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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Portland General Electric Company | NYSE:POR | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.53 | 1.21% | 44.30 | 44.4841 | 43.86 | 43.94 | 2,212,369 | 22:10:15 |
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[X]
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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[ ]
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
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Oregon
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93-0256820
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification No.)
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Large accelerated filer [x]
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Accelerated filer [ ]
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Non-accelerated filer [ ]
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(Do not check if a smaller reporting company)
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|
Smaller reporting company [ ]
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Emerging growth company [ ]
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Item 1.
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Financial Statements
(Unaudited)
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Item 2.
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Item 3.
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Item 4.
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Item 1.
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Item 1A.
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Item 6.
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||
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Abbreviation or Acronym
|
|
Definition
|
AFDC
|
|
Allowance for funds used during construction
|
AUT
|
|
Annual Power Cost Update Tariff
|
Boardman
|
|
Boardman coal-fired generating plant
|
Carty
|
|
Carty natural gas-fired generating plant
|
Colstrip
|
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Colstrip Units 3 and 4 coal-fired generating plant
|
CWIP
|
|
Construction work-in-progress
|
EPA
|
|
United States Environmental Protection Agency
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FERC
|
|
Federal Energy Regulatory Commission
|
FMBs
|
|
First Mortgage Bonds
|
GAAP
|
|
Accounting principles generally accepted in the United States of America
|
GRC
|
|
General Rate Case
|
IRP
|
|
Integrated Resource Plan
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Moody’s
|
|
Moody’s Investors Service
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MW
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|
Megawatts
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MWa
|
|
Average megawatts
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MWh
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|
Megawatt hours
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NVPC
|
|
Net Variable Power Costs
|
OCEP
|
|
Oregon Clean Electricity and Coal Transition Plan
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OPUC
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Public Utility Commission of Oregon
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PCAM
|
|
Power Cost Adjustment Mechanism
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RPS
|
|
Renewable Portfolio Standard
|
S&P
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|
S&P Global Ratings
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SEC
|
|
United States Securities and Exchange Commission
|
Trojan
|
|
Trojan nuclear power plant
|
Item 1.
|
Financial Statements.
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Revenues, net
|
$
|
449
|
|
|
$
|
428
|
|
|
$
|
979
|
|
|
$
|
915
|
|
Operating expenses:
|
|
|
|
|
|
|
|
||||||||
Purchased power and fuel
|
118
|
|
|
126
|
|
|
259
|
|
|
275
|
|
||||
Generation, transmission and distribution
|
81
|
|
|
64
|
|
|
162
|
|
|
130
|
|
||||
Administrative and other
|
65
|
|
|
61
|
|
|
133
|
|
|
122
|
|
||||
Depreciation and amortization
|
86
|
|
|
83
|
|
|
170
|
|
|
165
|
|
||||
Taxes other than income taxes
|
31
|
|
|
30
|
|
|
64
|
|
|
60
|
|
||||
Total operating expenses
|
381
|
|
|
364
|
|
|
788
|
|
|
752
|
|
||||
Income from operations
|
68
|
|
|
64
|
|
|
191
|
|
|
163
|
|
||||
Interest expense, net
|
30
|
|
|
27
|
|
|
60
|
|
|
54
|
|
||||
Other income:
|
|
|
|
|
|
|
|
||||||||
Allowance for equity funds used during construction
|
3
|
|
|
8
|
|
|
5
|
|
|
15
|
|
||||
Miscellaneous income, net
|
1
|
|
|
1
|
|
|
2
|
|
|
—
|
|
||||
Other income, net
|
4
|
|
|
9
|
|
|
7
|
|
|
15
|
|
||||
Income before income tax expense
|
42
|
|
|
46
|
|
|
138
|
|
|
124
|
|
||||
Income tax expense
|
10
|
|
|
9
|
|
|
33
|
|
|
26
|
|
||||
Net income
|
$
|
32
|
|
|
$
|
37
|
|
|
$
|
105
|
|
|
$
|
98
|
|
Other comprehensive income
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Comprehensive income
|
$
|
33
|
|
|
$
|
37
|
|
|
$
|
105
|
|
|
$
|
98
|
|
|
|
|
|
|
|
|
|
||||||||
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||||||||
Weighted-average shares outstanding—basic and diluted (in thousands)
|
89,063
|
|
|
88,902
|
|
|
89,033
|
|
|
88,867
|
|
||||
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|
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|
|
|
|
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||||||||
Earnings per share—basic and diluted
|
$
|
0.36
|
|
|
$
|
0.42
|
|
|
$
|
1.18
|
|
|
$
|
1.10
|
|
|
|
|
|
|
|
|
|
||||||||
Dividends declared per common share
|
$
|
0.34
|
|
|
$
|
0.32
|
|
|
$
|
0.66
|
|
|
$
|
0.62
|
|
|
|
|
|
|
|
|
|
||||||||
See accompanying notes to condensed consolidated financial statements.
|
|
June 30,
2017 |
|
December 31,
2016 |
||||
ASSETS
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
33
|
|
|
$
|
6
|
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Accounts receivable, net
|
139
|
|
|
155
|
|
||
Unbilled revenues
|
68
|
|
|
107
|
|
||
Inventories
|
82
|
|
|
82
|
|
||
Regulatory assets—current
|
47
|
|
|
36
|
|
||
Other current assets
|
43
|
|
|
77
|
|
||
Total current assets
|
412
|
|
|
463
|
|
||
Electric utility plant, net
|
6,573
|
|
|
6,434
|
|
||
Regulatory assets—noncurrent
|
536
|
|
|
498
|
|
||
Nuclear decommissioning trust
|
41
|
|
|
41
|
|
||
Non-qualified benefit plan trust
|
36
|
|
|
34
|
|
||
Other noncurrent assets
|
55
|
|
|
57
|
|
||
Total assets
|
$
|
7,653
|
|
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$
|
7,527
|
|
|
|
|
|
||||
See accompanying notes to condensed consolidated financial statements.
|
|
June 30,
2017 |
|
December 31,
2016 |
||||
LIABILITIES AND EQUITY
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Accounts payable
|
$
|
90
|
|
|
$
|
129
|
|
Liabilities from price risk management activities—current
|
46
|
|
|
44
|
|
||
Current portion of long-term debt
|
150
|
|
|
150
|
|
||
Accrued expenses and other current liabilities
|
226
|
|
|
254
|
|
||
Total current liabilities
|
512
|
|
|
577
|
|
||
Long-term debt, net of current portion
|
2,200
|
|
|
2,200
|
|
||
Regulatory liabilities—noncurrent
|
989
|
|
|
958
|
|
||
Deferred income taxes
|
685
|
|
|
669
|
|
||
Unfunded status of pension and postretirement plans
|
286
|
|
|
281
|
|
||
Liabilities from price risk management activities—noncurrent
|
158
|
|
|
125
|
|
||
Asset retirement obligations
|
165
|
|
|
161
|
|
||
Non-qualified benefit plan liabilities
|
106
|
|
|
105
|
|
||
Other noncurrent liabilities
|
160
|
|
|
107
|
|
||
Total liabilities
|
5,261
|
|
|
5,183
|
|
||
Commitments and contingencies (see notes)
|
|
|
|
||||
Equity:
|
|
|
|
||||
Portland General Electric Company shareholders’ equity:
|
|
|
|
||||
Preferred stock, no par value, 30,000,000 shares authorized; none issued and outstanding as of June 30, 2017 and December 31, 2016
|
—
|
|
|
—
|
|
||
Common stock, no par value, 160,000,000 shares authorized; 89,062,560 and 88,946,704 shares issued and outstanding as of
June 30, 2017 and December 31, 2016, respectively
|
1,203
|
|
|
1,201
|
|
||
Accumulated other comprehensive loss
|
(7
|
)
|
|
(7
|
)
|
||
Retained earnings
|
1,196
|
|
|
1,150
|
|
||
Total equity
|
2,392
|
|
|
2,344
|
|
||
Total liabilities and equity
|
$
|
7,653
|
|
|
$
|
7,527
|
|
|
|||||||
See accompanying notes to condensed consolidated financial statements.
|
|
Six Months Ended June 30,
|
||||||
|
2017
|
|
2016
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Net income
|
$
|
105
|
|
|
$
|
98
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
170
|
|
|
165
|
|
||
Deferred income taxes
|
20
|
|
|
20
|
|
||
Pension and other postretirement benefits
|
13
|
|
|
14
|
|
||
Allowance for equity funds used during construction
|
(5
|
)
|
|
(15
|
)
|
||
Decoupling mechanism deferrals, net of amortization
|
(15
|
)
|
|
(3
|
)
|
||
Other non-cash income and expenses, net
|
16
|
|
|
12
|
|
||
Changes in working capital:
|
|
|
|
||||
Decrease in accounts receivable and unbilled revenues
|
55
|
|
|
59
|
|
||
Increase in inventories
|
—
|
|
|
(4
|
)
|
||
Decrease in margin deposits, net
|
7
|
|
|
18
|
|
||
Decrease in accounts payable and accrued liabilities
|
(29
|
)
|
|
(13
|
)
|
||
Other working capital items, net
|
11
|
|
|
6
|
|
||
Other, net
|
(15
|
)
|
|
(19
|
)
|
||
Net cash provided by operating activities
|
333
|
|
|
338
|
|
||
Cash flows from investing activities:
|
|
|
|
||||
Capital expenditures
|
(245
|
)
|
|
(319
|
)
|
||
Sales of Nuclear decommissioning trust securities
|
11
|
|
|
11
|
|
||
Purchases of Nuclear decommissioning trust securities
|
(9
|
)
|
|
(11
|
)
|
||
Other, net
|
(2
|
)
|
|
—
|
|
||
Net cash used in investing activities
|
(245
|
)
|
|
(319
|
)
|
||
|
|
|
|
||||
See accompanying notes to condensed consolidated financial statements.
|
|||||||
|
|
|
|
|
Six Months Ended June 30,
|
||||||
|
2017
|
|
2016
|
||||
Cash flows from financing activities:
|
|
|
|
||||
Proceeds from issuance of long-term debt
|
—
|
|
|
265
|
|
||
Payments on long-term debt
|
—
|
|
|
(133
|
)
|
||
Change in short-term debt
|
—
|
|
|
(6
|
)
|
||
Dividends paid
|
(57
|
)
|
|
(53
|
)
|
||
Other
|
(4
|
)
|
|
(3
|
)
|
||
Net cash (used in) provided by financing activities
|
(61
|
)
|
|
70
|
|
||
Increase in cash and cash equivalents
|
27
|
|
|
89
|
|
||
Cash and cash equivalents, beginning of period
|
6
|
|
|
4
|
|
||
Cash and cash equivalents, end of period
|
$
|
33
|
|
|
$
|
93
|
|
|
|
|
|
||||
Supplemental cash flow information is as follows:
|
|
|
|
||||
Cash paid for interest, net of amounts capitalized
|
$
|
55
|
|
|
$
|
49
|
|
Cash paid for income taxes
|
13
|
|
|
7
|
|
||
Non-cash investing and financing activities:
|
|
|
|
||||
Assets obtained under capital lease
|
55
|
|
|
57
|
|
||
|
|||||||
See accompanying notes to condensed consolidated financial statements.
|
|
June 30,
2017 |
|
December 31, 2016
|
||||
Prepaid expenses
|
$
|
34
|
|
|
$
|
48
|
|
Margin deposits
|
1
|
|
|
8
|
|
||
Assets from price risk management activities
|
5
|
|
|
18
|
|
||
Other
|
3
|
|
|
3
|
|
||
Other current assets
|
$
|
43
|
|
|
$
|
77
|
|
|
June 30,
2017 |
|
December 31,
2016 |
||||
Electric utility plant
|
$
|
9,674
|
|
|
$
|
9,534
|
|
Construction work-in-progress
|
346
|
|
|
213
|
|
||
Total cost
|
10,020
|
|
|
9,747
|
|
||
Less: accumulated depreciation and amortization
|
(3,447
|
)
|
|
(3,313
|
)
|
||
Electric utility plant, net
|
$
|
6,573
|
|
|
$
|
6,434
|
|
|
June 30, 2017
|
|
December 31, 2016
|
||||||||||||
|
Current
|
|
Noncurrent
|
|
Current
|
|
Noncurrent
|
||||||||
Regulatory assets:
|
|
|
|
|
|
|
|
||||||||
Price risk management
|
$
|
41
|
|
|
$
|
156
|
|
|
$
|
26
|
|
|
$
|
120
|
|
Pension and other postretirement plans
|
—
|
|
|
229
|
|
|
—
|
|
|
235
|
|
||||
Deferred income taxes
|
—
|
|
|
82
|
|
|
—
|
|
|
86
|
|
||||
Debt issuance costs
|
—
|
|
|
20
|
|
|
—
|
|
|
22
|
|
||||
Other
|
6
|
|
|
49
|
|
|
10
|
|
|
35
|
|
||||
Total regulatory assets
|
$
|
47
|
|
|
$
|
536
|
|
|
$
|
36
|
|
|
$
|
498
|
|
Regulatory liabilities:
|
|
|
|
|
|
|
|
||||||||
Asset retirement removal costs
|
$
|
—
|
|
|
$
|
910
|
|
|
$
|
—
|
|
|
$
|
887
|
|
Trojan decommissioning activities
|
8
|
|
|
—
|
|
|
18
|
|
|
—
|
|
||||
Asset retirement obligations
|
—
|
|
|
51
|
|
|
—
|
|
|
49
|
|
||||
Other
|
26
|
|
|
28
|
|
|
33
|
|
|
22
|
|
||||
Total regulatory liabilities
|
$
|
34
|
|
*
|
$
|
989
|
|
|
$
|
51
|
|
*
|
$
|
958
|
|
|
June 30,
2017 |
|
December 31, 2016
|
||||
Regulatory liabilities—current
|
$
|
34
|
|
|
$
|
51
|
|
Accrued employee compensation and benefits
|
52
|
|
|
52
|
|
||
Accrued interest payable
|
25
|
|
|
25
|
|
||
Accrued dividends payable
|
31
|
|
|
30
|
|
||
Accrued taxes payable
|
25
|
|
|
25
|
|
||
Other
|
59
|
|
|
71
|
|
||
Total accrued expenses and other current liabilities
|
$
|
226
|
|
|
$
|
254
|
|
•
|
$50 million
on May 4, 2016;
|
•
|
$75 million
on June 15, 2016; and
|
•
|
$25 million
on October 31, 2016.
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Service cost
|
$
|
4
|
|
|
$
|
4
|
|
|
$
|
8
|
|
|
$
|
8
|
|
Interest cost
|
9
|
|
|
8
|
|
|
17
|
|
|
16
|
|
||||
Expected return on plan assets
|
(10
|
)
|
|
(10
|
)
|
|
(20
|
)
|
|
(20
|
)
|
||||
Amortization of net actuarial loss
|
3
|
|
|
4
|
|
|
6
|
|
|
8
|
|
||||
Net periodic benefit cost
|
$
|
6
|
|
|
$
|
6
|
|
|
$
|
11
|
|
|
$
|
12
|
|
Level 1
|
Quoted prices are available in active markets for identical assets or liabilities as of the measurement date.
|
Level 2
|
Pricing inputs include those that are directly or indirectly observable in the marketplace as of the measurement date.
|
Level 3
|
Pricing inputs include significant inputs that are unobservable for the asset or liability.
|
|
As of June 30, 2017
|
||||||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Other
(2)
|
|
Total
|
||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Nuclear decommissioning trust:
(1)
|
|
|
|
|
|
|
|
|
|
||||||||||
Debt securities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Domestic government
|
$
|
2
|
|
|
$
|
8
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
10
|
|
Corporate credit
|
—
|
|
|
8
|
|
|
—
|
|
|
—
|
|
|
8
|
|
|||||
Money market funds measured at NAV
(2)
|
—
|
|
|
—
|
|
|
—
|
|
|
23
|
|
|
23
|
|
|||||
Non-qualified benefit plan trust:
(3)
|
|
|
|
|
|
|
|
|
|
||||||||||
Money market funds
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|||||
Equity securities—domestic
|
6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6
|
|
|||||
Debt securities—domestic government
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|||||
Collective trust—domestic equity measured at NAV
(2)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Assets from price risk management activities:
(1) (4)
|
|
|
|
|
|
|
|
|
|
||||||||||
Electricity
|
—
|
|
|
3
|
|
|
2
|
|
|
—
|
|
|
5
|
|
|||||
Natural gas
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|||||
|
$
|
11
|
|
|
$
|
21
|
|
|
$
|
2
|
|
|
$
|
23
|
|
|
$
|
57
|
|
Liabilities from price risk management
activities:
(1) (4)
|
|
|
|
|
|
|
|
|
|
||||||||||
Electricity
|
$
|
—
|
|
|
$
|
2
|
|
|
$
|
144
|
|
|
$
|
—
|
|
|
$
|
146
|
|
Natural gas
|
—
|
|
|
47
|
|
|
11
|
|
|
—
|
|
|
58
|
|
|||||
|
$
|
—
|
|
|
$
|
49
|
|
|
$
|
155
|
|
|
$
|
—
|
|
|
$
|
204
|
|
(1)
|
Activities are subject to regulation, with certain gains and losses deferred pursuant to regulatory accounting and included in Regulatory assets or Regulatory liabilities as appropriate.
|
(2)
|
Assets are measured at NAV as a practical expedient and not subject to hierarchy level classification disclosure.
|
(3)
|
Excludes insurance policies of
$27 million
, which are recorded at cash surrender value.
|
(4)
|
For further information, see Note 4, Price Risk Management.
|
|
As of December 31, 2016
|
||||||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Other
(2)
|
|
Total
|
||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Nuclear decommissioning trust:
(1)
|
|
|
|
|
|
|
|
|
|
||||||||||
Debt securities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Domestic government
|
$
|
2
|
|
|
$
|
10
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
12
|
|
Corporate credit
|
—
|
|
|
8
|
|
|
—
|
|
|
—
|
|
|
8
|
|
|||||
Money market funds measured at NAV
(2)
|
—
|
|
|
—
|
|
|
—
|
|
|
21
|
|
|
21
|
|
|||||
Non-qualified benefit plan trust:
(3)
|
|
|
|
|
|
|
|
|
|
||||||||||
Money market funds
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|||||
Equity securities—domestic
|
4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|||||
Debt securities—domestic government
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|||||
Collective trust—domestic equity measured at NAV
(2)
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
2
|
|
|||||
Assets from price risk management activities:
(1) (4)
|
|
|
|
|
|
|
|
|
|
||||||||||
Electricity
|
—
|
|
|
6
|
|
|
1
|
|
|
—
|
|
|
7
|
|
|||||
Natural gas
|
—
|
|
|
15
|
|
|
1
|
|
|
—
|
|
|
16
|
|
|||||
|
$
|
8
|
|
|
$
|
39
|
|
|
$
|
2
|
|
|
$
|
23
|
|
|
$
|
72
|
|
Liabilities from price risk management
activities:
(1) (4)
|
|
|
|
|
|
|
|
|
|
||||||||||
Electricity
|
$
|
—
|
|
|
$
|
6
|
|
|
$
|
112
|
|
|
$
|
—
|
|
|
$
|
118
|
|
Natural gas
|
—
|
|
|
42
|
|
|
9
|
|
|
—
|
|
|
51
|
|
|||||
|
$
|
—
|
|
|
$
|
48
|
|
|
$
|
121
|
|
|
$
|
—
|
|
|
$
|
169
|
|
(1)
|
Activities are subject to regulation, with certain gains and losses deferred pursuant to regulatory accounting and included in Regulatory assets or Regulatory liabilities as appropriate.
|
(2)
|
Assets are measured at NAV as a practical expedient and not subject to hierarchy level classification disclosure.
|
(3)
|
Excludes insurance policies of
$26 million
, which are recorded at cash surrender value.
|
(4)
|
For further information, see Note 4, Price Risk Management.
|
|
|
Fair Value
|
|
Valuation Technique
|
|
Significant Unobservable Input
|
|
Price per Unit
|
||||||||||||||||
Commodity Contracts
|
|
Assets
|
|
Liabilities
|
|
|
|
Low
|
|
High
|
|
Weighted Average
|
||||||||||||
|
|
(in millions)
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
As of June 30, 2017:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Electricity physical forwards
|
|
$
|
—
|
|
|
$
|
143
|
|
|
Discounted cash flow
|
|
Electricity forward price (per MWh)
|
|
$
|
12.25
|
|
|
$
|
35.56
|
|
|
$
|
27.90
|
|
Natural gas financial swaps
|
|
—
|
|
|
11
|
|
|
Discounted cash flow
|
|
Natural gas forward price (per Decatherm)
|
|
1.70
|
|
|
3.15
|
|
|
2.14
|
|
|||||
Electricity financial futures
|
|
2
|
|
|
1
|
|
|
Discounted cash flow
|
|
Electricity forward price (per MWh)
|
|
15.83
|
|
|
29.94
|
|
|
24.37
|
|
|||||
|
|
$
|
2
|
|
|
$
|
155
|
|
|
|
|
|
|
|
|
|
|
|
||||||
As of December 31, 2016:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Electricity physical forwards
|
|
$
|
—
|
|
|
$
|
112
|
|
|
Discounted cash flow
|
|
Electricity forward price (per MWh)
|
|
$
|
14.25
|
|
|
$
|
54.73
|
|
|
$
|
38.18
|
|
Natural gas financial swaps
|
|
1
|
|
|
9
|
|
|
Discounted cash flow
|
|
Natural gas forward price (per Decatherm)
|
|
1.85
|
|
|
4.92
|
|
|
2.64
|
|
|||||
Electricity financial futures
|
|
1
|
|
|
—
|
|
|
Discounted cash flow
|
|
Electricity forward price (per MWh)
|
|
8.57
|
|
|
33.60
|
|
|
25.10
|
|
|||||
|
|
$
|
2
|
|
|
$
|
121
|
|
|
|
|
|
|
|
|
|
|
|
Significant Unobservable Input
|
|
Position
|
|
Change to Input
|
|
Impact on Fair Value Measurement
|
Market price
|
|
Buy
|
|
Increase (decrease)
|
|
Gain (loss)
|
Market price
|
|
Sell
|
|
Increase (decrease)
|
|
Loss (gain)
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Balance as of the beginning of the period
|
144
|
|
|
131
|
|
|
$
|
119
|
|
|
$
|
119
|
|
||
Net realized and unrealized losses
*
|
9
|
|
|
28
|
|
|
35
|
|
|
40
|
|
||||
Transfers out of Level 3 to Level 2
|
—
|
|
|
(1
|
)
|
|
(1
|
)
|
|
(1
|
)
|
||||
Balance as of the end of the period
|
$
|
153
|
|
|
$
|
158
|
|
|
$
|
153
|
|
|
$
|
158
|
|
|
June 30,
2017 |
|
December 31,
2016 |
|
||||
Current assets:
|
|
|
|
|
||||
Commodity contracts:
|
|
|
|
|
||||
Electricity
|
$
|
3
|
|
|
$
|
6
|
|
|
Natural gas
|
2
|
|
|
12
|
|
|
||
Total current derivative assets
|
5
|
|
(1)
|
18
|
|
(1)
|
||
Noncurrent assets:
|
|
|
|
|
||||
Commodity contracts:
|
|
|
|
|
||||
Electricity
|
2
|
|
|
1
|
|
|
||
Natural gas
|
—
|
|
|
4
|
|
|
||
Total noncurrent derivative assets
|
2
|
|
(2)
|
5
|
|
(2)
|
||
Total derivative assets not designated as hedging instruments
|
$
|
7
|
|
|
$
|
23
|
|
|
Total derivative assets
|
$
|
7
|
|
|
$
|
23
|
|
|
Current liabilities:
|
|
|
|
|
||||
Commodity contracts:
|
|
|
|
|
||||
Electricity
|
$
|
10
|
|
|
$
|
12
|
|
|
Natural gas
|
36
|
|
|
32
|
|
|
||
Total current derivative liabilities
|
46
|
|
|
44
|
|
|
||
Noncurrent liabilities:
|
|
|
|
|
||||
Commodity contracts:
|
|
|
|
|
||||
Electricity
|
136
|
|
|
106
|
|
|
||
Natural gas
|
22
|
|
|
19
|
|
|
||
Total noncurrent derivative liabilities
|
158
|
|
|
125
|
|
|
||
Total derivative liabilities not designated as hedging instruments
|
$
|
204
|
|
|
$
|
169
|
|
|
Total derivative liabilities
|
$
|
204
|
|
|
$
|
169
|
|
|
(1)
|
Included in Other current assets on the condensed consolidated balance sheets.
|
(2)
|
Included in Other noncurrent assets on the condensed consolidated balance sheets.
|
|
June 30, 2017
|
|
December 31, 2016
|
||||||
Commodity contracts:
|
|
|
|
|
|
||||
Electricity
|
5
|
|
MWh
|
|
8
|
|
MWh
|
||
Natural gas
|
118
|
|
Decatherms
|
|
107
|
|
Decatherms
|
||
Foreign currency
|
$
|
28
|
|
Canadian
|
|
$
|
22
|
|
Canadian
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Commodity contracts:
|
|
|
|
|
|
|
|
||||||||
Electricity
|
$
|
16
|
|
|
$
|
27
|
|
|
$
|
49
|
|
|
$
|
52
|
|
Natural Gas
|
7
|
|
|
(41
|
)
|
|
41
|
|
|
(24
|
)
|
||||
Foreign currency exchange
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
|
(1
|
)
|
|
2017
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
Thereafter
|
|
Total
|
||||||||||||||
Commodity contracts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Electricity
|
$
|
3
|
|
|
$
|
6
|
|
|
$
|
8
|
|
|
$
|
8
|
|
|
$
|
8
|
|
|
$
|
108
|
|
|
$
|
141
|
|
Natural gas
|
24
|
|
|
20
|
|
|
9
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
56
|
|
|||||||
Net unrealized loss
|
$
|
27
|
|
|
$
|
26
|
|
|
$
|
17
|
|
|
$
|
11
|
|
|
$
|
8
|
|
|
$
|
108
|
|
|
$
|
197
|
|
|
June 30,
2017 |
|
December 31,
2016 |
||
Assets from price risk management activities:
|
|
|
|
||
Counterparty A
|
52
|
%
|
|
22
|
%
|
Counterparty B
|
6
|
|
|
17
|
|
Counterparty C
|
6
|
|
|
12
|
|
|
64
|
%
|
|
51
|
%
|
Liabilities from price risk management activities:
|
|
|
|
||
Counterparty D
|
70
|
%
|
|
66
|
%
|
|
70
|
%
|
|
66
|
%
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||
Weighted-average common shares outstanding—basic and diluted
|
89,063
|
|
|
88,902
|
|
|
89,033
|
|
|
88,867
|
|
|
Common Stock
|
|
Accumulated
Other
Comprehensive
Loss
|
|
Retained
Earnings
|
|
|
|||||||||||
|
|
|
|
|
||||||||||||||
|
Shares
|
|
Amount
|
|
|
|
Total
|
|||||||||||
Balances as of December 31, 2016
|
88,946,704
|
|
|
$
|
1,201
|
|
|
$
|
(7
|
)
|
|
$
|
1,150
|
|
|
$
|
2,344
|
|
Issuances of shares pursuant to equity-based plans
|
115,856
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
||||
Stock-based compensation
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
||||
Dividends declared
|
—
|
|
|
—
|
|
|
—
|
|
|
(59
|
)
|
|
(59
|
)
|
||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
105
|
|
|
105
|
|
||||
Balances as of June 30, 2017
|
89,062,560
|
|
|
$
|
1,203
|
|
|
$
|
(7
|
)
|
|
$
|
1,196
|
|
|
$
|
2,392
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Balances as of December 31, 2015
|
88,792,751
|
|
|
$
|
1,196
|
|
|
$
|
(8
|
)
|
|
$
|
1,070
|
|
|
$
|
2,258
|
|
Issuances of shares pursuant to equity-based plans
|
128,005
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
||||
Stock-based compensation
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
||||
Dividends declared
|
—
|
|
|
—
|
|
|
—
|
|
|
(55
|
)
|
|
(55
|
)
|
||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
98
|
|
|
98
|
|
||||
Balances as of June 30, 2016
|
88,920,756
|
|
|
$
|
1,198
|
|
|
$
|
(8
|
)
|
|
$
|
1,113
|
|
|
$
|
2,303
|
|
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations.
|
•
|
governmental policies and regulatory audits, investigations and actions, including those of the FERC and the OPUC with respect to allowed rates of return, financings, electricity pricing and price structures, acquisition and disposal of facilities and other assets, construction and operation of plant facilities, transmission of electricity, recovery of power costs and capital investments, and current or prospective wholesale and retail competition;
|
•
|
economic conditions that result in decreased demand for electricity, reduced revenue from sales of excess energy during periods of low wholesale market prices, impaired financial stability of vendors and service providers, and elevated levels of uncollectible customer accounts;
|
•
|
the outcome of legal and regulatory proceedings and issues including, but not limited to, the matters described in Note 7, Contingencies, in the Notes to the Condensed Consolidated Financial Statements;
|
•
|
unseasonable or extreme weather and other natural phenomena, which could affect customers’ demand for power and PGE’s ability and cost to procure adequate power and fuel supplies to serve its customers, and could increase the Company’s costs to maintain its generating facilities and transmission and distribution systems;
|
•
|
operational factors that could affect PGE’s power generating facilities, including forced outages, adverse hydro and wind conditions, and fuel supply disruptions, any of which may cause the Company to incur repair costs or purchase replacement power at increased costs;
|
•
|
the failure to complete capital projects on schedule and within budget or the abandonment of capital projects, either of which could result in the Company’s inability to recover project costs;
|
•
|
volatility in wholesale power and natural gas prices, which could require PGE to issue additional letters of credit or post additional cash as collateral with counterparties pursuant to power and natural gas purchase agreements;
|
•
|
changes in the availability and price of wholesale power and fuels, including natural gas, coal, and oil, and the impact of such changes on the Company’s power costs;
|
•
|
capital market conditions, including availability of capital, volatility of interest rates, reductions in demand for investment-grade commercial paper, as well as changes in PGE’s credit ratings, any of which could have an impact on the Company’s cost of capital and its ability to access the capital markets to support requirements for working capital, construction of capital projects, and the repayments of maturing debt;
|
•
|
future laws, regulations, and proceedings that could increase the Company’s costs of operating its thermal generating plants, or affect the operations of such plants by imposing requirements for additional emissions controls or significant emissions fees or taxes, particularly with respect to coal-fired generating facilities, in order to mitigate carbon dioxide, mercury, and other gas emissions;
|
•
|
changes in, and compliance with, environmental laws and policies, including those related to threatened and endangered species, fish, and wildlife;
|
•
|
the effects of climate change, including changes in the environment that may affect energy costs or consumption, increase the Company’s costs, or adversely affect its operations;
|
•
|
changes in residential, commercial, and industrial customer growth, and in demographic patterns, in PGE’s service territory;
|
•
|
the effectiveness of PGE’s risk management policies and procedures;
|
•
|
declines in the fair value of securities held for the defined benefit pension plans and other benefit plans, which could result in increased funding requirements for such plans;
|
•
|
cyber security attacks, data security breaches, or other malicious acts that cause damage to the Company’s generation and transmission facilities or information technology systems, or result in the release of confidential customer, employee, or Company information;
|
•
|
employee workforce factors, including potential strikes, work stoppages, transitions in senior management, and the number of employees approaching retirement;
|
•
|
new federal, state, and local laws that could have adverse effects on operating results;
|
•
|
changes in financial or regulatory accounting principles or policies imposed by governing bodies; and
|
•
|
acts of war or terrorism.
|
•
|
A capital structure of 50% debt and 50% equity;
|
•
|
A return on equity of 9.75%; and
|
•
|
A rate base of $4.6 billion.
|
|
Six Months Ended June 30,
|
|
|
|||||||||||
|
2017
|
|
2016
|
|
% Increase (Decrease)in Energy
Deliveries
|
|||||||||
|
Average
Number of
Customers
|
|
Retail Energy
Deliveries*
|
|
Average
Number of
Customers
|
|
Retail Energy
Deliveries*
|
|
||||||
Residential
|
759,765
|
|
|
4,009
|
|
|
750,124
|
|
|
3,660
|
|
|
9.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|||||
Commercial (PGE sales only)
|
106,593
|
|
|
3,342
|
|
|
105,764
|
|
|
3,397
|
|
|
(1.6
|
)%
|
Direct Access
|
458
|
|
|
303
|
|
|
315
|
|
|
262
|
|
|
15.6
|
%
|
Total Commercial
|
107,051
|
|
|
3,645
|
|
|
106,079
|
|
|
3,659
|
|
|
(0.4
|
)%
|
|
|
|
|
|
|
|
|
|
|
|||||
Industrial (PGE sales only)
|
198
|
|
|
1,435
|
|
|
189
|
|
|
1,414
|
|
|
1.5
|
%
|
Direct Access
|
67
|
|
|
680
|
|
|
63
|
|
|
606
|
|
|
12.2
|
%
|
Total Industrial
|
265
|
|
|
2,115
|
|
|
252
|
|
|
2,020
|
|
|
4.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|||||
Total (PGE sales only)
|
866,556
|
|
|
8,786
|
|
|
856,077
|
|
|
8,471
|
|
|
3.7
|
%
|
Total Direct Access
|
525
|
|
|
983
|
|
|
378
|
|
|
868
|
|
|
13.2
|
%
|
Total
|
867,081
|
|
|
9,769
|
|
|
856,455
|
|
|
9,339
|
|
|
4.6
|
%
|
*
|
In thousands of MWh.
|
•
|
An investigation of environmental matters regarding Portland Harbor;
|
•
|
Claims pertaining to the termination of the Construction Agreement for Carty and recovery of incremental costs.
|
•
|
an increase in RPS thresholds to 27% by 2025, 35% by 2030, 45% by 2035, and 50% by 2040;
|
•
|
a limitation on the life of renewable energy certificates (RECs) generated from facilities that become operational after 2022 to five years, but continued unlimited lifespan for all existing RECs and allowance for the generation of additional unlimited RECs for a period of five years for projects on line before December 31, 2022; and
|
•
|
an allowance for energy storage costs in its renewable adjustment clause mechanism (RAC) filings.
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||||||||||||||
Revenues, net
|
$
|
449
|
|
|
100
|
%
|
|
$
|
428
|
|
|
100
|
%
|
|
$
|
979
|
|
|
100
|
%
|
|
$
|
915
|
|
|
100
|
%
|
Purchased power and fuel
|
118
|
|
|
26
|
|
|
126
|
|
|
29
|
|
|
259
|
|
|
26
|
|
|
275
|
|
|
30
|
|
||||
Gross margin
|
331
|
|
|
74
|
|
|
302
|
|
|
71
|
|
|
720
|
|
|
74
|
|
|
640
|
|
|
70
|
|
||||
Other operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Generation, transmission and distribution
|
81
|
|
|
18
|
|
|
64
|
|
|
15
|
|
|
162
|
|
|
17
|
|
|
130
|
|
|
14
|
|
||||
Administrative and other
|
65
|
|
|
15
|
|
|
61
|
|
|
14
|
|
|
133
|
|
|
14
|
|
|
122
|
|
|
13
|
|
||||
Depreciation and amortization
|
86
|
|
|
19
|
|
|
83
|
|
|
19
|
|
|
170
|
|
|
17
|
|
|
165
|
|
|
18
|
|
||||
Taxes other than income taxes
|
31
|
|
|
7
|
|
|
30
|
|
|
7
|
|
|
64
|
|
|
7
|
|
|
60
|
|
|
7
|
|
||||
Total other operating expenses
|
263
|
|
|
59
|
|
|
238
|
|
|
56
|
|
|
529
|
|
|
54
|
|
|
477
|
|
|
52
|
|
||||
Income from operations
|
68
|
|
|
15
|
|
|
64
|
|
|
15
|
|
|
191
|
|
|
20
|
|
|
163
|
|
|
18
|
|
||||
Interest expense*
|
30
|
|
|
7
|
|
|
27
|
|
|
6
|
|
|
60
|
|
|
6
|
|
|
54
|
|
|
6
|
|
||||
Other income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Allowance for equity funds used during construction
|
3
|
|
|
1
|
|
|
8
|
|
|
2
|
|
|
5
|
|
|
1
|
|
|
15
|
|
|
2
|
|
||||
Miscellaneous income (expense), net
|
1
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Other income, net
|
4
|
|
|
1
|
|
|
9
|
|
|
2
|
|
|
7
|
|
|
1
|
|
|
15
|
|
|
2
|
|
||||
Income before income tax expense
|
42
|
|
|
9
|
|
|
46
|
|
|
11
|
|
|
138
|
|
|
14
|
|
|
124
|
|
|
14
|
|
||||
Income tax expense
|
10
|
|
|
2
|
|
|
9
|
|
|
2
|
|
|
33
|
|
|
3
|
|
|
26
|
|
|
3
|
|
||||
Net income
|
$
|
32
|
|
|
7
|
%
|
|
$
|
37
|
|
|
9
|
%
|
|
$
|
105
|
|
|
11
|
%
|
|
$
|
98
|
|
|
11
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
* Net of an allowance for borrowed funds used during construction of $1 million and $4 million for the three months ended June 30, 2017 and 2016, respectively, and $3 million and $8 million for the six months ended June 30, 2017 and 2016.
|
|
Three Months Ended June 30,
|
||||||||||||
|
2017
|
|
2016
|
||||||||||
Revenues
*
(dollars in millions):
|
|
|
|
|
|
|
|
||||||
Retail:
|
|
|
|
|
|
|
|
||||||
Residential
|
$
|
203
|
|
|
45
|
%
|
|
$
|
191
|
|
|
45
|
%
|
Commercial
|
162
|
|
|
36
|
|
|
162
|
|
|
38
|
|
||
Industrial
|
54
|
|
|
12
|
|
|
50
|
|
|
12
|
|
||
Subtotal
|
419
|
|
|
93
|
|
|
403
|
|
|
95
|
|
||
Other retail revenues, net
|
1
|
|
|
—
|
|
|
1
|
|
|
—
|
|
||
Total retail revenues
|
420
|
|
|
93
|
|
|
404
|
|
|
95
|
|
||
Wholesale revenues
|
16
|
|
|
4
|
|
|
14
|
|
|
3
|
|
||
Other operating revenues
|
13
|
|
|
3
|
|
|
10
|
|
|
2
|
|
||
Total revenues
|
$
|
449
|
|
|
100
|
%
|
|
$
|
428
|
|
|
100
|
%
|
Energy deliveries
(MWh in thousands):
|
|
|
|
|
|
|
|
||||||
Retail:
|
|
|
|
|
|
|
|
||||||
Residential
|
1,626
|
|
|
31
|
%
|
|
1,557
|
|
|
30
|
%
|
||
Commercial
|
1,655
|
|
|
32
|
|
|
1,695
|
|
|
33
|
|
||
Industrial
|
749
|
|
|
14
|
|
|
717
|
|
|
14
|
|
||
Subtotal
|
4,030
|
|
|
77
|
|
|
3,969
|
|
|
76
|
|
||
Direct access:
|
|
|
|
|
|
|
|
||||||
Commercial
|
160
|
|
|
3
|
|
|
133
|
|
|
3
|
|
||
Industrial
|
359
|
|
|
7
|
|
|
323
|
|
|
6
|
|
||
Subtotal
|
519
|
|
|
10
|
|
|
456
|
|
|
9
|
|
||
Total retail energy deliveries
|
4,549
|
|
|
87
|
|
|
4,425
|
|
|
85
|
|
||
Wholesale energy deliveries
|
673
|
|
|
13
|
|
|
773
|
|
|
15
|
|
||
Total energy deliveries
|
5,222
|
|
|
100
|
%
|
|
5,198
|
|
|
100
|
%
|
||
Average number of retail customers:
|
|
|
|
|
|
|
|
||||||
Residential
|
761,443
|
|
|
88
|
%
|
|
750,961
|
|
|
88
|
%
|
||
Commercial
|
107,620
|
|
|
12
|
|
|
106,656
|
|
|
12
|
|
||
Industrial
|
196
|
|
|
—
|
|
|
190
|
|
|
—
|
|
||
Direct access
|
572
|
|
|
—
|
|
|
375
|
|
|
—
|
|
||
Total
|
869,831
|
|
|
100
|
%
|
|
858,182
|
|
|
100
|
%
|
•
|
An $11 million increase resulting from
2.8%
greater retail energy deliveries due to favorable weather conditions and an increase in deliveries to industrial customers, combined with an increase of $4 million that resulted from customer price changes. Energy deliveries to residential customers increased
4.4%
in the second quarter of 2017 due in part to the effects of weather, as temperatures in 2016 were abnormally warm during the spring heating season, and continued customer growth. Energy deliveries to industrial customers increased
6.5%
, largely due to strength in the high tech sector while energy deliveries to commercial customers declined
0.7%
.
|
•
|
A $1 million increase resulted from other tariffs, which included a $4 million increase in estimated collections under the decoupling mechanism, mostly offset by a variety of smaller items; partially offset by
|
•
|
A $1 million decrease in Supplemental tariffs as a $4 million decrease due to the timing difference related to the Trojan spent fuel refund to customers, as the refund, offset in Depreciation and amortization, temporarily suspended in early 2016, has resumed, partially offset by an increase related to the accelerated cost recovery of Colstrip and various smaller tariffs.
|
|
Heating Degree-days
|
|
Cooling Degree-days
|
||||||||||||||
|
2017
|
|
2016
|
|
Avg.
|
|
2017
|
|
2016
|
|
Avg.
|
||||||
April
|
421
|
|
|
227
|
|
|
386
|
|
|
—
|
|
|
18
|
|
|
1
|
|
May
|
196
|
|
|
109
|
|
|
216
|
|
|
41
|
|
|
31
|
|
|
18
|
|
June
|
69
|
|
|
67
|
|
|
87
|
|
|
88
|
|
|
105
|
|
|
51
|
|
Totals for the quarter
|
686
|
|
|
403
|
|
|
689
|
|
|
129
|
|
|
154
|
|
|
70
|
|
|
Actual Runoff as a Percent of Normal*
|
||||
Location
|
2017
|
|
2016
|
||
Columbia River at The Dalles, Oregon
|
124
|
%
|
|
89
|
%
|
Mid-Columbia River at Grand Coulee, Washington
|
115
|
|
|
91
|
|
Clackamas River at Estacada, Oregon
|
127
|
|
|
71
|
|
Deschutes River at Moody, Oregon
|
111
|
|
|
91
|
|
|
Six Months Ended June 30,
|
||||||||||||
|
2017
|
|
2016
|
||||||||||
Revenues
*
(dollars in millions):
|
|
|
|
|
|
|
|
||||||
Retail:
|
|
|
|
|
|
|
|
||||||
Residential
|
$
|
491
|
|
|
50
|
%
|
|
$
|
445
|
|
|
49
|
%
|
Commercial
|
323
|
|
|
33
|
|
|
322
|
|
|
35
|
|
||
Industrial
|
103
|
|
|
11
|
|
|
99
|
|
|
11
|
|
||
Subtotal
|
917
|
|
|
94
|
|
|
866
|
|
|
95
|
|
||
Other retail revenues, net
|
9
|
|
|
1
|
|
|
4
|
|
|
—
|
|
||
Total retail revenues
|
926
|
|
|
95
|
|
|
870
|
|
|
95
|
|
||
Wholesale revenues
|
29
|
|
|
3
|
|
|
26
|
|
|
3
|
|
||
Other operating revenues
|
24
|
|
|
2
|
|
|
19
|
|
|
2
|
|
||
Total revenues
|
$
|
979
|
|
|
100
|
%
|
|
$
|
915
|
|
|
100
|
%
|
Energy deliveries
(MWh in thousands):
|
|
|
|
|
|
|
|
||||||
Retail:
|
|
|
|
|
|
|
|
||||||
Residential
|
4,009
|
|
|
37
|
%
|
|
3,660
|
|
|
35
|
%
|
||
Commercial
|
3,342
|
|
|
31
|
|
|
3,397
|
|
|
32
|
|
||
Industrial
|
1,435
|
|
|
13
|
|
|
1,414
|
|
|
13
|
|
||
Subtotal
|
8,786
|
|
|
81
|
|
|
8,471
|
|
|
80
|
|
||
Direct access:
|
|
|
|
|
|
|
|
||||||
Commercial
|
303
|
|
|
3
|
|
|
262
|
|
|
2
|
|
||
Industrial
|
680
|
|
|
6
|
|
|
606
|
|
|
6
|
|
||
Subtotal
|
983
|
|
|
9
|
|
|
868
|
|
|
8
|
|
||
Total retail energy deliveries
|
9,769
|
|
|
90
|
|
|
9,339
|
|
|
88
|
|
||
Wholesale energy deliveries
|
1,112
|
|
|
10
|
|
|
1,261
|
|
|
12
|
|
||
Total energy deliveries
|
10,881
|
|
|
100
|
%
|
|
10,600
|
|
|
100
|
%
|
||
Average number of retail customers:
|
|
|
|
|
|
|
|
||||||
Residential
|
759,765
|
|
|
88
|
%
|
|
750,124
|
|
|
88
|
%
|
||
Commercial
|
106,593
|
|
|
12
|
|
|
105,764
|
|
|
12
|
|
||
Industrial
|
198
|
|
|
—
|
|
|
189
|
|
|
—
|
|
||
Direct access
|
525
|
|
|
—
|
|
|
378
|
|
|
—
|
|
||
Total
|
867,081
|
|
|
100
|
%
|
|
856,455
|
|
|
100
|
%
|
•
|
A $40 million increase due to a 4.6% increase in retail energy deliveries due largely to considerably cooler temperatures than experienced in the first half of 2016;
|
•
|
A $14 million net increase from an average price increase of 1.6% over 2016 levels. Price changes, as authorized by the OPUC, include Carty going into service in mid-2016 and reflect a reduction as a result of lower NVPC as filed in the 2017 AUT. Higher delivery volumes also pushed average prices higher as the increased volumes are, at times, subject to higher tariff prices; and
|
•
|
A $5 million increase resulted from other tariffs, which included a $7 million increase in estimated collections under the decoupling mechanism; partially offset by
|
•
|
A $6 million decrease from supplemental tariffs, due in part to the $9 million timing difference related to the Trojan spent fuel refund to customers, as the refund, offset in Depreciation and amortization, temporarily suspended in early 2016, has resumed, partially offset by a $3 million increase related to the accelerated cost recovery of Colstrip.
|
|
Heating Degree-days
|
|
Cooling Degree-days
|
||||||||||||||
|
2017
|
|
2016
|
|
Avg.
|
|
2017
|
|
2016
|
|
Avg.
|
||||||
First quarter
|
2,171
|
|
|
1,585
|
|
|
1,867
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Second quarter
|
686
|
|
|
403
|
|
|
689
|
|
|
129
|
|
|
154
|
|
|
70
|
|
Year-to-date
|
2,857
|
|
|
1,988
|
|
|
2,556
|
|
|
129
|
|
|
154
|
|
|
70
|
|
|
2017
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
||||||||||
Ongoing capital expenditures
(1)
|
$
|
503
|
|
|
$
|
438
|
|
|
$
|
297
|
|
|
$
|
300
|
|
|
$
|
290
|
|
Customer information system
(2)
|
47
|
|
|
15
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total capital expenditures
|
$
|
550
|
|
(3)
|
$
|
453
|
|
|
$
|
297
|
|
|
$
|
300
|
|
|
$
|
290
|
|
Long-term debt maturities
|
$
|
150
|
|
|
$
|
—
|
|
|
$
|
300
|
|
|
$
|
—
|
|
|
$
|
160
|
|
(1)
|
Consists primarily of upgrades to, and replacement of, generation, transmission, and distribution infrastructure, as well as new customer connections. For 2017, amount shown includes $134 million for transmission, distribution, and generation resiliency projects.
|
(2)
|
As of December 31, 2016 total capital expenditures for the Customer information project was $65 million, excluding AFDC.
|
(3)
|
Includes preliminary engineering and removal costs, which are included in other net operating activities in the condensed consolidated statements of cash flows.
|
|
Six Months Ended June 30,
|
||||||
|
2017
|
|
2016
|
||||
Cash and cash equivalents, beginning of period
|
$
|
6
|
|
|
$
|
4
|
|
Net cash provided by (used in):
|
|
|
|
||||
Operating activities
|
333
|
|
|
338
|
|
||
Investing activities
|
(245
|
)
|
|
(319
|
)
|
||
Financing activities
|
(61
|
)
|
|
70
|
|
||
Increase in cash and cash equivalents
|
27
|
|
|
89
|
|
||
Cash and cash equivalents, end of period
|
$
|
33
|
|
|
$
|
93
|
|
•
|
A $16 million reduction in the comparative quarter over quarter decrease in Accounts payable and accrued liabilities; and
|
•
|
An $11 million decrease in margin deposits; partially offset by
|
•
|
A $13 million increase from the combination of higher Net income, increases in non-cash expenses for Depreciation and amortization, and a decrease in the non-cash credit to income for the Allowance for equity funds used during construction as Carty was placed in service in July 2016, net of the overall decrease resulting from Decoupling deferrals, and Other non-cash income and expenses; and
|
•
|
A $9 million net increase from a combination of smaller net increases in Other working capital items, net and Other, net adjustments to net income.
|
|
|
|
|
|
|
Dividends
|
|
|
|
|
|
|
Declared Per
|
Declaration Date
|
|
Record Date
|
|
Payment Date
|
|
Common Share
|
February 15, 2017
|
|
March 27, 2017
|
|
April 17, 2017
|
|
$0.32
|
April 26, 2017
|
|
June 26, 2017
|
|
July 17, 2017
|
|
0.34
|
July 26, 2017
|
|
September 25, 2017
|
|
October 16, 2017
|
|
0.34
|
|
Moody’s
|
|
S&P
|
First Mortgage Bonds
|
A1
|
|
A-
|
Issuer rating
|
A3
|
|
BBB
|
Commercial paper
|
Prime-2
|
|
A-2
|
Outlook
|
Stable
|
|
Stable
|
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk.
|
Item 4.
|
Controls and Procedures.
|
Item 1.
|
Legal Proceedings.
|
Item 1A.
|
Risk Factors.
|
Item 6.
|
Exhibits.
|
Exhibit
Number
|
Description
|
3.1
|
Third Amended and Restated Articles of Incorporation of Portland General Electric Company (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed May 9, 2014).
|
3.2
|
Tenth Amended and Restated Bylaws of Portland General Electric Company (incorporated by reference to Exhibit 3.2 to the Company’s Current Report on Form 8-K filed May 9, 2014).
|
10.1
|
Portland General Electric Company 2006 Stock Incentive Plan, as amended and restated March 31, 2016, filed herewith.
|
31.1
|
Certification of Chief Executive Officer.
|
31.2
|
Certification of Chief Financial Officer.
|
32
|
Certifications of Chief Executive Officer and Chief Financial Officer.
|
101.INS
|
XBRL Instance Document.
|
101.SCH
|
XBRL Taxonomy Extension Schema Document.
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document.
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document.
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document.
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document.
|
|
|
|
PORTLAND GENERAL ELECTRIC COMPANY
|
|
|
|
|
(Registrant)
|
|
|
|
|
|
|
|
|
|
|
|
Date:
|
July 27, 2017
|
|
By:
|
/s/ James F. Lobdell
|
|
|
|
|
James F. Lobdell
|
|
|
|
|
Senior Vice President of Finance,
Chief Financial Officer and Treasurer
|
|
|
|
|
(duly authorized officer and principal financial officer)
|
1 Year Portland General Electric Chart |
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