PORTLAND, Ore., Oct. 30, 2020 /PRNewswire/ -- Portland General
Electric Company (NYSE: POR) today reported a net loss based
on generally accepted accounting principles (GAAP) of
$17 million, or 19 cents per diluted share, for the third quarter
of 2020, which reflects the $1.09
loss per diluted share from previously disclosed trading losses.
After adjusting for the impact of third quarter trading losses,
non-GAAP net income was $80 million,
or 90 cents per diluted share. This
compares with GAAP net income of $55
million, or 61 cents per
diluted share, for the third quarter of 2019.
"We continue to deliver strong operating performance,
notwithstanding the financial impact of the isolated trading losses
and wildfires this quarter," said Maria
Pope, PGE president and CEO. "I'm proud that our team acted
decisively and demonstrated resilience and unwavering dedication to
our customers. Looking ahead, we remain committed to making the
right investments to meet the needs of Oregonians and drive value
for shareholders."
Third Quarter 2020 Earnings Compared to Third Quarter 2019
Earnings
Total revenues increased as a result of higher residential and
industrial demand, which increased 9% on the strength of growth in
the high-tech and digital service sectors. These increases were
partially offset by lower commercial demand and the effects of the
decoupling mechanism.
The cost of purchased power increased and was primarily
driven by losses from the Company's energy portfolio. Other
operating expenses declined due to lower outside service expense,
reduced plant maintenance expense and lower distribution expense.
Administrative expenses declined due to lower employee benefits
expense.
Company Updates
Capital investment plan
The Company announced a $100
million increase to its capital plan through 2021. These
investments in grid resiliency, system modernization and
infrastructure to serve new large customers will enhance the
Company's ability to deliver safe, clean, reliable and affordable
energy.
Wildfires
In 2020, Oregon experienced one
of the most destructive wildfire seasons on record, with over one
million acres of land burned. The Company is not aware of any
wildfires caused by PGE equipment. On October 20, 2020, the Oregon Public Utilities
Commission approved PGE's application to defer costs associated
with damage restoration from these wildfires. PGE continues to
assess the damage to its infrastructure and expects regulatory
recovery of prudently incurred restoration costs.
Energy trading activities
The Company's energy portfolio experienced realized losses of
$127 million in the third quarter.
The PGE Board of Directors Special Committee review of the energy
trading losses and the Company's procedures and controls related to
the trading is ongoing.
2020 Earnings Guidance
PGE is reaffirming its 2020 earnings guidance of $1.40 to $1.60 per
diluted share and expects to be in the upper half of this range.
This guidance reflects the following assumptions:
- Revised increase in annual retail deliveries of 1%, weather
adjusted, year over year;
- 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 expense between $550 million and $570
million, which assumes deferral of the incremental full-year
forecasted bad debt expense in excess of $6
million due to moratoriums on collection activities and
customer disconnects; and
- Depreciation and amortization expense between $410 million and $430
million.
Third Quarter 2020 Earnings Call and Webcast — October 30, 2020
PGE will host a conference call with financial analysts and
investors on Friday, October 30, 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, October 30, 2020, through 1 p.m. ET
on Friday, November 6, 2020.
Maria Pope, president and CEO;
Jim Lobdell, senior vice president
of Finance, CFO, and treasurer; and Jardon
Jaramillo, senior director, Investor Relations, Treasury,
and Risk Management, will participate in the call. Management will
respond to questions following formal comments.
Non-GAAP Financial Measures
Management believes that excluding the effects of the energy
trading losses provides a meaningful representation of the
Company's comparative earnings per share. The Company has adjusted
this amount to maintain comparability between periods. The effect
of the energy trading losses was $1.09 per diluted share. PGE's reconciliations of
non-GAAP earnings for the three and nine months ended September 30, 2020 are below.
Non-GAAP Earnings
Reconciliation for the three and nine months ended September 30,
2020
|
(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
|
|
|
(1) Tax effects
are determined based on the Company's forecasted annual effective
tax rate applied to year-to-date ordinary income or
loss
|
The attached unaudited condensed consolidated statements of
income and comprehensive 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 (NYSE: POR) is a fully integrated
energy company based in Portland,
Oregon, with operations across the state. The company serves
approximately 900,000 customers with a service area population
of 2 million Oregonians in 51 cities. PGE has 16 generation
plants in five Oregon counties,
and maintains and operates 14 public parks and recreation areas.
For over 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. PGE and its 3,000
employees are working with customers to build a clean energy
future. In 2019, PGE, employees, retirees and the PGE Foundation
donated $4.7 million and volunteered
32,900 hours with more than 700 nonprofits across
Oregon. For more information visit
portlandgeneral.com/news.
Safe Harbor Statement
Statements in this press 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 the Company's full-year
earnings guidance (including expectations regarding annual retail
deliveries, average hydro conditions, wind generation, normal
thermal plant operations, operating and maintenance expense and
depreciation and amortization expense) 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, without limitation: the outcome of the review being
conducted by the Special Committee relating to energy trading
losses; the impact of the recommendations of the Special Committee
on the Company and its operations; the time and expense incurred in
implementing the recommendations of the Special Committee; any
reputational damage to the Company relating to the matters
underlying the Special Committee's review; 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; cyber security breaches of the
Company's customer information system or operating systems, which
may affect customer bills or other aspects of our operations; and
widespread health emergencies or outbreaks of infectious diseases
such as the novel coronavirus disease (COVID-19), which may affect
our financial position, results of operations and cash flows. As a
result, actual results may differ materially from those projected
in the forward-looking statements. All forward-looking statements
included in this press 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 the Company files 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
Source: Portland General Company
Media
Contact:
|
|
Investor
Contact:
|
Brianne
Hyder
|
|
Jardon
Jaramillo
|
Corporate
Communications
|
|
Investor
Relations
|
Phone:
503-464-8596
|
|
Phone:
503-464-7051
|
PORTLAND GENERAL
ELECTRIC COMPANY AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF INCOME
AND COMPREHENSIVE
INCOME
(Dollars in millions,
except per share amounts)
(Unaudited)
|
|
|
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
|
|
PORTLAND GENERAL
ELECTRIC COMPANY AND SUBSIDIARIES
CONDENSED
CONSOLIDATED BALANCE SHEETS
(Dollars in
millions)
(Unaudited)
|
|
|
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
|
|
|
|
PORTLAND GENERAL
ELECTRIC COMPANY AND SUBSIDIARIES
CONDENSED
CONSOLIDATED BALANCE SHEETS, continued
(Dollars in
millions)
(Unaudited)
|
|
|
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
|
|
PORTLAND GENERAL
ELECTRIC COMPANY AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In
millions)
(Unaudited)
|
|
|
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
|
|
PORTLAND GENERAL
ELECTRIC COMPANY AND SUBSIDIARIES
SUPPLEMENTAL
OPERATING STATISTICS
(Unaudited)
|
|
|
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
|
%
|
PORTLAND GENERAL
ELECTRIC COMPANY AND SUBSIDIARIES
SUPPLEMENTAL
OPERATING STATISTICS, continued
(Unaudited)
|
|
|
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
|
|
|
|
The following table indicates the number of heating and cooling
degree-days for the three months ended September 30, 2020 and 2019, along with 15-year
averages based on weather data provided by the National Weather
Service, as measured at Portland International Airport:
|
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
|
%
|
|
|
View original
content:http://www.prnewswire.com/news-releases/portland-general-electric-announces-third-quarter-2020-results-301163625.html
SOURCE Portland General Company