Portland General Electric Co · NYSE:POR
Portland General Electric — Q2 2021 Earnings Presentation
13 slides from Portland General Electric's earnings presentation, Jul 30, 2021
Slide 1: Earnings Conference Call Second Quarter 2021
Exhibit 99.2 Portland General Electric EARNINGS CONFERENCE CALL SECOND QUARTER 2021
Slide 2: Cautionary statement
Cautionary statement Information Current as of July 30, 2021 Except as expressly noted, the information in this presentation is current as of July 30, 2021 — the date on which PGE filed its Quarterly Report on Form 10-Q for the quarter ended June 30, 2021 — 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 results • Heat wave response and wildfire mitigation • ESG: Addressing climate change Financial Update Jim Ajello, Senior VP of Finance, CFO and Treasurer • Economic update • Second quarter 2021 earnings • 2022 General
Slide 4: 2021 Q2 results and increased guidance
2021 Q2 results and increased guidance 2021 Q2 net income of $32 million, or $0.36 per diluted share Strong load growth powered by economic recovery Revised 2021 load growth to 2.5% to 3.0% from 1% to 1.5% High-tech and digital growth + Sustained residential demand Raising full year 2021 EPS guidanc
Slide 5: Wildfire mitigation and risk management
Wildfire mitigation and risk management Number one priority is protecting the lives and property of customers, coworkers, and the communities we serve • Robust tree trimming and vegetation management program • Ongoing focus on system hardening: • Fire resistant, ductile iron transmission and distrib
Slide 6: Second quarter 2021 financial results
Raising Second quarter 2021 financial results • 2021 earnings guidance to $2.70 $32 Net income $39 to $2.85 per diluted 2021 (in millions) 2020 share from $2.55 Diluted earnings to $2.70 per $0.36 per share (EPS) $0.43 diluted share $1.07 GAAP EPS $0.91 $0.84(3) • 2021 load growth to 2.5% to 3.0% $0
Slide 7: Second quarter 2021 earnings bridge
Second quarter 2021 earnings bridge Q2 Gross Fixed Administrative Production tax Q2 2020 EPS Margin(1) operating expense credits 2021 EPS expense (1) PGE defines Gross margin as Total revenues less Purchased power and fuel as reported on PGE’s Condensed Consolidated Statements of Income. Gross margi
Slide 8: 2022 General Rate Case
2022 General Rate Case Enabling customers through a resilient and integrated grid A capital driven rate case requesting an increase in rate base of $993 million, including: - Extensive investments in PGE’s T&D system to serve new and growing customer loads, address reliability and resiliency, replac
Slide 9: Investing in reliability and resiliency
Investing in reliability and resiliency Capital expenditures forecast $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: C
Slide 10: Liquidity and financing
Liquidity and financing Total Liquidity: $668 million as of June 30, 2021 (dollars in millions) Ratings S&P Moody’s Cash Senior Secured A A1 $17 Senior Unsecured BBB+ A3 Commercial Paper A-2 P-2 Letters of Credit Outlook Stable Stable $151 Credit Actual and Expected Facilities 2021 Financings Q1 Q2
Slide 11: 2021 Outlook
2021 Outlook Strong first half 2021 Increasing year-over-year Raising earnings guidance performance annual energy deliveries growth guidance to $2.70 to $2.85 per diluted share $1.43 diluted EPS YTD 2021 from $2.55 to $2.70 per diluted compared to to 2.5% to 3% from 1% to1.5% share $1.34 diluted EPS
Slide 12: Appendix
Appendix
Slide 13: 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.
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