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Portland General Electric(POR) - 2024 Q4 - Annual Results
PORPortland General Electric(POR)2025-02-14 13:59

Financial Performance - Portland General Electric reported a GAAP net income of 313million,or313 million, or 3.01 per diluted share, for the year ended December 31, 2024, which includes a 0.13perdilutedshareimpactfromJanuary2024winterstorms[1][2]−Non−GAAPnetincomefor2024was0.13 per diluted share impact from January 2024 winter storms[1][2] - Non-GAAP net income for 2024 was 327 million, or 3.14perdilutedshare,comparedto3.14 per diluted share, compared to 233 million, or 2.38perdilutedsharefor2023[2][21]−Netincomefor2024was2.38 per diluted share for 2023[2][21] - Net income for 2024 was 313 million, up 37.4% from 228millionin2023[32]−Basicearningspershareincreasedto228 million in 2023[32] - Basic earnings per share increased to 3.02 in 2024, compared to 2.33in2023,reflectinga29.62.33 in 2023, reflecting a 29.6% growth[32] - Total revenues for 2024 reached 3,440 million, a 17.7% increase from 2,923millionin2023[32]−Totalretailrevenuesfor2024reached2,923 million in 2023[32] - Total retail revenues for 2024 reached 2,815 million, a 15% increase from 2,447millionin2023[42]−Residentialretailrevenuesincreasedby152,447 million in 2023[42] - Residential retail revenues increased by 15% to 1,457 million in 2024, compared to 1,263millionin2023[42]CapitalInvestmentsandExpenditures−Totalcapitalinvestmentsin2024amountedto1,263 million in 2023[42] Capital Investments and Expenditures - Total capital investments in 2024 amounted to 1,262 million, focusing on grid modernization, renewable energy integration, and wildfire risk mitigation[6][11] - Capital expenditures for 2024 were 1,268million,adecreasefrom1,268 million, a decrease from 1,358 million in 2023[39] Operational Metrics - Total operating expenses rose to 2,928millionin2024,a15.92,928 million in 2024, a 15.9% increase from 2,527 million in 2023[32] - Cash flows from operating activities improved significantly to 778millionin2024,comparedto778 million in 2024, compared to 420 million in 2023[39] - Cash flows from financing activities provided 526millionin2024,downfrom526 million in 2024, down from 778 million in 2023[41] Energy Production and Capacity - The Clearwater Wind Energy Facility achieved commercial operations with a capacity of 311 MW, contributing to PGE's wind production capabilities[6] - PGE integrated 292 MW of battery storage, including the 75 MW Constable Battery Energy Storage System, enhancing grid flexibility and renewable energy management[6][9] - Total system load for 2024 was 30,348 MWh, an increase from 27,169 MWh in 2023[44] - Natural gas generation accounted for 36% of total generation in 2024, down from 40% in 2023[44] Future Guidance and Projections - The company initiated 2025 adjusted earnings guidance of 3.13to3.13 to 3.33 per diluted share, reaffirming a long-term earnings per share growth target of 5% to 7%[5][9] - Operating and maintenance expenses for 2025 are projected to be between 795millionand795 million and 815 million, including approximately 135millionrelatedtowildfireandvegetationmanagement[11]−PGEplanstofileadraft2025All−SourceRequestforProposalstomeetforecastedcapacityneedsandadvancedecarbonizationtargets[14]BalanceSheetandEquity−Totalassetsincreasedto135 million related to wildfire and vegetation management[11] - PGE plans to file a draft 2025 All-Source Request for Proposals to meet forecasted capacity needs and advance decarbonization targets[14] Balance Sheet and Equity - Total assets increased to 12,544 million as of December 31, 2024, up from 11,208millionin2023[34]−Long−termdebtroseto11,208 million in 2023[34] - Long-term debt rose to 4,354 million in 2024, compared to 3,905millionin2023[37]−Thetotalshareholders′equityincreasedto3,905 million in 2023[37] - The total shareholders' equity increased to 3,794 million in 2024, up from 3,319millionin2023[37]CustomerMetrics−Theaveragenumberofretailcustomersroseto943,944in2024,anincreasefrom928,860in2023[42]−Totalretailenergydeliveriesfor2024were21,697MWh,upfrom21,423MWhin2023,reflectingagrowthof1.33,319 million in 2023[37] Customer Metrics - The average number of retail customers rose to 943,944 in 2024, an increase from 928,860 in 2023[42] - Total retail energy deliveries for 2024 were 21,697 MWh, up from 21,423 MWh in 2023, reflecting a growth of 1.3%[42] - Retail load requirement for 2024 was 20,626 MWh, compared to 20,219 MWh in 2023[44] Dividends - Dividends paid increased to 200 million in 2024 from $179 million in 2023[41]