Portland General Electric announces 2024 financial results and initiates 2025 earnings guidance

Financial Performance - Portland General Electric Company (PGE) reported a net income of $313 million, or $3.01 per diluted share, for the year ended December 31, 2024, which includes a $0.13 per diluted share impact from January 2024 winter storms [1][2] - The non-GAAP net income for 2024, after adjusting for the winter storms, was $327 million, or $3.14 per diluted share [1][2] - For the year ended December 31, 2023, PGE's GAAP net income was $228 million, or $2.33 per diluted share, which included a $0.05 per diluted share charge related to the Boardman revenue requirement settlement [2][3] Operational Highlights - PGE experienced solid growth from new and returning customers, enhanced operational reliability, and made significant investments in clean energy resources and battery storage [4][8] - The company invested $1,262 million in capital projects aimed at grid modernization, customer growth, and renewable energy integration [8] - PGE achieved commercial operations of the 311 MW Clearwater Wind Energy Facility, contributing to its wind production capabilities [8] Revenue and Expenses - Total revenues for 2024 increased to $3,480 million from $2,912 million in 2023, driven by demand growth from semiconductor manufacturing and technology infrastructure customers [29] - Operating expenses rose to $2,928 million in 2024, up from $2,527 million in 2023, primarily due to higher purchased power and fuel costs, as well as increased maintenance and employee compensation expenses [29] Future Guidance - PGE is initiating 2025 adjusted earnings guidance of $3.13 to $3.33 per diluted share, reaffirming a long-term earnings per share growth target of 5% to 7% [7][9] - The company plans to continue its focus on wildfire risk mitigation, forecasting $53 to $57 million in operations and maintenance costs for 2025, along with an additional $57 to $78 million in capital investments [11][10] Shareholder Returns - The board of directors approved a quarterly common stock dividend of $0.50 per share, payable on or before April 15, 2025 [14]