- Revising 2022 GAAP basis earnings guidance from $2.50 to $2.65 to
$2.60 to $2.75 per diluted share; initiating non-GAAP
basis adjusted full-year 2022 earnings guidance of $2.74 to $2.89
which reflects the exclusion of previously disclosed deferral
reductions related to 2020
- Continued strong energy delivery and customer growth, coupled
with favorable power cost conditions
- Filed for amortization of 2021 Power Cost Adjustment Mechanism,
2020 Labor Day Wildfire and February
2021 Ice Storm deferrals
PORTLAND, Ore., July 28,
2022 /PRNewswire/ -- Portland General Electric
Company (NYSE: POR) today reported net income based on
generally accepted accounting principles (GAAP) of $64 million, or $0.72 per diluted share, for the second quarter
of 2022. This compares with GAAP net income of $32 million, or $0.36 per diluted share, for the second quarter
of 2021.
"The region's growth, driven by the semiconductor and digital
technology sectors, relies upon safe, reliable, clean, affordable
energy," said Maria Pope, PGE
president and CEO. "Our progress this quarter demonstrates our
ongoing commitment to advancing Oregon's clean energy goals and mitigating
risk across our system to keep our customers safe, particularly
during wildfire season and high heat. With the operational and
financial progress we are making, PGE is positioned for long-term
growth."
Second Quarter 2022 Compared to
Second Quarter 2021
Total revenues were driven by higher retail energy deliveries,
due to continued growth in industrial demand, including high-tech
and digital customers, offset by a reduction in the average price
of deliveries due to a varying customer mix. Purchased power and
fuel expense decreased due to strong hydro and power market
conditions in 2022, and quarter over quarter tailwinds due to
challenging market conditions in the second quarter of 2021.
Operating and administrative expenses increased, driven by wildfire
mitigation, grid resiliency and maintenance, enhancements to
customer digital technology and higher professional services and
insurance costs. Other income decreased due to declines in the
value of the non-qualified benefit plan trust assets.
Company Updates
Major Deferral Amortization
Request Filings
In July, PGE submitted amortization request filings to the OPUC
for the 2021 Power Cost Adjustment Mechanism, 2020 Labor Day
Wildfire, and February 2021 Ice
Storm, representing $132 million of
outstanding major deferrals. PGE anticipates resolution of these
filings by the end of 2022 and plans to file an amortization
request for the COVID-19 deferral, which has a $34 million balance as of June 30, 2022, in late 2022 or early 2023.
Renewable Energy and Non-Emitting
Capacity Request for Proposal Update
The OPUC acknowledged PGE's submitted shortlist of bids in the
pending Renewable Request for Proposals (RFP) on July 15, 2022. The RFP is intended to procure at
least 375 to 500 MW of qualifying renewable energy resources,
approximately 375 MW of non-emitting dispatchable capacity
resources, and up to 100 MW of renewable energy resources in
support of the Green Future Impact program's PGE supply option. PGE
has since commenced negotiations with shortlist bidders and plans
to finalize negotiations prior to the end of 2022 to allow
sufficient time to capture expiring federal production tax credits
for the benefit of customers.
The proposals for renewable energy resources provide various
combinations of wind, solar, and battery storage options that
include power purchase agreements (PPA) along with Company-owned
resources. The proposals for non-emitting dispatchable capacity
resources provide battery storage options and a pumped storage
option that include PPAs along with Company-owned resources. The
ultimate outcome of the RFP process may involve the selection of
multiple projects for both renewable energy and non-emitting
dispatchable capacity resources.
Wildfire Protection Plan Approved
by the OPUC
In late April, the OPUC approved PGE's 2022 Wildfire Mitigation
Plan, the foundational document that implements the Company's
Wildfire Mitigation Program for assessing and addressing wildfire
risks in PGE's region. Core components of the plan include PGE's
risk assessment and modeling processes, system inspection, design
and construction work, wildfire-related capital and technology
investment plans, vegetation management plans and practices and
proactive efforts employed during high-risk events. Customer and
community safety is PGE's highest priority, and this plan specifies
efforts to address wildfire risks and remain in compliance with all
relevant wildfire-related requirements.
Quarterly Dividend
As previously announced, on July 22,
2022, the board of directors of Portland General Electric
Company approved a quarterly common stock dividend of $0.4525 per share. The quarterly dividend
is payable on or before October 17,
2022, to shareholders of record at the close of business on
September 26, 2022.
2022 Earnings Guidance
PGE is revising its estimate for full-year 2022 GAAP earnings
guidance from $2.50 to $2.65 to $2.60 to
$2.75 per diluted share; initiating
non-GAAP basis adjusted full-year 2022 earnings guidance of
$2.74 to $2.89 which reflects the exclusion of previously
disclosed $17 million deferral
reductions related to the year ended 2020. These are based on the
following assumptions:
- An increase in energy deliveries between 2% and 2.5%, weather
adjusted;
- Normal temperatures in its utility service territory;
- Average hydro conditions;
- 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 from between $620 million to $640
million, which includes the $17
million impact of released deferrals related to 2020;
- Depreciation and amortization expense between $420 million and $440
million;
- Effective tax rate of 15% to 20%;
- Cash from operations of $600
million to $650 million;
- Capital expenditures of $755
million; and
- Average construction work in progress balance of $270 million.
Second Quarter 2022 Earnings Call
and Webcast — July 28, 2022
PGE will host a conference call with financial analysts and
investors on Thursday, July 28, 2022, 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, 2022.
Maria Pope, President and CEO;
Jim Ajello, Senior Vice President of
Finance, CFO, Treasurer and CCO; and Jardon
Jaramillo, Senior Director, Finance, Investor Relations, and
Risk Management, will participate in the call. Management will
respond to questions following formal comments.
The attached unaudited condensed consolidated statements of
income and comprehensive income, condensed consolidated balance
sheets and condensed consolidated 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:
- Non-cash Wildfire and COVID deferral reversal charge associated
with the year ended 2020, resulting from the OPUC's 2022 GRC Final
Order earnings test.
PGE's reconciliation of non-GAAP earnings guidance is below.
Non-GAAP Earnings
Guidance Reconciliation for full-year 2022
|
|
Diluted EPS
(2)
|
GAAP full-year 2022
earnings per diluted share guidance
|
$
2.68
|
Exclusion of released
deferrals related to 2020
|
0.19
|
Tax effect
(1)
|
(0.05)
|
Non-GAAP full-year
2022 earnings per diluted share guidance
|
$
2.82
|
(1)
|
Tax effects were
determined based on the Company's full-year blended federal and
state statutory tax rate
|
(2)
|
2022 full-year GAAP and
non-GAAP guidance presented based on the mid-point of the provided
range
|
About Portland General Electric
Company
Portland General Electric (NYSE: POR) is a fully integrated
energy company based in Portland,
Oregon. The company serves approximately 900,000 customers
with a service area population of 2 million Oregonians in 51
cities. PGE owns 16 generation plants across Oregon and other Northwestern states and
maintains and operates 14 public parks and recreation areas. For
more than 130 years, PGE has powered the advancement of society,
delivering safe, affordable, and reliable energy to Oregonians. PGE
and its approximately 3,000 employees are working with customers to
build a clean energy future. Together with its customers, PGE has
the No. 1 voluntary renewable energy program in the U.S. PGE is
committed to achieving at least an 80% reduction in greenhouse gas
emissions from power served to customers by 2030 and 100% reduction
by 2040. In 2021, PGE became the first U.S. utility to join The
Climate Pledge. For the eighth year in a row PGE achieved a perfect
score on the 2021 Human Rights Campaign Foundation's Corporate
Equality Index, a national benchmarking survey and report on
corporate policies and practices related to LGBTQ workplace
equality. In 2021, PGE, employees, retirees, and the PGE Foundation
donated $4.8 million and volunteered
15,760 hours with more than 300 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, average 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,"
"estimates," "expects," "forecast," "goals," "intends," "needs,"
"plans," "promises," "seeks," "should," "subject to," "targets,"
and similar expressions.
Investors are cautioned that any such forward-looking statements
are subject to risks and uncertainties, including, without
limitation: the outcome of various legal and regulatory actions;
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,
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
materials 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; severe weather
conditions, wildfires, and other natural phenomena and natural
disasters that could result in operational disruptions,
unanticipated restoration costs, or third party liability; cyber
security breaches of the Company's customer information system or
operating systems, data security breaches, or acts of terrorism,
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; and widespread health
emergencies or outbreaks of infectious diseases such as COVID-19,
which may affect our financial position, results of operations and
cash flows. 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.
POR
Source: Portland General Company
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,
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Revenues:
|
|
|
|
|
|
|
|
Revenues,
net
|
$ 588
|
|
$ 545
|
|
$
1,213
|
|
$
1,157
|
Alternative revenue
programs, net of amortization
|
3
|
|
(8)
|
|
4
|
|
(11)
|
Total
revenues
|
591
|
|
537
|
|
1,217
|
|
1,146
|
Operating
expenses:
|
|
|
|
|
|
|
|
Purchased power and
fuel
|
168
|
|
185
|
|
370
|
|
354
|
Generation,
transmission and distribution
|
85
|
|
76
|
|
175
|
|
156
|
Administrative and
other
|
84
|
|
79
|
|
173
|
|
165
|
Depreciation and
amortization
|
103
|
|
101
|
|
202
|
|
204
|
Taxes other than
income taxes
|
39
|
|
35
|
|
79
|
|
73
|
Total operating
expenses
|
479
|
|
476
|
|
999
|
|
952
|
Income from
operations
|
112
|
|
61
|
|
218
|
|
194
|
Interest expense,
net
|
38
|
|
33
|
|
76
|
|
67
|
Other
income:
|
|
|
|
|
|
|
|
Allowance for equity
funds used during construction
|
3
|
|
5
|
|
6
|
|
9
|
Miscellaneous income,
net
|
—
|
|
3
|
|
—
|
|
5
|
Other income,
net
|
3
|
|
8
|
|
6
|
|
14
|
Income before
income tax expense
|
77
|
|
36
|
|
148
|
|
141
|
Income tax
expense
|
13
|
|
4
|
|
24
|
|
13
|
Net
income
|
64
|
|
32
|
|
124
|
|
128
|
Other comprehensive
income
|
1
|
|
—
|
|
1
|
|
—
|
Net income and
Comprehensive income
|
$
65
|
|
$
32
|
|
$ 125
|
|
$ 128
|
|
|
|
|
|
|
|
|
Weighted-average common
shares outstanding (in thousands):
|
|
|
|
|
|
|
|
Basic
|
89,225
|
|
89,554
|
|
89,310
|
|
89,555
|
Diluted
|
89,371
|
|
89,672
|
|
89,449
|
|
89,687
|
|
|
|
|
|
|
|
|
Earnings per
share:
|
|
|
|
|
|
|
|
Earnings per
share—Basic and diluted
|
$ 0.72
|
|
$ 0.36
|
|
$ 1.39
|
|
$ 1.43
|
PORTLAND GENERAL
ELECTRIC COMPANY AND SUBSIDIARIES
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(Dollars in
millions)
|
(Unaudited)
|
|
|
June 30,
2022
|
|
December 31,
2021
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
91
|
|
$
52
|
Accounts receivable,
net
|
289
|
|
329
|
Inventories
|
96
|
|
78
|
Regulatory
assets—current
|
16
|
|
24
|
Other current
assets
|
310
|
|
205
|
Total current
assets
|
802
|
|
688
|
Electric utility plant,
net
|
8,164
|
|
8,005
|
Regulatory
assets—noncurrent
|
498
|
|
533
|
Nuclear decommissioning
trust
|
43
|
|
47
|
Non-qualified benefit
plan trust
|
38
|
|
45
|
Other noncurrent
assets
|
238
|
|
176
|
Total
assets
|
$
9,783
|
|
$
9,494
|
PORTLAND GENERAL
ELECTRIC COMPANY AND SUBSIDIARIES
|
CONDENSED
CONSOLIDATED BALANCE SHEETS, continued
|
(Dollars in
millions)
|
(Unaudited)
|
|
|
June 30,
2022
|
|
December 31,
2021
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
191
|
|
$
244
|
Liabilities from price
risk management activities—current
|
55
|
|
47
|
Current portion of
finance lease obligation
|
21
|
|
20
|
Accrued expenses and
other current liabilities
|
653
|
|
457
|
Total current
liabilities
|
920
|
|
768
|
Long-term debt, net of
current portion
|
3,286
|
|
3,285
|
Regulatory
liabilities—noncurrent
|
1,418
|
|
1,360
|
Deferred income
taxes
|
432
|
|
413
|
Unfunded status of
pension and postretirement plans
|
205
|
|
206
|
Liabilities from price
risk management activities—noncurrent
|
67
|
|
90
|
Asset retirement
obligations
|
244
|
|
238
|
Non-qualified benefit
plan liabilities
|
92
|
|
95
|
Finance lease
obligations, net of current portion
|
297
|
|
273
|
Other noncurrent
liabilities
|
84
|
|
59
|
Total
liabilities
|
7,045
|
|
6,787
|
Shareholders'
Equity:
|
|
|
|
Preferred stock, no par
value, 30,000,000 shares authorized; none issued and outstanding as
of June 30, 2022 and December 31, 2021
|
—
|
|
—
|
Common stock, no par
value, 160,000,000 shares authorized; 89,242,672 and 89,410,612
shares issued and outstanding as of June 30, 2022 and December 31,
2021, respectively
|
1,241
|
|
1,241
|
Accumulated other
comprehensive loss
|
(9)
|
|
(10)
|
Retained
earnings
|
1,506
|
|
1,476
|
Total shareholders'
equity
|
2,738
|
|
2,707
|
Total liabilities
and shareholders' equity
|
$
9,783
|
|
$
9,494
|
PORTLAND GENERAL
ELECTRIC COMPANY AND SUBSIDIARIES
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(In
millions)
|
(Unaudited)
|
|
|
Six Months Ended
June 30,
|
|
2022
|
|
2021
|
Cash flows from
operating activities:
|
|
|
|
Net income
|
$
124
|
|
$
128
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
Depreciation and
amortization
|
202
|
|
204
|
Deferred income
taxes
|
9
|
|
6
|
Pension and other
postretirement benefits
|
7
|
|
12
|
Allowance for equity
funds used during construction
|
(6)
|
|
(9)
|
Decoupling mechanism
deferrals, net of amortization
|
(4)
|
|
11
|
Deferral of
incremental storm costs
|
(3)
|
|
(52)
|
2020 Labor Day
wildfire earnings test reserve
|
15
|
|
—
|
Other non-cash income
and expenses, net
|
38
|
|
19
|
Changes in working
capital:
|
|
|
|
(Increase)/decrease in
accounts receivable, net
|
37
|
|
(9)
|
(Increase)/decrease in
inventories
|
(19)
|
|
(3)
|
(Increase)/decrease in
margin deposits
|
3
|
|
(35)
|
Increase/(decrease) in
accounts payable and accrued liabilities
|
(55)
|
|
13
|
Increase in margin
deposits from wholesale counterparties
|
149
|
|
17
|
Other working capital
items, net
|
6
|
|
15
|
Other, net
|
(52)
|
|
(41)
|
Net cash provided
by operating activities
|
451
|
|
276
|
PORTLAND GENERAL
ELECTRIC COMPANY AND SUBSIDIARIES
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS, continued
|
(In
millions)
|
(Unaudited)
|
|
|
Six Months Ended
June 30,
|
|
2022
|
|
2021
|
Cash flows from
investing activities:
|
|
|
|
Capital
expenditures
|
(345)
|
|
(326)
|
Sales of Nuclear
decommissioning trust securities
|
3
|
|
7
|
Purchases of Nuclear
decommissioning trust securities
|
(3)
|
|
(5)
|
Proceeds from sale of
properties
|
12
|
|
—
|
Other, net
|
(1)
|
|
(13)
|
Net cash used in
investing activities
|
(334)
|
|
(337)
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
Payments on long-term
debt
|
—
|
|
(140)
|
Borrowings on
short-term debt
|
—
|
|
200
|
Repayments of
short-term debt
|
—
|
|
(150)
|
Proceeds from
Pelton/Round Butte financing arrangement
|
25
|
|
|
Dividends
paid
|
(77)
|
|
(73)
|
Repurchase of common
stock
|
(18)
|
|
(12)
|
Other
|
(8)
|
|
(4)
|
Net cash used in
financing activities
|
(78)
|
|
(179)
|
Increase (Decrease)
in cash and cash equivalents
|
39
|
|
(240)
|
Cash and cash
equivalents, beginning of period
|
52
|
|
257
|
Cash and cash
equivalents, end of period
|
$
91
|
|
$
17
|
|
|
|
|
Supplemental cash
flow information is as follows:
|
|
|
|
Cash paid for
interest, net of amounts capitalized
|
$
63
|
|
$
61
|
Cash paid for income
taxes
|
16
|
|
11
|
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,
|
|
2022
|
|
2021
|
Revenues (dollars in
millions):
|
|
|
|
|
|
|
|
Retail:
|
|
|
|
|
|
|
|
Residential
|
$
558
|
|
46 %
|
|
$
559
|
|
49 %
|
Commercial
|
346
|
|
29
|
|
332
|
|
29
|
Industrial
|
142
|
|
12
|
|
122
|
|
11
|
Direct
Access*
|
17
|
|
1
|
|
24
|
|
2
|
Subtotal
|
1,063
|
|
88
|
|
1,037
|
|
91
|
Alternative revenue
programs, net of amortization
|
4
|
|
—
|
|
(11)
|
|
(1)
|
Other accrued
revenues, net
|
—
|
|
—
|
|
11
|
|
1
|
Total retail
revenues
|
1,067
|
|
88
|
|
1,037
|
|
91
|
Wholesale
revenues
|
121
|
|
10
|
|
74
|
|
6
|
Other operating
revenues
|
29
|
|
2
|
|
35
|
|
3
|
Total
revenues
|
$ 1,217
|
|
100 %
|
|
$ 1,146
|
|
100 %
|
|
|
|
|
|
|
|
|
Energy deliveries
(MWhs in thousands):
|
|
|
|
|
|
|
|
Retail:
|
|
|
|
|
|
|
|
Residential
|
3,940
|
|
30 %
|
|
4,003
|
|
32
|
Commercial
|
3,186
|
|
24
|
|
3,165
|
|
25
|
Industrial
|
1,972
|
|
15
|
|
1,813
|
|
15
|
Subtotal
|
9,098
|
|
69
|
|
8,981
|
|
72
|
Direct
access:
|
|
|
|
|
|
|
|
Commercial
|
264
|
|
2
|
|
298
|
|
2
|
Industrial
|
854
|
|
7
|
|
761
|
|
6
|
Subtotal
|
1,118
|
|
9
|
|
1,059
|
|
8
|
Total retail energy
deliveries
|
10,216
|
|
78
|
|
10,040
|
|
80
|
Wholesale energy
deliveries
|
2,932
|
|
22
|
|
2,504
|
|
20
|
Total energy
deliveries
|
13,148
|
|
100 %
|
|
12,544
|
|
100 %
|
|
|
|
|
|
|
|
|
Average number of
retail customers:
|
|
|
|
|
|
|
|
Residential
|
807,777
|
|
88 %
|
|
798,200
|
|
88 %
|
Commercial
|
111,879
|
|
12
|
|
110,764
|
|
12
|
Industrial
|
192
|
|
—
|
|
191
|
|
—
|
Direct
access
|
552
|
|
—
|
|
593
|
|
—
|
Total
|
920,400
|
|
100 %
|
|
909,748
|
|
100 %
|
|
* Commercial revenues
from Direct Access customers for the three and six months ended
June 30, 2022 were $3 million and $6 million, respectively. For the
comparable three- and six-month periods of 2021, revenues were $5
million and $9 million, respectively. Industrial revenues from
Direct Access customers for the three and six months ended June 30,
2022 were $6 million and $11 million, respectively. For the
comparable three- and six-month periods of 2021, revenues were $7
million and $15 million, respectively.
|
PORTLAND GENERAL
ELECTRIC COMPANY AND SUBSIDIARIES
|
SUPPLEMENTAL
OPERATING STATISTICS, continued
|
(Unaudited)
|
|
|
Six Months Ended
June 30,
|
|
2022
|
|
2021
|
Sources of energy
(MWhs in thousands):
|
|
|
|
|
|
|
|
Generation:
|
|
|
|
|
|
|
|
Thermal:
|
|
|
|
|
|
|
|
Natural gas
|
3,235
|
|
26 %
|
|
4,289
|
|
36 %
|
Coal
|
966
|
|
8
|
|
895
|
|
7
|
Total
thermal
|
4,201
|
|
34
|
|
5,184
|
|
43
|
Hydro
|
566
|
|
4
|
|
581
|
|
5
|
Wind
|
908
|
|
7
|
|
1,197
|
|
10
|
Total
generation
|
5,675
|
|
45
|
|
6,962
|
|
58
|
Purchased
power:
|
|
|
|
|
|
|
|
Hydro
|
3,564
|
|
27
|
|
2,472
|
|
21
|
Wind
|
445
|
|
4
|
|
482
|
|
4
|
Solar
|
329
|
|
3
|
|
267
|
|
2
|
Natural Gas
|
2
|
|
—
|
|
4
|
|
—
|
Waste, Wood and
Landfill Gas
|
79
|
|
1
|
|
83
|
|
1
|
Source not
specified
|
2,500
|
|
20
|
|
1,721
|
|
14
|
Total purchased
power
|
6,919
|
|
55
|
|
5,029
|
|
42
|
Total system
load
|
12,594
|
|
100 %
|
|
11,991
|
|
100 %
|
Less: wholesale
sales
|
(2,932)
|
|
|
|
(2,504)
|
|
|
Retail load
requirement
|
9,662
|
|
|
|
9,487
|
|
|
The following table indicates the number of heating degree-days
for the three months ended June 30,
2022 and 2021, along with 15-year averages based on weather
data provided by the National Weather Service, as measured at
Portland International Airport:
|
Heating
Degree-days
|
|
2022
|
|
2021
|
|
Avg.
|
|
|
|
|
|
|
First
Quarter
|
1,761
|
|
1,805
|
|
1,846
|
April
|
454
|
|
290
|
|
365
|
May
|
242
|
|
167
|
|
184
|
June
|
65
|
|
41
|
|
75
|
Second
Quarter
|
761
|
|
498
|
|
624
|
Year-to-date
|
2,522
|
|
2,303
|
|
2,470
|
Increase/(decrease)
from the 15-year average
|
2 %
|
|
(7) %
|
|
|
Media Contact:
|
|
|
Investor Contact:
|
Katie Hale
|
|
|
Jardon
Jaramillo
|
Corporate
Communications
|
|
|
Investor
Relations
|
Phone:
646-599-3296
|
|
|
Phone:
503-464-7051
|
View original
content:https://www.prnewswire.com/news-releases/portland-general-electric-announces-second-quarter-2022-results-301594947.html
SOURCE Portland General Company