Portland, OR, Tuesday, Feb. 26, 2008 -- Highlights include Completing Phase I Biglow Canyon Wind Farm developed by Zephyr -Innogy/Orion
Portland General Electric Company (NYSE:POR) today reported net income of $145 million, or $2.33 per diluted share, for the twelve months ended December 31, 2007, compared to $71 million, or $1.14 per diluted share, for 2006. Results for 2007 were driven primarily by increased energy deliveries, excellent plant operations including increased generation from the return of Boardman to full operation and the addition of Port Westward. Results for 2007 also included the following items:
- $16 million after tax, or $0.26 per diluted share, resulting from the deferral for future recovery of excess Boardman power costs ($20.4 million deferral and $5.0 million in interest, both pre-tax).
- $4 million after tax, or $0.06 per diluted share, resulting from a reduction in the Company's wholesale credit reserve related to the settlement with certain California parties involving wholesale energy transactions in 2000-2001 ($6 million pre-tax).
- $11 million after tax, or $0.18 per diluted share, resulting from Senate Bill 408 (SB 408), the Oregon law which attempts to more closely match utility income tax amounts forecasted to be collected in revenues with the amount of income taxes paid to governmental entities.
"Our 2007 results demonstrate that Portland General Electric is committed to delivering value to its customers and shareholders alike," said Peggy Fowler, CEO and president of Portland General Electric (PGE). "Our list of accomplishments includes bringing our new Port Westward plant online, completing Phase I of the Biglow Canyon Wind Farm on schedule in December