Portland General Electric Co · NYSE:POR
Portland General Electric — Q3 2020 Earnings Presentation
10 slides from Portland General Electric's earnings presentation, Oct 30, 2020
Slide 1: Portland General Electric Earnings Conference Call Third Quarter 2020
Exhibit 99.2 Portland General Electric EARNINGS CONFERENCE CALL THIRD QUARTER 2020
Slide 2: Cautionary statement
Cautionary statement Information Current as of October 30, 2020 Except as expressly noted, the information in this presentation is current as of October 30, 2020 — the date on which PGE filed its Quarterly Report on Form 10-Q for the quarter ended September 30, 2020 — and should not be relied upon a
Slide 3: Topics for today's call
Topics for today’s call Business Update Maria Pope, President and CEO • Company updates • Financial results Financial Update Jim Lobdell, Senior VP of Finance, CFO and Treasurer • Third quarter earnings drivers • Liquidity and financing • Capital investments 3
Slide 4: Company updates
Company updates The underlying operations of the company are strong • Strong core business performance • Continuing to implement efficiencies and further reduce costs throughout the organization Increasing capital expenditures • Investing in grid resiliency, system modernization and infrastructure t
Slide 5: Q3 2020 financial results
Q3 2020 financial results Reaffirming Q3 2020 Q3 2019 • 2020 EPS GAAP net income (in millions) $(17) $55 guidance range of GAAP diluted earnings per share (EPS) $(0.19) $0.61 $1.40 to $1.60 Exclusion of energy trading losses and tax effect $1.09 - • 4% to 6% long- Non-GAAP diluted earnings per share
Slide 6: Third quarter 2020 earnings bridge
Third quarter 2020 earnings bridge (1) Q3 Total Power costs Plant and Administrative Boardman Tax expense Misc. Non-GAAP Energy GAAP Other 2019 revenues transmission and general income Q3 2020 EPS trading Q3 2020 EPS EPS and expense losses distribution expense (1) Management believes that excluding
Slide 7: Liquidity and financing
Liquidity and financing Ratings S&P Moody’s Senior Secured A A1 Total Liquidity: $918M Senior Unsecured BBB+ A3 Commercial Paper A-2 Prime-2 Cash $253M Outlook Negative Stable Credit Facilities $500M Q1 Q2 Q3 Q4 Financings Letters of 2020 2020 2020 2020 Credit Long-Term Debt Up to $165M N/A $200M N/
Slide 8: Capital Planning
Capital Planning(1) $750 Outlook $655 • Increased capital spending by $100 million between 2020 $500 $500 $500 and 2021 Integrated Operations Center • Updating and Wheatridge Renewable Energy replacing aging Facility generation, Ongoing capital expenditures transmission and distribution equipment •
Slide 9: Appendix
Appendix
Slide 10: Non-GAAP Financial Measures
Non-GAAP Financial Measures Management believes that excluding the effects of the energy trading losses provides a meaningful representation of the Company’s comparative earnings per share. The Company has adjusted this amount to maintain comparability between periods. The effects of the energy trad
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