Portland General Electric Co · NYSE:POR
Portland General Electric — Q3 2021 Earnings Presentation
11 slides from Portland General Electric's earnings presentation, Oct 29, 2021
Slide 1: Earnings Conference Call Third Quarter 2021
Exhibit 99.2 Portland General Electric EARNINGS CONFERENCE CALL THIRD QUARTER 2021
Slide 2: Cautionary statement
Cautionary statement Information Current as of October 29, 2021 Except as expressly noted, the information in this presentation is current as of October 29, 2021 — the date on which PGE filed its Quarterly Report on Form 10-Q for the quarter ended September 30, 2021 — and should not be relied upon a
Slide 3: Topics for today's call
Topics for today’s call Business Update Maria Pope, President and CEO • Financial and operational highlights • Resource procurement and system planning Financial Update Jim Ajello, Senior VP of Finance, CFO and Treasurer • Economic update • Third quarter 2021 earnings • 2022 General Rate Case update
Slide 4: 2021 Q3 financial and operational highlights
2021 Q3 financial and operational highlights 2021 Q3 net income of $50 million, or Strong load growth powered by economic recovery $0.56 per diluted share Reached a constructive settlement in 50% debt / 50% equity capital structure, 9.5% ROE 2022 GRC on Cost of Capital items Managed through a hot su
Slide 5: Third quarter 2021 financial results
Reaffirming Third quarter 2021 financial results • 2021 earnings guidance of $2.70 to $2.85 per diluted share ($ in million) Third Quarter Year to Date Except EPS • 2021 load growth 2021 2020 2021 2020 of 2.5% to 3.0% GAAP Earnings per $0.56 $(0.19) $1.98 $1.15 • 4% to 6% long-term Diluted Share EPS
Slide 6: Third quarter 2021 earnings bridge
Third quarter 2021 earnings bridge (1) Q3 Energy Q3 Total Net Variable Operating Administrative Other Q3 2020 trading 2020 Revenues Power Costs(2) expense expense 2021 GAAP losses Non-GAAP GAAP EPS EPS EPS (1) Management believes that excluding the effects of the energy trading loss ($1.09) provides
Slide 7: 2022 General Rate Case updates
2022 General Rate Case updates Rate Case Filing Details(1) Proposed Rate Base $5.7 Billion Primary O&M Cost drivers Increased vegetation management • Accelerated depreciation of Colstrip to 2025 and establish its own, separate revenue requirement • Improve storm outage mechanism to establish a balan
Slide 8: Reliability and resiliency investments
Reliability and resiliency investments Capital expenditures forecast $700 $70 $655 $25 $110 $115 $550 $550 $550 $85 $85 $85 $410 $405 $385 $385 $385 $110 $110 $80 $80 $80 2021 2022 2023 2024 2025 Generation Transmission and Distribution General Business and Technlogy Integrated Operations Center Not
Slide 9: 2021 Outlook
2021 Outlook Robust non-residential year-over-year annual energy deliveries Consistent performance through Q3 2021 Commercial 3.9% Industrial: 9.2% The picture for Weather-adjusted growth year over year $1.98 diluted EPS YTD 2021 and reflects economic growth beyond remains clear Tracking long-term e
Slide 10: Appendix
Appendix
Slide 11: Non-GAAP Financial Measures
Non-GAAP Financial Measures Management believes that excluding the effects of the energy trading losses provides a meaningful representation of the Company’s comparative earnings per share. The Company has adjusted this amount to maintain comparability between periods. The effects of the energy trad
Portland General Electric — Q3 2021 Earnings Presentation on 6ix