Portland General Electric Company reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2009. For the quarter, the company reported net income attributable to company of $32 million or $0.43 per diluted share 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 $20 million 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. The company reported revenue of $445 million compared to revenue of $400 million for the same quarter a year ago. Income from operations was $62 million and income before income tax expense was $47 million compared to income from operations of $21 million and loss before income tax expense was $1 million for the same quarter a year ago. For the nine months, the company's net income increased $20 million, or 30% relative to the nine months ended September 30, 2008. Net income attributable to company was $87 million, or $1.21 per diluted share on revenue of $1,319 million compared to $67 million, or $1.08 per diluted share on revenue of $1,296 million for the nine months ended September 30, 2008. Income from operations was $170 million and income before income tax expense was $113 million compared to income from operations of $160 million and income before income tax expense was $94 million for the same period a year ago. Net cash provided by operating activities was $377 million and capital expenditures of $544 million compared to net cash provided by operating activities of $222 million and capital expenditures of $281 million for the same period a year ago. The company reaffirmed earnings guidance for the full year 2009. For the year, the company reaffirms 2009 earnings guidance with diluted net income per share ranging from $1.35 to $1.45 for 2009. Capital expenditures in 2009 are estimated to be $732 million, primarily related to Biglow Canyon Phases II ($230 million) and III ($175 million) the smart meter project ($60 million) and continuing expenditures for production, transmission and distribution ($235 million). The company initiates 2010 earnings guidance with diluted net income per share ranging from $1.50 to $1.65 for 2010. The company estimates capital expenditures to be $545 million in 2010, the majority of which relate to Biglow Canyon Phase III ($200 million), the smart meter project ($60 million) and continuing expenditures for production, transmission and distribution ($245 million).

Portland General Electric Company declared a quarterly common stock dividend of 25.5 cents per share. The dividend is payable on or before January 15, 2010, to shareholders of record at the close of business on December 28, 2009.

Portland General Electric Company expected to Report Fiscal Year 2009 Results on February 22, 2010. This event was calculated by Capital IQ (Created on October 29, 2009).