Portland General Electric Co · NYSE:POR
Portland General Electric — Q2 2012 Earnings Presentation
14 slides from Portland General Electric's earnings presentation, Aug 7, 2012
Slide 1: Earnings Conference Call Second Quarter 2012
Earnings Conference Call Second Quarter 2012 1 Exhibit 99.2
Slide 2: Cautionary Statement
Cautionary Statement 2 Information Current as of August 7, 2012 Except as expressly noted, the information in this presentation is current as of August 7, 2012 — the date on which PGE filed its Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2012 — and should not be relied upon
Slide 3: Leadership Presenting Today
Leadership Presenting Today 3 Maria Pope Senior Vice President, Finance, CFO & Treasurer Jim Piro President & CEO
Slide 4: Q2 2012 Earnings Results
Q2 2012 Earnings Results 4 in millions Q2 2011 Q2 2012 YTD Q2 2011 YTD Q2 2012 Net Income $22 $26 $91 $75 Q2 $0.29 Q2 $0.34 2011 2012 Earnings Per Share
Slide 5: On Today's Call
On Today’s Call 5 Oregon’s Economy Operational Excellence Business Growth Financial Update Q&A Session
Slide 6: Capacity and Energy RFP
Capacity and Energy RFP 6 Capacity 200 MW year-round flexible resource 200 MW bi-seasonal peaker 150 MW winter-only peaker Energy 300-500 MW base load resource Bidders can submit a PPA, a build own transfer, an asset purchase agreement of an existing facility, or a project on PGE’s ben
Slide 7: Renewable RFP
Renewable RFP 7 100 MWa of renewable energy Wind, biomass, solar, or other Resources available to meet PGE’s 2015 Renewable Energy Standard Bidders can submit a PPA, a build own transfer, or an asset purchase agreement of an existing facility PGE will submit a benchmark bid July 25, 2012 Q
Slide 8: Cascade Crossing Transmission Project
Cascade Crossing Transmission Project 8 Permitting Processes 1. Preliminary Site Certificate with ODOE (filed 2/29/12) 2. Environmental Impact Study from USDA Forest Service 3. Environmental Analysis & Easements from Warm Springs Tribe Ongoing Discussions 1. Bonneville Power Administration 2. Pacifi
Slide 9: Second Quarter Financial Results
Second Quarter Financial Results 9 Quarter over Quarter Earnings Drivers Benefit from strong power supply operations Below PCAM baseline, no customer refund in 2012 Partially offset by a decrease in energy deliveries due to mild weather this spring NI in millions Q2 2011 Q2 2012 YTD Q2 2011 YTD Q2 2
Slide 10: Retail Revenues and Load
Retail Revenues and Load 10 Q2 YTD Q2 Full Year Forecast 0.5% 1.0% 1.0% $390 $394 2011 2012 Q2 Retail Revenues (in millions) YTD Q2 Retail Revenues (in millions) Weather-Adjusted Load Growth: 2012 over 2011(1) $853 $856 2011 2012 (1) Excludes certain industrial customers who have little impact on ma
Slide 11: Purchased Power and Fuel
Purchased Power and Fuel 11 Q2 2011 Q2 2012 YTD Q2 2011 YTD Q2 2012 $169 $156 $363 $351 Net Variable Power Costs (in millions) Power Cost Adjustment Mechanism (PCAM) 10.0% 9.0% 11.0% R e tu rn o n E quit y R e tu rn o n E quit y Baseline NVPC 90/10 Sharing ($15) million(1) $30 million(1) Customer Re
Slide 12: O&M, Depreciation and Capital Expenditures
O&M, Depreciation and Capital Expenditures 12 (in millions) Q2 2011 Q2 2012 YTD 2011 YTD 2012 Production & Distribution $55 $51 $97 $104 Administrative & General $51 $56 $103 $110 Total O&M $106 $107 $200 $214 Depreciation & Amortization $55 $63 $111 $125 $69 $68 $186 Remainder of 2012 Q2 2012 Q1 20
Slide 13: Financial Position
Financial Position 13 Senior Secured Senior Unsecured Outlook S&P A- BBB Stable Moody’s A3 Baa2 Positive Credit Ratings Total Liquidity (in millions) Lines of Credit $670 Letters of Credit $(115) Cash $74 Available $629
Slide 14: 2012 Earnings Guidance
2012 Earnings Guidance 14 Weather-adjusted load growth of 1% Favorable power supply operations Capital Projects $17 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 from I
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