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Portland General Electric Reports Second Quarter 2012 Financial Results

POR-FSource: Portland General Electric Company

               

PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Dollars in millions, except per share amounts)

(Unaudited)

 
 
Three Months Ended Six Months Ended
June 30, June 30,
2012       2011 2012       2011
Revenues, net $ 413 $ 411 $ 892 $ 895
Operating expenses:
Purchased power and fuel 156 169 351 363
Production and distribution 51 55 104 97
Administrative and other 56 51 110 103
Depreciation and amortization 63 55 125 111
Taxes other than income taxes 26   24   53   49
Total operating expenses 352   354   743   723
Income from operations 61 57 149 172
Other income (expense):
Allowance for equity funds used during construction 2 1 3 2
Miscellaneous income (expense), net (1 ) 1   2   3
Other income, net 1 2 5 5
Interest expense 27   28   55   55
Income before income taxes 35 31 99 122
Income taxes 9   9   24   31
Net income and Net income attributable to Portland General Electric Company $ 26   $ 22   $ 75   $ 91
 
Weighted-average shares outstanding (in thousands):
Basic 75,507   75,326   75,465   75,322
Diluted 75,517   75,401   75,479   75,369
Earnings per share — basic and diluted $ 0.34   $ 0.29   $ 0.99   $ 1.21
Dividends declared per common share $ 0.270   $ 0.265   $ 0.535   $ 0.525
 
                 

PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In millions)

(Unaudited)

 
 
June 30, December 31,
2012 2011

ASSETS

Current assets:
Cash and cash equivalents $ 74 $ 6
Accounts receivable, net 133 144
Unbilled revenues 70 101
Inventories 80 71
Margin deposits 69 80
Regulatory assets — current 197 216
Deferred income tax assets 39 33
Other current assets 66   65
Total current assets 728   716
Electric utility plant, net 4,317 4,285
Regulatory assets — noncurrent 528 594
Nuclear decommissioning trust 37 37
Non-qualified benefit plan trust 34 36
Other noncurrent assets 58   65
Total assets $ 5,702   $ 5,733
 

LIABILITIES AND EQUITY

Current liabilities:
Accounts payable $ 66 $ 111
Liabilities from price risk management activities — current 193 216
Short-term debt 30
Current portion of long-term debt 150 100
Accrued expenses and other current liabilities 157   157
Total current liabilities 566   614
Long-term debt, net of current portion 1,586 1,635
Regulatory liabilities — noncurrent 755 720
Deferred income taxes 573 529
Liabilities from price risk management activities — noncurrent 120 172
Unfunded status of pension and postretirement plans 199 195
Non-qualified benefit plan liabilities 102 101
Other noncurrent liabilities 100   101
Total liabilities 4,001   4,067
Total equity 1,701   1,666
Total liabilities and equity $ 5,702   $ 5,733
 
                   

PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)

(Unaudited)

 
 
Six Months Ended
June 30,
2012       2011
Cash flows from operating activities:
Net income $ 75 $ 91
Depreciation and amortization 125 111
Other non-cash items, net, included in Net income 72 77
Changes in working capital (4 ) 31
Contribution to pension plan (26 )
Other, net (1 ) (5 )
Net cash provided by operating activities 267   279  
Cash flows from investing activities:
Capital expenditures (137 ) (138 )
Proceeds received from sale of solar power facility 10
Other, net (1 ) (1 )
Net cash used in investing activities (128 ) (139 )
Cash flows from financing activities:
Payments on long-term debt (10 )
Maturities of commercial paper, net (30 ) (19 )
Dividends paid (41 ) (39 )
Noncontrolling interests’ capital distributions   (4 )
Net cash used in financing activities (71 ) (72 )
Increase in cash and cash equivalents 68 68
Cash and cash equivalents, beginning of period 6   4  
Cash and cash equivalents, end of period $ 74   $ 72  
 
           

PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES

SUPPLEMENTAL OPERATING STATISTICS

(Unaudited)

 
 
Three Months Ended Six Months Ended
June 30, June 30,
2012       2011 2012       2011
Revenues (dollars in millions):
Retail:
Residential $ 187 $ 195 $ 443 $ 451
Commercial 152 151 308 307
Industrial 56   55   109   109  
Subtotal 395 401 860 867
Other deferred revenues, net (1 ) (11 ) (4 ) (14 )
Total retail revenues 394 390 856 853
Wholesale revenues 9 12 19 25
Other operating revenues 10   9   17   17  
Total revenues $ 413   $ 411   $ 892   $ 895  
 
Energy sold and delivered (MWh in thousands):
Retail energy sales:
Residential 1,621 1,715 3,880 4,006
Commercial 1,657 1,671 3,390 3,418
Industrial 877   892   1,687   1,736  
Total retail energy sales 4,155 4,278 8,957 9,160
Delivery to direct access customers:
Commercial 107 88 213 172
Industrial 201   151   397   331  
308   239   610   503  
Total retail energy sales and deliveries 4,463 4,517 9,567 9,663
Wholesale energy deliveries 702   591   1,090   1,068  
Total energy sold and delivered 5,165   5,108   10,657   10,731  
 
Number of retail customers at end of period:
Residential 723,169 719,888
Commercial 104,604 104,162
Industrial 210 236
Direct access 511   240  
Total retail customers 828,494   824,526  
 
                       

PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES

SUPPLEMENTAL OPERATING STATISTICS, continued

(Unaudited)

 
 
Three Months Ended Six Months Ended
June 30, June 30,
2012       2011 2012       2011
Sources of energy (MWh in thousands):
Generation:
Thermal:
Coal 208 375 1,285 1,509
Natural gas 7   67   1,137   335  
Total thermal 215 442 2,422 1,844
Hydro 547 609 1,130 1,180
Wind 377   429   623   645  
Total generation 1,139   1,480   4,175   3,669  
Purchased power:
Term 2,931 2,159 4,147 3,720
Hydro 522 921 936 1,723
Wind 103 35 177 108
Spot 398   495   1,181   1,583  
Total purchased power 3,954   3,610   6,441   7,134  
Total system load 5,093 5,090 10,616 10,803
Less: wholesale sales (702 ) (591 ) (1,090 ) (1,068 )
Retail load requirement 4,391   4,499   9,526   9,735  
 
         
Heating Degree-days Cooling Degree-days
2012     2011 2012     2011
First Quarter 1,967 1,974
Average 1,848 1,845
Second Quarter 709 946 40 16
Average 714 698 68 69
Year-to-date 2,676 2,920 40 16
Year-to-date average

2,562

2,543 68 69

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





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