Portland General Electric Co · NYSE:POR

Portland General Electric — Q1 2013 Earnings Presentation

16 slides from Portland General Electric's earnings presentation, May 1, 2013

  1. Slide 1: Earnings Conference Call First Quarter 2013

    Earnings Conference Call First Quarter 2013 1 Exhibit 99.2

  2. Slide 2: Cautionary Statement

    Cautionary Statement 2 Information Current as of May 1, 2013 Except as expressly noted, the information in this presentation is current as of May 1, 2013 — the date on which PGE filed its Quarterly Report on Form 10-Q for the quarter ended March 31, 2013 — and should not be relied upon as being curr

  3. Slide 3: Leadership Presenting Today

    Leadership Presenting Today 3 Jim Lobdell Senior Vice President, Finance, CFO & Treasurer Jim Piro President & CEO

  4. Slide 4: On Today's Call

    On Today’s Call 4  Operating Performance  Economic Outlook  Strategic Initiatives Update  General Rate Case  Financial Update  2013 Outlook

  5. Slide 5: Q1 2013 Earnings Results

    Q1 2013 Earnings Results Q1 $0.65 Q1 $0.65 Q2 $0.34 Q3 $0.50 Q4 $0.38 $1.87 2012 EPS 2013E EPS 5 NI in millions Q1 2012 Q1 2013 2012 Actuals 2013 Guidance Net Income $49 $49 $141 $140 - $151 EPS $0.65 $0.65 $1.87 $1.85 - $2.00 $1.85-$2.00

  6. Slide 6: Operational Excellence

    Operational Excellence 6  Q1 2013 generating plant availability: 97%  1st quartile in system power quality and reliability metrics  Continuous improvements and efficiency

  7. Slide 7: Economic Outlook

    Economic Outlook 7 Growth in Operating Area  2nd in nation for in-migration  Unemployment rate of 7.3% in core operating area  Industrial sector load growth of about 2% in Q1 2013  Improved housing market

  8. Slide 8: Capacity RFP – Results

    Capacity RFP – Results Peaking Capacity  Port Westward Unit 2 selected  220 MW natural gas plant  $300-$310 million (excluding AFDC)  Start of construction: 2013  Expected online: Q1 2015  $5-$6 million in debt and equity AFDC in 2013(1) Seasonal Capacity  200 MW bi-seasonal (winter and summe

  9. Slide 9: Baseload Energy and Renewables RFPs

    Baseload Energy and Renewables RFPs 9 Baseload Energy RFP  300-500 MW resource  Short list includes PPAs and PGE ownership options  In negotiations with top performing bidder  Final resource selection: mid-year  Target online date: 2014-2017 Renewable RFP  100 MWa of renewable energy  Short l

  10. Slide 10: Cascade Crossing Transmission Project

    Cascade Crossing Transmission Project 10 Cascade Crossing  MOU with BPA signed January 2013  500 kV line, approximately 120 miles; exploring investments in BPA’s system and asset exchanges  Full project scope, as described in the MOU, expected to cost at least $800 million  Working to find a col

  11. Slide 11: General Rate Case: 2014 Test Year

    General Rate Case: 2014 Test Year Drivers of 2014 GRC in millions Capital investments (generation, technology) $39 Pension, health and wellness expense $27 Updated wind capacity factors $13 Plant operations and maintenance $11 Customer service initiatives $10 Regulatory requirements (CIP, Cyber Secu

  12. Slide 12: First Quarter Financial Results

    First Quarter Financial Results Quarter over Quarter Drivers of Net Income Reduced power costs Lower storm restoration expense Decreased interest expense Lower retail revenues Higher income taxes 12 NI in millions Q1 2012 Q1 2013 2012 Actuals 2013 Guidance Net Income $49 $49 $141 $140 - $151 EPS $0.

  13. Slide 13: Retail Revenues and Power Costs

    Retail Revenues and Power Costs 13 Q1 2012: $5 million below baseline PCAM Results in millions Q1 2012 Q1 2013 Total Revenues $479 $473 Power Costs $195 $192 Q1 2013: $1 million below baseline

  14. Slide 14: O&M, Depreciation, and Income Taxes

    O&M, Depreciation, and Income Taxes 14 in millions Q1 2012 Q1 2013 2011 2012 Production & Distribution $53 $51 $201 $211 Administrative & General $54 $54 $218 $216 Total O&M $107 $105 $419 $427 Depreciation & Amortization $62 $62 $227 $248 Interest Expense $28 $25 $58 $64 Income Taxes $15 $17

  15. Slide 15: Liquidity and Financing

    Liquidity and Financing Senior Secured Senior Unsecured Outlook S&P A- BBB Stable Moody’s A3 Baa2 Positive Credit Ratings Total Liquidity as of 3/31/13 (in millions) Lines of Credit $700 Commercial Paper $0 Letters of Credit $(52) Cash $33 Available $681 15 $69 $108 $68 $81 $92 2012 2013E Q4 Q3 Q2 Q

  16. Slide 16: 2013 Earnings Guidance Affirmed

    2013 Earnings Guidance Affirmed 16 2013 EPS Guidance: $1.85 to $2.00 per share  Load growth at the lower end of our initial range of 0.5% to 1% over 2012 weather-adjusted levels  Slightly below normal hydro, wind generation from updated forecasts  D&A expense between $240 - $250 million  O&M bet

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