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[X]
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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[ ]
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
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Oregon
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93-0256820
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification No.)
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Large accelerated filer [x]
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Accelerated filer [ ]
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Non-accelerated filer [ ]
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(Do not check if a smaller reporting company)
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Smaller reporting company [ ]
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Emerging growth company [ ]
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Item 1.
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Financial Statements
(Unaudited)
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Item 2.
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Item 3.
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Item 4.
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Item 1.
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Item 1A.
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Item 5.
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Item 6.
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Abbreviation or Acronym
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Definition
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AFDC
|
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Allowance for funds used during construction
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AUT
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Annual Power Cost Update Tariff
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Boardman
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Boardman coal-fired generating plant
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Carty
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Carty natural gas-fired generating plant
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Colstrip
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Colstrip Units 3 and 4 coal-fired generating plant
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CWIP
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Construction work-in-progress
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EPA
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United States Environmental Protection Agency
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FERC
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Federal Energy Regulatory Commission
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FMBs
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First Mortgage Bonds
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GAAP
|
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Accounting principles generally accepted in the United States of America
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GRC
|
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General Rate Case
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IRP
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Integrated Resource Plan
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Moody’s
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Moody’s Investors Service
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MW
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Megawatts
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MWa
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Average megawatts
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MWh
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Megawatt hours
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NVPC
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Net Variable Power Costs
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OPUC
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Public Utility Commission of Oregon
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PCAM
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Power Cost Adjustment Mechanism
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RPS
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Renewable Portfolio Standard
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S&P
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S&P Global Ratings
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SEC
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United States Securities and Exchange Commission
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TCJA
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United States Tax Cuts and Jobs Act
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Trojan
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Trojan nuclear power plant
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Item 1.
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Financial Statements.
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Three Months Ended
March 31, |
||||||
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2018
|
|
2017
|
||||
Revenues:
|
|
|
|
||||
Revenues, net
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$
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495
|
|
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$
|
530
|
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Alternative revenue programs, net of amortization
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(2
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)
|
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—
|
|
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Total revenues
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493
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|
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530
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|
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Operating expenses:
|
|
|
|
||||
Purchased power and fuel
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130
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|
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141
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Generation, transmission and distribution
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69
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81
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|
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Administrative and other
|
69
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|
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67
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|
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Depreciation and amortization
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92
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|
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84
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|
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Taxes other than income taxes
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33
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|
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33
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Total operating expenses
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393
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|
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406
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Income from operations
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100
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124
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|
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Interest expense, net
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31
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|
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30
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|
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Other income:
|
|
|
|
||||
Allowance for equity funds used during construction
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4
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|
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2
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|
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Miscellaneous income (expense), net
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(1
|
)
|
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—
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|
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Other income, net
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3
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|
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2
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Income before income tax expense
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72
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|
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96
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|
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Income tax expense
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8
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|
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23
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|
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Net income
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$
|
64
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|
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$
|
73
|
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Other comprehensive loss
|
—
|
|
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(1
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)
|
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Comprehensive income
|
$
|
64
|
|
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$
|
72
|
|
|
|
|
|
||||
|
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||||
Weighted-average shares outstanding—basic and diluted (in thousands)
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89,160
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89,003
|
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|
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|
||||
Earnings per share—basic and diluted
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$
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0.72
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|
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$
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0.82
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|
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Dividends declared per common share
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$
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0.34
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$
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0.32
|
|
|
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|
||||
See accompanying notes to condensed consolidated financial statements.
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March 31,
2018 |
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December 31,
2017 |
||||
ASSETS
|
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|
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Current assets:
|
|
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||||
Cash and cash equivalents
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$
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70
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$
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39
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Accounts receivable, net
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152
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|
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168
|
|
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Unbilled revenues
|
77
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|
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106
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Inventories
|
80
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|
|
78
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|
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Regulatory assets—current
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72
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62
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|
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Other current assets
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81
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|
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73
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Total current assets
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532
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526
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Electric utility plant, net
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6,781
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6,741
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Regulatory assets—noncurrent
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448
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438
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Nuclear decommissioning trust
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42
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42
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Non-qualified benefit plan trust
|
36
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37
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Other noncurrent assets
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53
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|
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54
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|
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Total assets
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$
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7,892
|
|
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$
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7,838
|
|
|
|
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|
||||
See accompanying notes to condensed consolidated financial statements.
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March 31,
2018 |
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December 31,
2017 |
||||
LIABILITIES AND EQUITY
|
|
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|
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Current liabilities:
|
|
|
|
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Accounts payable
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$
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97
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$
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132
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Liabilities from price risk management activities—current
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67
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|
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59
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|
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Accrued expenses and other current liabilities
|
229
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|
|
241
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|
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Total current liabilities
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393
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432
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|
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Long-term debt, net of current portion
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2,426
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2,426
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|
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Regulatory liabilities—noncurrent
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1,323
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1,288
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|
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Deferred income taxes
|
378
|
|
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376
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Unfunded status of pension and postretirement plans
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282
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284
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Liabilities from price risk management activities—noncurrent
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144
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|
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151
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|
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Asset retirement obligations
|
191
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|
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167
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Non-qualified benefit plan liabilities
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108
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|
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106
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|
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Other noncurrent liabilities
|
198
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|
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192
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|
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Total liabilities
|
5,443
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|
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5,422
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Commitments and contingencies (see notes)
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Equity:
|
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|
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Portland General Electric Company shareholders’ equity:
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Preferred stock, no par value, 30,000,000 shares authorized; none issued and outstanding as of March 31, 2018 and December 31, 2017
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—
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—
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Common stock, no par value, 160,000,000 shares authorized; 89,214,119 and 89,114,265 shares issued and outstanding as of March 31, 2018 and December 31, 2017, respectively
|
1,206
|
|
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1,207
|
|
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Accumulated other comprehensive loss
|
(8
|
)
|
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(8
|
)
|
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Retained earnings
|
1,251
|
|
|
1,217
|
|
||
Total equity
|
2,449
|
|
|
2,416
|
|
||
Total liabilities and equity
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$
|
7,892
|
|
|
$
|
7,838
|
|
|
|||||||
See accompanying notes to condensed consolidated financial statements.
|
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Three Months Ended March 31,
|
||||||
|
2018
|
|
2017
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Net income
|
$
|
64
|
|
|
$
|
73
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
92
|
|
|
84
|
|
||
Deferred income taxes
|
6
|
|
|
17
|
|
||
Pension and other postretirement benefits
|
6
|
|
|
6
|
|
||
Allowance for equity funds used during construction
|
(4
|
)
|
|
(2
|
)
|
||
Decoupling mechanism deferrals, net of amortization
|
3
|
|
|
(9
|
)
|
||
Deferral of net benefits due to Tax Reform
|
15
|
|
|
—
|
|
||
Other non-cash income and expenses, net
|
4
|
|
|
7
|
|
||
Changes in working capital:
|
|
|
|
||||
Decrease in accounts receivable and unbilled revenues
|
45
|
|
|
29
|
|
||
Decrease in inventories
|
(2
|
)
|
|
5
|
|
||
(Increase) in margin deposits, net
|
(6
|
)
|
|
(12
|
)
|
||
(Decrease) in accounts payable and accrued liabilities
|
(17
|
)
|
|
(10
|
)
|
||
Other working capital items, net
|
(5
|
)
|
|
(13
|
)
|
||
Other, net
|
(7
|
)
|
|
(5
|
)
|
||
Net cash provided by operating activities
|
194
|
|
|
170
|
|
||
Cash flows from investing activities:
|
|
|
|
||||
Capital expenditures
|
(131
|
)
|
|
(114
|
)
|
||
Sales of Nuclear decommissioning trust securities
|
3
|
|
|
7
|
|
||
Purchases of Nuclear decommissioning trust securities
|
(3
|
)
|
|
(5
|
)
|
||
Other, net
|
1
|
|
|
(1
|
)
|
||
Net cash used in investing activities
|
(130
|
)
|
|
(113
|
)
|
||
Cash flows from financing activities:
|
|
|
|
||||
Dividends paid
|
(30
|
)
|
|
(28
|
)
|
||
Other
|
(3
|
)
|
|
(4
|
)
|
||
Net cash used in financing activities
|
(33
|
)
|
|
(32
|
)
|
||
Increase in cash and cash equivalents
|
31
|
|
|
25
|
|
||
Cash and cash equivalents, beginning of period
|
39
|
|
|
6
|
|
||
Cash and cash equivalents, end of period
|
$
|
70
|
|
|
$
|
31
|
|
|
|
|
|
||||
Supplemental cash flow information is as follows:
|
|
|
|
||||
Cash paid for interest, net of amounts capitalized
|
$
|
13
|
|
|
$
|
13
|
|
Cash paid for income taxes
|
—
|
|
|
—
|
|
||
|
|||||||
See accompanying notes to condensed consolidated financial statements.
|
|
Three Months Ended March 31, 2018
|
||
Retail:
|
|
||
Residential
|
$
|
268
|
|
Commercial
|
151
|
|
|
Industrial
|
44
|
|
|
Direct access customers
|
10
|
|
|
Subtotal
|
473
|
|
|
Alternative revenue programs, net of amortization
|
(2
|
)
|
|
Other accrued (deferred) revenues, net
(1)
|
(17
|
)
|
|
Total retail revenues
|
454
|
|
|
Wholesale revenues
(2)
|
28
|
|
|
Other operating revenues
|
11
|
|
|
Total revenues
|
$
|
493
|
|
|
March 31, 2018
|
|
December 31, 2017
|
||||
Prepaid expenses
|
$
|
56
|
|
|
$
|
50
|
|
Assets from price risk management activities
|
4
|
|
|
6
|
|
||
Margin deposits
|
17
|
|
|
11
|
|
||
Other
|
4
|
|
|
6
|
|
||
Other current assets
|
$
|
81
|
|
|
$
|
73
|
|
|
March 31, 2018
|
|
December 31, 2017
|
||||
Electric utility plant
|
$
|
9,984
|
|
|
$
|
9,914
|
|
Construction work-in-progress
|
430
|
|
|
391
|
|
||
Total cost
|
10,414
|
|
|
10,305
|
|
||
Less: accumulated depreciation and amortization
|
(3,633
|
)
|
|
(3,564
|
)
|
||
Electric utility plant, net
|
$
|
6,781
|
|
|
$
|
6,741
|
|
|
March 31, 2018
|
|
December 31, 2017
|
||||||||||||
|
Current
|
|
Noncurrent
|
|
Current
|
|
Noncurrent
|
||||||||
Regulatory assets:
|
|
|
|
|
|
|
|
||||||||
Price risk management
|
$
|
62
|
|
|
$
|
144
|
|
|
$
|
53
|
|
|
$
|
151
|
|
Pension and other postretirement plans
|
—
|
|
|
214
|
|
|
—
|
|
|
218
|
|
||||
Debt issuance costs
|
—
|
|
|
18
|
|
|
—
|
|
|
19
|
|
||||
Trojan decommissioning activities
|
—
|
|
|
25
|
|
|
—
|
|
|
—
|
|
||||
Other
|
10
|
|
|
47
|
|
|
9
|
|
|
50
|
|
||||
Total regulatory assets
|
$
|
72
|
|
|
$
|
448
|
|
|
$
|
62
|
|
|
$
|
438
|
|
Regulatory liabilities:
|
|
|
|
|
|
|
|
||||||||
Asset retirement removal costs
|
$
|
—
|
|
|
$
|
944
|
|
|
$
|
—
|
|
|
$
|
933
|
|
Deferred income taxes
|
—
|
|
|
281
|
|
|
—
|
|
|
277
|
|
||||
Trojan decommissioning activities
|
2
|
|
|
—
|
|
|
3
|
|
|
—
|
|
||||
Asset retirement obligations
|
—
|
|
|
53
|
|
|
—
|
|
|
52
|
|
||||
Other
|
26
|
|
|
45
|
|
|
28
|
|
|
26
|
|
||||
Total regulatory liabilities
|
$
|
28
|
|
*
|
$
|
1,323
|
|
|
$
|
31
|
|
*
|
$
|
1,288
|
|
|
March 31, 2018
|
|
December 31, 2017
|
||||
Accrued employee compensation and benefits
|
$
|
39
|
|
|
$
|
60
|
|
Accrued taxes payable
|
32
|
|
|
31
|
|
||
Accrued interest payable
|
43
|
|
|
27
|
|
||
Accrued dividends payable
|
31
|
|
|
31
|
|
||
Regulatory liabilities—current
|
28
|
|
|
31
|
|
||
Other
|
56
|
|
|
61
|
|
||
Total accrued expenses and other current liabilities
|
$
|
229
|
|
|
$
|
241
|
|
|
March 31, 2018
|
|
December 31, 2017
|
||||
Trojan decommissioning activities
|
$
|
68
|
|
|
$
|
45
|
|
Utility plant
|
110
|
|
|
109
|
|
||
Non-utility property
|
13
|
|
|
13
|
|
||
Asset retirement obligations
|
$
|
191
|
|
|
$
|
167
|
|
|
Three Months Ended
March 31, |
||||||
|
2018
|
|
2017
|
||||
Service cost
|
$
|
5
|
|
|
$
|
4
|
|
Interest cost
|
8
|
|
|
8
|
|
||
Expected return on plan assets
|
(10
|
)
|
|
(10
|
)
|
||
Amortization of net actuarial loss
|
4
|
|
|
3
|
|
||
Net periodic benefit cost
|
$
|
7
|
|
|
$
|
5
|
|
Level 1
|
Quoted prices are available in active markets for identical assets or liabilities as of the measurement date.
|
Level 2
|
Pricing inputs include those that are directly or indirectly observable in the marketplace as of the measurement date.
|
Level 3
|
Pricing inputs include significant inputs that are unobservable for the asset or liability.
|
|
As of March 31, 2018
|
||||||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Other
(2)
|
|
Total
|
||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash equivalents
|
$
|
60
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
60
|
|
Nuclear decommissioning trust:
(1)
|
|
|
|
|
|
|
|
|
|
||||||||||
Debt securities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Domestic government
|
3
|
|
|
7
|
|
|
—
|
|
|
—
|
|
|
10
|
|
|||||
Corporate credit
|
—
|
|
|
6
|
|
|
—
|
|
|
—
|
|
|
6
|
|
|||||
Money market funds measured at NAV
(2)
|
—
|
|
|
—
|
|
|
—
|
|
|
26
|
|
|
26
|
|
|||||
Non-qualified benefit plan trust:
(3)
|
|
|
|
|
|
|
|
|
|
||||||||||
Money market funds
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|||||
Equity securities—domestic
|
6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6
|
|
|||||
Debt securities—domestic government
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|||||
Assets from price risk management activities:
(1) (4)
|
|
|
|
|
|
|
|
|
|
||||||||||
Electricity
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|||||
Natural gas
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|||||
|
$
|
71
|
|
|
$
|
17
|
|
|
$
|
—
|
|
|
$
|
26
|
|
|
$
|
114
|
|
Liabilities from price risk management
activities:
(1) (4)
|
|
|
|
|
|
|
|
|
|
||||||||||
Electricity
|
$
|
—
|
|
|
$
|
11
|
|
|
$
|
123
|
|
|
$
|
—
|
|
|
$
|
134
|
|
Natural gas
|
—
|
|
|
66
|
|
|
11
|
|
|
—
|
|
|
77
|
|
|||||
|
$
|
—
|
|
|
$
|
77
|
|
|
$
|
134
|
|
|
$
|
—
|
|
|
$
|
211
|
|
(1)
|
Activities are subject to regulation, with certain gains and losses deferred pursuant to regulatory accounting and included in Regulatory assets or Regulatory liabilities as appropriate.
|
(2)
|
Assets are measured at NAV as a practical expedient and not subject to hierarchy level classification disclosure.
|
(3)
|
Excludes insurance policies of
$28 million
, which are recorded at cash surrender value.
|
(4)
|
For further information, see Note 5, Price Risk Management.
|
|
As of December 31, 2017
|
||||||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Other
(2)
|
|
Total
|
||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash equivalents
|
$
|
30
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
30
|
|
Nuclear decommissioning trust:
(1)
|
|
|
|
|
|
|
|
|
|
||||||||||
Debt securities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Domestic government
|
4
|
|
|
7
|
|
|
—
|
|
|
—
|
|
|
11
|
|
|||||
Corporate credit
|
—
|
|
|
6
|
|
|
—
|
|
|
—
|
|
|
6
|
|
|||||
Money market funds measured at NAV
(2)
|
—
|
|
|
—
|
|
|
—
|
|
|
25
|
|
|
25
|
|
|||||
Non-qualified benefit plan trust:
(3)
|
|
|
|
|
|
|
|
|
|
||||||||||
Money market funds
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|||||
Equity securities—domestic
|
7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7
|
|
|||||
Debt securities—domestic government
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|||||
Assets from price risk management activities:
(1) (4)
|
|
|
|
|
|
|
|
|
|
||||||||||
Electricity
|
—
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|||||
Natural gas
|
—
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|||||
|
$
|
43
|
|
|
$
|
19
|
|
|
$
|
—
|
|
|
$
|
25
|
|
|
$
|
87
|
|
Liabilities from price risk management
activities:
(1) (4)
|
|
|
|
|
|
|
|
|
|
||||||||||
Electricity
|
$
|
—
|
|
|
$
|
5
|
|
|
$
|
130
|
|
|
$
|
—
|
|
|
$
|
135
|
|
Natural gas
|
—
|
|
|
66
|
|
|
9
|
|
|
—
|
|
|
75
|
|
|||||
|
$
|
—
|
|
|
$
|
71
|
|
|
$
|
139
|
|
|
$
|
—
|
|
|
$
|
210
|
|
(1)
|
Activities are subject to regulation, with certain gains and losses deferred pursuant to regulatory accounting and included in Regulatory assets or Regulatory liabilities as appropriate.
|
(2)
|
Assets are measured at NAV as a practical expedient and not subject to hierarchy level classification disclosure.
|
(3)
|
Excludes insurance policies of
$28 million
, which are recorded at cash surrender value.
|
(4)
|
For further information, see Note 5, Price Risk Management.
|
|
|
Fair Value
|
|
Valuation Technique
|
|
Significant Unobservable Input
|
|
Price per Unit
|
||||||||||||||||
Commodity Contracts
|
|
Assets
|
|
Liabilities
|
|
|
|
Low
|
|
High
|
|
Weighted Average
|
||||||||||||
|
|
(in millions)
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
As of March 31, 2018:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Electricity physical forwards
|
|
$
|
—
|
|
|
$
|
122
|
|
|
Discounted cash flow
|
|
Electricity forward price (per MWh)
|
|
$
|
6.56
|
|
|
$
|
44.31
|
|
|
$
|
31.44
|
|
Natural gas financial swaps
|
|
—
|
|
|
11
|
|
|
Discounted cash flow
|
|
Natural gas forward price (per Decatherm)
|
|
1.12
|
|
|
2.58
|
|
|
1.59
|
|
|||||
Electricity financial futures
|
|
—
|
|
|
1
|
|
|
Discounted cash flow
|
|
Electricity forward price (per MWh)
|
|
6.56
|
|
|
27.74
|
|
|
18.46
|
|
|||||
|
|
$
|
—
|
|
|
$
|
134
|
|
|
|
|
|
|
|
|
|
|
|
||||||
As of December 31, 2017:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Electricity physical forwards
|
|
$
|
—
|
|
|
$
|
130
|
|
|
Discounted cash flow
|
|
Electricity forward price (per MWh)
|
|
$
|
7.79
|
|
|
$
|
41.23
|
|
|
$
|
30.95
|
|
Natural gas financial swaps
|
|
—
|
|
|
9
|
|
|
Discounted cash flow
|
|
Natural gas forward price (per Decatherm)
|
|
1.26
|
|
|
2.92
|
|
|
1.90
|
|
|||||
Electricity financial futures
|
|
—
|
|
|
—
|
|
|
Discounted cash flow
|
|
Electricity forward price (per MWh)
|
|
7.79
|
|
|
29.74
|
|
|
21.74
|
|
|||||
|
|
$
|
—
|
|
|
$
|
139
|
|
|
|
|
|
|
|
|
|
|
|
Significant Unobservable Input
|
|
Position
|
|
Change to Input
|
|
Impact on Fair Value Measurement
|
Market price
|
|
Buy
|
|
Increase (decrease)
|
|
Gain (loss)
|
Market price
|
|
Sell
|
|
Increase (decrease)
|
|
Loss (gain)
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, |
||||||
|
2018
|
|
2017
|
||||
Balance as of the beginning of the period
|
$
|
139
|
|
|
$
|
119
|
|
Net realized and unrealized (gains)/losses
*
|
(4
|
)
|
|
26
|
|
||
Transfers out of Level 3 to Level 2
|
(1
|
)
|
|
(1
|
)
|
||
Balance as of the end of the period
|
$
|
134
|
|
|
$
|
144
|
|
|
March 31, 2018
|
|
December 31, 2017
|
|
||||
Current assets:
|
|
|
|
|
||||
Commodity contracts:
|
|
|
|
|
||||
Electricity
|
$
|
2
|
|
|
$
|
3
|
|
|
Natural gas
|
2
|
|
|
3
|
|
|
||
Total current derivative assets*
|
4
|
|
|
6
|
|
|
||
Total derivative assets not designated as hedging instruments
|
$
|
4
|
|
|
$
|
6
|
|
|
Total derivative assets
|
$
|
4
|
|
|
$
|
6
|
|
|
Current liabilities:
|
|
|
|
|
||||
Commodity contracts:
|
|
|
|
|
||||
Electricity
|
$
|
20
|
|
|
$
|
13
|
|
|
Natural gas
|
47
|
|
|
46
|
|
|
||
Total current derivative liabilities
|
67
|
|
|
59
|
|
|
||
Noncurrent liabilities:
|
|
|
|
|
||||
Commodity contracts:
|
|
|
|
|
||||
Electricity
|
114
|
|
|
122
|
|
|
||
Natural gas
|
30
|
|
|
29
|
|
|
||
Total noncurrent derivative liabilities
|
144
|
|
|
151
|
|
|
||
Total derivative liabilities not designated as hedging instruments
|
$
|
211
|
|
|
$
|
210
|
|
|
Total derivative liabilities
|
$
|
211
|
|
|
$
|
210
|
|
|
|
March 31, 2018
|
|
December 31, 2017
|
||||||
Commodity contracts:
|
|
|
|
|
|
||||
Electricity
|
7
|
|
MWh
|
|
7
|
|
MWh
|
||
Natural gas
|
110
|
|
Decatherms
|
|
114
|
|
Decatherms
|
||
Foreign currency exchange
|
$
|
22
|
|
Canadian
|
|
$
|
21
|
|
Canadian
|
|
Three Months Ended
March 31, |
||||||
|
2018
|
|
2017
|
||||
Commodity contracts:
|
|
|
|
||||
Electricity
|
$
|
1
|
|
|
$
|
33
|
|
Natural Gas
|
14
|
|
|
34
|
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
Thereafter
|
|
Total
|
||||||||||||||
Commodity contracts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Electricity
|
$
|
16
|
|
|
$
|
10
|
|
|
$
|
8
|
|
|
$
|
7
|
|
|
$
|
7
|
|
|
$
|
84
|
|
|
$
|
132
|
|
Natural gas
|
38
|
|
|
26
|
|
|
9
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
75
|
|
|||||||
Net unrealized loss
|
$
|
54
|
|
|
$
|
36
|
|
|
$
|
17
|
|
|
$
|
9
|
|
|
$
|
7
|
|
|
$
|
84
|
|
|
$
|
207
|
|
|
March 31, 2018
|
|
December 31, 2017
|
||
Assets from price risk management activities:
|
|
|
|
||
Counterparty A
|
15
|
%
|
|
39
|
%
|
Counterparty B
|
18
|
|
|
12
|
|
Counterparty C
|
10
|
|
|
1
|
|
Counterparty D
|
17
|
|
|
7
|
|
Counterparty E
|
10
|
|
|
6
|
|
|
70
|
%
|
|
65
|
%
|
Liabilities from price risk management activities:
|
|
|
|
||
Counterparty F
|
58
|
%
|
|
62
|
%
|
|
58
|
%
|
|
62
|
%
|
|
Three Months Ended
March 31, |
||||
|
2018
|
|
2017
|
||
Weighted-average common shares outstanding—basic and diluted
|
89,160
|
|
|
89,003
|
|
|
Common Stock
|
|
Accumulated
Other
Comprehensive
Loss
|
|
Retained
Earnings
|
|
|
|||||||||||
|
|
|
|
|
||||||||||||||
|
Shares
|
|
Amount
|
|
|
|
Total
|
|||||||||||
Balances as of December 31, 2017
|
89,114,265
|
|
|
$
|
1,207
|
|
|
$
|
(8
|
)
|
|
$
|
1,217
|
|
|
$
|
2,416
|
|
Issuances of shares pursuant to equity-based plans
|
99,854
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Stock-based compensation
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
||||
Dividends declared
|
—
|
|
|
—
|
|
|
—
|
|
|
(30
|
)
|
|
(30
|
)
|
||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
64
|
|
|
64
|
|
||||
Balances as of March 31, 2018
|
89,214,119
|
|
|
$
|
1,206
|
|
|
$
|
(8
|
)
|
|
$
|
1,251
|
|
|
$
|
2,449
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Balances as of December 31, 2016
|
88,946,704
|
|
|
$
|
1,201
|
|
|
$
|
(7
|
)
|
|
$
|
1,150
|
|
|
$
|
2,344
|
|
Issuances of shares pursuant to equity-based plans
|
121,154
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Stock-based compensation
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
||||
Dividends declared
|
—
|
|
|
—
|
|
|
—
|
|
|
(28
|
)
|
|
(28
|
)
|
||||
Other comprehensive income (loss)
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
73
|
|
|
73
|
|
||||
Balances as of March 31, 2017
|
89,067,858
|
|
|
$
|
1,200
|
|
|
$
|
(8
|
)
|
|
$
|
1,195
|
|
|
$
|
2,387
|
|
•
|
A breach of contract claim dated March 23, 2016, Portland General Electric Company v. Liberty Mutual Insurance Company and Zurich American Insurance Company, U.S. District Court of the District of Oregon, brought by PGE against the Sureties in U.S. District Court asserting that the Sureties are responsible for the payment of all damages sustained by PGE as a result of the Contractor’s breach of contract. The Company’s complaint disputes the Sureties’ assertion that the Company wrongfully terminated the Construction Agreement and asserts that the Sureties are responsible for the payment of all damages sustained by PGE as a result of the Sureties’ breach of contract, including damages in excess of the
$145.6 million
stated amount of the Performance Bond. Such damages include additional costs incurred by PGE to complete Carty;
|
•
|
A claim dated October 21, 2016, Portland General Electric Company v. Abeinsa EPC LLC, Abener Construction Services, LLC (formerly known as Abener Engineering and Construction Services, LLC), Teyma Construction USA LLC, and Abeinsa Abener Teyma General Partnership, U.S. District Court of the District of Oregon, brought by PGE in U.S. District Court against the Contractor for failure to satisfy its obligations under the Construction Agreement. PGE is seeking damages from the Contractor in excess of
$200 million
for: i) costs incurred to complete construction of Carty, settle claims with unpaid contractors and vendors, and remove liens; and ii) damages in excess of the construction costs, including a project management fee, liquidated damages under the Construction Agreement, legal fees and costs, damages due to delay of the project, warranty costs, and interest;
|
•
|
A claim dated December 31, 2015, In the Matter of an Arbitration Under the Rules of the International Chamber of Commerce’s Court of Arbitration, International Chamber of Commerce’s Court of Arbitration, by Abengoa S.A. in the ICC arbitration proceeding alleging that the Company’s termination of the Construction Agreement was wrongful and in breach of the terms of the agreement and did not give rise to any liability of Abengoa S.A.; and
|
•
|
A claim by the Contractor against PGE in the ICC arbitration proceeding seeking damages of
$117 million
based on a claim that PGE wrongfully terminated the Construction Agreement and
$44 million
based on a claim that PGE failed to disclose certain information to the Contractor, in connection with the Contractor’s bid submitted pursuant to the Company’s request for proposals.
|
|
Three Months Ended March 31,
|
|
||||
|
2018
|
|
2017
|
|
||
Federal statutory tax rate
|
21.0
|
%
|
|
35.0
|
%
|
|
Federal tax credits
*
|
(18.0
|
)
|
|
(16.1
|
)
|
|
State and local taxes, net of federal tax benefit
|
6.5
|
|
|
5.0
|
|
|
Flow through depreciation and cost basis differences
|
1.0
|
|
|
1.0
|
|
|
Other
|
0.6
|
|
|
(0.9
|
)
|
|
Effective tax rate
|
11.1
|
%
|
|
24.0
|
%
|
|
|
|
|
|
|
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations.
|
•
|
governmental policies and regulatory audits, investigations and actions, including those of the FERC and the OPUC with respect to allowed rates of return, financings, electricity pricing and price structures, acquisition and disposal of facilities and other assets, construction and operation of plant facilities, transmission of electricity, recovery of power costs and capital investments, and current or prospective wholesale and retail competition;
|
•
|
economic conditions that result in decreased demand for electricity, reduced revenue from sales of excess energy during periods of low wholesale market prices, impaired financial stability of vendors and service providers, and elevated levels of uncollectible customer accounts;
|
•
|
the outcome of legal and regulatory proceedings and issues including, but not limited to, the matters described in Note 8, Contingencies, in the Notes to the Condensed Consolidated Financial Statements;
|
•
|
unseasonable or extreme weather and other natural phenomena, which could affect customers’ demand for power and PGE’s ability and cost to procure adequate power and fuel supplies to serve its customers, and could increase the Company’s costs to maintain its generating facilities and transmission and distribution systems;
|
•
|
operational factors affecting PGE’s power generating facilities, including forced outages, hydro and wind conditions, and disruption of fuel supply, any of which may cause the Company to incur repair costs or purchase replacement power at increased costs;
|
•
|
the failure to complete capital projects on schedule and within budget or the abandonment of capital projects, either of which could result in the Company’s inability to recover project costs;
|
•
|
volatility in wholesale power and natural gas prices, which could require PGE to issue additional letters of credit or post additional cash as collateral with counterparties pursuant to power and natural gas purchase agreements;
|
•
|
changes in the availability and price of wholesale power and fuels, including natural gas and coal, and the impact of such changes on the Company’s power costs;
|
•
|
capital market conditions, including availability of capital, volatility of interest rates, reductions in demand for investment-grade commercial paper, as well as changes in PGE’s credit ratings, any of which could have an impact on the Company’s cost of capital and its ability to access the capital markets to support requirements for working capital, construction of capital projects, and the repayments of maturing debt;
|
•
|
future laws, regulations, and proceedings that could increase the Company’s costs of operating its thermal generating plants, or affect the operations of such plants by imposing requirements for additional emissions controls or significant emissions fees or taxes, particularly with respect to coal-fired generating facilities, in order to mitigate carbon dioxide, mercury, and other gas emissions;
|
•
|
changes in, and compliance with, environmental laws and policies, including those related to threatened and endangered species, fish, and wildlife;
|
•
|
the effects of climate change, including changes in the environment that may affect energy costs or consumption, increase the Company’s costs, or adversely affect its operations;
|
•
|
changes in residential, commercial, and industrial customer growth, and in demographic patterns, in PGE’s service territory;
|
•
|
the effectiveness of PGE’s risk management policies and procedures;
|
•
|
declines in the fair value of securities held for the defined benefit pension plans and other benefit plans, which could result in increased funding requirements for such plans;
|
•
|
cyber security attacks, data security breaches, or other malicious acts that cause damage to the Company’s generation and transmission facilities or information technology systems, or result in the release of confidential customer, employee, or Company information;
|
•
|
employee workforce factors, including potential strikes, work stoppages, transitions in senior management, and a significant number of employees approaching retirement;
|
•
|
new federal, state, and local laws that could have adverse effects on operating results, including the potential impact of the U.S. Tax Cuts and Jobs Act (TCJA);
|
•
|
political and economic conditions;
|
•
|
changes in financial or regulatory accounting principles or policies imposed by governing bodies; and
|
•
|
acts of war or terrorism.
|
•
|
meet additional capacity needs;
|
•
|
acquire cost-effective energy efficiency;
|
•
|
acquire demand response and dispatchable standby generation from customers to help manage peak load conditions and other supply contingencies;
|
•
|
submit one or more energy storage proposals in accordance with Oregon House Bill 2193 by January 1, 2018; and
|
•
|
perform various research and studies related to flexible capacity and curtailment metrics, customer insights, decarbonization, risks associated with Direct Access, treatment of market capacity, access to resources from Montana, and improvements to load forecasting.
|
•
|
200 MW of annual capacity with five-year terms beginning January 1, 2021; and
|
•
|
100 MW of seasonal peak capacity during the summer and winter seasons with a term that would begin July 1, 2019 and continue through February 29, 2024.
|
•
|
Installation of a new customer information system to provide better, more secure service;
|
•
|
Replacement and upgrades to equipment to ensure system safety and reliability;
|
•
|
Equip substations with technology to address potential outages and shorten those that do occur;
|
•
|
Strengthen safeguards that protect against cyber attacks and other potential threats; and
|
•
|
Add infrastructure to support rapid growth in the region.
|
•
|
A capital structure of 50% debt and 50% equity;
|
•
|
A return on equity of 9.50%;
|
•
|
A cost of capital of 7.31%; and
|
•
|
A rate base of $4.86 billion.
|
|
Three Months Ended March 31,
|
|
|
|||||||||||
|
2018
|
|
2017
|
|
% Increase (Decrease) in Energy
Deliveries
|
|||||||||
|
Average
Number of
Customers
|
|
Retail Energy
Deliveries*
|
|
Average
Number of
Customers
|
|
Retail Energy
Deliveries*
|
|
||||||
Residential
|
768,886
|
|
|
2,133
|
|
|
758,087
|
|
|
2,383
|
|
|
(10.5
|
)%
|
|
|
|
|
|
|
|
|
|
|
|||||
Commercial (PGE sales only)
|
106,730
|
|
|
1,597
|
|
|
105,566
|
|
|
1,687
|
|
|
(5.3
|
)%
|
Direct Access
|
530
|
|
|
152
|
|
|
415
|
|
|
143
|
|
|
6.3
|
%
|
Total Commercial
|
107,260
|
|
|
1,749
|
|
|
105,981
|
|
|
1,830
|
|
|
(4.4
|
)%
|
|
|
|
|
|
|
|
|
|
|
|||||
Industrial (PGE sales only)
|
206
|
|
|
680
|
|
|
198
|
|
|
686
|
|
|
(0.9
|
)%
|
Direct Access
|
67
|
|
|
345
|
|
|
65
|
|
|
321
|
|
|
7.5
|
%
|
Total Industrial
|
273
|
|
|
1,025
|
|
|
263
|
|
|
1,007
|
|
|
1.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|||||
Total (PGE sales only)
|
875,822
|
|
|
4,410
|
|
|
863,851
|
|
|
4,756
|
|
|
(7.3
|
)%
|
Total Direct Access
|
597
|
|
|
497
|
|
|
480
|
|
|
464
|
|
|
7.1
|
%
|
Total
|
876,419
|
|
|
4,907
|
|
|
864,331
|
|
|
5,220
|
|
|
(6.0
|
)%
|
*
|
In thousands of MWh.
|
•
|
An investigation of environmental matters regarding Portland Harbor;
|
•
|
Claims pertaining to the termination of the Construction Agreement for Carty and recovery of incremental costs.
|
•
|
an increase in RPS thresholds to 27% by 2025, 35% by 2030, 45% by 2035, and 50% by 2040;
|
•
|
a limitation on the life of renewable energy certificates (RECs) generated from facilities that become operational after 2022 to five years, but continued unlimited lifespan for all existing RECs and allowance for the generation of additional unlimited RECs for a period of five years for projects on line before December 31, 2022; and
|
•
|
an allowance for energy storage costs in its renewable adjustment clause mechanism (RAC) filings.
|
|
Three Months Ended March 31,
|
||||||||||||
|
2018
|
|
2017
|
||||||||||
Revenues
(dollars in millions):
|
|
|
|
|
|
|
|
||||||
Retail:
|
|
|
|
|
|
|
|
||||||
Residential
|
$
|
268
|
|
|
54
|
%
|
|
$
|
288
|
|
|
54
|
%
|
Commercial
|
151
|
|
|
31
|
|
|
157
|
|
|
30
|
|
||
Industrial
|
44
|
|
|
9
|
|
|
44
|
|
|
8
|
|
||
Direct Access
|
10
|
|
|
2
|
|
|
9
|
|
|
2
|
|
||
Subtotal
|
473
|
|
|
96
|
|
|
498
|
|
|
94
|
|
||
Alternative revenue programs, net of amortization
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Other accrued (deferred) revenues, net
|
(17
|
)
|
|
(4
|
)
|
|
8
|
|
|
2
|
|
||
Total retail revenues
|
454
|
|
|
92
|
|
|
506
|
|
|
96
|
|
||
Wholesale revenues
|
28
|
|
|
6
|
|
|
13
|
|
|
2
|
|
||
Other operating revenues
|
11
|
|
|
2
|
|
|
11
|
|
|
2
|
|
||
Total revenues
|
$
|
493
|
|
|
100
|
%
|
|
$
|
530
|
|
|
100
|
%
|
Energy deliveries
(MWh in thousands):
|
|
|
|
|
|
|
|
||||||
Retail:
|
|
|
|
|
|
|
|
||||||
Residential
|
2,133
|
|
|
37
|
%
|
|
2,383
|
|
|
42
|
%
|
||
Commercial
|
1,597
|
|
|
27
|
|
|
1,687
|
|
|
30
|
|
||
Industrial
|
680
|
|
|
12
|
|
|
686
|
|
|
12
|
|
||
Subtotal
|
4,410
|
|
|
76
|
|
|
4,756
|
|
|
84
|
|
||
Direct access:
|
|
|
|
|
|
|
|
||||||
Commercial
|
152
|
|
|
3
|
|
|
143
|
|
|
2
|
|
||
Industrial
|
345
|
|
|
6
|
|
|
321
|
|
|
6
|
|
||
Subtotal
|
497
|
|
|
9
|
|
|
464
|
|
|
8
|
|
||
Total retail energy deliveries
|
4,907
|
|
|
85
|
|
|
5,220
|
|
|
92
|
|
||
Wholesale energy deliveries
|
874
|
|
|
15
|
|
|
439
|
|
|
8
|
|
||
Total energy deliveries
|
5,781
|
|
|
100
|
%
|
|
5,659
|
|
|
100
|
%
|
||
Average number of retail customers:
|
|
|
|
|
|
|
|
||||||
Residential
|
768,886
|
|
|
88
|
%
|
|
758,087
|
|
|
88
|
%
|
||
Commercial
|
106,730
|
|
|
12
|
|
|
105,566
|
|
|
12
|
|
||
Industrial
|
206
|
|
|
—
|
|
|
198
|
|
|
—
|
|
||
Direct access
|
597
|
|
|
—
|
|
|
480
|
|
|
—
|
|
||
Total
|
876,419
|
|
|
100
|
%
|
|
864,331
|
|
|
100
|
%
|
•
|
A $30 million decrease resulted from a 6% decrease in retail energy deliveries due largely to the effects of weather on electricity demand, which is reflected predominantly in the Residential revenue line in the table
|
•
|
A $15 million net decrease to reflect the deferral of revenues for estimated refund to customers as a result of the TCJA, which is reflected in the Other accrued (deferred) revenues, net line in the table above. This reduction in revenues is offset with lower income tax expense, resulting in no overall net income impact. See
Tax Reform
in the Overview section of this Item 2 for further information; and
|
•
|
An $8 million decrease resulting from the Decoupling mechanism as an estimated $1 million refund was recorded in 2018, as opposed to an estimated $7 million collection in 2017.
|
|
Heating Degree-days
|
|||||||
|
2018
|
|
2017
|
|
Avg.
|
|||
January
|
595
|
|
|
969
|
|
|
723
|
|
February
|
625
|
|
|
672
|
|
|
575
|
|
March
|
546
|
|
|
530
|
|
|
515
|
|
Totals
|
1,766
|
|
|
2,171
|
|
|
1,813
|
|
(Decrease)/increase from the 15-year average
|
(3
|
)%
|
|
20
|
%
|
|
|
|
Runoff as a Percent of Normal*
|
||||
Location
|
2018 Forecast
|
|
2017 Actual
|
||
Columbia River at The Dalles, Oregon
|
119
|
%
|
|
98
|
%
|
Mid-Columbia River at Grand Coulee, Washington
|
123
|
|
|
98
|
|
Clackamas River at Estacada, Oregon
|
99
|
|
|
97
|
|
Deschutes River at Moody, Oregon
|
96
|
|
|
98
|
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
||||||||||
Ongoing capital expenditures
(1)
|
$
|
627
|
|
|
$
|
444
|
|
|
$
|
451
|
|
|
$
|
440
|
|
|
$
|
450
|
|
Customer information system
(2)
|
28
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total capital expenditures
|
$
|
655
|
|
(3)
|
$
|
444
|
|
|
$
|
451
|
|
|
$
|
440
|
|
|
$
|
450
|
|
Long-term debt maturities
|
$
|
—
|
|
|
$
|
300
|
|
|
$
|
—
|
|
|
$
|
160
|
|
|
$
|
—
|
|
(1)
|
Consists primarily of upgrades to, and replacement of, generation, transmission, and distribution infrastructure, as well as new customer connections.
|
(2)
|
As of December 31, 2017, total capital expenditures for the Customer information system were $114 million, excluding AFDC.
|
(3)
|
Includes preliminary engineering and removal costs, which are included in other net operating activities in the condensed consolidated statements of cash flows.
|
|
Three Months Ended March 31,
|
||||||
|
2018
|
|
2017
|
||||
Cash and cash equivalents, beginning of period
|
$
|
39
|
|
|
$
|
6
|
|
Net cash provided by (used in):
|
|
|
|
||||
Operating activities
|
194
|
|
|
170
|
|
||
Investing activities
|
(130
|
)
|
|
(113
|
)
|
||
Financing activities
|
(33
|
)
|
|
(32
|
)
|
||
Increase in cash and cash equivalents
|
31
|
|
|
25
|
|
||
Cash and cash equivalents, end of period
|
$
|
70
|
|
|
$
|
31
|
|
•
|
A $16 increase as a result of a decrease in Accounts receivables and unbilled revenues as a result of lower revenues than in the same period in 2017;
|
•
|
A $12 million net increase from the combination of changes in Net income adjusted for non-cash income and expenses including: the Decoupling mechanism deferrals, net of amortization; Deferred income taxes; Deferral of net benefits due to Tax Reform; Depreciation and amortization expense; and Other non-cash income and expenses;
|
•
|
A $6 million increase as a result of changes in Margin deposit positions; and
|
•
|
An $8 million increase resulting from Other working capital items, net; partially offset by
|
•
|
A $7 million decrease from Accounts payable and accrued liabilities;
|
•
|
A $7 million decrease due to changes in inventory levels; and
|
•
|
A $2 million decrease from Other, net items.
|
|
|
|
|
|
|
Dividends
|
|
|
|
|
|
|
Declared Per
|
Declaration Date
|
|
Record Date
|
|
Payment Date
|
|
Common Share
|
February 14, 2018
|
|
March 26, 2018
|
|
April 16, 2018
|
|
$0.34
|
April 25, 2018
|
|
June 25, 2018
|
|
July 16, 2018
|
|
0.3625
|
|
Moody’s
|
|
S&P
|
First Mortgage Bonds
|
A1
|
|
A-
|
Issuer rating
|
A3
|
|
BBB
|
Commercial paper
|
P-2
|
|
A-2
|
Outlook
|
Stable
|
|
Positive
|
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk.
|
Item 4.
|
Controls and Procedures.
|
Item 1.
|
Legal Proceedings.
|
Item 1A.
|
Risk Factors.
|
Item 5.
|
Other Information.
|
1.
|
The election of directors;
|
2.
|
The ratification of the appointment of Deloitte & Touche LLP as the Company’s independent registered public accounting firm for the year ending December 31, 2018;
|
3.
|
An advisory, non-binding vote to approve the compensation of the Company’s named executive officers; and
|
4.
|
The approval of the Portland General Electric Company Stock Incentive Plan, as amended and restated.
|
Nominee
|
|
For
|
|
Against
|
|
Abstain
|
|
Broker Non-votes
|
John W. Ballantine
|
|
75,226,380
|
|
1,532,689
|
|
63,194
|
|
5,400,369
|
Rodney L. Brown, Jr.
|
|
76,173,354
|
|
589,648
|
|
59,261
|
|
5,400,369
|
Jack E. Davis
|
|
76,523,907
|
|
238,262
|
|
60,094
|
|
5,400,369
|
David A. Dietzler
|
|
76,155,845
|
|
606,716
|
|
59,702
|
|
5,400,369
|
Kirby A. Dyess
|
|
76,629,851
|
|
133,070
|
|
59,342
|
|
5,400,369
|
Mark B. Ganz
|
|
75,942,817
|
|
815,378
|
|
64,068
|
|
5,400,369
|
Kathryn J. Jackson
|
|
76,675,281
|
|
89,797
|
|
57,185
|
|
5,400,369
|
Neil J. Nelson
|
|
76,180,510
|
|
576,607
|
|
65,146
|
|
5,400,369
|
M. Lee Pelton
|
|
76,291,923
|
|
474,543
|
|
55,797
|
|
5,400,369
|
Maria M. Pope
|
|
74,869,678
|
|
1,905,285
|
|
47,300
|
|
5,400,369
|
Charles W. Shivery
|
|
76,658,933
|
|
103,488
|
|
59,842
|
|
5,400,369
|
Item 6.
|
Exhibits.
|
Exhibit
Number
|
Description
|
3.1
|
Third Amended and Restated Articles of Incorporation of Portland General Electric Company
(incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed May 9, 2014).
|
3.2
|
Tenth Amended and Restated Bylaws of Portland General Electric Company
(incorporated by reference to Exhibit 3.2 to the Company’s Current Report on Form 8-K filed May 9, 2014).
|
31.1
|
|
31.2
|
|
32
|
|
10.1
|
|
101.INS
|
XBRL Instance Document.
|
101.SCH
|
XBRL Taxonomy Extension Schema Document.
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document.
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document.
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document.
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document.
|
|
|
|
PORTLAND GENERAL ELECTRIC COMPANY
|
|
|
|
|
(Registrant)
|
|
|
|
|
|
|
|
|
|
|
|
Date:
|
April 26, 2018
|
|
By:
|
/s/ James F. Lobdell
|
|
|
|
|
James F. Lobdell
|
|
|
|
|
Senior Vice President of Finance,
Chief Financial Officer and Treasurer
|
|
|
|
|
(duly authorized officer and principal financial officer)
|
Term
|
Section
Where Defined
|
Affiliate(s)
|
4(c)
|
Awards
|
5
|
Board of Directors
|
4(a)
|
Change in Control
|
17(b)
|
Code
|
4(a)
|
Committee
|
4(a)
|
Common Stock
|
1
|
Company
|
1
|
Dividend Equivalent Right
|
12(c)
|
Exchange Act
|
4(a)
|
Fair Market Value
|
8(g)
|
Grandfathered Award
|
13(a)
|
Grant Agreement
|
7(a)
|
Incentive Stock Options
|
8(a)
|
Nonqualified Stock Options
|
8(a)
|
Parent Corporation
|
8(e)
|
Performance-Based Award
|
13
|
Plan
|
1
|
Restricted Stock Award
|
10(a)
|
Stock Appreciation Rights
|
9(a)
|
Stock Option
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8(a)
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Stock Unit
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12(c)
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Subsidiary Corporation
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8(e)
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1.
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I have reviewed this Quarterly Report on Form 10-Q of Portland General Electric Company;
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2.
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Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
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3.
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Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the period presented in this report;
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4.
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The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
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(a)
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Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
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(b)
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Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
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(c)
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Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
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(d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
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5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
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(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
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Date:
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April 26, 2018
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By:
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/s/ Maria M. Pope
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|
|
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Maria M. Pope
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|
|
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President and Chief Executive Officer
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1.
|
I have reviewed this Quarterly Report on Form 10-Q of Portland General Electric Company;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the period presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date:
|
April 26, 2018
|
By:
|
/s/ James F. Lobdell
|
|
|
|
James F. Lobdell
|
|
|
|
Senior Vice President of Finance,
Chief Financial Officer and Treasurer
|
|
/s/ Maria M. Pope
|
|
/s/ James F. Lobdell
|
|
||
|
Maria M. Pope
|
|
James F. Lobdell
|
|
||
|
President and
Chief Executive Officer
|
|
Senior Vice President of Finance,
Chief Financial Officer and Treasurer
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Date:
|
April 26, 2018
|
|
Date:
|
April 26, 2018
|
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