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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