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Sep 30, 2023
PGE Q3 2023 Earnings Report
Announced third quarter 2023 results, reflecting challenging weather, power market volatility, and continued investment to support grid resiliency, customer growth and decarbonization.
Key Takeaways
Portland General Electric reported a net income of $47 million, or $0.46 per diluted share, for the third quarter of 2023. The company reached a constructive global settlement stipulation in the 2024 General Rate Case, including updates to the power cost recovery framework.
Reached constructive global settlement stipulation in 2024 GRC, including updates to the power cost recovery framework
Third quarter results reflect challenging weather, power market volatility, and continued investment to support grid resiliency, customer growth and decarbonization
Narrowing 2023 adjusted earnings guidance from $2.60 to $2.75 to $2.60 to $2.65 per diluted share to reflect the impact of third quarter power cost results
The U.S. DOE selected the Pacific Northwest Hydrogen Association’s PNWH2 Hub for award negotiations as one of the Regional Clean Hydrogen Hubs
PGE
PGE
PGE Revenue by Segment
Revenue by Segment
Residential Revenue
CapyFin.comCommercial Revenue
CapyFin.comIndustrial Revenue
CapyFin.com Forward Guidance
PGE is narrowing its estimate for full-year 2023 adjusted earnings guidance from $2.60 to $2.75 to $2.60 to $2.65 per diluted share.
Positive Outlook
- An increase in energy deliveries of 2%, 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 $40 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%
- Cash from operations of $500 to $550 million
- Capital expenditures of $1,475 million
Revenue & Expenses
Visualization of income flow from segment revenue to net income