Portland General Electric Reaffirms Its 2024 Guidance: Sees Adjusted EPS Of $2.98-$3.18 Vs. $3.07 Consensus, And Cash From Operations Of $700M-$800M
$POR
Electric Utilities: Central
Utilities
2024 Earnings Guidance
PGE is reaffirming its estimate for full-year 2024 adjusted earnings guidance of $2.98 to $3.18 per diluted share based on the following assumptions:
- Exclusion of the impacts of the January 2024 winter storm, including non-deferrable Reliability Contingency Event (RCE) costs and non-deferred incremental storm restoration costs;
- An increase in energy deliveries of 2% to 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 $815 million and $840 million which includes approximately $165 million of wildfire, vegetation management, deferral amortization and other expenses that are offset in other income statement lines;
- Depreciation and amortization expense between $475 million and $525 million;
- Effective tax rate of 10% to 15%;
- Cash from operations of $700 to $800 million;
- Capital expenditures of $1,340 million; and
- Average construction work in progress balance of $795 million.