Portland General Electric Co · NYSE:POR
Portland General Electric — Q4 2021 Earnings Presentation
13 slides from Portland General Electric's earnings presentation, Feb 17, 2022
Slide 1: Earnings Conference Call Fourth Quarter and Full Year 2021
Exhibit 99.2 Portland General Electric EARNINGS CONFERENCE CALL FOURTH QUARTER AND FULL YEAR 2021
Slide 2: Cautionary statement
Cautionary statement Information Current as of February 17, 2022 Except as expressly noted, the information in this presentation is current as of February 17, 2022 — the date on which PGE filed its Annual Report on Form 10-K for the year ended December 31, 2021 — and should not be relied upon as bei
Slide 3: Topics for today's call
Topics for today’s call Business Update Maria Pope, President and CEO • Year in review • Strategic outlook Financial Update Jim Ajello, Senior VP of Finance, CFO and Treasurer • Financial results • 2021 earnings drivers • 2022 General Rate Case update • Capital investments and resource acquisition •
Slide 4: 2021 in review
2021 in review Financial performance • 2021 full year EPS of $2.72 per share vs. 2020 full year EPS of $1.72 per share • Q4 2021 EPS of $0.73 per share vs. Q4 2020 EPS of $0.57 per share Leading the way to a clean energy future in Oregon • Integrated Operations Center and Advanced Distribution Manag
Slide 5: 2021 financial results
2021 Load Growth • Year-over-year load growth of 4.0%, weather 2021 financial results adjusted Q4 2021 Q4 2020 FY 2021 FY 2020 • Residential deliveries GAAP net income (in millions) $66 $52 $244 $155 up 1.0%, weather GAAP diluted earnings per share (EPS) $0.73 $0.57 $2.72 $1.72 adjusted • Commercial
Slide 6: 2021 earnings bridge
2021 earnings bridge (1) GAAP 2020 Energy Non-GAAP Retail Net Generation, Administrative Depreciation Property Local tax GAAP 2020 EPS trading 2020 EPS revenues Variable Transmission expense and and other flow- 2021 EPS losses(1) Power and Amortization taxes through Costs (2) Distribution adjustment
Slide 7: 2022 General Rate Case updates
2022 General Rate Case updates Rate Case Key Terms – Through 4th Settlement 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%(1) Revenue Requirement Increase $74 million, including $64 million for po
Slide 8: Reliability and resiliency investments
Reliability and resiliency investments Capital expenditures forecast $660 $650 $650 $650 $650 $35 $100 $100 $100 $100 $110 $430 $430 $430 $430 $405 $110 $120 $120 $120 $120 2022 2023 2024 2025 2026 Generation Transmission and Distribution General Business and Technology Integrated Operations Center
Slide 9: Resource planning and procurement
Resource planning and procurement 2019 IRP ACTION PLAN 2021 RFP Customer Resource Actions • PGE is seeking up to approximately 1,000 • Increased energy efficiency, demand response, storage MW of renewable and non-emitting resources and dispatchable standby generation by initiating this RFP, consisti
Slide 10: Liquidity and financing
Liquidity and financing Total Liquidity: $843 million as of December 31, 2021 (dollars in millions) Ratings S&P Moody’s Senior Secured A A1 Cash Senior Unsecured BBB+ A3 $52 Letters of Commercial Paper A-2 P-2 Credit $141 Outlook Stable Stable Credit Expected 2022 Facilities financings Q1 Q2 Q3 Q4 $
Slide 11: 2022 Earnings Guidance
2022 Earnings Guidance PGE is initiating full-year 2022 earnings guidance of $2.75 to $2.90 per diluted share based on the following assumptions: • An increase in energy deliveries between 2% and 2.5%, weather adjusted • Normal temperatures and thermal plant operations • Average hydro conditions • W
Slide 12: Appendix
Appendix
Slide 13: Non-GAAP financial Measures
Non-GAAP financial Measures Management believes that excluding the effects of the previously disclosed 2020 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
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