Portland General Electric Co · NYSE:POR
Portland General Electric — Investor Presentation (May 2009)
32 slides from Portland General Electric's investor presentation, May 19, 2009
Slide 1: Investor Meetings May 19-21, 2009
Exhibit 99.1 Investor May Copyright 19-21, Meetings ©2009 2009 Portland General Electric. All Rights Reserved.
Slide 2: Cautionary Information Regarding Forward-Looking Statements
Cautionary Information Except 2009 Forward-Looking This Section Words forward-looking statements Farm margin Although Factors regulatory energy generation time Any 2 forward-looking in presentation — project; or market as PGE’s deposits; that 21E and phrases PGE expressly proceedings; facilities; co
Slide 3: Portland General Electric Investment Highlights
Portland “Pure-play” Operational Low-risk – 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 on capital recei
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 Profile
Attractive •– Beaver WASHINGTON OREGON Colstrip (Montana) Columbia Coyote Portland T.W. Clackamas Willamette Salem Other Distribution Net (1) 5 Attractive, Vertically Opportunities Diversified Virtually Single-state NoAs Utility Sullivan holding CWIP of Pleton Port Biglow 3March 4 River Regulated 10
Slide 6: Attractive Service Territory and Load Growth
Attractive Weather (thousands 1.4% 17,000 18,000 19,000 20,000 2003 2008 Industrial Residential Total •1.5% – (1) (2) 6 Compounded Growth Load Population Reduction Increase Adjusted NoRetail 2004 = annual and single growth $1.5 Adjusted in load(1) 10% Service in 2005 of Commercial Revenues Oregon’s
Slide 7: Constructive Regulatory Framework
•Constructive (1) 7 Annual Acknowledgement Oregon Governor-appointed Cost 10.0% 50% Forward Net Power Decoupling Intended Effective Standard Renewable PGE Integrated 2009 See Variable Debt, of can IRP Appendix Allowed Cost Update Capital Public Test to recover requires February -Resource 50% longer-
Slide 8: Operational Excellence: Customer Satisfaction and System Investment
Operational – Customer Highest •Residential Invested Well (1) Study experiences 8 Ongoing Smart Highly On-going Capex: $18 PGE Maintained, million based Meter customer received reliable more $130-$135 Satisfaction investments infrastructure customer and Excellence Efficiency onin Program than 15,434
Slide 9: Operational Excellence: Generation and Power Supply
Operational Generation Power Physical % Deschutes River Clackamas/Willamette Hydro 1,184 Natural Beaver Coyote Port 1,175 Boardman Colstrip 670 Wind Wind(2) Biglow 81 Net Short-/Long-term Total 2008 Purchased 20% Gas/Oil 27% (1) Hydro/Wind(1) Coal 9 of 1.8 Includes Purchased 15.0 Westward 24% 29% To
Slide 10: Business Growth: PGE's Load and Resources
Business PGE’s Load 492 2,500 MWa Average Annual 500 Retail 6,000 7,000 4,000 5,000 Long-term 3,000 (Theoretical Generation 2,000 2 0 1,000 (1) (2) Note: 10009 Data Load MWa 2010 Growth Resource Assumes (Theoretical Retail 1,402 Load long-term 1,500 as Long-term forecast Growth 1,140 2011 Contracts
Slide 11: Business Growth: Capital Expenditures and Rate Base
Business Capital ($ 800 600 Rate 5.0 $2,237 $2,484 •2002 (1) (2) benefits 11 Attractive, New millions) Forecasted Includes %$723(1) $522 Base 2007 annual capital $2,009 (2) Expenditures from Growth 500 (Average) 2008 near-term the 700 growth the investments $455 capital $1,766 General 2009E American
Slide 12: Business Growth: Biglow Canyon Wind Farm
Business •Biglow Phase Nameplate MW Cost Online Vendor (1) (2) 12 Total Columbia 450 Biglow As Based per (w/AFDC) MW Idefined cost date Vestas Phase Canyon unit Canyon Growth on total Capacity approximately Gorge, December March 1.65 IISiemens byinstalled Wind Phase $255 Phases Oregon’s Megawatts ea
Slide 13: Business Growth: Renewable Request for Proposal
Business Request •Renewable in Year 13An Wind With Purchase Execution Renewable order independent Renewable addition energy to for Growth be power Energy Proposal list resources included heavily of identified Target evaluator and 218 Standard (RFP) ownership MWa represented in can 2011 rates with be
Slide 14: Business Growth: Expected Resource Additions
Business 2009 Expected •resources (1) 14 Addresses Additional Transmission: Public PGE 300-600 New 100-200 Emissions Represents Integrated energy capacity toplanning file Growth resource Potential MWresource controls renewable the resources an natural resources Southern Resource plan process update
Slide 15: Prudent Financial Strategy: Debt and Equity Issuance
Prudent Target 2009 Debt 2010 Equity •projects. 15 resources Additional Issued PGE Issuance anticipates Capital Issuance Financial $130equity $300 12.5 million million Structure issuing Strategy issuance shares of 50% First FMBs approximately of isDebt, Mortgage common not in April expected 50%atBon
Slide 16: Prudent Financial Strategy: Liquidity
Prudent Liquidity ($ 400 500 Revolving $72 $216(1) •$495 – Approximately (1) (2) 16$370 $125 Margin $360 $10 Margin millions) Assumes Represents 300 million million million Financial 200 deposits deposits roll-off(2) (as Revolver market 100 of matures revolving 364-day 100% matures 45% 5/8/09) 0post
Slide 17: Prudent Financial Strategy: Capitalization, Credit Ratings and Dividend
Prudent 60% Debt/Capitalization 53% 2005 Credit Senior S&P Moody’s Manageable $186 2009 $0 Dividend Quarterly Actual Target 2008 +4.3% +4.1% 0.235 0.225 +4.4% Jul-06 (1) (2) 17 Includes Based A 55% 52% 2006 $142 2010 payout 0.235 0.225 Ratings Oct-06 payout Secured 0Payout BBB+ Financial .245 Baa1 G
Slide 18: Portland General Electric Investment Highlights
Portland “Pure-play” Operational Low-risk Prudent Dividend Stability: Attractive EPS Growth: 18 Growth financial General growth Yield total excellence electric return plan Investment strategy utility proposition Highlights
Slide 19: Investor Relations Contact Information
Investor J. William Director, Portland 19 www.PortlandGeneral.com Relations General Investor ValachElectric Relations ContactCompany Information 503-464-7395 121 S.W. William.Valach@pgn.com Salmon Street Suite 1WTC0403 Portland, OR 97204
Slide 20: Table of Contents: Appendix
Table •Appendix 20 American Recent General Power Decoupling Senate Regulatory, Smart Boardman ofGrid Cost Bill Contents Financial Rate Recovery BART 408 p.28 Adjustment Legal Mechanism Case p.26 Results p.29-30 and p.22 & Other Reinvestment Mechanism p.24-25 p.21Considerations (PCAM) Act of 2009 p.2
Slide 21: Recent Financial Results
Recent Financial Year December Revenues Income Net EPS ($ Full-year 2007 •2008 21 Trojan Boardman California Non-qualified Beaver Senate inIncome earnings (basic Ended millions, 2008 2009 Financial from Refund Bill oil Year-to-Date Summary $1,743 31, 2008 and per Three settlement 145 sale deferral 4
Slide 22: 2009 Oregon Rate Case Outcome
2009 Outcome Regulatory Rate – •Commentary with (1) (2) Biglow (3) 22 Allowed Average The Equity Debt Return Methodology Rate %Certain NVPC: O&M, Reduction Excludes increase: the Base General increase OPUC increase: capitalization: Canyon decoupling capitalization: on A&G of $95.4 rate ROE: and cust
Slide 23: Annual Power Cost Recovery Mechanism
Recovery Annual Power 150 NVPC Baseline ($15) 90/10 Earnings Equity 9.0% •Customer (1) 23 Annual An PGE Customer Deadband Bps annual million Sharing absorbs Cost 100 (1) Power $30 reset Test of Surcharge Refund 75 Bps surcharge refund Adjustment Sharing earnings Power million(1) of Bps for of Cost 1
Slide 24: Decoupling Mechanism
Decoupling •10.1% Recovery – associated Mechanism On 24The Implemented A The January March condition decoupling SNA LRR to 10.0% mechanism 24, with is 31, Mechanism effective of based 2009 mechanism 2009, an which the mechanism ROE CUB on decoupling February PGE (LRR), reflects the refund filed diff
Slide 25: Decoupling Simplified
Decoupling Simplified Residential Weather Base Analysis: PGE Financial Power regulatory 25 cost monthly costs: adjusted impact structure: structure asset Decoupling customer Mechanism Approximately bill: for on decrease 1,000 of future 50% PGE: Monthly lost Example power xrevenue: recovery in $0.10
Slide 26: Oregon Senate Bill 408
Oregon the outcomes •and – 26Beginning SB Report Primary Historical/expected The 2006: 2007: 2008: utility may 408 2008 Senate Customer Expected for address requires issue and orreport prior January corporate increased Bill for those calendar customer an refund collection of PGE 408 1, annual taxes
Slide 27: Regulatory, Selective Water Withdrawal, Colstrip, Boardman and Trojan Considerations
Regulatory, Selective Colstrip Boardman ($8.5 Trojan •– 27The Pelton/Round Capital On PGE During Repair Request OPUC Class Begun April million outage has Nuclear Action Coal costs docket: Proceedings refund the cost Water with subject a14, Coal Legal 20% 2009 will as (PGE Plant have 2009 Proceedings
Slide 28: Smart Metering
•Smart 28 Vendor: Technology: SmartGrid Provides Deployment: Estimated OPUC Distribution Pursuing Optimizing Meters approved Sensus two-way direct cost: completion: distribution System FlexNet 850,000 load $130 Metering limited communications control million radio residential 2010 system term System
Slide 29: Boardman BART Proposal
Boardman Phase recommended PGE •points. – 29The Best In PGE Schedule: Oregon EPA (1) December cost comment Available 1: 2: 3: 100% proposed approval Installation EQC estimate BART ofby 2008, decision estimated and Early Retrofit anthe Update for alternative public of the DEQ 2010 Phases low semi-dry
Slide 30: Boardman Plant Alternative Proposal Timeline
PGEYes Control Yes No 2011 Life Decision Install **Assumes 30 Alternative 2012 Low SO2 Selective Operate Point 2014 & NOx that mercury Proposal OnSelective Catalytic 2015 Operate Boardman Burners SO22017 SCR**Controls Controls Mercury Reduction: Reduction Catalytic Full BART/Reasonable Plant Reducti
Slide 31: American Recovery and Reinvestment Act
•American Accordingly, (1) placed 31 Treasury The PGE For In Investment Based $60 $80 For lieu windfarms Act million availability is in qualifying on of evaluating service provides Recovery Department the PGE’s Tax there toPTC, $90 $110 the after Credit of preliminary renewable is athe any Productio
Slide 32: Portland General Electric
Portland General Electric 32
Portland General Electric — Investor Presentation (May 2009) on 6ix