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Mar 31, 2022
PGE Q1 2022 Earnings Report
Reported strong energy deliveries and customer growth amid challenging cost pressures.
Key Takeaways
Portland General Electric reported a net income of $60 million, or $0.67 per diluted share, for the first quarter of 2022. This compares with a net income of $96 million, or $1.07 per diluted share, for the first quarter of 2021. The company is revising its estimate for full-year 2022 earnings guidance from $2.75 to $2.90 to $2.50 to $2.65 per diluted share, to reflect reductions to 2020 regulatory deferrals.
Continued strong energy deliveries and customer growth amid challenging cost pressures.
Issued RFP shortlist results for renewable and non-emitting capacity resources with project selection targeted by the end of 2022
Revising 2022 earnings guidance from $2.75 to $2.90 to $2.50 to $2.65 per diluted share, to reflect reductions to 2020 regulatory deferrals
Recorded a reduction to 2020 deferrals for wildfire restoration and COVID in the first quarter of 2022.
Revenue by Segment
Forward Guidance
PGE is revising its estimate for full-year 2022 earnings guidance from $2.75 to $2.90 to $2.50 to $2.65 per diluted share, based on the following assumptions:
Positive Outlook
- An increase in energy deliveries between 2% and 2.5%, weather adjusted
- Normal temperatures in its utility service territory
- Average hydro conditions
- Wind generation based on five years of historical levels or forecast studies when historical data is not available
- Normal thermal plant operations
Challenges Ahead
- Capital expenditures of $685 million in 2022 and $650 million in 2023 through 2026
- Average construction work in progress balance of $270 million
- Revised operating and maintenance expense from between $590 million and $610 million to $620 million and $640 million, which includes the $17 million deferral reduction recorded in Q1 2022
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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