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Mar 31
PGE Q1 2025 Earnings Report
Portland General Electric reported Q1 2025 earnings with slightly lower revenue and net income compared to the same period last year.
Key Takeaways
Portland General Electric saw strong demand from high-tech and industrial sectors, maintaining stable revenue despite a slight year-over-year dip. The company reaffirmed full-year guidance and completed major battery storage deployments.
Net income was $100 million, down from $109 million a year ago.
Revenue remained steady at $928 million compared to $929 million in Q1 2024.
EPS was $0.91, compared to $1.08 in the prior year quarter.
PGE completed its first full quarter of 292 MW battery storage systems.
PGE
PGE
PGE Revenue by Segment
PGE Revenue by Geographic Location
Forward Guidance
PGE reaffirmed its 2025 adjusted EPS guidance of $3.13 to $3.33, citing robust demand and effective cost controls.
Positive Outlook
- Expected energy deliveries increase of 2.5% to 3.5%
- Capital expenditures planned at $1.265 billion
- Cash from operations forecast between $900M and $1B
- Strong battery storage integration to enhance system reliability
- Normal temperatures and hydro conditions expected
Challenges Ahead
- Wildfire and vegetation management costs projected at $135M
- Interest expense expected to rise with ongoing capital investments
- Hydro output variability may impact generation mix
- Tax rate range of 15%–20% adds forecasting uncertainty
- Operating expenses projected between $795M and $815M