Skip to Main Content

ANNUAL REPORT 2017
INNOVATING FOR THE FUTURE

 
En Español

Year In Review

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
Executive Director

$7.6 BILLION

SAVED ON UTILITY BILLS SINCE 2002

$6.3 BILLION

ADDED TO OUR ECONOMY SINCE 2002

22.8 MILLION TONS

CARBON DIOXIDE AVOIDED SINCE 2002

$7.6 Billones

Ahorrados en pagos por servicios públicos

$6.3 Billones

Han sido añadidos a nuestra economía local

22.8 Millones

De toneladas de bióxido de carbono evitadas
 

SUCCESS STORIES

 

Energy Trust In
Your Community

COOS BAY EUGENE BURNS BEND PORTLAND ASTORIA PENDLETON MEDFORD KLAMATHFALLS BAKER CITY JOSEPH LA GRANDE LINCOLN CITY SALEM ROSEBURG PRINEVILLE SW WASHINGTON 5 84 84 C r a t e r L a k e O w y h e e R i v e r T a b l e R o c k O r e g o n C a v e s S t e e n s M o u n t a i n A l v o r d D e s e r t W a l l o w a M o u n t a i n s H o t S p r i n g s P e n d l e t o n R o u n d - U p P a i n t e d H i l l s S a n d D u n e s M o u n t H o o d T h r e e S i s t e r s S t a t e C a p i t o l EASTERN OREGON Sites served Trade allies Incentives 600 100 $2.3M NORTH COAST Sites served Trade allies Incentives 1,100 94 $1.4M PORTLAND METRO& COLUMBIA GORGE Sites served Trade allies Incentives 33,000 1,551 $66.2M SOUTHERN OREGON Sites served Trade allies Incentives 6,900 440 $10.0M WILLAMETTE VALLEY Sites served Trade allies Incentives 11,100 550 $17.0M CENTRAL OREGON Sites served Trade allies Incentives 3,800 290 $5.1M

Energy Trust serves customers of PGE, Pacific Power, NW Natural, Cascade Natural Gas and Avista. Areas in gray are not served by these utilities.

in 2017

Residential sites served
46000

Commercial sites served
7400

Industrial and agricultural sites served
1200

Sites installed renewable energy systems
1900

North Coast

In 2017, North Coast customers of Pacific Power and NW Natural benefited from:

1,110 sites
Upgraded with clean energy investments

94
Trade allies and retailers serving the area

$6.6M
Saved on utility bills

Portland Metro

In 2017, Portland Metro customers of Portland General Electric, Pacific Power and NW Natural benefited from:

33,000 sites
Upgraded with clean energy investments

1,551
Trade allies and retailers serving the area

$289M
Saved on utility bills

Central Oregon

In 2017, Central Oregon customers of Pacific Power and Cascade Natural Gas benefited from:

3,800 sites

Upgraded with clean energy investments

290
Trade allies and retailers serving the area

$23M
Saved on utility bills

Eastern Oregon

In 2017, Eastern Oregon customers of Pacific Power, NW Natural and Avista benefited from:

600 sites

Upgraded with clean energy investments

100
Trade allies and retailers serving the area

$7.2M
Saved on utility bills

Southern Oregon

In 2017, Southern Oregon customers of Pacific Power, NW Natural and Avista benefited from:

6,900 sites

Upgraded with clean energy investments

440
Trade allies and retailers serving the area

$38M
Saved on utility bills

Willamette Valley

In 2017, Willamette Valley customers of Portland General Electric, Pacific Power and NW Natural benefited from:

11,100 sites

Upgraded with clean energy investments

550
Trade allies and retailers serving the area

$176M
Saved on utility bills

 

Annual Results

Energy savings and generation results

  • Exceeded electric savings goal
  • Approached gas savings goal
  • Exceeded renewable generation goal
ELECTRIC EFFICIENCY 63.4 aMW saved (112%) 56.4 aMW goal PORTLAND GENERAL ELECTRIC 40.4 aMW saved (116%) 35.0 aMW goal PACIFIC POWER 23.0 aMW saved (107%) 21.4 aMW goal 4.49 aMW generated (157%) 2.86 aMW goal RENEWABLE ENERGY PORTLAND GENERAL ELECTRIC 1.19 aMW generated (97%) 1.23 aMW goal PACIFIC POWER 3.30 aMW generated (203%) 1.63 aMW goal
NATURAL GAS EFFICIENCY 6.8 MMTh saved (95%) 7.1 MMTh goal NW NATURAL 5.9 MMTh saved (95%) 6.2 MMTh goal CASCADE NATURAL GAS 0.51 MMTh saved (91%) 0.56 MMTh goal 0.34 MMTh saved (107%) 0.32 MMTh goal AVISTA

(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.

Category2017 Performance Measures2017 ResultsStatus
PGE efficiency29.7 aMW40.39 aMW saved
Levelized cost not to exceed 3.4 cents/kWh2.4 cents/kWh
Pacific Power efficiency18.2 aMW 23.01 aMW saved
Levelized cost not to exceed 3.3 cents/kWh2.6 cents/kWh
NW Natural efficiency5.3 million annual therms5.9 million annual therms saved
Levelized cost not to exceed 35 cents/therm27 cents/therm
Cascade Natural Gas efficiency0.48 million annual therms0.51 million annual therms saved
Levelized cost not to exceed 39 cents/therm30 cents/therm
Avista efficiency0.27 million annual therms0.34 million annual therms saved
Levelized cost not to exceed 23 cents/therm22 cents/therm
Renewable energyReport project development assistance resultsPaid $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 integrityUnmodified financial opinion Unmodified
Administrative/ program support costsBelow 8% percent of annual revenues5.2%
Staffing expendituresNot to exceed 7.75% of total organization expenditures calculated on a three-year rolling average 6.8%
Customer satisfactionDemonstrate greater than 85 percent satisfaction rates for interaction with program representatives and overall satisfactionAchieved 97% 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
 

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 2017 »

Balance sheet

Assets $80,155,976
Liabilities $32,023,350
Net assets $48,132,626

Revenues

PGE $102,203,949
Pacific Power $63,994,134
NW Natural $26,500,404
Cascade Natural Gas $2,622,395
Avista $1,036,868
Other sources $476,351
Total revenue $196,834,100

Expenses by utility service territory

PGE $96,970,918
Pacific Power $59,536,033
NW Natural $22,946,069
Cascade Natural Gas $2,024,465
Avista $1,029,771
Other $68,142
Total expenses $182,575,398

Expenses by type

Energy efficiency $159,393,814
Renewable energy $15,953,057
Administration $7,160,386
Other $68,141
Total expenses $182,575,398
Return to top