Portland General Electric Co Q1 2025 Earnings Call Transcript

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

Question: Julien Dumoulin Smith - Jefferies - Analyst : Hey, good morning. Appreciate the time, guys. Hey, just wanted to come back on the legislative and just wildfire context. Obviously, I heard the comments earlier. How are you thinking about the progress and, more importantly just where you're making progress? Where you aren't specifically in setting expectations whether this year or next year just to lay the groundwork because obviously I think that's kind of the linchpin of some of the other subsequent decisions, right, like a Holdco it seems from a timing perspective.

Question: Julien Dumoulin Smith - Jefferies - Analyst : Excellent thank you and then just on the if I can if I can follow that up real quickly here with where you stand, I mean you've got the 5Kger to 7Kger out there and certainly that's dependent on seeing the financing come through with a certain level of dilution. When you think about the decision to follow through on CapEx as we see today, I just wanted to get your sense of confidence, right? We have, public statements here from others saying we're going to focus on affordability. At the same time we're not seeing the follow through on the wildfire legislation whether in '25, maybe it happens in '26, but at what point do you say, look, we're going to pull back on growth because the broader construct is telling us to reassess here? I mean, it's a difficult backdrop. I appreciate what you guys are doing, especially from a cost containment perspective, and I want to highlight that here, but at the same time, so many different pressure points here. Is there a certain moment where you say we're going to reassess?

Question: Julien Dumoulin Smith - Jefferies - Analyst : Excellent. Well, look, I, maybe just last quick one on timing on the RFPs and any updates there, just as far as it goes, because obviously that your outlook is pretty sensitive to that. Just you can just clarify what you're seeing on the front and I'll leave it there.

Question: Julien Dumoulin Smith - Jefferies - Analyst : Awesome hey thanks for the time, guys. Hang in there, we'll speak soon, right? All the best.

Question: Mike Lonegan - Evercore ISI - Analyst : Yeah. Good morning. Thanks for taking the question. You have, so obviously you've seen strong industrial sales growth driven by semiconductors and data centers. You reiterated your 3% long term load growth forecast. But given the tariffs and concerns about economic development, just wondering, are you prepared for a potential slowdown in this low growth and a slowdown in capital projects? Just wondering if you could talk about the options you have for capital potential reallocation and then also what you're expecting in terms of capital inflation.

Question: Mike Lonegan - Evercore ISI - Analyst : Great thanks and then you've talked about monetizing tax credits, to manage your financing plan just wondering how much monetization does your plan currently account for per year and then in the event you know there was no longer any transferability. What would be your approach to plugging that GAAP, potentially more equity? 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 25, 2025 / 3:00PM, POR.N - Q1 2025 Portland General Electric Co Earnings Call

Question: Mike Lonegan - Evercore ISI - Analyst : Great thanks for taking my question.

Question: Richard Sunderland - JPMorgan Securities - Analyst : Hey, good morning. Thanks for the time today. Picking up the RFP conversation, do you see any need or potential to pivot resources out of the 2023 RFP and into the 2025 RFP to update pricing for let's say tariff for supply chain impacts? 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 25, 2025 / 3:00PM, POR.N - Q1 2025 Portland General Electric Co Earnings Call

Question: Richard Sunderland - JPMorgan Securities - Analyst : Got it. Does that hold true for the batteries in the 2023 RFP? I mean, are those being sourced from China?

Question: Richard Sunderland - JPMorgan Securities - Analyst : Okay, got it. That that's helpful. And then turning back to some of the comments in the opening script, Marie, I know you mentioned growth as one angle to address affordability. I'm curious if you could speak a little bit more to, I guess the relationship with that data center customers and how you're getting the right structure with them on minimum guarantees, costs overall and, sort of avoiding that cross subsidization onto existing ratepayers. What's the overall landscape look like in terms of sort of paying your fair share if that makes sense?

Question: Richard Sunderland - JPMorgan Securities - Analyst : Great, thank you so much.

Question: Nathan Richardson - Barclays - Analyst : Hey everybody, how are you?

Question: Nathan Richardson - Barclays - Analyst : Just a couple of quick questions here. So I just wanted to clarify, so I believe you said that you intend to do an expedited seaside case. I was wondering if there was any more details about that?

Question: Nathan Richardson - Barclays - Analyst : Got it. That makes sense. And then last one, so sequentially the equity layer seems to have gone down a little bit. I was curious where you think you'll be at the end of the year with the current equity issuance of the plan and then part two of that is what do you think their trajectory is to get back to 50% and you have a rough timeline on that?

Question: Nathan Richardson - Barclays - Analyst : Got it thank you very much.

Question: Anthony Crowdell - Mizuho - Analyst : Hey, good morning team. My question to probably follow up on the last one, and Julien's on the holding company. I think Joe, you mentioned about targeting the fifty-fifty. Does it require the holding company to be established before you achieve the fifty-fifty?

Question: Anthony Crowdell - Mizuho - Analyst : And then when you think about the creation of the holding company, is there a targeted level of debt that that you would look to maintain at the at the holding company?

Question: Anthony Crowdell - Mizuho - Analyst : And just I'm not familiar with Oregon if there's any issues in the state from a regulatory perspective on double leverage if the equity and debt ratios that the holding company differ from that of the [OPUC]?

Question: Anthony Crowdell - Mizuho - Analyst : Great thanks so much for taking my questions.

Question: Gregg Orrill - UBS - Analyst : Yeah, good morning, Thank you, just maybe you hit this already, just the timing of pursuing the whole code proposal.

Question: Gregg Orrill - UBS - Analyst : Okay, all right. That's the only question I had. Appreciate it.