-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, rGbisErOWy4MxevN4CSj8Upy5tNQkCLXFz1cLiu/Th0JG5RIYvNZc4f9ZLpmfFRf IbnJ90jl05PSc8G3fIaxjw== 0000079636-95-000008.txt : 19950414 0000079636-95-000008.hdr.sgml : 19950411 ACCESSION NUMBER: 0000079636-95-000008 CONFORMED SUBMISSION TYPE: U-3A-2/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19941231 FILED AS OF DATE: 19950404 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: PORTLAND GENERAL CORP /OR CENTRAL INDEX KEY: 0000079636 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 930909442 STATE OF INCORPORATION: OR FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: U-3A-2/A SEC ACT: 1935 Act SEC FILE NUMBER: 069-00233 FILM NUMBER: 95526896 BUSINESS ADDRESS: STREET 1: 121 SW SALMON ST CITY: PORTLAND STATE: OR ZIP: 97204 BUSINESS PHONE: 5034648820 FORMER COMPANY: FORMER CONFORMED NAME: PORTLAND GENERAL ELECTRIC CO DATE OF NAME CHANGE: 19860804 U-3A-2/A 1 File No. 69-233 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. FORM U-3A-2/A AMENDMENT NO. 1 Statement by Holding Company Claiming Exemption Under Rule 2 from the Provisions of the Public Utility Holding Company Act of 1935 To Be Filed Annually Prior to March 1 PORTLAND GENERAL CORPORATION hereby files with the Securities and Exchange Commission, pursuant to Rule U-2, its statement claiming exemption as a holding company from the provisions of the Public Utility Holding Company Act of 1935. In support of such claim for exemption the following information is submitted: Exhibits A, B and C attached. 1 of 13 1
PORTLAND GENERAL CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENT OF INCOME For the year ended December 31, 1994 (Thousands of Dollars) PowerLink Kalamazoo Eliminations Consol- PGC PGE CWD CWL PGFS RLI CWI PGH Corp Debit Credit idated OPERATING REVENUES $7,609 $958,955 $408 - - - $997 - $8,560 (D) $959,409 OPERATING EXPENSES Purchased power and fuel - 347,125 - - - - - - $347,125 Production and distribution - 61,891 - - - - - - $61,891 Maintenance and repairs 2 47,389 - - - - - - $47,391 Administrative and other 9,222 97,987 409 - 61 - 793 - 7,876 (D) $100,596 Depreciation, decomm. and amortization 77 124,003 1 - - - - - $124,081 Taxes other than income taxes 205 52,038 20 - - - - - 112 (D) $52,151 9,506 730,433 430 0 61 0 793 0 7,988 733,235 OPERATING INCOME BEFORE TAXES (1,897) 228,522 (22) 0 (61) 0 204 0 8,560 7,988 226,174 Income taxes (2,844) 75,314 (21) 2 (28) 0 (507) (38) $71,878 NET OPERATING INCOME 947 153,208 (1) (2) (33) 0 711 38 8,560 7,988 154,296 OTHER INCOME (DEDUCTIONS) AFUDC - 4,314 - - - - - - $4,314 Interest expense (5,037) (67,281) - - - - (508) - 1,173 (D) ($71,653) Equity in earnings of subsidiaries 102,071 - (34) 556 - - 618 - 103,211 (A) $0 Preferred dividend of subsidiary - - - - - - - - 10,800 (E) ($10,800) Other - net of income tax 1,549 15,877 591 5 (1) 1 (540) 20 601 (D) $16,901 NET INCOME (LOSS) - continuing opns 99,530 106,118 0 556 559 (34) 1 281 58 123,172 9,161 93,058 DISCONTINUED OPERATIONS - gain on sale of real estate opns 6,472 $6,472 Preferred dividend requirement 10,800 10,800 (E) - NET INCOME (LOSS) $99,530 $95,318 $0 $556 $559 ($34) $1 $6,753 $58 $123,172 $19,961 $99,530
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PORTLAND GENERAL CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEET For the year ended December 31, 1994 (Thousands of Dollars) PLC- PGC PGE CWD CWL PGFS RLI CWI PGH KZOO ASSETS ELECTRIC UTILITY PLANT - ORIGINAL COST Utility plant - $2,563,476 - - - - - - - Accumulated depreciation - (958,465) - - - - - - - - 1,605,011 - - - - - - - Nuclear fuel - - - - - - - - - Capital leases - 11,523 - - - - - - - - 1,616,534 - - - - - - - OTHER PROPERTY AND INVESTMENTS Leveraged leases - - - 141,151 - 12,181 - - - Net assets of discontinued real estate operations - - 10,938 - - - - - - Nuclear Decommission Trust - 58,485 - - - - - - - Investment in and advances to affiliates 911,395 0 - 11,116 - - - 34,111 - Corporpate Owned Life Insurance - less loan of $21,731 25,653 40,034 Conservation loans and other 841 26,074 - - - - (6) 1,691 - 937,889 124,593 10,938 152,267 0 12,181 (6) 35,802 - CURRENT ASSETS Cash and cash equivalents 6,715 9,590 - (68) - - - 1,305 - Accounts and notes receivable 12,511 91,672 - 14,073 - 12,192 1,738 14,429 175 Estimated unbilled revenues - 158,259 - - - - - - - Inventories - 43,269 - - - - - - - Prepayments and other 1,307 37,040 - - - - - - - 20,533 339,830 - 14,005 0 12,192 1,738 15,734 175 DEFERRED CHARGES WNP-3 settle exchange agreement - 173,308 Unamortized regulatory costs Trojan Abandonment costs - Plant - 342,276 - - - - - - - Trojan Abandonment costs - Decommis- sioning - 338,718 - - - - - - - Other Trojan related costs 65,922 Income tax recoverable 217,967 Debt reacquisi- tion costs 32,245 Energy efficiency costs - 58,894 - - - - - - - Other 30,182 - - - - - - - Miscellaneous 3,016 13,682 - - - - - - - 3,016 1,273,194 - 0 - - - - - $961,438 $3,354,151 $10,938 $166,272 $0 $24,373 $1,732 $51,536 $175 Eliminations Consol- Debit Credit idated $2,563,476 (958,465) 1,605,011 - 11,523 1,616,534 153,332 624 (C) 11,562 58,485 46,769 (A) 909,853 (B) 0 65,687 512 (B) 486 (C) 28,626 1,136 957,108 317,692 17,542 55,372 (C) 91,418 158,259 43,269 38,347 0 55,372 348,835 173,308 342,276 338,718 65,922 217,967 32,245 58,894 30,182 16,698 1,276,210 $1,136 $1,012,480 $3,559,271
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PORTLAND GENERAL CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEET For the year ended December 31, 1994 (Thousands of Dollars) PLC- PGC PGE CWD CWL PGFS RLI CWI PGH KZOO CAPITALI- ZATION AND LIABILITIES CAPITALIZA- TION Common stock $189,358 $160,346 $38,016 $8,500 - $9,066 $10 $7 - Other paid-in capital 572,447 470,008 39,772 7,000 - 458 34,676 166,794 3,260 Unearned compen- sation (1,040) (12,596) - - - - - - - Retained earn- ings - brought forward from state- ment of retained earnings $123,188 $216,468 ($66,850) $4,880 $0 $1,592 ($32,964)($131,307)($2,699) 883,953 834,226 10,938 20,380 0 11,116 1,722 35,494 561 Cumulative preferred stock of subsidiary Subject to man- datory redemp- tion - 50,000 - - - - - - - Not subject to man- datory redemp- tion - 69,704 - - - - - - - Long- term debt 30,000 805,814 - - - - - - - 913,953 1,759,744 10,938 20,380 0 11,116 1,722 35,494 561 CURRENT LIABILITIES Long-term debt & prefer- red stock due in one year 0 81,506 - - - - - - - Short- term borrowings 0 148,598 - - - - - 13,212 - Accounts payable and other accruals 17,023 104,612 - 12,634 - - - 3,070 - Accrued interest 1,573 19,084 - (1) - - - 161 - Dividends payable 15,235 15,702 - - - - - - - Accrued taxes (9,847) 32,820 - - - - 12 - - 23,984 402,322 - 12,633 0 0 12 16,443 0 OTHER Nuclear decom- mission- ing lia- ability - 396,873 - - - - - - - Regula- tory reserves - 118,939 - - - - - - - Deferred income taxes (6,237) 549,160 - 133,211 - 13,257 - (1,335) (386) Deferred invest- ment tax credits - 56,760 - - - - - - - Miscel- laneous 29,738 70,353 - 48 - - (2) 934 - 23,501 1,192,085 - 133,259 0 13,257 (2) (401) (386) $961,438 $3,354,151 $10,938 $166,272 $0 $24,373 $1,732 $51,536 $175 Eliminations Consol- Debit Credit idated $215,945 (B) $189,358 730,500 (B) 563,915 (13,636) $103,211 $109,579 $118,676 1,049,656 109,579 858,313 50,000 69,704 835,814 1,049,656 109,579 1,813,831 81,506 13,212 (C) 148,598 33,085 (C) 104,254 902 (C) 19,915 12,828 (C) 18,109 4,793 (C) 27,778 60,027 4,793 400,160 396,873 118,939 687,670 56,760 16,033 (B) 85,038 16,033 1,345,280 $1,125,716 $114,372 $3,559,271
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PORTLAND GENERAL CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENT OF RETAINED EARNINGS For the year ended December 31, 1994 (Thousands of Dollars) PLC- PGC PGE CWD CWL PGFS RLI CWI PGH KZOO Balance at beginning of year $83,966 $179,297 ($73,913) $4,324 $11,220 $1,626 ($32,965) ($138,060) ($2,757) Net income (loss) - from income statement 99,530 95,318 0 556 559 (34) 1 6,753 58 183,496 274,615 (73,913) 4,880 11,779 1,592 (32,964) (131,307) (2,699) Dividends declared 60,308 56,442 - - - - - - - Transfer to parent/ adjs - (7,063) - 11,779 - - - - ESOP tax benefit and Preferred stock adjs - (1,705) - - - - - - - Balance at end of year $123,188 $216,468 ($66,850) $4,880 $0 $1,592 ($32,964) ($131,307) ($2,699) Eliminations Consol- Debit Credit idated $ 48,421 (B) 81,159 103,211 (A) 99,530 103,211 48,421 180,689 - 56,442 (A) 60,308 4,716 (B) 0 - - (1,705) $103,211 $109,579 118,676
5 of 13 5 E X H I B I T A PORTLAND GENERAL CORPORATION AND SUBSIDIARIES ELIMINATION ENTRIES (Thousands of Dollars) DEBIT CREDIT (A) Equity in earnings of subsidiaries $103,211 Investment in and advances to affiliates $46,769 Dividends declared 56,442 To reverse equity in earnings and dividends of subsidiaries. (B) Common stock 215,945 Other paid-in capital 730,500 Other - miscellaneous 16,033 Retained earnings 53,137 Conservation loans and other 512 Investment in and advances to subsidiaries 909,853 To eliminate the investment in subsidiaries, as adjusted in the preceding entry, against the common equity balances of the subsidiaries. (C) Net assets of discontinued real estate operations 624 Short-term borrowings 13,212 Accounts payable and other accruals 33,085 Accrued interest 902 Dividends payable 12,828 Conservation loans and other 486 Accrued taxes 4,793 Accounts and notes receivable 55,372 To eliminate intercompany receivables and payables. (D) Operating revenues 8,560 Other (net of income taxes) 601 Administrative and other 7,876 Interest expense 1,173 Tax - other than income tax 112 To eliminate intercompany revenues and expenses. 6 of 13 6 E X H I B I T A PORTLAND GENERAL CORPORATION AND SUBSIDIARIES ELIMINATION ENTRIES (CONTINUED) (Thousands of Dollars) DEBIT CREDIT (E) Preferred dividend requirement of subsidiary 10,800 Preferred dividend requirement 10,800 To reclassify preferred dividend requirement of Portland General Electric Company. 7 of 13 7 E X H I B I T A SUBSIDIARIES NOT SHOWN ON CONSOLIDATING FINANCIAL STATEMENTS The following subsidiaries, which are not shown on the consolidating financial statements, are immaterial in relation to the consolidated financial statements of Portland General Corporation. PERCENT OF PERCENT OF CONSOLIDATED CONSOLIDATED COMPANY REVENUES ASSETS 121 S.W. Salmon St. Corporation 0.62% 0.19% Portland General Energy Systems, Inc. 0.11% 0.02% Tule Hub Services Company - .015% Bonneville Pacific Corporation and Subsidiaries (Combined) (1) n/a n/a (1) Portland General Holdings has a 46% interest in Bonneville Pacific Corp. (BPC) who has filed for protection under Chapter 11 of the federal Bankruptcy Code. BPC has not made available any financial information. 8 of 13 8 E X H I B I T A COLUMBIA WILLAMETTE DEVELOPMENT COMPANY Consolidated Statement of Income For the year ended December 31, 1994 (Dollars in Thousands) OPERATING REVENUES 1,436 OPERATING EXPENSE Administrative and other 1,483 Depreciation 406 OPERATING LOSS (453) OTHER INCOME (DEDUCTIONS) Interest expense (556) Investment income 517 INCOME (LOSS) BEFORE INCOME TAXES (492) INCOME TAX 4,582 INCOME (LOSS) FROM DISCONTINUED OPERATIONS (5,074) APPLIED TO THE RESERVE 12,137 NET INCOME (LOSS) 7,063 9 of 13 9 E X H I B I T A COLUMBIA WILLAMETTE DEVELOPMENT COMPANY Consolidated Balance Sheet At December 31, 1994 (Dollars in Thousands) ASSETS CURRENT ASSETS Cash and cash equivalents - Accounts receivable 136 Inventories 150 Prepayments 1 287 OTHER PROPERTY AND INVESTMENTS Real estate development 2,902 Other Assets 504 3,406 DEFERRED CHARGES Deferred income taxes 9,868 13,561 LIABILITIES AND EQUITY CURRENT LIABILITIES Accounts payable and other accruals 2,623 STOCKHOLDERS EQUITY Common stock 38,016 Other paid-in capital 39,772 Retained Earnings (66,850) 10,938 13,561 10 of 13 10 E X H I B I T B (Thousands of Dollars) 1. Total Assets $3,559,271 2. Total Operating Revenues $ 959,409 3. Net Income $ 99,530 11 of 13 11 E X H I B I T C Organizational chart showing relationship of each EWG or foreign utility to associate companies in the holding-company system. None. 12 of 13 12 The above-named Claimant has caused this statement to be duly executed on its behalf by its authorized officer on this 3rd day of April 1995. Portland General Corporation By /s/ Joseph M. Hirko Joseph M. Hirko Vice President Finance, Chief Financial Officer, Chief Accounting Officer and Treasurer Corporate Seal Attest: /s/ Steven F. McCarrel Steven F. McCarrel Assistant Secretary Name, title and address of officer to whom notices and correspondence concerning this statement should be addressed: Steven F. McCarrel Assistant Secretary 121 S.W. Salmon Street Portland, Oregon 97204 13 of 13 13 -----END PRIVACY-ENHANCED MESSAGE-----