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

Earnings Press Release
10-Q Quarterly Report
10-Q QoQ Changes
Portland General Electric Co
Ticker: POR CIK: 784977

Exhibit 99.1



			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.

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.

View differences made from one quarter to another to evaluate Portland General Electric Co's financial trajectory

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