Portland General Electric(US:POR)2022-02-17 00:39Financial Performance - Total revenues for 2021 were $2,396 million, an increase of 11.7% from $2,145 million in 2020[378] - Net income for 2021 was $244 million, representing a 57.4% increase compared to $155 million in 2020[378] - Basic earnings per share for 2021 were $2.72, up from $1.73 in 2020, reflecting a 57.3% increase[378] - Total operating expenses increased to $2,018 million in 2021, up from $1,876 million in 2020, marking a 7.6% rise[378] - Total liabilities increased to $6,787 million as of December 31, 2021, compared to $6,456 million in 2020, reflecting a growth of approximately 5.1%[386] - Total shareholders' equity rose to $2,707 million in 2021, up from $2,613 million in 2020, indicating an increase of about 3.6%[386] - Cash from operating activities was $532 million in 2021, slightly down from $567 million in 2020[394] - Capital expenditures amounted to $636 million in 2021, a decrease from $784 million in 2020[394] - Dividends paid increased to $150 million in 2021 from $140 million in 2020, reflecting a growth of approximately 7.1%[394] Revenue Breakdown - PGE's total retail revenues for 2021 reached $2,078 million, a 7.6% increase from $1,932 million in 2020[42] - Residential retail revenues increased to $1,118 million in 2021, representing 54% of total retail revenues, up from $1,030 million in 2020[42] - Wholesale revenues accounted for 11% of total revenues in 2021, up from 8% in both 2020 and 2019[53] - Other operating revenues represented 3% of total revenues in 2021, consistent with 3% in 2019, but up from 2% in 2020[54] Customer Metrics - The average number of retail customers grew to 912,209 in 2021, compared to 902,237 in 2020, indicating a customer growth rate of approximately 1.1%[42] - The company served approximately 917,000 retail customers as of December 31, 2021, within a service area population of about 1.9 million[396] Energy Deliveries and Capacity - Total retail energy deliveries in 2021 were 20,532 MWh, a 5.1% increase from 19,543 MWh in 2020[42] - PGE's total resource capacity as of December 31, 2021, was 5,314 MW, a slight increase from 5,308 MW in 2020[60] - PGE's thermal generation capacity includes 1,842 MW from natural gas and 296 MW from coal, representing 35% and 5% of total capacity, respectively[60] - The company has long-term power purchase contracts providing 1,648 MW of capacity, an increase from 1,331 MW in 2020[60] Renewable Energy Initiatives - PGE's Green Future Program has over 235,000 participants, making it the largest renewable power program by participation in the nation[50] - The company implemented the Green Future Impact Program, expanding capacity for renewable resources by 200 MW, approved by the OPUC in March 2021[51] - PGE has three contracts for solar power purchase representing a total capacity of 7 MW, with additional solar and battery capacity of 50 MW and 30 MW expected to be completed in early 2022[76] - The Green Future Impact Program includes two contracts for 300 MW of capacity from renewable resources[77] Regulatory and Compliance - PGE's retail customer prices are regulated by the OPUC, which reviews and approves the company's retail prices and resource acquisition plans[35] - PGE's operations are subject to environmental regulations, including the Clean Air Act and Clean Water Act, impacting its thermal generating plants and hydroelectric operations[88][93] - The company is involved in ongoing litigation regarding GHG emissions regulations, which could materially impact its operations[92] - The OPUC's final determination regarding the 2021 PCAM results will be made through a public filing and review in 2022, with potential implications for PGE's deferred amounts[430] Risk Management - PGE's credit risk exposure is $173 million for commodity activities, with $170 million associated with externally-rated investment grade counterparties[359] - PGE's energy portfolio activities are subject to regulation, which significantly mitigates commodity price risk through deferred regulatory assets and liabilities[350] - PGE utilizes forward contracts, financial swaps, and option contracts to manage commodity price risk[348] - The company engages in price risk management activities to mitigate volatility in net power costs for its retail customers[347] Workforce and Diversity - PGE's workforce consisted of 2,839 employees as of December 31, 2021, with 678 employees covered under collective bargaining agreements[101] - PGE promotes diversity, with over 25% of its employees and nearly 23% of management being Black, Indigenous, and People of Color[105] Asset Management - Electric utility plant in service increased to $11,838 million in 2021, compared to $10,974 million in 2020, a growth of 7.9%[383] - Total assets as of December 31, 2021, were $9,494 million, an increase from $9,069 million in 2020, representing a 4.7% growth[383] - The total electric utility plant, net, increased to $8,005 million in 2021 from $7,539 million in 2020, reflecting growth in generation, transmission, and distribution assets[467] Financial Position - PGE's total fair value of long-term debt as of December 31, 2021, is $3,831 million, with a carrying amount of $3,299 million[355] - The company has no borrowings outstanding under its revolving credit facility and no commercial paper outstanding as of December 31, 2021[353] - As of December 31, 2021, PGE had cash equivalents of $44 million, a decrease from $255 million as of December 31, 2020[402] - The allowance for uncollectible accounts increased to $26 million in 2021 from $16 million in 2020, reflecting a higher provision for bad debts[465]