Portland General Electric Co · NYSE:POR
Portland General Electric — 44th EEI Financial Conference 2009
33 slides from Portland General Electric's conference presentation, Oct 30, 2009
Slide 1: 44th EEI Financial Conference, November 4, 2009
Exhibit 99.1 Exhibit 44th Portland November Copyright EEI99.1 General Financial ©1 –2009 4, 2009 Electric Portland Conference General Electric. All Rights Reserved.
Slide 2: Cautionary Statement Regarding Forward-Looking Statements
Cautionary Information Except 2009 Forward-Looking This Section regarding well cautioned electricity in from forward-looking assumes 10-K and PGE 2 unanticipated rate regulatory Results as presentation undertakes thermal — and as other 21E treatment and no the future expressly that and Statement obl
Slide 3: Portland General Electric Investment Highlights
Portland “Pure-play” Operational Low-risk Prudent – Dividend Stability: Attractive return EPS (Growth: Study experiences (2) 3 1) Attractive Vertically Well-managed Track Target Regulated Diversified, High Significant Natural Investment Focus Represents PGE growth based proposition quality, customer
Slide 4: Strategic Direction
Portland Mission: General Operational price. Strategic our To Excellence be a company Direction customers and communities can depend upon to provide electric service in a safe, responsible and reliable manner, with excellent customer service, at a reasonable Customer Operationalsatisfaction efficien
Slide 5: Attractive, Vertically Integrated Regulated Business Profile
Attractive •– Port Beaver WASHINGTON OREGON Colstrip Columbia Portland Canyon CoyoteBiglow T.W. Boardman River North Faraday Clackamas Oak Willamette Round Pelton Salem (Madras) Other CWIP Transmission Distribution Generation Net (1) (2) 5 OR WAAttractive, Vertically Opportunities Diversified Virtua
Slide 6: Attractive Service Territory: Weather-Adjusted Annual Load Growth
Attractive Weather Annual (thousands 20,000 1.4% 2003 2008 Industrial Commercial Total Compounded Growth Population Load Reduction Residential (1) (2) 6 Adjusted NoRetail 2004 = growth annual single 19,000 $1.5 Load in Adjusted 10% Service Oregon’s in 2005 of growth 50% usage Revenues Billion 40% fo
Slide 7: Constructive Oregon Regulatory Environment
Constructive Oregon Governor-appointed Cost 10.0% Forward Anticipate Net Annual Power Effective Decoupling Standard Renewable PGE Integrated Acknowledgement 2009 (1) 7 See Variable of can IRP Allowed Cost Appendix Capital Update Public Test recover requires February -Resource filing longer-term Adju
Slide 8: Operational Excellence: Ongoing Investments and Customer Satisfaction
Operational Ongoing Smart Capex: Projected Highly On-going Invested Well Customer Highest Residential (1) Study experiences 8 PGE Maintained, based Meter reliable $130-$135 customer received more investments annual infrastructure Satisfaction customer and Excellence Efficiency on Program than system
Slide 9: Operational Excellence: Generation Capacity
Operational Excellence Generation Physical Capacity (at 12/31/08) Hydro Capacity% of Total Capacity Deschutes River Projects 298 MW 6.7% Clackamas/Willamette River HydroProjects 191 Contracts 4.315.6 695 1,184 Natural 26.6 Gas/Oil Beaver Units 1-8 529 MW 11.9% Coyote Port Springs413 2339.3 5.2 1,175
Slide 10: Business Growth: Capital Expenditures and Rate Base
Business Capital 800 $371 $455 $545(1) $732(1) Rate ($ 3,000 $2,381(2) $2,900(4) 2006 $1,819(2) $1,939(2) Attractive, 2010 and (1) (2) (3) (4) 10 millions) Based Rate Includes equity 700 Base $383 2007 capital 2,800 Expenditures base 600 Growth on $2,433(3) (Average) with near-term 2008 2,600 the Bi
Slide 11: Business Growth: Biglow Canyon Wind Farm
Business Biglow Columbia 450 Total Completion Nameplate MW Cost Online Vendor MW, 1.65 $255 December Vestas 150 $319 August Phase 175 2.3 $426 Third (1) Siemens (2) 11 As Based Megawatts MW MW, Megawatts per (w/AFDC) 76 million cost Quarter Idefined II III date 125 of Canyon turbines unit Growth tot
Slide 12: Business Growth: PGE's Load/Resource Balance
Business Load PGE’s Load/Resource 4000 Retail Embedded 2015 MWa Availability actions Average Long-term Annual Natural 2010 Coal In Note: (1) 12 2015 Includes 3500 Shortfall 2011 Growth Assumes 214 Load long-term PGE Gas we Renewables Growth MWa 2012 3000 Market Hydro EE project with 537 122 Hydro re
Slide 13: Business Growth: Integrated Resource Plan Process
Business Integrated Under The Goal customers. utility This Early Schedule: November First 13 IRP is Quarter isSeptember actions OPUC an Commission requires Growth open Resource 2009: 2010: guidelines, that public 2009: Final that are OPUC Planning acknowledgement the consistent planning plan Draft p
Slide 14: Business Growth: Draft IRP Resource Needs
Business Draft A Expected Potential 300 122 New Up Earliest Emissions Capital Transmission Cascade Approximate Completed (1) (2) (3) 14long-term Per Needed Nominal toMWa –capacity energy filing 500 200 draft cost date Crossing Capital Growth resource of MW controls by to of estimated resources analy
Slide 15: Prudent Financial Strategy: Target Capital Structure
Prudent Target 2010 PGE capital Additional Debt 2009 Equity Issued (1) 15 Expected anticipates Issuance Capital $130 $300 $150 12.5 projects. Issuance Financial equity million million toStructure close issuing issuance Strategy shares ofearly First FMBs approximately 50% of is November Mortgage comm
Slide 16: Prudent Financial Strategy: Liquidity
Prudent Liquidity ($ 100 200 300 400 500 $525 R 0 Revolver $370 Cash $30 $125 Margin – Approximately (1) (2) (3) 16evolving $360 $10 Margin millions) Assumes Represents Consists $190(1) million million million million deposits Financial Usage deposits roll-off(3) (as Credit revolving of $46 market o
Slide 17: Prudent Financial Strategy: Debt/Capitalization and Credit Ratings
Prudent 55% 60% Debt/Capitalization 50% 2006 30% 35% 40% 45% Manageable $100 $142 $186 2009 $0 Credit Dividend Senior S&P Outlook Moody’s 0.255 0.245 0.235 0.225 +4% Jul- 06 (1) (2) 17 06 Includes Oct- A 53% 47% 2007 $100 2010 0.2550.255 0.245 0.235 0.225 07 Ratings Secured Unsecured BBB+ Financial
Slide 18: Portland General Electric Investment Highlights
Portland “Pure-play” Operational Low-risk Dividend Stability: Attractive Prudent EPS Growth: 18 Growth financial General growth Yield total excellence electric return plan Investment strategy utility proposition Highlights
Slide 19: Investor Contact Information
Investor William Shane Portland www.PortlandGeneral. 19 Johnston J. Relations General Valach Analyst, Electric Director, Contact com Investor Company Information Investor Relations 121 Relations S.W. 503-464-8586 Salmon 503-464-7395 Street Shane. Suite William. Johnston@pgn. 1WTC0403 Valach@pgn. Por
Slide 20: Appendix Table of Contents
Table •Appendix 20 Recent Power Decoupling Senate Regulatory, 2009 Renewable Estimated Smart Boardman ofIRP Grid Cost Bill Contents Financial Energy Capacity RPS BART 408 Energy p.31 Adjustment Legal Mechanism Position p.25 Results Action p.32 and Action Standard Other Mechanism by p.23-24 Plan p.21
Slide 21: Recent Financial Results
Recent Financial Year December Nine September Revenues Income Net EPS ($ Boardman 2007 Full-year California Year-to-Date Trojan 2008 Beaver Senate 2009 Non-qualified Storm 21 inIncome earnings (basic Ended millions, Months 2008 2009 Costs Refund Bill Financial oil from Summary $1,743 settlement 31,
Slide 22: Annual Power Cost Recovery Mechanism
Recovery Annual (1) Power $30 ($15) 90/10 150 NVPC Baseline 75 Equity Earnings 9.0% 100 10.0% 11.0% PGE An Customer 22 Bps Deadband annual million(1) Bps absorbs million(1) Sharing Cost on of Power reset of Test of Surcharge Refund surcharge refund ROE Return earnings ROE Adjustment Sharing Power of
Slide 23: Decoupling Mechanism
Decoupling A estimated Implemented Recovery The revenues approximately On associated Mechanism Adjustments (in YTD SNA ROE Total 23 condition millions) January decoupling SNA LRR Adjustment Adjustment($0.3)($0.5)($0.5)($1.3) is mechanism atwith 31, Mechanism effective based of approximately Q1 Booke
Slide 24: Decoupling Simplified
Decoupling Simplified Residential Assumptions: Weather Base Analysis: Revised PGE Financial Power regulatory 24 cost monthly costs: monthly adjusted impact structure: structure asset Decoupling customer Mechanism Approximately bill: for on bill decrease 1,000 of future 50% PGE: due Monthly lost Exam
Slide 25: Oregon Senate Bill 408
Oregon Beginning utility SB Report The Primary outcomes and Historical/expected 2006: 2007: 2008: 2009: 25 408 may 2008 Customer Expected Recorded or for requires Senate issue address corporate report and prior January for increased Bill customer calendar an refund collection of those PGE consolidat
Slide 26: Regulatory, Legal and Other Considerations
Regulatory, Selective Pelton/Round Capital On Procedural Colstrip PGE During Based The Replacement Repair Boardman from Request Trojan OPUC – Class 26Begun April project scheduled Plant has November Action on Nuclear costs docket: Proceedings the cost with subject Coal refund a14, Water input went C
Slide 27: Energy Resource Actions 2009-2015
2009 Energy Thermal 2015 Combined Boardman Renewable ETO Existing RPS Biomass Geothermal Solar To Short- Subtotal (Surplus) Total (1) (2) 27 Hedge Assumes Data Compliance Energy Integrated Resource PV and Action as Contract 982 Resource --/Load Lease Cycle Heat Mid-term deficit of &-normal Savings S
Slide 28: Capacity Resource Actions 2009-2015
2009 Thermal 2015 Combined Boardman Renewable Existing RPS Biomass Geothermal Solar To Short- Capacity Flexible Customer-Based Dispatchable Demand Seasonally ETO Bi-seasonal Winter-only Total (1) (3) 28 Hedge Data Based Compliance Capacity Integrated Incremental PV and Peaking as Contract Resource R
Slide 29: Additional Renewable Resources and Standard
Additional Integrated Renewable order Year 2011 2015 2020 2025 Biglow 29 Renewable 5% 15% 20% 25% to Canyon beResource Renewable included Energy resources Wind Target Standard Plan incan Farm Resources rates will be will the tracked address following bring into 122 PGE’s rates, January MWaload throu
Slide 30: Estimated Renewable Portfolio Standard Position
Estimated 2011 Calculate PGE Remove A) Renewable B) Existing Vansycle Klondike Sale Biglow Post-1999 Pelton C) Compliance D) E) F) G) H) I) J) * (1) 30 Previously Cumulative Cummulative Total IRP Total Renewable Net % Excess/(deficit) Inof will retail 2015 of MWa; Round Action PGE RECs Canyon PGE lo
Slide 31: Smart Meter Program
Smart Provides Vendor: Technology: Deployment: As Approximately Estimated OPUC Distribution Pursuing Optimizing 31 of October Grid Meters approved Sensus two-way direct cost: distribution System FlexNet 850,000 20, 400,000 load $130 Metering limited 2009 communications control million radio resident
Slide 32: Boardman Best Available Retrofit Technology Update
Boardman Best In Phase Phases PGE Based continued – Schedule: (1) 32EPA June Available cost 1: 2: 3: upon approval 12009, 100% Installation and estimate operation BART the 2the of Retrofit would expected estimated Oregon Update for of ofmeet Phases Boardman Technology low semi-dry Selective cost in
Slide 33: Portland General Electric
Portland General Electric 33
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