Portland General Electric Co · NYSE:POR
Portland General Electric — Q2 2023 Earnings Presentation
11 slides from Portland General Electric's earnings presentation, Jul 28, 2023
Slide 1: Earnings Conference Call Second Quarter 2023
Exhibit 99.2 Portland General Electric EARNINGS CONFERENCE CALL SECOND QUARTER 2023
Slide 2: Cautionary statement
Cautionary statement Information Current as of July 28, 2023 Except as expressly noted, the information in this presentation is current as of July 28, 2023 — the date on which PGE filed its Quarterly Report on Form 10-Q for the quarter ended June 30, 2023 — and should not be relied upon as being cur
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 Joe Trpik, Senior VP of Finance and CFO • Economy and load growth • Second quarter 2023 earnings • Capital investments and resource planning update • Liqu
Slide 4: Second quarter 2023 financial results
Second quarter 2023 financial results Q2 2023 Q2 2022 2023 YTD 2022 YTD Reaffirming GAAP net income (in millions) $39 $64 $113 $124 • 2023 adjusted earnings GAAP diluted earnings per share (EPS) $0.39 $0.72 $1.19 $1.39 guidance of $2.60 to $2.75 per diluted share Exclusion of 2020 Boardman revenue r
Slide 5: Strategic updates
Strategic updates Growth Risk Management Performance • Sustained load and • Managing power cost • Driving operational customer growth variability and customer efficiencies to deliver • Advancing plans for price impacts by working largely flat O&M: additional renewable, non- with regulators, lawmaker
Slide 6: Q2 2023 earnings bridge
Q2 2023 earnings bridge Q2 2022 Load Prior year Current year Operating Depreciation Interest Dilutive Other Q2 2023 Boardman Q2 2023 GAAP EPS growth net variable net variable expense(1) and expense impact Non-GAAP EPS refund GAAP EPS power costs power costs amortization of equity expense draws Note:
Slide 7: Reliability and resiliency investments
Reliability and resiliency investments Capital expenditures forecast(1) $1,475 $75 $40 $415 $1,050 $130 $955 $180 $110 $155 $800 $800 $100 $80 $80 $80 $600 $570 $570 $570 $560 $165 $150 $150 $150 $150 2023 2024 2025 2026 2027 Generation T&D General, Technology, Strategic Clearwater Wind Evergreen Ba
Slide 8: Liquidity and financing
Liquidity and financing Ratings S&P Moody’s Total Liquidity: $651 million as of June 30, 2023 (dollars in millions) Senior Secured A A1 Cash Senior Unsecured BBB+ A3 $13 Commercial Paper A-2 P-2 Outlook Stable Stable Letters of Actual and expected 2023 Credit debt financings Q1 Q2 Q3 Q4 $128 (dollar
Slide 9: Appendix
Appendix
Slide 10: 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 11: Non-GAAP financial measures
Non-GAAP financial measures Non-GAAP Earnings Reconciliation for the three months ended June 30, 2023 Non-GAAP Earnings Reconciliation for the six months ended June 30, 2023 (Dollars in millions, except EPS) Net Income Diluted EPS (Dollars in millions, except EPS) Net Income Diluted EPS GAAP as repo
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