Portland General Electric announces 2024 financial results and initiates 2025 earnings guidance
Portland General Electric (NYSE: POR) reported full-year 2024 GAAP net income of $313 million ($3.01 per diluted share), and non-GAAP adjusted net income of $327 million ($3.14 per diluted share). The company has initiated 2025 adjusted earnings guidance of $3.13 to $3.33 per diluted share, reaffirming 5% to 7% long-term earnings growth.
Key 2024 achievements include: $1,262 million investment in capital projects, completion of 311 MW Clearwater Wind Energy Facility, integration of 292 MW of battery storage, and the 75 MW Constable Battery Energy Storage System. Total revenues increased due to semiconductor manufacturing and technology infrastructure customer demand, though partially offset by lower residential usage.
The company plans $1,270 million in capital expenditures for 2025 and forecasts cash from operations of $900-1,000 million. PGE also approved a quarterly dividend of $0.50 per share, payable April 15, 2025.
Portland General Electric (NYSE: POR) ha riportato un reddito netto GAAP per l'intero anno 2024 di 313 milioni di dollari (3,01 dollari per azione diluita) e un reddito netto rettificato non GAAP di 327 milioni di dollari (3,14 dollari per azione diluita). L'azienda ha avviato una guida sugli utili rettificati per il 2025 di 3,13-3,33 dollari per azione diluita, confermando una crescita degli utili a lungo termine del 5% al 7%.
I risultati chiave del 2024 includono: un investimento di 1.262 milioni di dollari in progetti di capitale, il completamento dell'impianto eolico Clearwater da 311 MW, l'integrazione di 292 MW di stoccaggio di batteria e il sistema di stoccaggio energetico a batteria Constable da 75 MW. I ricavi totali sono aumentati a causa della domanda di produzione di semiconduttori e infrastrutture tecnologiche, sebbene parzialmente compensata da un minore utilizzo residenziale.
L'azienda prevede 1.270 milioni di dollari in spese in conto capitale per il 2025 e prevede un flusso di cassa dalle operazioni di 900-1.000 milioni di dollari. PGE ha anche approvato un dividendo trimestrale di 0,50 dollari per azione, pagabile il 15 aprile 2025.
Portland General Electric (NYSE: POR) reportó un ingreso neto GAAP de $313 millones para el año completo 2024 ($3.01 por acción diluida) y un ingreso neto ajustado no GAAP de $327 millones ($3.14 por acción diluida). La compañía ha iniciado una guía de ganancias ajustadas para 2025 de $3.13 a $3.33 por acción diluida, reafirmando un crecimiento de ganancias a largo plazo del 5% al 7%.
Los logros clave de 2024 incluyen: una inversión de $1,262 millones en proyectos de capital, la finalización de la instalación de energía eólica Clearwater de 311 MW, la integración de 292 MW de almacenamiento de batería y el sistema de almacenamiento de energía de batería Constable de 75 MW. Los ingresos totales aumentaron debido a la demanda de fabricación de semiconductores e infraestructura tecnológica, aunque parcialmente compensados por un menor uso residencial.
La compañía planea $1,270 millones en gastos de capital para 2025 y pronostica un flujo de efectivo de operaciones de $900-1,000 millones. PGE también aprobó un dividendo trimestral de $0.50 por acción, pagadero el 15 de abril de 2025.
포틀랜드 제너럴 일렉트릭 (NYSE: POR)는 2024년 전체 GAAP 순이익이 3억 1,300만 달러(희석 주당 3.01달러), 비 GAAP 조정 순이익이 3억 2,700만 달러(희석 주당 3.14달러)라고 보고했습니다. 이 회사는 2025년 조정된 수익 가이던스를 희석 주당 3.13달러에서 3.33달러로 설정하고, 장기 수익 성장률을 5%에서 7%로 재확인했습니다.
2024년 주요 성과로는 12억 6,200만 달러의 자본 프로젝트 투자, 311MW 클리어워터 풍력 에너지 시설 완공, 292MW의 배터리 저장 통합, 75MW의 콘스태블 배터리 에너지 저장 시스템이 있습니다. 총 수익은 반도체 제조 및 기술 인프라 고객 수요 증가로 인해 증가했지만, 주거용 사용 감소로 부분적으로 상쇄되었습니다.
회사는 2025년 자본 지출로 12억 7,000만 달러를 계획하고, 운영 현금 흐름을 9억-10억 달러로 예측하고 있습니다. PGE는 또한 주당 0.50달러의 분기 배당금을 승인했으며, 2025년 4월 15일에 지급될 예정입니다.
Portland General Electric (NYSE: POR) a annoncé un revenu net GAAP pour l'année complète 2024 de 313 millions de dollars (3,01 dollars par action diluée) et un revenu net ajusté non GAAP de 327 millions de dollars (3,14 dollars par action diluée). L'entreprise a lancé des prévisions de bénéfices ajustés pour 2025 de 3,13 à 3,33 dollars par action diluée, réaffirmant une croissance des bénéfices à long terme de 5 % à 7 %.
Les réalisations clés de 2024 comprennent : un investissement de 1 262 millions de dollars dans des projets d'investissement, l'achèvement de l'installation éolienne Clearwater de 311 MW, l'intégration de 292 MW de stockage par batterie et le système de stockage d'énergie par batterie Constable de 75 MW. Les revenus totaux ont augmenté en raison de la demande des clients en fabrication de semi-conducteurs et en infrastructures technologiques, bien que partiellement compensés par une baisse de l'utilisation résidentielle.
L'entreprise prévoit 1 270 millions de dollars en dépenses d'investissement pour 2025 et prévoit un flux de trésorerie provenant des opérations de 900 à 1 000 millions de dollars. PGE a également approuvé un dividende trimestriel de 0,50 dollar par action, payable le 15 avril 2025.
Portland General Electric (NYSE: POR) berichtete für das gesamte Jahr 2024 einen GAAP-Nettoertrag von 313 Millionen Dollar (3,01 Dollar pro verwässerter Aktie) und einen nicht-GAAP-angepassten Nettoertrag von 327 Millionen Dollar (3,14 Dollar pro verwässerter Aktie). Das Unternehmen hat eine angepasste Gewinnprognose für 2025 von 3,13 bis 3,33 Dollar pro verwässerter Aktie initiiert und bekräftigt ein langfristiges Gewinnwachstum von 5% bis 7%.
Zu den wichtigsten Erfolgen im Jahr 2024 gehören: eine Investition von 1.262 Millionen Dollar in Kapitalprojekte, der Abschluss der Clearwater Wind Energy Facility mit 311 MW, die Integration von 292 MW Batteriespeicher und das 75 MW Constable Battery Energy Storage System. Die Gesamteinnahmen stiegen aufgrund der Nachfrage nach Halbleiterproduktion und Technologieinfrastruktur, wurden jedoch teilweise durch einen geringeren Wohnbedarf ausgeglichen.
Das Unternehmen plant 1.270 Millionen Dollar an Investitionsausgaben für 2025 und prognostiziert einen operativen Cashflow von 900 bis 1.000 Millionen Dollar. PGE hat auch eine vierteljährliche Dividende von 0,50 Dollar pro Aktie genehmigt, die am 15. April 2025 zahlbar ist.
- Non-GAAP earnings increased from $2.38 per share in 2023 to $3.14 in 2024
- Successful completion of $1,262 million capital projects in 2024
- Integration of 292 MW battery storage capacity
- Strong revenue growth from semiconductor and technology customers
- Reaffirmed 5-7% long-term earnings growth target
- Lower residential and commercial usage due to weather and energy efficiency
- Increased operating and administrative expenses
- Higher purchased power and fuel expenses
- Increased depreciation and interest expenses due to higher debt balances
Insights
Portland General Electric's 2024 performance demonstrates robust financial execution and strategic positioning in the evolving utility landscape. The 32% year-over-year increase in adjusted earnings from
The $1.26 billion capital deployment in 2024 strategically addresses multiple critical areas: grid modernization, renewable integration, and wildfire mitigation. This investment level, combined with the planned
Three key operational achievements stand out:
- The integration of 292MW of battery storage enhances grid flexibility and helps manage power costs, particularly valuable in a region with significant renewable penetration
- The 311MW Clearwater Wind facility achieving commercial operations strengthens PGE's renewable portfolio and supports Oregon's clean energy mandates
- The comprehensive wildfire mitigation program, with $85 million invested in 2024 and significant planned investments for 2025, demonstrates proactive risk management
The 2025 guidance of
The company's strategic focus on grid modernization and clean energy transition, coupled with strong customer growth in technology sectors, positions it well for sustainable long-term growth. The 5-7% long-term earnings growth target appears achievable given the robust capital investment program and supportive regulatory environment.
- Full-year 2024 GAAP financial results of
$3.01 $3.14 - Initiating 2025 adjusted earnings guidance of
$3.13 $3.33 5% to7% long-term earnings per share growth using a base of$3.08
This compares with GAAP net income of
GAAP net income was
"In 2024, we experienced solid growth from new and returning customers, enhanced our operational reliability and resilience, achieved strong safety performance, made significant investments in clean energy resources and battery storage and delivered strong earnings results," said Maria Pope, PGE President and CEO.
2024 Year in Review
Key strategic accomplishments in 2024 included:
- Invested
$1,262 million - Achieved commercial operations of the 311 MW Clearwater Wind Energy Facility, enabling multiple days of 1 gigawatt-wind production from PGE's wind fleet;
- Integrated 292 MW of battery storage, including the 75 MW, PGE-owned Constable Battery Energy Storage System (BESS);
- Received acknowledgement of the 2023 Request for Proposal (RFP) Final Shortlist from the Oregon Public Utility Commission;
- Announced intent to join the California Independent System Operator's Extended Day-Ahead Market.
2024 Earnings Compared to 2023 Earnings
- Total revenues increased due to demand growth from semiconductor manufacturing and technology infrastructure customers, increased wholesale revenues and recovery of capital, operating and power costs. Total revenues were partially offset by lower residential and commercial usage primarily driven by weather, energy efficiency and distributed energy resource adoption;
- Purchased power and fuel expense increased due to higher system load, increased prices for purchased power and increased costs for generation;
- Operating and administrative expenses increased due to higher generation and network maintenance, service restoration, wildfire mitigation, vegetation management and employee compensation and benefit costs;
- 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 franchise fees and property taxes; and
- Income tax expense decreased primarily driven by higher production tax credit benefits.
2025 Earnings Guidance
PGE is initiating full-year 2025 adjusted earnings guidance of
- An increase in energy deliveries between
2.5% and3.5% , weather adjusted; - Execution of power cost and financing plans and operating cost controls;
- 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
$795 million $815 million $135 million - Depreciation and amortization expense between
$550 million $575 million - Effective tax rate of
15% to20% ; - Cash from operations of
$900 $1,000 million - Capital expenditures of
$1,270 million - Average construction work in progress balance of
$575 million
Company Updates
Constable Battery Energy Storage System
In December 2024, PGE placed in-service the 75 MW Constable Battery Energy Storage System (BESS) project located in
2025 Wildfire Mitigation Plan
On December 31, 2024, PGE submitted to the OPUC the 2025 Wildfire Mitigation Plan (WMP) which outlines PGE's approach to wildfire risk mitigation and guides PGE's Wildfire Mitigation Program. PGE continues to evolve its wildfire mitigation planning practices and implementation of a comprehensive and data-driven wildfire mitigation strategy.
In 2024, PGE invested over
2023 and 2025 All-Source Request for Proposals (RFP)
On November 19, 2024, the Public Utility Commission of
Additionally, PGE filed notice with the OPUC in November 2024 that a 2025 RFP is needed to procure resources to meet forecasted 2029 capacity needs and to make continued progress toward decarbonization targets under HB 2021. PGE plans to file the draft 2025 All-Source RFP in the first half of 2025.
Quarterly Dividend
As previously announced, on February 12, 2025, the board of directors of Portland General Electric Company approved a quarterly common stock dividend of
Fourth Quarter and Full-Year 2024 Earnings Call and Webcast — Feb. 14, 2025
PGE will host a conference call with financial analysts and investors on Friday, February 14, 2025, 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 14, 2025.
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:
- Non-deferrable Reliability Contingency Event (RCE) costs resulting from the January 2024 winter storm
- Boardman revenue requirement settlement charge associated with the year ended 2020, resulting from the OPUC's 2022 GRC Final Order.
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, 2024 and December 31, 2023 are below.
Non-GAAP Earnings Reconciliation for the year ended December 31, 2024 | ||
(Dollars in millions, except EPS)
| Net Income | Diluted EPS |
GAAP as reported for the year ended December 31, 2024
| $ 313 | $ 3.01 |
Exclusion of January 2024 storm costs | 19 | 0.18 |
Tax effect (1) | (5) | (0.05) |
Non-GAAP as reported for the year ended December 31, 2024 | $ 327 | $ 3.14 |
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 |
(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 950,000 customers serving an area of 1.9 million Oregonians. Since 1889, Portland General Electric (PGE) has been powering 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 was ranked the No. 1 utility in the 2024 Forrester
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," "expected," "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; governmental policies, legislative action, and regulatory audits, investigations and actions with respect to allowed rates of return, financings, electricity pricing and price structures, acquisition and disposal of facilities and other assets, construction and operation of plant facilities, transmission of electricity, recovery of power costs, operating expenses, deferrals, timely recovery of costs, and capital investments, energy trading activities, and current or prospective wholesale and retail competition; 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; impaired financial stability of vendors and service providers and elevated levels of uncollectible customer accounts; uncertainties associated with energy demand to new data centers, including the concentration of data centers, and the ability to obtain regulatory approvals, environmental, and other permits to construct new facilities in a timely manner; 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), 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; changes in, and compliance with, environmental laws and policies, including those related to threatened and endangered species, fish, and wildfire; future laws, regulations, and proceedings that could increase the Company's costs of operating its thermal generating plants, or affect the operations of such plants by imposing requirements for additional emissions controls or significant emissions fees or taxes, particularly with respect to coal-fired generating facilities, in order to mitigate carbon dioxide, mercury, and other gas emissions; volatility in wholesale power and natural gas prices that could require PGE to post additional collateral or issue additional letters of credit pursuant to power and natural gas purchase agreements; changes in the availability and price of wholesale power and fuels; changes in customer growth, or demographic patterns, including changes in load resulting in future transmission constraints, in PGE's service territory; changes in capital and credit market conditions, including volatility of equity markets as well as changes in PGE's credit ratings and outlook on such credit ratings, 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; inflation and volatility in interest rates; 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; ignitions caused by PGE assets or PGE's ability to effectively implement a Public Safety Power Shutoffs (PSPS) and de-energize its system in the event of heightened wildfire risk or implement effective system hardening programs; cybersecurity attacks, data security breaches, physical attacks and security breaches, or other malicious acts against the Company or against Company vendors, which could disrupt operations, require significant expenditures, or result in the release of confidential customer, vendor, employee, or Company information; 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 or if efforts around diversity, equity and inclusion are perceived to be insufficient or overdone; widespread health emergencies or outbreaks of infectious diseases, 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; new federal, state, and local laws that could have adverse effects on operating results; and risks and uncertainties related to generation and transmission 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.
POR
Source: Portland General Company
| |||||
Years Ended December 31, | |||||
2024 | 2023 | 2022 | |||
Revenues: | |||||
Revenues, net | $ 3,480 | $ 2,912 | $ 2,636 | ||
Alternative revenue programs, net of amortization | (40) | 11 | $ 11 | ||
Total Revenues | 3,440 | 2,923 | 2,647 | ||
Operating expenses: | |||||
Purchased power and fuel | 1,418 | 1,190 | 988 | ||
Generation, transmission and distribution | 436 | 374 | 348 | ||
Administrative and other | 403 | 341 | 340 | ||
Depreciation and amortization | 496 | 458 | 417 | ||
Taxes other than income taxes | 175 | 164 | 157 | ||
Total operating expenses | 2,928 | 2,527 | 2,250 | ||
Income from operations | 512 | 396 | 397 | ||
Interest expense, net | 211 | 173 | 156 | ||
Other income: | |||||
Allowance for equity funds used during construction | 23 | 19 | 14 | ||
Miscellaneous income, net | 26 | 31 | 17 | ||
Other income, net | 49 | 50 | 31 | ||
Income before income taxes | 350 | 273 | 272 | ||
Income tax expense | 37 | 45 | 39 | ||
Net income | $ 313 | $ 228 | $ 233 | ||
Weighted-average shares outstanding (in thousands): | |||||
Basic | 103,946 | 97,760 | 89,290 | ||
Diluted | 104,159 | 97,952 | 89,643 | ||
Earnings per share: | |||||
Basic | $ 3.02 | $ 2.33 | $ 2.61 | ||
Diluted | $ 3.01 | $ 2.33 | $ 2.60 | ||
| |||
As of December 31, | |||
2024 | 2023 | ||
ASSETS | |||
Current assets: | |||
Cash and cash equivalents | $ 12 | $ 5 | |
Accounts receivable, net | 456 | 414 | |
Inventories, at average cost: | |||
Materials and supplies | 92 | 83 | |
Fuel | 22 | 30 | |
Regulatory assets—current | 205 | 221 | |
Other current assets | 238 | 182 | |
Total current assets | 1,025 | 935 | |
Electric utility plant: | |||
In service | 14,863 | 13,329 | |
Accumulated depreciation and amortization | (5,085) | (4,757) | |
In service, net | 9,778 | 8,572 | |
Construction work-in-progress | 567 | 974 | |
Electric utility plant, net | 10,345 | 9,546 | |
Regulatory assets—noncurrent | 632 | 492 | |
Nuclear decommissioning trust | 30 | 31 | |
Non-qualified benefit plan trust | 34 | 35 | |
Other noncurrent assets | 478 | 169 | |
Total assets | $ 12,544 | $ 11,208 | |
| |||
As of December 31, | |||
2024 | 2023 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||
Current liabilities: | |||
Accounts payable | $ 365 | $ 347 | |
Liabilities from price risk management activities—current | 147 | 164 | |
Short-term debt | — | 146 | |
Current portion of long-term debt | 170 | 80 | |
Current portion of finance lease obligations | 27 | 20 | |
Accrued expenses and other current liabilities | 410 | 355 | |
Total current liabilities | 1,119 | 1,112 | |
Long-term debt, net of current portion | 4,354 | 3,905 | |
Regulatory liabilities—noncurrent | 1,440 | 1,398 | |
Deferred income taxes | 564 | 488 | |
Deferred investment tax credits | 61 | — | |
Unfunded status of pension and postretirement plans | 140 | 172 | |
Liabilities from price risk management activities—noncurrent | 72 | 75 | |
Asset retirement obligations | 292 | 272 | |
Non-qualified benefit plan liabilities | 74 | 79 | |
Finance lease obligations, net of current portion | 276 | 289 | |
Other noncurrent liabilities | 358 | 99 | |
Total liabilities | 8,750 | 7,889 | |
Commitments and contingencies | |||
Shareholders' equity: | |||
Preferred stock, no par value, 30,000,000 shares authorized; none issued and outstanding | — | — | |
Common stock, no par value, 160,000,000 shares authorized; 109,342,251 and 101,159,609 shares issued and outstanding as of | 2,118 | 1,750 | |
Accumulated other comprehensive loss | (4) | (5) | |
Retained earnings | 1,680 | 1,574 | |
Total shareholders' equity | 3,794 | 3,319 | |
Total liabilities and shareholders' equity | $ 12,544 | $ 11,208 | |
| |||||
Years Ended December 31, | |||||
2024 | 2023 | 2022 | |||
Cash flows from operating activities: | |||||
Net income | $ 313 | $ 228 | $ 233 | ||
Adjustments to reconcile net income to net cash provided by | |||||
Depreciation and amortization | 496 | 458 | 417 | ||
Deferred income taxes | 23 | 8 | 6 | ||
Allowance for equity funds used during construction | (23) | (19) | (14) | ||
Pension and other postretirement benefits | 6 | 5 | 13 | ||
Alternative revenue programs | 40 | (11) | (11) | ||
Stock-based compensation | 24 | 17 | 15 | ||
Regulatory assets | (126) | 20 | (46) | ||
Regulatory liabilities | (20) | 24 | 5 | ||
Tax credit sales | 112 | 24 | — | ||
Other non-cash income and expenses, net | 57 | 40 | 40 | ||
Changes in working capital: | |||||
Accounts receivable and unbilled revenues | (66) | (29) | (66) | ||
Margin deposits | (33) | 24 | (80) | ||
Accounts payable and accrued liabilities | 47 | (166) | 157 | ||
Margin deposits from wholesale counterparties | — | (135) | 82 | ||
Other working capital items, net | (12) | (20) | (22) | ||
Contribution to non-qualified employee benefit trust | (10) | (7) | (9) | ||
Asset retirement obligation settlements | (16) | (25) | (27) | ||
Other, net | (34) | (16) | (19) | ||
Net cash provided by operating activities | 778 | 420 | 674 | ||
Cash flows from investing activities: | |||||
Capital expenditures | (1,268) | (1,358) | (766) | ||
Purchases of nuclear decommissioning trust securities | (8) | (1) | (3) | ||
Sales of nuclear decommissioning trust securities | 2 | 1 | 3 | ||
Other, net | (23) | — | 8 | ||
Net cash used in investing activities | (1,297) | (1,358) | (758) | ||
| |||||
Years Ended December 31, | |||||
2024 | 2023 | 2022 | |||
Cash flows from financing activities: | |||||
Proceeds from issuance of long-term debt | $ 670 | $ 600 | $ 360 | ||
Payments on long-term debt | (130) | (260) | — | ||
Proceeds from issuances of common stock, net of issuance costs | 346 | 485 | — | ||
Issuance (maturities) of commercial paper, net | (146) | 146 | — | ||
Proceeds from Pelton/Round Butte financing arrangement | — | — | 25 | ||
Dividends paid | (200) | (179) | (158) | ||
Repurchase of common stock | — | — | (18) | ||
Other | (14) | (14) | (12) | ||
Net cash provided by financing activities | 526 | 778 | 197 | ||
Change in cash and cash equivalents | 7 | (160) | 113 | ||
Cash and cash equivalents, beginning of year | 5 | 165 | 52 | ||
Cash and cash equivalents, end of year | $ 12 | $ 5 | $ 165 | ||
Supplemental disclosures of cash flow information: | |||||
Cash paid (received) for: | |||||
Interest, net of amounts capitalized | $ 174 | $ 136 | $ 128 | ||
Income taxes, net | (90) | 12 | 37 | ||
Non-cash investing and financing activities: | |||||
Accrued capital additions | 184 | 212 | 111 | ||
Accrued dividends payable | 57 | 51 | 42 | ||
| |||||||||||
Years Ended December 31, | |||||||||||
2024 | 2023 | 2022 | |||||||||
Retail revenues (dollars in millions): | |||||||||||
Residential | $ 1,457 | 51 % | $ 1,263 | 52 % | $ 1,158 | 52 % | |||||
Commercial | 924 | 33 | 808 | 33 | 735 | 33 | |||||
Industrial | 458 | 16 | 368 | 15 | 312 | 14 | |||||
Subtotal | 2,839 | 100 | 2,439 | 100 | 2,205 | 99 | |||||
Alternative revenue programs, net of | (40) | (1) | 11 | — | 11 | 1 | |||||
Other accrued revenues, net | 16 | 1 | (3) | — | 7 | — | |||||
Total retail revenues | $ 2,815 | 100 % | $ 2,447 | 100 % | $ 2,223 | 100 % | |||||
Retail energy deliveries (MWh in | |||||||||||
Residential | 7,732 | 36 % | 7,952 | 37 % | 8,088 | 38 % | |||||
Commercial | 7,024 | 32 | 7,178 | 34 | 7,198 | 34 | |||||
Industrial | 6,941 | 32 | 6,293 | 29 | 5,945 | 28 | |||||
Total retail energy deliveries | 21,697 | 100 % | 21,423 | 100 % | 21,231 | 100 % | |||||
Average number of retail customers: | |||||||||||
Residential | 829,721 | 88 % | 815,920 | 88 % | 809,573 | 88 % | |||||
Commercial | 113,942 | 12 | 112,667 | 12 | 112,602 | 12 | |||||
Industrial | 281 | — | 273 | — | 269 | — | |||||
Total | 943,944 | 100 % | 928,860 | 100 % | 922,444 | 100 % | |||||
| |||||||||||
Heating Degree-Days | Cooling Degree-Days | ||||||||||
2024 | 2023 | 15-Year | 2024 | 2023 | 15-Year | ||||||
1st quarter | 1,755 | 1,927 | 1,838 | — | — | — | |||||
2nd quarter | 547 | 554 | 608 | 108 | 195 | 108 | |||||
3rd quarter | 36 | 45 | 62 | 643 | 687 | 514 | |||||
4th quarter | 1,324 | 1,319 | 1,529 | — | 16 | 6 | |||||
Total | 3,662 | 3,845 | 4,037 | 751 | 898 | 628 | |||||
Increase (decrease) from the 15- | (9) % | (5) % | 20 % | 43 % | |||||||
Note: "Average" amounts represent the 15-year rolling averages provided by the National Weather Service (Portland Airport). |
Years Ended December 31, | ||||||||
2024 | 2023 | |||||||
Sources of energy (MWh in thousands): | ||||||||
Generation: | ||||||||
Thermal: | ||||||||
Natural gas | 10,939 | 36 % | 10,981 | 40 % | ||||
Coal | 1,910 | 6 | 2,214 | 8 | ||||
Total thermal | 12,849 | 42 | 13,195 | 48 | ||||
Hydro | 1,267 | 4 | 1,144 | 4 | ||||
Wind | 2,922 | 10 | 1,918 | 7 | ||||
Total generation | 17,038 | 56 | 16,257 | 59 | ||||
Purchased power: | ||||||||
Hydro | 6,752 | 22 | 4,646 | 17 | ||||
Wind | 1,386 | 5 | 846 | 3 | ||||
Solar | 1,119 | 4 | 1,055 | 4 | ||||
Natural Gas | 94 | — | 184 | 1 | ||||
Waste, Wood and Landfill Gas | 170 | 1 | 163 | 1 | ||||
Source not specified | 3,789 | 12 | 4,018 | 15 | ||||
Total purchased power | 13,310 | 44 | 10,912 | 41 | ||||
Total system load | 30,348 | 100 % | 27,169 | 100 % | ||||
Less: wholesale sales | (9,722) | (6,950) | ||||||
Retail load requirement | 20,626 | 20,219 | ||||||
Media Contact: | Investor Contact: | |
Drew Hanson | Nick White | |
Corporate Communications | Investor Relations | |
Phone: 503-464-2067 | Phone: 503-464-8073 |
View original content:https://www.prnewswire.com/news-releases/portland-general-electric-announces-2024-financial-results-and-initiates-2025-earnings-guidance-302376728.html
SOURCE Portland General Company
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