Portland General Electric Co · NYSE:POR
Portland General Electric — Barclays Capital 2009 CEO Energy/Power Conference
31 slides from Portland General Electric's conference presentation, Sep 9, 2009
Slide 1: Barclays Capital CEO Energy/Power Conference
Exhibit 99.1 Exhibit 99.1 Barclays September CopyrightCapital ©9 -2009 102009 Portland CEO General Energy/Power Electric. Conference All Rights Reserved.
Slide 2: Cautionary Statement Regarding Forward-Looking Statements
Cautionary Information Except 2009 Forward-Looking This Section Forward-looking statements “anticipates,” subject wholesale Canyon repair weather, general this forward-looking 8-K described Any 2 news and forward-looking presentation —costs, as to economic 21E Wind 10-Q and hydroelectric, release th
Slide 3: Portland General Electric Investment Highlights
Portland “Pure-play” Operational Low-risk Prudent – Dividend Stability: Attractive EPS Growth: (1) Study experiences (2) 3 Attractive Vertically Well-managed Wind Track Target 10.0% Diversified, High Highest Identified Investment Focus PGE Represents growth based quality, investments record financia
Slide 4: Mission and Strategic Direction
Portland Mission: Operational price. Customer Business Strategic Corporate Listen Deliver 4 and Value General To system Growth satisfaction Responsibility lead Excellence betoainCustomers investments company Strategic public Operational policy our Direction and Encourage customers Trusted Shareholde
Slide 5: Attractive, Vertically Integrated Regulated Utility
Attractive •– Beaver WASHINGTON Colstrip Portland Biglow T.W. Clackamas Oak Other Distribution Net (1) 5 Attractive, Vertically Opportunities Diversified Virtually Single-state NoAs Utility Grove Sullivan holding $251 ofPort Canyon 3Columbia June (Montana) Regulated 100% Plant River Salem integrated
Slide 6: Attractive Service Territory and Load Growth
Attractive Weather Annual (thousands 20,000 2003 1. 2008 Industrial Commercial •Total – (1) (2) 6 Compounded Growth Load Population Reduction Residential 4% Adjusted NoRetail 2004 =annual single growth 19,000 $1.5 Load Adjusted in 10% Service 2005 of Revenues Oregon’s Billion in 40% for growth growt
Slide 7: Constructive Regulatory Environment
•Constructive (1) 7 Annual Acknowledgement The Oregon Governor-appointed Cost 10.0% 50% Forward Net Power Decoupling Effective Standard Renewable PGE Integrated 2009 See Variable decoupling Debt, of can IRP Appendix Allowed Cost Update Capital Public Test recover requires February -Resource 50% long
Slide 8: Operational Excellence
Operational Ongoing •Customer – Well (1) Study experiences 8 Highest Residential Highly On-going Capex: $18 Invested PGE Maintained, million based received reliable investments $130-$135 customer Satisfaction more infrastructure and Excellence Efficiency on customer in15,434 perceptions annual than
Slide 9: Operational Excellence: Generation and Physical Sources
Operational Generation Physical Deschutes River Clackamas/Willamette Hydro Natural Beaver Coyote Port Boardman Colstrip Wind Wind(2) Biglow Net Short-/Long-term Total Power 2008 Purchased 20% Coal (1) 9 Includes Purchased Westward 24% Hydro/Wind(1) Actual 4,455 Contracts Projects Sources Contracts U
Slide 10: Business Growth: PGE's Load and Resource Balance
Business PGE’s Load 4,000 2015 Retail 7,000 2010 1-in-2 2013 Long-term Energy (Theoretical Generation (1) (2) Note: 10 Data Load 2012 Shortfall Growth Resource Assumes 3,500 6,000 Load Peak long-term Efficiency as forecast Growth 2014 Contracts of Retail & 3,000 5,000 Availability, availability May
Slide 11: Business Growth: Capital Expenditures and Rate Base
Business Capital 800 2007 $455 Rate ($ 2,500 2002 5% $1,766 Attractive, New (1) (2) 11 millions) Forecasted Includes annual 700 Base capital 2008 $372 2007 2,400 $2,009 Expenditures 600 Growth (Average) near-term growth 2009E $720(1) 2008 2,300 investments the 500 capital $2,237 General 2009E 400 20
Slide 12: Business Growth: Biglow Canyon Wind Farm
Business •Biglow Nameplate Phase (1) (2) 12 Total Columbia 450 Biglow As Based MW Idefined II III cost 125 Canyon 150 Canyon Growth 175 on total Capacity approximately Gorge, MW, MW, June MW, byinstalled Wind Phases 76 Oregon’s 30, 65 eastern 76MW turbines turbines 2009 Farm turbines capacity IIper
Slide 13: Business Growth: Expected Schedule
Business 2009 Schedule: Expected Potential •resources 13 Addresses Additional Public Early November First 300-500 New 100-200 Emissions Integrated Quarter energy capacity September planning Capital Growth resource MWresource controls 2009: renewable resources 2010: natural resources Resource Project
Slide 14: Business Growth: Additional Renewable Resources
Business Additional •Renewable in Year 2011 2015 2020 2025 (1) 14Integrated Renewable order Biglow Renewable 5% 15% 20% 25%to(1) Growth be Renewable Canyon Energy Resource resources included Target Standard Wind Plan Resources in canrates Farm will be tracked the address willfollowing bring into 300
Slide 15: Prudent Financial Strategy: Target Debt and Equity
Prudent Target 2009 Debt 2010 other •Equity (1) 15 Additional Issued PGE Portion Issuance capital anticipates Capital Issuance Financial $130 $300 12.5may equity projects. million million Structure beissuing Strategy issued issuance shares of 50% First FMBs approximately inof is 2009 Debt, Mortgage
Slide 16: Prudent Financial Strategy: Liquidity
Prudent Liquidity ($ 500 Revolving Revolver $220 $525 Cash $370 $23 $360 $10 $125 $30 Margin Approximately (1) and 16 millions) Represents minimal 400 million (1)roll-off(2) million deposits Financial 300 Usage (as Credit matures revolving 200 new of revolving matures 364-day 100% 35% 50% 8/31/09) p
Slide 17: Debt/Capitalization, Credit Ratings and Dividend
Prudent 60% Debt/Capitalization 53% 2005 Credit Senior S&P Moody’s Manageable $100 $142 $186 2009 $0 Dividend Quarterly 2007 2008 +4% Jul- 0.2550.255 06 (1) Provision 17 06 Includes Oct- A 55% 53% 0.225 0.235 0.245 2006 $100 2010 payout 07 Ratings Secured Unsecured BBB+ Financial 07 A3 Jan- Growth d
Slide 18: Portland General Electric Investment Highlights
Portland “Pure-play” Operational Low-risk Prudent Dividend Stability: Attractive EPS Growth: 18 Growth financial General growth Yield total excellence electric return plan Investment strategy utility proposition Highlights
Slide 19: Investor Relations Contact Information
Investor William Director, Portland Shane www.PortlandGeneral.com Analyst, 19 Johnston J. Relations Investor General Investor ValachElectric Relations Relations ContactCompany Information 503-464-8586 503-464-7395 121 S.W. Shane.Johnston@pgn.com William.Valach@pgn.com Salmon Street Suite 1WTC0403 Po
Slide 20: Table of Appendix Contents
Table of Appendix Recent General Power Decoupling Senate Regulatory, Smart Boardman American 20 Grid Cost Bill Financial Rate Contents Recovery BART 408 p.28 Adjustment Legal Mechanism Case p.26 Results p.29 and p.22 & Other Reinvestment Mechanism p.24-25 p.21Considerations (PCAM) Act of 2009 p.27 p
Slide 21: Recent Financial Results
Recent Financial Year December 2007 Revenues Income Net EPS ($ Full-year Boardman California Trojan 2008 Year-to-Date Beaver Senate 2009 Non-qualified Storm 21 inIncome earnings (basic Ended millions, 2008 Costs Refund Bill Financial oil from 2007 Summary $1,743 settlement 31, sale deferral 2008 and
Slide 22: 2009 Regulatory Outcome: General Rate Case
2009 Outcome Regulatory Allowed Equity Debt Return Methodology power Average Rate % NVPC: O&M, Commentary The with (1) (2) Biglow (3) 22 increase: Reduction Excludes Certain increase OPUC the Base increase: capitalization: General cost A&G capitalization: on Canyon $95.4 decoupling rate ROE: of rate
Slide 23: Power Cost Adjustment Mechanism
Recovery Annual Power 150 $30 NVPC Baseline of 90/10 Earnings Equity 9.0% on 100 Return PGE An Customer (1) 23 ROE 10.0% Deadband annual million(1) Bps absorbs Sharing Cost 100 ($15) 11.0% Power reset Test of Surcharge Refund surcharge refund earnings Bps Adjustment Sharing Power of million(1) 100%
Slide 24: Decoupling Mechanism
Decoupling A estimated Implemented Recovery The revenues approximately On associated Mechanism Adjustments (in YTD SNA ROE Total 24 condition millions) January decoupling SNA LRR Adjustment is mechanism atwith 31, Mechanism effective based of approximately Q1 Booked under 20% the 2009, an mechanism
Slide 25: Decoupling Simplified
Decoupling Simplified Residential Weather Base Analysis: PGE Financial Power All 25 other cost monthly costs: adjusted costs: impact structure: structure Decoupling customer Mechanism Approximately bill: Approximately on decrease 1,000 of 50% PGE: Monthly lost Example power xrevenue: in $0.10 $0 mon
Slide 26: Oregon Senate Bill 408
Oregon Beginning utility SB Report The Primary outcomes and Historical/expected 2006: 2007: 2008: 26 408 may 2008 Customer Expected or for requires Senate issue address corporate report and prior January for increased Bill customer calendar refund collection of an those PGE consolidated taxes 1, ann
Slide 27: Regulatory, Legal and Other Considerations
Regulatory, Selective Pelton/Round Capital On Colstrip PGE During Based The Replacement Repair Boardman November Request Trojan OPUC Begun Class 27 April project scheduled Plant has Action on refund Nuclear costs docket: Proceedings the cost with subject Coal a14, Water input went Coal 20% 18, 2009
Slide 28: Smart Metering
Smart Provides Vendor: Technology: Deployment: As Approximately Estimated OPUC Distribution Pursuing Optimizing 28 of August Grid Meters approved Sensus two-way direct cost: distribution System FlexNet 850,000 31,400,000 load $130 Metering limited 2009 communications control million radio residentia
Slide 29: Boardman Best Available Retrofit Technology
Boardman Best In Phase to PGE Based operation EPA Schedule: (1) 29 make June 100% Available approval cost 1: 2: 3: upon 2009, reasonable Installation of estimate BART the estimated Boardman the 2010 Retrofit expected Oregon Update for progress ofPhases total Technology low semi-dry Selective will co
Slide 30: American Recovery and Reinvestment Act
American For In Investment Treasury PGE The there (1) placed 30 lieu For windfarms Act availability is has will isof in qualifying evaluating no provides completed Department service the continue Recovery assurance Tax PTC, the Credit ofafter arenewable the any Production to companies number an &tha
Slide 31: Portland General Electric
Portland General Electric 31
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