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Portland General Electric Company (POR) filed Quarterly Report for the period ended 2011-09-30.
Portland General Electric has a market cap of $1.87 billion; its shares were traded at around $24.81 with a P/E ratio of 11.3 and P/S ratio of 1. The dividend yield of Portland General Electric stocks is 4.3%.
This is the annual revenues and earnings per share of POR over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of POR.
Highlight of Business Operations:
Pursuant to the Company s power cost adjustment mechanism (PCAM), customer prices can be adjusted to reflect a portion of the difference between each year s forecasted net variable power costs (NVPC) included in prices (baseline NVPC) and actual NVPC for the year, to the extent such difference is outside of a pre-determined “deadband.” The PCAM provides for 90% of actual NVPC above or below the deadband to be collected from or refunded to customers, respectively, subject to a regulated earnings test. Any estimated collection from or refund to customers pursuant to the PCAM is recorded in Revenues in the Company s statements of income in the period of accrual. The deadband ranges from $15 million below to $30 million above baseline NVPC for 2011 and ranged from $17 million below to $35 million above baseline NVPC for 2010.For the nine months ended September 30, 2011, actual NVPC was approximately $36 million below baseline NVPC, which is $21 million below the lower deadband threshold of $15 million. As forecasted NVPC for the year ending December 31, 2011 is currently estimated to be below the baseline NVPC and the lower deadband threshold, with the Company expecting to exceed its regulated earnings test, PGE has recorded an estimated refund to customers of approximately $17 million as of September 30, 2011. The recorded amount reflects a $2 million
Wholesale revenues result from sales of electricity to utilities and power marketers that are made in conjunction with the Company s effort to secure reasonably priced power for retail customers, manage risk, and administer long-term wholesale contracts. Such sales can vary significantly period to period. Wholesale revenues in the third quarter of 2011 declined $3 million, or 11%, compared to the third quarter of 2010, as the result of the somewhat offsetting effects of a 17% decrease in average price resulting from lower wholesale market prices driven by increased regional hydro production and an 8% increase in sales volume.
Wholesale revenues in the nine months ended September 30, 2011 declined $20 million, or 29%, compared to the nine months ended September 30, 2010, primarily as the result of the combined effect of a 21% average price decrease resulting from lower wholesale market prices, and a 13% reduction in sales volume.
Gross margin was 59% in the nine months ended September 30, 2011, compared to 54% in the nine months ended September 30, 2010. The increase in Gross margin was driven by the 13% decrease in average variable power cost, the 4% increase in retail energy deliveries and the increase in retail customer prices resulting from the 2011 General Rate Case, which became effective January 1, 2011, and a tariff for the recovery of Boardman over a shortened operating life, which became effective July 1, 2011. Decreased wholesale sales partially offset the increase in gross margin in the nine months ended September 30, 2011.
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