FORM | |||||
(Exact name of registrant as specified in its charter) | ||||||||
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
(Title of class) | (Trading Symbol) | (Name of exchange on which registered) | ||||||
(d) | Exhibits. | |||||||
99.1 | ||||||||
99.2 | ||||||||
104 | Cover page information from Portland General Electric Company’s Current Report on Form 8-K filed October 30, 2020, formatted in iXBRL (Inline Extensible Business Reporting Language). |
PORTLAND GENERAL ELECTRIC COMPANY | ||||||||||||||
(Registrant) | ||||||||||||||
Date: | October 30, 2020 | By: | /s/ James F. Lobdell | |||||||||||
James F. Lobdell | ||||||||||||||
Senior Vice President of Finance, Chief Financial Officer and Treasurer |
Portland General Electric One World Trade Center 121 S.W. Salmon Street Portland, Oregon 97204 News Release | ||||||||
October 30, 2020 | ||||||||
Media Contact: | Investor Contact: | |||||||
Brianne Hyder | Jardon Jaramillo | |||||||
Corporate Communications | Investor Relations | |||||||
Phone: 503-464-8596 | Phone: 503-464-7051 |
(Dollars in millions, except EPS) | Net Income (Loss) | Diluted EPS | ||||||
GAAP-based as reported for the three months ended September 30, 2020 | $ | (17) | $ | (0.19) | ||||
Exclusion of certain trading losses | 127 | 1.42 | ||||||
Tax effect (1) | (30) | (0.33) | ||||||
Non-GAAP-based as reported for the three months ended September 30, 2020 | $ | 80 | $ | 0.90 | ||||
GAAP-based as reported for the nine months ended September 30, 2020 | $ | 103 | $ | 1.15 | ||||
Exclusion of certain trading losses | 127 | 1.42 | ||||||
Tax effect (1) | (30) | (0.33) | ||||||
Non-GAAP-based as reported for the nine months ended September 30, 2020 | $ | 200 | $ | 2.24 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Revenues, net | $ | 556 | $ | 538 | $ | 1,589 | $ | 1,570 | |||||||||||||||
Alternative revenue programs, net of amortization | (9) | 4 | — | 5 | |||||||||||||||||||
Total revenues | 547 | 542 | 1,589 | 1,575 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Purchased power and fuel | 292 | 165 | 554 | 449 | |||||||||||||||||||
Generation, transmission and distribution | 65 | 78 | 215 | 241 | |||||||||||||||||||
Administrative and other | 63 | 74 | 208 | 223 | |||||||||||||||||||
Depreciation and amortization | 108 | 103 | 320 | 305 | |||||||||||||||||||
Taxes other than income taxes | 35 | 34 | 104 | 101 | |||||||||||||||||||
Total operating expenses | 563 | 454 | 1,401 | 1,319 | |||||||||||||||||||
Income (loss) from operations | (16) | 88 | 188 | 256 | |||||||||||||||||||
Interest expense, net | 35 | 32 | 102 | 95 | |||||||||||||||||||
Other income: | |||||||||||||||||||||||
Allowance for equity funds used during construction | 4 | 2 | 11 | 7 | |||||||||||||||||||
Miscellaneous income, net | 3 | 3 | 2 | 5 | |||||||||||||||||||
Other income, net | 7 | 5 | 13 | 12 | |||||||||||||||||||
Income (loss) before income tax expense | (44) | 61 | 99 | 173 | |||||||||||||||||||
Income tax expense (benefit) | (27) | 6 | (4) | 20 | |||||||||||||||||||
Net income (loss) | (17) | 55 | 103 | 153 | |||||||||||||||||||
Other comprehensive income (loss) | — | — | 1 | 2 | |||||||||||||||||||
Comprehensive income (loss) | $ | (17) | $ | 55 | $ | 104 | $ | 155 | |||||||||||||||
Weighted-average common shares outstanding (in thousands): | |||||||||||||||||||||||
Basic | 89,509 | 89,372 | 89,476 | 89,346 | |||||||||||||||||||
Diluted | 89,509 | 89,594 | 89,629 | 89,555 | |||||||||||||||||||
Earnings per share: | |||||||||||||||||||||||
Basic | $ | (0.19) | $ | 0.61 | $ | 1.16 | $ | 1.71 | |||||||||||||||
Diluted | $ | (0.19) | $ | 0.61 | $ | 1.15 | $ | 1.70 | |||||||||||||||
September 30, 2020 | December 31, 2019 | ||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 253 | $ | 30 | |||||||
Accounts receivable, net | 250 | 253 | |||||||||
Inventories | 86 | 96 | |||||||||
Regulatory assets—current | 8 | 17 | |||||||||
Other current assets | 123 | 104 | |||||||||
Total current assets | 720 | 500 | |||||||||
Electric utility plant, net | 7,371 | 7,161 | |||||||||
Regulatory assets—noncurrent | 527 | 483 | |||||||||
Nuclear decommissioning trust | 47 | 46 | |||||||||
Non-qualified benefit plan trust | 39 | 38 | |||||||||
Other noncurrent assets | 165 | 166 | |||||||||
Total assets | $ | 8,869 | $ | 8,394 | |||||||
September 30, 2020 | December 31, 2019 | ||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 139 | $ | 165 | |||||||
Liabilities from price risk management activities—current | 16 | 23 | |||||||||
Short-term debt | 225 | — | |||||||||
Current portion of long-term debt | 160 | — | |||||||||
Current portion of finance lease obligation | 16 | 16 | |||||||||
Accrued expenses and other current liabilities | 368 | 315 | |||||||||
Total current liabilities | 924 | 519 | |||||||||
Long-term debt, net of current portion | 2,657 | 2,597 | |||||||||
Regulatory liabilities—noncurrent | 1,375 | 1,377 | |||||||||
Deferred income taxes | 378 | 378 | |||||||||
Unfunded status of pension and postretirement plans | 250 | 247 | |||||||||
Liabilities from price risk management activities—noncurrent | 138 | 108 | |||||||||
Asset retirement obligations | 251 | 263 | |||||||||
Non-qualified benefit plan liabilities | 99 | 103 | |||||||||
Finance lease obligations, net of current portion | 131 | 135 | |||||||||
Other noncurrent liabilities | 71 | 76 | |||||||||
Total liabilities | 6,274 | 5,803 | |||||||||
Shareholders’ Equity: | |||||||||||
Preferred stock, no par value, 30,000,000 shares authorized; none issued and outstanding as of September 30, 2020 and December 31, 2019 | — | — | |||||||||
Common stock, no par value, 160,000,000 shares authorized; 89,509,783 and 89,387,124 shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively | 1,226 | 1,220 | |||||||||
Accumulated other comprehensive loss | (9) | (10) | |||||||||
Retained earnings | 1,378 | 1,381 | |||||||||
Total shareholders’ equity | 2,595 | 2,591 | |||||||||
Total liabilities and shareholders’ equity | $ | 8,869 | $ | 8,394 | |||||||
Nine Months Ended September 30, | |||||||||||
2020 | 2019 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | 103 | $ | 153 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 320 | 305 | |||||||||
Deferred income taxes | (14) | 3 | |||||||||
Pension and other postretirement benefits | 17 | 16 | |||||||||
Allowance for equity funds used during construction | (11) | (7) | |||||||||
Decoupling mechanism deferrals, net of amortization | — | (6) | |||||||||
Amortization of net benefits due to Tax Reform | (17) | (16) | |||||||||
Other non-cash income and expenses, net | 38 | 38 | |||||||||
Changes in working capital: | |||||||||||
(Increase)/decrease in accounts receivable, net | (3) | 50 | |||||||||
Decrease/(increase) in inventories | 10 | (7) | |||||||||
(Increase)/decrease in margin deposits | (6) | 4 | |||||||||
Increase/(decrease) in accounts payable and accrued liabilities | 24 | (25) | |||||||||
Other working capital items, net | 27 | 25 | |||||||||
Other, net | (46) | (31) | |||||||||
Net cash provided by operating activities | 442 | 502 | |||||||||
Cash flows from investing activities: | |||||||||||
Capital expenditures | (549) | (407) | |||||||||
Sales of Nuclear decommissioning trust securities | 6 | 11 | |||||||||
Purchases of Nuclear decommissioning trust securities | (5) | (8) | |||||||||
Other, net | (3) | (2) | |||||||||
Net cash used in investing activities | (551) | (406) | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from issuance of long-term debt | 319 | 200 | |||||||||
Payments on long-term debt | (98) | (300) | |||||||||
Borrowings on short-term debt | 275 | — | |||||||||
Repayments of short-term debt | (50) | — | |||||||||
Dividends paid | (103) | (99) | |||||||||
Other | (11) | (5) | |||||||||
Net cash provided by (used in) financing activities | 332 | (204) | |||||||||
Increase (Decrease) in cash and cash equivalents | 223 | (108) | |||||||||
Cash and cash equivalents, beginning of period | 30 | 119 | |||||||||
Cash and cash equivalents, end of period | $ | 253 | $ | 11 | |||||||
Supplemental cash flow information is as follows: | |||||||||||
Cash paid for interest, net of amounts capitalized | $ | 70 | $ | 73 | |||||||
Cash paid for income taxes | 9 | 21 | |||||||||
Nine Months Ended September 30, | |||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||
Revenues (dollars in millions): | |||||||||||||||||||||||
Retail: | |||||||||||||||||||||||
Residential | $ | 747 | 47 | % | $ | 713 | 45 | % | |||||||||||||||
Commercial | 463 | 29 | 479 | 31 | |||||||||||||||||||
Industrial | 162 | 10 | 144 | 9 | |||||||||||||||||||
Direct Access | 35 | 2 | 34 | 2 | |||||||||||||||||||
Subtotal | 1,407 | 88 | 1,370 | 87 | |||||||||||||||||||
Alternative revenue programs, net of amortization | — | — | 5 | — | |||||||||||||||||||
Other accrued revenues, net | 13 | 1 | 17 | 1 | |||||||||||||||||||
Total retail revenues | 1,420 | 89 | 1,392 | 88 | |||||||||||||||||||
Wholesale revenues | 130 | 8 | 125 | 8 | |||||||||||||||||||
Other operating revenues | 39 | 3 | 58 | 4 | |||||||||||||||||||
Total revenues | $ | 1,589 | 100 | % | $ | 1,575 | 100 | % | |||||||||||||||
Energy deliveries (MWhs in thousands): | |||||||||||||||||||||||
Retail: | |||||||||||||||||||||||
Residential | 5,621 | 30 | % | 5,428 | 31 | % | |||||||||||||||||
Commercial | 4,672 | 25 | 4,999 | 28 | |||||||||||||||||||
Industrial | 2,552 | 13 | 2,332 | 13 | |||||||||||||||||||
Subtotal | 12,845 | 68 | 12,759 | 72 | |||||||||||||||||||
Direct access: | |||||||||||||||||||||||
Commercial | 478 | 3 | 536 | 3 | |||||||||||||||||||
Industrial | 1,114 | 6 | 1,093 | 6 | |||||||||||||||||||
Subtotal | 1,592 | 9 | 1,629 | 9 | |||||||||||||||||||
Total retail energy deliveries | 14,437 | 77 | 14,388 | 81 | |||||||||||||||||||
Wholesale energy deliveries | 4,593 | 23 | 3,474 | 19 | |||||||||||||||||||
Total energy deliveries | 19,030 | 100 | % | 17,862 | 100 | % | |||||||||||||||||
Average number of retail customers: | |||||||||||||||||||||||
Residential | 789,726 | 88 | % | 778,285 | 88 | % | |||||||||||||||||
Commercial | 110,185 | 12 | 109,509 | 12 | |||||||||||||||||||
Industrial | 194 | — | 194 | — | |||||||||||||||||||
Direct access | 634 | — | 633 | — | |||||||||||||||||||
Total | 900,739 | 100 | % | 888,621 | 100 | % |
Nine Months Ended September 30, | |||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||
Sources of energy (MWhs in thousands): | |||||||||||||||||||||||
Generation: | |||||||||||||||||||||||
Thermal: | |||||||||||||||||||||||
Natural gas | 5,767 | 32 | % | 6,199 | 36 | % | |||||||||||||||||
Coal | 2,752 | 15 | 3,163 | 19 | |||||||||||||||||||
Total thermal | 8,519 | 47 | 9,362 | 55 | |||||||||||||||||||
Hydro | 919 | 5 | 1,098 | 7 | |||||||||||||||||||
Wind | 1,720 | 9 | 1,418 | 8 | |||||||||||||||||||
Total generation | 11,158 | 61 | 11,878 | 70 | |||||||||||||||||||
Purchased power: | |||||||||||||||||||||||
Term | 5,585 | 31 | 4,177 | 24 | |||||||||||||||||||
Hydro | 1,202 | 7 | 807 | 5 | |||||||||||||||||||
Wind | 256 | 1 | 223 | 1 | |||||||||||||||||||
Total purchased power | 7,043 | 39 | 5,207 | 30 | |||||||||||||||||||
Total system load | 18,201 | 100 | % | 17,085 | 100 | % | |||||||||||||||||
Less: wholesale sales | (4,593) | (3,474) | |||||||||||||||||||||
Retail load requirement | 13,608 | 13,611 |
Heating Degree-days | Cooling Degree-days | ||||||||||||||||||||||||||||||||||
2020 | 2019 | Avg. | 2020 | 2019 | Avg. | ||||||||||||||||||||||||||||||
First Quarter | 1,761 | 1,992 | 1,849 | — | — | — | |||||||||||||||||||||||||||||
Second Quarter | 554 | 467 | 636 | 99 | 102 | 89 | |||||||||||||||||||||||||||||
July | 11 | 3 | 7 | 180 | 176 | 182 | |||||||||||||||||||||||||||||
August | 1 | — | 6 | 197 | 216 | 195 | |||||||||||||||||||||||||||||
September | 35 | 80 | 65 | 115 | 70 | 71 | |||||||||||||||||||||||||||||
Third Quarter | 47 | 83 | 78 | 492 | 462 | 448 | |||||||||||||||||||||||||||||
Year-to-date | 2,362 | 2,542 | 2,563 | 591 | 564 | 537 | |||||||||||||||||||||||||||||
(Decrease)/increase from the 15-year average | (8) | % | (1) | % | 10 | % | 5 | % | |||||||||||||||||||||||||||
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