Portland General Electric Co · NYSE:POR

Portland General Electric — Q3 2023 Earnings Presentation

13 slides from Portland General Electric's earnings presentation, Oct 27, 2023

  1. Slide 1: Portland General Electric Earnings Conference Call Third Quarter 2023

    Portland General Electric EARNINGS CONFERENCE CALL THIRD QUARTER 2023 Exhibit 99.2

  2. Slide 2: Cautionary statement

    Cautionary statement Information Current as of October 27, 2023 Except as expressly noted, the information in this presentation is current as of October 27, 2023 — the date on which PGE filed its Quarterly Report on Form 10-Q for the quarter ended September 30, 2023 — and should not be relied upon a

  3. Slide 3: Topics for today's call

    Topics for today’s call 3 Business Update Maria Pope, President and CEO • Financial and operational results • Quarterly highlights Financial Update Joe Trpik, Senior VP of Finance and CFO • Economy and load trends • Third quarter 2023 earnings • General rate case update • Capital investments and res

  4. Slide 4: Quarterly Diluted EPS and GAAP to non-GAAP summary

    $0.80 $0.39 $0.46 Q1 Q2 Q3 Q4 Quarterly Diluted EPS $0.44(2) $0.90 - $0.95(4) $0.67 $0.72 $0.65 $0.56 Q1 Q2 Q3 Q4 Quarterly Diluted EPS $0.81(2) Q3 2023 Q3 2022 2023 YTD 2022 YTD GAAP net income (in millions) $47 $58 $160 $182 GAAP diluted earnings per share (EPS) $0.46 $0.65 $1.65 $2.04 Exclusion o

  5. Slide 5: Third quarter highlights

    Third quarter highlights 5 High Tech Investment in Oregon Expected job creation from state-wide semiconductor investment from recent legislative incentives Expected state-wide semiconductor investment resulting from recent legislative incentives$40B+ 6,300 Oregon CHIPS Fund (SB 4) grants and loans$2

  6. Slide 6: Q3 2023 earnings bridge

    Q3 2023 earnings bridge 6 Q3 2022 GAAP EPS Note: Dollar values are earnings per diluted share Interest expense OtherPrior year net variable power costs Dilutive impact of equity draws Depreciation and amortization expense Q3 2023 GAAP EPS Operating expense Current year net variable power costs Load

  7. Slide 7: 2024 General Rate Case

    2024 General Rate Case Rate Case Key Terms- Through 6th Stipulation Rate Base $6.2 billion Rate Base Increase $742 million, 14% ROE 9.5% Capital Structure 50/50 Cost of Debt 4.485% Cost of Capital 6.993% Revenue Requirement Increase $391 million, including $183 million for power costs Other Key Term

  8. Slide 8: Capital expenditures forecast

    Note: Dollar values in millions. Capital expenditures exclude allowance for funds used during construction. These are projections based on assumptions of future investment. Actual amounts expended will depend on various factors and may differ materially from the amounts reflected in this capital exp

  9. Slide 9: Liquidity and financing

    Ratings S&P Moody’s Senior Secured A A1 Senior Unsecured BBB+ A3 Commercial Paper A-2 P-2 Outlook Stable Stable Credit Facilities $750 Letters of Credit $128 Total Liquidity: $925 million as of September 30, 2023 (dollars in millions) Cash $47 Liquidity and financing Actual and expected 2023 debt fi

  10. Slide 10: Q4 2023 adjusted earnings outlook

    Q4 2023 adjusted earnings outlook 10 Q4 2022 GAAP EPS Note: Dollar values are earnings per diluted share (1) See appendix for important information about non-GAAP measures Q4E 2023 Non-GAAP EPS(1) Prior year net variable power costs Current year net variable power costs Revenue, O&M, D&A, interest e

  11. Slide 11: Appendix

    Appendix

  12. Slide 12: Non-GAAP measures

    This presentation contains certain non-GAAP measures, such as adjusted earnings, adjusted EPS and adjusted earnings guidance. These non-GAAP financial measures exclude significant items that are generally not related to our ongoing business activities, are infrequent in nature, or both. PGE believes

  13. Slide 13: Non-GAAP Earnings Reconciliation

    Non-GAAP Earnings Reconciliation for the three months ended March 31, 2022 (Dollars in millions, except EPS) Net Income Diluted EPS GAAP as reported for the three months ended March 31, 2022 $60 $0.67 Exclusion of 2020 Wildfire and COVID deferral reversal 17 0.19 Tax effect (1) (5) (0.05) Non-GAAP a

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