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Portland General Electric's CEO Discusses Q1 2012 Results - Earnings Call Transcript

Stocks in this article: POR

Quarter-over-quarter, we have added 3,500 customers and our weather adjusted retail energy deliveries are up. We expect to see growth in our industrial sector as a result of Intel’s large D1X facility and new data centers coming online as scheduled.

Now, I’ll give you an update on our strategic initiatives starting with operational excellence. We continue to deliver excellent operating performance company-wide. Our system operated extremely well. Our distribution reliability metrics remained strong and generating plant availability was high.

Overall satisfaction from residential, commercial and general business customers remains high and we continue to receive positive feedback that tells us we are meeting our customers’ needs.

We are continuing our benchmarking and best practices work to identify and implement system and technology improvements that result in cost efficiencies throughout the company.

We’ve already achieved significant savings with the installation of smart meters, and are pleased with the performance of our new financial and supply chain systems. We expect to see similar results as we deploy new technology and make process changes in our transmission and distribution areas.

Now, I’ll give you an update on our progress executing our integrated resource plan, action plan. Oregon Public Utility Commission is currently reviewing a draft of our combined capacity energy RFP. This RFP allows self-build benchmark proposals and bids from independent power developers or producers who also have the option to build on PGE’s benchmarks sites, so long as the plants are built to our specifications and would be owned and operated by us.

We are finalizing our benchmark proposals for the combined RFP and expect to receive the OPUC’s decision early next month. We anticipate the final decisions on what resources we select in the latter part of 2012 or early in 2013.

We are continuing negotiations on a benchmark resource for the renewable RFP and expect to file a draft of the renewable RFP with the commission next month with final resourced decisions in late 2012 or early 2013.

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

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