PORTLAND, Ore., Feb. 14, 2020 /PRNewswire/ -- Portland
General Electric Company (NYSE: POR) today reported net income
of $214 million, or $2.39 per diluted share, for the year ended
Dec. 31, 2019. This compares with net
income of $212 million, or
$2.37 per diluted share, for the year
ended Dec. 31, 2018. Net income was
$61 million, or $0.68 per diluted share, for the fourth quarter
of 2019. This compares with $49
million, or $0.55 per diluted
share, for the comparable period of 2018.
"I am pleased with our financial results and the progress that
we continue to make on our strategic objectives to decarbonize our
power supply, electrify other sectors of the economy and operate
efficiently," said Maria Pope, PGE
president and CEO. "In 2020 we are focused on investments that
enhance reliability and resiliency."
2019 earnings compared to 2018 earnings
The increase in full-year 2019 earnings was driven by an
increase in revenues from higher retail prices and increased loads
from industrial customers when compared to 2018. Largely offsetting
the increase in revenues were higher distribution expenses due to
higher vegetation management and wildfire mitigation efforts, a
gain from the cash settlement of the Carty litigation in 2018 that
did not recur in 2019, higher labor and benefit expenses, higher
depreciation and amortization expense resulting from capital
additions, and an increase in income tax expense attributable
largely to fewer production tax credits.
Company Updates
Integrated Resource Plan (IRP)
In January 2020, PGE filed its
final public comments with the Public Utility Commission of
Oregon (OPUC) in its 2019 IRP. PGE
responded to comments from stakeholders on a wide range of topics
and proposed modifications to the Action Plan including delaying
the acquisition of renewable resources from 2023 to 2024 to align
with PGE's capacity need and the extended production tax credit
availability afforded by House Resolution 1865. PGE also proposed a
modification to its capacity action to allow for concurrent
consideration of existing resources through bilateral negotiations
and new non-emitting capacity resources through a request for
proposal.
Capital Projects
Wheatridge Renewable Energy Facility
Construction is on schedule for the 300 megawatt wind generation
component of the overall facility that is located in Morrow County, Oregon. PGE will own 100
megawatts of the wind generation component and purchase the balance
of the wind output under a 30-year power purchase agreement. The
facility will also include 50 megawatts of solar generation and 30
megawatts of battery storage. The wind component of the facility is
expected to be in service during the fourth quarter of 2020, and
the solar generation and battery storage in 2021. The facility will
be incorporated into customer prices through PGE's Renewable
Adjustment Clause. As of Dec. 31,
2019 the estimated cost of the project totals approximately
$150 million, excluding allowance for
funds used during construction (AFDC). Construction crews
mobilized to the site in January and work has begun on initial site
preparation.
Integrated Operations Center (IOC)
Construction is on schedule for the IOC, which will centralize
key operations in a facility designed for enhanced resilience
against seismic, cyber and physical security risks. The
facility is being designed for negligible structural damage under a
maximum considered earthquake event using seismic (base) isolation.
It is expected to be in service during the fourth quarter of 2021
at an estimated cost of approximately $200
million, excluding AFDC. Site preparation began in the third
quarter of 2019. Construction permits have been granted and
construction of the new facility is in progress.
2020 earnings guidance
PGE is initiating full-year 2020 earnings guidance of
$2.50 to $2.65 per diluted share based on the following
assumptions:
- An increase in retail deliveries between 0.5 and 1.5%, weather
adjusted;
- Average hydro conditions for the year;
- 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 $590 million and $610
million; and
- Depreciation and amortization expense between $415 million and $435
million.
Fourth Quarter 2019 earnings call and webcast — Feb. 14, 2020
PGE will host a conference call with financial analysts and
investors on Friday, Feb. 14, 2020, at 11 a.m. ET. The conference call will be webcast
live on the PGE website at investors.portlandgeneral.com. A replay
of the call will be available beginning at 2
p.m. ET on Friday, Feb. 14, 2020, through 1 p.m. ET on
Friday, Feb. 21, 2020.
Maria Pope, president and CEO;
Jim Lobdell, senior vice president
of Finance, CFO, and treasurer; and Chris
Liddle, director, Investor Relations and Treasury, will
participate in the call. Management will respond to questions
following formal comments.
The attached unaudited consolidated statements of income,
consolidated balance sheets, and 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 (NYSE: POR) is a fully integrated
energy company based in Portland,
Oregon, serving 895,000 customers in 51 cities. For 130
years, PGE has delivered safe, affordable and reliable energy to
Oregonians. Together with its customers, PGE has the No. 1
voluntary renewable energy program in the U.S. With approximately
3,000 employees across the state, PGE is committed to helping its
customers and the communities it serves build a clean energy
future. For more information, visit
PortlandGeneral.com/CleanVision.
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 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; the sale of excess energy during periods of low demand
or 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; 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 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; the outcome of various legal and
regulatory proceedings; general economic and financial market
conditions; severe weather conditions, wildfires, and other natural
phenomena and natural disasters that could result in operational
disruptions, unanticipated restoration costs, or liability for
third party property damage; and cyber security breaches of the
company's customer information system or operating systems, which
may affect customer bills or other aspects of our operations. 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 expressly disclaims any current
intention to update publicly any forward-looking statement after
the distribution of this release, whether as a result of new
information, future events, changes in assumptions or otherwise.
Prospective investors should also review the risks, assumptions and
uncertainties listed in the company's most recent annual report on
form 10-K and in other documents that we file 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.
Media
Contact:
|
|
Investor
Contact:
|
Andrea
Platt
|
|
Chris
Liddle
|
Corporate
Communications
|
|
Investor
Relations
|
Phone:
503-464-7980
|
|
Phone:
503-464-7458
|
POR
Source: Portland General Company
PORTLAND GENERAL
ELECTRIC COMPANY AND SUBSIDIARIES
|
CONSOLIDATED
STATEMENTS OF INCOME
|
(Dollars in millions,
except per share amounts)
|
(Unaudited)
|
|
|
Years Ended
December 31,
|
|
2019
|
|
2018
|
|
2017
|
Revenues:
|
|
|
|
|
|
Revenues,
net
|
$
|
2,121
|
|
|
$
|
1,988
|
|
|
$
|
2,009
|
|
Alternative revenue
programs, net of amortization
|
2
|
|
|
3
|
|
|
—
|
|
Total
Revenues
|
2,123
|
|
|
1,991
|
|
|
2,009
|
|
Operating
expenses:
|
|
|
|
|
|
Purchased power and
fuel
|
614
|
|
|
571
|
|
|
592
|
|
Generation,
transmission and distribution
|
323
|
|
|
292
|
|
|
309
|
|
Administrative and
other
|
290
|
|
|
271
|
|
|
260
|
|
Depreciation and
amortization
|
409
|
|
|
382
|
|
|
345
|
|
Taxes other than
income taxes
|
134
|
|
|
129
|
|
|
123
|
|
Total operating
expenses
|
1,770
|
|
|
1,645
|
|
|
1,629
|
|
Income from
operations
|
353
|
|
|
346
|
|
|
380
|
|
Interest expense,
net
|
128
|
|
|
124
|
|
|
120
|
|
Other
income:
|
|
|
|
|
|
Allowance for equity
funds used during construction
|
10
|
|
|
11
|
|
|
12
|
|
Miscellaneous income
(expense), net
|
6
|
|
|
(4)
|
|
|
1
|
|
Other income,
net
|
16
|
|
|
7
|
|
|
13
|
|
Income before income
taxes
|
241
|
|
|
229
|
|
|
273
|
|
Income tax
expense
|
27
|
|
|
17
|
|
|
86
|
|
Net
income
|
$
|
214
|
|
|
$
|
212
|
|
|
$
|
187
|
|
|
|
|
|
|
|
Weighted-average
shares outstanding (in thousands):
|
|
|
|
|
|
Basic
|
89,353
|
|
|
89,215
|
|
|
89,056
|
|
Diluted
|
89,559
|
|
|
89,347
|
|
|
89,176
|
|
|
|
|
|
|
|
Earnings per
share:
|
|
|
|
|
|
Basic
|
$
|
2.39
|
|
|
$
|
2.38
|
|
|
$
|
2.10
|
|
Diluted
|
$
|
2.39
|
|
|
$
|
2.37
|
|
|
$
|
2.10
|
|
PORTLAND GENERAL
ELECTRIC COMPANY AND SUBSIDIARIES
|
CONSOLIDATED
BALANCE SHEETS
|
(In
millions)
|
(Unaudited)
|
|
|
As of December
31,
|
|
2019
|
|
2018
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
30
|
|
|
$
|
119
|
|
Accounts receivable,
net
|
167
|
|
|
193
|
|
Unbilled
revenues
|
86
|
|
|
96
|
|
Inventories, at
average cost:
|
|
|
|
Materials and
supplies
|
56
|
|
|
53
|
|
Fuel
|
40
|
|
|
31
|
|
Regulatory
assets—current
|
17
|
|
|
61
|
|
Other current
assets
|
104
|
|
|
90
|
|
Total current
assets
|
500
|
|
|
643
|
|
Electric utility
plant:
|
|
|
|
In service
|
10,928
|
|
|
10,344
|
|
Accumulated
depreciation and amortization
|
(4,095)
|
|
|
(3,803)
|
|
In service,
net
|
6,833
|
|
|
6,541
|
|
Construction
work-in-progress
|
328
|
|
|
346
|
|
Electric utility
plant, net
|
7,161
|
|
|
6,887
|
|
Regulatory
assets—noncurrent
|
483
|
|
|
401
|
|
Nuclear
decommissioning trust
|
46
|
|
|
42
|
|
Non-qualified benefit
plan trust
|
38
|
|
|
36
|
|
Other noncurrent
assets
|
166
|
|
|
101
|
|
Total
assets
|
$
|
8,394
|
|
|
$
|
8,110
|
|
PORTLAND GENERAL
ELECTRIC COMPANY AND SUBSIDIARIES
|
CONSOLIDATED
BALANCE SHEETS
|
(In millions, except
share amounts)
|
(Unaudited)
|
|
|
As of December
31,
|
|
2019
|
|
2018
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
|
165
|
|
|
$
|
168
|
|
Liabilities from
price risk management activities—current
|
23
|
|
|
55
|
|
Current portion of
long-term debt
|
—
|
|
|
300
|
|
Current portion of
finance lease obligations
|
16
|
|
|
—
|
|
Accrued expenses and
other current liabilities
|
315
|
|
|
268
|
|
Total current
liabilities
|
519
|
|
|
791
|
|
Long-term debt, net
of current portion
|
2,597
|
|
|
2,178
|
|
Regulatory
liabilities—noncurrent
|
1,377
|
|
|
1,355
|
|
Deferred income
taxes
|
378
|
|
|
369
|
|
Unfunded status of
pension and postretirement plans
|
247
|
|
|
307
|
|
Liabilities from
price risk management activities—noncurrent
|
108
|
|
|
101
|
|
Asset retirement
obligations
|
263
|
|
|
197
|
|
Non-qualified benefit
plan liabilities
|
103
|
|
|
103
|
|
Finance lease
obligations, net of current portion
|
135
|
|
|
—
|
|
Other noncurrent
liabilities
|
76
|
|
|
203
|
|
Total
liabilities
|
5,803
|
|
|
5,604
|
|
Commitments and
contingencies (see notes)
|
|
|
|
Shareholders'
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; 89,387,124 and 89,267,959
shares issued and outstanding as of December 31, 2019 and
2018, respectively
|
1,220
|
|
|
1,212
|
|
Accumulated other
comprehensive loss
|
(10)
|
|
|
(7)
|
|
Retained
earnings
|
1,381
|
|
|
1,301
|
|
Total
shareholders' equity
|
2,591
|
|
|
2,506
|
|
Total liabilities
and shareholders' equity
|
$
|
8,394
|
|
|
$
|
8,110
|
|
PORTLAND GENERAL
ELECTRIC COMPANY AND SUBSIDIARIES
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
(In
millions)
|
(Unaudited)
|
|
|
Years Ended
December 31,
|
|
2019
|
|
2018
|
|
2017
|
Cash flows from
operating activities:
|
|
|
|
|
|
Net
income
|
$
|
214
|
|
|
$
|
212
|
|
|
$
|
187
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
|
Depreciation and
amortization
|
409
|
|
|
382
|
|
|
345
|
|
Deferred income
taxes
|
6
|
|
|
(17)
|
|
|
70
|
|
Allowance for equity
funds used during construction
|
(10)
|
|
|
(11)
|
|
|
(12)
|
|
Pension and other
postretirement benefits
|
21
|
|
|
30
|
|
|
24
|
|
Decoupling mechanism
deferrals, net of amortization
|
(2)
|
|
|
(2)
|
|
|
(22)
|
|
(Amortization)
Deferral of net benefits due to Tax Reform
|
(23)
|
|
|
45
|
|
|
—
|
|
Stock-based
compensation
|
9
|
|
|
5
|
|
|
7
|
|
Other non-cash income
and expenses, net
|
34
|
|
|
16
|
|
|
24
|
|
Changes in working
capital:
|
|
|
|
|
|
Decrease (increase)
in receivables and unbilled revenues
|
30
|
|
|
(29)
|
|
|
(3)
|
|
(Increase) in margin
deposits
|
—
|
|
|
(5)
|
|
|
(3)
|
|
(Decrease) increase
in payables and accrued liabilities
|
(16)
|
|
|
51
|
|
|
5
|
|
Other working capital
items, net
|
(12)
|
|
|
(11)
|
|
|
1
|
|
Contribution to
non-qualified employee benefit trust
|
(11)
|
|
|
(11)
|
|
|
(8)
|
|
Contribution to
pension and other postretirement plans
|
(65)
|
|
|
(12)
|
|
|
(5)
|
|
Other, net
|
(38)
|
|
|
(13)
|
|
|
(13)
|
|
Net cash provided
by operating activities
|
546
|
|
|
630
|
|
|
597
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
Capital
expenditures
|
(606)
|
|
|
(595)
|
|
|
(514)
|
|
Purchases of nuclear
decommissioning trust securities
|
(8)
|
|
|
(12)
|
|
|
(18)
|
|
Sales of nuclear
decommissioning trust securities
|
13
|
|
|
15
|
|
|
21
|
|
Proceeds from Carty
Settlement
|
—
|
|
|
120
|
|
|
—
|
|
Other, net
|
(3)
|
|
|
1
|
|
|
(3)
|
|
Net cash used in
investing activities
|
(604)
|
|
|
(471)
|
|
|
(514)
|
|
PORTLAND GENERAL
ELECTRIC COMPANY AND SUBSIDIARIES
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS, continued
|
(In
millions)
|
(Unaudited)
|
|
|
Years Ended
December 31,
|
|
2019
|
|
2018
|
|
2017
|
Cash flows from
financing activities:
|
|
|
|
|
|
Proceeds from
issuance of long-term debt
|
$
|
470
|
|
|
$
|
75
|
|
|
$
|
225
|
|
Payments on long-term
debt
|
(350)
|
|
|
(24)
|
|
|
(150)
|
|
Debt extinguishment
costs
|
(9)
|
|
|
—
|
|
|
—
|
|
Dividends
paid
|
(134)
|
|
|
(125)
|
|
|
(118)
|
|
Other
|
(8)
|
|
|
(5)
|
|
|
(7)
|
|
Net cash used in
financing activities
|
(31)
|
|
|
(79)
|
|
|
(50)
|
|
(Decrease)
increase in cash and cash equivalents
|
(89)
|
|
|
80
|
|
|
33
|
|
Cash and cash
equivalents, beginning of year
|
119
|
|
|
39
|
|
|
6
|
|
Cash and cash
equivalents, end of year
|
$
|
30
|
|
|
$
|
119
|
|
|
$
|
39
|
|
|
|
|
|
|
|
Supplemental
disclosures of cash flow information:
|
|
|
|
|
|
Cash paid
for:
|
|
|
|
|
|
Interest, net of
amounts capitalized
|
$
|
116
|
|
|
$
|
117
|
|
|
$
|
110
|
|
Income
taxes
|
33
|
|
|
25
|
|
|
18
|
|
Non-cash investing
and financing activities:
|
|
|
|
|
|
Accrued capital
additions
|
76
|
|
|
61
|
|
|
53
|
|
Accrued dividends
payable
|
36
|
|
|
34
|
|
|
31
|
|
Assets obtained under
leasing arrangements
|
210
|
|
|
24
|
|
|
87
|
|
PORTLAND GENERAL
ELECTRIC COMPANY AND SUBSIDIARIES
|
SUPPLEMENTAL
OPERATING STATISTICS
|
(Unaudited)
|
|
|
Years Ended
December 31,
|
|
2019
|
|
2018
|
|
2017
|
Revenues (dollars
in millions):
|
|
|
|
|
|
|
|
|
|
|
|
Retail:
|
|
|
|
|
|
|
|
|
|
|
|
Residential
|
$
|
981
|
|
|
46
|
%
|
|
$
|
948
|
|
|
48
|
%
|
|
$
|
969
|
|
|
48
|
%
|
Commercial
|
636
|
|
|
30
|
|
|
647
|
|
|
32
|
|
|
652
|
|
|
32
|
|
Industrial
|
196
|
|
|
9
|
|
|
185
|
|
|
9
|
|
|
192
|
|
|
10
|
|
Direct
Access
|
44
|
|
|
2
|
|
|
43
|
|
|
2
|
|
|
37
|
|
|
2
|
|
Subtotal
|
1,857
|
|
|
87
|
|
|
1,823
|
|
|
91
|
|
|
1,850
|
|
|
92
|
|
Alternative revenue
programs, net of amortization
|
2
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Other accrued
(deferred) revenues, net
|
22
|
|
|
2
|
|
|
(45)
|
|
|
(2)
|
|
|
10
|
|
|
1
|
|
Total retail
revenues
|
1,881
|
|
|
89
|
|
|
1,781
|
|
|
89
|
|
|
1,860
|
|
|
93
|
|
Wholesale
revenues
|
170
|
|
|
8
|
|
|
159
|
|
|
8
|
|
|
105
|
|
|
5
|
|
Other operating
revenues
|
72
|
|
|
3
|
|
|
51
|
|
|
3
|
|
|
44
|
|
|
2
|
|
Total
revenues
|
$
|
2,123
|
|
|
100
|
%
|
|
$
|
1,991
|
|
|
100
|
%
|
|
$
|
2,009
|
|
|
100
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy deliveries
(MWh in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
Retail:
|
|
|
|
|
|
|
|
|
|
|
|
Residential
|
7,471
|
|
|
31
|
%
|
|
7,416
|
|
|
31
|
%
|
|
7,880
|
|
|
34
|
%
|
Commercial
|
6,653
|
|
|
28
|
|
|
6,783
|
|
|
29
|
|
|
6,932
|
|
|
30
|
|
Industrial
|
3,181
|
|
|
13
|
|
|
2,987
|
|
|
13
|
|
|
2,943
|
|
|
13
|
|
Subtotal
|
17,305
|
|
|
72
|
|
|
17,186
|
|
|
73
|
|
|
17,755
|
|
|
77
|
|
Direct
access:
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
|
665
|
|
|
3
|
|
|
$
|
647
|
|
|
3
|
|
|
623
|
|
|
3
|
|
Industrial
|
1,490
|
|
|
6
|
|
|
$
|
1,389
|
|
|
6
|
|
|
1,340
|
|
|
6
|
|
Subtotal
|
2,155
|
|
|
9
|
|
|
2,036
|
|
|
9
|
|
|
1,963
|
|
|
9
|
|
Total retail energy
deliveries
|
19,460
|
|
|
81
|
|
|
19,222
|
|
|
82
|
|
|
19,718
|
|
|
86
|
|
Wholesale energy
deliveries
|
4,669
|
|
|
19
|
|
|
4,290
|
|
|
18
|
|
|
3,193
|
|
|
14
|
|
Total energy
deliveries
|
24,129
|
|
|
100
|
%
|
|
23,512
|
|
|
100
|
%
|
|
22,911
|
|
|
100
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Average number of
retail customers:
|
|
|
|
|
|
|
|
|
|
|
|
Residential
|
779,673
|
|
|
88
|
%
|
|
772,389
|
|
|
88
|
%
|
|
762,211
|
|
|
88
|
%
|
Commercial
|
109,521
|
|
|
12
|
|
|
108,570
|
|
|
12
|
|
|
107,364
|
|
|
12
|
|
Industrial
|
193
|
|
|
—
|
|
|
203
|
|
|
—
|
|
|
199
|
|
|
—
|
|
Direct
access
|
632
|
|
|
—
|
|
|
604
|
|
|
—
|
|
|
559
|
|
|
—
|
|
Total
|
890,019
|
|
|
100
|
%
|
|
881,766
|
|
|
100
|
%
|
|
870,333
|
|
|
100
|
%
|
PORTLAND GENERAL
ELECTRIC COMPANY AND SUBSIDIARIES
|
SUPPLEMENTAL
OPERATING STATISTICS, continued
|
(Unaudited)
|
|
|
Heating
Degree-Days
|
|
Cooling
Degree-Days
|
|
2019
|
|
2018
|
|
15-Year
Average
|
|
2019
|
|
2018
|
|
15-Year
Average
|
1st
quarter
|
1,992
|
|
|
1,766
|
|
|
1,830
|
|
|
—
|
|
|
—
|
|
|
—
|
|
2nd
quarter
|
467
|
|
|
471
|
|
|
653
|
|
|
102
|
|
|
116
|
|
|
88
|
|
3rd
quarter
|
83
|
|
|
69
|
|
|
75
|
|
|
462
|
|
|
575
|
|
|
440
|
|
4th
quarter
|
1,623
|
|
|
1,396
|
|
|
1,582
|
|
|
—
|
|
|
1
|
|
|
3
|
|
Total
|
4,165
|
|
|
3,702
|
|
|
4,140
|
|
|
564
|
|
|
692
|
|
|
531
|
|
Increase (decrease)
from the 15-year average
|
1
|
%
|
|
(11)
|
%
|
|
|
|
6
|
%
|
|
30
|
%
|
|
|
|
Note: "Average"
amounts represent the 15-year rolling averages provided by the
National Weather Service (Portland Airport).
|
|
Years Ended
December 31,
|
|
2019
|
|
2018
|
|
2017
|
Sources of energy
(MWh in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
Generation:
|
|
|
|
|
|
|
|
|
|
|
|
Thermal:
|
|
|
|
|
|
|
|
|
|
|
|
Natural
gas
|
8,342
|
|
|
36
|
%
|
|
7,515
|
|
|
33
|
%
|
|
6,228
|
|
|
28
|
%
|
Coal
|
4,416
|
|
|
19
|
%
|
|
3,106
|
|
|
14
|
|
|
3,344
|
|
|
15
|
|
Total
thermal
|
12,758
|
|
|
55
|
|
|
10,621
|
|
|
47
|
|
|
9,572
|
|
|
43
|
|
Hydro
|
1,407
|
|
|
6
|
|
|
1,474
|
|
|
7
|
|
|
1,774
|
|
|
8
|
|
Wind
|
1,706
|
|
|
8
|
|
|
1,875
|
|
|
8
|
|
|
1,641
|
|
|
8
|
|
Total
generation
|
15,871
|
|
|
69
|
|
|
13,970
|
|
|
62
|
|
|
12,987
|
|
|
59
|
|
Purchased
power:
|
|
|
|
|
|
|
|
|
|
|
|
Term
|
5,882
|
|
|
25
|
|
|
6,714
|
|
|
30
|
|
|
7,192
|
|
|
33
|
|
Hydro
|
1,048
|
|
|
5
|
|
|
1,603
|
|
|
7
|
|
|
1,648
|
|
|
7
|
|
Wind
|
284
|
|
|
1
|
|
|
286
|
|
|
1
|
|
|
264
|
|
|
1
|
|
Total purchased
power
|
7,214
|
|
|
31
|
|
|
8,603
|
|
|
38
|
|
|
9,104
|
|
|
41
|
|
Total system
load
|
23,085
|
|
|
100
|
%
|
|
22,573
|
|
|
100
|
%
|
|
22,091
|
|
|
100
|
%
|
Less: wholesale
sales
|
(4,669)
|
|
|
|
|
(4,290)
|
|
|
|
|
(3,193)
|
|
|
|
Retail load
requirement
|
18,416
|
|
|
|
|
18,283
|
|
|
|
|
18,898
|
|
|
|
View original
content:http://www.prnewswire.com/news-releases/portland-general-electric-announces-2019-financial-results-and-initiates-2020-earnings-guidance-301005039.html
SOURCE Portland General Company