Portland General Electric(US:POR)2022-03-24 14:38Company Overview and Strategy - Portland General Electric (PGE) has approximately 900,000 retail customers within a service area of 2 million residents, with 75% of Oregon's commercial and industrial activity occurring in its service area[11] - PGE is committed to a 100% clean energy framework by 2040, mandated by HB 2021, with interim targets of 80% reduction in greenhouse gas emissions by 2030 and 90% by 2035[11] - The company aims for long-term EPS growth of 4% to 6% from a 2019 base year, and dividend growth of 5% to 7%[17] - PGE plans to reduce greenhouse gas emissions from power served to Oregon retail customers by at least 80% by 2030 and 100% by 2040[22, 56] Financial Performance and Investments - PGE's 2021 revenue was $2.4 billion, with diluted earnings per share of $2.72[11] - Net utility plant assets totaled $8.0 billion as of December 31, 2021[11, 12] - The company projects capital expenditures of $660 million in 2022, with approximately $405 million allocated to transmission and distribution, $110 million to generation, $110 million to general business and technology, and $35 million to the Integrated Operations Center[29, 30] - Total liquidity as of December 31, 2021, was $843 million, including $650 million in credit facilities, $141 million in letters of credit, and $52 million in cash[51, 52] Regulatory and Environmental Initiatives - PGE is seeking up to approximately 1,000 MW of renewable and non-emitting resources through a 2021 RFP, including 375 to 500 MW of renewables, 375 MW of non-emitting capacity, and 100 MW of renewables for the Green Future Impact program[33] - The company is targeting an 80% reduction in emitting resources by 2030, shifting from a 2022 resource mix of 49% gas, 21% hydro, 19% wind & solar, and 11% coal to 80% non-emitting resources[60, 62] - PGE is accelerating the depreciation of its 20% ownership interest (296 MW) in Colstrip units 3 and 4 by 2025 and retired the Boardman Coal plant in Q4 2020[69, 70]