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File No. 69-233
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C.
FORM U-3A-2/A
AMENDMENT NO. 1
Statement by Holding Company Claiming Exemption Under
Rule 2 from the Provisions of the
Public Utility Holding Company Act of 1935
To Be Filed Annually Prior to March 1
PORTLAND GENERAL CORPORATION
hereby files with the Securities and Exchange Commission, pursuant to
Rule U-2, its statement claiming exemption as a holding company from the
provisions of the Public Utility Holding Company Act of 1935. In support
of such claim for exemption the following information is submitted:
Exhibits A, B and C attached.
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<CAPTION>
PORTLAND GENERAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF RETAINED EARNINGS
EXHIBIT A
For the Year Ended December 31, 1995
<S> <C> <C> <C> <C> <C> <C>
Portland Columbia Columbia
Portland General Willamette Columbia Willamette
General Electric Development Willamette Rail Investment
Corporation Company Company Leasing Leasing Company
Balance at beginning of year $123,188 $216,468 ($66,850) $4,880 $1,592 ($32,964)
Net income (loss) -
from income statement 81,036 83,143 - 1,680 (60) (1,725)
204,224 299,611 (66,850) 6,560 1,532 (34,689)
Dividends declared 60,955 50,456 - - - -
Transfer to parent - (197) - - -
ESOP tax benefit and
Preferred stock adjs 698(1) (3,570)
Preferred Stock redemption (697)(1) 697(2) - - - -
Balance at end of year $143,270 $246,282 ($67,047) $6,560 $1,532 ($34,689)
<S> <C> <C> <C> <C> <C>
Portland PowerLink ELIMINATIONS
General Kalamazoo
Holdings Corporation DEBIT CREDIT CONSOLIDATED
Balance at beginning of year ($131,307) ($2,699) $ 6,368(B) 118,676
Net income (loss) -
from income statement (223) 77 82,892(A) 81,036
(131,530) (2,622) 82,892 6,368 199,712
Dividends declared - - - 50,456(A) 60,955
Transfer to parent (9,500) - - 9,697(B) -
ESOP tax benefit and
Preferred stock adjs (2,872)
Preferred Stock redemption - - - - -
Balance at end of year ($141,030) ($2,622) $82,892 $66,521 135,885
(1) The preferred stock redemption premium (discussed below) is eliminated at PGC since it is included as
a deduction to net income.
- see PGC/PGE SEC retained earnings statements for each company - the other adjustments are different by $698.
(2) Preferred stock redemption premium which is included as part of the preferred dividend requirement on the
income statement and also is included in the preferred stock adjs.
This adjustment is necessary at PGE for this presentation because the net income used is after all preferred
stock dividends and adjustments.
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PORTLAND GENERAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME
EXHIBIT A
For the year ended December 31, 1995
(Thousands of Dollars)
<S> <C> <C> <C> <C> <C>
Portland
Portland General Columbia Columbia
General Electric Willamette Willamette Rail
Corporation Company Development Leasing Leasing
OPERATING REVENUES $ 7,719 $981,628 - $1,780 -
OPERATING EXPENSES
Purchased power and fuel - 293,589 - - -
Production and distribution - 63,841 - - -
Maintenance and repairs - 47,532 - - -
Administrative and other 8,596 106,128 - 417 59
Depreciation and amortization 83 134,340 - - -
Taxes other than income taxes 103 51,489 - 25 -
8,782 696,919 - 442 59
OPERATING INCOME BEFORE TAXES (1,063) 284,709 - 1,338 (59)
Income taxes (1,182) 89,523 - 334 1
NET OPERATING INCOME (LOSS) 119 195,186 - 1,004 (60)
OTHER INCOME (DEDUCTIONS)
Regulatory disallowance - net of tax ($25,542) - (49,567) - - -
AFUDC - 11,065 - - -
Interest expense (3,093) (76,584) - - -
Equity in earnings of subsidiaries 82,920 - - (60) -
Preferred dividend of subsidiary - - - - -
Other - net of income tax 1,090 12,687 - 736 -
NET INCOME (LOSS) 81,036 92,787 - 1,680 (60)
Preferred dividend requirement - 9,644 - - -
NET INCOME (LOSS) $81,036 $83,143 - $1,680 ($60)
<S> <C> <C> <C> <C> <C> <C>
Columbia
Willamette Portland PowerLink ELIMINATIONS
Investment General Kalamazoo
Company Holdings Corporation DEBIT CREDIT CONSOLIDATED
OPERATING REVENUES - $ 598 - $ 8,143(D) - $983,582
OPERATING EXPENSES
Purchased power and fuel - - - - - $293,589
Production and distribution - - - - - $63,841
Maintenance and repairs - - - - - $47,532
Administrative and other - 318 - - 7,451(D) $108,067
Depreciation and amortization - - - - - $134,423
Taxes other than income taxes - - - - 127(D) $51,490
- 318 - - 7,578 698,942
OPERATING INCOME BEFORE TAXES - 280 - 8,143 7,578 284,640
Income taxes 1,725 (1,559) 222 - - $89,064
NET OPERATING INCOME (LOSS) (1,725) 1,839 (222) 8,143 7,578 195,576
OTHER INCOME (DEDUCTIONS)
Regulatory disallowance - net of tax ($25,542) - - - - - ($49,567)
AFUDC - - - - - $11,065
Interest expense - (612) - - 1,161(D) ($79,128)
Equity in earnings of subsidiaries - 32 - 82,892(A) - -
Preferred dividend of subsidiary - - - 9,644(E) - ($9,644)
Other - net of income tax - (1,482) 299 596(D) - $12,734
NET INCOME (LOSS) (1,725) (223) 77 101,275 8,739 81,036
Preferred dividend requirement - - - - 9,644(E) -
NET INCOME (LOSS) ($1,725) ($223) $ 77 $101,275 $18,383 $81,036
</TABLE>
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<TABLE>
<CAPTION>
PORTLAND GENERAL CORPORATION AND SUBSIDIARIES EXHIBIT A
CONSOLIDATED BALANCE SHEET
At December 31, 1995
(Thousands of Dollars)
<S> <C> <C> <C> <C> <C>
Portland Columbia
Portland General Willamette Columbia
ASSETS General Electric Development Willamette Rail
Corp. Company Company Leasing Leasing
ELECTRIC UTILITY PLANT - ORIGINAL COST
Utility plant - $2,754,280 - - -
Accumulated depreciation - (1,040,014) - - -
- 1,714,266 - - -
Nuclear fuel - - - - -
Capital leases - 9,353 - - -
- 1,723,619 - - -
OTHER PROPERTY AND INVESTMENTS
Leveraged leases - - - 140,548 12,118
Net assets of discontinued
real estate operations - - 1,241 - -
Nuclear Decommission Trust - 68,774 - - -
Investment in and advances
to affiliates 934,878 - - 11,056 -
Corporpate Owned Life Insurance -
less loan of $26,432 29,939 44,635 - - -
Conservation loans and other 657 24,943 - - -
965,474 138,352 1,241 151,604 12,118
CURRENT ASSETS
Cash and cash equivalents 9,489 2,241 - (5) -
Accounts and notes receivable 14,670 102,592 - 12,271 12,672
Estimated unbilled revenues - 64,516 - - -
Inventories - 38,338 - - -
Prepayments and other 1,334 15,619 - - -
25,493 223,306 - 12,266 12,672
DEFERRED CHARGES
WNP-3 settle exchange agreement - 168,399 - - -
Unamortized regulatory costs
Trojan Abandonment costs - Plant - 301,023 - - -
Trojan Abandonment costs - Decommissioning - 311,403 - - -
Income tax recoverable - 217,366 - - -
Debt reacquisition costs - 29,576 - - -
Energy efficiency costs - 77,945 - - -
Other - 27,611 - - -
Miscellaneous 2,920 26,997 - - -
2,920 1,160,320 - - -
$993,887 $3,245,597 $1,241 $163,870 $24,790
<S> <C> <C> <C> <C> <C> <C>
Columbia
Willamette Portland PowerLink ELIMINATIONS
ASSETS Investment General Kalamazoo
Company Holdings Corp. DEBIT CREDIT CONSOLIDATED
ELECTRIC UTILITY PLANT - ORIGINAL COST
Utility plant - - - - - $2,754,280
Accumulated depreciation - - - - - (1,040,014)
- - - - - 1,714,266
Nuclear fuel - - - - - -
Capital leases - - - - - 9,353
- - - - - 1,723,619
OTHER PROPERTY AND INVESTMENTS
Leveraged leases - - - - - 152,666
Net assets of discontinued
real estate operations - - - 1,241(C) -
Nuclear Decommission Trust - - - - - 68,774
Investment in and advances
to affiliates - 24,226 - - 970,160(A,B,C) -
Corporpate Owned Life Insurance -
less loan of $26,432 - - - - - 74,574
Conservation loans and other (3) 2,494 - 512(C) - 28,603
(3) 26,720 - 512 971,401 324,617
CURRENT ASSETS
Cash and cash equivalents - 194 - - - 11,919
Accounts and notes receivable 12 13,278 361 - 51,041(C) 104,815
Estimated unbilled revenues - - - - - 64,516
Inventories - - - - - 38,338
Prepayments and other - - - - - 16,953
12 13,472 361 - 51,041 236,541
DEFERRED CHARGES
WNP-3 settle exchange agreement - - - - - 168,399
Unamortized regulatory costs
Trojan Abandonment costs - Plant - - - - - 301,023
Trojan Abandonment costs - Decommissioning - - - - - 311,403
Income tax recoverable - - - - - 217,366
Debt reacquisition costs - - - - - 29,576
Energy efficiency costs - - - - - 77,945
Other - - - - - 27,611
Miscellaneous - - - - - 29,917
- - - - - 1,163,240
$ 9 $40,192 $361 $512 $1,022,442 $3,448,017
</TABLE>
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<TABLE>
<CAPTION>
PORTLAND GENERAL CORPORATION AND SUBSIDIARIES EXHIBIT A
CONSOLIDATED BALANCE SHEET
At December 31, 1995
(Thousands of Dollars)
<S> <C> <C> <C> <C> <C> <C>
Portland Columbia Columbia
Portland General Willamette Columbia Willamette
CAPITALIZATION AND LIABILITIES General Electric Development Willamette Rail Investment
Corp. Company Company Leasing Leasing Company
CAPITALIZATION
Common stock $191,301 $ 160,346 $38,016 $ 8,500 $ 9,066 $ 10
Other paid-in capital 580,088 473,439 30,272 7,000 458 34,676
Unearned compensation (1,392) (7,114) - - - -
Retained earnings - brought forward from
statement of retained earnings $143,270 $246,282 ($67,047) $6,560 $ 1,532 ($34,689)
913,267 872,953 1,241 22,060 11,056 (3)
Cumulative preferred stock of subsidiary
Subject to mandatory redemption - 40,000 - - - -
Long-term debt - 890,556 - - - -
913,267 1,803,509 1,241 22,060 11,056 (3)
CURRENT LIABILITIES
Long-term debt & preferred stock
due in one year 30,000 75,114 - - - -
Short-term borrowings - 170,248 - - - -
Accounts payable and other accruals 27,931 132,064 - 12,879 - -
Accrued interest 2,144 15,442 - 1 - -
Dividends payable 15,394 14,956 - - - -
Accrued taxes (14,088) 12,870 - - - 12
61,381 420,694 - 12,880 - 12
OTHER
Nuclear decommissioning liability - 379,179 - - - -
Deferred income taxes (14,497) 525,391 - 128,872 13,734 -
Deferred investment tax credits - 51,211 - - - -
Miscellaneous 33,736 65,613 - 58 - -
19,239 1,021,394 - 128,930 13,734 -
$993,887 $3,245,597 $1,241 $163,870 $24,790 $9
<S> <C> <C> <C> <C> <C>
Portland PowerLink ELIMINATIONS
CAPITALIZATION AND LIABILITIES General Kalamazoo
Holdings Corp. DEBIT CREDIT CONSOLIDATED
CAPITALIZATION
Common stock $ 7 - $ 215,945(B) - $ 191,301
Other paid-in capital 166,794 3,260 721,519(B) - 574,468
Unearned compensation - - - - (8,506)
Retained earnings - brought forward from
statement of retained earnings ($141,030) ($2,622) $ 82,892 $66,521 $ 135,885
25,771 638 1,020,356 66,521 893,148
Cumulative preferred stock of subsidiary
Subject to mandatory redemption - - - - 40,000
Long-term debt - - - - 890,556
25,771 638 1,020,356 66,521 1,823,704
CURRENT LIABILITIES
Long-term debt & preferred stock
due in one year - - - - 105,114
Short-term borrowings 12,595 (130) 12,465(C) - 170,248
Accounts payable and other accruals 677 - 40,146(C) - 133,405
Accrued interest 783 - 2,123(C) - 16,247
Dividends payable - - 13,682(C) - 16,668
Accrued taxes - - - 16,357(C) 15,151
14,055 (130) 68,416 16,357 456,833
OTHER
Nuclear decommissioning liability - - - - 379,179
Deferred income taxes (507) (147) - - 652,846
Deferred investment tax credits - - - - 51,211
Miscellaneous 873 - 16,036(B) - 84,244
366 (147) 16,036 - 1,167,480
$ 40,192 $361 $1,104,808 $82,878 $3,448,017
</TABLE>
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E X H I B I T A
PORTLAND GENERAL CORPORATION AND SUBSIDIARIES
ELIMINATION ENTRIES
(THOUSANDS OF DOLLARS)
DEBIT CREDIT
(A) Equity in earnings of subsidiaries $ 82,892
Investment in and advances to affiliates $ 32,436
Dividends declared 50,456
To reverse equity in earnings and
dividends of subsidiaries.
(B) Common stock 215,945
Other paid-in capital 721,519
Other - miscellaneous 16,036
Retained earnings 16,065
Investment in and advances to subsidiaries 937,435
To eliminate the investment
in subsidiaries, as adjusted in the
preceding entry, against the common
equity balances of the subsidiaries.
(C) Net assets of discontinued real estate
operations 1,241
Short-term borrowings 12,465
Accounts payable and other accruals 40,146
Accrued interest 2,123
Dividends payable 13,682
Conservation loans and other 512
Accrued taxes 16,357
Accounts and notes receivable 51,041
Advances to subsidiaries 289
To eliminate intercompany receivables and
payables.
(D) Operating revenues 8,143
Other (net of income taxes) 596
Administrative and other 7,451
Interest expense 1,161
Tax - other than income tax 127
To eliminate intercompany revenues and
expenses.
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E X H I B I T A
PORTLAND GENERAL CORPORATION AND SUBSIDIARIES
ELIMINATION ENTRIES (CONTINUED)
(THOUSANDS OF DOLLARS)
DEBIT CREDIT
(E) Preferred dividend requirement of
subsidiary 9,644
Preferred dividend requirement 9,644
To reclassify preferred dividend
requirement of Portland General Electric
Company.
SUBSIDIARIES NOT SHOWN ON CONSOLIDATING FINANCIAL STATEMENTS
The following subsidiaries, which are not shown on the consolidating
financial statements, are immaterial in relation to the consolidated
financial statements of Portland General Corporation.
PERCENT OF PERCENT OF
CONSOLIDATED CONSOLIDATED
COMPANY REVENUES ASSETS
121 S.W. Salmon St. Corporation 0.64% 0.21%
Tule Hub Services Company - .010%
Bonneville Pacific Corporation and
Subsidiaries (Combined) (1) n/a n/a
(1) Portland General Holdings has a 46% interest in Bonneville Pacific Corp.
(BPC) who has filed for protection under Chapter 11 of the federal
Bankruptcy Code. BPC has not made available any financial information.
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E X H I B I T B
(Thousands of Dollars)
1. Total Assets $3,448,017
2. Total Operating Revenues $ 983,582
3. Net Income $ 81,036
E X H I B I T C
Organizational chart showing relationship of each EWG or foreign utility to
associate companies in the holding-company system.
None.
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The above-named Claimant has caused this statement to be duly executed
on its behalf by its authorized officer on this 13th day of May 1996.
Portland General Corporation
By /S/ JOSEPH M. HIRKO
Joseph M. Hirko
Senior Vice President,
Chief Financial Officer
Corporate Seal
Attest:
/S/ STEVEN F. MCCARREL
Steven F. McCarrel
Assistant Secretary
Name, title and address of officer to whom notices and correspondence
concerning this statement should be addressed:
Steven F. McCarrel
Assistant Secretary
121 S.W. Salmon Street
Portland, Oregon 97204
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