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Jun 30, 2023
PGE Q2 2023 Earnings Report
Reported net income of $39 million, or $0.39 per diluted share, for the second quarter of 2023.
Key Takeaways
Portland General Electric reported a net income of $39 million, or $0.39 per diluted share, for the second quarter of 2023. After adjustments, the non-GAAP net income was $44 million, or $0.44 per diluted share. The company is reaffirming its 2023 adjusted earnings guidance of $2.60 to $2.75 per diluted share.
Advanced strategic priorities, including making constructive progress in the 2024 GRC and procuring the 75 MW Evergreen battery energy storage system
Second quarter results reflect robust retail deliveries growth, challenging power market conditions, prioritization of system reliability and resiliency, and execution of long-term capital investment plans
Reaffirming 2023 adjusted earnings guidance of $2.60 to $2.75 per diluted share
Made solid progress this quarter as we navigated power cost volatility, settled remaining regulatory deferrals and advanced critical work to reduce risk
Revenue by Segment
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
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Avg. Return Before/After Earnings
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