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Portland General Electric Announces First Quarter 2024 Results

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Portland General Electric (POR) reported strong first quarter 2024 results with net income of $109 million, or $1.08 per diluted share, and non-GAAP net income of $123 million, or $1.21 per diluted share. The company reaffirmed its 2024 adjusted earnings guidance of $2.98 to $3.18 per diluted share. Total revenues increased due to semiconductor and digital demand growth, while expenses rose due to severe weather events. Clearwater Wind Development, a 311 MW wind project, was placed into service, and PGE filed a 2025 General Rate Case. The company also joined the Extended Day-Ahead Market to lower power costs. PGE's 2023 ESG Report highlighted its commitment to environmental and social values. The company approved a quarterly dividend of $0.50 per share and provided detailed 2024 earnings guidance. Non-GAAP financial measures were used to present adjusted earnings.
Portland General Electric (POR) ha riportato ottimi risultati per il primo trimestre del 2024, con un utile netto di 109 milioni di dollari, o 1,08 dollari per azione diluita, e un utile netto non-GAAP di 123 milioni di dollari, o 1,21 dollari per azione diluita. La società ha confermato le previsioni di guadagno regolato per il 2024, che variano da 2,98 a 3,18 dollari per azione diluita. I ricavi totali sono aumentati a causa della crescita della domanda di semiconduttori e digitale, mentre le spese sono aumentate a causa di eventi meteorologici severi. Il progetto eolico Clearwater Wind Development, da 311 MW, è stato messo in funzione, e PGE ha presentato il caso tariffario generale per il 2025. L'azienda ha anche aderito al Mercato esteso del giorno prima per ridurre i costi dell'energia. Il rapporto ESG 2023 di PGE ha evidenziato il suo impegno per i valori ambientali e sociali. L'azienda ha approvato un dividendo trimestrale di 0,50 dollari per azione e ha fornito dettagliate previsioni di guadagno per il 2024. Sono stati utilizzati indicatori finanziari non-GAAP per presentare gli utili corretti.
Portland General Electric (POR) reportó excelentes resultados para el primer trimestre de 2024 con un ingreso neto de 109 millones de dólares, o $1.08 por acción diluida, y un ingreso neto no-GAAP de 123 millones de dólares, o $1.21 por acción diluida. La compañía reafirmó su guía de ganancias ajustadas para 2024 de entre $2.98 y $3.18 por acción diluida. Los ingresos totales aumentaron debido al crecimiento en la demanda de semiconductores y digital, mientras que los gastos aumentaron debido a eventos climáticos severos. Se puso en servicio el proyecto eólico Clearwater Wind Development de 311 MW, y PGE presentó un Caso General de Tarifas para 2025. La empresa también se unió al Mercado Ampliado del Día Anterior para reducir los costos de energía. El Informe ESG 2023 de PGE destacó su compromiso con los valores ambientales y sociales. La compañía aprobó un dividendo trimestral de $0.50 por acción y proporcionó una guía detallada de ganancias para 2024. Se utilizaron medidas financieras no-GAAP para presentar las ganancias ajustadas.
포틀랜드 제너럴 일렉트릭(POR)은 2024년 제1분기에 순이익 1억 900만 달러 또는 희석 주당 1.08달러, 비GAAP 순이익 1억 2천 3백만 달러 또는 희석 주당 1.21달러의 강력한 실적을 보고했습니다. 회사는 2024년 조정된 이익 전망을 2.98달러에서 3.18달러 사이로 재확인했습니다. 반도체 및 디지털 수요 증가로 총 수익이 증가한 반면, 심각한 기상 이벤트로 인해 비용도 증가했습니다. 311MW 풍력 프로젝트인 클리어워터 윈드 개발이 가동되었으며 PGE는 2025년 일반 요율 사례를 제출했습니다. 회사는 전력 비용을 낮추기 위해 확장된 전날 시장에도 참여했습니다. PGE의 2023년 ESG 보고서는 환경 및 사회적 가치에 대한 그들의 헌신을 강조했습니다. 회사는 주당 0.50달러의 분기 배당금을 승인하고 2024년 수익 가이드라인을 자세히 제공했습니다. 조정된 이익을 제시하기 위해 비GAAP 재무 지표가 사용되었습니다.
Portland General Electric (POR) a rapporté d'excellents résultats pour le premier trimestre de 2024 avec un bénéfice net de 109 millions de dollars, soit 1,08 dollar par action diluée, et un bénéfice net non-GAAP de 123 millions de dollars, soit 1,21 dollar par action diluée. La société a réaffirmé ses prévisions de bénéfices ajustés pour 2024, allant de 2,98 à 3,18 dollars par action diluée. Les revenus totaux ont augmenté en raison de la croissance de la demande pour les semi-conducteurs et le numérique, tandis que les dépenses ont augmenté en raison de graves événements météorologiques. Le développement éolien de Clearwater Wind, un projet de 311 MW, a été mis en service, et PGE a déposé un dossier général de tarification pour 2025. L'entreprise a également rejoint le marché étendu de la veille pour réduire les coûts d'énergie. Le rapport ESG 2023 de PGE a souligné son engagement envers les valeurs environnementales et sociales. L'entreprise a approuvé un dividende trimestriel de 0,50 dollar par action et a fourni des prévisions de bénéfices détaillées pour 2024. Des mesures financières non-GAAP ont été utilisées pour présenter les bénéfices ajustés.
Portland General Electric (POR) berichtete starke Ergebnisse für das erste Quartal 2024 mit einem Nettogewinn von 109 Millionen US-Dollar bzw. 1,08 USD pro verwässerter Aktie und einem nicht-GAAP Nettogewinn von 123 Millionen US-Dollar bzw. 1,21 USD pro verwässerter Aktie. Das Unternehmen bestätigte seine angepasste Ertragserwartung für 2024 von 2,98 bis 3,18 USD pro verwässerter Aktie. Die Gesamterlöse stiegen aufgrund der steigenden Nachfrage nach Halbleitern und digitalen Produkten, während die Ausgaben aufgrund schwerer Wetterereignisse anstiegen. Das Windprojekt Clearwater Wind Development mit 311 MW wurde in Betrieb genommen, und PGE reichte einen allgemeinen Tariffall für 2025 ein. Das Unternehmen trat auch dem Erweiterten Day-Ahead-Markt bei, um die Stromkosten zu senken. Der ESG-Bericht 2023 von PGE hob sein Engagement für Umwelt- und Sozialwerte hervor. Das Unternehmen genehmigte eine vierteljährliche Dividende von 0,50 USD pro Aktie und gab detaillierte Gewinnprognosen für 2024. Nicht-GAAP-Finanzmaßnahmen wurden verwendet, um die angepassten Erträge darzustellen.
Positive
  • Strong first quarter results with net income of $109 million, or $1.08 per diluted share, and non-GAAP net income of $123 million, or $1.21 per diluted share
  • Reaffirmation of 2024 adjusted earnings guidance of $2.98 to $3.18 per diluted share
  • Increase in total revenues due to semiconductor and digital demand growth
  • Expenses rose due to severe weather events impacting market conditions
  • Placing Clearwater Wind Development, a 311 MW wind project, into service in January 2024
  • Filing a 2025 General Rate Case and joining the Extended Day-Ahead Market to lower power costs
  • Release of the 2023 ESG Report showcasing commitment to environmental and social values
  • Approval of a quarterly dividend of $0.50 per share
  • Detailed 2024 earnings guidance provided with exclusion of impacts from the January 2024 winter storm
  • Use of non-GAAP financial measures to present adjusted earnings
Negative
  • Increased expenses due to unfavorable market conditions during severe weather events
  • Depreciation and amortization expense and interest expense rose due to ongoing capital investment

Insights

The increased demand from semiconductor and data center clients has significantly boosted Portland General Electric's revenue, reflecting the ongoing digital transformation and the high energy requirements of these industries. The energy sector's shift towards more sustainable sources is exemplified by the Clearwater Wind Development project, expected to enhance PGE's energy production especially in peak seasons. This aligns with the broader industry trend of integrating renewable energy to reduce carbon footprint and operational costs.

PGE's reaffirmation of its 2024 earnings guidance suggests a stable financial outlook, which is important for investor confidence. The projected operational cash flow of $700 to $800 million and the capital expenditure plan of $1,340 million indicate a robust investment in infrastructure to support growth. Notably, the anticipated effective tax rate of 10% to 15% is relatively low, hinting at the possibility of fiscal benefits or credits, likely due to renewable energy investments, that could enhance PGE's profitability.

PGE's participation in the Extended Day-Ahead Market (EDAM) is a strategic move towards cost efficiency and energy resilience, as it enables more effective management of energy sourcing. The regulatory review process of the 2025 General Rate Case will be an area to watch, as it will determine the future cost structure and could impact profitability. It's essential to note that utility companies like PGE are subject to extensive regulatory oversight, which can significantly sway their financial and operational strategies.
  • First quarter results reflect continued strong semiconductor and data center demand growth
  • Clearwater Wind Development placed into service in January, providing geographic resource diversity and 311 MW of clean energy generation to customers
  • Reaffirming 2024 adjusted earnings guidance of $2.98 to $3.18 per diluted share

PORTLAND, Ore., April 26, 2024 /PRNewswire/ -- Portland General Electric Company (NYSE: POR) today reported net income based on generally accepted accounting principles (GAAP) of $109 million, or $1.08 per diluted share, for the first quarter of 2024. After adjusting for the impact of the January 2024 storm, first quarter 2024 non-GAAP net income was $123 million, or $1.21 per diluted share. This compares with GAAP net income of $74 million, or $0.80 per diluted share, for the first quarter of 2023.

"Our results this quarter speak to strong execution and robust semiconductor and data center growth, underscoring the importance of Portland General Electric's commitment to investments in grid resilience," said Maria Pope, PGE President and CEO. "The PGE team navigated extreme winter storms and energy market conditions early in the first quarter and, as we look ahead, we remain focused on advancing plans to meet the growing needs of our customers."

First Quarter 2024 Compared to First Quarter 2023

Total revenues increased due to demand growth from semiconductor and digital customers and recovery of capital, operating and power costs, partially offset by lower residential and commercial usage. Purchased power and fuel expense increased primarily due to unfavorable market conditions during severe weather events during the quarter. Operating and administrative expenses increased due to higher generation maintenance, vegetation management, wildfire mitigation, and service restoration costs. Depreciation and amortization expense and interest expense increased due to ongoing capital investment.

Company Updates

Clearwater Wind Development

Clearwater Wind Development, a 311 MW wind project, was placed in-service in January 2024. This resource, located in eastern Montana, is complementary to generation in Oregon and Washington. The project is expected to deliver higher levels of production during the winter and summer, allowing PGE to serve Oregon customers with reliable, clean energy at reduced energy costs, capturing the benefits of regional diversity.

2025 General Rate Case Update

On February 29, 2024, PGE filed with the OPUC a general rate case based on a 2025 test year (2025 GRC). Regulatory review of the 2025 GRC will continue throughout 2024, with issuance of a final order by the OPUC expected by the end of the year, with new prices effective January 1, 2025.

Extended Day Ahead Market

On March 21, 2024, PGE announced plans to join the California Independent System Operator's (CAISO) Extended Day-Ahead Market (EDAM) to help lower power costs, increase resilience and access more clean energy sources from across the West. The EDAM is expected to begin operating in 2026 and PGE anticipates gross energy cost savings between $6 million and $18 million annually, depending on the final number of EDAM participants.

2023 Environmental, Social and Governance (ESG) Report

In March, PGE released its 2023 ESG Report, the annual report showcases PGE's progress to support resilient energy ecosystems, thriving communities and good governance. This report outlines PGE's commitment to advancing environmental, social and governance values core to our business.

Quarterly Dividend

As previously announced, on April 19, 2024, the board of directors of Portland General Electric Company approved a quarterly common stock dividend of $0.50 per share. The quarterly dividend is payable on or before July 15, 2024 to shareholders of record at the close of business on June 24, 2024.

2024 Earnings Guidance

PGE is reaffirming its estimate for 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 Reliability Contingency Event (RCE) costs and non-deferred incremental storm restoration costs;
  • An increase in energy deliveries of 2% to 3%, weather adjusted;
  • Normal temperatures in its utility service territory;
  • Hydro conditions for the year that reflect current estimates;
  • Wind generation based on five years of historical levels or forecast studies when historical data is not available;
  • Normal thermal plant operations;
  • Operating and maintenance expense between $815 million and $840 million which includes approximately $165 million of wildfire, vegetation management, deferral amortization and other expenses that are offset in other income statement lines;
  • Depreciation and amortization expense between $475 million and $525 million;
  • Effective tax rate of 10% to 15%;
  • Cash from operations of $700 to $800 million;
  • Capital expenditures of $1,340 million; and
  • Average construction work in progress balance of $795 million.

First Quarter 2024 Earnings Call and Webcast — April 26, 2024

PGE will host a conference call with financial analysts and investors on Friday, April 26, 2024, at 11 a.m. ET. The conference call will be webcast live on the PGE website at investors.portlandgeneral.com. A webcast replay will also be available on PGE's investor website "Events & Presentations" page beginning at 2 p.m. ET on April 26, 2024.

Maria Pope, President and CEO; Joe Trpik, Senior Vice President of Finance and CFO; and Nick White, Manager of Investor Relations, will participate in the call. Management will respond to questions following formal comments.

The attached unaudited condensed consolidated statements of income and comprehensive income, balance sheets and statements of cash flows, as well as the supplemental operating statistics, are an integral part of this earnings release.

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 nature, or both. PGE believes that excluding the effects of these items provides a meaningful representation of the Company's comparative earnings per share and enables investors to evaluate the Company's ongoing operating financial performance. Management utilizes non-GAAP measures to assess the Company's current and forecasted performance, and for communications with shareholders, analysts and investors. Non-GAAP financial measures are supplementary information that should be considered in addition to, but not as a substitute for, the information prepared in accordance with GAAP.

Items in the periods presented, which PGE believes impact the comparability of comparative earnings and do not represent ongoing operating financial performance, include the following:

  • Non-deferrable Reliability Contingency Event (RCE) costs resulting from the January 2024 winter storm

Due to the forward-looking nature of PGE's non-GAAP adjusted earnings guidance, and the inherently unpredictable nature of items and events which could lead to the recognition of non-GAAP adjustments (such as, but not limited to, regulatory disallowances or extreme weather events), management is unable to estimate the occurrence or value of specific items requiring adjustment for future periods, which could potentially impact the Company's GAAP earnings. Therefore, management cannot provide a reconciliation of non-GAAP adjusted earnings per share guidance to the most comparable GAAP financial measure without unreasonable effort. For the same reasons, management is unable to address the probable significance of unavailable information.

PGE's reconciliation of non-GAAP earnings for the quarter ended March 31, 2024 are below.

Non-GAAP Earnings Reconciliation for the quarter ended March 31, 2024

 (Dollars in millions, except EPS)

Net Income 

Diluted EPS

 GAAP as reported for the quarter ended March 31, 2024

$                    109

$                   1.08

 Exclusion of January 2024 storm costs

19

0.18

 Tax effect (1)

(5)

(0.05)

 Non-GAAP as reported for the quarter ended March 31, 2024

$                    123

$                   1.21

(1) Tax effects were determined based on the Company's full-year blended federal and state statutory rate.

 

About Portland General Electric Company

Portland General Electric (NYSE: POR) is an integrated energy company that generates, transmits and distributes electricity to over 930,000 customers serving an area of 1.9 million Oregonians. For more than 130 years, Portland General Electric (PGE) has powered social progress, delivering safe, affordable, reliable and increasingly clean electricity while working to transform energy systems to meet evolving customer needs. PGE customers have set the standard for prioritizing clean energy with the No. 1 voluntary renewable energy program in the country. PGE is committed to reducing emissions from its retail power supply by 80% by 2030 and 100% by 2040. PGE is recognized by the Bloomberg Gender-Equality Index for the company's commitment to creating a more equal, inclusive workplace. In 2023, PGE employees, retirees and the PGE Foundation donated nearly $4.6 million and volunteered over 23,000 volunteer hours to more than 400 nonprofit organizations. For more information visit www.PortlandGeneral.com/news.

Safe Harbor Statement

Statements in this press release that relate to future plans, objectives, expectations, performance, events and the like may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements represent our estimates and assumptions as of the date of this report. The Company assumes no obligation to update or revise any forward-looking statement as a result of new information, future events or other factors.

Forward-looking statements include statements regarding the Company's full-year earnings guidance (including assumptions and expectations regarding annual retail deliveries, average hydro conditions, wind generation, normal thermal plant operations, operating and maintenance expense and depreciation and amortization expense) as well as other statements containing words such as "anticipates," "assumptions," "based on," "believes," "conditioned upon," "considers," "could," "estimates," "expects," "forecast," "goals," "intends," "needs," "plans," "predicts," "projects," "promises," "seeks," "should," "subject to," "targets," "will continue," "will likely result," or similar expressions.

Investors are cautioned that any such forward-looking statements are subject to risks and uncertainties, including, without limitation: the timing or outcome of various legal and regulatory actions; changing customer expectations and choices that may reduce demand for electricity; the sale of excess energy during periods of low demand or low wholesale market prices; operational risks relating to the Company's generation and battery storage facilities, including hydro conditions, wind conditions, disruption of transmission and distribution, disruption of fuel supply, and unscheduled plant outages, which may result in unanticipated operating, maintenance and repair costs, as well as replacement power costs; delays in the supply chain and increased supply costs (including application of tariffs impacting solar module imports), failure to complete capital projects on schedule or within budget, failure of counterparties to perform under agreement, or the abandonment of capital projects, which could result in the Company's inability to recover project costs, or impact our competitive position, market share, revenues and project margins in material ways; default or nonperformance of counterparties from whom PGE purchases capacity or energy, which require the purchase of replacement power and renewable attributes at increased costs; complications arising from PGE's jointly-owned plant, including ownership changes, regulatory outcomes or operational failures; the costs of compliance with environmental laws and regulations, including those that govern emissions from thermal power plants; changes in weather, hydroelectric and energy market conditions, which could affect the availability, cost and required collateral for purchased power and fuel; changes in capital and credit market conditions, including volatility of equity markets, reductions in demand for investment-grade commercial paper or interest rates, which could affect the access to and availability or cost of capital and result in delay or cancellation of capital projects or execution of the Company's strategic plan as currently envisioned; general economic and financial market conditions, including inflation; the effects of climate change, whether global or local in nature; unseasonable or severe weather conditions, wildfires, and other natural phenomena and natural disasters that could result in operational disruptions, unanticipated restoration costs, third party liability or that may affect energy costs or consumption; the effectiveness of PGE's risk management policies and procedures; PGE's ability to effectively implement Public Safety Power Shutoffs (PSPS) and de-energize its system in the event of heightened wildfire risk; cyber security attacks, data security breaches, physical attacks and security breaches, or other malicious acts, which could disrupt operations, require significant expenditures, or result in claims against the Company; employee workforce factors, including potential strikes, work stoppages, transitions in senior management, and the ability to recruit and retain key employees and other talent and turnover due to macroeconomic trends; widespread health emergencies or outbreaks of infectious diseases such as COVID-19, which may affect our financial position, results of operations and cash flows; failure to achieve the Company's greenhouse gas emission goals or being perceived to have either failed to act responsibly with respect to the environment or effectively responded to legislative requirements concerning greenhouse gas emission reductions; social attitudes regarding the electric utility and power industries; political and economic conditions; acts of war or terrorism; changes in financial or regulatory accounting principles or policies imposed by governing bodies; changes in effective tax rate; and risks and uncertainties related to All-Source RFP projects, including, but not limited to, regulatory processes, transmission capabilities, system interconnections, permitting and construction delays, legislative uncertainty, inflationary impacts, supply costs and supply chain constraints. As a result, actual results may differ materially from those projected in the forward-looking statements.

Risks and uncertainties to which the Company are subject are further discussed in the reports that the Company has filed with the United States Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov and on the Company's website, investors.portlandgeneral.com. Investors should not rely unduly on any forward-looking statements.

PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

AND COMPREHENSIVE INCOME

(Dollars in millions, except per share amounts)

(Unaudited)




Three Months
Ended March 31,



2024


2023

Revenues:





Revenues, net


$      940


$      745

Alternative revenue programs, net of amortization


(11)


3

Total revenues


929


748

Operating expenses:





Purchased power and fuel


405


304

Generation, transmission and distribution


99


93

Administrative and other


95


80

Depreciation and amortization


121


111

Taxes other than income taxes


47


43

Total operating expenses


767


631

Income from operations


162


117

Interest expense, net


51


44

Other income:





Allowance for equity funds used during construction


5


3

Miscellaneous income, net


6


12

Other income, net


11


15

Income before income tax expense


122


88

Income tax expense


13


14

Net income


109


74

Other comprehensive income


1


Net income and Comprehensive income


$      110


$       74






Weighted-average common shares outstanding (in thousands):





Basic


101,299


91,840

Diluted


101,467


92,571






Earnings per share:





  Basic


$     1.08


$     0.81

Diluted


$     1.08


$     0.80

 

PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in millions)

(Unaudited)



March 31,
2024


December 31,
2023

ASSETS




Current assets:




Cash and cash equivalents

$                176


$                     5

Accounts receivable, net

412


414

Inventories

114


113

Regulatory assets—current

177


221

Other current assets

203


182

Total current assets

1,082


935

Electric utility plant, net

9,663


9,546

Regulatory assets—noncurrent

606


492

Nuclear decommissioning trust

30


31

Non-qualified benefit plan trust

36


35

Other noncurrent assets

171


169

Total assets

$            11,588


$            11,208

 

PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS, continued

(Dollars in millions)

(Unaudited)



March 31,
2024


December 31,
2023

LIABILITIES AND SHAREHOLDERS' EQUITY




Current liabilities:




Accounts payable

$                289


$                 347

Liabilities from price risk management activities—current

137


164

Short-term debt


146

Current portion of long-term debt

80


80

Current portion of finance lease obligation

23


20

Accrued expenses and other current liabilities

356


355

Total current liabilities

885


1,112

Long-term debt, net of current portion

4,353


3,905

Regulatory liabilities—noncurrent

1,406


1,398

Deferred income taxes

534


488

Unfunded status of pension and postretirement plans

160


172

Liabilities from price risk management activities—noncurrent

56


75

Asset retirement obligations

273


272

Non-qualified benefit plan liabilities

78


79

Finance lease obligations, net of current portion

285


289

Other noncurrent liabilities

99


99

Total liabilities

8,129


7,889

Commitments and contingencies (see notes)




Shareholders' Equity:




Preferred stock, no par value, 30,000,000 shares authorized; none issued and
outstanding as of March 31, 2024 and December 31, 2023


Common stock, no par value, 160,000,000 shares authorized; 103,023,507
and 101,159,609 shares issued and outstanding as of March 31, 2024 and
December 31, 2023, respectively

1,828


1,750

Accumulated other comprehensive loss

(4)


(5)

Retained earnings

1,635


1,574

Total shareholders' equity

3,459


3,319

Total liabilities and shareholders' equity

$            11,588


$             11,208

 

PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)

(Unaudited)



Three Months Ended March 31,


2024


2023

Cash flows from operating activities:




Net income

$                109


$                  74

Adjustments to reconcile net income to net cash provided by operating activities:




Depreciation and amortization

121


111

Deferred income taxes

37


4

Pension and other postretirement benefits

1


1

Allowance for equity funds used during construction

(5)


(3)

Decoupling mechanism deferrals, net of amortization

11


(3)

Regulatory assets

(120)


(6)

Regulatory liabilities

(3)


8

Other non-cash income and expenses, net

23


10

Changes in working capital:




Accounts receivable, net

(5)


34

Inventories

(1)


Margin deposits

27


86

Accounts payable and accrued liabilities

24


(174)

Margin deposits from wholesale counterparties


(140)

Other working capital items, net

(16)


(27)

Other, net

(28)


(14)

Net cash provided by (used in) operating activities

175


(39)

 

PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS, continued

(In millions)

(Unaudited)



Three Months Ended March 31,


2024


2023

Cash flows from investing activities:




Capital expenditures

(325)


(274)

Proceeds from sale of properties


2

Other, net

(6)


(4)

Net cash used in investing activities

(331)


(276)





Cash flows from financing activities:




Proceeds from issuance of common stock

$                   78


$                 300

Proceeds from issuance of long-term debt

450


100

Payments on long-term debt


(260)

Issuance (maturities) of commercial paper, net

(146)


68

Dividends paid

(48)


(40)

Other

(7)


(6)

Net cash provided by financing activities

327


162

Change in cash and cash equivalents

171


(153)

Cash and cash equivalents, beginning of period

5


165

Cash and cash equivalents, end of period

$                 176


$                   12





Supplemental cash flow information is as follows:




Cash paid for interest, net of amounts capitalized

$                   26


$                   22

Cash paid for income taxes, net

2


2

 

PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES

SUPPLEMENTAL OPERATING STATISTICS

(Unaudited)



Three Months Ended March 31,


2024


2023

Revenues (dollars in millions):








Retail:








Residential

$         415


45 %


$         362


48 %

Commercial

227


24


197


27

Industrial

102


11


82


11

Direct Access

6


1


6


1

Subtotal Retail

750


81


647


87

Alternative revenue programs, net of amortization

(11)


(1)


3


Other accrued revenues, net

1



1


Total retail revenues

740


80


651


87

Wholesale revenues

176


19


88


12

Other operating revenues

13


1


9


1

Total revenues

$         929


100 %


$         748


100 %









Energy deliveries (MWhs in thousands):








Retail:








Residential

2,243


29 %


2,327


33

Commercial

1,628


21


1,657


24

Industrial

1,186


15


1,071


15

Subtotal

5,057


65


5,055


72

Direct access:








Commercial

120


2


129


2

Industrial

396


5


436


6

Subtotal

516


7


565


8

Total retail energy deliveries

5,573


72


5,620


80

Wholesale energy deliveries

2,179


28


1,396


20

Total energy deliveries

7,752


100 %


7,016


100 %









Average number of retail customers:








Residential

824,239


88 %


813,955


88 %

Commercial

112,869


12


112,475


12

Industrial

204



194


Direct access

514



542


Total

937,826


100 %


927,166


100 %

 

PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES

SUPPLEMENTAL OPERATING STATISTICS, continued

(Unaudited)



Three Months Ended March 31,


2024


2023

Sources of energy (MWhs in thousands):








Generation:








Thermal:








Natural gas

3,028


40 %


2,896


43 %

Coal

526


7


596


9

Total thermal

3,554


47


3,492


52

Hydro

393


5


295


4

Wind

590


8


481


7

Total generation

4,537


60


4,268


63

Purchased power:








Hydro

1,564


21


1,080


16

Wind

306


4


232


3

Solar

147


1


145


2

Natural Gas

94


1


11


Waste, Wood, and Landfill Gas

39


1


43


1

Source not specified

923


12


1,005


15

Total purchased power

3,073


40


2,516


37

Total system load

7,610


100 %


6,784


100 %

Less: wholesale sales

(2,179)




(1,396)



Retail load requirement

5,431




5,388



 

The following table indicates the number of heating degree-days for the three months ended March 31, 2024 and 2023, along with 15-year averages based on weather data provided by the National Weather Service, as measured at Portland International Airport: 


Heating Degree-days


2024


2023


Avg.







January

759


667


704

February

539


658


606

March

457


602


528

Year-to-date

1,755


1,927


1,838

(Decrease) increase from the 15-year average

(5) %


5 %



 

Media Contact:


Investor Contact:

Sarah Hamaker


Nick White

Corporate Communications


Investor Relations

Phone: 435-513-0799


Phone: 503-464-8073

 Source: Portland General Company 

Cision View original content:https://www.prnewswire.com/news-releases/portland-general-electric-announces-first-quarter-2024-results-302128344.html

SOURCE Portland General Company

FAQ

What was Portland General Electric's net income in the first quarter of 2024?

Portland General Electric reported net income of $109 million, or $1.08 per diluted share, for the first quarter of 2024.

What was the non-GAAP net income for Portland General Electric in the first quarter of 2024?

Portland General Electric's non-GAAP net income was $123 million, or $1.21 per diluted share, in the first quarter of 2024.

What is Portland General Electric's adjusted earnings guidance for 2024?

Portland General Electric reaffirmed its 2024 adjusted earnings guidance of $2.98 to $3.18 per diluted share.

What project did Portland General Electric place into service in January 2024?

Portland General Electric placed Clearwater Wind Development, a 311 MW wind project, into service in January 2024.

What market did Portland General Electric join to lower power costs?

Portland General Electric joined the California Independent System Operator's Extended Day-Ahead Market to lower power costs.

What report did Portland General Electric release in March?

Portland General Electric released its 2023 ESG Report in March, highlighting its commitment to environmental and social values.

What was the approved quarterly dividend for Portland General Electric?

Portland General Electric approved a quarterly common stock dividend of $0.50 per share.

What financial guidance did Portland General Electric provide for 2024?

Portland General Electric provided detailed 2024 earnings guidance, excluding impacts from the January 2024 winter storm.

What financial measures did Portland General Electric use to present adjusted earnings?

Portland General Electric used non-GAAP financial measures to present adjusted earnings.

Portland General Electric Company

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