Portland General Electric Co · NYSE:POR
Portland General Electric — Q3 2018 Earnings Presentation
11 slides from Portland General Electric's earnings presentation, Oct 26, 2018
Slide 1: Portland General Electric Earnings Conference Call Third Quarter 2018
Exhibit 99.2 Portland General Electric Earnings Conference Call Third Quarter 2018
Slide 2: Cautionary Statement
Cautionary Statement Information Current as of October 26, 2018 Except as expressly noted, the information in this presentation is current as of October 26, 2018 — the date on which PGE filed its quarterly report on Form 10-Q for the quarter ended September 30, 2018 — and should not be relied upon a
Slide 3: Leadership and today's call
Leadership Maria Pope Presenting President and Today CEO On today's call • Third quarter earnings results • Economic highlights • Renewable RFP Jim Lobdell • Earnings guidance Senior VP of Finance, • 2019 General Rate Case CFO and Treasurer • Capital planning • Financial update 3
Slide 4: Third Quarter 2018 Earnings Results
Third Quarter 2018 Earnings Results Q3 2018 Q3 2017 Net Income (millions) $53 $40 Diluted EPS $0.59 $0.44 $0.43 $0.51 - $0.58 Q1 Q1 Q2 Q3 Q3 Q4 Q4 Q1 Q2 Q3 Q4 2018 Diluted EPS 2017 Diluted EPS $2.25 - $2.40 $2.10 4
Slide 5: Economic Highlights
Economic Highlights • Stable, strong service area: ◦ 3.3% unemployment ◦ 1.6% population growth¹ • 3rd highest number of cranes in the sky among major metro cities² • 30 commercial projects currently underway including mixed-use and multi-residential • Lower costs, proximity to Asian markets make PG
Slide 6: Renewable RFP
Renewable RFP1 May 2018 June 2018 October 2018 End of 2018 Final RFP issued Proposals received Short list Final contract submitted to OPUC execution expected • PGE submitted Final Shortlist to the OPUC for approval ◦ Six bids from three bidders with combinations of wind, solar and battery storage ◦
Slide 7: Guidance and Assumptions
Guidance and Assumptions • Flat weather-adjusted retail deliveries Affirming • Normal hydro conditions for the remainder of the year, based 2018 EPS on the current hydro forecast • Wind generation for the remainder of the year based on Guidance: 5 years of historical levels, or forecast studies when
Slide 8: Third Quarter Earnings Comparison
Third Quarter Earnings Comparison Earnings per diluted share Wholesale $0.06 Weather $(0.02) 8
Slide 9: 2019 General Rate Case
2019 General Rate Case Settlement: All revenue requirement issues are settled: • A return on equity of 9.5% • A capital structure of 50% debt and 50% equity • A rate base of $4.75 billion • An average customer price increase of less than 1% net of tax reform, effective Jan. 1, 2019 Timeline: • Regul
Slide 10: Capital Planning
Capital Planning Current capital outlook $ Millions • Support for continued customer growth • Upgrades and replacement of aging generation, transmission and distribution equipment • Strengthening the grid for natural disasters, cyber and physical security • New customer information systems and techn
Slide 11: Liquidity and Financing
Liquidity and Financing As of 09/30/2018 Ratings S&P Moody's Total Liquidity (in millions) Credit Facilities $ 720 Senior Secured A A1 Commercial Paper $ 0 Senior Unsecured BBB+ A3 Letters of Credit $ (59) Commercial Paper A-2 Prime-2 Cash $ 200 Outlook Positive Stable Available $ 861 Q1 2018 Q2 201
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