Portland General Electric announces 2023 financial results and initiates 2024 earnings guidance
- Key strategic accomplishments in 2023 included investments in capital assets, battery storage, hydropower contracts, wind energy projects, and securing federal grants.
- Total revenues increased in 2023 due to higher demand from high-tech and digital customers and increased recovery of power costs.
- PGE's 2024 adjusted earnings guidance of $2.98 to $3.18 per diluted share is based on various assumptions including energy deliveries, hydro conditions, wind generation, operating expenses, and tax rates.
- Resource planning and wildfire mitigation efforts were highlighted in the PR, with the company's 2024 Wildfire Mitigation Plan outlining system hardening efforts and operational actions within High Fire Risk Zones.
- PGE's non-GAAP financial measures exclude significant items to provide a meaningful representation of the company's earnings per share.
- GAAP net income for the fourth quarter of 2023 decreased compared to the same period in 2022.
- Operating and administrative expenses, net of deferral related items, increased slightly in 2023.
- Depreciation and amortization and interest expense increased in 2023 due to higher asset balances and long-term debt balances.
- Income tax expense increased in 2023 primarily driven by lower research and development tax credit benefits.
Insights
The recent financial results reported by Portland General Electric Company (PGE) reflect a mixed scenario. The company's GAAP net income for the full year 2023 was $228 million, or $2.33 per diluted share, which is a decrease from the 2022 GAAP net income of $233 million, or $2.60 per diluted share. This decline could potentially signal to investors and analysts that PGE faced headwinds over the past year. However, the non-GAAP adjusted earnings present a slightly different picture, with a smaller decrease from $2.74 to $2.38 per diluted share year over year.
Crucially, PGE's initiation of the 2024 adjusted earnings guidance, projecting $2.98 to $3.18 per diluted share, suggests an optimistic outlook for the company's future performance. This guidance, coupled with the reaffirmation of a 5% to 7% long-term earnings per share growth, may be seen as a positive indicator for the company's financial health and may influence investor confidence. It is important to note that such forward-looking statements are based on assumptions that may or may not materialize and therefore, they carry inherent risks.
From an investment perspective, the capital investments of $1,462 million in 2023, focusing on decarbonization and grid resiliency, align with the broader industry trend towards sustainable energy solutions. These investments may enhance PGE's competitive position in the long term, as the global push for clean energy intensifies.
Analyzing PGE's strategic accomplishments in 2023, such as the investment in capital assets and agreements for battery storage and hydropower contracts, underscores the company's commitment to addressing the growing demand for clean energy. The entry of 311 MW of non-emitting energy from the Clearwater Wind Development marks a significant step towards PGE's decarbonization goals.
The acknowledgment of PGE's Integrated Resource Plan by the Oregon Public Utility Commission (OPUC) in January 2024 provides regulatory support for the company's clean energy transition strategy. This regulatory backing is a critical factor for PGE's operational stability and can impact investor sentiment positively. The strategic focus on renewable energy and non-emitting capacity is not only in line with legislative mandates but also with consumer expectations, which may contribute to the company's long-term growth and market positioning.
Furthermore, the company's proactive approach to wildfire risk mitigation, as evidenced by the submission of the 2024 Wildfire Mitigation Plan, reflects a comprehensive strategy to address potential operational risks. The anticipated operations and maintenance costs, along with capital investments for system hardening, can be seen as necessary steps to protect the company's assets and ensure service reliability, which is vital for maintaining customer trust and investor confidence.
Portland General Electric Company's financial performance and strategic decisions need to be contextualized within the broader economic environment. The increase in total revenues, driven by higher demand from high-tech and digital customers, indicates a robust economic activity in sectors that are increasingly reliant on energy. This trend is significant as it may signal a shift in the energy consumption patterns and a potential area of growth for utilities like PGE.
However, the reported increase in net variable power costs, influenced by mild weather affecting renewable production and higher system load, highlights the susceptibility of utility companies to environmental factors. These increased costs may put pressure on profit margins and thus, the company's ability to manage these costs effectively will be crucial for maintaining profitability.
The introduction of a 14% increase in rate base following the 2024 General Rate Case outcome is noteworthy. This increase will likely affect PGE's revenue and cash flow positively, but it is essential to monitor customer response to higher rates, as it could influence demand. The balancing account for routine vegetation management expenses and updates to the Income Qualified Bill Discount program reflect efforts to manage costs and support customers, which are important for maintaining public goodwill and regulatory compliance.
- Full-year 2023 GAAP basis financial results of
$2.33 $2.38 - Initiating 2024 adjusted earnings guidance of
$2.98 $3.18 5% to7% long-term earnings per share growth using 2022 non-GAAP adjusted base year
This compares with GAAP net income of
GAAP net income was
"While our 2023 results were impacted by challenging operating conditions and power market volatility, we achieved important milestones that reduce risk and solidify our long-term growth trajectory," said Maria Pope, PGE President and CEO. "Looking ahead, we are well-positioned to execute to meet increasing customer needs, enable the clean energy transition and strengthen our resilience to extreme weather."
2023 Year in Review
Key strategic accomplishments in 2023 included:
- Invested
$1,462 million - Filed the 2023 Integrated Resource Plan, which was acknowledged by the OPUC in January 2024;
- Entered into agreements for 475 MW of battery storage, 275 MW of which PGE will own, and 500 MW of hydropower contracts to improve grid flexibility and reliability;
- Advanced construction of the Clearwater Wind Development, bringing 311 MW of non-emitting energy online in January 2024;
- Submitted 16 federal grant applications and have been awarded eight grants totaling
$314 million - Concluded the 2024 General Rate Case (GRC), which resulted in a
$742 million 14% , increase in rate base, a provision to recover certain costs for Reliability Contingency Events, established a balancing account for PGE's routine vegetation management expenses, and updates to PGE's Income Qualified Bill Discount program.
2023 Earnings Compared to 2022 Earnings
- Total revenues increased due to higher demand from high-tech and digital customers and increased recovery of power costs, partially offset by lower residential and commercial usage;
- Net variable power costs increased due to the increase in average variable power costs primarily from the impacts of mild weather on renewable production, and higher system load;
- Operating and administrative expenses, net of deferral related items, increased slightly due to higher generation maintenance and grid resiliency costs, offset by lower administrative expenses from continued cost management actions;
- Depreciation and amortization and interest expense increased due to higher asset balances and higher long-term debt balances as a result of ongoing capital investment;
- Taxes other than income taxes increased due to higher property taxes;
- Other income increased as a result of increases in the value of the non-qualified benefit plan trust assets and higher other regulatory interest income, partially offset by a prior year settlement gain on a benefit plan; and
- Income tax expense increased primarily driven by lower research and development tax credit benefits.
2024 Earnings Guidance
PGE is initiating full-year 2024 adjusted earnings guidance of
- Exclusion of the impacts of the January 2024 winter storm, including non-deferrable storm restoration costs and non-deferrable Reliability Contingency Event (RCE) costs;
- An increase in energy deliveries between
2% and3% , 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 $840 million $165 million - Depreciation and amortization expense between
$475 million $525 million - Effective tax rate of
10% to15% ; - Cash from operations of
$700 $800 million - Capital expenditures of
$1,310 million - Average construction work in progress balance of
$720 million
Company Updates
Resource Planning and 2023 All-Source Request for Proposal Update
In Q1 2023, PGE filed with the OPUC its first combined Integrated Resource Plan (IRP) and Clean Energy Plan (CEP), which articulates the Company's strategy to meet the 2030, 2035, and 2040 emission reduction targets, as mandated by
On January 25, 2024 the OPUC acknowledged PGE's IRP, subject to certain conditions, providing regulatory support for PGE to pursue the near-term resource additions articulated in the Action Plan. PGE issued the RFP to market on February 2, 2024, seeking bids for resources that can provide non-emitting dispatchable capacity and renewable generation. PGE will accept and evaluate bids during the first quarter of 2024 and present a shortlist for acknowledgment to the OPUC later in the year.
2024 Wildfire Mitigation Plan
On December 29, 2023, PGE submitted to the OPUC the 2024 Wildfire Mitigation Plan (WMP) which outlines PGE's approach to wildfire risk mitigation and guides PGE's Wildfire Mitigation Program. The 2024 WMP forecasts
Quarterly Dividend
As previously announced, on February 9, 2024, the board of directors of Portland General Electric Company approved a quarterly common stock dividend of
Fourth Quarter and Full Year 2023 Earnings Call and Webcast — Feb. 16, 2024
PGE will host a conference call with financial analysts and investors on Friday, February 16, 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 February 16, 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.
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:
- Boardman revenue requirement settlement charge associated with the year ended 2020, resulting from the OPUC's 2022 GRC Final Order.
- Non-cash Wildfire and COVID deferral reversal charge associated with the year ended 2020, resulting from the OPUC's 2022 GRC Final Order deferral earnings test.
Items impacting 2024 earnings guidance, which PGE believes impact the comparability of comparative earnings and do not represent ongoing operating financial performance, include the following:
- Non-deferrable storm restoration costs and 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 years ended December 31, 2023 and December 31, 2022 are below.
Non-GAAP Earnings Reconciliation for the year ended December 31, 2023 | ||
(Dollars in millions, except EPS) | Net Income | Diluted EPS |
GAAP as reported for the year ended December 31, 2023 | $ 228 | $ 2.33 |
Exclusion of Boardman revenue requirement settlement charge | 7 | 0.07 |
Tax effect (1) | (2) | (0.02) |
Non-GAAP as reported for the year ended December 31, 2023 | $ 233 | $ 2.38 |
Non-GAAP Earnings Reconciliation for the year ended December 31, 2022 | ||
(Dollars in millions, except EPS) | Net Income | Diluted EPS |
GAAP as reported for the year ended December 31, 2022 | $ 233 | $ 2.60 |
Exclusion of 2020 Wildfire and COVID deferral reversal charge | 17 | 0.19 |
Tax effect (1) | (5) | (0.05) |
Non-GAAP as reported for the year ended December 31, 2022 | $ 245 | $ 2.74 |
(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 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
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 is 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.
POR
Source: Portland General Company
CONSOLIDATED STATEMENTS OF INCOME (Dollars in millions, except per share amounts) (Unaudited) | |||||
Years Ended December 31, | |||||
2023 | 2022 | 2021 | |||
Revenues: | |||||
Revenues, net | $ 2,912 | $ 2,636 | $ 2,425 | ||
Alternative revenue programs, net of amortization | 11 | 11 | $ (29) | ||
Total Revenues | 2,923 | 2,647 | 2,396 | ||
Operating expenses: | |||||
Purchased power and fuel | 1,190 | 988 | 822 | ||
Generation, transmission and distribution | 374 | 348 | 310 | ||
Administrative and other | 341 | 340 | 336 | ||
Depreciation and amortization | 458 | 417 | 404 | ||
Taxes other than income taxes | 164 | 157 | 146 | ||
Total operating expenses | 2,527 | 2,250 | 2,018 | ||
Income from operations | 396 | 397 | 378 | ||
Interest expense, net | 173 | 156 | 137 | ||
Other income: | |||||
Allowance for equity funds used during construction | 19 | 14 | 17 | ||
Miscellaneous income, net | 31 | 17 | 9 | ||
Other income, net | 50 | 31 | 26 | ||
Income before income taxes | 273 | 272 | 267 | ||
Income tax expense | 45 | 39 | 23 | ||
Net income | $ 228 | $ 233 | $ 244 | ||
Weighted-average shares outstanding (in thousands): | |||||
Basic | 97,760 | 89,290 | 89,481 | ||
Diluted | 97,952 | 89,643 | 89,627 | ||
Earnings per share: | |||||
Basic | $ 2.33 | $ 2.61 | $ 2.72 | ||
Diluted | $ 2.33 | $ 2.60 | $ 2.72 | ||
CONSOLIDATED BALANCE SHEETS (In millions) (Unaudited) | |||
As of December 31, | |||
2023 | 2022 | ||
ASSETS | |||
Current assets: | |||
Cash and cash equivalents | $ 5 | $ 165 | |
Accounts receivable, net | 414 | 398 | |
Inventories, at average cost: | |||
Materials and supplies | 83 | 63 | |
Fuel | 30 | 32 | |
Regulatory assets—current | 221 | 54 | |
Other current assets | 182 | 498 | |
Total current assets | 935 | 1,210 | |
Electric utility plant: | |||
In service | 13,329 | 12,421 | |
Accumulated depreciation and amortization | (4,757) | (4,423) | |
In service, net | 8,572 | 7,998 | |
Construction work-in-progress | 974 | 467 | |
Electric utility plant, net | 9,546 | 8,465 | |
Regulatory assets—noncurrent | 492 | 473 | |
Nuclear decommissioning trust | 31 | 39 | |
Non-qualified benefit plan trust | 35 | 38 | |
Other noncurrent assets | 169 | 234 | |
Total assets | $ 11,208 | $ 10,459 | |
CONSOLIDATED BALANCE SHEETS, continued (In millions, except share amounts) (Unaudited) | |||
As of December 31, | |||
2023 | 2022 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||
Current liabilities: | |||
Accounts payable | $ 347 | $ 457 | |
Liabilities from price risk management activities—current | 164 | 118 | |
Short-term debt | 146 | — | |
Current portion of long-term debt | 80 | 260 | |
Current portion of finance lease obligations | 20 | 20 | |
Accrued expenses and other current liabilities | 355 | 641 | |
Total current liabilities | 1,112 | 1,496 | |
Long-term debt, net of current portion | 3,905 | 3,386 | |
Regulatory liabilities—noncurrent | 1,398 | 1,389 | |
Deferred income taxes | 488 | 439 | |
Unfunded status of pension and postretirement plans | 172 | 170 | |
Liabilities from price risk management activities—noncurrent | 75 | 75 | |
Asset retirement obligations | 272 | 257 | |
Non-qualified benefit plan liabilities | 79 | 83 | |
Finance lease obligations, net of current portion | 289 | 294 | |
Other noncurrent liabilities | 99 | 91 | |
Total liabilities | 7,889 | 7,680 | |
Commitments and contingencies (see notes) | |||
Shareholders' equity: | |||
Preferred stock, no par value, 30,000,000 shares authorized; | — | — | |
Common stock, no par value, 160,000,000 shares authorized; | 1,750 | 1,249 | |
Accumulated other comprehensive loss | (5) | (4) | |
Retained earnings | 1,574 | 1,534 | |
Total shareholders' equity | 3,319 | 2,779 | |
Total liabilities and shareholders' equity | $ 11,208 | $ 10,459 | |
CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) | |||||
Years Ended December 31, | |||||
2023 | 2022 | 2021 | |||
Cash flows from operating activities: | |||||
Net income | $ 228 | $ 233 | $ 244 | ||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||
Depreciation and amortization | 458 | 417 | 404 | ||
Deferred income taxes | 8 | 6 | 5 | ||
Allowance for equity funds used during construction | (19) | (14) | (17) | ||
Pension and other postretirement benefits | 5 | 13 | 24 | ||
Decoupling mechanism deferrals, net of amortization | (11) | (11) | 29 | ||
Stock-based compensation | 17 | 15 | 14 | ||
Regulatory assets | 20 | (46) | (158) | ||
Regulatory liabilities | 24 | 5 | 7 | ||
Tax credit sales | 24 | — | — | ||
Other non-cash income and expenses, net | 40 | 40 | 23 | ||
Changes in working capital: | |||||
Accounts receivable and unbilled revenues | (29) | (66) | (64) | ||
Margin deposits | 24 | (80) | (29) | ||
Accounts payable and accrued liabilities | (166) | 157 | 61 | ||
Margin deposits from wholesale counterparties | (135) | 82 | 58 | ||
Other working capital items, net | (20) | (22) | (21) | ||
Contribution to non-qualified employee benefit trust | (7) | (9) | (11) | ||
Asset retirement obligation settlements | (25) | (27) | (18) | ||
Other, net | (16) | (19) | (19) | ||
Net cash provided by operating activities | 420 | 674 | 532 | ||
Cash flows from investing activities: | |||||
Capital expenditures | (1,358) | (766) | (636) | ||
Purchases of nuclear decommissioning trust securities | (1) | (3) | (10) | ||
Sales of nuclear decommissioning trust securities | 1 | 3 | 12 | ||
Other, net | — | 8 | (22) | ||
Net cash used in investing activities | (1,358) | (758) | (656) | ||
CONSOLIDATED STATEMENTS OF CASH FLOWS, continued (In millions) (Unaudited) | |||||
Years Ended December 31, | |||||
2023 | 2022 | 2021 | |||
Cash flows from financing activities: | |||||
Proceeds from issuance of long-term debt | $ 600 | $ 360 | $ 400 | ||
Payments on long-term debt | (260) | — | (160) | ||
Proceeds from issuances of common stock, net of issuance costs | 485 | — | — | ||
Borrowings on short-term debt | — | — | 200 | ||
Payments on short-term debt | — | — | (350) | ||
Issuance of commercial paper, net | 146 | — | — | ||
Proceeds from Pelton/Round Butte financing arrangement | — | 25 | — | ||
Dividends paid | (179) | (158) | (150) | ||
Repurchase of common stock | — | (18) | (12) | ||
Other | (14) | (12) | (9) | ||
Net cash provided by (used in) financing activities | 778 | 197 | (81) | ||
Change in cash and cash equivalents | (160) | 113 | (205) | ||
Cash and cash equivalents, beginning of year | 165 | 52 | 257 | ||
Cash and cash equivalents, end of year | $ 5 | $ 165 | $ 52 | ||
Supplemental disclosures of cash flow information: | |||||
Cash paid for: | |||||
Interest, net of amounts capitalized | $ 136 | $ 128 | $ 120 | ||
Income taxes, net | 12 | 37 | 16 | ||
Non-cash investing and financing activities: | |||||
Accrued capital additions | 212 | 111 | 87 | ||
Accrued dividends payable | 51 | 42 | 40 | ||
SUPPLEMENTAL OPERATING STATISTICS (Unaudited) | |||||||||||
Years Ended December 31, | |||||||||||
2023 | 2022 | 2021 | |||||||||
Retail revenues (dollars in millions): | |||||||||||
Residential | $ 1,263 | 52 % | $ 1,158 | 52 % | $ 1,118 | 54 % | |||||
Commercial | 808 | 33 | 735 | 33 | 708 | 34 | |||||
Industrial | 368 | 15 | 312 | 14 | 279 | 13 | |||||
Subtotal | 2,439 | 100 | 2,205 | 99 | 2,105 | 101 | |||||
Alternative revenue programs, net of amortization | 11 | — | 11 | 1 | (29) | (1) | |||||
Other accrued revenues, net | (3) | — | 7 | — | 2 | — | |||||
Total retail revenues | $ 2,447 | 100 % | $ 2,223 | 100 % | $ 2,078 | 100 % | |||||
Retail energy deliveries (MWh in thousands): | |||||||||||
Residential | 7,952 | 37 % | 8,088 | 38 % | 7,978 | 39 % | |||||
Commercial | 7,178 | 34 | 7,198 | 34 | 7,193 | 35 | |||||
Industrial | 6,293 | 29 | 5,945 | 28 | 5,361 | 26 | |||||
Total retail energy deliveries | 21,423 | 100 % | 21,231 | 100 % | 20,532 | 100 % | |||||
Average number of retail customers: | |||||||||||
Residential | 815,920 | 88 % | 809,573 | 88 % | 800,372 | 88 % | |||||
Commercial | 112,667 | 12 | 112,602 | 12 | 111,569 | 12 | |||||
Industrial | 273 | — | 269 | — | 268 | — | |||||
Total | 928,860 | 100 % | 922,444 | 100 % | 912,209 | 100 % | |||||
SUPPLEMENTAL OPERATING STATISTICS, continued (Unaudited) | |||||||||||
Heating Degree-Days | Cooling Degree-Days | ||||||||||
2023 | 2022 | 15-Year | 2023 | 2022 | 15-Year | ||||||
1st quarter | 1,927 | 1,761 | 1,840 | — | — | — | |||||
2nd quarter | 554 | 760 | 628 | 195 | 75 | 101 | |||||
3rd quarter | 45 | 6 | 65 | 687 | 745 | 493 | |||||
4th quarter | 1,319 | 1,576 | 1,552 | 16 | 45 | 5 | |||||
Total | 3,845 | 4,103 | 4,085 | 898 | 865 | 599 | |||||
Increase (decrease) from the 15-year average | (6) % | — % | 50 % | 44 % | |||||||
Note: "Average" amounts represent the 15-year rolling averages provided by the National Weather Service (Portland Airport). |
Years Ended December 31, | ||||||||
2023 | 2022 | |||||||
Sources of energy (MWh in thousands): | ||||||||
Generation: | ||||||||
Thermal: | ||||||||
Natural gas | 10,981 | 40 % | 8,242 | 31 % | ||||
Coal | 2,214 | 8 | 2,186 | 8 | ||||
Total thermal | 13,195 | 48 | 10,428 | 39 | ||||
Hydro | 1,144 | 4 | 1,027 | 4 | ||||
Wind | 1,918 | 7 | 1,765 | 7 | ||||
Total generation | 16,257 | 59 | 13,220 | 50 | ||||
Purchased power: | ||||||||
Hydro | 4,646 | 17 | 6,297 | 24 | ||||
Wind | 846 | 3 | 824 | 3 | ||||
Solar | 1,055 | 4 | 723 | 3 | ||||
Natural Gas | 184 | 1 | 33 | — | ||||
Waste, Wood and Landfill Gas | 163 | 1 | 168 | 1 | ||||
Source not specified | 4,018 | 15 | 4,961 | 19 | ||||
Total purchased power | 10,912 | 41 | 13,006 | 50 | ||||
Total system load | 27,169 | 100 % | 26,226 | 100 % | ||||
Less: wholesale sales | (6,950) | (6,000) | ||||||
Retail load requirement | 20,219 | 20,226 | ||||||
Media Contact: | Investor Contact: | |
Sarah Hamaker | Nick White | |
Corporate Communications | Investor Relations | |
Phone: 435-513-0799 | Phone: 503-464-8073 |
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SOURCE Portland General Company
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