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Portland General Electric Co (POR) SEC Filing 10-Q Quarterly report for the period ending Sunday, September 30, 2018

Portland General Electric Co

CIK: 784977 Ticker: POR


Exhibit 99.1
 
logo.jpg
Portland General Electric
One World Trade Center
121 S.W. Salmon Street
Portland, Oregon 97204

News Release
 
 
 
 
 
 
July 27, 2018
 
 
 
 
 
 
 
Media Contact:
 
Investor Contact:
 
Melanie Erdmann
 
Chris Liddle
 
Corporate Communications
 
Investor Relations
 
Phone: 503-464-8790
 
Phone: 503-464-7458

Portland General Electric announces second quarter 2018 results

Settlement of Carty Generating Station litigation allows for full offset of incremental construction costs
Increasing guidance from $2.10-$2.25 to $2.25-$2.40 per diluted share
SP Global upgraded PGE’s issuer credit rating from BBB to BBB+

PORTLAND, Ore. - Portland General Electric Company (NYSE: POR) today reported net income of $46 million, or 51 cents per diluted share, for the second quarter of 2018. This compares with net income of $32 million, or 36 cents per diluted share, for the second quarter of 2017.

“I’m pleased to put the Carty litigation behind us and recognize the increase in our credit ratings,” said Maria Pope, president and CEO. “In addition, we’re making progress in bringing customers new renewable resources and programs, including our renewable RFP and green tariff.”

Q2 2018 earnings compared with Q2 2017 earnings

Lower natural gas prices and reduced plant maintenance expenses drove the increase in second quarter earnings per diluted share for 2018 in comparison with second quarter of 2017. Additionally, a decrease in distribution-related expenses due to the absence of major storms in 2018 and an increase in production tax credits was partially offset by gross margin due to temperatures that were warmer than prior year as well as increased administrative expenses.

Company update

Carty Generating Station

On July 16, 2018, PGE entered into a settlement with the other parties to resolve all claims relating to Carty construction between PGE and each of the Abeinsa EPC LLC; Abener Construction Services, LLC; Teyma Construction USA, LLC; and Abeinsa Abener Teyma General Partnership (collectively, the Contractor); Abengoa S.A., Liberty Mutual Insurance Company and Zurich American Insurance Company (together, the Sureties). Under the terms of the settlement, (i) the Sureties have paid $130 million to PGE, and (ii) the Contractor, Abengoa S.A., and the Sureties have released all claims against PGE arising out of the Carty construction, and in return, PGE has released all such claims against the Contractor, Abengoa S.A., and the Sureties.





1

The following information was filed by Portland General Electric Co (POR) on Friday, July 27, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Portland General Electric Co's Definitive Proxy Statement (Form DEF 14A) filed after their 2018 10-K Annual Report includes:

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Inside Portland General Electric Co's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Income And Comprehensive Income (Unaudited)
Balance Sheet Components (Details)
Balance Sheet Components (Notes)
Balance Sheet Components (Tables)
Balance Sheet Components Asset Retirement Obligations (Details)
Balance Sheet Components Electric Utility Plant, Net (Details)
Balance Sheet Components Other Current Assets (Details)
Balance Sheet Components Other Current Liabilities (Details)
Balance Sheet Components Pension And Other Postretirement Benefits (Details)
Balance Sheet Components Regulatory Assets And Liabilities (Details)
Basis Of Presentation (Details)
Basis Of Presentation (Notes)
Basis Of Presentation (Policies)
Contingencies (Details)
Contingencies (Notes)
Earnings Per Share (Notes)
Earnings Per Share (Tables)
Earnings Per Share Components Of Earnings Per Share (Details)
Earnings Per Share Earnings Per Share (Details)
Equity (Notes)
Equity (Tables)
Fair Value Of Financial Instruments (Notes)
Fair Value Of Financial Instruments (Tables)
Fair Value Of Financial Instruments Fair Value Of Financial Instruments (Details)
Fair Value Of Financial Instruments Fair Value Options Quantitative Disclosure (Details)
Fair Value Of Financial Instruments Financial Assets And Liabilities Recognized At Fair Value (Details)
Fair Value Of Financial Instruments Unobservable Input Reconciliation (Details)
Guarantees (Notes)
Income Tax Effective Income Tax Rate Reconcilitation (Details)
Income Tax Income Tax (Details)
Income Tax Income Tax (Notes)
Income Tax Income Tax (Tables)
Price Risk Management (Tables)
Revenue Recognition (Details)
Revenue Recognition (Notes)
Revenue Recognition (Policies)
Revenue Recognition (Tables)
Risk Management (Details)
Risk Management (Notes)
Risk Management Counterparties Representing 10% Or More Of Assets And Liabilities From Price Risk Management Activities (Details)
Risk Management Fair Values Of Price Risk Management Assets And Liabilities (Details)
Risk Management Future Year Net Unrealized Gain/Loss Recorded At Balance Sheet Date Expected To Become Realized (Details)
Risk Management Net Realized And Unrealized Gains And Losses On Derivative Transactions (Details)
Risk Management Net Volumes Related To Price Risk Management Activities (Details)
Schedule Of Stockholders Equity (Details)

Material Contracts, Statements, Certifications & more

Portland General Electric Co provided additional information to their SEC Filing as exhibits

Ticker: POR
CIK: 784977
Form Type: 10-Q Quarterly Report
Accession Number: 0000784977-18-000050
Submitted to the SEC: Thu Oct 25 2018 9:43:37 AM EST
Accepted by the SEC: Fri Oct 26 2018
Period: Sunday, September 30, 2018
Industry: Electric Services

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