Portland General Electric Co · NYSE:POR
Portland General Electric — Q3 2022 Earnings Presentation
13 slides from Portland General Electric's earnings presentation, Oct 25, 2022
Slide 1: Earnings Conference Call Third Quarter 2022
Exhibit 99.2 Portland General Electric EARNINGS CONFERENCE CALL THIRD QUARTER 2022
Slide 2: Cautionary statement
Cautionary statement Information Current as of October 25, 2022 Except as expressly noted, the information in this presentation is current as of October 25, 2022 — the date on which PGE filed its Quarterly Report on Form 10-Q for the quarter ended September 30, 2022 — 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 • Financial and operational highlights • Strategic priorities Financial Update Jim Ajello, Senior VP of Finance, CFO, Treasurer and CCO • Economic update • Third quarter 2022 earnings • Major deferral update • RFP and capital inve
Slide 4: Third quarter 2022 financial results
• Revising Long-term GAAP EPS Third quarter 2022 financial results growth from 4% to 6% off Q3 2022 Q3 2021 2022 YTD 2021 YTD 2019 base year to 5% to GAAP net income (in millions) $58 $50 $182 $178 7% off 2022 base year GAAP diluted earnings per share (EPS) $0.65 $0.56 $2.04 $1.98 Exclusion of 2020
Slide 5: Our strategic priorities
Our strategic priorities Growth Performance Risk Management Building the clean energy Driving operational efficiencies Focusing on high-return future and a more resilient and through disciplined execution initiatives to mitigate wildfire and reliable grid and management other climate risks Value Cre
Slide 6: Third quarter 2022 earnings bridge
Third quarter 2022 earnings bridge Q3 GAAP Load Customer Prior year net Impact of Impact of higher Operating Depreciation Medical plan Q3 GAAP 2021 EPS growth price mix variable power higher prices load on Q3 2022 expense and buyout, interest 2022 EPS costs on Q3 2022 power cost amortization expense
Slide 7: Major deferral update
Major deferral update On October 24, 2022, PGE and parties submitted stipulations to the OPUC reflecting agreements resolving all matters related to 2021of the 2020 Labor Day Wildfire, February 2021 Ice Storm and the 2021 Power Cost Adjustment Mechanism Balance as of Recovery Amount Deferral Septemb
Slide 8: Update on the 2021 RFP processes
Update on the 2021 RFP processes Project Name Clearwater Wind (1) Continuing 2021 RFP Processes With the execution of the Clearwater Wind Project Location Eastern Montana project, PGE is still seeking approximately: Project Type Wind • 75-200 MW of renewable resources • 375 MW of non-emitting dispat
Slide 9: Reliability and resiliency investments
Reliability and resiliency investments Capital expenditures forecast $1,150 $415 $775 $800 $750 $725 $750 $100 $100 $100 $130 $100 $210 $530 $555 $580 $475 $505 $410 $130 $130 $120 $120 $120 $120 2022 2023 2024 2025 2026 2027 Generation Transmission and Distribution General Business and Technology C
Slide 10: Liquidity and financing
Liquidity and financing Total Liquidity: $797 million as of September 30, 2022 (dollars in millions) Ratings S&P Moody’s Cash Senior Secured A A1 $18 Senior Unsecured BBB+ A3 Letters of Commercial Paper A-2 P-2 Credit $129 Outlook Stable Stable Expected 2022 Credit financings Q1 Q2 Q3 Q4 Facilities
Slide 11: Appendix
Appendix
Slide 12: Non-GAAP financial measures
Non-GAAP financial measures This press release 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
Slide 13: Non-GAAP financial measures
Non-GAAP financial measures Non-GAAP Earnings Reconciliation for the quarter ended March 31, 2022 (Dollars in millions, except EPS) Net Income Diluted EPS GAAP as reported for the quarter ended March 31, 2022 $60 $0.67 Exclusion of released deferrals related to 2020 17 0.19 Tax effect (1) (5) (0.05)
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