Portland General Electric (POR) Reports 2009 Q3 Financial Results

Portland General Electric Company (NYSE: POR) reported net income of $32Mn, or $0.43 per diluted share, for the quarter ended September 30, 2009, compared to zero for the third quarter of 2008.
The net income increase reflects the refund to customers related to the Trojan proceedings, which was recorded on September 30, 2008 and which reduced net income by $20M in the third quarter of 2008. Higher net income in the third quarter of 2009 compared to the third quarter of 2008 was also driven by the 2009 general rate case, an increase in the fair value of non-qualified benefit plan assets, and lower administrative costs. Operating results continue to reflect the sustained effects of the recession, with a 2% decrease in total retail energy deliveries. Also, during the third quarter of 2009, PGE experienced an increase in purchased power and fuel expense primarily driven by extended outages at Unit 4 of Colstrip and the Boardman coal-fired generating plants.

Portland General Electric Company (POR) is a vertically integrated electric utility that serves approximately 818,000 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