Exhibit 99.1
 | Portland General Electric One World Trade Center 121 S.W. Salmon Street Portland, Oregon 97204 News Release | |
FOR IMMEDIATE RELEASE | ||
Feb. 17, 2017 | ||
Media Contact: | Investor Contact: | |
Melanie Moir | Chris Liddle | |
Corporate Communications | Investor Relations | |
Phone: 503-464-8790 | Phone: 503-464-7458 | |
Portland General Electric reports 2016 financial results and initiates 2017 earnings guidance
• | Full-year 2016 financial results in line with revised guidance |
• | Initiating 2017 earnings guidance of $2.20 to $2.35 per diluted share |
• | Plans to file a 2018 General Rate Case with the Oregon Public Utility Commission by the end of February |
PORTLAND, Ore. — Portland General Electric Company (NYSE: POR) today reported net income of $193 million, or $2.16 per diluted share, for the year ended Dec. 31, 2016. This compares with $172 million, or $2.04 per diluted share, for 2015. Net income was $61 million, or 68 cents per diluted share, for the fourth quarter of 2016 compared with $51 million, or 57 cents per diluted share, for the comparable period of 2015. Looking forward, the company is initiating full-year 2017 earnings guidance of $2.20 to $2.35 per diluted share.
“I’m very proud of our operational and financial performance, despite the impact of lower retail loads associated with warmer than normal temperatures and wind generation below our forecast that resulted in a return on equity lower than our currently allowed return,” said Jim Piro, president and CEO. “We brought Carty Generating Station into service, and since then it has achieved an exceptional availability for a newly commissioned plant. We also filed our 2016 Integrated Resource plan, which reflects our plans for a more renewable, reliable and affordable energy future for our customers.”
2016 earnings compared to 2015 earnings
Annual earnings per diluted share increased year over year due to incremental earnings from the additional investment in Carty, strong power supply operations including more favorable wind and hydro conditions, and higher production tax credits. These factors were partially offset by higher operating and maintenance expense in 2016 over 2015, depreciation expense and carrying costs related to incremental construction costs for Carty of approximately $120 million as of year-end not included in customer prices and an increase in the average common share count in 2016 over 2015. Solid economic conditions and strong load growth in the fourth quarter in the high-tech manufacturing sector contributed to weather-adjusted load growth of approximately one percent for the year, excluding one large paper customer which ceased operations in late 2015.
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Company Updates
2018 General Rate Case
By the end of February, PGE plans to file a 2018 General Rate Case (GRC) with the Oregon Public Utility Commission (OPUC). This filing will be based on a 2018 test year and include investments related to keeping PGE’s system safe, reliable and secure.
“We realize the impact price increases can have on our customers, and do not make this request lightly,” said Piro. “We continue to invest in our system to ensure its safety, reliability, and security in delivering power to our customers. Our efforts include replacing assets at the end of their useful life, strengthening our system to better prepare for storms, earthquakes, cyber-attacks and other potential threats as well as investments in operational changes that will integrate more renewable resources and enhance system reliability.”
Regulatory review of the 2018 GRC will occur throughout 2017, with a final order expected to be issued by the OPUC by the end of December 2017.
Integrated Resource Planning
On November, 15, 2016, PGE filed its 2016 IRP with the Oregon Public Utility Commission, including a four-year Action Plan that calls for a minimum of 135 MWa of cost-effective energy efficiency, 77 MW of demand response, and the addition of approximately 175 MWa of qualifying renewable resources. The plan also identifies a need for up to 850 MW of capacity resources, including 375-550 MW of long-term dispatchable resources and up to 400 MW of annual (or seasonal equivalent) capacity resources, to meet reliability needs.
As part of OPUC’s public review process, PGE is preparing responses to comments provided by OPUC staff, consumer advocates, environmental groups and other stakeholders. Additional rounds of comments, responses and workshops will follow as PGE works to address stakeholder questions and identify the best strategy for achieving a renewable, reliable, affordable energy future for its customers. The company continues to target mid-2017 for acknowledgement of the plan.
Upon acknowledgment, PGE will request approval from the OPUC to issue one or more request for proposals (RFPs) to acquire capacity and renewable resources. “We will be seeking the best combination of resources, consistent with the acknowledged IRP Action Plan, to meet our customers’ future energy and capacity needs,” said Piro. “We have no predetermined outcome in the RFP process and will, along with the independent evaluator, analyze a variety of resource proposals to determine the portfolios with the best overall balance of cost and risk.” Resource options could include hydro, wind, solar, geothermal, biomass, efficient combined-cycle natural gas fired facilities, and generic capacity facilities such as seasonal contracts, power purchase agreements, energy storage, and combustion turbines. The RFP process will include oversight by an independent evaluator and review by the OPUC.
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2016 Annual Operating Results
Earnings Reconciliation of 2015 to 2016 | |||||||||
($ in millions, except EPS) | Pre-Tax Income | Net Income(1) | Diluted EPS | ||||||
Reported 2015 | $ | 217 | $ | 172 | $ | 2.04 | |||
Adjustment for change in share count(2) | (0.11 | ) | |||||||
EPS After share count adjustment | 1.93 | ||||||||
Revenue Adjustments | |||||||||
Electric retail price increase | 49 | 30 | 0.33 | ||||||
Electric volume decrease | (38 | ) | (23 | ) | (0.26 | ) | |||
Change in decoupling collection/(refund) | 10 | 6 | 0.07 | ||||||
Electric wholesale volume and price increase | 15 | 9 | 0.10 | ||||||
Other revenue adjustments | (11 | ) | (7 | ) | (0.07 | ) | |||
Change in Revenue | 25 | 15 | 0.17 | ||||||
Power Cost Adjustments | |||||||||
Average power cost decrease | 50 | 31 | 0.34 | ||||||
Increase in total system load | (8 | ) | (5 | ) | (0.05 | ) | |||
Other | 2 | 1 | 0.01 | ||||||
Change in Power Costs | 44 | 27 | 0.30 | ||||||
O&M Adjustments | |||||||||
Generation, transmission, distribution | (20 | ) | (12 | ) | (0.13 | ) | |||
Administrative and general | (6 | ) | (3 | ) | (0.04 | ) | |||
Change in O&M | (26 | ) | (15 | ) | (0.17 | ) | |||
Other Item Adjustments | |||||||||
Depreciation & amortization | (16 | ) | (10 | ) | (0.11 | ) | |||
Other Items | (1 | ) | (1 | ) | (0.01 | ) | |||
Production Tax Credits | 3 | 0.03 | |||||||
Change in Other Tax Items | 2 | 0.02 | |||||||
Change in Other Items | (17 | ) | (6 | ) | (0.07 | ) | |||
Reported 2016 | $ | 243 | $ | 193 | $ | 2.16 | |||
(1) After tax adjustments based on PGE’s statutory tax rate of 39.5% | |||||||||
(2) Diluted share count increased in June 2015 with an equity issuance of 10.4 million additional shares | |||||||||
Revenues increased $25 million, or 1.3%, in 2016 compared with 2015 as a result of the items discussed below.
Total retail revenues increased $8 million, or 0.5%, in 2016 compared with 2015, primarily due to the net effect of the following:
• | A $49 million increase resulting from price changes, as authorized by the OPUC, including Carty going into service and into customer prices in mid-2016, as a result of the Company’s 2016 GRC; |
• | A $10 million increase resulting from the Decoupling mechanism, as an estimated $3 million collection was recorded in 2016 compared to a refund in 2015; |
• | A $5 million increase due to a lower amount of customer credits related to tax credits in connection with operation of the ISFSI at the former Trojan nuclear power plant site. Such credits are directly offset in depreciation and amortization expense; and |
• | A $5 million overall increase due to various other largely offsetting tariff changes and adjustments; partially offset by |
• | A $38 million decrease in revenues related to a 2.1% decrease in retail energy deliveries, consisting of 8.4% and 0.7% decreases in industrial and commercial deliveries, respectively, partially offset by a 0.3% increase in residential deliveries; and |
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• | A $23 million decrease related to the collection from customers during 2015 of costs associated with previous capital project deferrals, with no comparable collection in 2016. This decrease in revenues is largely offset by a comparable decrease in depreciation and amortization expense. |
Wholesale revenues result from sales of electricity to utilities and power marketers made in the Company’s efforts to secure reasonably priced power for its retail customers, manage risk, and administer its current long-term wholesale contracts. Such sales can vary significantly from year to year as a result of economic conditions, power and fuel prices, hydro and wind availability, and customer demand.
In 2016, the $15 million, or 17%, increase in wholesale revenues from 2015 consisted of a $27 million increase related to 31% greater wholesale sales volume partially offset by a $12 million decrease related to 11% lower average wholesale market prices.
Other operating revenues increased $2 million, or 6%, in 2016 from 2015, primarily due to a $2 million increase in resale of unneeded natural gas in combination with several smaller, rather offsetting items including revenues from broadband fiber deployment and steam sales.
Net variable power costs decreased $59 million for 2016 compared with 2015. The decrease attributable to changes in Purchased power and fuel expense was the result of an 8% decline in the average variable power cost per MWh, offset slightly by a 1% increase in total system load. The decrease in actual NVPC was also driven by a 31% increase in the volume of wholesale energy deliveries as the Company’s retail load requirement decreased in 2016, largely due to the effects of weather, which resulted in a greater portion of its system load being sold into the wholesale market. The increase was partially offset by an 11% decrease in the average price per MWh of wholesale power sales. The 2016 GRC had anticipated a decrease of approximately $31 million in NVPC from the 2015 baseline, with customer prices set accordingly.
For 2016, actual NVPC, as calculated for regulatory purposes under the PCAM, was $10 million below the 2016 baseline NVPC. In 2015, NVPC was $3 million below the anticipated baseline.
Generation, transmission, and distribution expense increased $20 million, or 8%, in 2016 compared with 2015. The increase was driven by the combination of $7 million in higher costs due to the addition of Carty, $5 million higher service restoration and storm costs, $4 million higher information technology expenses, $4 million higher inspection and testing costs for the distribution system, $2 million higher plant maintenance expenses, and $2 million higher labor expense. Partially offsetting the increases was a reduction in expenses of $6 million due to the repair and maintenance work during the annual planned outage and economic displacement of Boardman in 2015.
Administrative and other expense increased $6 million, or 2%, in 2016 compared with 2015, primarily due to $5 million higher legal costs attributable to Carty. The Company experienced slightly higher overall labor and employee benefit expenses although a $3 million reduction in pension expenses and a $2 million reduction in injuries and damages expense offset a large portion of those increases.
Depreciation and amortization expense in 2016 increased $16 million, or 5%, compared with 2015. The increase was primarily driven by $20 million higher expense resulting from capital additions, a $7 million expense increase resulting from the amortization credits in 2015 from gains recorded on the sale of assets, and a $5 million expense increase from lower amortization credits in 2016 of the regulatory liability for the ISFSI tax credits, offset by a $19 million expense decrease that resulted from the completion at the end of 2015 of the amortization of the regulatory asset related to the four capital projects deferral as authorized in the Company’s 2011 GRC. The overall impact resulting from the amortization of the regulatory assets and liabilities is directly offset by corresponding reductions in retail revenues.
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Taxes other than income taxes expense increased $3 million, or 3%, in 2016 compared with 2015, as higher property valuations in the State of Oregon increased taxes by $4 million, which was partially offset by lower property tax rates in both Oregon and Washington.
Interest expense decreased $2 million, or 2%, in 2016 compared with 2015 with $4 million lower expense resulting from a 3% decrease in the average balance of debt outstanding, partially offset by $2 million less allowance for borrowed funds used during construction credits.
Other income, net was $22 million in both 2016 and 2015, comprised primarily of $21 million in the allowance for equity funds used during construction each year, driven by the construction of Carty.
Income tax expense increased $5 million, or 11%, in 2016 compared to 2015. Higher pre-tax income accounted for a $10 million increase, which was partially offset by a $3 million increase in production tax credits and a combination of state credits and tax deductions that reduced expense by $2 million.
2017 earnings guidance
PGE is initiating full-year 2017 earnings guidance of $2.20 to $2.35 per diluted share. Guidance is based on the following:
• | A decline in retail deliveries between 0 and 1 percent, weather adjusted; |
• | Average hydro conditions; |
• | Wind generation based on five years of historical levels or forecast studies when historical data is not available; |
• | Normal thermal plant operations; |
• | Operating and maintenance costs between $540 and $560 million; and |
• | Depreciation and amortization expense between $340 and $350 million. |
Fourth Quarter 2016 earnings call and web cast — Feb. 17, 2017
PGE will host a conference call with financial analysts and investors on Friday, Feb. 17, 2017, at 11 a.m. ET. The conference call will be web cast live on the PGE website at PortlandGeneral.com. A replay of the call will be available beginning at 2 p.m. ET on Friday, Feb. 17, 2017 through Friday, Feb. 24, 2017.
Jim Piro, president and CEO; Jim Lobdell, senior vice president of finance, CFO, and treasurer; and Chris Liddle, manager, investor relations and corporate finance, will participate in the call. Management will respond to questions following formal comments.
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The attached unaudited 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.
# # # # #
About Portland General Electric Company
Portland General Electric Company is a vertically integrated electric utility that serves approximately 863,000 residential, commercial and industrial customers in the Portland/Salem metropolitan area of Oregon. The company’s headquarters are located at 121 S.W. Salmon Street, Portland, Oregon 97204. Visit PGE’s website at 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, wind conditions and operating and maintenance costs; statements concerning implementation of the company’s integrated resource plan; statements concerning future compliance with regulations limiting emissions from generation facilities and the costs to achieve such compliance; as well as other statements containing words such as “anticipates,” “believes,” “intends,” “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 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; failure to complete capital projects on schedule or within budget, or the abandonment of capital projects which could result in the company’s inability to recover project costs; 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
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PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In millions, except per share amounts)
(Unaudited)
Three Months Ended | Years Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Revenues, net | $ | 524 | $ | 499 | $ | 1,923 | $ | 1,898 | |||||||
Operating expenses: | |||||||||||||||
Purchased power and fuel | 162 | 171 | 617 | 661 | |||||||||||
Generation, transmission and distribution | 87 | 74 | 286 | 266 | |||||||||||
Administrative and other | 62 | 62 | 247 | 241 | |||||||||||
Depreciation and amortization | 77 | 78 | 321 | 305 | |||||||||||
Taxes other than income taxes | 30 | 30 | 119 | 116 | |||||||||||
Total operating expenses | 418 | 415 | 1,590 | 1,589 | |||||||||||
Income from operations | 106 | 84 | 333 | 309 | |||||||||||
Interest expense, net * | 30 | 28 | 112 | 114 | |||||||||||
Other income: | |||||||||||||||
Allowance for equity funds used during construction | 2 | 6 | 21 | 21 | |||||||||||
Miscellaneous income, net | 1 | 1 | 1 | 1 | |||||||||||
Other income, net | 3 | 7 | 22 | 22 | |||||||||||
Income before income taxes | 79 | 63 | 243 | 217 | |||||||||||
Income taxes | 18 | 12 | 50 | 45 | |||||||||||
Net income | 61 | 51 | 193 | 172 | |||||||||||
Weighted-average shares outstanding (in thousands): | |||||||||||||||
Basic | 88,927 | 88,773 | 88,896 | 84,180 | |||||||||||
Diluted | 89,085 | 88,933 | 89,054 | 84,341 | |||||||||||
Earnings per share: | |||||||||||||||
Basic | $ | 0.68 | $ | 0.57 | $ | 2.17 | $ | 2.05 | |||||||
Diluted | $ | 0.68 | $ | 0.57 | $ | 2.16 | $ | 2.04 | |||||||
* Includes an allowance for borrowed funds used during construction | $ | 1 | $ | 4 | $ | 11 | $ | 13 | |||||||
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PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions)
(Unaudited)
As of December 31, | |||||||
2016 | 2015 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 6 | 4 | ||||
Accounts receivable, net | 155 | 158 | |||||
Unbilled revenues | 107 | 95 | |||||
Inventories | 82 | 83 | |||||
Regulatory assets—current | 36 | 129 | |||||
Other current assets | 77 | 88 | |||||
Total current assets | 463 | 557 | |||||
Electric utility plant, net | 6,434 | 6,012 | |||||
Regulatory assets—noncurrent | 498 | 524 | |||||
Nuclear decommissioning trust | 41 | 40 | |||||
Non-qualified benefit plan trust | 34 | 33 | |||||
Other noncurrent assets | 57 | 44 | |||||
Total assets | $ | 7,527 | $ | 7,210 | |||
LIABILITIES AND EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 129 | 98 | ||||
Liabilities from price risk management activities—current | 44 | 130 | |||||
Short-term debt | — | 6 | |||||
Current portion of long-term debt | 150 | 133 | |||||
Accrued expenses and other current liabilities | 254 | 259 | |||||
Total current liabilities | 577 | 626 | |||||
Long-term debt, net of current portion | 2,200 | 2,060 | |||||
Regulatory liabilities—noncurrent | 958 | 928 | |||||
Deferred income taxes | 669 | 632 | |||||
Unfunded status of pension and postretirement plans | 281 | 259 | |||||
Liabilities from price risk management activities—noncurrent | 125 | 161 | |||||
Asset retirement obligations | 161 | 151 | |||||
Non-qualified benefit plan liabilities | 105 | 106 | |||||
Other noncurrent liabilities | 107 | 29 | |||||
Total liabilities | 5,183 | 4,952 | |||||
Total equity | 2,344 | 2,258 | |||||
Total liabilities and equity | $ | 7,527 | $ | 7,210 | |||
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PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
Years Ended December 31, | |||||||
2016 | 2015 | ||||||
Cash flows from operating activities: | |||||||
Net income | $ | 193 | $ | 172 | |||
Depreciation and amortization | 321 | 305 | |||||
Other non-cash income and expenses, net included in Net income | 50 | 95 | |||||
Changes in working capital | 27 | (31 | ) | ||||
Other, net | (38 | ) | (21 | ) | |||
Net cash provided by operating activities | 553 | 520 | |||||
Cash flows from investing activities: | |||||||
Capital expenditures | (584 | ) | (598 | ) | |||
Distribution from (Contribution to) Nuclear decommissioning trust | — | 50 | |||||
Other, net | (1 | ) | 26 | ||||
Net cash used in investing activities | (585 | ) | (522 | ) | |||
Cash flows from financing activities: | |||||||
Net issuances (payments) of long-term debt, including premiums paid or issuance costs incurred | 157 | (297 | ) | ||||
Proceeds from issuance of common stock, net of issuance costs | — | 271 | |||||
(Maturities) issuances of commercial paper, net | (6 | ) | 6 | ||||
Dividends paid | (110 | ) | (97 | ) | |||
Other, net | (7 | ) | (4 | ) | |||
Net cash provided by (used in) financing activities | 34 | (121 | ) | ||||
Increase (Decrease) in cash and cash equivalents | 2 | (123 | ) | ||||
Cash and cash equivalents, beginning of year | 4 | 127 | |||||
Cash and cash equivalents, end of year | $ | 6 | $ | 4 | |||
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PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES
SUPPLEMENTAL OPERATING STATISTICS
(Unaudited)
Three Months Ended | Years Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Revenues (dollars in millions): | |||||||||||||||
Retail: | |||||||||||||||
Residential | $ | 259 | $ | 245 | $ | 907 | $ | 895 | |||||||
Commercial | 173 | 166 | 665 | 662 | |||||||||||
Industrial | 55 | 55 | 208 | 228 | |||||||||||
Subtotal | 487 | 466 | 1,780 | 1,785 | |||||||||||
Other accrued (deferred) revenues, net | (2 | ) | 2 | 3 | (10 | ) | |||||||||
Total retail revenues | 485 | 468 | 1,783 | 1,775 | |||||||||||
Wholesale revenues | 29 | 22 | 103 | 88 | |||||||||||
Other operating revenues | 10 | 9 | 37 | 35 | |||||||||||
Total revenues | $ | 524 | $ | 499 | $ | 1,923 | $ | 1,898 | |||||||
Energy sold and delivered (MWh in thousands): | |||||||||||||||
Retail energy sales: | |||||||||||||||
Residential | 2,070 | 2,017 | 7,348 | 7,325 | |||||||||||
Commercial | 1,784 | 1,756 | 6,932 | 7,002 | |||||||||||
Industrial | 800 | 806 | 2,968 | 3,369 | |||||||||||
Total retail energy sales | 4,654 | 4,579 | 17,248 | 17,696 | |||||||||||
Direct access retail deliveries: | |||||||||||||||
Commercial | 122 | 108 | 525 | 509 | |||||||||||
Industrial | 290 | 302 | 1,198 | 1,177 | |||||||||||
Total direct access retail deliveries | 412 | 410 | 1,723 | 1,686 | |||||||||||
Total retail energy sales and direct access deliveries | 5,066 | 4,989 | 18,971 | 19,382 | |||||||||||
Wholesale energy deliveries | 731 | 605 | 3,352 | 2,560 | |||||||||||
Total energy sold and delivered | 5,797 | 5,594 | 22,323 | 21,942 | |||||||||||
Number of retail customers at end of period: | |||||||||||||||
Residential | 756,675 | 746,969 | |||||||||||||
Commercial | 105,519 | 104,613 | |||||||||||||
Industrial | 200 | 195 | |||||||||||||
Direct access | 370 | 387 | |||||||||||||
Total retail customers | 862,764 | 852,164 | |||||||||||||
Heating Degree-days | Cooling Degree-days | ||||||||||||
2016 | 2015 | Average | 2016 | 2015 | Average | ||||||||
First quarter | 1,585 | 1,481 | 1,866 | — | — | — | |||||||
Second quarter | 403 | 513 | 689 | 154 | 207 | 70 | |||||||
Third quarter | 78 | 76 | 78 | 394 | 573 | 399 | |||||||
Fourth Quarter | 1,486 | 1,391 | 1,600 | — | 5 | 2 | |||||||
Year-to-date | 3,552 | 3,461 | 4,233 | 548 | 785 | 471 | |||||||
Note: “Average” amounts represent the 15-year rolling averages provided by the National Weather Service (Portland Airport).
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PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES
SUPPLEMENTAL OPERATING STATISTICS, continued
(Unaudited)
Three Months Ended | Years Ended | ||||||||||
December 31, | December 31, | ||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||
Sources of energy (MWh in thousands): | |||||||||||
Generation: | |||||||||||
Thermal: | |||||||||||
Coal | 957 | 1,472 | 3,492 | 4,128 | |||||||
Natural gas | 1,794 | 1,427 | 5,811 | 4,783 | |||||||
Total thermal | 2,751 | 2,899 | 9,303 | 8,911 | |||||||
Hydro | 415 | 390 | 1,629 | 1,453 | |||||||
Wind | 353 | 417 | 1,912 | 1,788 | |||||||
Total generation | 3,519 | 3,706 | 12,844 | 12,152 | |||||||
Purchased power: | |||||||||||
Term | 1,606 | 1,367 | 6,961 | 7,364 | |||||||
Hydro | 381 | 333 | 1,541 | 1,572 | |||||||
Wind | 60 | 62 | 301 | 303 | |||||||
Total purchased power | 2,047 | 1,762 | 8,803 | 9,239 | |||||||
Total system load | 5,566 | 5,468 | 21,647 | 21,391 | |||||||
Less: wholesale sales | (731 | ) | (606 | ) | (3,352 | ) | (2,560 | ) | |||
Retail load requirement | 4,835 | 4,862 | 18,295 | 18,831 | |||||||
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