Portland General Electric Company Q1 FY2026 earnings call

Maria Pope mentioned first quarter had warm winter weather, 10% industrial customer demand growth, and continued cost management. Joe Terpich covered Q1 results, load changes by customer classes, and earnings drivers. Teams made progress on Washington acquisition and regulatory filings. Continued driving efficiencies and improving productivity in cost management. Progress on clean energy resource procurement and wildfire mitigation work.

For the first quarter, GAAP net income was $45 million, or $0.38 per diluted share, and non-GAAP net income was $68 million, or $0.58 per share. Industrial customer demand grew 10% year-over-year. Residential and small commercial customers had lower seasonal usage. Industrial demand increased 10% on nominal and weather-adjusted basis. Commercial load decreased 2.9% (2.3% weather adjusted) and residential load decreased 6.2% (4.6% weather adjusted).

Reiterated full year earnings guidance of $3.33 to $3.53 per diluted share and long-term earnings and dividend growth guidance of 5 to 7 percent. Reaffirmed long-term earnings and dividend growth guidance of 5% to 7% and full-year adjusted earnings guidance of $3.33 to $3.53 per diluted share.

Weather and usage volatility impacting revenue and power costs. Regulatory process for holding company and transmission company with remaining key items. Volatility in power market conditions affecting power costs.

Q: Julian Dumoulin-Smith asked about holdco negotiations and levers for remainder of year.

A: Maria and Joe discussed holdco process and cost management levers.

Q: Shah Pariza asked about recovery tools and multi-year rate planning.

A: Maria and Joe talked about engaging with regulators and multi-year rate plan transition.

Q: Chris Ellenhoff asked about Oregon economy and load factors.

A: Maria and Joe discussed Oregon economy, customer growth, and load patterns.

Q: Aiden Kelly asked about Washington acquisition and regulatory timing.

A: Maria talked about stakeholder engagement and regulatory timing.

Q: Greg Oriel asked about 25 RFP inclusion in CapEx plan.

A: Maria mentioned anticipation of contracts starting in early 2027.

Q: Paul Fremont asked about holdco settlement prospects and Washington utility.

A: Maria discussed settlement prospects and Washington utility focus.

Q: Travis Miller asked about E3 report and Washington acquisition.

A: Maria talked about E3 report and Washington acquisition growth.

Q: Milana Ruggia asked about Washington acquisition growth initiative.

A: Maria discussed short-term investment and long-term growth in Washington