Portland General Electric Co · NYSE:POR
Portland General Electric — FY2020 Earnings Presentation
12 slides from Portland General Electric's earnings presentation, Feb 19, 2021
Slide 1: Earnings Conference Call: Fourth Quarter and Full Year 2020
Exhibit 99.2 Portland General Electric EARNINGS CONFERENCE CALL FOURTH QUARTER AND FULL YEAR 2020
Slide 2: Cautionary statement
Cautionary statement Information Current as of February 19, 2021 Except as expressly noted, the information in this presentation is current as of February 19, 2021 — the date on which PGE filed its Annual Report on Form 10-K for the year ended December 31, 2020 — 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 • 2020 earnings drivers • Integrated Resource Plan update • Capital investments • Liquidity and financin
Slide 4: 2020 in review
2020 in review Leading the way to a clean energy future in Oregon • Announced the goal of reducing greenhouse gas emissions associated with the power we serve by 80% by 2030, and achieving companywide net-zero greenhouse gas emissions by 2040 • Closed Boardman, the last coal-fired power generating p
Slide 5: 2020 financial results
2020 financial results Reaffirming Q4 2020 Q4 2019 FY 2020 FY 2019 • 4% to 6% long- GAAP net income (in millions) $52 $61 $155 $214 term EPS growth, GAAP diluted earnings per share (EPS) $0.57 $0.68 $1.72 $2.39 2019 base year Add back energy trading losses and - - $1.03 - tax effect • 5% to 7% long-
Slide 6: 2020 earnings bridge
2020 earnings bridge (1) GAAP Retail Net Operating Depreciation Non-utility Production Other Non-GAAP Energy GAAP 2019 EPS revenues variable and and asset Tax Credits 2020 EPS trading 2020 EPS power administrative amortization: retirement losses costs expenses higher plant obligation balances (1) Ma
Slide 7: 2019 Integrated Resource Plan
2019 Integrated Resource Plan PGE’s action plan was acknowledged by the Commission in May 2020 July 2019 Q3-Q4 2019 January 2020 Action Plan Comments filed by Staff Memorandum Public meeting The plan reflects our focus onStaff/Stakeholders/PGE meeting customer needs and addressing due stakeholder Fi
Slide 8: Capital Planning
Capital Planning $774 $9 $129 $655 $5 $77 $100 $550 $550 $550 $550 $35 $30 $30 $30 $30 $30 $52 $55 $55 $55 $55 $55 $389 $375 $385 $385 $385 $385 $83 $90 $80 $80 $80 $80 2020(1) 2021 2022 2023 2024 2025 Production Transmission and Distribution General Plant Intangible Integrated Operations Center Whe
Slide 9: Liquidity and financing
Liquidity and financing Total Liquidity: $917M Ratings S&P Moody’s as of 12/31/20 (dollar values shown in millions) Senior Secured A A1 Senior Unsecured BBB+ A3 Cash Commercial Paper A-2 P-2 $257 Credit Outlook Stable Stable Facilities $500 Expected 2021 Letters of financings Q1 Q2 Q3 Q4 Credit (dol
Slide 10: 2021 Earnings Guidance
2021 Earnings Guidance PGE is initiating full-year 2021 earnings guidance of $2.55 to $2.70 per diluted share based on the following assumptions: • An increase in energy deliveries between 1% and 1.5%, weather adjusted, which reflects the continued impacts of COVID-19: • Elevated residential deliver
Slide 11: Appendix
Appendix
Slide 12: Non-GAAP Financial Measures
Non-GAAP Financial Measures Management believes that excluding the effects of the previously disclosed 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 effec
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