Portland General Electric(US:POR)2025-06-24 13:20Company Overview - Portland General Electric (PGE) is a vertically integrated energy company serving approximately 950,000 retail customers in Oregon [14] - PGE aims for 100% clean energy by 2040, targeting an 80% reduction in greenhouse gas emissions by 2030 and a 90% reduction by 2035 [14] - In 2024, PGE's revenue was $3.4 billion, with a GAAP diluted earnings per share (EPS) of $3.01 and an adjusted non-GAAP EPS of $3.14 [14] Growth and Investment - PGE forecasts long-term EPS growth of 5% to 7% and dividend growth [18] - The company anticipates approximately 3% long-term load growth through 2029, driven by high-tech industrial customers [19, 23] - PGE's five-year base capital expenditure forecast of $6.5 billion drives 7% average rate base growth from 2024 [43] - Illustrative incremental RFP opportunities potentially increase average rate base growth to 9% from 2024 [43] Clean Energy Transition - PGE brought online 311 MW of wind energy and integrated 292 MW of battery storage in 2024 [18, 33] - The company plans to procure an additional 3,500 to 4,500 MW of non-emitting resources through multi-stage RFP processes by 2030 [18, 33] - In 2024, 45% of PGE's total system load was composed of specified, non-emitting energy sources [69] Financial Performance and Liquidity - PGE's total liquidity as of March 31, 2025, was $948 million, including $11 million in cash and $750 million in credit facilities [63] - The company expects to issue approximately $300 million in base equity per year in 2025 and 2026 [64] - PGE spent $228 million with diverse suppliers in 2024, representing 18% of total spend [75]