- Advanced strategic priorities, including making constructive
progress in the 2024 GRC and procuring the 75 MW Evergreen
battery energy storage system
- Second quarter results reflect robust retail deliveries growth,
challenging power market conditions, prioritization of system
reliability and resiliency, and execution of long-term capital
investment plans
- Reaffirming 2023 adjusted earnings guidance of $2.60 to $2.75 per
diluted share
PORTLAND, Ore., July 28,
2023 /PRNewswire/ -- Portland General Electric
Company (NYSE: POR) today reported net income based on
generally accepted accounting principles (GAAP) of $39 million, or $0.39 per diluted share, for the second quarter
of 2023. After adjusting for the impact of the pre-tax $6.5 million Boardman revenue requirement
settlement charge, second quarter 2023 non-GAAP net income was
$44 million, or $0.44 per diluted share. This compares with GAAP
net income of $64 million, or
$0.72 per diluted share, for the
second quarter of 2022.
"We made solid progress this quarter as we navigated power cost
volatility, settled remaining regulatory deferrals and advanced
critical work to reduce risk," said Maria
Pope, PGE President and CEO. "Our long-term growth plan is
increasingly well-established, underpinned by investments to meet
growing customer needs and facilitate the clean energy
transition."
Second Quarter 2023 Compared to Second Quarter 2022
Total revenues increased, driven by higher demand from digital
and semiconductor customers. Purchased power and fuel expense
increased primarily due to less favorable power market conditions
driven by substantial changes in regional hydro conditions.
Operating and administrative expenses increased due to higher grid
maintenance and resiliency costs and higher generation maintenance
costs driven by significantly higher thermal operating rates. Other
income increased due to gains on non-qualified benefit plan assets
from improved market performance.
Company Updates
2024 General Rate Case
On February 15, 2023, PGE filed
with the OPUC a General Rate Case based on a 2024 test year (2024
GRC) requesting an increase that, when including Colstrip-related
adjustments through a supplemental tariff, results in an overall
average increase of approximately 14% in customer prices for
2024.
Settlement discussions in the 2024 GRC have been productive and
PGE and parties have arrived at several agreements in principle
that would settle items related to a portion of PGE's transmission
and distribution capital request, a capital structure of 50% debt
and 50% equity, several core business issues, such as the treatment
of the transfer and sale of PTCs, and certain NVPC matters. Parties
are preparing the respective term sheets and testimony related to
the partial stipulations, which the Company expects to file with
the OPUC in the third quarter. Remaining unresolved issues include
cost of capital, adjustments to the PCAM, and recovery of certain
other capital projects.
Regulatory review, including approval of any related
stipulations, of the 2024 GRC (OPUC Docket UE 416) will continue
throughout 2023, with a final order expected to be issued by the
OPUC in December 2023, for new
customer prices effective January 1,
2024.
2021 All-Source Request for Proposal Conclusion
On May 30, 2023, PGE reached an
agreement to procure the Evergreen battery energy storage system
(BESS), a new 75 megawatt facility to be located in Hillsboro, Oregon.
The Evergreen BESS, combined with the previously announced
Clearwater Wind, Seaside BESS and
Troutdale BESS, represent the final projects to be procured from
the 2021 All-Source Request For Proposal (RFP). Additional
resources necessary to meet the Company's remaining 2030 capacity
need are anticipated to be procured through future acquisition
processes, including, but not limited to, the 2023 All-Source RFP
and future RFPs.
Resource Planning and 2023 All-Source RFP Updates
In March, PGE filed with the OPUC its first combined Integrated
Resource Plan (IRP) and Clean Energy Plan (CEP), which articulates
the Company's strategy to meet the 2030, 2035, and 2040 emission
reduction targets, as mandated by Oregon law, through an equitable transition to
a decarbonized grid. In July, PGE filed an Addendum to the 2023 CEP
and IRP with the OPUC on July 7,
2023. This addendum includes a portfolio
analysis refresh. As part of the CEP and IRP refresh, PGE
estimates a total resource need of approximately 3,500 to
4,500 MW of renewable energy and non-emitting capacity in order to
meet the Company's 2030 emissions reduction target. Through the
2021 All-Source RFP, PGE procured 311 MW of wind and 475 MW of
capacity, leaving a remaining need to procure of approximately
2,700 to 3,700 MW.
In alignment with local and regional transmissions plans, the
IRP Action Plan and CEP, PGE is evaluating options to upgrade
existing transmission resources and assessing expansions of current
transmission networks. Resources being pursued are intended to
alleviate congestion, improve regional adequacy and reliability,
enable decarbonization goals, and address growing customer
demand.
Quarterly Dividend
As previously announced, on July 21,
2023, the board of directors of Portland General Electric
Company approved a quarterly common stock dividend of $0.475 per share. The quarterly dividend is
payable on or before October 16, 2023
to shareholders of record at the close of business on September 25, 2023.
2023 Earnings Guidance
PGE is reaffirming its estimate for full-year 2023 adjusted
earnings guidance of $2.60 to
$2.75 per diluted share based on the
following assumptions:
- An increase in energy deliveries between 2.5% and 3%, weather
adjusted;
- Normal temperatures in its utility service territory;
- Hydro conditions for the year that reflect current
estimates;
- Wind generation based on five years of historical levels or
forecast studies when historical data is not available;
- Normal thermal plant operations;
- Operating and maintenance expense between $695 million and $715
million which includes approximately $45 million of storm, wildfire and related
deferral and other expenses that are offset in revenue and other
income statement lines;
- Depreciation and amortization expense between $445 million and $465
million;
- Effective tax rate of 15% to 20%;
- Cash from operations of $525 to
$575 million;
- Capital expenditures of $1,475
million; and
- Average construction work in progress balance of $570 million.
Second Quarter 2023 Earnings Call and Webcast — July 28, 2023
PGE will host a conference call with financial analysts and
investors on Friday, July 28, 2023,
at 11 a.m. ET. The conference call
will be webcast live on the PGE website at
investors.portlandgeneral.com. A webcast replay will also be
available on PGE's investor website "Events & Presentations"
page beginning at 2 p.m. ET on
July 28, 2023.
Maria Pope, President and CEO and
Joe Trpik, Senior Vice President of
Finance and CFO, will participate in the call. Management will
respond to questions following formal comments.
The attached unaudited condensed consolidated statements of
income and comprehensive income, balance sheets and statements of
cash flows, as well as the supplemental operating statistics, are
an integral part of this earnings release.
Non-GAAP Financial Measures
This press release contains certain non-GAAP measures, such as
adjusted earnings, adjusted EPS and adjusted earnings guidance.
These non-GAAP financial measures exclude significant items that
are generally not related to our ongoing business activities, are
infrequent in nature, or both. PGE believes that excluding the
effects of these items provides a meaningful representation of the
Company's comparative earnings per share and enables investors to
evaluate the Company's ongoing operating financial performance.
Management utilizes non-GAAP measures to assess the Company's
current and forecasted performance, and for communications with
shareholders, analysts and investors. Non-GAAP financial measures
are supplementary information that should be considered in addition
to, but not as a substitute for, the information prepared in
accordance with GAAP.
Items in the periods presented, which PGE believes impact the
comparability of comparative earnings and do not represent ongoing
operating financial performance, include the following:
- Boardman revenue requirement settlement charge associated with
the year ended 2020, resulting from the OPUC's 2022 GRC Final
Order.
PGE's reconciliation of non-GAAP earnings for the three months
ended June 30, 2023 is below.
Non-GAAP Earnings Reconciliation for the three
months ended June 30, 2023
(Dollars in
millions, except EPS)
|
Net
Income
|
Diluted
EPS
|
GAAP as reported for
the three months ended June 30, 2023
|
$
39
|
$
0.39
|
Exclusion of Boardman
revenue requirement settlement charge
|
7
|
0.07
|
Tax effect
(1)
|
(2)
|
(0.02)
|
Non-GAAP as reported
for the three months ended June 30, 2023
|
$
44
|
$
0.44
|
(1)
|
Tax effects were
determined based on the Company's full-year blended federal and
state statutory tax rate
|
About Portland General Electric Company
Portland General Electric (NYSE: POR) is a fully integrated
energy company that generates, transmits and distributes
electricity to over 900,000 customers in 51 cities across the state
of Oregon. For more than 130
years, Portland General Electric (PGE) has powered the advancement
of society, delivering safe, affordable, reliable and increasingly
clean energy. To deliver on its strategy and meet state targets,
PGE and its approximately 3,000 employees are committed to
collaborating with stakeholders to achieve at least an 80%
reduction in greenhouse gas emissions from power served to
customers by 2030 and 100% reduction by 2040. PGE customers set the
standard for prioritizing clean energy with the No. 1 voluntary
renewable energy program in the country. Additionally, for the
fifth year in a row, PGE was recognized by the Bloomberg
Gender-Equality Index which highlights companies committed to
creating a more equal and inclusive workplace. As a reflection of
the company's commitment to the community it serves, in 2022, PGE
employees, retirees and the PGE Foundation donated nearly
$5.5 million and volunteered more
than 18,000 hours with more than 400 nonprofits across Oregon. For more information visit
www.PortlandGeneral.com/news.
Safe Harbor Statement
Statements in this press release that relate to future plans,
objectives, expectations, performance, events and the like may
constitute "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995, Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. These forward-looking
statements represent our estimates and assumptions as of the date
of this report. The Company assumes no obligation to update or
revise any forward-looking statement as a result of new
information, future events or other factors.
Forward-looking statements include statements regarding the
Company's full-year earnings guidance (including expectations
regarding annual retail deliveries, hydro conditions, wind
generation, normal thermal plant operations, operating and
maintenance expense and depreciation and amortization expense) as
well as other statements containing words such as "anticipates,"
"based on," "believes," "conditioned upon," "considers," "could,"
"estimates," "expects," "expected," "forecast," "goals," "intends,"
"needs," "plans," "predicts," "projects," "promises," "seeks,"
"should," "subject to," "targets," "will likely result", "will
continue," or similar expressions.
Investors are cautioned that any such forward-looking statements
are subject to risks and uncertainties, including, without
limitation: the timing or outcome of various legal and regulatory
actions; changing customer expectations and choices that may reduce
demand for electricity; the sale of excess energy during periods of
low demand or low wholesale market prices; operational risks
relating to the Company's generation and battery storage
facilities, including hydro conditions, wind conditions, disruption
of transmission and distribution, disruption of fuel supply, and
unscheduled plant outages, which may result in unanticipated
operating, maintenance and repair costs, as well as replacement
power costs; delays in the supply chain and increased supply costs
(including application of tariffs impacting solar module imports),
failure to complete capital projects on schedule or within budget,
inability to complete negotiations on contracts for capital
projects, failure of counterparties to perform under agreement, or
the abandonment of capital projects, which could result in the
Company's inability to recover project costs, or impact our
competitive position, market share, revenues and project margins in
material ways; default or nonperformance of counterparties from
whom PGE purchases capacity or energy, which require the purchase
of replacement power and renewable attributes at increased costs;
complications arising from PGE's jointly-owned plant, including
ownership changes, regulatory outcomes or operational failures; the
costs of compliance with environmental laws and regulations,
including those that govern emissions from thermal power plants;
changes in weather, hydroelectric and energy market conditions,
which could affect the availability and cost of purchased power and
fuel; the development of alternative technologies; changes in
capital and credit market conditions, including volatility of
equity markets, reductions in demand for investment-grade
commercial paper or interest rates, which could affect the access
to and availability or cost of capital and result in delay or
cancellation of capital projects or execution of the Company's
strategic plan as currently envisioned; general economic and
financial market conditions, including inflation; the effects of
climate change, whether global or local in nature; unseasonable or
severe weather conditions, wildfires, and other natural phenomena
and natural disasters that could result in operational disruptions,
unanticipated restoration costs, third party liability or that may
affect energy costs or consumption; the effectiveness of PGE's risk
management policies and procedures; PGE's ability to effectively
implement Public Safety Power Shutoffs (PSPS) and de-energize its
system in the event of heightened wildfire risk; cyber security
attacks, data security breaches, physical attacks and security
breaches, or other malicious acts, which could disrupt operations,
require significant expenditures, or result in claims against the
Company; employee workforce factors, including potential strikes,
work stoppages, transitions in senior management, and the ability
to recruit and retain key employees and other talent and turnover
due to macroeconomic trends; PGE business activities are
concentrated in one region and future performance may be affected
by events and factors unique to Oregon; widespread health emergencies or
outbreaks of infectious diseases such as COVID-19, which may affect
our financial position, results of operations and cash flows;
failure to achieve the Company's greenhouse gas emission goals or
being perceived to have either failed to act responsibly with
respect to the environment or effectively responded to legislative
requirements concerning greenhouse gas emission reductions;
political and economic conditions; and risks and uncertainties
related to All-Source RFP projects, including regulatory processes,
transmission capabilities, system interconnections, permitting and
construction delays, legislative uncertainty, inflationary impacts,
supply costs and supply chain constraints. As a result, actual
results may differ materially from those projected in the
forward-looking statements.
Risks and uncertainties to which the Company are subject are
further discussed in the reports that the Company has filed with
the United States Securities and Exchange Commission (SEC). These
reports are available through the EDGAR system free-of-charge on
the SEC's website, www.sec.gov and on the Company's website,
investors.portlandgeneral.com. Investors should not rely unduly on
any forward-looking statements.
PORTLAND GENERAL
ELECTRIC COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED
STATEMENTS OF INCOME AND COMPREHENSIVE
INCOME (Dollars in millions, except per share amounts)
(Unaudited)
|
|
Three Months
Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Revenues:
|
|
|
|
|
|
|
|
Revenues,
net
|
$
646
|
|
$ 588
|
|
$
1,391
|
|
$
1,213
|
Alternative revenue
programs, net of amortization
|
2
|
|
3
|
|
5
|
|
4
|
Total
revenues
|
648
|
|
591
|
|
1,396
|
|
1,217
|
Operating
expenses:
|
|
|
|
|
|
|
|
Purchased power and
fuel
|
220
|
|
168
|
|
524
|
|
370
|
Generation,
transmission and distribution
|
101
|
|
85
|
|
194
|
|
175
|
Administrative and
other
|
93
|
|
84
|
|
173
|
|
173
|
Depreciation and
amortization
|
113
|
|
103
|
|
224
|
|
202
|
Taxes other than
income taxes
|
40
|
|
39
|
|
83
|
|
79
|
Total operating
expenses
|
567
|
|
479
|
|
1,198
|
|
999
|
Income from
operations
|
81
|
|
112
|
|
198
|
|
218
|
Interest expense,
net
|
41
|
|
38
|
|
85
|
|
76
|
Other
income:
|
|
|
|
|
|
|
|
Allowance for equity
funds used during construction
|
4
|
|
3
|
|
7
|
|
6
|
Miscellaneous income,
net
|
5
|
|
—
|
|
17
|
|
—
|
Other income,
net
|
9
|
|
3
|
|
24
|
|
6
|
Income before
income tax expense
|
49
|
|
77
|
|
137
|
|
148
|
Income tax
expense
|
10
|
|
13
|
|
24
|
|
24
|
Net
income
|
39
|
|
64
|
|
113
|
|
124
|
Other comprehensive
income
|
1
|
|
1
|
|
1
|
|
1
|
Net income and
Comprehensive income
|
$
40
|
|
$
65
|
|
$ 114
|
|
$ 125
|
|
|
|
|
|
|
|
|
Weighted-average common
shares outstanding (in thousands):
|
|
|
|
|
|
|
|
Basic
|
97,087
|
|
89,225
|
|
94,478
|
|
89,310
|
Diluted
|
97,630
|
|
89,371
|
|
94,950
|
|
89,449
|
|
|
|
|
|
|
|
|
Earnings per
share:
|
|
|
|
|
|
|
|
Earnings per
share—basic and diluted
|
$ 0.39
|
|
$ 0.72
|
|
$ 1.19
|
|
$ 1.39
|
PORTLAND GENERAL
ELECTRIC COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED
BALANCE SHEETS (Dollars in millions)
(Unaudited)
|
|
June 30,
2023
|
|
December 31,
2022
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
13
|
|
$
165
|
Accounts receivable,
net
|
310
|
|
398
|
Inventories
|
108
|
|
95
|
Regulatory
assets—current
|
88
|
|
54
|
Other current
assets
|
157
|
|
498
|
Total current
assets
|
676
|
|
1,210
|
Electric utility plant,
net
|
8,841
|
|
8,465
|
Regulatory
assets—noncurrent
|
593
|
|
473
|
Nuclear decommissioning
trust
|
35
|
|
39
|
Non-qualified benefit
plan trust
|
36
|
|
38
|
Other noncurrent
assets
|
189
|
|
234
|
Total
assets
|
$
10,370
|
|
$
10,459
|
PORTLAND GENERAL
ELECTRIC COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED
BALANCE SHEETS, continued (Dollars in millions)
(Unaudited)
|
|
June 30,
2023
|
|
December 31,
2022
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
227
|
|
$
457
|
Liabilities from price
risk management activities—current
|
98
|
|
118
|
Short-term
debt
|
140
|
|
—
|
Current portion of
long-term debt
|
—
|
|
260
|
Current portion of
finance lease obligation
|
20
|
|
20
|
Accrued expenses and
other current liabilities
|
276
|
|
641
|
Total current
liabilities
|
761
|
|
1,496
|
Long-term debt, net of
current portion
|
3,486
|
|
3,386
|
Regulatory
liabilities—noncurrent
|
1,409
|
|
1,389
|
Deferred income
taxes
|
452
|
|
439
|
Unfunded status of
pension and postretirement plans
|
171
|
|
170
|
Liabilities from price
risk management activities—noncurrent
|
159
|
|
75
|
Asset retirement
obligations
|
263
|
|
257
|
Non-qualified benefit
plan liabilities
|
79
|
|
83
|
Finance lease
obligations, net of current portion
|
292
|
|
294
|
Other noncurrent
liabilities
|
98
|
|
91
|
Total
liabilities
|
7,170
|
|
7,680
|
Shareholders'
Equity:
|
|
|
|
Preferred stock, no par
value, 30,000,000 shares authorized; none issued and
outstanding as of June 30, 2023 and December 31, 2022
|
—
|
|
—
|
Common stock, no par
value, 160,000,000 shares authorized; 98,863,827 and
89,283,353 shares issued and outstanding as of June 30, 2023 and
December
31, 2022, respectively
|
1,647
|
|
1,249
|
Accumulated other
comprehensive loss
|
(3)
|
|
(4)
|
Retained
earnings
|
1,556
|
|
1,534
|
Total shareholders'
equity
|
3,200
|
|
2,779
|
Total liabilities
and shareholders' equity
|
$
10,370
|
|
$
10,459
|
PORTLAND GENERAL
ELECTRIC COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS (In millions)
(Unaudited)
|
|
Six Months Ended
June 30,
|
|
2023
|
|
2022
|
Cash flows from
operating activities:
|
|
|
|
Net income
|
$
113
|
|
$
124
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
Depreciation and
amortization
|
224
|
|
202
|
Deferred income
taxes
|
6
|
|
9
|
Pension and other
postretirement benefits
|
3
|
|
7
|
Allowance for equity
funds used during construction
|
(7)
|
|
(6)
|
Decoupling mechanism
deferrals, net of amortization
|
(5)
|
|
(4)
|
Regulatory
assets
|
(10)
|
|
(35)
|
Regulatory
liabilities
|
12
|
|
9
|
2020 Labor Day
wildfire earnings test reserve
|
—
|
|
15
|
Other non-cash income
and expenses, net
|
28
|
|
26
|
Changes in working
capital:
|
|
|
|
Accounts receivable,
net
|
82
|
|
37
|
Inventories
|
(13)
|
|
(19)
|
Margin
deposits
|
90
|
|
3
|
Accounts payable and
accrued liabilities
|
(233)
|
|
(55)
|
Margin deposits from
wholesale counterparties
|
(135)
|
|
149
|
Other working capital
items, net
|
9
|
|
6
|
Other, net
|
(21)
|
|
(17)
|
Net cash provided
by operating activities
|
143
|
|
451
|
PORTLAND GENERAL
ELECTRIC COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS, continued (In millions)
(Unaudited)
|
|
Six Months Ended
June 30,
|
|
2023
|
|
2022
|
Cash flows from
investing activities:
|
|
|
|
Capital
expenditures
|
(573)
|
|
(345)
|
Sales of Nuclear
decommissioning trust securities
|
—
|
|
3
|
Purchases of Nuclear
decommissioning trust securities
|
—
|
|
(3)
|
Proceeds from sale of
properties
|
2
|
|
12
|
Other, net
|
(3)
|
|
(1)
|
Net cash used in
investing activities
|
(574)
|
|
(334)
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
Proceeds from issuance
of common stock
|
$
392
|
|
$
—
|
Proceeds from issuance
of long-term debt
|
100
|
|
—
|
Payments on long-term
debt
|
(260)
|
|
—
|
Issuance of commercial
paper, net
|
140
|
|
—
|
Proceeds from
Pelton/Round Butte financing arrangement
|
—
|
|
25
|
Dividends
paid
|
(84)
|
|
(77)
|
Repurchase of common
stock
|
—
|
|
(18)
|
Other
|
(9)
|
|
(8)
|
Net cash provided
by (used in) financing activities
|
279
|
|
(78)
|
(Decrease) Increase
in cash and cash equivalents
|
(152)
|
|
39
|
Cash and cash
equivalents, beginning of period
|
165
|
|
52
|
Cash and cash
equivalents, end of period
|
$
13
|
|
$
91
|
|
|
|
|
Supplemental cash
flow information is as follows:
|
|
|
|
Cash paid for
interest, net of amounts capitalized
|
$
70
|
|
$
63
|
Cash paid for income
taxes
|
16
|
|
16
|
Non-cash investing and
financing activities:
|
|
|
|
Assets obtained under
leasing arrangements
|
—
|
|
29
|
PORTLAND GENERAL
ELECTRIC COMPANY AND SUBSIDIARIES SUPPLEMENTAL OPERATING
STATISTICS (Unaudited)
|
|
Six Months Ended
June 30,
|
|
2023
|
|
2022
|
Revenues (dollars in
millions):
|
|
|
|
|
|
|
|
Retail:
|
|
|
|
|
|
|
|
Residential
|
$
641
|
|
46 %
|
|
$
558
|
|
46 %
|
Commercial
|
393
|
|
28
|
|
346
|
|
29
|
Industrial
|
169
|
|
12
|
|
142
|
|
12
|
Direct
Access
|
13
|
|
1
|
|
17
|
|
1
|
Subtotal
Retail
|
1,216
|
|
87
|
|
1,063
|
|
88
|
Alternative revenue
programs, net of amortization
|
5
|
|
—
|
|
4
|
|
—
|
Other accrued
revenues, net
|
(3)
|
|
—
|
|
—
|
|
—
|
Total retail
revenues
|
1,218
|
|
87
|
|
1,067
|
|
88
|
Wholesale
revenues
|
150
|
|
11
|
|
121
|
|
10
|
Other operating
revenues
|
28
|
|
2
|
|
29
|
|
2
|
Total
revenues
|
$ 1,396
|
|
100 %
|
|
$ 1,217
|
|
100 %
|
|
|
|
|
|
|
|
|
Energy deliveries
(MWhs in thousands):
|
|
|
|
|
|
|
|
Retail:
|
|
|
|
|
|
|
|
Residential
|
4,057
|
|
30 %
|
|
3,940
|
|
30
|
Commercial
|
3,252
|
|
24
|
|
3,186
|
|
24
|
Industrial
|
2,211
|
|
16
|
|
1,972
|
|
15
|
Subtotal
|
9,520
|
|
70
|
|
9,098
|
|
69
|
Direct
access:
|
|
|
|
|
|
|
|
Commercial
|
283
|
|
2
|
|
264
|
|
2
|
Industrial
|
866
|
|
7
|
|
854
|
|
7
|
Subtotal
|
1,149
|
|
9
|
|
1,118
|
|
9
|
Total retail energy
deliveries
|
10,669
|
|
79
|
|
10,216
|
|
78
|
Wholesale energy
deliveries
|
2,849
|
|
21
|
|
2,932
|
|
22
|
Total energy
deliveries
|
13,518
|
|
100 %
|
|
13,148
|
|
100 %
|
|
|
|
|
|
|
|
|
Average number of
retail customers:
|
|
|
|
|
|
|
|
Residential
|
814,187
|
|
88 %
|
|
807,777
|
|
88 %
|
Commercial
|
112,333
|
|
12
|
|
111,879
|
|
12
|
Industrial
|
195
|
|
—
|
|
192
|
|
—
|
Direct
access
|
541
|
|
—
|
|
552
|
|
—
|
Total
|
927,256
|
|
100 %
|
|
920,400
|
|
100 %
|
PORTLAND GENERAL
ELECTRIC COMPANY AND SUBSIDIARIES SUPPLEMENTAL OPERATING
STATISTICS, continued (Unaudited)
|
|
Six Months Ended
June 30,
|
|
2023
|
|
2022
|
Sources of energy
(MWhs in thousands):
|
|
|
|
|
|
|
|
Generation:
|
|
|
|
|
|
|
|
Thermal:
|
|
|
|
|
|
|
|
Natural gas
|
4,520
|
|
35 %
|
|
3,235
|
|
26 %
|
Coal
|
1,028
|
|
8
|
|
966
|
|
8
|
Total
thermal
|
5,548
|
|
43
|
|
4,201
|
|
34
|
Hydro
|
669
|
|
5
|
|
566
|
|
4
|
Wind
|
1,083
|
|
8
|
|
908
|
|
7
|
Total
generation
|
7,300
|
|
56
|
|
5,675
|
|
45
|
Purchased
power:
|
|
|
|
|
|
|
|
Hydro
|
2,492
|
|
19
|
|
3,564
|
|
27
|
Wind
|
476
|
|
4
|
|
445
|
|
4
|
Solar
|
539
|
|
4
|
|
329
|
|
3
|
Natural Gas
|
11
|
|
—
|
|
2
|
|
—
|
Waste, Wood, and
Landfill Gas
|
81
|
|
1
|
|
79
|
|
1
|
Source not
specified
|
2,023
|
|
16
|
|
2,500
|
|
20
|
Total purchased
power
|
5,622
|
|
44
|
|
6,919
|
|
55
|
Total system
load
|
12,922
|
|
100 %
|
|
12,594
|
|
100 %
|
Less: wholesale
sales
|
(2,849)
|
|
|
|
(2,932)
|
|
|
Retail load
requirement
|
10,073
|
|
|
|
9,662
|
|
|
The following table indicates the number of heating and cooling
degree-days for the three and six months ended June 30, 2023 and 2022, along with 15-year
averages based on weather data provided by the National Weather
Service, as measured at Portland International Airport:
|
Heating
Degree-days
|
|
Cooling
Degree-days
|
|
2023
|
|
2022
|
|
Avg
|
|
2023
|
|
2022
|
|
Avg
|
|
|
|
|
|
|
|
|
|
|
|
|
First
Quarter
|
1,927
|
|
1,761
|
|
1,840
|
|
—
|
|
—
|
|
—
|
April
|
404
|
|
454
|
|
371
|
|
12
|
|
—
|
|
2
|
May
|
105
|
|
242
|
|
185
|
|
87
|
|
—
|
|
23
|
June
|
45
|
|
65
|
|
73
|
|
96
|
|
75
|
|
76
|
Second
Quarter
|
554
|
|
761
|
|
629
|
|
195
|
|
75
|
|
101
|
Year-to-date
|
2,481
|
|
2,522
|
|
2,469
|
|
195
|
|
75
|
|
101
|
Increase/(decrease)
from the 15-year average
|
— %
|
|
2 %
|
|
|
|
93 %
|
|
(26) %
|
|
|
Source: Portland General Company
Media Contact:
|
|
Investor Contact:
|
Sarah
Hamaker
|
|
Jardon
Jaramillo
|
Corporate
Communications
|
|
Investor
Relations
|
Phone:
435-513-0799
|
|
Phone:
503-464-7051
|
View original
content:https://www.prnewswire.com/news-releases/portland-general-electric-announces-second-quarter-2023-results-301888042.html
SOURCE Portland General Company