Portland General Electric Co Q1 2022 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Peter J. Bourdon - Mizuho Securities USA LLC, Research Division - Analyst : Just trying to understand the deferral situation a little bit better. Is the $17 million that is being released this quarter, is that related to a disallowance or an actual earnings test? And then going forward, how will the discretion with the commission work? Is that going to be on a quarterly basis or an annual basis? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. APRIL 28, 2022 / 3:00PM, POR.N - Q1 2022 Portland General Electric Co Earnings Call

Question: Peter J. Bourdon - Mizuho Securities USA LLC, Research Division - Analyst : Okay. And maybe just to confirm. So the remaining amount, I guess, of deferrals is it correct, $71 million for the ice storm then $23 million for the wildfires?

Question: Peter J. Bourdon - Mizuho Securities USA LLC, Research Division - Analyst : Okay. And if you...

Question: Peter J. Bourdon - Mizuho Securities USA LLC, Research Division - Analyst : Yes. And then just to confirm, this is a noncash issue, right? It's really just impacting the balance sheet.

Question: Peter J. Bourdon - Mizuho Securities USA LLC, Research Division - Analyst : Okay. And then maybe just one other last one. Just on the PCAM. It looks like you guys are showing in the benefit position of $10 million. Is that the amount that is baked into the updated guidance for the rest of the year? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. APRIL 28, 2022 / 3:00PM, POR.N - Q1 2022 Portland General Electric Co Earnings Call

Question: Aditya Darshan Gandhi - Wolfe Research, LLC - Analyst : I just -- could you quickly clarify? So on the 2021 deferrals, the $71 million for the ice storm and the $73 million for the wildfire, you already applied the same earnings test to 2021 and then your forecast for '22 and there should be no hit to -- what I'm trying to get to is there should be no hit to '23 numbers from any deferral reductions, right? Could you please clarify that?

Question: Aditya Darshan Gandhi - Wolfe Research, LLC - Analyst : Okay. It does. That's helpful. And then just how should we -- given these deferrals and given the elevated inflation that is looking like it's going to persist well into the year, how should we think about the 4% to 6% long-term EPS growth feat that you'll have?

Question: Aditya Darshan Gandhi - Wolfe Research, LLC - Analyst : Right. That's exactly what I was getting to. I should have been more clear. That's very helpful.