Fri, Jul 26, 10:02 AM (43 days ago)
For the quarter ended June 30, 2024, Portland General Electric Company (PGE) reported a notable increase in financial performance. Total revenues rose by 17% year-over-year to $758 million, driven by higher retail prices and increased wholesale revenues. Net income surged by 85% to $72 million, primarily due to a 43% increase in income from operations. Operating expenses also increased by 13% to $642 million, with significant rises in purchased power and fuel costs. Depreciation and amortization expenses grew by 8%, reflecting higher utility plant balances. PGE's retail energy deliveries slightly decreased by 1%, while wholesale energy deliveries increased by 45%. The company continues to invest heavily in its infrastructure, with $1.3 billion planned for capital expenditures in 2024. PGE's liquidity remains strong, with $750 million available under its revolving credit facility and $6 million in cash. Future operations will focus on decarbonization, grid resilience, and customer-centric initiatives, supported by ongoing regulatory proceedings and federal grants. The company's financial health is bolstered by strategic investments and favorable market conditions, though it faces uncertainties related to regulatory outcomes and environmental liabilities.