Portland, OR-based Northwest Natural Gas Co. Thursday marked its 50th consecutive year of dividend growth and reiterated strong first-quarter 2006 and full-year 2005 earnings during its annual shareholders meeting. Earnings for the first quarter were up compared to the same period last year ($1.48/ vs. $1.43/diluted share for the respective periods), and profits for all of 2005 exceeded those the previous year ($2.11/diluted share last year, compared to $1.86/diluted share for 2004).

Marking its 19th consecutive year of customer growth of more than 3%, Northwest Natural confirmed its earnings guidance for 2006 in the range of $2.12-$2.27/share, assuming “normal” weather.

CEO Mark Dodson said the utility is not resting on its recent success, saying the gas-only utility is “more committed than ever to pursue initiatives that continue to foster stability and growth.” Customer growth has been more than twice the national average for gas utilities, Dodson said, reflecting “a stronger Northwest economy and the fact that natural gas remains a consumer fuel of choice.”

Dodson said that last year, Northwest Natural “anticipated change and positioned the company to adapt and succeed,” an approach he said that would continue. He said operational changes this year at the utility will help “manage change — not be managed by it.”

One major change underway is the transition to automated meter reading (AMR), Dodson told shareholders, noting that the project now involves customers mostly outside of the Portland area with the first phase beginning earlier this month in Clark County, WA across the Columbia River from Portland. About 235,000 customers, or 38% of Northwest Natural’s customer base, will be converted by the end of this summer, he said.

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