Portland General Electric Company Q3 FY2025 earnings call

• Five strategic priorities: investing in customer-driven clean energy, keeping customer prices low, supporting data center/high-tech growth, risk reduction, and promoting investable energy future.
• Clean energy progress: Oregon governor's executive order, RFP strategies, community-based renewables, 2025 RFP evaluation.
• Customer affordability: Multiyear program delivering results, focusing on safe, reliable service while keeping prices low.
• Load growth: Total load up over 5% vs same quarter 2024, industrial customers (data centers, semiconductors) grew energy usage by over 13%.
• Risk management: Wildfire season ended, ongoing mitigation programs, working with policymakers on wildfire solutions.
• Regulatory proceedings: Progress on Seaside Alternative Recovery Mechanism, distributed system plan on track, holdco and transmission company proceedings progressing.

Total load increased 5.5% overall and 7.3% weather adjusted compared to Q3 2024. Residential load increased 2.2% quarter-over-quarter but 6.7% weather-adjusted; residential customer count increased by 1.2%. Commercial load increased 1.3% overall or 1.9% weather adjusted. Industrial load saw significant growth with Q3 demand increasing 13% or 13.2% weather-adjusted. Revenues were up $0.44 driven by demand growth and higher average price of deliveries. Power costs decreased $0.24, O&M expenses lower by $0.06, but had impacts from rate base investments including depreciation, amortization, dilution, and interest expense. Other items contributed $0.07 increase.

• Reaffirmed 2025 adjusted earnings guidance of $3.13 to $3.33 per diluted share.
• Reaffirmed long-term EPS and dividend growth guidance of 5% to 7% and long-term growth guidance of 3% through 2029.
• Updated weather-adjusted 2025 load growth guidance to 3.5% to 4.5%.

• Wildfire risk as a societal-wide problem, requiring more solutions from policymakers.
• Regulatory uncertainties around holdco and transco filings, including jurisdictional issues between OPUC and FERC.

Q: Julien Dumoulin-Smith asked about energy deliveries trend, holdco progress, and RFP refresh.

A: Maria Pope discussed solid industrial load growth supporting 3% long-term growth, holdco filings may separate transmission and holding company, and Joe Trpik talked about holdco financing and RFP scale.

Q: Sophie Karp asked about holdco and transmission CapEx.

A: Joseph Trpik said holdco and transco approval could be separated in timing, and current transmission spend is balanced to serve customer needs.

Q: Gregg Orrill asked about financing plan and reliability contingency.

A: Joseph Trpik discussed 50-50 financing structure on RFPs, tax credit monetization, and ongoing dialogue on reliability contingency events.

Q: Paul Fremont asked about tax credits and wildfire funds.

A: Maria Pope and Joseph Trpik talked about tax credit monetization for renewables and wildfire fund discussions with legislators.

Q: George Sanoulis asked about DSP and GridCARE.

A: Joseph Trpik mentioned DSP had an MOU in place, and Maria Pope discussed GridCARE partnership unlocking system capacity.