ANNUAL REPORT 2017
INNOVATING FOR THE FUTURE
Year In Review
Año en revisión
From the Executive Director
Cost-effective energy efficiency and clean renewable energy are the most important energy resources available to Oregon and Southwest Washington utility customers.
Our work to deliver these resources helps keep costs low for customers and builds a more sustainable energy future for our communities, and 2017 was an outstanding year for innovating and achieving these goals. Last year, we helped customers of Portland General Electric, Pacific Power, NW Natural, Cascade Natural Gas and Avista save more electricity than ever before and maintained record natural gas savings—at even lower costs than the year before.
We also pursued new program strategies while taking steps to prepare the organization for future years. Our focus on innovation and readiness will be particularly important as we achieve success in transforming the lighting market, which will mean LEDs—some of the lowest-cost and highest-volume sources of savings—will no longer need our support. While accelerating market transformation in lighting is a remarkable success for Energy Trust, it presents challenges for sustaining high levels of electric savings in the years ahead.
Expanding participation is key to meeting goals as we seek to fulfill our mission. In 2017, we prioritized outreach to moderate-income, rural and underserved customers through a variety of efforts, such as collaboration with the Oregon Department of Energy to increase access to solar energy for low- and moderate-income communities.
We recognize there is more we can do to serve Oregon and Southwest Washington customers. In 2018, we plan to gather data, understand where gaps exist, learn from diverse communities—including communities of color, rural communities and people with low- and moderate-incomes—and develop new approaches to effectively engage all eligible customers.
Michael T. Colgrove
SAVED ON UTILITY BILLS SINCE 2002
ADDED TO OUR ECONOMY SINCE 2002
22.8 MILLION TONS
CARBON DIOXIDE AVOIDED SINCE 2002
Ahorrados en pagos por servicios públicos
Han sido añadidos a nuestra economía local
De toneladas de bióxido de carbono evitadas
Energy Trust In
Energy Trust serves customers of PGE, Pacific Power, NW Natural, Cascade Natural Gas and Avista. Areas in gray are not served by these utilities.
Residential sites served
Commercial sites served
Industrial and agricultural sites served
Sites installed renewable energy systems
Energy savings and generation results
- Exceeded electric savings goal
- Approached gas savings goal
- Exceeded renewable generation goal
(aMW is average megawatts and MMTh is million annual therms.)
ACCOUNTABLE AND TRANSPARENT
Energy Trust is governed by a volunteer board of directors and is overseen by the Oregon Public Utility Commission. Two advisory councils guide our work.
- Every dollar received and invested is accounted for in monthly, quarterly and annual financial statements
- Financial statements are audited annually by an independent auditor
- All major programs are evaluated by a third party
- Each kilowatt hour and therm acquired is reported in quarterly and annual reports
- We contract for an independent management audit every five years
The lowest cost energy we can buy
Energy efficiency is the lowest-cost energy utilities can buy at a fraction of the cost they would otherwise pay for other energy sources. For every $1 we invest in energy efficiency, customers will save nearly $3.
- 2.5 cents/kWh (compared to 7.6 cents/kWh utilities pay for energy from other sources)
- 27.3 cents/therm (compared to 47 cents/therm utilities pay for energy from other sources)
REVENUES AND EXPENDITURES
- Oregon revenue totaled $194.2 million, on target with budget
- Oregon expenditures totaled $180.3 million, roughly 10 percent under budget
- Delivered $102.6 million in incentives, with most of the remainder for delivery of customer services
- Maintained low administrative and program support costs at 5.2 percent ($10.1 million) of revenue
- Achieved an unmodified financial opinion from an independent auditor, available online at www.energytrust.org/financials
Exceeded 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.
|Category||2017 Performance Measures||2017 Results||Status|
|PGE efficiency||29.7 aMW||40.39 aMW saved|
|Levelized cost not to exceed 3.4 cents/kWh||2.4 cents/kWh|
|Pacific Power efficiency||18.2 aMW||23.01 aMW saved|
|Levelized cost not to exceed 3.3 cents/kWh||2.6 cents/kWh|
|NW Natural efficiency||5.3 million annual therms||5.9 million annual therms saved|
|Levelized cost not to exceed 35 cents/therm||27 cents/therm|
|Cascade Natural Gas efficiency||0.48 million annual therms||0.51 million annual therms saved|
|Levelized cost not to exceed 39 cents/therm||30 cents/therm|
|Avista efficiency||0.27 million annual therms||0.34 million annual therms saved|
|Levelized cost not to exceed 23 cents/therm||22 cents/therm|
|Renewable energy||Report project development assistance results||Paid $1,856,070 and committed $2,605,875 in project development assistance to 46 projects|
|1.6 aMW net-metered standard projects||Standard solar generation 4.9 aMW|
|Not to exceed $25/allocated MWh for non-solar custom projects||$17.02/MWh on a 3-year rolling average|
|Report selection criteria for custom solar projects||In compliance, did not dedicate funds for custom solar projects in 2017|
|Financial integrity||Unmodified financial opinion||Unmodified|
|Administrative/ program support costs||Below 8% percent of annual revenues||5.2%|
|Staffing expenditures||Not to exceed 7.75% of total organization expenditures calculated on a three-year rolling average||6.8%|
|Customer satisfaction||Demonstrate greater than 85 percent satisfaction rates for interaction with program representatives and overall satisfaction||Achieved 97% and 93% satisfaction, respectively|
|Benefit/cost ratios||Report 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|
These financial highlights are excerpts from independently audited financial statements prepared by Moss Adams LLP.
See the full set of audited financials for 2017 »
|Cascade Natural Gas||$2,622,395|
Expenses by utility service territory
|Cascade Natural Gas||$2,024,465|
Expenses by type