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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 28, 2010
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PORTLAND GENERAL ELECTRIC COMPANY |
(Exact name of registrant as specified in its charter) |
| | |
| | |
Oregon | 1-5532-99 | 93-0256820 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
121 SW Salmon Street, Portland, Oregon 97204
(Address of principal executive offices, including zip code)
Registrant's telephone number, including area code: (503) 464-8000
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02 Results of Operations and Financial Condition.
On October 28, 2010, Portland General Electric Company issued a press release announcing its financial results for the three and nine month periods ended September 30, 2010.
The press release is furnished herewith as Exhibit 99.1 to this Report.
Item 9.01 Financial Statements and Exhibits.
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(d) | | Exhibits. |
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99.1 | | <
font style="font-family:inherit;font-size:10pt;">Press Release issued by Portland General Electric Company dated October 28, 2010. |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| | | | |
| | | | PORTLAND GENERAL ELECTRIC COMPANY |
| | | | (Registrant) |
| | | | |
Date: | October 27, 2010 | | By: | /s/ Maria M. Pope |
| | | | Maria M. Pope |
|
| | | Senior Vice President, Finance, Chief Financial Officer, and Treasurer |
WebFilings | EDGAR view
Exhibit 99.1
| | |
| | Portland General Electric One World Trade Center
121 SW Salmon Street
Portland, Oregon 97204 News Release |
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FOR RELEASE | | Media Contact: |
5 a.m. EDT, October 28, 2010 |
| Gail Baker |
| | Director, Corporate Communications |
| | Phone: 503-464-8693 |
|
| |
| | Investor Contact: |
| | Bill Valach |
| <
div style="overflow:hidden;font-size:10pt;"> | Director, Investor Relations |
| |
Phone: 503-464-7395 |
Portland General Electric Reports
Third Quarter 2010 Financial Results
and Revises 2010 Guidance
Portland, Ore, October 28, 2010 — Portland General Electric Company (NYSE: POR) today reported net income of $49 million, or $0.65 per diluted share, for the three months ended September 30, 2010, compared to $32 million, or $0.43 per diluted share, for the three months ended September 30, 2009. PGE now estimates earnings per diluted share for 2010 will range from $1.65 to $1.80. The increase in net income and the revision to 2010 guidance were driven by the effects of the Oregon Senate Bill 408 (SB 408)
calculation. During the third quarter of 2010, a new federal tax law was enacted that includes the extension of bonus depreciation, which resulted in a significant increase in the amount to be collected from customers pursuant to SB 408. The earnings impact related to SB 408, including the effect of the new tax law, was approximately $0.16 per diluted share for the third quarter of 2010.
Retail revenues increased $25 million, or 6%, from the third quarter of 2009 primarily due to a $20 million increase related to SB 408. Also contributing to the revenue increase was a change in the mix of customers that purchase their energy requirements from PGE. Partially offsetting these increases was the impact of a 5% decrease in average retail prices in the third quarter of 2010 compared to the third quarter of 2009.
Retail energy deliveries were down 2.7%, with decreases in residential and commercial deliveries partially offset by an increase in industrial deliveries. Decreases of 5.4% and 3.8% in residential and commercial deliveries, respectively, were driven primarily by cooler than normal weather in the third quarter of 2010, compared with warmer than normal weather in 2009, and by the continued impact of the weak economy. Partially offsetting these decreases was a 4.2% increase in industrial energy deliveries.
On a weather adjusted basis, retail energy deliveries approximated those of the third quarter of 2009. Weather adjusted retail energy deliveries for 2010 are expected to be approximately 1.5% below 2009 due to the combination of energy efficiency initiatives and the continued effects of the economy. Such declines are expected to be partially offset by a moderate increase in deliveries to existing industrial customers, including those in the high technology sector.
The average variable power cost in the third quarter of 2010 decreased 8% compared to the third quarter of 2009. The decrease was driven primarily by an increase in lower-cost generation, resulting from both lower fuel costs and higher plant availability. Availability of the plants that PGE operates was 94% in the first nine months of 2010 compared to 86% in 2009.
Net income for the nine months ended September 30, 2010 was $100 million, or $1.32 per diluted share, compared to $87 million, or $1.21 per diluted share, for the comparable period of 2009. The $13 million increase was primarily due to the effects of SB 408 and a 7% decrease in the average variable power cost. A 3.9% decrease in retail energy deliveries was driven by the continuing effects of the economy and mild weather.
"PGE is proud to have completed Biglow Canyon Wind Farm - one of the largest wind projects in the Pacific Northwest - on time and under budget," said Jim Piro, President and Chief Executive Officer. "I am also pleased that our generation and power delivery teams performed very well during this period. We have also reached agreement on all items related to revenue requirements in the current general rate case, which we believe provides a fair and reasonable outcome for customers and shareholders."
Third Quarter Highlights
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▪ | Completed Phase III of the Biglow Canyon Wind Farm project at a total cost of $383 million. The completed project has a total of 217 wind turbines in service, with a total installed capacity of approximately 450 MW. Energy from wind resources provided 7% of PGE’s retail load requirement in the third quarter of 2010 compared to 4% in the third quarter of 2009. |
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▪ | Reached agreement in the Company's 2011 General Rate Case proceeding among PGE, the Public Utility Commission of Oregon (OPUC) staff and customer groups on all items related to revenue requirement issues, with the following impact to the initial filing (in millions): |
| | | | | | | | | | | |
| General Rate Case* | | Net Variable Power Costs | | Total |
Initial filing | $ | 158 | | | $ | (33 | ) | | $ | 125 | |
Revenue requirement stipulations | (43 | ) | | — | <
div style="text-align:left;"> | | (43 | ) |
Cost of capital stipulation | (15 | ) | | — |
| | (15 | ) |
NVPC update | 5 | | | (13 | ) | | (8 | ) |
Total | $ | 105 | | | $ | (46 | ) | | $ | 59 | |
* The 2011 load forecast was updated in September 2010 and fo
recasted NVPC for 2011 will be updated through November 15, 2010.
The stipulated items include the following:
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◦ | Capital structure of 50% debt and 50% equity; |
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◦ | Return on equity of 10.0%; |
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◦ | Cost of capital of 8.033%; |
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◦ | The Power Cost Adjustment Mechanism (PCAM) deadband range was fixed at $15 million below and $30 million above the baseline NVPC; |
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◦ | Extension of the decoupling mechanism through December 31, 2013; and |
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◦ | Agreement between PGE and certain parties to allow changes in customer prices to reflect the incremental revenue requirement impact of a shortened Boardman operating life, if that were to occur, subject to OPUC approval. |
After considering all items agreed among PGE, OPUC staff, and customer groups, the filing results in a 3.5% overall customer price increase and an average rate base of approximately $3.153 billion. The price increase is subject to change to incorporate final updates to the forecast of 2011 NVPC. The regulatory review process is continuing, with a final order expected from the OPUC before the end of 2010. New rates are expected to be effective January 1, 2011.
Third Quarter Operating Results
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▪ | Retail revenues increased $25 million, or 6%, in the third quarter of 2010 compared to the third quarter of 2009 primarily due to: |
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◦ | A $20 million increase related to SB 408, resulting primarily from the effect of a new federal tax law that provides for the extension of bonus depreciation, which resulted in a significant increase in the amount to be collected from customers; |
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◦ | A $12 million increase in energy sales, consisting of the net effect of: |
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• | A 4.2% increase in deliveries to industrial customers, primarily due to improvement in the high technology sector, the 2010 return of a large customer from another electricity supplier to PGE for its energy requirements, and increased production by another large industrial customer; and |
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• | Decreases of 5.4% and 3.8% in residential and commercial deliveries, respectively, driven primarily by both cooler summer weather and the continued impact of the weak economy. Partially offsetting the effects of the weather and the economy was the impact of a 4,700 increase in the average number of customers served; |
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◦ | A $5 million increase related to the reversal of a deferral for customer refunds under the 2005 Oregon Corporate Tax Kicker, pursuant to an OPUC order; |
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◦ | A $4 million increase related to the accrual of revenue requirements for Biglow Canyon; |
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◦ | A $2 million increase related to the decoupling mechanism, due to a $2 million customer refund recorded in 2009; partially offset by |
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◦ | A $19 million decrease related to a 5% decrease in average retail price. A decrease in net variable power costs, pursuant to the Company's Annual Power Cost Update Tariff, was partially offset by increases related to the Biglow Canyon Phase II and Selective Water Withdrawal capital projects. |
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▪ | Purchased power and fuel expense decreased $22 million, or 10%, in the third quarter of 2010 compared to the third quarter of 2009, with $20 million related to an 8% decrease in average variable po
wer cost and $2 million related to a 1% decrease in total system load. The average variable power cost decreased to $38.12 per MWh in the third quarter of 2010 from $41.54 per MWh in the third quarter of 2009, primarily due to a shift in the mix of energy sources. Thermal generation was higher in the third quarter of 2010 compared to 2009. Energy from hydro resources was approximately 9% and 10% below normal in the third quarter and first nine months of 2010, respectively, and is expected to be below normal for the year. |
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▪ | Depreciation and amortization expense increased $6 million, or 11%, in the third quarter of 2010 compared to the third quarter of 2009
largely due to increased capital additions related to Biglow Canyon Phase III and the smart meter project. |
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• | Other income, net decreased $3 million primarily due to a decrease in income from non-qualified benefit plan trust assets. In the third quarter of 2010, PGE recorded a $3 million gain, compared to a $5 million gain recorded in the third quarter of 2009. |
2010 Earnings Guidance
PGE is revising earnings guidance from the previously reported range of $1.40 to $1.55 per diluted share to $1.65 to $1.80 per diluted share. The guidance change reflects the effect of a change in federal law regarding 2010 bonus depreciation on SB 408, representing approximately $0.20 per diluted share. The aggregate net effect of several other items represents an additional positive impact of approximately $0.05 per diluted share.
2011 Earnings Guidance
2011 earnings guidance will be initiated on PGE's fourth quarter earnings call in February 2011.
Third Quarter 2010 Earnings Call and Web cast — October 28, 2010
PGE will host a conference call with financial analysts and investors on Thursday, October 28, 2010, at 11 a.m. EDT. The conference call will be web cast live on the PGE website at www.PortlandGeneral.com. A replay of the call will be available beginning at 2 p.m. EDT on Thursday, October 28, 2010 through Thursday, November 4, 2010.
Jim Piro, President and CEO; Maria Pope, Senior Vice President, Finance, CFO, and Treasurer; and Bill Valach, Director, Investor Relations, will participate in the call. Management will respond to questions following formal comments.
The attached condensed consolidated statements of income, condensed consolidated balance sheets, and condensed consolidated statements of cash flows, as well as the supplemental operating statistics, are an integral part of this earnings release.
# # # # #
About Portland General Electric Company
Portland General Electric Company is a vertically integrated electric utility that serves approximately 822,000 residential, commercial and industrial customers in the Portland/Salem metropolitan area of Oregon. The Company’s headquarters are located at 121 SW Salmon Street, Portland, Oregon 97204. Visit PGE’s website at www.PortlandGeneral.com.
Safe Harbor Statement
Statements in this news releas
e that relate to future plans, objectives, expectations, performance, events and the like may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements regarding earnings guidance, statements regarding future load, hydro conditions and operating and maintenance costs; statements concerning the outcome of the 2011 general rate case and the timing of a final order from the OPUC; statements regarding the outcome of any legal or regulatory proceeding; as well as other statements containing words such as “anticipates,” “believes,” “intends,” “estimates,” “promises,” “expects,” “should,” “conditioned upon,” and similar expressions. Investors are cautioned that any such forward-lookin
g statements are subject to risks and uncertainties, including the reductions in demand for electricity and the sale of excess energy during periods of low wholesale market prices; the outcome of the 2011 general rate case filing; regulatory approval and rate treatment of the smart meter project and Phase III of the Biglow Canyon Wind Farm project; operational risks relating to the Company’s generation facilities, including hydro conditions, wind conditions, disruption of fuel supply, and unscheduled plant outages, which may result in unanticipated operating, maintenance and repair costs, as well as replacement power costs; the costs of compliance with environmental laws and regulations, including those that govern emissions from thermal power plants; changes in weather, hydroelectric and energy markets conditions, which could affect the availability and cost of purchased power and fuel; changes in capital market conditions, which could affect the availability and cost of capital and result in delay or
cancellation of capital projects; unforeseen problems or delays in completing capital projects, resulting in the failure to complete such projects on schedule or within budget; the outcome of various legal and regulatory proceedings; and general economic and financial market conditions. As a result, actual results may differ materially from those projected in the forward-looking statements. All forward-looking statements included in this news release are based on information available to the Company on the date hereof and such statements speak only as of the date hereof. The Company assumes no obligation to update any such forward-looking statement. Prospective investors should also review the risks and uncertainties listed in the Company’s most recent Annual Report on Form 10-K and the Company’s reports on Forms 8-K and 10-Q filed with the United States Securities and Exchange Commission, including Management’s Discussion and Analysis of Financial Condition and Results of Operations an
d the risks described therein from time to time.
POR-F
Source: Portland General Electric Company
PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Dollars in millions, except per share amounts)
(Unaudited)
| | | | | | | | | | | | | | | |
| Three Months Ended | | Nine Months Ended |
| September 30, | | September 30, |
| 2010 | | 2009 | | 2010 | | 2009 |
Revenues, net | $ | 464 | &nbs
p; | | $ | 445 | | | $ | 1,328 | | | $ | 1,319 | |
Operating expenses: | | | | | |
| |
Purchased power and fuel | 203 | | | 225 | | | 613 | | | 664 | |
Production and distribution | 42 | | | 42 | | | 127 | | | 127 | |
Administrative and other | 47 | | <
font style="font-family:inherit;font-size:10pt;"> | 43 | | | 140 | | | 134 | |
Depreciation and amortization | 59 | | | 53 | | | 173 | | | 160 | |
Taxes other than income taxes | 23 | | | 20 | | | 67 | | | 64 | |
Total operating expenses | 374 | | | 383 | |
| 1,120 | | | 1,149 | |
Income from operations | 90 | | | 62 | | |
208 | | | 170 | |
Other income: | | | | | | | |
Allowance for equity funds used during construction | 4 | | | 5 | | | 12 | | | 13 | |
Miscellaneous income, net | 3 | | | 5 | | | 1 | | | 6 | |
Other income, net | 7 | | | 10 | | | 13 | | | 19 | |
Interest expense | 27 | <
/td> | | 25 | | | 82 |
| 76 | |
Income before income taxes | 70 | | | 47 | | | 139 | | | 113 | |
Income taxes | 22 | | | 16 | | | 40 | | | 32 | |
Net income | 48 | | | 31 | | | 99 | | | 81 | |
Less: net loss attributable to noncontrolling interests | (1 | ) | | (1 | ) | | (1 | ) | | (6 | ) |
Net income attributable to Portland General Electric Company | $ | 49 | | | $ | 32 | | | $ | 100 | | | $ | 87 | |
| | | | | | | |
Weighted-average shares outstanding (in thousands): | | | | | | | |
Basic | 75,295 | | | 75,182 | | | 75,267 | | | 71,980 | |
Diluted | 75,311 | | | 75,223 | | | 75,282 | | | 72,057 | |
Earnings per share: | <
/div> | | | | | | |
Basic | $ | 0.65 | | | $ | 0.43 | | | $ | 1.32 | | | $ | 1.21 | |
Diluted | $ | 0.65 | | | $ | 0.43 | | | $ | 1.32 | | | $ | 1.21 | |
Dividends declared per common share | $ | 0.260 | | | $ | 0.255 | | | $ | 0.775 | | | $ | 0.755 | |
PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions)
(Unaudited)
| | | | | | | |
| September 30,
2010 | | December 31,
2009 |
ASSETS | | | |
Current assets: | | | |
Cash and cash equivalents | $ | 7 | | | $ | 31 | |
Accounts receivable, net | 133 | | | 159 | |
Unbilled revenues | 67 | | | 95 | |
Inventories | 57 | | | 58 | |
Margin deposits | 117 | | | 56 | |
Regulatory assets - current | 221 | | | 197 | |
Current deferred income taxes | 78 | | | — | |
Other current assets | 70 | | | 94 | |
Total current assets | 750 | | | 690 | |
Electric utility plant, net | 4,114 | | | 3,858 | |
Regulatory assets - noncurrent | 604 | | | 465 | |
Non-qualified benefit plan trust | 43 | | | 47 | |
Nuclear decommissioning trust | 34 | | | 50 | |
Other noncurrent assets | 72 | | | 62 | |
Total assets | $ | 5,617 | | | $ | 5,172 | |
| | | |
LIABILITIES AND EQUITY | | | |
Current liabilities: | | | |
Accounts payable and accrued liabili
ties | $ | 149 | | | $ | 187 | |
Short-term debt | 20 | | | — | |
Liabilities from price risk management activities - current | 217 | | | 128 | |
Curren
t portion of long-term debt | — | | | 186 | |
Regulatory liabilities - current | 13 | | | <
div style="text-align:right;font-size:11pt;">27 | |
Other current liabilities | 121 | | | 92 | |
Total current liabilities | 520 | | | 620 | |
Long-term debt, net of current portion | 1,808 | | | 1,558 | |
Regulatory liabilities - noncurrent | 669 | | | 654 | |
Deferred income taxes | 499 | | | 356 | |
Liabilities from price risk management activities - noncurrent | 244 | | | 127 | |
Unfunded status of pension and postretirement plans | 116 | | | 143 | |
Non-qualified benefit plan liabilities | 97 | | | 96 | |
Other noncurrent liabilities | 79 | | | 75 | |
Total liabilities | 4,032 | | | <
td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;border-bottom:1px solid #000000;">3,629
|
Total equity | 1,585 | | | 1,543 | |
Total liabilities and equity | $ | 5,617 | | | $ | 5,172 | |
&
nbsp;
PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
| | | | | | | |
| Nine Months Ended September 30, |
| 2010 | | 2009 |
Cash flows from operating activities: | | | |
Net income | $ | 99 | | | $ | 81 | |
Adjustments to
reconcile net income to net cash provided by operating activities: | | | |
Depreciation and amortization | 173 | | | 160 | |
Increase (decrease) in net liabilities from price risk management activities | 202 | | | (94 | ) |
Regulatory deferral - price risk management activities | (202 | ) | | 94 | |
Deferred income taxes | 48 | | | 23 | |
Regulatory deferral of settled derivative instruments | 37 | | | (5 | ) |
Senate Bill 408 deferrals, net | (30 | ) | | (2 | ) |
Allowance for equity funds used during construction | (12 | ) | | (13 | ) |
Decoupling mechanism deferrals, net | (9 | ) | | 4 | |
Unrealized gains on non-qualified benefit plan trust assets | (2 | ) | | (7 | ) |
Power cost deferrals, net | (1 | ) | | (13 | ) |
Other non-cash income and expenses, net | 24 | | | 16 | |
Changes in working capital: | | | |
Decrease in receivables | 54 | | | 61 | |
(Increase) decrease in margin deposits | (61 | ) | | 103 | |
Income tax refund received | 53 | | | — | |
Decrease in payables | (16 | ) | | (51 | ) |
Other working capital items, net | 5 | | | 15 | |
Contribution to pension plan | (30 | ) | | — | |
Other, net | (15 | ) | | 5 | |
Net cash provided by operating activities | 317 | | | 377 | |
Cash flows from inve
sting activities: | | | |
Capital expenditures | (384 | ) | | (544 | ) |
Sales of Nuclear decommissioning trust securities | 27 | | | 30 | |
Purchases of Nuclear decommissioning trust securities | (25 | ) | | (31 | ) |
Distribution from Nuclear decommissioning trust | 19 | | | — | |
Other, net | (1 | ) | | (1 | ) |
Net cash used in investing activities | (364
| ) | | (546 | ) |
Cash flows from financing activities: | | | |
Proceeds from issuance of long-term debt | 249 | | | 430 | |
Payments on long-term debt | (186 | ) | | (142 | ) |
Proceeds from issuance of common stock, net of issuance costs | — | | | 170 | |
Borrowings on revolving credit facilities | — | | | 82 | |
Payments on revolving credit facilities | — | | | (213 | ) |
Borrowings (payments) on short-term debt | 11 | | | (7 | ) |
Issuances (maturities) of commercial paper, net | 9 | | | (65 | ) |
Dividends paid | (58 | ) | | (53 | ) |
Debt issuance costs | (2 | ) | | (4 | ) |
Noncontrolling interests' capit
al contributions | — | | | 7 | |
Net cash provided by financing activities | 23 | | | 205 | |
Net change in cash and cash equivalents | (24 | ) | | 36 | |
Cash and cash equivalents, beginning of period | 31 | | | 10 | |
Cash and cash equivalents, end of period | $ | 7 | | | $ | 46 | |
PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES
SUPPLEMENTAL OPERATING STATISTICS
(Unaudited)
| | | | | | | | | | | | | | | |
| Three Months Ended | | Nine Months Ended |
| September 30, | | September 30, |
| 2010 | | 2009 | | 2010 | | 2009 |
Revenues (dollars in millions): | | | | | | | | <
/tr>
Retail: | | | | | | | |
Residential | $ | 176 | | | $ | 187 | | | $ | 578 | | | $ | 621 | |
Commercial | 158 | | | 171 | | | 447 | | <
/div> | 481 | |
Industrial | 57 | <
font style="font-family:inherit;font-size:10pt;"> | | 42 | | | 161 | | | 124 | |
Subtotal | 391 | | | 400 | | | 1,186 | | | 1,226 | |
Other - accrued revenues | 36 | | | 2 | | | 47 | | | (12 | ) |
Total retail revenues | 427 | | | 402 | | | 1,233 | | | 1,214 | |
Wholesale revenues | 27 | | | 36 | | | 69 | | | 85 | |
Other operating revenues | 10 | | | 7 | | | 26 | | | 20 | |
Total revenues | $ | 464 | | | $ | 445 | | | $ | 1,328 | | | $ | 1,319 | |
| | | | | | | |
Energy sold and delivered (MWh in thousands): | | | | | | | |
Retail energy sales: | | | | | | | |
Residential | 1,626 | | | 1,719 | | <
td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;">
5,357 | | | 5,716 | <
td style="vertical-align:bottom;">
Commercial | 1,865 | | | 1,916 | | | 5,177 |
| | 5,367 | |
Industrial | 865 | | | 610 | | | 2,395 | | | 1,772 | |
Total retail energy sales | 4,356 | | | 4,245 | | | 12,929 | | | 12,855 | |
Delivery to direct access customers: | | | | | | | |
Commercial | 85 | | | 112 | | | 251 | | | 299<
/font> | |
Industrial | 180 | | | 393 | | | 532 | | | 1,120 | |
| 265 | | | 505 | | | 783 | | | 1,419 | |
Total retail energy sales and deliveries | 4,621 | | | 4,750 | | | 13,712 | | | 14,274 | |
Wholesale energy deliveries | 721 | | | 877 | | | 2,115 | | | 2,274 | |
Total energy sold and delivered | 5,342 | | | 5,627 | | | 15,827 | | | 16,548
|
Number of retail customers at end of period: | | | | | | | |
Residential | | | <
td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;">
| 718,351 | | | 714,869 | |
Commercial | | | | | 103,590 | | | 103,016 | |
Industrial | | | | | 249 | | | 257 | |
Direct access | | | | | 217 | | | 253 | |
Total retail customers | | | | | 822,407 | | | 818,395 | |
| | | | | | | | | | | |
| Heating Degree-days | | Cooling Degree-days |
| 2010 | | 2009 | | 2010 | | 2009 |
1st Quarter | 1,629 | | | 2,022 | | | — | | | — | |
Average | 1,849 | | | 1,831 | | | — | | | — | |
2nd Quarter | 861 | | | 578 | | | 18 | | | 90 | |
Average | 684 | | | 683 | | | 73 | | | 71 | |
3rd Quarter | 117 | | | 63 | | | 296 | | | 537 | |
Average | 82 | | | 80 | | | 398 | | | 394 | |
Note: “Average” amounts represent the 15-year rolling averages provided by the National Weather Service (Portland Airport).
