This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Portland General Electric Reports 2011 Financial Results And Initiates 2012 Earnings Guidance

Portland General Electric Company (NYSE: POR) today reported net income of $147 million, or $1.95 per diluted share, for the year ended December 31, 2011, compared to $125 million, or $1.66 per diluted share, for 2010. Net income was $29 million, or $0.38 per diluted share, for the fourth quarter of 2011 compared to $25 million, or $0.34 per diluted share, for the comparable period of 2010.

“I’m very proud of PGE’s accomplishments in 2011. We effectively managed our power supply operations, taking advantage of favorable regional hydro conditions, and successfully upgraded our Boardman and Coyote Springs thermal plants,” said Jim Piro, President and Chief Executive Officer. “Our 2011 performance reflects our continued focus on operational excellence, high customer satisfaction and delivering a competitive return for shareholders.”

Total retail revenues increased by $58 million for 2011 compared with 2010 reflecting a 4% increase in average retail prices and a 3% increase in total retail energy deliveries. Residential energy deliveries increased 4%, primarily due to cooler weather during the heating season. Commercial and industrial energy deliveries increased 3%, primarily due to increases in load from paper manufacturing. Excluding paper manufacturers and adjusting for weather, retail loads for 2011 were up approximately 0.5% from 2010.

Purchased power and fuel expense decreased by $69 million for 2011 compared with 2010 driven by favorable hydro conditions which resulted in an abundant supply of power from hydroelectric projects and lower wholesale power and natural gas prices, with increased energy from wind generation resources also contributing to the decrease. Average net variable power costs (NVPC) decreased by approximately 9% for 2011 compared to 2010. As a result of decreased NVPC, PGE recorded an estimated refund to customers of $10 million pursuant to the power cost adjustment mechanism (PCAM). Additionally, this reflects a 14% increase in energy received from hydroelectric resources and PGE’s economic decision to buy low cost wholesale power instead of generating power with its thermal plants. As a result, thermal generation represented 29% of the Company’s total system load in 2011, compared to 44% in 2010.

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,698.18 -77.94 -0.44%
S&P 500 2,059.69 -8.20 -0.40%
NASDAQ 4,880.2280 -20.6570 -0.42%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs