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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.
PGE
PGE
PGE Revenue by Segment
Revenue by Segment
Residential Revenue
CapyFin.comCommercial Revenue
CapyFin.comIndustrial Revenue
CapyFin.com 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
- Depreciation and amortization expense between $420 million and $440 million
- Effective tax rate of 15% to 20%
Revenue & Expenses
Visualization of income flow from segment revenue to net income