Portland General Electric Co · NYSE:POR
Portland General Electric — FY2019 Earnings Presentation
12 slides from Portland General Electric's earnings presentation, Feb 14, 2020
Slide 1: Earnings Conference call: Fourth quarter and full-year 2019
Exhibit 99.2 Portland General Electric Earnings Conference call Fourth quarter and full-year 2019
Slide 2: Cautionary statement
Cautionary statement Information current as of February 14, 2020 Except as expressly noted, the information in this presentation is current as of February 14, 2020 — the date on which PGE filed its Annual Report on Form 10-K for the year ended December 31, 2019 — and should not be relied upon as bei
Slide 3: Leadership presenting today / On today's call
Leadership Maria Pope presenting today President and CEO On today's call • Financial performance • Accomplishments • Economic and legislative update • 2019 Integrated Resource Plan • Earnings guidance Jim Lobdell • Financial update Senior VP of Finance, CFO & Treasurer 3
Slide 4: 2019 earnings results
2019 earnings results Q4 2019 Q4 2018 FY 2019 FY 2018 Net income $61 $49 $214 $212 (in $ millions) Diluted earnings per $0.68 $0.55 $2.39 $2.37 share (EPS) $0.82 $0.68 $0.72 $0.61 $0.59(1) $0.55 $0.51 $0.28 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2019 Diluted EPS: 2018 Diluted EPS: $2.39 $2.37 (1) Includes $0.10 re
Slide 5: 2019 accomplishments
2019 accomplishments Delivered exceptional Advanced our Continued to customer service and integrated grid decarbonize our power products initiatives supply Launched our Peak Time Furthered engineering and Executed contract for the Rebate Program with over construction on our Field Wheatridge Renewab
Slide 6: Economic and legislative update
Economic and legislative update Economic • High tech manufacturing and digital services continue to contribute to revenue growth • Unemployment rate of 3.2%, below the national average of 3.5%(1) • Oregon ranked 10th in the rate of net in–migration for 2019(2) Legislative • Cap and trade: SB 1530 •
Slide 7: 2019 Integrated Resource Plan
2019 Integrated Resource Plan Regulatory timeline July 2019 Q3-Q4 2019 Q1 2020 IRP filed Comments filed by Staff/ Staff memorandum and Stakeholders/PGE final order expected Action Plan: • Renewable resource actions ◦ Renewable resources of up to 150 MWa estimated online in 2024 • Capacity resource a
Slide 8: 2019 earnings bridge
2019 earnings bridge $0.03 $0.23 $(0.09) $(0.04) $(0.02) $2.39 $2.37 $2.10 $(0.07) $(0.02) 18 er se s rty ts er 19 20 l, th a d er di h 20 ue ea n C n re Ot f W pe a n ot h c es, nd ex t io nd t ax u r a g ia a n en we ng in tio v i ra t rec ion c Re po upl e p at u ed o O p De rtiz rod as dec o P r
Slide 9: 2020 earnings guidance
2020 earnings guidance 2020 EPS • Increase in retail deliveries of approximately 0.5% - Guidance: 1.5%, weather-adjusted • Average hydro conditions for the year $2.50 • Wind generation for the year based on five years of - historic levels or forecast studies when historical data $2.65 is not availab
Slide 10: Liquidity and financing
Liquidity and financing Total Liquidity 2019 Ratings S&P Moody's (as of 12/31/19) (in $ millions) Credit Facilities $ 500 Senior Secured A A1 Letters of Credit 165 Senior Unsecured BBB+ A3 Cash 30 Commercial Paper A-2 Prime-2 Available $ 695 Outlook Positive Stable Financings Q1 2020 Q2 2020 Q3 2020
Slide 11: Appendix
Appendix 11
Slide 12: Capital planning
Capital planning 800 $890 700 600 $595 500 $500 $500 $500 400 300 200 100 0 2020 2021 2022 2023 2024 Ongoing capital expenditures Wheatridge Renewable Energy Facility Integrated Operations Center Investments include: • Updating, replacing aging generation, transmission and distribution equipment • B
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