
Decrease in accounts receivable, net40  63  
(Increase) in inventories(13) (17) 
(Increase)/decrease in margin deposits(9) 11  
(Decrease) in accounts payable and accrued liabilities(27) (65) 
Other working capital items, net18  16  
Other, net(21) (16) 
Net cash provided by operating activities356  314  
Cash flows from investing activities:
Capital expenditures(370) (271) 
Sales of Nuclear decommissioning trust securities  
Purchases of Nuclear decommissioning trust securities(3) (5) 
Other, net(1) (2) 
Net cash used in investing activities(370) (271) 
Cash flows from financing activities:
Proceeds from issuance of long-term debt319  200  
Payments on long-term debt(98) (300) 
Borrowings on short-term debt200  —  
Repayments of short-term debt(50) —  
Issuance of commercial paper, net—  17  
Dividends paid(69) (65) 
Other(15) (3) 
Net cash provided by (used in) financing activities287  (151) 
Increase (Decrease) in cash and cash equivalents273  (108) 
Cash and cash equivalents, beginning of period30  119  
Cash and cash equivalents, end of period$303  $11  
Supplemental cash flow information is as follows:
Cash paid for interest, net of amounts capitalized$56  $60  
Cash paid for income taxes 20  


Six Months Ended June 30,
Revenues (dollars in millions):
Residential$502  48 %$495  48 %
Commercial299  29  312  30  
Industrial104  10  94   
Direct Access23   21   
Subtotal928  89  922  89  
Alternative revenue programs, net of amortization   —  
Other accrued revenues, net  13   
Total retail revenues943  91  936  90  
Wholesale revenues74   53   
Other operating revenues25   44   
Total revenues$1,042  100 %$1,033  100 %
Energy deliveries (MWhs in thousands):
Residential3,789  30 %3,782  34 %
Commercial3,000  24  3,261  29  
Industrial1,638  13  1,510  14  
Subtotal8,427  67  8,553  77  
Direct access:
Commercial311   341   
Industrial725   720   
Subtotal1,036   1,061  10  
Total retail energy deliveries9,463  76  9,614  87  
Wholesale energy deliveries2,980  24  1,459  13  
Total energy deliveries12,443  100 %11,073  100 %
Average number of retail customers:
Residential788,511  88 %776,81688 %
Commercial110,116  12  109,47012  
Industrial194  —  195—  
Direct access631  —  633—  
Total899,452  100 %887,114  100 %



Six Months Ended June 30,
Sources of energy (MWhs in thousands):
Natural gas3,477  29 %3,318  31 %
Coal1,504  13  1,713  16  
Total thermal4,981  42  5,031  47  
Hydro686   837   
Wind1,193  10  820   
Total generation6,860  58  6,688  63  
Purchased power:
Term4,108  34  3,177  30  
Hydro804   566   
Wind178   123   
Total purchased power5,090  42  3,866  37  
Total system load11,950  100 %10,554  100 %
Less: wholesale sales(2,980) (1,459) 
Retail load requirement8,970  9,095  

The following table indicates the number of heating and cooling degree-days for the three months ended June 30, 2020 and 2019, along with 15-year averages based on weather data provided by the National Weather Service, as measured at Portland International Airport:
Heating Degree-daysCooling Degree-days
First Quarter1,761  1,992  1,849  —  —  —  
April305  312  375  —  —   
May174  109  185  39  28  24  
June75  46  76  60  74  62  
Second Quarter554  467  636  99  102  89  
Year-to-date2,3152,4592,485  99  102  89  
(Decrease)/increase from the 15-year average(7)%(1)%11 %15 %