Portland General Electric(POR) - 2022 Q4 - Annual Report

Financial Performance - PGE's total retail revenues for 2022 reached $2,223 million, a 7% increase from $2,078 million in 2021[43] - Residential retail revenues increased to $1,158 million in 2022, representing 52% of total retail revenues, up from $1,118 million in 2021[43] - PGE's wholesale revenues represented 14% of total revenues in 2022, up from 11% in 2021 and 8% in 2020[54] - Other operating revenues accounted for 2% of total revenues in 2022, down from 3% in 2021 and remaining at 2% in 2020[55] Customer Growth - The average number of retail customers grew to 922,444 in 2022, compared to 912,209 in 2021, indicating a steady customer growth[43] - The company recorded a revenue per residential customer of $1,362 in 2022, up from $1,320 in 2021[46] Energy Deliveries and Capacity - Total retail energy deliveries in 2022 were 21,231 MWh, a 3.4% increase from 20,532 MWh in 2021[43] - PGE's total resource capacity increased to 5,754 MW as of December 31, 2022, compared to 5,314 MW in 2021[62] - The Green Future Impact Program has a total available capacity of 750 MW, expanded from 200 MW in March 2021 and an additional 250 MW in December 2021[52] - PGE's average winter load in 2022 was 2,773 MW, with a peak load of 4,113 MW in December 2022[57] Regulatory and Environmental Compliance - PGE's regulatory accounting allows for deferral of certain costs as regulatory assets, reflecting expected recovery from customers in future prices[38] - The Oregon Clean Electricity and Coal Transition Plan mandates an 80% reduction in greenhouse gas emissions by 2030, impacting future operational strategies[39] - The company is subject to various environmental regulations, including the Clean Air Act and state-specific greenhouse gas emission reduction mandates, which require an 80% reduction by 2030[89] Energy Procurement and Contracts - PGE's medium-term power cost strategy allows for positions in power and fuel markets up to five years in advance, mitigating price volatility[69] - The company has long-term power purchase contracts with public utility districts providing a total of 410 MW of capacity, with contracts expiring between 2024 and 2052[71] - PGE has three contracts for wind energy totaling 300 MW, with additional agreements for a 311 MW wind energy facility under development in Eastern Montana[75] - The company has four solar contracts representing 57 MW of capacity, with the Wheatridge solar component completed in 2022 providing 50 MW of capacity[75] Financial Risk Management - PGE's credit risk exposure for commodity activities is $340 million, primarily with investment grade counterparties totaling $335 million[358] - The credit exposure includes transactions for electricity and natural gas forward, swap, and option contracts[359] - PGE manages counterparty default risk by performing financial credit reviews and requiring collateral when necessary[356] Workforce and Diversity - PGE had 2,873 employees as of December 31, 2022, with 673 employees covered under collective bargaining agreements[100] - PGE's commitment to diversity includes over 26% of employees being Black, Indigenous, and People of Color, and nearly 26% of management[104] Safety and Environmental Initiatives - The company has established an Executive Safety Council to oversee workplace safety initiatives and provide resources for employee safety[103] - PGE's Avian Protection Plan aims to reduce risks to migratory birds and eagles due to its operations[93] - The company has implemented a comprehensive program to comply with hazardous material regulations, including the Resource Conservation and Recovery Act[94] Debt and Financial Instruments - As of December 31, 2022, PGE's total long-term debt amounts to $3,245 million, with a fair value of $3,659 million[355] - PGE has no borrowings outstanding under its revolving credit facility and no commercial paper outstanding as of December 31, 2022[354] - PGE has no financial instruments to mitigate short-term interest rate risk but may consider such instruments in the future[355]