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Mar 31, 2023
PGE Q1 2023 Earnings Report
Announced first quarter 2023 results, reflecting strong energy demand, continued energy-market volatility, and effective cost controls.
Key Takeaways
Portland General Electric reported a net income of $74 million, or $0.80 per diluted share, for the first quarter of 2023, compared to a GAAP net income of $60 million, or $0.67 per diluted share, for the first quarter of 2022.
Entered an agreement to construct a 200 MW company-owned battery storage project, a $360 million investment; also entered a storage capacity agreement to secure an incremental 200 MW of battery storage
Financial results reflect strong energy demand, continued energy-market volatility, and effective cost controls
Reaffirming 2023 adjusted earnings guidance of $2.60 to $2.75 per diluted share
Advanced Oregon’s clean energy transition, strengthened our organization, and tackled challenging energy markets
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
PGE is reaffirming its estimate for full-year 2023 adjusted earnings guidance of $2.60 to $2.75 per diluted share.
Positive Outlook
- An increase in energy deliveries between 2.5% and 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
Challenges Ahead
- Operating and maintenance expense between $695 million and $715 million which includes approximately $45 million of storm, wildfire and related deferral and other expenses that are offset in revenue and other income statement lines
- Depreciation and amortization expense between $445 million and $465 million
- Effective tax rate of 15% to 20%
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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