Portland General Electric Co · NYSE:POR
Portland General Electric — Q4 2023 Earnings Presentation
13 slides from Portland General Electric's earnings presentation, Feb 16, 2024
Slide 1: Earnings Conference Call: Fourth Quarter and Full Year 2023
Exhibit 99.2 Portland General Electric EARNINGS CONFERENCE CALL FOURTH QUARTER AND FULL YEAR 2023
Slide 2: Cautionary statement
Cautionary statement Information Current as of February 16, 2024 Except as expressly noted, the information in this presentation is current as of February 16, and should not be relied upon as being current as of any subsequent date. PGE undertakes no duty to update this presentation, except as may b
Slide 3: Topics for today's call
Topics for today’s call Business Update Maria Pope, President and CEO • Year in review • 2023 highlights • 2024 outlook Financial Update Joe Trpik, Senior VP of Finance and CFO • Economy and load trends • 2023 earnings drivers • Capital investments and resource planning update • Liquidity and financ
Slide 4: 2023 financial results
2023 Load Growth 2023 financial results • Year-over-year load growth of 1.4%, weather adjusted Q4 2023 Q4 2022 2023 YTD 2022 YTD o Residential deliveries GAAP net income (in millions) $68 $50 $228 $233 down 0.5%, weather adjusted GAAP diluted earnings per share (EPS) $0.67 $0.56 $2.33 $2.60 o Commer
Slide 5: 2023 highlights
2023 highlights Advancing toward a clean energy future Capital investments 311MW $1,462M Invested in capital assets to address Clearwater Wind Development - 311 MW of decarbonization, customer demand growth, non-emitting energy online in January 2024 grid resiliency and security and risk mitigation
Slide 6: 2024 outlook
2024 outlook PGE is increasingly well positioned to achieve our 5% to 7% long term earnings growth rate Customer growth 2024 weather adjusted load growth of 2% to 3% and long-term load growth of 2%, through 2027 Capital investment 2024 forecasted capital expenditures over $1.3B and over $6B of capit
Slide 7: 2023 earnings bridge
2023 earnings bridge Diligent cost management Execution of long-term capital plan 2022 2020 Wildfire 2022 Retail Net variable Operating Depreciation Interest AFUDC Dilutive Other 2023 Boardman 2023 GAAP EPS and COVID Non-GAAP revenue power costs expense and expense impact Non-GAAP settlement GAAP EP
Slide 8: Reliability and resiliency investments
Reliability and resiliency investments Capital expenditures forecast(1) $1,355 $1,310 $170 $1,200 $1,155 $1,150 $180 $435 $235 $255 $265 $155 $120 $120 $120 $120 $115 $620 $610 $600 $625 $590 $165 $160 $165 $170 $175 2024 2025 2026 2027 2028 Generation Distribution General, Technology, Strategic BES
Slide 9: Liquidity and financing
Liquidity and financing Ratings S&P Moody’s Total Liquidity: $969 million as of December 31, 2023 (dollars in millions) Senior Secured A A1 Cash Senior Unsecured BBB+ A3 $5 Commercial Paper A-2 P-2 Outlook Stable Stable Letters of Credit Expected 2024 debt $214 financings Q1 Q2 Q3 Q4 (dollars in mil
Slide 10: 2024 Guidance
2024 Guidance PGE is initiating full-year 2024 adjusted earnings guidance of $2.98 to $3.18 per diluted share based on the following assumptions: • Exclusion of the impacts of the January 2024 winter storm, including non-deferrable storm restoration costs and non-deferrable Reliability Contingency E
Slide 11: Appendix
Appendix
Slide 12: 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 13: 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 year ended December 31, 2023 (Dollars in millions, except EPS) Net Income Diluted EPS (Dollars in millions, except EPS) Net Income Diluted EPS GAAP as report
Portland General Electric — Q4 2023 Earnings Presentation on 6ix