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Dec 31, 2023
PGE Q4 2023 Earnings Report
PGE's full-year 2023 GAAP earnings were $2.33 per diluted share; full-year 2023 non-GAAP earnings were $2.38 per diluted share and initiated 2024 earnings guidance.
Key Takeaways
Portland General Electric Company reported GAAP net income of $68 million, or $0.67 per diluted share, for the fourth quarter of 2023, compared to GAAP net income of $50 million, or $0.56 per diluted share, for the fourth quarter of 2022.
Invested $1,462 million in capital assets to address decarbonization, customer demand growth, grid resiliency and security, and risk mitigation.
Filed the 2023 Integrated Resource Plan, which was acknowledged by the OPUC in January 2024.
Entered into agreements for 475 MW of battery storage, 275 MW of which PGE will own, and 500 MW of hydropower contracts to improve grid flexibility and reliability.
Advanced construction of the Clearwater Wind Development, bringing 311 MW of non-emitting energy online in January 2024.
PGE
PGE
PGE Revenue by Segment
Revenue by Segment
Residential Revenue
CapyFin.comCommercial Revenue
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CapyFin.com Forward Guidance
PGE is initiating full-year 2024 adjusted earnings guidance of $2.98 to $3.18 per diluted share.
Positive Outlook
- Exclusion of the impacts of the January 2024 winter storm, including non-deferrable storm restoration costs and non-deferrable Reliability Contingency Event (RCE) costs.
- An increase in energy deliveries between 2% 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.
Challenges Ahead
- Normal thermal plant operations.
- Operating and maintenance expense between $815 million and $840 million which includes approximately $165 million of wildfire, vegetation management, deferral amortization and other expenses that are offset in other income statement lines.
- Depreciation and amortization expense between $475 million and $525 million.
- Effective tax rate of 10% to 15%.
- Cash from operations of $700 to $800 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income