Portland General Electric Co · NYSE:POR

Portland General Electric — Q3 2012 Earnings Presentation

16 slides from Portland General Electric's earnings presentation, Nov 8, 2012

  1. Slide 1: Earnings Conference Call Third Quarter 2012

    Earnings Conference Call Third Quarter 2012 1 Exhibit 99.2

  2. Slide 2: Cautionary Statement

    Cautionary Statement 2 Information Current as of November 8, 2012 Except as expressly noted, the information in this presentation is current as of November 8, 2012 — the date on which PGE filed its Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2012 — and should not be re

  3. Slide 3: Leadership Presenting Today

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

  4. Slide 4: Q3 2012 Earnings Results

    Q3 2012 Earnings Results 4 in millions Q3 2011 Q3 2012 YTD Q3 2011 YTD Q3 2012 Net Income $27 $38 $118 $113 Q1 $0.92 Q1 $0.65 Q2 $0.29 Q2 $0.34 Q3 $0.36 Q3 $0.50 Q4 $0.38 Q4 $0.36- $0.51 2011 EPS 2012 EPS $1.95 $1.85-$2.00

  5. Slide 5: On Today's Call

    On Today’s Call 5  Economic Outlook  Operational Excellence  Business Growth  Financial Update  Q&A Session

  6. Slide 6: Economic Outlook

    Economic Outlook 6 Growth in Operating Area • High-technology – Intel’s D1X fab – Data centers • Parts manufacturing and health care sector • 4,500 new customers since September 30, 2011 September 2011 September 2012 Oregon 9.5% 8.7% PGE’s operating area 8.3% 7.6% Unemployment Rate Economy Continues

  7. Slide 7: Operational Excellence

    Operational Excellence 7  1st quartile in system power quality and reliability metrics  Q3 2012 generating plant availability: 93%

  8. Slide 8: Capacity and Energy RFP

    Capacity and Energy RFP 8  Capacity  200 MW year-round flexible resource  200 MW bi-seasonal peaker  150 MW winter-only peaker  Energy  300-500 MW base load resource November 2012 Identify initial short list December 2012 Identify final short list Q4 2012 - Q1 2013 Begin negotiations with bidd

  9. Slide 9: Renewable RFP

    Renewable RFP 9  100 MWa of renewable energy  Wind, biomass, solar, or other  Bidders can submit a PPA, a build own transfer, or an asset purchase agreement of an existing facility  PGE has submitted a benchmark bid Next Steps October 2012 Renewable RFP issued to market; PGE benchmark submitted

  10. Slide 10: Cascade Crossing Transmission Project

    Cascade Crossing Transmission Project 10 Permitting Processes 1. Environmental Impact Study from USDA Forest Service 2. Environmental analysis and easements from the Confederated Tribes of the Warm Springs Ongoing Discussions 1. Bonneville Power Administration 2. PacifiCorp 3. Confederated Tribes of

  11. Slide 11: Third Quarter Financial Results

    Third Quarter Financial Results 11 Quarter over Quarter Earnings Drivers  2% increase in residential energy deliveries related to warmer weather this summer  Adjustment to 2011 Power Cost Adjustment Mechanism refund  An investment gain on non-qualified benefit plan trust assets compared to an inv

  12. Slide 12: Retail Revenues and Load

    Retail Revenues and Load 12 Q3 YTD Q3 Full Year Forecast -0.4% 0.5% 0.5% $406 $422 2011 2012 Q3 Retail Revenues (in millions) Quarter over Quarter Drivers of Retail Revenue Weather-Adjusted Load Growth: 2012 over 2011(1) (1) Excludes certain industrial customers that have little impact on margin Adj

  13. Slide 13: Purchased Power and Fuel

    Purchased Power and Fuel 13 Q3 2011 Q3 2012 YTD Q3 2011 YTD Q3 2012 $182 $182 $545 $533 Net Variable Power Costs (in millions) NVPC Baseline Q1 2012: $5 million below baseline Q2 2012: $5 million below baseline YTD 2012: $14 million below baseline Q3 2012: $4 million below baseline Lower Deadband $1

  14. Slide 14: O&M, Depreciation and Capital Expenditures

    O&M, Depreciation and Capital Expenditures 14 Q3 2011 Q3 2012 YTD 2011 YTD 2012 Production & Distribution $50 $49 $147 $153 Administrative & General $55 $50 $158 $160 Total O&M $105 $99 $305 $313 Depreciation & Amortization $59 $63 $170 $188 $69 $68 $81 $110 Q4 (Estimated) Q3 Q2 Q1 2012 Capital Expe

  15. Slide 15: Financial Position

    Financial Position 15 Senior Secured Senior Unsecured Outlook S&P A- BBB Stable Moody’s A3 Baa2 Positive Credit Ratings Total Liquidity as of 9/30/12 (in millions) Lines of Credit $660 Letters of Credit $(61) Cash $156 Available $755

  16. Slide 16: 2012 Earnings Guidance

    2012 Earnings Guidance 16  Weather-adjusted load growth of 0.5%  Favorable power supply operations  Capital projects: $16 million deferral in 2012  O&M quarterly run rate of $105 to $110 million 2012 EPS on track with guidance - $1.85 to $2.00 per share Current Assumptions for FY 2012 Change fro

Portland General Electric — Q3 2012 Earnings Presentation on 6ix