PGE Q3 2021 Earnings Report
Key Takeaways
Portland General Electric reported a net income of $50 million, or 56 cents per diluted share, for the third quarter of 2021. This compares favorably to a loss of $17 million, or 19 cents per diluted share, for the same period in 2020, which was impacted by trading losses. The company is reaffirming its 2021 earnings guidance of $2.70 to $2.85 per diluted share.
Continued strong retail deliveries, high customer growth, and challenging power market volatility.
Achieved significant progress on strategic goals, including filing of inaugural distribution system plan, and reached supportive GRC stipulations.
Moving forward with procurement for renewable resources and non-emitting capacity in December.
Reaffirming 2021 earnings guidance of $2.70 to $2.85 per diluted share
PGE
PGE
PGE Revenue by Segment
Forward Guidance
PGE is reaffirming its estimate for full-year 2021 earnings guidance of $2.70 to $2.85 per diluted share based on the following assumptions:
Positive Outlook
- An increase in annual energy deliveries of 2.5% to 3.0%, weather-adjusted, which reflects year over year: Commercial segment growth, as economic recovery has taken hold earlier and more rapidly than anticipated.
- Strong growth in the industrial segment reflecting expansions in high tech manufacturing and digital services
- Normal temperatures in its utility service territory for the remainder of the year.
- Hydro conditions for the remainder of the year that reflect current estimates.
- Wind generation based on five years of historical levels or forecast studies when historical data is not available.
Challenges Ahead
- These increases are partially offset by a decrease in residential demand as customers spend less time at home
- Normal thermal plant operations for the remainder of the year
- Capital expenditures of $700 million
- Average construction work in progress balance from $340 million to $390 million
- Operating and maintenance expense from between $605 million and $625 million
Revenue & Expenses
Visualization of income flow from segment revenue to net income