Portland General Electric Co · NYSE:POR
Portland General Electric — Q1 2020 Earnings Presentation
9 slides from Portland General Electric's earnings presentation, Apr 24, 2020
Slide 1: Portland General Electric Earnings Conference Call, First Quarter 2020
Exhibit 99.2 Portland General Electric Earnings Conference call First quarter 2020
Slide 2: Cautionary statement
Cautionary statement Information Current as of April 24, 2020 Except as expressly noted, the information in this presentation is current as of April 24, 2020 — the date on which PGE filed its Quarterly Report on Form 10-Q for the quarter ended March 31, 2020 — and should not be relied upon as being
Slide 3: Leadership presenting today
Leadership presenting today Maria Pope On today's call President and CEO • Financial performance • COVID-19 update • Major initiatives • Liquidity and capital Jim Lobdell Senior VP of Finance, CFO and Treasurer 3
Slide 4: First quarter 2020 financial results
First quarter 2020 financial results Q1 2020 Q1 2019 Net income (in millions) $81 $73 Diluted earnings per share (EPS) $0.91 $0.82 $0.91 $0.82 $0.61 $0.68 (1) $1.29 - $1.59 $0.28 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2020 Diluted EPS: 2019 Diluted EPS: $2.20 - $2.50 $2.39 4 (1) Estimates based on revised 2020 gui
Slide 5: COVID-19 update
COVID-19 update Supporting our customers • Oregon's governor issued stay-at-home order on March 23 ◦ Manufacturing and construction allowed to continue statewide • Halted disconnects and late fees • Working closely with most impacted customers PGE operational impacts to date • Continued industrial l
Slide 6: Major projects and initiatives
Major projects and initiatives Wheatridge Renewable Energy Facility • Wind portion of the facility on track for completion by year end 2020 • Foundations are being poured and turbines are being delivered to the site Integrated Operations Center • On track for completion by year end 2021 • Site prepa
Slide 7: First quarter 2020 earnings bridge
7 Q 1 20 $2.10 19 N et R va ev $0.82 ria en bl ue e po s a w nd er co W st s ea th $0.15 er an d de co Weather up lin g Decoupling Note: values shown represent diluted earnings per share $0.02 Pl an t ex $0.04 pe $(0.02) ns e di Tra $0.05 st ns rib m ut i s io sio n ex n a pe nd ns e D ep am rec or
Slide 8: Liquidity and financing
Liquidity and financing Total Liquidity 2020 Ratings S&P Moody's (as of 3/31/2020) (in $ millions) Credit Facilities $ 480 Senior Secured A A1 Letters of Credit 169 Senior Unsecured BBB+ A3 Cash 30 Commercial Paper A-2 Prime-2 Available $ 679 Outlook Positive Stable Financings Q1 2020 Q2 2020 Q3 202
Slide 9: Capital planning
Capital planning 800 $745 700 600 $565 Ongoing $500 $500 $500 500 investments: • Upgrading and 400 replacing aging generation, 300 transmission and 200 distribution equipment 100 • Building a 0 smarter, more 2020 2021 2022 2023 2024 resilient grid Ongoing capital expenditures Wheatridge Renewable En
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