PGE Reports Q3 2024 Revenue Growth

TL;DR

PGE's Q3 revenue up to $1.79B YTD, growth continues.

AI Summary

Portland General Electric Co. reported its Q3 2024 results, with total operating revenues for the nine months ending September 30, 2024, reaching $1.79 billion. This represents an increase from the $1.71 billion reported for the same period in 2023. The company's filings also detail customer counts across residential, commercial, and industrial segments.

Why It Matters

This filing provides insight into Portland General Electric's financial performance and operational scale, impacting investors and customers in Oregon.

Risk Assessment

Risk Level: low — This is a routine quarterly filing with no immediate red flags.

Key Numbers

• $1.79B — Total Operating Revenues (YTD) (Increase from $1.71B in the prior year period)
• 2024-09-30 — Reporting Period End Date (Covers the first nine months of 2024)

Key Players & Entities

• PORTLAND GENERAL ELECTRIC CO (company) — Filer
• 1.79 billion (dollar_amount) — Total operating revenues for the nine months ending September 30, 2024
• 1.71 billion (dollar_amount) — Total operating revenues for the nine months ending September 30, 2023
• 20240930 (date) — End of reporting period

FAQ

Key Financial Figures

• $9 million — 11 million as of September 30, 2024 and $9 million as of December 31, 2023. The following
• $19 million — xpense related to intangible assets was $19 million and $16 million for the three months en
• $16 million — o intangible assets was $19 million and $16 million for the three months ended September 30
• $55 million — er 30, 2024 and 2023, respectively, and $55 million and $45 million for the nine months end
• $45 million — 2023, respectively, and $55 million and $45 million for the nine months ended September 30,

Filing Documents

• por-20240930.htm (10-Q) — 1717KB
• ex31110-q20240930.htm (EX-31.1) — 11KB
• ex31210-q20240930.htm (EX-31.2) — 11KB
• ex3210-q20240930.htm (EX-32) — 7KB
• 0000784977-24-000167.txt ( ) — 8123KB
• por-20240930.xsd (EX-101.SCH) — 44KB
• por-20240930_cal.xml (EX-101.CAL) — 85KB
• por-20240930_def.xml (EX-101.DEF) — 278KB
• por-20240930_lab.xml (EX-101.LAB) — 612KB
• por-20240930_pre.xml (EX-101.PRE) — 413KB
• por-20240930_htm.xml (XML) — 1396KB

— 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 34

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 64

Controls and Procedures

Item 4. Controls and Procedures 64

— OTHER INFORMATION

PART II — OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 65

Risk Factors

Item 1A. Risk Factors 65

Other Information

Item 5. Other Information 61

Exhibits

Item 6. Exhibits 65 SIGNATURE 66 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 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 MWh Megawatt hour NVPC Net Variable Power Costs OPUC Public Utility Commission of Oregon PCAM Power Cost Adjustment Mechanism PTC Production tax credit RAC Renewable Adjustment Clause RFP Request for Proposals 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Revenues: Revenues, net $ 942 $ 801 $ 2,643 $ 2,192 Alternative revenue programs, net of amortization ( 13 ) 1 ( 27 ) 6 Total revenues 929 802 2,616 2,198 Operating expenses: Purchased power and fuel 380 386 1,060 910 Generation, transmission and distribution 131 85 337 279 Administrative and other 102 89 294 262 Depreciation and amortization 126 116 369 340 Taxes other than income taxes 44 41 132 124 Total operating expenses 783 717 2,192 1,915 Income from operations 146 85 424 283 Interest expense, net 53 42 156 127 Other income: Allowance for equity funds used during construction 6 5 17 12 Miscellaneous income, net 6 5 21 22 Other income, net 12 10 38 34 Income before income tax expense 105 53 306 190 Income tax expense 11 6 31 30 Net income 94 47 275 160 Other comprehensive income ( 1 ) — — 1 Net income and Comprehensive income $ 93 $ 47 $ 275 $ 161 Weighted-average common shares outstanding (in thousands): Basic 103,845 100,849 102,730 96,625 Diluted 104,338 101,103 102,958 96,830 Earnings per share: Basic $ 0.91 $ 0.47 $ 2.68 $ 1.65 Diluted $ 0.90 $ 0.46 $ 2.67 $ 1.65 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) September 30, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 35 $ 5 Accounts receivable, net 459 414 Inventories 115 113 Regulatory assets—current 185 221 Other current assets 156 182 Total current assets 950 935 Electric utility plant, net 10,075 9,546 Regulatory assets—noncurrent 619 492 Nuclear decommis

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View this 10-Q filing on SEC EDGAR