![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Name | Symbol | Market | Type |
---|---|---|---|
PacifiCorp (PK) | USOTC:PPWLO | OTCMarkets | Preference Share |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 100.02 | 100.02 | 160.00 | 0.00 | 12:36:35 |
Commission
|
|
Exact name of registrant as specified in its charter;
|
|
IRS Employer
|
File Number
|
|
State or other jurisdiction of incorporation or organization
|
|
Identification No.
|
|
|
|
|
|
1-5152
|
|
PACIFICORP
|
|
93-0246090
|
|
|
(An Oregon Corporation)
|
|
|
|
|
825 N.E. Multnomah Street
|
|
|
|
|
Portland, Oregon 97232
|
|
|
|
|
503-813-5608
|
|
|
|
||||
N/A
|
||||
(Former name, former address and former fiscal year, if changed since last report)
|
Large accelerated filer
o
|
Accelerated filer
o
|
Non-accelerated filer
x
|
Smaller reporting company
o
|
PART I
|
|||
|
|
|
|
|
|||
|
|||
|
|||
|
|||
|
|
|
|
PART II
|
|||
|
|
|
|
|
|||
|
|||
|
|||
|
|||
|
|||
|
|||
|
|||
|
|
||
|
|
•
|
general economic, political and business conditions, as well as changes in, and compliance with, laws and regulations, including reliability and safety standards, affecting PacifiCorp's operations or related industries;
|
•
|
changes in, and compliance with, environmental laws, regulations, decisions and policies that could, among other items, increase operating and capital costs, reduce generating facility output, accelerate generating facility retirements or delay generating facility construction or acquisition;
|
•
|
the outcome of rate cases and other proceedings conducted by regulatory commissions or other governmental and legal bodies and PacifiCorp's ability to recover costs in rates in a timely manner;
|
•
|
changes in economic, industry or weather conditions, as well as demographic trends, new technologies and various conservation, energy efficiency and distributed generation measures and programs, that could affect customer growth and usage, electricity supply or PacifiCorp's ability to obtain long-term contracts with customers and suppliers;
|
•
|
a high degree of variance between actual and forecasted load or generation that could impact PacifiCorp's hedging strategy and the cost of balancing its generation resources with its retail load obligations;
|
•
|
performance and availability of PacifiCorp's generating facilities, including the impacts of outages and repairs, transmission constraints, weather, including wind and hydroelectric conditions, and operating conditions;
|
•
|
changes in prices, availability and demand for wholesale electricity, coal, natural gas, other fuel sources and fuel transportation that could have a significant impact on generating capacity and energy costs;
|
•
|
hydroelectric conditions and the cost, feasibility and eventual outcome of hydroelectric relicensing proceedings that could have a significant impact on generating capacity and cost and PacifiCorp's ability to generate electricity;
|
•
|
the effects of catastrophic and other unforeseen events, which may be caused by factors beyond PacifiCorp's control or by a breakdown or failure of PacifiCorp's operating assets, including storms, floods, fires, earthquakes, explosions, landslides, mining accidents, litigation, wars, terrorism and embargoes;
|
•
|
the financial condition and creditworthiness of PacifiCorp's significant customers and suppliers;
|
•
|
changes in business strategy or development plans;
|
•
|
availability, terms and deployment of capital, including reductions in demand for investment-grade commercial paper, debt securities and other sources of debt financing and volatility in the London Interbank Offered Rate, the base interest rate for PacifiCorp's credit facilities;
|
•
|
changes in PacifiCorp's credit ratings;
|
•
|
the impact of certain contracts used to mitigate or manage volume, price and interest rate risk, including increased collateral requirements, and changes in commodity prices, interest rates and other conditions that affect the fair value of certain contracts;
|
•
|
the impact of inflation on costs and PacifiCorp's ability to recover such costs in rates;
|
•
|
increases in employee healthcare costs, including the implementation of the Affordable Care Act;
|
•
|
the impact of investment performance and changes in interest rates, legislation, healthcare cost trends, mortality and morbidity on pension and other postretirement benefits expense and funding requirements;
|
•
|
unanticipated construction delays, changes in costs, receipt of required permits and authorizations, ability to fund capital projects and other factors that could affect future generating facilities and infrastructure additions;
|
•
|
the impact of new accounting guidance or changes in current accounting estimates and assumptions on PacifiCorp's consolidated financial results; and
|
•
|
other business or investment considerations that may be disclosed from time to time in PacifiCorp's filings with the United States Securities and Exchange Commission or in other publicly disseminated written documents.
|
Item 1.
|
Financial Statements
|
|
|
As of
|
||||||
|
|
June 30,
|
|
December 31,
|
||||
|
|
2014
|
|
2013
|
||||
ASSETS
|
||||||||
|
||||||||
Current assets:
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
188
|
|
|
$
|
53
|
|
Accounts receivable, net
|
|
668
|
|
|
700
|
|
||
Inventories:
|
|
|
|
|
||||
Materials and supplies
|
|
218
|
|
|
213
|
|
||
Fuel
|
|
218
|
|
|
241
|
|
||
Deferred income taxes
|
|
15
|
|
|
66
|
|
||
Regulatory assets
|
|
122
|
|
|
94
|
|
||
Other current assets
|
|
71
|
|
|
75
|
|
||
Total current assets
|
|
1,500
|
|
|
1,442
|
|
||
|
|
|
|
|
||||
Property, plant and equipment, net
|
|
18,635
|
|
|
18,507
|
|
||
Regulatory assets
|
|
1,228
|
|
|
1,290
|
|
||
Other assets
|
|
451
|
|
|
420
|
|
||
|
|
|
|
|
||||
Total assets
|
|
$
|
21,814
|
|
|
$
|
21,659
|
|
|
|
As of
|
||||||
|
|
June 30,
|
|
December 31,
|
||||
|
|
2014
|
|
2013
|
||||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
||||||||
|
|
|
|
|
||||
Current liabilities:
|
|
|
|
|
||||
Accounts payable
|
|
$
|
441
|
|
|
$
|
504
|
|
Income taxes payable
|
|
40
|
|
|
22
|
|
||
Accrued employee expenses
|
|
114
|
|
|
79
|
|
||
Accrued interest
|
|
115
|
|
|
110
|
|
||
Accrued property and other taxes
|
|
91
|
|
|
58
|
|
||
Current portion of long-term debt and capital lease obligations
|
|
226
|
|
|
238
|
|
||
Regulatory liabilities
|
|
30
|
|
|
55
|
|
||
Other current liabilities
|
|
190
|
|
|
208
|
|
||
Total current liabilities
|
|
1,247
|
|
|
1,274
|
|
||
|
|
|
|
|
||||
Regulatory liabilities
|
|
906
|
|
|
879
|
|
||
Long-term debt and capital lease obligations
|
|
7,051
|
|
|
6,639
|
|
||
Deferred income taxes
|
|
4,413
|
|
|
4,359
|
|
||
Other long-term liabilities
|
|
696
|
|
|
721
|
|
||
Total liabilities
|
|
14,313
|
|
|
13,872
|
|
||
|
|
|
|
|
||||
Commitments and contingencies (Note 8)
|
|
|
|
|
|
|
||
|
|
|
|
|
||||
Shareholders' equity:
|
|
|
|
|
||||
Preferred stock
|
|
2
|
|
|
2
|
|
||
Common stock - 750 shares authorized, no par value, 357 shares issued and outstanding
|
|
—
|
|
|
—
|
|
||
Additional paid-in capital
|
|
4,479
|
|
|
4,479
|
|
||
Retained earnings
|
|
3,029
|
|
|
3,315
|
|
||
Accumulated other comprehensive loss, net
|
|
(9
|
)
|
|
(9
|
)
|
||
Total shareholders' equity
|
|
7,501
|
|
|
7,787
|
|
||
|
|
|
|
|
||||
Total liabilities and shareholders' equity
|
|
$
|
21,814
|
|
|
$
|
21,659
|
|
|
|
Three-Month Periods
|
|
Six-Month Periods
|
||||||||||||
|
|
Ended June 30,
|
|
Ended June 30,
|
||||||||||||
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Operating revenue
|
|
$
|
1,243
|
|
|
$
|
1,215
|
|
|
$
|
2,531
|
|
|
$
|
2,447
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating costs and expenses:
|
|
|
|
|
|
|
|
|
||||||||
Energy costs
|
|
444
|
|
|
428
|
|
|
948
|
|
|
881
|
|
||||
Operations and maintenance
|
|
241
|
|
|
267
|
|
|
514
|
|
|
538
|
|
||||
Depreciation and amortization
|
|
177
|
|
|
169
|
|
|
356
|
|
|
337
|
|
||||
Taxes, other than income taxes
|
|
40
|
|
|
40
|
|
|
82
|
|
|
83
|
|
||||
Total operating costs and expenses
|
|
902
|
|
|
904
|
|
|
1,900
|
|
|
1,839
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating income
|
|
341
|
|
|
311
|
|
|
631
|
|
|
608
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Other income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Interest expense
|
|
(97
|
)
|
|
(96
|
)
|
|
(191
|
)
|
|
(190
|
)
|
||||
Allowance for borrowed funds
|
|
7
|
|
|
7
|
|
|
15
|
|
|
15
|
|
||||
Allowance for equity funds
|
|
14
|
|
|
14
|
|
|
30
|
|
|
29
|
|
||||
Other, net
|
|
3
|
|
|
1
|
|
|
5
|
|
|
2
|
|
||||
Total other income (expense)
|
|
(73
|
)
|
|
(74
|
)
|
|
(141
|
)
|
|
(144
|
)
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Income before income tax expense
|
|
268
|
|
|
237
|
|
|
490
|
|
|
464
|
|
||||
Income tax expense
|
|
84
|
|
|
71
|
|
|
151
|
|
|
138
|
|
||||
Net income
|
|
$
|
184
|
|
|
$
|
166
|
|
|
$
|
339
|
|
|
$
|
326
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated
|
|
|
||||||||||||
|
|
|
|
|
|
Additional
|
|
|
|
Other
|
|
Total
|
||||||||||||
|
|
Preferred
|
|
Common
|
|
Paid-in
|
|
Retained
|
|
Comprehensive
|
|
Shareholders'
|
||||||||||||
|
|
Stock
|
|
Stock
|
|
Capital
|
|
Earnings
|
|
Loss, Net
|
|
Equity
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Balance at December 31, 2012
|
|
$
|
41
|
|
|
$
|
—
|
|
|
$
|
4,479
|
|
|
$
|
3,136
|
|
|
$
|
(12
|
)
|
|
$
|
7,644
|
|
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
326
|
|
|
—
|
|
|
326
|
|
||||||
Preferred stock dividends declared
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
||||||
Common stock dividends declared
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(500
|
)
|
|
—
|
|
|
(500
|
)
|
||||||
Redemption of preferred stock
|
|
(5
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5
|
)
|
||||||
Balance at June 30, 2013
|
|
$
|
36
|
|
|
$
|
—
|
|
|
$
|
4,479
|
|
|
$
|
2,961
|
|
|
$
|
(12
|
)
|
|
$
|
7,464
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Balance at December 31, 2013
|
|
$
|
2
|
|
|
$
|
—
|
|
|
$
|
4,479
|
|
|
$
|
3,315
|
|
|
$
|
(9
|
)
|
|
$
|
7,787
|
|
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
339
|
|
|
—
|
|
|
339
|
|
||||||
Common stock dividends declared
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(625
|
)
|
|
—
|
|
|
(625
|
)
|
||||||
Balance at June 30, 2014
|
|
$
|
2
|
|
|
$
|
—
|
|
|
$
|
4,479
|
|
|
$
|
3,029
|
|
|
$
|
(9
|
)
|
|
$
|
7,501
|
|
|
|
Six-Month Periods
|
||||||
|
|
Ended June 30,
|
||||||
|
|
2014
|
|
2013
|
||||
|
|
|
|
|
||||
Cash flows from operating activities:
|
|
|
|
|
||||
Net income
|
|
$
|
339
|
|
|
$
|
326
|
|
Adjustments to reconcile net income to net cash flows from operating activities:
|
|
|
|
|
||||
Depreciation and amortization
|
|
356
|
|
|
337
|
|
||
Deferred income taxes and amortization of investment tax credits
|
|
105
|
|
|
78
|
|
||
Changes in regulatory assets and liabilities
|
|
(43
|
)
|
|
(7
|
)
|
||
Other, net
|
|
(19
|
)
|
|
(20
|
)
|
||
Changes in other operating assets and liabilities:
|
|
|
|
|
|
|||
Accounts receivable and other assets
|
|
45
|
|
|
69
|
|
||
Derivative collateral, net
|
|
12
|
|
|
23
|
|
||
Inventories
|
|
18
|
|
|
(19
|
)
|
||
Income taxes
|
|
18
|
|
|
(11
|
)
|
||
Accounts payable and other liabilities
|
|
55
|
|
|
55
|
|
||
Net cash flows from operating activities
|
|
886
|
|
|
831
|
|
||
|
|
|
|
|
|
|||
Cash flows from investing activities:
|
|
|
|
|
|
|||
Capital expenditures
|
|
(532
|
)
|
|
(518
|
)
|
||
Other, net
|
|
(3
|
)
|
|
6
|
|
||
Net cash flows from investing activities
|
|
(535
|
)
|
|
(512
|
)
|
||
|
|
|
|
|
|
|||
Cash flows from financing activities:
|
|
|
|
|
|
|||
Proceeds from long-term debt
|
|
425
|
|
|
299
|
|
||
Repayments of long-term debt and capital lease obligations
|
|
(13
|
)
|
|
(71
|
)
|
||
Redemption of preferred stock
|
|
—
|
|
|
(5
|
)
|
||
Common stock dividends
|
|
(625
|
)
|
|
(500
|
)
|
||
Other, net
|
|
(3
|
)
|
|
(3
|
)
|
||
Net cash flows from financing activities
|
|
(216
|
)
|
|
(280
|
)
|
||
|
|
|
|
|
|
|||
Net change in cash and cash equivalents
|
|
135
|
|
|
39
|
|
||
Cash and cash equivalents at beginning of period
|
|
53
|
|
|
80
|
|
||
Cash and cash equivalents at end of period
|
|
$
|
188
|
|
|
$
|
119
|
|
(1)
|
General
|
(2)
|
New Accounting Pronouncements
|
(3)
|
Property, Plant and Equipment, Net
|
|
|
|
As of
|
||||||
|
|
|
June 30,
|
|
December 31,
|
||||
|
Depreciable Life
|
|
2014
|
|
2013
|
||||
|
|
|
|
|
|
||||
Property, plant and equipment in service
|
5-75 years
|
|
$
|
25,764
|
|
|
$
|
24,868
|
|
Accumulated depreciation and amortization
|
|
|
(7,912
|
)
|
|
(7,686
|
)
|
||
Net property, plant and equipment in service
|
|
|
17,852
|
|
|
17,182
|
|
||
Construction work-in-progress
|
|
|
783
|
|
|
1,325
|
|
||
Total property, plant and equipment, net
|
|
|
$
|
18,635
|
|
|
$
|
18,507
|
|
(4)
|
Recent Financing Transactions
|
(5)
|
Employee Benefit Plans
|
|
|
Three-Month Periods
|
|
Six-Month Periods
|
||||||||||||
|
|
Ended June 30,
|
|
Ended June 30,
|
||||||||||||
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
Pension:
|
|
|
|
|
|
|
|
|
||||||||
Service cost
|
|
$
|
1
|
|
|
$
|
2
|
|
|
$
|
2
|
|
|
$
|
3
|
|
Interest cost
|
|
14
|
|
|
13
|
|
|
28
|
|
|
27
|
|
||||
Expected return on plan assets
|
|
(19
|
)
|
|
(18
|
)
|
|
(38
|
)
|
|
(37
|
)
|
||||
Net amortization
|
|
7
|
|
|
12
|
|
|
15
|
|
|
24
|
|
||||
Net periodic benefit cost
|
|
$
|
3
|
|
|
$
|
9
|
|
|
$
|
7
|
|
|
$
|
17
|
|
|
|
|
|
|
|
|
|
|
||||||||
Other postretirement:
|
|
|
|
|
|
|
|
|
||||||||
Service cost
|
|
$
|
2
|
|
|
$
|
2
|
|
|
$
|
3
|
|
|
$
|
4
|
|
Interest cost
|
|
7
|
|
|
7
|
|
|
14
|
|
|
13
|
|
||||
Expected return on plan assets
|
|
(7
|
)
|
|
(8
|
)
|
|
(15
|
)
|
|
(15
|
)
|
||||
Net amortization
|
|
—
|
|
|
2
|
|
|
1
|
|
|
4
|
|
||||
Net periodic benefit cost
|
|
$
|
2
|
|
|
$
|
3
|
|
|
$
|
3
|
|
|
$
|
6
|
|
|
Other
|
|
|
|
Other
|
|
Other
|
|
|
||||||||||
|
Current
|
|
Other
|
|
Current
|
|
Long-term
|
|
|
||||||||||
|
Assets
|
|
Assets
|
|
Liabilities
|
|
Liabilities
|
|
Total
|
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
As of June 30, 2014
|
|
|
|
|
|
|
|
|
|
||||||||||
Not designated as hedging contracts
(1)
:
|
|
|
|
|
|
|
|
|
|
||||||||||
Commodity assets
|
$
|
17
|
|
|
$
|
4
|
|
|
$
|
2
|
|
|
$
|
—
|
|
|
$
|
23
|
|
Commodity liabilities
|
(5
|
)
|
|
(1
|
)
|
|
(11
|
)
|
|
(6
|
)
|
|
(23
|
)
|
|||||
Total
|
12
|
|
|
3
|
|
|
(9
|
)
|
|
(6
|
)
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total derivatives
|
12
|
|
|
3
|
|
|
(9
|
)
|
|
(6
|
)
|
|
—
|
|
|||||
Cash collateral receivable
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total derivatives - net basis
|
$
|
12
|
|
|
$
|
3
|
|
|
$
|
(9
|
)
|
|
$
|
(6
|
)
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
As of December 31, 2013
|
|
|
|
|
|
|
|
|
|
||||||||||
Not designated as hedging contracts
(1)
:
|
|
|
|
|
|
|
|
|
|
||||||||||
Commodity assets
|
$
|
11
|
|
|
$
|
—
|
|
|
$
|
2
|
|
|
$
|
1
|
|
|
$
|
14
|
|
Commodity liabilities
|
(1
|
)
|
|
—
|
|
|
(29
|
)
|
|
(39
|
)
|
|
(69
|
)
|
|||||
Total
|
10
|
|
|
—
|
|
|
(27
|
)
|
|
(38
|
)
|
|
(55
|
)
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Total derivatives
|
10
|
|
|
—
|
|
|
(27
|
)
|
|
(38
|
)
|
|
(55
|
)
|
|||||
Cash collateral receivable
|
—
|
|
|
—
|
|
|
—
|
|
|
12
|
|
|
12
|
|
|||||
Total derivatives - net basis
|
$
|
10
|
|
|
$
|
—
|
|
|
$
|
(27
|
)
|
|
$
|
(26
|
)
|
|
$
|
(43
|
)
|
(1)
|
PacifiCorp's commodity derivatives are generally included in rates and as of
June 30, 2014
and
December 31, 2013
, a regulatory asset of $- million and
$55 million
, respectively, was recorded related to the net derivative liability of $- million and
$55 million
, respectively.
|
|
|
Three-Month Periods
|
|
Six-Month Periods
|
||||||||||||
|
|
Ended June 30,
|
|
Ended June 30,
|
||||||||||||
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Beginning balance
|
|
$
|
27
|
|
|
$
|
82
|
|
|
$
|
55
|
|
|
$
|
121
|
|
Changes in fair value recognized in regulatory assets
|
|
(27
|
)
|
|
14
|
|
|
(49
|
)
|
|
(5
|
)
|
||||
Net losses reclassified to operating revenue
|
|
—
|
|
|
(2
|
)
|
|
(11
|
)
|
|
(1
|
)
|
||||
Net (losses) gains reclassified to energy costs
|
|
—
|
|
|
(9
|
)
|
|
5
|
|
|
(30
|
)
|
||||
Ending balance
|
|
$
|
—
|
|
|
$
|
85
|
|
|
$
|
—
|
|
|
$
|
85
|
|
|
Unit of
|
|
June 30,
|
|
December 31,
|
||
|
Measure
|
|
2014
|
|
2013
|
||
Electricity sales
|
Megawatt hours
|
|
(3
|
)
|
|
(1
|
)
|
Natural gas purchases
|
Decatherms
|
|
126
|
|
|
120
|
|
Fuel oil purchases
|
Gallons
|
|
7
|
|
|
15
|
|
(7)
|
Fair Value Measurements
|
•
|
Level 1 - Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that PacifiCorp has the ability to access at the measurement date.
|
•
|
Level 2 - Inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs).
|
•
|
Level 3 - Unobservable inputs reflect PacifiCorp's judgments about the assumptions market participants would use in pricing the asset or liability since limited market data exists. PacifiCorp develops these inputs based on the best information available, including its own data.
|
|
|
Input Levels for Fair Value Measurements
|
|
|
|
|
||||||||||||||
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Other
(1)
|
|
Total
|
||||||||||
As of June 30, 2014
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commodity derivatives
|
|
$
|
—
|
|
|
$
|
22
|
|
|
$
|
1
|
|
|
$
|
(8
|
)
|
|
$
|
15
|
|
Money market mutual funds
(2)
|
|
185
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
185
|
|
|||||
|
|
$
|
185
|
|
|
$
|
22
|
|
|
$
|
1
|
|
|
$
|
(8
|
)
|
|
$
|
200
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Liabilities - Commodity derivatives
|
|
$
|
—
|
|
|
$
|
(23
|
)
|
|
$
|
—
|
|
|
$
|
8
|
|
|
$
|
(15
|
)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
As of December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commodity derivatives
|
|
$
|
—
|
|
|
$
|
12
|
|
|
$
|
2
|
|
|
$
|
(4
|
)
|
|
$
|
10
|
|
Money market mutual funds
(2)
|
|
61
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
61
|
|
|||||
|
|
$
|
61
|
|
|
$
|
12
|
|
|
$
|
2
|
|
|
$
|
(4
|
)
|
|
$
|
71
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Liabilities - Commodity derivatives
|
|
$
|
—
|
|
|
$
|
(69
|
)
|
|
$
|
—
|
|
|
$
|
16
|
|
|
$
|
(53
|
)
|
(1)
|
Represents netting under master netting arrangements and a net cash collateral receivable of $- million and
$12 million
as of
June 30, 2014
and
December 31, 2013
, respectively.
|
(2)
|
Amounts are included in cash and cash equivalents, other current assets and other assets on the Consolidated Balance Sheets. The fair value of these money market mutual funds approximates cost.
|
|
|
As of June 30, 2014
|
|
As of December 31, 2013
|
||||||||||||
|
|
Carrying
|
|
Fair
|
|
Carrying
|
|
Fair
|
||||||||
|
|
Value
|
|
Value
|
|
Value
|
|
Value
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Long-term debt
|
|
$
|
7,242
|
|
|
$
|
8,453
|
|
|
$
|
6,828
|
|
|
$
|
7,626
|
|
(8)
|
Commitments and Contingencies
|
(9)
|
Related Party Transactions
|
Item 2.
|
Management's Discussion and Analysis of Financial Condition and Results of Operations
|
|
|
Second Quarter
|
|
First Six Months
|
||||||||||||||||||||||||||
|
|
2014
|
|
2013
|
|
Change
|
|
2014
|
|
2013
|
|
Change
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Gross margin (in millions):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Operating revenue
|
|
$
|
1,243
|
|
|
$
|
1,215
|
|
|
$
|
28
|
|
|
2
|
%
|
|
$
|
2,531
|
|
|
$
|
2,447
|
|
|
$
|
84
|
|
|
3
|
%
|
Energy costs
|
|
444
|
|
|
428
|
|
|
16
|
|
|
4
|
|
|
948
|
|
|
881
|
|
|
67
|
|
|
8
|
|
||||||
Gross margin
|
|
$
|
799
|
|
|
$
|
787
|
|
|
$
|
12
|
|
|
2
|
|
|
$
|
1,583
|
|
|
$
|
1,566
|
|
|
$
|
17
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Sales (GWh):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Residential
|
|
3,298
|
|
|
3,327
|
|
|
(29
|
)
|
|
(1
|
)%
|
|
7,571
|
|
|
7,846
|
|
|
(275
|
)
|
|
(4
|
)%
|
||||||
Commercial
|
|
4,065
|
|
|
4,146
|
|
|
(81
|
)
|
|
(2
|
)
|
|
8,247
|
|
|
8,276
|
|
|
(29
|
)
|
|
—
|
|
||||||
Industrial and irrigation
|
|
5,711
|
|
|
5,662
|
|
|
49
|
|
|
1
|
|
|
10,781
|
|
|
10,632
|
|
|
149
|
|
|
1
|
|
||||||
Other
|
|
107
|
|
|
107
|
|
|
—
|
|
|
—
|
|
|
209
|
|
|
220
|
|
|
(11
|
)
|
|
(5
|
)
|
||||||
Total retail
|
|
13,181
|
|
|
13,242
|
|
|
(61
|
)
|
|
—
|
|
|
26,808
|
|
|
26,974
|
|
|
(166
|
)
|
|
(1
|
)
|
||||||
Wholesale
|
|
1,944
|
|
|
2,212
|
|
|
(268
|
)
|
|
(12
|
)
|
|
4,902
|
|
|
4,810
|
|
|
92
|
|
|
2
|
|
||||||
Total sales
|
|
15,125
|
|
|
15,454
|
|
|
(329
|
)
|
|
(2
|
)
|
|
31,710
|
|
|
31,784
|
|
|
(74
|
)
|
|
—
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Average number of retail customers (in thousands)
|
|
1,779
|
|
|
1,764
|
|
|
15
|
|
|
1
|
%
|
|
1,779
|
|
|
1,764
|
|
|
15
|
|
|
1
|
%
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Average revenue per MWh:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Retail
|
|
$
|
84.49
|
|
|
$
|
83.05
|
|
|
$
|
1.44
|
|
|
2
|
%
|
|
$
|
84.25
|
|
|
$
|
81.85
|
|
|
$
|
2.40
|
|
|
3
|
%
|
Wholesale
|
|
$
|
32.49
|
|
|
$
|
30.50
|
|
|
$
|
1.99
|
|
|
7
|
%
|
|
$
|
33.59
|
|
|
$
|
29.93
|
|
|
$
|
3.66
|
|
|
12
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Sources of energy (GWh)
(1)
:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Coal
|
|
9,477
|
|
|
10,536
|
|
|
(1,059
|
)
|
|
(10
|
)%
|
|
20,061
|
|
|
21,244
|
|
|
(1,183
|
)
|
|
(6
|
)%
|
||||||
Natural gas
|
|
2,367
|
|
|
1,474
|
|
|
893
|
|
|
61
|
|
|
4,901
|
|
|
3,277
|
|
|
1,624
|
|
|
50
|
|
||||||
Hydroelectric
(2)
|
|
1,035
|
|
|
990
|
|
|
45
|
|
|
5
|
|
|
2,249
|
|
|
1,928
|
|
|
321
|
|
|
17
|
|
||||||
Wind and other
(2)
|
|
813
|
|
|
773
|
|
|
40
|
|
|
5
|
|
|
1,873
|
|
|
1,770
|
|
|
103
|
|
|
6
|
|
||||||
Total energy generated
|
|
13,692
|
|
|
13,773
|
|
|
(81
|
)
|
|
(1
|
)
|
|
29,084
|
|
|
28,219
|
|
|
865
|
|
|
3
|
|
||||||
Energy purchased
|
|
2,528
|
|
|
2,732
|
|
|
(204
|
)
|
|
(7
|
)
|
|
4,940
|
|
|
5,842
|
|
|
(902
|
)
|
|
(15
|
)
|
||||||
Total
|
|
16,220
|
|
|
16,505
|
|
|
(285
|
)
|
|
(2
|
)
|
|
34,024
|
|
|
34,061
|
|
|
(37
|
)
|
|
—
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Average cost of energy per MWh:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Energy generated
(3)
|
|
$
|
19.37
|
|
|
$
|
18.12
|
|
|
$
|
1.25
|
|
|
7
|
%
|
|
$
|
19.99
|
|
|
$
|
18.10
|
|
|
$
|
1.89
|
|
|
10
|
%
|
Energy purchased
|
|
$
|
53.08
|
|
|
$
|
49.81
|
|
|
$
|
3.27
|
|
|
7
|
%
|
|
$
|
59.03
|
|
|
$
|
50.31
|
|
|
$
|
8.72
|
|
|
17
|
%
|
(1)
|
GWh amounts are net of energy used by the related generating facilities.
|
(2)
|
All or some of the renewable energy attributes associated with generation from these generating facilities may be: (a) used in future years to comply with renewable portfolio standards or other regulatory requirements or (b) sold to third parties in the form of RECs or other environmental commodities.
|
(3)
|
The average cost per MWh of energy generated includes the cost of fuel associated with the generating facilities and does not include other costs.
|
•
|
$16 million of higher retail prices;
|
•
|
$13 million of higher REC revenue;
|
•
|
$7 million of lower coal costs due to reduced volumes, partially offset by higher unit costs; and
|
•
|
$4 million of lower purchased electricity due to reduced volumes, substantially offset by higher average market prices.
|
•
|
$23 million of higher natural gas costs due to increased generation, partially offset by lower average unit costs;
|
•
|
$4 million of lower wholesale electricity revenue due to reduced volumes, partially offset by higher average prices;
|
•
|
$4 million of higher transmission expense; and
|
•
|
$2 million from a 0.5% decrease in retail customer load, with a 1.3% decrease due to the impacts of milder weather on residential, commercial and irrigation customer load, substantially offset by 0.8% higher customer usage consisting of higher irrigation and residential customer usage and lower commercial and industrial customer usage.
|
•
|
$69 million of higher retail prices;
|
•
|
$21 million of higher wholesale electricity revenue primarily due to higher average market prices;
|
•
|
$9 million of higher net deferrals of incurred net power costs in accordance with established adjustment mechanisms; and
|
•
|
$6 million of lower purchased electricity due to reduced volumes, substantially offset by higher average prices.
|
•
|
$55 million of higher natural gas costs due to increased generation, partially offset by lower average unit costs;
|
•
|
$18 million from a 0.6% decrease in retail customer load, with a 2.0% decrease due to the impacts of warmer weather in the first quarter on residential and commercial customers and milder weather in the second quarter on residential, commercial and irrigation customers, partially offset by 1.4% higher customer usage by irrigation, residential and commercial customers;
|
•
|
$16 million of higher coal costs due to higher unit costs, partially offset by reduced volumes; and
|
•
|
$11 million of higher transmission expense.
|
Cash and cash equivalents
|
|
$
|
188
|
|
|
|
|
||
Credit facilities
|
|
1,200
|
|
|
Less:
|
|
|
||
Short-term debt
|
|
—
|
|
|
Letters of credit and tax-exempt bond support
|
|
(412
|
)
|
|
Net credit facilities
|
|
788
|
|
|
|
|
|
||
Total net liquidity
|
|
$
|
976
|
|
|
|
|
||
Credit facilities:
|
|
|
||
Maturity dates
|
|
2017, 2018
|
|
|
Largest single bank commitment as a % of total credit facilities
|
|
7
|
%
|
•
|
Transmission system investments totaling $122 million, including construction costs for the 170-mile single-circuit 345-kilovolt Sigurd-Red Butte ("Sigurd-Red Butte") transmission line expected to be placed in-service in 2015.
|
•
|
Emissions control equipment on existing generating facilities totaling $83 million for installation or upgrade of low nitrogen oxide burners and particulate matter control systems.
|
•
|
The construction of the Lake Side 2 645-megawatt combined-cycle combustion turbine natural gas-fueled generating facility ("Lake Side 2") totaling $31 million, which was placed in-service in May 2014.
|
•
|
Distribution, generation, mining and other infrastructure totaling $296 million.
|
•
|
Transmission system investments totaling $121 million, including construction costs for the 100-mile high-voltage Mona-Oquirrh ("Mona-Oquirrh") transmission line that was placed in-service in May 2013 and the Sigurd-Red Butte transmission line.
|
•
|
The construction of Lake Side 2 totaling $80 million.
|
•
|
Emissions control equipment on existing generating facilities totaling $20 million for installation or upgrade of low nitrogen oxide burners and particulate matter control systems.
|
•
|
Distribution, generation, mining and other infrastructure totaling $297 million.
|
•
|
$273 million for transmission system investments, including projects for the Energy Gateway Transmission Expansion Program, which includes construction costs of $131 million for the Sigurd-Red Butte transmission line.
|
•
|
$167 million for environmental projects, which includes emissions control equipment to meet anticipated air quality and visibility targets, including the reduction of nitrogen oxides and particulate matter emissions. This estimate includes the installation of new or the replacement of existing emissions control equipment at a number of units at several of PacifiCorp's coal-fueled generating facilities, including Jim Bridger Units 3 and 4 and Hunter Unit 1.
|
•
|
$39 million for construction of Lake Side 2, which was placed in-service in May 2014.
|
•
|
Remaining costs relate to routine expenditures for distribution, generation, mining and other infrastructure needed to serve existing and expected demand.
|
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk
|
Item 4.
|
Controls and Procedures
|
Item 1.
|
Legal Proceedings
|
Item 1A.
|
Risk Factors
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
Item 3.
|
Defaults Upon Senior Securities
|
Item 4.
|
Mine Safety Disclosures
|
Item 5.
|
Other Information
|
Item 6.
|
Exhibits
|
|
PACIFICORP
|
|
(Registrant)
|
|
|
|
|
|
|
Date: August 1, 2014
|
/s/ Douglas K. Stuver
|
|
Douglas K. Stuver
|
|
Senior Vice President and Chief Financial Officer
|
|
(principal financial and accounting officer)
|
4.1*
|
Twenty-Seventh Supplemental Indenture, dated as of March 1, 2014, to PacifiCorp's Mortgage and Deed of Trust dated as of January 9, 1989 (Exhibit 4.1, Current Report on Form 8-K, filed March 13, 2014, File No. 1-5152).
|
15
|
Awareness Letter of Independent Registered Public Accounting Firm.
|
31.1
|
Principal Executive Officer Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
31.2
|
Principal Financial Officer Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
32.1
|
Principal Executive Officer Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
32.2
|
Principal Financial Officer Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
95
|
Mine Safety Disclosures Required by the Dodd-Frank Wall Street Reform and Consumer Protection Act.
|
101
|
The following financial information from PacifiCorp's Quarterly Report on Form 10-Q for the quarter ended
June 30, 2014
is formatted in XBRL (eXtensible Business Reporting Language) and included herein: (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Operations, (iii) the Consolidated Statements of Changes in Shareholders' Equity, (iv) the Consolidated Statements of Cash Flows, and (v) the Notes to Consolidated Financial Statements, tagged in summary and detail.
|
1 Year PacifiCorp (PK) Chart |
1 Month PacifiCorp (PK) Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions