Portland General Electric Co · NYSE:POR
Portland General Electric — Q2 2022 Earnings Presentation
12 slides from Portland General Electric's earnings presentation, Jul 28, 2022
Slide 1: Earnings Conference Call Second Quarter 2022
Exhibit 99.2 Portland General Electric EARNINGS CONFERENCE CALL SECOND QUARTER 2022
Slide 2: Cautionary statement
Cautionary statement Information Current as of July 28, 2022 Except as expressly noted, the information in this presentation is current as of July 28, 2022 — the date on which PGE filed its Quarterly Report on Form 10-Q for the quarter ended June 30, 2022 — 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 priorities Financial Update Jim Ajello, Senior VP of Finance, CFO, Treasurer and CCO • Economic update • Second quarter 2022 earnings • Capital investments • Liquidity and financi
Slide 4: Second quarter 2022 financial results
Revising Second quarter 2022 financial results Q2 2022 Q2 2021 2022 YTD 2021 YTD • 2022 GAAP basis earnings GAAP net income (in millions) $64 $32 $124 $128 guidance from $2.50 to $2.65 to $2.60 to $2.75 GAAP diluted earnings per share (EPS) $0.72 $0.36 $1.39 $1.43 per diluted share; Exclusion of 202
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: Second quarter 2022 earnings bridge
Second quarter 2022 earnings bridge Q2 GAAP Load Customer Prior year net Current year Operating Non-qualified Other Q2 GAAP 2021 EPS growth price mix variable power net variable expense benefit trust 2022 EPS costs power costs 6 Note: Dollar values are earnings per diluted share
Slide 7: Reliability and resiliency investments
Reliability and resiliency investments Capital expenditures forecast $755 $650 $650 $650 $650 $185 $100 $100 $100 $100 $425 $430 $430 $430 $430 $145 $120 $120 $120 $120 2022 2023 2024 2025 2026 Generation Transmission and Distribution General Business and Technology Note: Capital expenditures exclud
Slide 8: Liquidity and financing
Liquidity and financing Total Liquidity: $870 million as of June 30, 2022 (dollars in millions) Ratings S&P Moody’s Senior Secured A A1 Cash Senior Unsecured BBB+ A3 $91 Commercial Paper A-2 P-2 Letters of Credit Outlook Stable Stable $129 Credit Expected 2022 Facilities financings Q1 Q2 Q3 Q4 $650
Slide 9: Resource planning and procurement
Resource planning and procurement 2021 RFP PGE is seeking approximately 1,000 MW of renewable energy and non-emitting capacity resources, consisting of: • 375 to 500 MW of renewable energy • 375 MW of non-emitting capacity • 100 MW of renewable energy in support of the Green Future Impact program’s
Slide 10: Appendix
Appendix
Slide 11: 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 12: 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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