Portland General Electric Co · NYSE:POR
Portland General Electric — Q1 2021 Earnings Presentation
10 slides from Portland General Electric's earnings presentation, Apr 30, 2021
Slide 1: Earnings Conference Call First Quarter 2021
Exhibit 99.2 Portland General Electric EARNINGS CONFERENCE CALL FIRST QUARTER 2021
Slide 2: Cautionary statement
Cautionary statement Information Current as of April 30, 2021 Except as expressly noted, the information in this presentation is current as of April 30, 2021 — the date on which PGE filed its Quarterly Report on Form 10-Q for the quarter ended March 31, 2021 — 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 results • Storm update • Business growth • ESG commitments Financial Update Jim Ajello, Senior VP of Finance, CFO and Treasurer • Economic recovery • First quarter 2021 earnings drivers • Regulatory update • Capital in
Slide 4: First quarter 2021 financial results
Reaffirming First quarter 2021 financial results Q1 2021 Q1 2020 • 2021 earnings Net income (in millions) $96 $81 guidance of $2.55 to $2.70 per diluted Diluted earnings per share (EPS) $1.07 $0.91 share Quarterly Diluted EPS Quarterly Diluted EPS • 4% to 6% long-term $1.07 $0.84(1) EPS growth, 2019
Slide 5: First quarter 2021 earnings bridge
First quarter 2021 earnings bridge Q1 Retail Net Operating Depreciation Non- Tax Q1 2020 EPS Revenues variable and and qualified expense 2021 EPS power administrative amortization benefit trust costs expense expense 5
Slide 6: February 2021 storms
February 2021 storms Historic storms • In February a historic set of storms involving heavy snow, winds and ice impacted PGE’s service territory • Restored power to nearly half of customer base • Oregon Governor Kate Brown declared a state of emergency on February 13 Financial impact and regulatory
Slide 7: Capital Planning
Capital Planning $700 $100 $100 $550 $550 $550 $550 $85 $85 $85 $85 $400 $385 $385 $385 $385 $100 $80 $80 $80 $80 2021 2022 2023 2024 2025 Generation Transmission and Distribution General Business and Technlogy Integrated Operations Center Note: Capital expenditures exclude allowance for funds used
Slide 8: Liquidity and financing
Liquidity and financing Total Liquidity: $780 million Ratings S&P Moody’s as of March 31, 2021 (dollars in millions) Senior Secured A A1 Senior Unsecured BBB+ A3 Cash Commercial Paper A-2 P-2 $135 Credit Outlook Stable Stable Facilities $500 Actual and Expected Letters of 2021 financings Q1 Q2 Q3 Q4
Slide 9: Appendix
Appendix
Slide 10: Non-GAAP Financial Measures
Non-GAAP Financial Measures Management believes that excluding the effects of the previously disclosed energy trading losses provides a meaningful representation of the Company’s comparative dilutive earnings per share. The Company has adjusted diluted EPS to maintain comparability between periods.
Portland General Electric — Q1 2021 Earnings Presentation on 6ix