The following is a summary of the Portland General Electric Company (POR) Q1 2024 Earnings Call Transcript:
Financial Performance:
Portland General Electric reported Q1 2024 GAAP net income of $109 million or $1.8 per diluted share, up from Q1 2023 GAAP net income of $74 million or $0.80 per diluted share.
Non-GAAP net income for Q1 2024 was $123 million, showing a rise in profit margins.
The decrease in revenue was primarily due to weather-driven decreases in deliveries, while power cost drove a $0.30 increase in EPS.
Strong income performance was attributable to robust load growth from semiconductor and data center customers.
The company reaffirmed its 2024 adjusted guidance of $2.98 to $3.18 per share and long-term earnings and dividend growth of 5% to 7%.
Business Progress:
There is a focus on the rapid transformation of energy systems, the execution of a clean energy capital plan, and strong operational discipline.
Industrial load growth increased by 4.9% compared to Q1 2023, driven by developments in the semiconductor industry.
There has been strong residential growth in rooftop solar and electric vehicle adoption, showing the company's appeal in the consumer market.
Portland General Electric is making progress on battery storage and transmission projects while focusing on grid modernization and resilience.
The company plans to join the CAISO EDAM, aimed at enhancing reliability and mitigating power cost pressure.
Application for general rate increase to recover battery storage project costs and continued system investments has been submitted, with new rates anticipated at the start of 2025.
Management of power costs provided a $0.17 benefit in Q1 2024 with the company anticipating to be around the PCAM baseline by the end of the year.
Recovery of the $75 million deferral under the PCAM and the $48 million in O&M and capital costs due to the January storm is due to begin in 2026.
More details: Portland General Electric IR
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