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Portland General Electric Reports Third Quarter 2012 Financial Results

POR-F

Source: 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     Nine Months Ended
September 30, September 30,
2012     2011 2012     2011
Revenues, net $ 450 $ 439 $ 1,342 $ 1,334
Operating expenses:
Purchased power and fuel 182 182 533 545
Production and distribution 49 50 153 147
Administrative and other 50 55 160 158
Depreciation and amortization 63 59 188 170
Taxes other than income taxes   24     25     77     74  
Total operating expenses   368     371     1,111     1,094  
Income from operations 82 68 231 240
Other income (expense):
Allowance for equity funds used during construction 1 1 4 3
Miscellaneous income (expense), net       (4 )   2     (1 )
Other income (expense), net 1 (3 ) 6 2
Interest expense   27     27     82     82  
Income before income taxes 56 38 155 160
Income taxes   19     11     43     42  
Net income 37 27 112 118
Less: net loss attributable to noncontrolling interests   (1 )       (1 )    
Net income attributable to Portland General Electric Company $ 38   $ 27   $ 113   $ 118  
 
Weighted-average shares outstanding (in thousands):
Basic   75,528     75,342     75,486     75,329  
Diluted   75,541     75,358     75,500     75,345  
Earnings per share — basic and diluted $ 0.50   $ 0.36   $ 1.49     $ 1.57  
Dividends declared per common share $ 0.270   $ 0.265   $ 0.805   $ 0.790  
 
PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS

(In millions)

(Unaudited)

 
      September 30,     December 31,
2012 2011

ASSETS

Current assets:
Cash and cash equivalents $ 156 $ 6
Accounts receivable, net 129 144
Unbilled revenues 75 101
Inventories 78 71
Margin deposits 53 80
Regulatory assets — current 154 216
Deferred income tax assets 40 33
Other current assets   99   65
Total current assets   784   716
Electric utility plant, net 4,351 4,285
Regulatory assets — noncurrent 490 594
Nuclear decommissioning trust 37 37
Non-qualified benefit plan trust 32 36
Other noncurrent assets   63   65
Total assets $ 5,757 $ 5,733
 

LIABILITIES AND EQUITY

Current liabilities:
Accounts payable $ 76 $ 111
Liabilities from price risk management activities — current 147 216
Short-term debt 30
Current portion of long-term debt 200 100
Accrued expenses and other current liabilities   225   157
Total current liabilities   648   614
Long-term debt, net of current portion 1,536 1,635
Regulatory liabilities — noncurrent 760 720
Deferred income taxes 598 529
Liabilities from price risk management activities — noncurrent 90 172
Unfunded status of pension and postretirement plans 201 195
Non-qualified benefit plan liabilities 102 101
Other noncurrent liabilities   103   101
Total liabilities   4,038   4,067
Total equity   1,719   1,666
Total liabilities and equity $ 5,757 $ 5,733
 
PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)

(Unaudited)

 

      Nine Months Ended
September 30,
2012     2011
Cash flows from operating activities:
Net income $ 112 $ 118
Depreciation and amortization 188 170
Other non-cash items, net, included in Net income 99 109
Changes in working capital 57 46
Contributions to pension plan and voluntary employees’ beneficiary association trust (2 ) (40 )
Other, net   (4 )   (4 )
Net cash provided by operating activities   450     399  
Cash flows from investing activities:
Capital expenditures (218 ) (215 )
Proceeds received from sale of solar power facility 10
Other, net   (1 )   1  
Net cash used in investing activities   (209 )   (214 )
Cash flows from financing activities:
Payments on long-term debt (10 )
Maturities of commercial paper, net (30 ) (19 )
Dividends paid (61 ) (59 )
Noncontrolling interests’ capital distributions       (4 )
Net cash used in financing activities   (91 )   (92 )
Increase in cash and cash equivalents 150 93
Cash and cash equivalents, beginning of period   6     4  
Cash and cash equivalents, end of period $ 156   $ 97  
 
PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES
SUPPLEMENTAL OPERATING STATISTICS

(Unaudited)

 
      Three Months Ended     Nine Months Ended
September 30, September 30,
2012     2011 2012     2011
Revenues (dollars in millions):
Retail:
Residential $ 187 $ 184 $ 630 $ 635
Commercial 168 167 476 474
Industrial   57   59     166   168  
Subtotal 412 410 1,272 1,277
Other accrued (deferred) revenues, net   10   (4 )   6   (18 )
Total retail revenues 422 406 1,278 1,259
Wholesale revenues 19 24 38 49
Other operating revenues   9   9     26   26  
Total revenues $ 450 $ 439   $ 1,342 $ 1,334  
 
Energy sold and delivered (MWh in thousands):
Retail energy sales:
Residential 1,626 1,598 5,506 5,604
Commercial 1,848 1,879 5,239 5,297
Industrial   886   931     2,573   2,667  
Total retail energy sales 4,360 4,408 13,318 13,568
Delivery to direct access customers:
Commercial 115 91 327 263
Industrial   210   158     607   489  
  325   249     934   752  
Total retail energy sales and deliveries 4,685 4,657 14,252 14,320
Wholesale energy deliveries   771   780     1,861   1,848  
Total energy sold and delivered   5,456   5,437     16,113   16,168  
 
Number of retail customers at end of period:
Residential 723,804 719,993
Commercial 104,749 104,341
Industrial 216 237
Direct access   511   246  
Total retail customers   829,280   824,817  
 
PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES
SUPPLEMENTAL OPERATING STATISTICS, continued

(Unaudited)

 
      Three Months Ended     Nine Months Ended
September 30, September 30,
2012     2011 2012     2011
Sources of energy (MWh in thousands):
Generation:
Thermal:
Coal 995 1,200 2,280 2,708
Natural gas 856   723   1,993   1,058  
Total thermal 1,851 1,923 4,273 3,766
Hydro 331 345 1,461 1,524
Wind 341   379   964   1,025  
Total generation 2,523   2,647   6,698   6,315  
Purchased power:
Term 1,895 1,337 6,042 5,057
Hydro 422 766 1,358 2,489
Wind 95 95 272 203
Spot 460   617   1,641   2,200  
Total purchased power 2,872   2,815   9,313   9,949  
Total system load 5,395 5,462 16,011 16,264
Less: wholesale sales (771 ) (780 ) (1,861 ) (1,848 )
Retail load requirement 4,624   4,682   14,150   14,416  
 
      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
Third Quarter 58 51 395 346
Average 81 87 387 393
Year-to-date 2,734 2,971 435 362
Year-to-date average 2,643 2,630 455 462
 

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

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