Portland General Electric Co · NYSE:POR

Portland General Electric — Q4 2012 Earnings Presentation

15 slides from Portland General Electric's earnings presentation, Feb 22, 2013

  1. Slide 1: Earnings Conference Call Fourth Quarter 2012

    Earnings Conference Call Fourth Quarter 2012 1 Exhibit 99.2

  2. Slide 2: Cautionary Statement

    Cautionary Statement 2 Information Current as of February 22, 2013 Except as expressly noted, the information in this presentation is current as of February 22, 2013 — the date on which PGE filed its Annual Report on Form 10-K for the annual period ended December 31, 2012 — and should not be relied

  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: On Today's Call

    On Today’s Call 4  Financial & Operating Performance  Economic Outlook  Strategic Initiatives  Financial Update  2014 General Rate Case  2013 Outlook

  5. Slide 5: 2012 Earnings Results

    2012 Earnings Results Q1 $0.92 Q1 $0.65 Q2 $0.29 Q2 $0.34 Q3 $0.36 Q3 $0.50 Q4 $0.38 Q4 $0.38 2011 EPS 2012 EPS $1.95 $1.87 5 NI in millions Q4 2011 Q4 2012 Full Year 2011 Full Year 2012 Net Income $29 $28 $147 $141 EPS $0.38 $0.38 $1.95 $1.87

  6. Slide 6: Operational Excellence

    Operational Excellence 6  2012 generating plant availability: 94%  1st quartile in system power quality and reliability metrics  Continuous improvements and efficiency

  7. Slide 7: Economic Outlook

    Economic Outlook 7 2011A 2012A 2013F 1.5% 0.6% 0.5 – 1.0% Weather-Adjusted Load Growth Growth in Operating Area  Business growth  Intel and Nike announced plans for expansion  High-tech and data centers  Industrial sector load growth of about 2% in 2012  Residential growth  Improved housing ma

  8. Slide 8: Capacity and Energy RFP

    Capacity and Energy RFP 8  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  Baseload Energy  300-500 MW resource  Short list includes PPAs and PGE ownership options  Beginni

  9. Slide 9: Renewable RFP & Cascade Crossing

    Renewable RFP & Cascade Crossing 9  Renewable RFP  100 MWa of renewable energy  64 bids, representing 39 distinct projects  PPAs and PGE ownership options  Final resource selection by end of June  Target online date: 2013-2017  Cascade Crossing  MOU with BPA signed January 2013  500 kV line

  10. Slide 10: Fourth Quarter and Full Year Financial Results

    Fourth Quarter and Full Year Financial Results NI in millions Q4 2011 Q4 2012 Full Year 2011 Full Year 2012 Net Income $29 $28 $147 $141 EPS $0.38 $0.38 $1.95 $1.87 Year over Year Drivers of Net Income Warmer weather in 2012 Higher income taxes Increased pension expense in 2012 Capital projects’ def

  11. Slide 11: Retail Revenues and Power Costs

    Retail Revenues and Power Costs 11 Full Year 2011: $34 million below baseline PCAM Results in millions Q4 2011 Q4 2012 Full Year 2011 Full Year 2012 Retail Revenues $463 $445 $1,722 $1,723 Power Costs $215 $193 $760 $726 Full Year 2012: $17 million below baseline

  12. Slide 12: O&M and Depreciation

    O&M and Depreciation 12 Q4 2011 Q4 2012 2011 2012 Production & Distribution $54 $58 $201 $211 Administrative & General $60 $56 $218 $216 Total O&M $114 $114 $419 $427 Depreciation & Amortization $57 $60 $227 $248 in millions Income Taxes $16 $21 $58 $64

  13. Slide 13: 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

  14. Slide 14: 2013 Earnings Guidance

    2013 Earnings Guidance 14 2013 EPS Guidance: $1.85 to $2.00 per share  Weather-adjusted load growth of 0.5 to 1%  Wind generation based on updated forecasts  D&A expense of $244 million  O&M between $440-$460 million (quarterly run rate: $110-$115 million) Assumptions for FY 2013  Capital expen

  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 12/31/12 (in millions) Lines of Credit $700 Commercial Paper $(17) Letters of Credit $(67) Cash $12 Available $628 15 Capital Expenditures $310 $353 $310 $1

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