ROHSTOFF INTERNATIONAL

11:00 | 16.02.2018
Portland General Electric Reports 2017 Financial Results and Initiates 2018 Earnings Guidance

Portland General Electric Company (NYSE: POR) today reported net
income based on generally accepted accounting principles (GAAP) of $187
million, or $2.10 per diluted share, for the year ended December 31,
2017. This compares with $193 million, or $2.16 per diluted share, for
the year ended December 31, 2016. After adjusting for the impacts of the
Tax Cuts and Jobs Act (TCJA), non-GAAP net income was $204 million, or
$2.29 per diluted share, for the year ended December 31, 2017.
GAAP-based net income was $42 million, or 48 cents per diluted share,
for the fourth quarter of 2017. This compares with $61 million, or 68
cents per diluted share, for the comparable period of 2016. After
adjusting for the impacts of the TCJA, non-GAAP net income was $59
million, or 67 cents per diluted share, for the fourth quarter of 2017.
Looking forward, the company is initiating full-year 2018 earnings
guidance of $2.10 to $2.25 per diluted share.

“I’m very proud of our employees’ accomplishments in delivering
outstanding service to our growing customer base and in collaborating
with our stakeholders and customers on our Integrated Resource Plan,”
said Maria Pope, president and CEO. “We are focused on meeting customer
expectations for safe, reliable, affordable, clean and secure energy.”
2017 earnings compared to 2016 earnings
Before reflecting the impact of the TCJA, annual earnings per diluted
share increased year-over-year. Favorable weather had a positive impact
on gross margin. This impact was partially offset by adjustments to net
deferred taxes as a result of the TCJA, increased service restoration
expenses resulting from unusually high storm activity, and depreciation
expense and carrying costs related to previously reported incremental
construction costs for Carty. Additionally, annual earnings per diluted
share decreased due to lower production tax credit generation, higher
depreciation and amortization expenses related to additional
investments, and higher employee benefits expenses.
2018 earnings guidance
PGE is initiating full-year 2018 earnings guidance of $2.10 to $2.25 per
diluted share, which includes the impact of warmer than normal weather
in January 2018. Additional assumptions include 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 $575 and $595 million; and

Depreciation and amortization expense between $365 and $385 million.

The guidance provided assumes OPUC approval of the Company’s intended
filing of a deferral application to recover the revenue requirement
associated with the customer information system replacement project
(Customer Touchpoints), which is expected to be placed in service in the
second quarter of 2018.
Company Updates2019 General Rate Case
On February 15, 2018, PGE filed a general rate case with a 2019 test
year (2019 GRC), which would result in an overall customer price
increase of 4.8 percent, after adjusting for the effects of the TCJA,
effective in January of 2019.

“We are respectful of the impact price increases can have on our
customers, and we are committed to protecting affordability,” said Pope.
“We’re making necessary investments in our grid to maintain the safe and
reliable service customers expect, and we’re upgrading our customer
service systems to provide better, more secure service.”

PGE’s grid investments include:

Replacing or upgrading electrical equipment that poses a reliability
risk

Equipping substations with technology that will shorten outages

Strengthening IT systems to protect against cyber and other potential
threats

Adding infrastructure to accommodate rapid growth in the region while
maintaining reliability for all customers

The requested price increase reflects:

Return on equity of 9.5 percent

Capital structure of 50 percent debt and 50 percent equity

Cost of capital of 7.31 percent

Rate base of $4.86 billion

Annual revenue increase of $86 million, net of customer credits and
supplemental tariff updates

PGE expects the Commission to issue a final order in December 2018, with
new prices effective in January of 2019. The specific impact on
individual customers’ bills will vary depending on usage and customer
class. If the OPUC approves PGE’s request as submitted, typical
residential customers using a monthly average of 800 kilowatt-hours of
power would see their bill increase by about $6.50 per month.
2018 General Rate Case
On January 1, 2018, new customer prices went into effect pursuant to the
OPUC order issued in PGE’s 2018 GRC. The OPUC authorized a $16 million
increase in annual revenues, representing an approximate 1 percent
overall increase in customer prices. In addition, the order approved a
capital structure of 50 percent debt and 50 percent equity, a return on
equity of 9.5 percent, a cost of capital of 7.35 percent, and a rate
base of $4.5 billion.

The general rate case filings, as well as copies of the orders, direct
testimony, exhibits, and stipulations are available on the OPUC website
at www.oregon.gov/puc.
Integrated Resource Planning
In November 2016, PGE filed an IRP (2016 IRP) with the Oregon Public
Utility Commission (OPUC). The 2016 IRP addressed acquisition of
additional resources to meet Renewable Portfolio Standard (RPS)
requirements and replace energy and capacity from Boardman, which will
cease coal-fired operations at the end of 2020. Further actions
identified through 2021 are expected to offset expiring power purchase
agreements and integrate variable energy resources, such as wind or
solar generation facilities.

In August 2017, the OPUC acknowledged PGE’s 2016 IRP and the following
primary action plan items:

Meet additional capacity needs of 561 MW, of which 240 MW must be
dispatchable, in 2021;

Acquire a total of 135 MWa of cost-effective energy efficiency;

Acquire at least 77 MW (winter) and 69 MW (summer) demand response
through 2020 and 16 MW of dispatchable standby generation from
customers to help manage peak load conditions and other supply
contingencies;

Submit one or more energy storage proposals, and;

Perform voltage reduction and various research and studies related to
flexible capacity and curtailment metrics, customer insights,
decarbonization, risks associated with Direct Access, treatment of
market capacity, accessing resources from Montana, and load
forecasting improvements.

In December 2017, PGE received acknowledgement from the OPUC of the
filed addendum to the 2016 IRP for the procurement of 100 MWa of RPS
compliant renewable resources.

Since issuing the 2016 IRP, PGE has identified a potential benchmark
wind resource that could have a nameplate capacity of up to 300 MW that
would meet the acknowledged need for renewable resources and qualify for
the federal Production Tax Credit. The Company continues to explore this
option and should due diligence be completed and agreements reached, the
potential benchmark resource would be submitted into the RFP and
considered along with other renewable resource proposals. The RFP
process will include oversight by an independent evaluator and review by
the OPUC.

In December 2017, the OPUC approved PGE’s application for waiver of the
competitive bidding guidelines for the procurement of capacity. PGE has
now finalized bilateral power purchase agreements for a total capacity
of 300 MW.
Tax Reform
On December 22, 2017, the TCJA was enacted and signed into law with an
effective date of January 1, 2018. The reduction of the federal
corporate tax rate from 35% to 21% required the Company to remeasure its
existing deferred income tax balances as of December 31, 2017. As a
result of the Company’s remeasurement, net deferred tax liabilities on
the Company’s consolidated balance sheets were reduced by $340 million.

Of the remeasurement amount, $357 million has been deferred as a
regulatory liability and is expected to be refunded to customers over
time. The remaining remeasurement amount of $17 million represents a
reduction to net deferred tax assets related to other business items,
primarily comprised of deferred tax assets related to the Company’s
non-qualified employee benefit plans. The Company has recorded a $17
million charge to the results of operations, reflected as an increase in
income tax expense in the Company’s consolidated statements of income
for the period ended December 31, 2017.

As a result of the TCJA, PGE expects to incur lower income tax expense
in 2018 than what was estimated in setting customer prices in the
Company’s 2018 GRC. In addition to the effects of the 2017 remeasurement
of deferred income taxes, PGE has proposed to defer and refund the 2018
expected net benefits of the TCJA under a deferral application filed
with the OPUC on December 29, 2017. If approved as requested, any refund
to customers of the net benefits associated with the TCJA in 2018 would
be subject to an earnings test and limited by the Company’s previously
authorized regulated return on equity.

The impact of the TCJA may differ from these amounts due to, among other
things, changes in interpretations and assumptions the Company has made;
federal tax regulations, guidance or orders that may be issued by the
U.S. Department of the Treasury, Internal Revenue Service, and OPUC; and
actions the Company may take as a result of the TCJA.
2017 Annual Operating ResultsEarnings Reconciliation of 2016 to 2017($ in millions, except EPS)
 
Pre-Tax Income
 

 
Net Income*
 
Diluted EPS***

 
Reported 2016
 
$243
 

 
$193
 
$2.16Revenue
 

 

 

 

 

 

 

Electric retail price change

(5)

(3)

(0.04)

Electric retail volume change

71

43

0.48

Change in decoupling deferral

10

6

0.07

Electric wholesale price and volume change

2

1

0.02

Other Items

8

 

 

5

 

0.06
Change in Revenue
 
86
 

 
52
 
0.59Power Cost
 

 

 

 

 

 

 

Change in average power cost

38

23

0.25

Change purchased power and generation

(13)

 

 

(8)

 

(0.09)
Change in Power Costs
 
25
 

 
15
 
0.16O&M
 

 

 

 

 

 

 

Generation, transmission, distribution

(23)

(14)

(0.15)

Administrative and general

(17)

 

 

(10)

 

(0.11)
Change in O&M
 
(40)
 

 
(24)
 
(0.26)Other Items
 

 

 

 

 

 

 

Depreciation & amortization

(24)

(15)

(0.16)

AFDC Equity**

(9)

(9)

(0.10)

Other Items

(8)

(5)

(0.06)

Production Tax Credits

(7)

(0.08)

Tax Reform: Net Deferred Tax Asset Remeasurement

(17)

(0.19)

Adjustment for effective vs statutory tax rate

 

 

 

3

 

0.04
Change in Other Items
 
(41)
 

 
(50)
 
(0.55)Reported 2017
 
$273
 

 
$187
 
$2.10

 
Non-GAAP Earnings Reconciliation for the three and twelve months
ended December 31, 2017($ in millions, except EPS)

GAAP-based as reported for the twelve months ended December 31,
2017

$187
$2.10
Exclusion of Tax Reform Remeasurement

17

 

0.19
Non-GAAP adjusted earnings for the twelve months ended December
31, 2017

$204
$2.29

 
GAAP-based as reported for the three months ended December 31,
2017

$42
$0.48
Exclusion of Tax Reform Remeasurement

17

 

0.19
Non-GAAP adjusted earnings for the three months ended December
31, 2017
 

 
$59
 
$0.67

 

* After tax adjustments based on PGE’s statutory tax rate of 39.5%

** Statutory tax rate does not apply to AFDC equity

*** Some values may not foot due to rounding

 
Revenues increased $86 million, or 4.5%, in 2017 compared with
2016 as a result of the items discussed below.
Total retail revenues increased $77 million, or 4.3%, in 2017
compared with 2016, primarily due to the net effect of:

A $71 million increase due to a 3.9% increase in retail energy
deliveries consisting of a 7.2% increase in residential deliveries, a
2.8% increase in industrial deliveries, and a 1.3% increase in
commercial deliveries. Considerably cooler temperatures in the first
half of 2017 than experienced in 2016 combined with warmer
temperatures in the summer cooling season in 2017, both drove
deliveries higher in 2017 than in 2016.

A $10 million increase resulting from the Decoupling mechanism, as an
estimated $13 million collection was recorded in 2017; and

A $5 million increase, directly offset in Depreciation and
amortization expense, related to the accelerated cost recovery of
Colstrip, partially offset by

A $5 million reduction as a result of overall price changes, which
includes a $55 million reduction in revenues attributable to lower
NVPC, as filed in the 2017 AUT; and

A $3 million decrease due to higher customer credits related to the
USDOE settlement 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.

Total heating degree-days in 2017 were above the 15-year average and
considerably greater than total heating degree-days in 2016. Total
cooling degree-days in 2017 exceeded the 15-year average by 49% and were
considerably higher than 2016. The following table presents the number
of heating and cooling degree-days in 2017 and 2016, along with the
15-year averages, reflecting that weather had a considerable influence
on comparative energy deliveries:

 

 

 

 

 

 

 
Heating Degree-Days

 
Cooling Degree-Days

 
2017
 

 

 
2016
 

 

 
15-YearAverage

 
2017
 

 

 
2016
 

 

 
15-YearAverage
1st quarter

2,171

 

1,585

 

1,867

 

 

2nd quarter

686

403

689

129

154

70

3rd quarter

78

78

78

571

394

399

4th quarter

 

1,623

 

 

1,486

 

 

1,599

 

 

 

 

 

 

2

 

Total

 

4,558

 

 

3,552

 

 

4,233

 

 

700

 

 

548

 

 

471

 

Increase (decrease) from the 15-year average

 

8

%

 

(16

)%

 

49

%

 

16

%

 

On a weather-adjusted basis, total retail energy deliveries in 2017 were
0.6% below 2016 levels. PGE projects that retail energy deliveries for
2018 will be nearly comparable to slightly lower than 2017
weather-adjusted levels, reflecting the closure of a large paper
customer in late 2017 as well as continued energy efficiency and
conservation efforts.
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 2017, the $2 million, or 2%, increase in wholesale revenues from 2016
consisted of a $7 million increase that resulted as a 7% increase in
average prices was received when the Company sold power into the
wholesale market, partially offset by a $5 million decrease related to
5% less wholesale sales volume.
Other operating revenues increased $7 million, or 19%, in 2017
from 2016, as the sale of excess natural gas not used to fuel the
Company’s generating facilities accounted for the majority of the
increase.
Actual NVPC, which consists of Purchased power and fuel expense
net of Wholesale revenues, decreased $27 million in 2017 compared with
2016. The decrease attributable to changes in Purchased power and fuel
expense was the result of a 6% decline in the average variable
power cost per MWh, offset slightly by a 2% increase in total system
load. The decrease in actual NVPC was also driven by a 7% increase in
the average price per MWh of wholesale power sales, offset slightly by a
5% decrease in the volume of wholesale energy deliveries as a greater
portion of its system load was used to meet retail load requirements,
largely due to the effects of weather.

For 2017, actual NVPC, as calculated for regulatory purposes under the
PCAM, was $15 million above the 2017 baseline NVPC. In 2016, NVPC was
$10 million below the anticipated baseline.
Generation, transmission, and distributionexpense
increased $23 million, or 8%, in 2017 compared with 2016. The increase
was driven by the combination of $10 million in higher costs due to the
addition of Carty, $8 million higher service restoration and storm
costs, $3 million higher plant maintenance expenses, and $2 million
higher information technology expenses.
Administrative and otherexpense increased $17 million, or
7%, in 2017 compared with 2016, primarily due to $12 million higher
overall labor and employee benefit expenses and $3 million higher legal
costs attributable to Carty.
Depreciation and amortizationexpense in 2017 increased
$24 million, or 7%, compared with 2016. The increase was primarily
driven by $26 million higher expense resulting from capital additions,
offset by a $3 million reduction in expense due to higher amortization
credits in 2017 of the regulatory liability for the ISFSI spent fuel
settlement. The overall impact resulting from the amortization of the
regulatory assets and liabilities is directly offset by corresponding
reductions in retail revenues.
Taxes other than income taxesexpense increased $4
million, or 3%, in 2017 compared with 2016, driven by $2 million higher
Oregon property taxes and $2 million higher payroll taxes.
Interest expense increased $8 million, or 7%, in 2017 compared
with 2016 due to a $4 million decrease in the credits for the allowance
for borrowed funds used during construction (primarily due to the Carty
plant being placed in service in 2016) and increased expense of $3
million resulting from a 5% increase in the average balance of debt
outstanding.
Other income, net was $17 million in 2017 compared to $22 million
in 2016, with the decrease primarily due to lower allowance for equity
funds used during construction, which resulted from Carty being placed
in service during 2016.
Income tax expense increased $36 million, or 72%, in 2017
compared to 2016. The change relates to a $13 million increase due to
higher pre-tax income and $7 million due to lower production tax
credits. Additionally, income tax expense increased $17 million due to
the remeasurement of deferred taxes pursuant to the change in corporate
tax rates in the TCJA.
Fourth Quarter 2017 earnings call and web cast — Feb. 16, 2018
PGE will host a conference call with financial analysts and investors on
Friday, Feb. 16, 2018, 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. 16, 2018 through Friday, Feb. 23, 2018.

Maria Pope, president and CEO; Jim Lobdell, senior vice president of
finance, CFO, and treasurer; and Chris Liddle, manager, investor
relations and treasury, will participate in the call. Management will
respond to questions following formal comments.

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 875,000 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

 

 

 

 

PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In millions, except per share amounts)

(Unaudited)

 

 

Three Months Ended

Years Ended

December 31,

December 31,

2017
 

 
2016

2017
 

 
2016Revenues, net

$515

$524

$2,009

$1,923Operating expenses:

Purchased power and fuel

149

162

592

617

Generation, transmission and distribution

74

87

309

286

Administrative and other

67

62

264

247

Depreciation and amortization

88

77

345

321

Taxes other than income taxes

29

 

30

 

123

 

119

Total operating expenses

407

 

418

 

1,633

 

1,590

Income from operations

108

106

376

333
Interest expense, net

30

30

120

112
Other income:

Allowance for equity funds used during construction

3

2

12

21

Miscellaneous income, net

1

 

1

 

5

 

1

Other income, net

4

 

3

 

17

 

22

Income before income taxes

82

79

273

243
Income taxes

40

 

18

 

86

 

50
Net income

42

 

61

 

187

 

193

 

Weighted-average shares outstanding (in thousands):

Basic

89,056

 

88,927

 

89,056

 

88,896

Diluted

89,176

 

89,085

 

89,176

 

89,054
Earnings per share:

Basic

$

0.48

 

$

0.68

 

$

2.10

 

$

2.17
Diluted

$

0.48

 

$

0.68

 

$

2.10

 

$

2.16

 

 

 

PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS
(In millions)

(Unaudited)

 

As of December 31,

2017
 

 
2016ASSETS

Current assets:

Cash and cash equivalents

$

39

6

Accounts receivable, net

168

155

Unbilled revenues

106

107

Inventories, at average cost:

Materials and supplies

52

50

Fuel

26

32

Regulatory assets—current

62

36

Other current assets

73

 

77

 
Total current assets

526

463
Electric utility plant:

Generation

4,667

4,597

Transmission

547

521

Distribution

3,543

3,343

General

550

501

Intangible

607

572

Construction work-in-progress

391

 

213

 

Total electric utility plant

10,305

9,747

Accumulated depreciation and amortization

(3,564

)

(3,313

)
Electric utility plant, net

6,741

6,434

Regulatory assets – noncurrent

438

498

Nuclear decommissioning trust

42

41

Non-qualified benefit plan trust

37

34

Other noncurrent assets

54

 

57

 
Total assets

7,838

 

7,527

 

 

 

 

PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS
(In millions)

(Unaudited)

 

As of December 31,

2017
 

 

 
2016LIABILITIES AND EQUITY

 

 

 

Current liabilities:

Accounts payable

$

132

$

129

Liabilities from price risk management activities—current

59

44

Current portion of long-term debt

150

Accrued expenses and other current liabilities

241

 

 

 

 

254

 
Total current liabilities

432

 

 

 

 

577

 

Long-term debt, net of current portion

2,426

2,200

Regulatory liabilities—noncurrent

1,288

958

Deferred income taxes

376

669

Unfunded status of pension and postretirement plans

284

281

Liabilities from price risk management activities—noncurrent

151

125

Asset retirement obligations

167

161

Non-qualified benefit plan liabilities

106

105

Other noncurrent liabilities

192

 

 

 

 

107

 
Total liabilities

5,422

 

 

 

 

5,183

 
Commitments and contingencies

Equity:

Preferred stock, no par value, 30,000,000 shares authorized; none
issued and outstanding

Common stock, no par value, 160,000,000 shares authorized;
89,114,265 and 88,946,704 shares issued and outstanding as of
December 31, 2017 and 2016, respectively

1,207

1,201

Accumulated other comprehensive loss

(8

)

(7

)

Retained earnings

1,217

 

 

 

 

1,150

 
Total equity

2,416

 

 

 

 

2,344

 
Total liabilities and equity

$

7,838

 

 

 

 

$

7,527

 

 

 

 

PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)

(Unaudited)

 

Years Ended December 31,

2017
 

 
2016
 

 
2015Cash flows from operating activities:

Net income

$

187

$

193

$

172

Adjustments to reconcile net income to net cash provided by
operating activities:

Depreciation and amortization

345

321

305

Deferred income taxes

70

37

40

Allowance for equity funds used during construction

(12

)

(21

)

(21

)

Pension and other postretirement benefits

24

28

34

Unrealized losses on non-qualified benefit plan trust assets

2

5

6

Decoupling mechanism deferrals, net of amortization

(22

)

(6

)

14

Other non-cash income and expenses, net

29

7

22

Changes in working capital:

(Increase) in receivables and unbilled revenues

(3

)

(9

)

(11

)

(Increase) decrease in margin deposits

(3

)

25

(22

)

Increase in payables and accrued liabilities

5

15

6

Other working capital items, net

1

(4

)

(4

)

Contribution to non-qualified employee benefit trust

(8

)

(10

)

(9

)

Other, net

(18

)

(28

)

(12

)
Net cash provided by operating activities

597

 

553

 

520

 
Cash flows from investing activities:

Capital expenditures

(514

)

(584

)

(598

)

Purchases of nuclear decommissioning trust securities

(18

)

(25

)

(19

)

Sales of nuclear decommissioning trust securities

21

27

22

Distribution from nuclear decommissioning trust

50

Sales tax refund received – Tucannon River Wind Farm

23

Other, net

(3

)

(3

)

 
Net cash used in investing activities

(514

)

(585

)

(522

)

 
Cash flows from financing activities:

Proceeds from issuance of long-term debt

$

225

$

290

$

145

Payments on long-term debt

(150

)

(133

)

(442

)

Proceeds from issuances of common stock, net of issuance costs

271

(Maturities) issuances of commercial paper, net

(6

)

6

Dividends paid

(118

)

(110

)

(97

)

Other

(7

)

(7

)

(4

)
Net cash (used in) provided by financing activities

(50

)

34

 

(121

)
Increase (decrease) in cash and cash equivalents

33

2

(123

)
Cash and cash equivalents, beginning of year

6

 

4

 

127

 
Cash and cash equivalents, end of year

$

39

 

$

6

 

$

4

 

 
Supplemental disclosures of cash flow information:

Cash paid for:

Interest, net of amounts capitalized

$

110

$

104

$

108

Income taxes

18

16

3

Non-cash investing and financing activities:

Accrued capital additions

53

50

32

Accrued dividends payable

31

30

28

Assets obtained under leasing arrangements

87

78

 

 

 

 

 

PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIESSUPPLEMENTAL OPERATING STATISTICS
(Unaudited)

 

Three Months Ended

Years Ended

December 31,

December 31,

2017
 

 
2016

2017
 

 
2016Revenues (dollars in millions):

Retail:

Residential

$

254

$

259

$

969

$

907

Commercial

168

173

669

665

Industrial

54

 

55

 

212

 

208

Subtotal

476

487

1,850

1,780

Other accrued (deferred) revenues, net

3

 

(2

)

10

 

3

Total retail revenues

479

485

1,860

1,783

Wholesale revenues

26

29

105

103

Other operating revenues

10

 

10

 

44

 

37

Total revenues

$

515

 

$

524

 

$

2,009

 

$

1,923

 
Energy sold and delivered (MWh in thousands):

Retail energy sales:

Residential

2,053

2,070

7,880

7,348

Commercial

1,739

1,784

6,932

6,932

Industrial

756

800

2,943

2,968

Total retail energy sales

4,548

4,654

17,755

17,248

Direct access retail deliveries:

Commercial

151

122

623

525

Industrial

295

290

1,340

1,198

Total direct access retail deliveries

446

412

1,963

1,723

Total retail energy sales and direct access deliveries

4,994

5,066

19,718

18,971

Wholesale energy deliveries

857

731

3,193

3,352

Total energy sold and delivered

5,851

5,797

22,911

22,323

 
Average number of retail customers:

Residential

762,211

752,365

Commercial

107,364

106,460

Industrial

199

195

Direct access

559

376

Total retail customers

870,333

859,396

 

 

 

 

 

 

Heating Degree-days
 

Cooling Degree-days
 

2017
 
2016
 
Average
 

2017
 
2016
 
Average
 

First quarter

2,171

 

1,585

 

1,867

 

 

Second quarter

686

403

689

129

154

70

Third quarter

78

78

78

571

394

399

Fourth Quarter

1,623

 

1,486

 

1,599

 

 

 

2

 

Year-to-date

4,558

3,552

4,233

700

548

471

 

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

 

 

 

 

 

PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIESSUPPLEMENTAL OPERATING STATISTICS, continued
(Unaudited)

 

Three Months Ended

Years Ended

December 31,

December 31,

2017
 

 
2016

2017
 

 
2016Sources of energy (MWh in thousands):

Generation:

Thermal:

Natural gas

2,246

1,794

6,228

5,811

Coal

773

 

957

 

3,344

 

3,492

 

Total thermal

3,019

2,751

9,572

9,303

Hydro

421

415

1,774

1,629

Wind

358

 

353

 

1,641

 

1,912

 

Total generation

3,798

 

3,519

 

12,987

 

12,844

 

Purchased power:

Term

1,487

1,606

7,192

6,961

Hydro

316

381

1,648

1,541

Wind

57

60

264

301

Total purchased power

1,860

 

2,047

 

9,104

 

8,803

 

Total system load

5,658

5,566

22,091

21,647

Less: wholesale sales

(857

)

(731

)

(3,193

)

(3,352

)

Retail load requirement

4,801

 

4,835

 

18,898

 

18,295

 

 

View source version on businesswire.com: http://www.businesswire.com/news/home/20180216005158/en/


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