Portland General Electric Co 8-K/A, filed Apr 24, 2020

Portland General Electric Co (POR)

8-K/A 2020-04-24 For: 2020-04-24

Added on April 04, 2026

About this 8-K/A

Portland General Electric Co filed this 8-K/A on April 24, 2020.




PORTLAND GENERAL ELECTRIC COMPANY
(Exact name of registrant as specified in its charter)


Oregon	001-5532-99	93-0256820
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)



(Title of class)	(Trading Symbol)	(Name of exchange on which registered)
Common Stock, no par value	POR	New York Stock Exchange
9.31% Medium-Term Notes due 2021	POR 21	New York Stock Exchange



(d)		Exhibits.
99.1		Press Release Issued by Portland General Electric Company dated April 24, 2020.
104		Cover page information from Portland General Electric Company’s Current Report on Form 8-K filed April 24, 2020, formatted in iXBRL (Inline Extensible Business Reporting Language).



			PORTLAND GENERAL ELECTRIC COMPANY
			(Registrant)

Date:	April 24, 2020	By:	/s/ James F. Lobdell
			James F. Lobdell
			Senior Vice President of Finance, Chief Financial Officer and Treasurer



			Portland General Electric One World Trade Center 121 S.W. Salmon Street Portland, Oregon 97204 News Release


	April 24, 2020

	Media Contact:		Investor Contact:
	Andrea Platt		Chris Liddle
	Corporate Communications		Investor Relations
	Phone: 503-464-7980		Phone: 503-464-7458


☐	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))


•	Revising full-year earnings guidance to $2.20 to $2.50 per diluted share


•	Strong first quarter driven by high tech demand growth, minimally impacted by the coronavirus pandemic


•	Capital and O&M reductions as well as acceleration of debt financing in anticipation of recession


•	A decrease in annual retail deliveries of 1% to 2%, weather adjusted, with decreases concentrated in the commercial sector, partially offset by increased residential load, and flat industrial loads;


•	Wind generation based on five years of historical levels or forecast studies when historical data is not available;


•	Operating and maintenance costs between $570 million and $590 million, versus our previous forecast of $590 million to $610 million, which includes an increase in our full-year forecasted bad debt expense from $6 million to $15 million due to moratoriums on collection activities and customer disconnects; and


•	Revised depreciation and amortization expense from between $415 million and $435 million to between $410 million and $430 million.


Item 9.01	Financial Statements and Exhibits.


•	Average hydro conditions for the year;


•	Normal thermal plant operations;



	Three Months Ended March 31,
	2020			2019
Revenues:
Revenues, net	$	564		$	570
Alternative revenue programs, net of amortization	9			3
Total revenues	573			573
Operating expenses:
Purchased power and fuel	153			179
Generation, transmission and distribution	73			77
Administrative and other	71			71
Depreciation and amortization	108			101
Taxes other than income taxes	35			34
Total operating expenses	440			462
Income from operations	133			111
Interest expense, net	33			32
Other (loss) income:
Allowance for equity funds used during construction	3			3
Miscellaneous (loss) income, net	(4		)	2
Other (loss) income, net	(1		)	5
Income before income tax expense	99			84
Income tax expense	18			11
Net income	81			73
Other comprehensive income	1			1
Comprehensive income	$	82		$	74

Weighted-average common shares outstanding (in thousands):
Basic	89,429			89,309
Diluted	89,579			89,309

Earnings per share—Basic and diluted	$	0.91		$	0.82



	March 31, 2020		December 31, 2019
ASSETS
Current assets:
Cash and cash equivalents	$	30	$	30
Accounts receivable, net	233		253
Inventories	97		96
Regulatory assets—current	21		17
Other current assets	124		104
Total current assets	505		500
Electric utility plant, net	7,217		7,161
Regulatory assets—noncurrent	513		483
Nuclear decommissioning trust	45		46
Non-qualified benefit plan trust	34		38
Other noncurrent assets	156		166
Total assets	$	8,470	$	8,394



	March 31, 2020			December 31, 2019
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	128		$	165
Liabilities from price risk management activities—current	32			23
Short-term debt	20			—
Current portion of long-term debt	140			—
Current portion of finance lease obligation	16			16
Accrued expenses and other current liabilities	296			315
Total current liabilities	632			519
Long-term debt, net of current portion	2,478			2,597
Regulatory liabilities—noncurrent	1,390			1,377
Deferred income taxes	385			378
Unfunded status of pension and postretirement plans	248			247
Liabilities from price risk management activities—noncurrent	129			108
Asset retirement obligations	263			263
Non-qualified benefit plan liabilities	102			103
Finance lease obligations, net of current portion	133			135
Other noncurrent liabilities	72			76
Total liabilities	5,832			5,803
Shareholders’ Equity:
Preferred stock, no par value, 30,000,000 shares authorized; none issued and outstanding as of March 31, 2020 and December 31, 2019	—			—
Common stock, no par value, 160,000,000 shares authorized; 89,464,521 and 89,387,124 shares issued and outstanding as of March 31, 2020 and December 31, 2019, respectively	1,220			1,220
Accumulated other comprehensive loss	(9		)	(10		)
Retained earnings	1,427			1,381
Total shareholders’ equity	2,638			2,591
Total liabilities and shareholders’ equity	$	8,470		$	8,394



	Heating Degree-days
	2020		2019		Avg.
January	588		670		728
February	605		760		599
March	568		562		522
Year-to-date	1,761		1,992		1,849
(Decrease)/increase from the 15-year average	(5	)%	8	%