Portland General Electric Co · NYSE:POR
Portland General Electric — Q1 2022 Earnings Presentation
9 slides from Portland General Electric's earnings presentation, Apr 28, 2022
Slide 1: Earnings Conference Call First Quarter 2022
Exhibit 99.2 Portland General Electric EARNINGS CONFERENCE CALL FIRST QUARTER 2022
Slide 2: Cautionary statement
Cautionary statement Information Current as of April 28, 2022 Except as expressly noted, the information in this presentation is current as of April 28, 2022 — the date on which PGE filed its Quarterly Report on Form 10-Q for the quarter ended March 31, 2022 — and should not be relied upon as being
Slide 3: Topics for today's call
Topics for today’s call Business Update Maria Pope, President and CEO • 2022 General Rate Case • Financial and operational highlights • 2021 RFP update Financial Update Jim Ajello, Senior VP of Finance, CFO and Treasurer • 2022 General Rate Case • Economic update • First quarter 2022 earnings • Capi
Slide 4: First quarter 2022 financial results
Revising First quarter 2022 financial results • 2022 earnings Q1 2022 Q1 2021 guidance from $2.75 Net income (in millions) $60 $96 to $2.90 to $2.50 to $2.65 per diluted Diluted earnings per share (EPS) $0.67 $1.07 share Quarterly Diluted EPS Quarterly Diluted EPS Reaffirming $1.07 • 4% to 6% long-t
Slide 5: 2022 General Rate Case conclusion
2022 General Rate Case conclusion Rate Case Key Terms – Final Order 22-129 – Rates Effective May 9, 2022 Average Rate Base $5.6 Billion Average Rate Base Increase $814 million, 17% ROE 9.5% Capital Structure 50/50 Cost of Debt 4.125% Cost of Capital 6.83% Revenue Requirement Increase $74 million, in
Slide 6: First quarter 2022 earnings bridge
First quarter 2022 earnings bridge Q1 2020 Retail Net Operating Depreciation Interest Non-qualified Prior year Capital Q1 2021 EPS Wildfire revenues Variable expense and expense benefit trust local tax flow- deferral and 2022 EPS and Power amortization through other COVID Costs adjustment deferral r
Slide 7: Reliability and resiliency investments
Reliability and resiliency investments Capital expenditures forecast $685 $35 $650 $650 $650 $650 $100 $100 $100 $100 $140 $375 $430 $430 $430 $430 $135 $120 $120 $120 $120 2022 2023 2024 2025 2026 Generation Transmission and Distribution General Business and Technology Integrated Operations Center
Slide 8: Liquidity and financing
Liquidity and financing Total Liquidity: $905 million as of March 31, 2022 (dollars in millions) Ratings S&P Moody’s Senior Secured A A1 Cash Senior Unsecured BBB+ A3 $110 Commercial Paper A-2 P-2 Letters of Credit Outlook Stable Stable $145 Credit Expected 2022 Facilities financings Q1 Q2 Q3 Q4 $65
Slide 9: Resource planning and procurement
Resource planning and procurement 2021 RFP PGE is seeking up to approximately 1,000 MW of renewable and non-emitting resources, consisting of: • 375 to 500 MW of renewables • 375 MW of non-emitting capacity • 100 MW of renewables in support of the Green Future Impact program’s PGE supply option RFP
Portland General Electric — Q1 2022 Earnings Presentation on 6ix