Portland General Electric Co · NYSE:POR
Portland General Electric — Q4 2024 Earnings Presentation
12 slides from Portland General Electric's earnings presentation, Feb 14, 2025
Slide 1: Earnings Conference Call Fourth Quarter and Full Year 2024
Exhibit 99.2 Portland General Electric EARNINGS CONFERENCE CALL FOURTH QUARTER AND FULL YEAR 2024
Slide 2: Cautionary statement
Cautionary statement Information Current as of February 14, 2025 Except as expressly noted, the information in this presentation is current as of February 14, 2025 – the date on which PGE filed its Annual Report on Form 10-K for the year ended December 31, 2024 - 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 • 2024 highlights • 2025 outlook Financial Update Joe Trpik, Senior VP of Finance and CFO • Load growth • 2024 earnings drivers • Capital investments and resource planning update • Liquidity and financing • 2025 e
Slide 4: 2024 financial results
2024 Load Growth 2024 financial results • Year-over-year load growth of Q4 2024 Q4 2023 2024 YTD 2023 YTD 3.1%, weather adjusted o Residential deliveries up GAAP net income (in millions) $39 $68 $313 $228 0.5% GAAP diluted earnings per share (EPS) $0.36 $0.67 $3.01 $2.33 o Commercial deliveries down
Slide 5: 2024 highlights and 2025 outlook
2024 highlights and 2025 outlook Customer programs Advancing toward a clean energy future #1 With the addition of the Clearwater Wind 1 GW PGE received the number one ranking in Forrester’s 2024 Customer Experience Index Development, PGE produced a maximum output of more than 1 gigawatt of wind For
Slide 6: 2024 earnings bridge
2024 earnings bridge 2023 2023 Boardman Retail revenue Net variable O&M, D&A, Other 2024 Non- 2024 January 2024 Non-GAAP GAAP EPS Revenue power costs Interest GAAP EPS Storm GAAP EPS EPS Refund Note: Dollar values are earnings per diluted share 6
Slide 7: Reliability and resiliency investments
Reliability and resiliency investments Capital expenditures forecast(1) $1,435 $1,340 $1,270 $1,280 $240 $1,150 $515 $420 $390 $255 $165 $120 $120 $120 $130 $125 $610 $600 $625 $615 $580 $160 $165 $170 $175 $175 2025 2026 2027 2028 2029 Generation Distribution General, Technology, Strategic BESS Pro
Slide 8: Liquidity and financing
Liquidity and financing Ratings S&P Moody’s Total Liquidity: $997 million Senior Secured A A1 as of December 31, 2024 Senior Unsecured BBB+ A3 Cash Commercial Paper A-2 P-2 $12 Outlook Stable Negative Expected 2025 debt financings(1) Q1 Q2 Q3 Q4 (dollars in millions) Letters of Credit Long-term debt
Slide 9: 2025 Guidance
2025 Guidance PGE is initiating full-year 2025 adjusted earnings guidance of $3.13 to $3.33 per diluted share based on the following assumptions: • An increase in energy deliveries between 2.5% and 3.5%, weather adjusted • Execution of power cost and financing plans and operating cost controls Reaff
Slide 10: Appendix
Appendix
Slide 11: Non-GAAP financial measures
Non-GAAP financial 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 n
Slide 12: Non-GAAP financial measures
Non-GAAP financial measures Non-GAAP Earnings Reconciliation for the three months ended March 31, 2024 Non-GAAP Earnings Reconciliation for the year ended December 31, 2024 (Dollars in millions, except EPS) Net Income Diluted EPS (Dollars in millions, except EPS) Net Income Diluted EPS GAAP as repor
Portland General Electric — Q4 2024 Earnings Presentation on 6ix