Portland General Electric Co · NYSE:POR
Portland General Electric — Q2 2018 Earnings Presentation
10 slides from Portland General Electric's earnings presentation, Jul 27, 2018
Slide 1: Portland General Electric Earnings Conference Call Second Quarter 2018
Exhibit 99.2 Portland General Electric Earnings Conference Call Second Quarter 2018
Slide 2: Cautionary Statement
Cautionary Statement Information Current as of July 27, 2018 Except as expressly noted, the information in this presentation is current as of July 27, 2018 — the date on which PGE filed its quarterly report on Form 10-Q for the quarter ended June 30, 2018 — and should not be relied upon as being cur
Slide 3: Leadership and On Today's Call
Leadership Maria Pope Presenting President and Today CEO On Today's Call • Carty Generating Station settlement • Financial performance Jim Lobdell • Renewable Request for Proposal Senior VP • Earnings guidance of Finance, CFO and Treasurer • Financial update • 2019 General Rate Case 3
Slide 4: Second Quarter 2018 Earnings Results
Second Quarter 2018 Earnings Results Q2 2018 Q2 2017 Net Income (millions) $46 $32 Diluted EPS $0.51 $0.36 $0.82 $0.72 $0.51 $1.02 - $1.17 $0.44 $0.48 $0.36 Q1 Q1 Q2 Q2 Q3-Q4Q3 Q4 Q1 Q2 Q3 Q4 2018E Diluted EPS 2017 Diluted EPS $2.25 - $2.40 $2.10 4
Slide 5: Renewable RFP
Renewable RFP May 2018 June 2018 October 2018 End of 2018 Final RFP issued Proposals received Short list to be Final contract submitted to OPUC execution expected • OPUC acknowledged 100 MWa renewable need identified in 2016 Integrated Resource Plan in December 2017 • Competitive Renewable RFP1 proc
Slide 6: Guidance and Assumptions
Guidance and Assumptions • $0.12 per diluted share attributed to Carty settlement Revised • Retail deliveries flat to prior year, weather-adjusted 2018 EPS • Normal hydro conditions for the remainder of the year based Guidance: on the current hydro forecast • Wind generation for the remainder of the
Slide 7: Second Quarter Earnings Bridge
Second Quarter Earnings Bridge Earnings per diluted share NVPC $0.06 Weather $(0.05) $0.03 $0.02 $0.51 $0.04 $0.05 $0.36 $0.01 Q2 2017 Gross Margin Plant Maintenance Distribution Cost PTC Other Q2 2018 7
Slide 8: 2019 General Rate Case
2019 General Rate Case Key Drivers: Investments in the system to better serve customers and continue building a smarter, more resilient grid • Return on equity of 9.5% • Capital structure of 50% debt and 50% equity • Rate base of $4.86 billion • Customer price increase of approx. 4.8%, net of tax re
Slide 9: Capital Planning
Capital Planning Current Capital Outlook $ Millions • Support for continued 800 customer growth 700 $648 • Upgrades and 600 replacement of aging 500 generation, transmission and distribution equipment 400 • Strengthening the grid for 300 $620 natural disasters, cyber $452 $457 $448 $450 200 and phys
Slide 10: Liquidity and Financing
Liquidity and Financing As of 06/30/2018 Ratings S&P Moody's Total Liquidity (in millions) Credit Facilities $ 720 Senior Secured A A1 Commercial Paper $ 0 Senior Unsecured BBB+ A3 Letters of Credit $ (64) Commercial Paper A-2 Prime-2 Cash $ 48 Outlook Positive Stable Available $ 704 Q1 2018 Q2 2018
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