Portland General Electric Announces Second Quarter 2024 Results

Rhea-AI Summary

Portland General Electric (NYSE: POR) reported Q2 2024 GAAP net income of $72 million ($0.69 per diluted share), up from $39 million ($0.39 per diluted share) in Q2 2023. Total revenues increased due to demand growth from semiconductor and tech customers, while expenses rose from higher system load and maintenance costs. PGE reaffirmed its 2024 adjusted earnings guidance of $2.98 to $3.18 per diluted share.

Key updates include:

• Exhausted $300 million at-the-market offering program and registered new $400 million program
• Signed MOU for North Plains Connector transmission project
• Ranked No. 1 utility for customer experience by Forrester
• Approved $0.50 quarterly dividend payable October 15, 2024

Positive

• Q2 2024 net income increased 85% year-over-year to $72 million
• Reaffirmed 2024 adjusted earnings guidance of $2.98 to $3.18 per diluted share
• Total revenues increased due to demand growth from semiconductor and tech customers
• Ranked No. 1 utility for customer experience in 2024 Forrester Customer Experience Index
• Signed MOU for North Plains Connector transmission project to improve regional capacity

Negative

• Purchased power and fuel expenses increased due to higher system load and prices
• Operating and administrative expenses rose from higher maintenance and vegetation management costs
• Depreciation, amortization, and interest expenses increased due to ongoing capital investment

Financial Analyst

Portland General Electric's Q2 2024 results demonstrate solid financial performance and execution. The company reported $72 million in GAAP net income ($0.69 per diluted share), a significant increase from $39 million ($0.39 per diluted share) in Q2 2023. This improvement was driven by several factors:

• Increased demand from semiconductor manufacturing and technology infrastructure customers
• Effective recovery of capital, operating and power costs
• Strong power cost management

However, these gains were partially offset by lower residential and commercial usage due to weather conditions. The company's focus on cost management and strategic investments in grid modernization appears to be paying off.

PGE's reaffirmation of its 2024 adjusted earnings guidance of $2.98 to $3.18 per diluted share suggests confidence in their ability to maintain this positive momentum. The company's capital expenditure plan of $1.34 billion for 2024 indicates a commitment to long-term growth and infrastructure improvement.

The new $400 million at-the-market offering program provides financial flexibility for future investments in renewables and non-emitting dispatchable capacity, aligning with broader industry trends towards clean energy.

Overall, PGE's Q2 results and forward-looking statements paint a picture of a utility well-positioned for growth in a dynamic market, with a clear focus on balancing customer needs, infrastructure investment and financial performance.

Energy Industry Expert

PGE's Q2 results highlight several key trends in the utility sector:

• The growing impact of tech and industrial customers on energy demand, particularly from semiconductor manufacturing and data centers
• The increasing importance of grid resilience in the face of extreme weather events
• A continued push towards clean energy and transmission infrastructure upgrades

The company's involvement in transmission projects like the North Plains Connector is particularly noteworthy. This initiative, along with other upgrades, aims to address critical issues such as congestion, regional reliability and the integration of renewable energy sources. These investments are important for supporting the transition to a more decarbonized grid while meeting growing customer demand.

PGE's top ranking in the Forrester Customer Experience Index underscores the importance of customer satisfaction in the utility sector. As the energy landscape becomes more complex and customers become more engaged with their energy usage, utilities that can provide superior customer experiences may have a competitive advantage.

The company's focus on wildfire mitigation and vegetation management, with $150 million allocated for these and related expenses, reflects the growing importance of climate resilience in utility operations. This proactive approach to risk management is becoming increasingly critical in regions prone to extreme weather events.

Overall, PGE's results and strategic focus areas align well with broader industry trends, positioning the company to navigate the evolving energy landscape effectively.

• Second quarter results reflect continued focus on execution and cost management, semiconductor manufacturing and data center demand growth, and solid power cost performance
• Reaffirming 2024 adjusted earnings guidance of $2.98 to $3.18 per diluted share

PORTLAND, Ore., July 26, 2024 /PRNewswire/ -- Portland General Electric Company (NYSE: POR) today reported net income based on generally accepted accounting principles (GAAP) of $72 million, or $0.69 per diluted share, for the second quarter of 2024. This compares with GAAP net income of $39 million, or $0.39 per diluted share, for the second quarter of 2023, which included the $0.05 per diluted share impact from the Boardman revenue requirement settlement charge. After adjusting for the impact of the Boardman revenue requirement charge, second quarter 2023 non-GAAP net income was $44 million, or $0.44 per diluted share.

"Our solid second quarter results underscore the strength of our strategy as we work to position Portland General Electric for long-term value creation in a service territory that's poised for continued economic growth," said Maria Pope, PGE President and CEO. "We were pleased to see our system demonstrate strong resilience against the record heat we recently experienced. We remain focused on customer affordability and making thoughtful, high impact investments to harden and modernize our grid as we provide clean and reliable energy to our fellow Oregonians."

Second Quarter 2024 Compared to Second Quarter 2023

Total revenues increased due to demand growth from semiconductor manufacturing and technology infrastructure customers and recovery of capital, operating and power costs. Total revenues were partially offset by lower residential and commercial usage primarily driven by weather. 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 and vegetation management costs. Depreciation and amortization expense and interest expense increased due to ongoing capital investment.

Company Updates

At-the-market Offering Program

In 2023, PGE entered into an equity distribution agreement under which it could sell up to $300 million of its common stock through at-the-market offering programs. In March 2024, the Company issued shares pursuant to the agreements and received net proceeds of $78 million. In the second quarter of 2024, PGE entered into additional forward sale agreements with counterparties, exhausting the $300 million facility. As of June 30, 2024, these additional agreements were outstanding.

On July 26, 2024, PGE registered a new $400 million at-the-market offering program. Any proceeds from the issuances of common stock will be used for general corporate purposes and investments in renewables and non-emitting dispatchable capacity.

Transmission Progress

PGE is implementing upgrades to existing transmission resources and working with partners to upgrade and expand transmission capacity in our service territory, adjacent areas and our broader region. In May 2024, PGE signed a non-binding memorandum of understanding with Grid United and ALLETE, Inc. in the development of the North Plains Connector, a transmission line to be constructed with endpoints near Bismarck, North Dakota and Colstrip, Montana. These transmission projects, among others, are intended to alleviate congestion, improve regional adequacy and reliability, enable decarbonization, and support growing customer demand.

PGE ranked No. 1 utility for customer experience

In June 2024, PGE received the top national spot for utilities in the 2024 Forrester Customer Experience Index. PGE continues to prioritize growing customer needs and improving system reliability and resilience in order to serve customers with safe, reliable and affordable energy.

Quarterly Dividend

As previously announced, on July 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 October 15, 2024 to shareholders of record at the close of business on September 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 $800 million and $825 million which includes approximately $150 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 $740 million.

Second Quarter 2024 Earnings Call and Webcast — July 26, 2024

PGE will host a conference call with financial analysts and investors on Friday, July 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 July 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:

• Quarter ended June 30, 2023: 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 quarter ended June 30, 2023 are below.

Non-GAAP Earnings Reconciliation for the quarter ended June 30, 2023
(Dollars in millions, except EPS)	Net Income	Diluted EPS
GAAP as reported for the quarter ended June 30, 2023	$                      39	$                   0.39
Exclusion of Boardman revenue requirement settlement charge	7	0.07
Tax effect (1)	(2)	(0.02)
Non-GAAP as reported for the quarter ended June 30, 2023	$                      44	$                   0.44
(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 with a service area population of approximately 1.9 million Oregonians. For more than 130 years, 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 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 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; 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 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.

 

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 June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Revenues:
Revenues, net	$        761		$      646		$   1,701		$   1,391
Alternative revenue programs, net of amortization	(3)		2		(14)		5
Total revenues	758		648		1,687		1,396
Operating expenses:
Purchased power and fuel	275		220		680		524
Generation, transmission and distribution	107		101		206		194
Administrative and other	97		93		192		173
Depreciation and amortization	122		113		243		224
Taxes other than income taxes	41		40		88		83
Total operating expenses	642		567		1,409		1,198
Income from operations	116		81		278		198
Interest expense, net	52		41		103		85
Other income:
Allowance for equity funds used during construction	6		4		11		7
Miscellaneous income, net	9		5		15		17
Other income, net	15		9		26		24
Income before income tax expense	79		49		201		137
Income tax expense	7		10		20		24
Net income	72		39		181		113
Other comprehensive income	—		1		1		1
Net income and Comprehensive income	$          72		$       40		$      182		$      114
Weighted-average common shares outstanding (in thousands):
Basic	103,034		97,087		102,167		94,478
Diluted	103,232		97,630		102,338		94,950
Earnings per share:
Earnings per share—basic and diluted	$       0.69		$     0.39		$     1.77		$     1.19

 

PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in millions)
(Unaudited)
	June 30, 2024		December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents	$                    6		$                     5
Accounts receivable, net	385		414
Inventories	117		113
Regulatory assets—current	165		221
Other current assets	175		182
Total current assets	848		935
Electric utility plant, net	9,873		9,546
Regulatory assets—noncurrent	617		492
Nuclear decommissioning trust	33		31
Non-qualified benefit plan trust	36		35
Other noncurrent assets	175		169
Total assets	$            11,582		$            11,208

 

PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS, continued
(Dollars in millions)
(Unaudited)
	June 30, 2024		December 31, 2023
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable	$                259		$                 347
Liabilities from price risk management activities—current	142		164
Short-term debt	—		146
Current portion of long-term debt	80		80
Current portion of finance lease obligation	24		20
Accrued expenses and other current liabilities	345		355
Total current liabilities	850		1,112
Long-term debt, net of current portion	4,353		3,905
Regulatory liabilities—noncurrent	1,406		1,398
Deferred income taxes	540		488
Unfunded status of pension and postretirement plans	160		172
Liabilities from price risk management activities—noncurrent	58		75
Asset retirement obligations	274		272
Non-qualified benefit plan liabilities	76		79
Finance lease obligations, net of current portion	283		289
Other noncurrent liabilities	98		99
Total liabilities	8,098		7,889
Commitments and contingencies
Shareholders' Equity:
Preferred stock, no par value, 30,000,000 shares authorized; none issued and outstanding as of June 30, 2024 and December 31, 2023	—		—
Common stock, no par value, 160,000,000 shares authorized; 103,066,683 and 101,159,609 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively	1,833		1,750
Accumulated other comprehensive loss	(4)		(5)
Retained earnings	1,655		1,574
Total shareholders' equity	3,484		3,319
Total liabilities and shareholders' equity	$            11,582		$             11,208

 

PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
	Six Months Ended June 30,
	2024		2023
Cash flows from operating activities:
Net income	$                181		$                113
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	243		224
Deferred income taxes	27		6
Pension and other postretirement benefits	3		3
Allowance for equity funds used during construction	(11)		(7)
Decoupling mechanism deferrals, net of amortization	14		(5)
Regulatory assets	(118)		(10)
Regulatory liabilities	(10)		12
Tax credit sales	13		—
Other non-cash income and expenses, net	39		28
Changes in working capital:
Accounts receivable, net	16		82
Inventories	(4)		(13)
Margin deposits	37		90
Accounts payable and accrued liabilities	(34)		(233)
Margin deposits from wholesale counterparties	—		(135)
Other working capital items, net	6		9
Other, net	(38)		(21)
Net cash provided by operating activities	364		143

 

PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS, continued
(In millions)
(Unaudited)
	Six Months Ended June 30,
	2024		2023
Cash flows from investing activities:
Capital expenditures	$                (623)		$                (573)
Purchases of Nuclear decommissioning trust securities	(4)		—
Proceeds from sale of properties	—		2
Other, net	(12)		(3)
Net cash used in investing activities	(639)		(574)
Cash flows from financing activities:
Proceeds from issuance of common stock	78		392
Proceeds from issuance of long-term debt	450		100
Payments on long-term debt	—		(260)
Issuance (maturities) of commercial paper, net	(146)		140
Dividends paid	(96)		(84)
Other	(10)		(9)
Net cash provided by financing activities	276		279
Change in cash and cash equivalents	1		(152)
Cash and cash equivalents, beginning of period	5		165
Cash and cash equivalents, end of period	$                     6		$                   13
Supplemental cash flow information is as follows:
Cash paid for interest, net of amounts capitalized	$                   81		$                   70
Cash paid (received) for income taxes, net	(10)		16

 

PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES
SUPPLEMENTAL OPERATING STATISTICS
(Unaudited)
	Six Months Ended June 30,
	2024				2023
Revenues (dollars in millions):
Retail:
Residential	$         722		43 %		$         641		46 %
Commercial	446		27		393		28
Industrial	206		12		169		12
Direct Access	15		1		13		1
Subtotal Retail	1,389		83		1,216		87
Alternative revenue programs, net of amortization	(14)		(1)		5		—
Other accrued revenues, net	5		—		(3)		—
Total retail revenues	1,380		82		1,218		87
Wholesale revenues	275		16		150		11
Other operating revenues	32		2		28		2
Total revenues	$      1,687		100 %		$      1,396		100 %
Energy deliveries (MWhs in thousands):
Retail:
Residential	3,851		26 %		4,057		30 %
Commercial	3,176		21		3,252		24
Industrial	2,390		16		2,211		17
Subtotal	9,417		63		9,520		71
Direct access:
Commercial	247		2		283		2
Industrial	847		6		866		6
Subtotal	1,094		8		1,149		8
Total retail energy deliveries	10,511		71		10,669		79
Wholesale energy deliveries	4,283		29		2,849		21
Total energy deliveries	14,794		100 %		13,518		100 %
Average number of retail customers:
Residential	826,297		88 %		814,187		88 %
Commercial	113,223		12		112,333		12
Industrial	206		—		195		—
Direct access	505		—		541		—
Total	940,231		100 %		927,256		100 %

 

PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES
SUPPLEMENTAL OPERATING STATISTICS, continued
(Unaudited)
	Six Months Ended June 30,
	2024				2023
Sources of energy (MWhs in thousands):
Generation:
Thermal:
Natural gas	4,669		32 %		4,520		35 %
Coal	781		5		1,028		8
Total thermal	5,450		37		5,548		43
Hydro	738		5		669		5
Wind	1,538		11		1,083		8
Total generation	7,726		53		7,300		56
Purchased power:
Hydro	3,415		24		2,492		19
Wind	721		5		476		4
Solar	497		3		539		4
Natural Gas	94		1		11		—
Waste, Wood, and Landfill Gas	85		1		81		1
Source not specified	1,846		13		2,023		16
Total purchased power	6,658		47		5,622		44
Total system load	14,384		100 %		12,922		100 %
Less: wholesale sales	(4,283)				(2,849)
Retail load requirement	10,101				10,073

 

The following table indicates the number of heating degree-days for the three and six months ended June 30, 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						Cooling Degree-days
	2024		2023		Avg.		2024		2023		Avg.
First Quarter	1,755		1,927		1,838		—		—		—
April	310		404		364		—		12		3
May	192		105		178		23		87		26
June	45		45		66		85		96		79
Second Quarter	547		554		608		108		195		108
Year-to-date	2,302		2,481		2,446		108		195		108
(Decrease) increase from the 15-year average	(6) %		1 %				— %		81 %

 

Media Contact:	Investor Contact:
Sarah Hamaker	Nick White
Corporate Communications	Investor Relations
Phone: 435-513-0799	Phone: 503-464-8073

Source: Portland General Company

 

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SOURCE Portland General Company

FAQ

What were Portland General Electric's (POR) Q2 2024 earnings results?

Portland General Electric reported Q2 2024 GAAP net income of $72 million, or $0.69 per diluted share, compared to $39 million, or $0.39 per diluted share, in Q2 2023.

Has POR changed its 2024 earnings guidance?

No, Portland General Electric reaffirmed its 2024 adjusted earnings guidance of $2.98 to $3.18 per diluted share.

What is the amount of POR's newly registered at-the-market offering program?

Portland General Electric registered a new $400 million at-the-market offering program on July 26, 2024.

When will POR pay its next quarterly dividend?

Portland General Electric will pay a quarterly dividend of $0.50 per share on or before October 15, 2024, to shareholders of record as of September 24, 2024.

What major transmission project did POR sign an MOU for in Q2 2024?

PGE signed a non-binding memorandum of understanding for the North Plains Connector, a transmission line project between North Dakota and Montana.