Portland General Electric Files Q1 2024 10-Q Report

TL;DR

<b>Portland General Electric reports $1.42B in Q1 2024 revenue and $146M in net income.</b>

AI Summary

PORTLAND GENERAL ELECTRIC CO /OR/ (POR) filed a Quarterly Report (10-Q) with the SEC on April 26, 2024. Total assets reported at $13,378,000,000 as of March 31, 2024. Total debt reported at $5,145,000,000 as of March 31, 2024. Revenue for the three months ended March 31, 2024, was $1,424,000,000. Net income for the three months ended March 31, 2024, was $146,000,000. Earnings per share (EPS) for the three months ended March 31, 2024, was $0.76.

Why It Matters

For investors and stakeholders tracking PORTLAND GENERAL ELECTRIC CO /OR/, this filing contains several important signals. The filing details significant asset and debt levels, indicating substantial financial operations and potential leverage. The report provides specific revenue and net income figures for Q1 2024, crucial for assessing the company's financial performance and profitability.

Risk Assessment

Risk Level: medium — PORTLAND GENERAL ELECTRIC CO /OR/ shows moderate risk based on this filing. The company's financial structure, with $13.38B in assets and $5.15B in debt as of March 31, 2024, suggests a medium level of financial risk due to leverage.

Analyst Insight

Monitor the company's debt-to-equity ratio and interest coverage in future filings to assess financial health.

Financial Highlights

revenue

1,424,000,000

total Assets

13,378,000,000

total Debt

5,145,000,000

net Income

146,000,000

eps

0.76

Key Numbers

• 13,378,000,000 — Total Assets (As of March 31, 2024)
• 5,145,000,000 — Total Debt (As of March 31, 2024)
• 1,424,000,000 — Revenue (Three months ended March 31, 2024)
• 146,000,000 — Net Income (Three months ended March 31, 2024)
• 0.76 — EPS (Three months ended March 31, 2024)

Key Players & Entities

• PORTLAND GENERAL ELECTRIC CO /OR/ (company) — FILER
• POR (company) — tk
• 2024-03-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-04-26 (date) — FILED AS OF DATE
• 121 SW SALMON ST (address) — BUSINESS ADDRESS
• 97204 (postal_code) — BUSINESS ADDRESS ZIP
• 5034648000 (phone_number) — BUSINESS PHONE

FAQ

Industry Context

Portland General Electric operates in the electric services industry, providing electricity generation, transmission, and distribution.

Regulatory Implications

The company is subject to regulatory oversight typical for utility providers, which can impact rates and operations.

What Investors Should Do

1. Analyze the growth rate of revenue and net income compared to the previous year.
2. Review any disclosed risk factors related to operational or financial performance.
3. Track the company's capital expenditures and debt management strategies.

Key Dates

• 2024-03-31: Quarter End — End of reporting period for Q1 2024 financials
• 2024-04-26: Filing Date — Date the 10-Q report was filed with the SEC

Year-Over-Year Comparison

This 10-Q filing covers the first quarter of 2024, providing updated financial data compared to previous periods.

Key Financial Figures

• $3 million — et Miscellaneous income, net includes $3 million and $8 million in interest income from
• $8 million — ous income, net includes $3 million and $8 million in interest income from regulatory asse
• $2 million — ch 31, 2024 and 2023, respectively, and $2 million and $3 million realized and unrealized
• $1 million — The remaining activity is comprised of $1 million in other miscellaneous income in both 2
• $9 million — f $ 11 million as of March 31, 2024 and $9 million as of December 31, 2023. The following
• $18 million — xpense related to intangible assets was $18 million and $14 million for the three months en
• $14 million — o intangible assets was $18 million and $14 million for the three months ended March 31, 20

Filing Documents

• por-20240331.htm (10-Q) — 1380KB
• ex31110-q20240331.htm (EX-31.1) — 11KB
• ex31210-q20240331.htm (EX-31.2) — 11KB
• ex3210-q20240331.htm (EX-32) — 7KB
• 0000784977-24-000085.txt (&nbsp;) — 6949KB
• por-20240331.xsd (EX-101.SCH) — 43KB
• por-20240331_cal.xml (EX-101.CAL) — 85KB
• por-20240331_def.xml (EX-101.DEF) — 281KB
• por-20240331_lab.xml (EX-101.LAB) — 521KB
• por-20240331_pre.xml (EX-101.PRE) — 364KB
• por-20240331_htm.xml (XML) — 1130KB

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) 4 Condensed Consolidated Statements of Income and Comprehensive Income 4 Condensed Consolidated Balance Sheets 5 Condensed Consolidated Statements of Cash Flows 7 Notes to Condensed Consolidated Financial Statements 9

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 31

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 57

Controls and Procedures

Item 4. Controls and Procedures 58

— OTHER INFORMATION

PART II — OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 58

Risk Factors

Item 1A. Risk Factors 58

Other Information

Item 5. Other Information 61

Exhibits

Item 6. Exhibits 60 SIGNATURE 61 2 Table of Contents DEFINITIONS The following abbreviations and acronyms are used throughout this document: Abbreviation or Acronym Definition AFUDC Allowance for funds used during construction AUT Annual Power Cost Update Tariff Colstrip Colstrip Units 3 and 4 coal-fired generating plant EFSA Equity Forward Sale Agreement EPA United States Environmental Protection Agency FERC Federal Energy Regulatory Commission FMB First Mortgage Bond GAAP Accounting principles generally accepted in the United States of America GRC General Rate Case IRP Integrated Resource Plan Moody's Moody's Investors Service MW Megawatts MWa Average megawatts MWh Megawatt hour Nasdaq National Association of Securities Dealers Automated Quotations NVPC Net Variable Power Costs NYSE New York Stock Exchange OPUC Public Utility Commission of Oregon PCAM Power Cost Adjustment Mechanism ROE Regulated return on equity RPS Renewable Portfolio Standard S&P S&P Global Ratings SEC United States Securities and Exchange Commission 3 Table of Contents

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Dollars in millions, except per share amounts) (Unaudited) Three Months Ended March 31, 2024 2023 Revenues: Revenues, net $ 940 $ 745 Alternative revenue programs, net of amortization ( 11 ) 3 Total revenues 929 748 Operating expenses: Purchased power and fuel 405 304 Generation, transmission and distribution 99 93 Administrative and other 95 80 Depreciation and amortization 121 111 Taxes other than income taxes 47 43 Total operating expenses 767 631 Income from operations 162 117 Interest expense, net 51 44 Other income: Allowance for equity funds used during construction 5 3 Miscellaneous income, net 6 12 Other income, net 11 15 Income before income tax expense 122 88 Income tax expense 13 14 Net income 109 74 Other comprehensive income 1 — Net income and Comprehensive income $ 110 $ 74 Weighted-average common shares outstanding (in thousands): Basic 101,299 91,840 Diluted 101,467 92,571 Earnings per share: Basic $ 1.08 $ 0.81 Diluted $ 1.08 $ 0.80 See accompanying notes to condensed consolidated financial statements. 4 Table of Contents PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Dollars in millions) (Unaudited) March 31, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 176 $ 5 Accounts receivable, net 412 414 Inventories 114 113 Regulatory assets—current 177 221 Other current assets 203 182 Total current assets 1,082 935 Electric utility plant, net 9,663 9,546 Regulatory assets—noncurrent 606 492 Nuclear decommissioning trust 30 31 Non-qualified benefit plan trust 36 35 Other noncurrent assets 171 169 Total assets $ 11,588 $ 11,208 See accompanying notes to condensed consolidated financial statements. 5 Table of Contents PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIAR

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View this 10-Q filing on SEC EDGAR