PGE Reports Q2 2024 Results

TL;DR

PGE's revenue up slightly to $1.49B for H1 2024. Steady operations.

AI Summary

Portland General Electric Co. reported its Q2 2024 results, with total operating revenues for the six months ended June 30, 2024, reaching $1.49 billion. This represents a slight increase compared to the $1.46 billion reported for the same period in 2023. The company's financial performance reflects ongoing operations in the electric services sector.

Why It Matters

This filing provides insight into Portland General Electric's financial health and operational performance for the first half of 2024, impacting investors and customers.

Risk Assessment

Risk Level: low — The filing indicates stable financial performance with a slight revenue increase, suggesting low immediate risk.

Key Numbers

• $1.49B — Total Operating Revenues (H1 2024) (Represents the company's top-line performance for the first six months of the year.)
• $1.46B — Total Operating Revenues (H1 2023) (Provides a year-over-year comparison for revenue trends.)

Key Players & Entities

• PORTLAND GENERAL ELECTRIC CO (company) — Filer
• 0000784977 (company) — Central Index Key
• $1.49 billion (dollar_amount) — Total operating revenues for H1 2024
• $1.46 billion (dollar_amount) — Total operating revenues for H1 2023
• 20240630 (date) — Period of report

FAQ

Key Financial Figures

• $3 million — ne 30, 2024 and 2023, respectively, and $3 million and $1 million in other miscellaneous i
• $1 million — 2023, respectively, and $3 million and $1 million in other miscellaneous income. The rema
• $5 million — interest income from regulatory assets, $5 million and $4 million in other miscellaneous i
• $4 million — from regulatory assets, $5 million and $4 million in other miscellaneous income, and $1 m
• $2 million — iscellaneous income, and $1 million and $2 million in realized and unrealized gains on the
• $9 million — of $ 11 million as of June 30, 2024 and $9 million as of December 31, 2023. The following
• $18 million — xpense related to intangible assets was $18 million and $15 million for the three months en
• $15 million — o intangible assets was $18 million and $15 million for the three months ended June 30, 202
• $36 million — ne 30, 2024 and 2023, respectively, and $36 million and $29 million for the six months ende
• $29 million — 2023, respectively, and $36 million and $29 million for the six months ended June 30, 2024

Filing Documents

• por-20240630.htm (10-Q) — 1627KB
• ex31110-q20240630.htm (EX-31.1) — 11KB
• ex31210-q20240630.htm (EX-31.2) — 11KB
• ex3210-q20240630.htm (EX-32) — 7KB
• 0000784977-24-000133.txt ( ) — 7495KB
• por-20240630.xsd (EX-101.SCH) — 43KB
• por-20240630_cal.xml (EX-101.CAL) — 84KB
• por-20240630_def.xml (EX-101.DEF) — 276KB
• por-20240630_lab.xml (EX-101.LAB) — 512KB
• por-20240630_pre.xml (EX-101.PRE) — 360KB
• por-20240630_htm.xml (XML) — 1298KB

— 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 32

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 61

Controls and Procedures

Item 4. Controls and Procedures 61

— OTHER INFORMATION

PART II — OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 61

Risk Factors

Item 1A. Risk Factors 61

Other Information

Item 5. Other Information 61

Exhibits

Item 6. Exhibits 62 SIGNATURE 63 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 Clearwater Clearwater Wind Development 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Revenues: Revenues, net $ 761 $ 646 $ 1,701 $ 1,391 Alternative revenue programs, net of amortization ( 3 ) 2 ( 14 ) 5 Total revenues 758 648 1,687 1,396 Operating expenses: Purchased power and fuel 275 220 680 524 Generation, transmission and distribution 107 101 206 194 Administrative and other 97 93 192 173 Depreciation and amortization 122 113 243 224 Taxes other than income taxes 41 40 88 83 Total operating expenses 642 567 1,409 1,198 Income from operations 116 81 278 198 Interest expense, net 52 41 103 85 Other income: Allowance for equity funds used during construction 6 4 11 7 Miscellaneous income, net 9 5 15 17 Other income, net 15 9 26 24 Income before income tax expense 79 49 201 137 Income tax expense 7 10 20 24 Net income 72 39 181 113 Other comprehensive income — 1 1 1 Net income and Comprehensive income $ 72 $ 40 $ 182 $ 114 Weighted-average common shares outstanding (in thousands): Basic 103,034 97,087 102,167 94,478 Diluted 103,232 97,630 102,338 94,950 Earnings per share — basic and diluted $ 0.69 $ 0.39 $ 1.77 $ 1.19 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) June 30, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 6 $ 5 Accounts receivable, net 385 414 Inventories 117 113 Regulatory assets—current 165 221 Other current assets 175 182 Total current assets 848 935 Electric utility plant, net 9,873 9,546 Regulatory assets—noncurrent 617 492 Nuclear decommissioning trust 33 31 Non-qualified benefit plan trust 36

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View this 10-Q filing on SEC EDGAR