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Portland General Electric CEO Discusses Q3 2011 Results - Earnings Call Transcript

Now let’s move on to the economic outlook in our operating area. We continue to see customer growth with the addition of 2400 new customers since the third quarter of 2010. According to the Oregon employment department, Oregon seasonally adjusted unemployment rate remained flat at 9.6% in September.

This compares to the U.S. average of 9.1%. Oregon’s private sector payroll grew faster then the national average with growth of 2.3% in the last nine months compared to the same period last year versus 1.6% for the U.S. The Oregon office of economic analysis forecast that jobs in Oregon will continue to grow faster than the U.S. average during the next several years.

Growth is likely to be concentrated in higher wage jobs, reflecting activity and high technology manufacturing as illustrated by the substantial expansion project currently underway at Intel. Including the effects of energy efficiency measures, PGE’s weather adjusted retail energy deliveries increased approximately 0.7% in the third quarter 2011 compared to third quarter 2010.

This increase was driven by growth in the industrial sector specifically the paper production industry excluding two large paper companies total weather adjusted deliveries for the quarter would have declined 0.4% compared to 2010. This decline driven by lower than anticipated residential loads during July and August has led us to revise our projected weather adjusted deliveries for the full year of 2011.

From an increase of 1% to an increase of approximately one-half of a percent. This again excludes the impacts of the two large paper production customers noted previously. One of which has access to the wholesale market through PGE at prevailing market prices.

While weather adjusted residential demand began to increase again in September, we do not believe growth over the remainder of the year will make up for the reduced demand during the summer.

Read the rest of this transcript for free on seekingalpha.com

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