2016 Annual Report Our Best Year Ever

 

Year In Review

In 2016, Energy Trust exceeded all annual electric and natural gas efficiency goals and installed more standard solar capacity and generation than ever before—while maintaining very low costs.

As a newcomer to Oregon in 2016, my priority was to visit many of the communities we serve and learn firsthand about the needs of people around the state. Successful change starts at the local level. Energy Trust can support local goals, from economic development and managing population growth to mitigating drought and boosting resiliency.

Clean energy is critical to Oregon’s economy and lower carbon future. While we have been successful in our first 15 years at saving enough energy equal to the output of a power plant, there is still plenty more to accomplish. And opportunities to generate clean energy from Oregon’s sun, water, waste and wind are abundant. Energy Trust is leading the rest of the country in finding new technologies and strategies to help capture efficiency and generate renewable resources—one community at a time.

The road ahead is full of opportunity.

Michael Colgrove
Executive Director

$5.7 billion added to Oregon’s economy
20 million tons of carbon dioxide avoided
$6.9 billion saved on utility bills

Year in Review

 

Customer Stories

 
centraloregon eastern oregon north coast southern oregon willamettevalley southwest washington portland metro & columbia gorge

In 2016, Central Oregon customers of Pacific Power and Cascade Natural Gas:

  • Invested in clean energy upgrades at 5,670 sites
  • Saved $4.8 million on utility bills
  • Were served by 190 Energy Trust trade allies

In 2016, Eastern Oregon customers of Pacific Power, Cascade Natural Gas and Avista:

  • Invested in clean energy upgrades at 780 sites
  • Saved $1.4 million on utility bills
  • Were served by 190 Energy Trust trade allies

In 2016, Southern Oregon customers of Pacific Power, NW Natural and Avista:

  • Invested in clean energy upgrades at 10,960 sites
  • Saved $9.7 million on customer utility bills
  • Were served by 260 Energy Trust trade allies

In 2016, Willamette Valley customers of Portland General Electric, Pacific Power and NW Natural:

  • Invested in clean energy upgrades at 14,660 sites
  • Saved $15.3 million on utility bills
  • Were served by 375 Energy Trust trade allies

In 2016, North Coast customers of Pacific Power and NW Natural:

  • Invested in clean energy upgrades at 1,280 sites
  • Saved $957,000 on utility bills
  • Were served by 80 Energy Trust trade allies

In 2016, Portland Metro and Columbia Gorge customers of Portland General Electric, Pacific Power and NW Natural:

  • Invested in clean energy upgrades at 47,250 sites
  • Saved $65.8 million on utility bills
  • Were served by 670 Energy Trust trade allies

Energy Trust in Your Community

Please select a region on the map
 

Annual Results

Exceeded Energy Savings Goals

In the highest ever year for electric and gas savings, Energy Trust exceeded all annual electric and gas efficiency goals while maintaining very low costs.

(aMW is average megawatts and MMTh is million annual therms.)

109% saved 55.1 aMW goal 108% saved 33.7 aMW goal 110% saved 21.4 aMW goal Electric efficiency Portland General Electric Pacific Power
117% saved 5.7 MMTh goal Natural gas efficiency 117% saved 5.3 MMTh goal 111% saved 0.47 MMTh goal 110% saved 0.03 MMTh goal NW Natural Cascade Natural Gas Avista

GREW RENEWABLE GENERATION PIPELINE

Energy Trust exceeded its standard solar generation goal and fell short of its overall renewable energy goal due to the delay of two custom projects to 2017. We also built a robust pipeline of renewable energy projects expected to generate energy in future years.

67% generated 4.13 aMW goal Renewable energy

THE LOWEST COST ENERGY WE CAN BUY

Energy efficiency is the lowest-cost energy utilities can buy at just a fraction of the cost they would pay for other energy sources. For every $1 we invest in energy efficiency, customers will save nearly $3. Overall, customers and utilities will save approximately $2.6 billion from utilities not needing to invest in additional generation, transmission, distribution or fuel purchases.

Levelized cost is Energy Trust’s total cost to save or generate each unit of energy over the life of an upgrade, which can range from one to more than 20 years.

  • 2.6 cents/kWh (compared to 7.6 cents/kWh utilities would otherwise pay)
  • 27.9 cents/therm (compared to 47 cents/therm utilities would otherwise pay)

 

REVENUES AND EXPENDITURES ON TARGET

  • Revenues totaled $148.9 million, on target with budget
  • Expenditures totaled $183.8 million, on target with budget (as planned, used reserved to meet expenses in excess of revenue)
  • Delivered $109.2 million in incentives—with the remainder going to delivery of customer services
  • Spent less than 6.2 percent of annual revenues on administrative support costs to ensure proper oversight of ratepayer funds
  • Achieved an unmodified financial opinion from an independent auditor, available online

 

MET PERFORMANCE MEASURES SET BY THE OREGON PUBLIC UTILITY COMMISSION

The Oregon Public Utility Commission oversees Energy Trust’s investment in energy-efficiency and renewable power programs and sets minimum performance measures to ensure Energy Trust delivers value to customers.

 

Category2016 Performance Measures2016 ResultsStatus
PGE efficiency28.6 aMW36.5 aMW saved
Levelized cost not to exceed 3.4 cents/kWh2.6 cents/kWh
Pacific Power efficiency18.2 aMW 23.6 aMW saved
Levelized cost not to exceed 3.5 cents/kWh2.6 cents/kWh
NW Natural efficiency4.5 million annual therms6.2 million annual therms saved
Levelized cost not to exceed 37 cents/therm27 cents/therm
Cascade Natural Gas efficiency0.40 million annual therms0.51 million annual therms saved
Levelized cost not to exceed 47 cents/therm33 cents/therm
Renewable energyReport project development assistance resultsPaid $1,807,019 and committed $2,985,081 in project development assistance to 48 projects
1.6 aMW net-metered standard projects Standard solar generation 2.3 aMW
Not to exceed $25/allocated MWh for non-solar custom projects$15.82/MWh on a 3-year rolling average
Report selection criteria for custom solar projects Dedicated funding for one custom net-metered solar project selected based on business plan
Financial integrityUnmodified financial opinion Unmodified
Administrative/ program support costsBelow 8% percent of annual revenues6.2%
Staffing expendituresNot to exceed 7.75% of total organization expenditures calculated on a three-year rolling average 6.6%
Customer satisfactionDemonstrate greater than 85 percent satisfaction rates for interaction with program representatives and overall satisfactionAchieved 96% and 93% satisfaction, respectively
Benefit/cost ratiosReport benefit/cost ratios for both utility system and total resource perspective All benefit/cost ratios were greater than 1.0 and no mid-year update needed

One average megawatt, aMW, of electricity is the generation of one megawatt every hour for one year.
Levelized cost is Energy Trust’s total cost to save or generate each unit of energy over the life of the measure (which ranges from one to 20 years or more).

Financials

Overview


These financial highlights are excerpts from independently audited financial statements prepared by Moss Adams LLP.
See the full set of audited financials for 2016 »

Balance sheet


Assets $68,704,657
Liabilities $34,830,732
Net assets $33,873,925

Revenues


PGE $77,246,163
Pacific Power $53,149,641
NW Natural $18,551,534
Cascade Natural Gas $1,687,981
Avista $156,000
Other sources $531,294
Total revenue $151,323,244

Expenses by utility service territory


PGE $96,346,463
Pacific Power $63,519,800
NW Natural $23,475,184
Cascade Natural Gas $2,253,785
Avista $87,383
Total expenses $185,682,617

Expenses by type


Energy efficiency $159,719,969
Renewable energy $19,596,783
Administration $6,365,865
Total expenses $185,682,617

As intended and in agreement with utilities and the OPUC, Energy Trust used program reserves to meet expenses in excess of revenue.

Return to top

What solutions are right for me?

Not sure what solutions are right for you? Tell us a few things about yourself and we'll get you right to the information you need to start saving money and energy today.

Are you interested in cash incentives for commercial buildings or multifamily properties?