Portland General Electric Reports 17.6% Revenue Growth, Doubles Net Income in Q3 2024

Portland General Electric Company (PGE) reported significant financial growth for the third quarter and the first nine months of 2024, driven by increased revenues and improved profitability. For the three months ended September 30, 2024, PGE's revenues reached $942 million, a 17.6% increase from $801 million in the same period of 2023. For the nine months, revenues totaled $2,643 million, up from $2,192 million year-over-year.

Income from operations also saw a substantial rise, with $146 million for the third quarter of 2024 compared to $85 million in 2023, and $424 million for the nine months, up from $283 million. Net income for the third quarter was $94 million, doubling from $47 million in the prior year, while net income for the nine months increased to $275 million from $160 million.

Retail revenues were a key contributor to this growth, with third-quarter retail revenues of $714 million, up from $612 million in 2023, and nine-month retail revenues of $2,094 million, compared to $1,830 million. Wholesale revenues also increased significantly, driven by a 45% rise in sales volumes, despite a 22% decrease in average wholesale sales prices.

PGE's total operating expenses for the third quarter rose to $783 million, a 9.2% increase from $717 million in 2023, primarily due to higher generation, transmission, and distribution expenses linked to maintenance and service restoration efforts. Interest expenses also increased due to higher long-term debt balances.

As of September 30, 2024, PGE's total assets amounted to $11,881 million, up from $11,208 million at the end of 2023. Total liabilities decreased to $972 million from $1,112 million, while long-term debt rose to $4,354 million from $3,905 million. Shareholders' equity increased to $3,630 million from $3,319 million.

PGE's cash and cash equivalents improved to $35 million from $5 million at the end of 2023, with net cash provided by operating activities for the nine months reaching $608 million, compared to $331 million in the previous year. Capital expenditures for the nine months were $876 million, slightly lower than $931 million in 2023.

Strategically, PGE is focused on enhancing its clean energy initiatives, with ongoing projects such as the Clearwater Wind Development and various battery energy storage systems. The company is also actively involved in wildfire mitigation efforts and has plans for significant transmission upgrades to support its decarbonization goals. PGE's commitment to reducing greenhouse gas emissions aligns with Oregon's legislative framework for clean electricity by 2040.