Portland General Electric Co · NYSE:POR
Portland General Electric — Q1 2024 Earnings Presentation
12 slides from Portland General Electric's earnings presentation, Apr 26, 2024
Slide 1: Portland General Electric Earnings Conference Call First Quarter 2024
Exhibit 99.2 Portland General Electric EARNINGS CONFERENCE CALL FIRST QUARTER 2024
Slide 2: Cautionary statement
Cautionary statement Information Current as of April 26, 2024 Except as expressly noted, the information in this presentation is current as of April 26, 2024 – the date on which PGE filed its Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 - 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 results • First quarter highlights Financial Update Joe Trpik, Senior VP of Finance and CFO • Economy and load trends • Q1 2024 earnings drivers • Capital investments and resource planning update • 2025
Slide 4: First quarter 2024 financial results
Reaffirming First quarter 2024 financial results Q1 2024 Q1 2023 • 2024 adjusted earnings GAAP net income (in millions) $109 $74 guidance of $2.98 to $3.18 per diluted share GAAP diluted earnings per share (EPS) $1.08 $0.80 Exclusion of January 2024 storm costs (2) $0.18 - • 2024 load growth of 2% T
Slide 5: Q1 highlights and 2024 outlook
Q1 highlights and 2024 outlook Load growth Advancing toward a clean energy future 5th 1 GW A recent study by Cushman and Wakefield With the addition of the Clearwater Wind ranked Oregon as the 5th largest data center Development, PGE produced a maximum market nationally, and 8th globally output of m
Slide 6: Q1 2024 earnings bridge
Q1 2024 earnings bridge Q1 2023 Retail revenue Wildfire, Net variable Other Q1 2024 January 2024 Q1 2024 GAAP EPS load vegetation power costs Non-GAAP non-recoverable GAAP EPS management, EPS RCE power costs other O&M and capital recovery Note: Dollar values are earnings per diluted share 6
Slide 7: Reliability and resiliency investments
Reliability and resiliency investments Capital expenditures forecast(1) $1,340 $1,355 $170 $1,200 $1,150 $1,155 $180 $435 $235 $255 $265 $155 $120 $120 $115 $120 $120 $645 $610 $600 $625 $590 $170 $160 $165 $170 $175 2024 2025 2026 2027 2028 Generation Distribution General, Technology, Strategic BES
Slide 8: 2025 General rate case
2025 General rate case Rate Case Key Terms – UE 435 Rate Base $7.5 billion Rate Base Increase $878 million, 13% ROE 9.75% Capital Structure 50/50 Cost of Debt 4.628% Cost of Capital 7.189% Revenue Requirement Increase $225 million, including $37 million for power costs • Recovery of Constable and Se
Slide 9: Liquidity and financing
Liquidity and financing Ratings S&P Moody’s Total Liquidity: $1,115 million as of March 31, 2024 (dollars in millions) Senior Secured A A1 Senior Unsecured BBB+ A3 Commercial Paper A-2 P-2 Outlook Stable Stable Cash $176 Actual and expected 2024 debt financings Q1 Q2 Q3 Q4 (dollars in millions) Lett
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 (Dollars in millions, except EPS) Net Income Diluted EPS GAAP as reported for the three months ended March 31, 2024 $109 $1.08 Exclusion of January 2024 storm costs 19 0.18 Tax effect (1) (5) (0.05
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