Portland General Electric Co · NYSE:POR
Portland General Electric — Q1 2023 Earnings Presentation
12 slides from Portland General Electric's earnings presentation, Apr 28, 2023
Slide 1: Earnings Conference Call First Quarter 2023
Exhibit 99.2 Portland General Electric EARNINGS CONFERENCE CALL FIRST QUARTER 2023
Slide 2: Cautionary statement
Cautionary statement Information Current as of April 28, 2023 Except as expressly noted, the information in this presentation is current as of April 28, 2023 — the date on which PGE filed its Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 — and should not be relied upon as being
Slide 3: Topics for today's call
Topics for today’s call Business Update Maria Pope, President and CEO • Financial and operational highlights • Strategic updates Financial Update Jim Ajello, Senior VP of Finance, CFO, Treasurer and CCO • Economy and load growth • First quarter 2023 earnings • RFP update and capital investments • Li
Slide 4: First quarter 2023 financial results
First quarter 2023 financial results Q1 2023 Q1 2022 Reaffirming GAAP net income (in millions) $74 $60 • 2023 adjusted earnings guidance of $2.60 to $2.75 GAAP diluted earnings per share (EPS) $0.80 $0.67 per diluted share Exclusion of 2020 Wildfire and COVID deferral reversal (2) - $0.19 Tax effect
Slide 5: Strategic updates
Strategic updates Growth Risk Management Performance • Sustained load and • Managing power cost • Driving operational customer growth variability and customer price efficiencies to deliver largely • New renewable and non- impacts by working with flat O&M: new digital tools emitting resources regulat
Slide 6: Q1 2023 earnings bridge
Q1 2023 earnings bridge Q1 2022 2020 Q1 2022 Load Customer Impact of Impact of Depreciation Interest Non-qualified AFUDC Dilutive Other Q1 2023 GAAP EPS Wildfire Non-GAAP growth composition higher load higher prices and expense benefit trust impact GAAP EPS and EPS on Q1 2023 on Q1 2023 amortization
Slide 7: 2021 RFP Update
2021 RFP Update Project Name Clearwater Wind (1) Seaside Grid Troutdale Grid Project Location Eastern Montana Portland, OR Troutdale, OR Battery Energy Storage Battery Energy Storage Project Type Wind System System PGE Ownership % 67% 100% - Total Nameplate Capacity 311 MW 200 MW 200 MW PGE Ownershi
Slide 8: Reliability and resiliency investments
Reliability and resiliency investments Capital expenditures forecast(1) $1,325 with Clearwater and Seaside $70 $415 $960 $910 with Seaside with Seaside $160 $130 $800 $800 $180 $80 $80 $80 $80 $840 $500 $550 $570 $570 $570 $780 $800 $160 $150 $150 $150 $150 2023 2024 2025 2026 2027 Generation T&D Ge
Slide 9: Liquidity and financing
Liquidity and financing Ratings S&P Moody’s Total Liquidity: $679 million as of March 31, 2023 (dollars in millions) Senior Secured A A1 Cash Senior Unsecured BBB+ A3 $12 Commercial Paper A-2 P-2 Letters of Outlook Stable Stable Credit Actual and expected 2023 $85 financings Q1 Q2 Q3 Q4 (dollars in
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 quarter ended March 31, 2022 (Dollars in millions, except EPS) Net Income Diluted EPS GAAP as reported for the quarter ended March 31, 2022 $60 $0.67 Exclusion of 2020 Wildfire and COVID deferral reversal 17 0.19 Tax effect (1) (5)
Portland General Electric — Q1 2023 Earnings Presentation on 6ix