WebFilings | EDGAR view

▪

A $25 million increase related to the volume of retail energy sold. A shift in the mix of customers purchasing their energy requirements from PGE, an increase in deliveries to industrial customers, and the addition of an average of 4,400 retail customers contributed to the increase. A 5.7% and 3.7% decrease in residential and commercial deliveries, respectively, resulting from milder weather conditions in 2010 and the continued effects of a weak economy, as well as the effects of energy efficiency measures, partially offset the increase;


▪	A $22 million increase related to a decrease in transition adjustment credits provided to customers purchasing their energy requirements from other energy service suppliers, the deferral of revenue requirements related to Biglow Canyon and the reversal of the deferral for customer refunds related to the 2005 Oregon Corporate Tax Kicker;


▪	A $17 million increase related to SB 408, with a refund to customers of $13 million recorded in 2009 and a $4 million reduction to that amount recorded in 2010;


▪	A $15 million increase related to the decoupling mechanism, with a collection from customers of $8 million recorded in 2010, compared to a refund to customers of $7 million recorded in 2009; and


▪	A $72 million decrease related to a 4% decline in average retail prices, resulting primarily from a decrease in net variable power costs.


◦	A $25 million, or 22%, decrease in Wholesale revenues, consisting of a 12% decline in average price and

Page 3

11% decline in volume.

•

Purchased power and fuel expense decreased $115 million, or 12%, in 2010 compared to 2009, primarily related to an 11% decrease in average variable power cost and an $18 million write-off in 2009 of deferred excess replacement power costs. The average variable power cost decreased to $38.68 per MWh in 2010 from $43.22 per MWh in 2009, primarily driven by a shift in the mix of energy sources. Company-owned generation represented 57% of total system load in 2010 compared to 49% in 2009.


•	Administrative and other expense increased $7 million, or 4%, in 2010 compared to 2009 primarily due to increased incentive compensation (related to improved corporate financial and operating performance), legal expenses and reserves for asserted claims, and higher pension and healthcare costs.


•	Depreciation expense increased $27 million, or 13%, in 2010 compared to 2009 largely due to increased capital additions related to Biglow Canyon Phases II and III and the smart meter and Selective Water Withdrawal projects. Increased depreciation related to these new capital projects is being recovered in customer prices.

< /div>


•	Interest expense increased $6 million in 2010 compared to 2009, largely driven by a 16% increase in the average balance of long-term debt outstanding.


•	Income taxes increased $17 million, or 47%, in 2010 compared to 2009 primarily due to higher taxable income in 2010. An increase in production tax credits, related to the increased production from Biglow Canyon Wind Farm, was largely offset by an increase in the state income tax rate and a reduction in state tax credits.

2011 Earnings Guidance

PGE is initiating full-year 2011 earnings guidance of $1.80 to $1.95 per diluted share. Guidance assumes normal hydro and plant operations, flat load for 2011 compared to 2010 on a weather adjusted basis, and operating costs aligned with the Company’s 2011 General Rate Case.

Fourth Quarter 2010 Earnings Call and Web cast — February 25, 2011

PGE will host a conference call with financial analysts and investors on Friday, February 25, 2011, at 11 a.m. EST. The conference call will be web cast live on the PGE website at www.PortlandGeneral.com. A replay of the call will be available beginning at 2 p.m. EST on Friday, February 25, 2011 through Friday, March 6, 2011.

Jim Piro, President and CEO; Maria Pope, Senior Vice President, Finance, CFO, and Treasurer; and Bill Valach, Director, Investor Relations, will participate in the call. Management will respond to questions following formal comments.

The attached condensed consolidated statements of income, condensed consolidated balance sheets, and condensed consolidated statements of cash flows, as well as the supplemental operating statistics, are an integral part of this earnings release.

# # # # #

Page 4

About Portland General Electric Company

Portland General Electric Company is a vertically integrated electric utility that serves approximately 821,000 residential, commercial and industrial customers in the Portland/Salem metropolitan area of Oregon. The Company’s headquarters are located at 121 SW Salmon Street, Portland, Oregon 97204. Visit PGE’s website at www.PortlandGeneral.com.

Safe Harbor Statement

Statements in this news release that relate to future plans, objectives, expectations, performance, events and the like may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements regarding earnings guidance, statements regarding future load, hydro conditions and operating and maintenance costs; statements concerning implementation of the Company's Integrated Resource Plan; statements regarding the outcome of any legal or regulatory proceeding; as well as other statements containing words such as “anticipates,” “believes,” “intends,&rd quo; “estimates,” “promises,” “expects,” “should,” “conditioned upon,” and similar expressions. Investors are cautioned that any such forward-looking statements are subject to risks and uncertainties, including the reductions in demand for electricity and the sale of excess energy during periods of low wholesale market prices; operational risks relating to the Company’s generation facilities, including hydro conditions, wind conditions, disruption of fuel supply, and unscheduled plant outages, which may result in unanticipated operating, maintenance and repair costs, as well as replacement power costs; the costs of compliance with environmental laws and regulations, including those that govern emissions from thermal power plants; changes in weather, hydroelectric and energy markets conditions, which could affect the availability and cost of purchased power and fuel; changes in capital market conditions, which could affect the availability and cost of capital and result in delay or cancellation of capital projects; unforeseen problems or delays in completing capital projects, resulting in the failure to complete such projects on schedule or within budget; the outcome of various legal and regulatory proceedings; and general economic and financial market conditions. As a result, actual results may differ materially from those projected in the forward-looking statements. All forward-looking statements included in this news release are based on information available to the Company on the date hereof and such statements speak only as of the date hereof. The Company assumes no obligation to update any such forward-looking statement. Prospective investors should also review the risks and uncertainties listed in the Company’s most recent Annual Report on Form 10-K and the Company’s reports on Forms 8-K and 10-Q filed with the United States Securities and Exchange Commission, including Management’s Discussion and Analysis of Financial Condition and Results of Operations and the risks described therein from time to time.

POR-F

Source: Portland General Electric Company

Page 5

PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Dollars in millions, except per share amounts)

(Unaudited)

< td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;">


	Three Months Ended								Years Ended
	December 31,								December 31,
	2010				2009				2010				2009
Revenues, net	$	455			$	485			$	1,783			$	1,804
Operating expenses:
Purchased power and fuel	216				280				829				944
Production and distribution	47				51				174				178
Administrative and other	46				45				186				179
Depreciation and amortization	65				51				238				211
Taxes other than income taxes	22				20				89				84
Total operating expenses	396				447				1,516				1,596
Income from operations	59				38				267				208
Other income (expense):
Allowance for equity funds used during construction	1			5				13				18
Miscellaneous income (expense), net	3				(3		)		4				3
Other income, net	4				2				17				21
Interest expense	28				28			110				104
Income before income taxes	35				12				174				125
Income taxes	13				4				53				36
Net income	22				8				121				89
Less: net loss attributable to noncontrolling interests	(3		)		—				(4		)		(6		)
Net income attributable to Portland General Electric Company	$	25			$	8			$	125			$	95
													;
Weighted-average shares outstanding (in thousands):
Basic	75,299				75,192				75,275				72,790
Diluted	75,318				75,210				75,291				72,852
Earnings per share:
Basic	$	0.34			$	0.11			$	1.66			$	1.31
Diluted	$	0.34			$	0.11			$	1.66			$	1.31
Dividends declared per common share	$	0.260			$	0.255			$	1.035			$	1.010

Page 6

PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In millions)

(Unaudited)


	As of December 31,
	2010			2009
ASSETS				&nbs p;
Current assets:
Cash and cash equivalents	$	4		$	31
Accounts receivable, net	137			159
Unbilled revenues	93			95
Inventories	56			58
Margin deposits	83			56
Regulatory assets - current	221			197
Other current assets	67		94
Total current assets	661			690
Electric utility plant, net	4,133			3,858
Regulatory assets - noncurrent	< div style="text-align:right;font-size:11pt;">544			465
Non-qualified benefit plan trust	44			47
Nuclear decommissioning trust	34			50
Other noncurrent assets	75			62
Total assets	$	5,491		$	5,172

LIABILITIES AND EQUITY
Current liabilities:
Accounts payable and accrued liabilities	$	169		$	187
Liabilities from price risk management activities - current	188			128
Short-term debt	19			—
Current portion of long-term debt	10			186
Regulatory liabilities - current	25			27
Other current liabilities	78			92
Total current liabilities	489			620
Long-term debt, net of current portion	1,798			1,558
Regulatory liabilities - noncurrent	657			654
Deferred income taxes	445			356
Liabilities from price risk management activities - noncurrent	188			127		& nbsp;
Unfunded status of pension and postretirement plans	140			143
Non-qualified benefit plan liabilities	97			96
Other noncurrent liabilities	78			75
Total liabilities	3,892			3,629
Total equity	1,599			1,543
Total liabilities and equity	$	5,491		$	5,172

Page 7

PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES

CONDENSED CON SOLIDATED STATEMENTS OF CASH FLOWS

(In millions)

(Unaudited)

< td style="vertical-align:bottom;background-color:#cceeff;">


	Years Ended December 31,
	2010				2009
Cash flows from operating activities:
Net income	$	121			$	89
Depreciation and amortization	238				211
Other non-cash income and expenses, net included in Net income	66				46
Changes in working capital	17				77
Other, net	(51	)		(37		)
Net cash provided by operating activities	391				386
Cash flows from investing activities:
Capital expenditures	(450		)		(696		)
Other, net	20				(4		)
Net cash used in investing activities	(430		)		(700		)
Cash flows from financing activities:
Net issuances of long-term debt	61				433
Net proceeds from issuance of common stock	—				170
Net proceeds (payments) of short-term debt	19				(203		)
Dividends paid	(78		)		(72		)
Other, net	10				7
Net cash provided by financing activities	12				335
Change in cash and cash equivalents	(27		)		21
Cash and cash equivalents, beginning of year	31				10
Cash and cash equivalents, end of year	$	4			$	31

Page 8

PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES

SUPPLEMENTAL OPERATING STATISTICS

(Unaudited)


	Three Months Ended						Years Ended
	December 31,						December 31,
	2010			2009			2010		2009
Revenues (dollars in millions):
Retail:
Residential	$	225		$	235		$	803	$	856
Commercial	152			161			601		642
Industrial	58			42			221		166
Subtotal	435			438			1,625		1,664
Other accrued revenues, net	(4		)	5			39		(7		)
Total retail revenues	431			443			1,664		1,657
Wholesale revenues	18			27			87		112
Other operating revenues	6			15			32		35
Total revenues	$	455		$	485		$	1,783	$	1,804

Energy sold and delivered (MWh in thousands):
Retail energy sales:
Residential	2,095			2,185			7,452		7,901
Commercial	1,768			1,787			6,945		7,154
Industrial	891			592			3,286		2,364
Total retail energy sales	4,754			4,564			17,683		17,419
Delivery to direct access customers:
Commercial	81			106			332		405
Industrial	186			392			718		1,512
	267			498		& nbsp;	1,050		1,917
Total retail energy sales and deliveries	5,021			5,062			18,733		19,336
Wholesale energy deliveries	465			622			2,580		2,896
Total energy sold and delivered	5,486			5,684			21,313		22,232

Number of retail customers at end of period:
Residential							719,031		715,458
Commercial							101,180		99,773
Industrial							247		255
Direct access							218		253
Total retail customers							820,676		815,739

Page 9

PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES

SUPPLEMENTAL OPERATING STATISTICS, continued

(Unaudited)


	Three Months Ended					Years Ended
	December 31,					December 31,
	2010			2009		2010		2009
Sources of energy (MWh in thousands):
Generation:
Thermal:
Coal	1,381			1,325		4,984		3,760
Natural gas	1,295			1,399		4,460		4,500
Total thermal	2,676			2,724		9,444		8,260
Hydro	475			435		1,830		1,800
Wind	171			115		833		499
Total generation	3,322			3,274		12,107		10,559
Purchased power:
Term purchases	1,040			1,243		3,984		6,145
Purchased hydro	593			614		2,417		2,801
Purchased wind	47			62		297		292
Spot purchases	491			265		2,618		< font style="font-family:inherit;font-size:11pt;">1,641
Total purchased power	2,171			2,184		9,316		10,879
Total system load	5,493		& nbsp;	5,458		21,423		21,438
Less: wholesale sales	(465	)		(622	)	(2,580	)	(2,896	)
Retail load requirement	5,028			4,836		18,843		18,542


	Heating Degree-days		Cooling Degree-days
	2010	2009	2010	2009
1st Quarter	1,629	2,022	—	—
Average	1,849	1,831	—	—
2nd Quarter	861	578	18	90
Average	684	683	73	71
3rd Quarter	117	63	296	537
Average	82	80	398	394
4th Quarter	1,580	1,728	—	—
Average	1,577	1,575	2	2
Annual total	4,187	4,391	< font style="font-family:inherit;font-size:11pt;font-style:normal;font-weight:bold;">314	627
Annual total average	4,192	4,169	473	467

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

Page 10

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PORTLAND GENERAL ELECTRIC COMPANY
(Exact name of registrant as specified in its charter)


Oregon	1-5532-99	93-0256820
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer &nbs p; Identification No.)


(d)		Exhibits.

99.1		Press Release issued by Portland General Electric Company dated February 25, 2011.


			PORTLAND GENERAL ELECTRIC COMPANY
			(Registrant)

Date:	February 24, 2011	By:	/s/ Maria M. Pope
			Maria M. Pope
	&nbs p;		Senior Vice President, Finance, Chief Financial Officer, and Treasurer


		Portland General Electric One World Trade Center 121 SW Salmon Street Portland, Oregon 97204 News Release

FOR RELEASE
5 a.m. EST, February 25, 2011

Media Contact:		Investor Contact:
Gail Baker		Bill Valach
Director, Corporate Communications		Director, Investor Relations
Phone: 503-464-8693		Phone: 503-464-7395


•	PGE received the U.S. Department of Energy’s Utility Green Power Program of the Year Award, which recognizes utilities that are leaders in implementing a voluntary renewable energy offering for their customers.


•	Revenues decreased $30 million, or 6%, in the fourth quarter of 2010 compared to the fourth quarter of 2009, primarily due to:


◦	A $12 million, or 2.7%, decrease in Retail revenues, largely resulting from:


•	A $22 million decrease related to a 5% decline in average retail prices, resulting primarily from a decrease in net variable power costs;


▪	A $16 million decrease related to SB 408, primarily due to the reversal in the fourth quarter of 2010 of a $24 million collection from customers that had been recorded through September 30, 2010. Such amount was reversed due to uncertainties concerning the applicable rules governing the application of SB 408; and


•	An $18 million increase related to the volume of retail energy sold. An increase in the number of customers purchasing their energy requirements from PGE, an increase in deliveries to industrial customers, and the addition of an average of 4,900 retail customers contributed to the increase in the volume of retail energy sold in 2010 compared to 2009. Offsetting this increase were decreases of


◦	A $9 m illion, or 33%, decrease in Wholesale revenues, consisting of a 21% decrease in average price and 25% decrease in volume; and


◦	A $9 million, or 60%, decrease in Other operating revenues, which is primarily due to decreased sales of excess fuel oil.


•	Depreciation expense increased $14 million, or 27%, in the fourth quarter of 2010 compared to the fourth quarter of 2009 largely due to increased capital additions related to Biglow Canyon Phase III and the smart meter and Selective Water Withdrawal projects.


•	Income taxes increased $9 million in the fourth quarter of 2010 compared to the fourth quarter of 2009 primarily due to higher taxable income.


•	Revenues decreased $21 million, or 1%, in 2010 compared to 2009 primarily due to the net effect of:


◦	A $7 million increase in Retail revenues largely due to the net effect of the following: