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Sep 30, 2024
PGE Q3 2024 Earnings Report
Third quarter results reflected improved power cost conditions and continued robust demand growth from high-tech and data center customers.
Key Takeaways
Portland General Electric reported net income of $94 million, or $0.90 per diluted share, for the third quarter of 2024, compared to $47 million, or $0.46 per diluted share, for the third quarter of 2023. The results reflect improved power cost conditions and continued robust demand growth from high-tech and data center customers.
Third quarter results reflect improved power cost conditions and continued robust demand growth from high-tech and data center customers
Total revenues increased due to demand growth from semiconductor manufacturing and technology infrastructure customers, increased wholesale revenues and recovery of capital, operating and power costs.
PGE filed a request for acknowledgement of the final shortlist of bidders for the 2023 All-source RFP to the Public Utility Commission of Oregon (OPUC) on September 17, 2024.
PGE is narrowing its estimate for full-year 2024 adjusted earnings guidance from $2.98 to $3.18 to a revised range of between $3.08 and $3.18 per diluted share
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
PGE is narrowing its estimate for full-year 2024 adjusted earnings guidance from $2.98 to $3.18 to a revised range of between $3.08 and $3.18 per diluted share based on several assumptions.
Positive Outlook
- Exclusion of the impacts of the January 2024 winter storm, including non-deferrable Reliability Contingency Event (RCE) costs
- An increase in energy deliveries of 2% to 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
Challenges Ahead
- Normal thermal plant operations
- Revised operating and maintenance expense from between $800 and $825 million to between $820 million and $845 million, which includes $17 million from the release of the January 2024 storm deferral.
- This range includes approximately $150 million of wildfire, vegetation management, deferral amortization and other expenses that are offset in other income statement lines
Revenue & Expenses
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Historical Earnings Impact
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Avg. Return Before/After Earnings
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