展示99.1
 | 波特蘭通用電氣 One World Trade Center 121 西南薩蒙街 俄勒岡州波特蘭97204 新聞稿 | |||||||
| 2024年10月25日 | ||||||||
| 媒體聯繫人： | 投資者聯繫人： | |||||||
Drew Hanson | Nick White | |||||||
| 企業通訊 | 投資者關係 | |||||||
電話：503-464-2067 | 電話：503-464-8073 | |||||||
波特蘭通用電氣宣佈2024年第三季度業績
•第三季度業績反映出電力成本狀況改善，以及來自高科技和idc概念客戶持續強勁的需求增長。
•將2024年調整後的每股收益指導從$2.98至$3.18縮小到修訂後的區間，每股稀釋後在$3.08和$3.18之間，以反映迄今爲止的表現
俄勒岡波特蘭-- 波特蘭通用電氣公司 (紐交所: POR) 今日根據通用會計準則（GAAP）報告，2024年第三季度的淨利潤爲9400萬美元，每股攤薄收益爲0.90美元。相比之下，2023年第三季度的GAAP淨利潤爲4700萬美元，每股攤薄收益爲0.46美元。
「我們專注於運營卓越，以及西部電價條件的改善，這些是我們堅實第三季度業績的基石，」PGE總裁兼首席執行官Maria Pope表示。「在我們持續進行的RFP中，我們正在取得實質性進展，以確保下一代可靠、清潔、具有成本效益的資源，支持客戶增長，並推動我們共同的脫碳目標。」
2024年三季度與2023年三季度相比
由於半導體制造業和技術基礎設施客戶需求增長，批發收入增加以及資本、運營和電力成本的恢復，總收入有所增加。 但由於天氣原因住宅和商業用電減少，總收入部分抵消。 由於購電價格下降，購電和燃料費用略有減少。 由於更高的發電和網絡維護、服務恢復工作、工資福利以及與2024年1月風暴和損壞延期相關的收益測試遞延釋放，營業和行政費用增加。 由於持續的資本投資，折舊與攤銷費用和利息費用增加。
公司更新
2023年所有板塊請求更新
正如之前宣佈的那樣，PGE於2024年9月17日向俄勒岡州公用事業委員會（OPUC）提交了2023年全方位請求的最終招標人名單確認請求。最終名單分爲兩組，代表了建議獲得監管確認的項目，包括可再生能源和無排放能力。
可再生資源提案提供各種太陽能和電池存儲期權的組合，包括通過購電協議（PPA）以及公司自有資源通過建設與轉讓協議。
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（BTA）。對於無排放的可調度容量資源的方案提供了包括電池存儲期權在內的購電協議，以及通過BTA擁有的公司資源。RFP流程的最終結果可能涉及選擇多個可再生能源和無排放的可調度容量資源項目。
PGE正在與最終入圍項目進行商務談判，並要求OPUC在2024年11月19日之前承認RFP最終入圍名單。
2025年一般費率審查
PGE和相關方將繼續推進2025年普通費率案的工作，監管審查預計將持續到2024年。最終訂單預計將於2024年12月由OPUC發佈，新客戶價格將於2025年1月1日生效。
第一大自願可再生能源計劃
15年來，PGE的自願可再生能源計劃「綠色未來」連續第15年被美國能源部國家可再生能源實驗室評爲美國任何電力公用事業中企業和居民客戶參與度最高的可再生能源計劃。
季度股息
根據先前公佈的消息，波特蘭通用電氣公司董事會批准了每股0.50美元的季度普通股股息。季度股息將於2025年1月15日或之前支付給2024年12月24日營業結束時的股東。
2024年收益預測
PGE正在將2024年全年調整後的盈利指引範圍縮小至 $2.98至$3.18調整爲 在以下假設基礎上調整爲 $3.08至$3.18每股攤薄收益。
•排除2024年1月冬季風暴影響，包括不可推遲的可靠性應急事件（RCE）費用；
•能源交付量增加2％至3％，經過天氣調整；
•在其服務領域內，溫度正常；
•反映目前預估的年度水力條件；
•基於五年曆史數據或預測研究的風電發電量，當歷史數據不可用時；
•常規的熱電站運營；
•將從8億美元至82500萬美元的營運和維護費用修訂爲從82000萬美元至84500萬美元的區間，其中包括從2024年1月風暴推遲釋放的1700萬美元。該區間包括約15000萬美元的山火、植被管理、推遲攤銷和其他費用，這些費用在其他損益表項目中得到抵消；
•折舊和攤銷費用在47500萬至52500萬之間；
•有效稅率爲10%至15%。
•現金流操作額爲$700到$8,000萬；
•資本支出爲$128500萬元；以及
•施工工程進行中的平均餘額爲71000萬美元。
2024年第三季度業績會和網絡廣播 - 2024年10月25日
PGE將於2024年10月25日星期五上午11點（東部時間）與財務分析師和投資者舉行電話會議。 電話會議將在PGE網站investors.portlandgeneral.com上進行直播。 網頁直播重播也將於2024年10月25日東部時間下午2點開始在PGE的投資者網站"事件和演示"頁面上提供。
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Maria Pope，總裁兼首席執行官； Joe Trpik，財務高級副總裁和首席財務官；以及投資者關係經理Nick White將參加此次看漲。管理層在正式評論後將回答問題。
附加的未經審計的簡明合併損益表和綜合損益表、資產負債表和現金流量表以及補充運營統計數據是本業績的組成部分。
非依照普遍公認會計准則的財務措施
這份新聞稿包含一些非通用會計準則的指標，比如 調整後的盈利指引。 這些非GAAP財務指標不包括通常與我們持續業務活動無關、性質不定或兩者都有的重要事項。PGE認爲，排除這些項目的影響提供了公司的比較每股收益的有意義的表示，並使投資者能夠評估公司的持續運營財務表現。管理層利用非GAAP指標評估公司的當前和預測績效，並與股東、分析師和投資者進行溝通。非GAAP財務指標是應該作爲補充信息考慮的，但不能替代按照GAAP準則編制的信息。
Due to the forward-looking nature of PGE’s non-GAAP adjusted earnings guidance, and the inherently unpredictable nature of items and events which could lead to the recognition of non-GAAP adjustments (such as, but not limited to, regulatory disallowances or extreme weather events), management is unable to estimate the occurrence or value of specific items requiring adjustment for future periods, which could potentially impact the Company’s GAAP earnings. Therefore, management cannot provide a reconciliation of non-GAAP adjusted earnings per share guidance to the most comparable GAAP financial measure without unreasonable effort. For the same reasons, management is unable to address the probable significance of unavailable information.
# # #
About Portland General Electric Company
Portland General Electric (NYSE: POR) is an integrated energy company that generates, transmits and distributes electricity to over 930,000 customers with a service area population of approximately 1.9 million Oregonians. For more than 130 years, Portland General Electric (PGE) has been powering social progress, delivering safe, affordable, reliable and increasingly clean electricity while working to transform energy systems to meet evolving customer needs. PGE customers have set the standard for prioritizing clean energy with the No. 1 voluntary renewable energy program in the country. PGE was ranked the No. 1 utility in the 2024 Forrester U.S. Customer Experience Index and is committed to reducing emissions from its retail power supply by 80% by 2030 and 100% by 2040. PGE is recognized by the Bloomberg Gender-Equality Index for the company's commitment to creating a more equal, inclusive workplace. In 2023, PGE employees, retirees and the PGE Foundation donated nearly $4.6 million and volunteered over 23,000 volunteer hours to more than 400 nonprofit organizations. For more information visit www.PortlandGeneral.com/news.
Safe Harbor Statement
Statements in this press release that relate to future plans, objectives, expectations, performance, events and the like may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements represent our estimates and assumptions as of the date of this report. The Company assumes no obligation to update or revise any forward-looking statement as a result of new information, future events or other factors.
Forward-looking statements include statements regarding the Company's full-year earnings guidance (including assumptions and expectations regarding annual retail deliveries, average hydro conditions, wind generation, normal
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thermal plant operations, operating and maintenance expense and depreciation and amortization expense) as well as other statements containing words such as "anticipates," "assumptions," "based on," "believes," "conditioned upon," "considers," "could," "estimates," "expects," “expected,” "forecast," "goals," "intends," "needs," "plans," "predicts," "projects," "promises," "seeks," "should," "subject to," "targets," "will continue," "will likely result," or similar expressions.
Investors are cautioned that any such forward-looking statements are subject to risks and uncertainties, including, without limitation: the timing or outcome of various legal and regulatory actions; changing customer expectations and choices that may reduce demand for electricity; the sale of excess energy during periods of low demand or low wholesale market prices; operational risks relating to the Company's generation and battery storage facilities, including hydro conditions, wind conditions, disruption of transmission and distribution, disruption of fuel supply, and unscheduled plant outages, which may result in unanticipated operating, maintenance and repair costs, as well as replacement power costs; delays in the supply chain and increased supply costs (including application of tariffs impacting solar module imports), failure to complete capital projects on schedule or within budget, failure of counterparties to perform under agreement, or the abandonment of capital projects, which could result in the Company's inability to recover project costs, or impact our competitive position, market share, revenues and project margins in material ways; default or nonperformance of counterparties from whom PGE purchases capacity or energy, which require the purchase of replacement power and renewable attributes at increased costs; complications arising from PGE’s jointly-owned plant, including ownership changes, regulatory outcomes or operational failures; changes in, and compliance with, environmental laws and regulations, including those that govern emissions from thermal power plants; changes in weather, hydroelectric and energy market conditions, which could affect the availability, cost and required collateral for purchased power and fuel; changes in the availability and price of wholesale power and fuels; changes in customer growth, or demographic patterns, including changes in load resulting in future transmission constraints, in PGE’s service territory; changes in capital and credit market conditions, including volatility of equity markets as well as changes in PGE’s credit ratings and outlook on such credit ratings, reductions in demand for investment-grade commercial paper or interest rates, which could affect the access to and availability or cost of capital and result in delay or cancellation of capital projects or execution of the Company’s strategic plan as currently envisioned; general economic and financial market conditions, including inflation; the effects of climate change, whether global or local in nature; unseasonable or severe weather conditions, wildfires, and other natural phenomena and natural disasters that could result in operational disruptions, unanticipated restoration costs, third party liability or that may affect energy costs or consumption; the effectiveness of PGE’s risk management policies and procedures; PGE’s ability to effectively implement Public Safety Power Shutoffs (PSPS) and de-energize its system in the event of heightened wildfire risk; cybersecurity attacks, data security breaches, physical attacks and security breaches, or other malicious acts against the Company or against Company vendors, which could disrupt operations, require significant expenditures, or result in claims against the Company; employee workforce factors, including potential strikes, work stoppages, transitions in senior management, and the ability to recruit and retain key employees and other talent and turnover due to macroeconomic trends; widespread health emergencies or outbreaks of infectious diseases, which may affect our financial position, results of operations and cash flows; failure to achieve the Company’s greenhouse gas emission goals or being perceived to have either failed to act responsibly with respect to the environment or effectively responded to legislative requirements concerning greenhouse gas emission reductions; social attitudes regarding the electric utility and power industries; political and economic conditions; acts of war or terrorism; changes in financial or regulatory accounting principles or policies imposed by governing bodies; new federal, state, and local laws that could have adverse effects on operating results; and risks and uncertainties related to generation and transmission projects, including, but not limited to, regulatory processes, transmission capabilities, system interconnections, permitting and construction delays, legislative uncertainty, inflationary impacts, supply costs and supply chain constraints. As a result, actual results may differ materially from those projected in the forward-looking statements.
Risks and uncertainties to which the Company are subject are further discussed in the reports that the Company has filed with the United States Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC’s website, www.sec.gov and on the Company’s website, investors.portlandgeneral.com. Investors should not rely unduly on any forward-looking statements.
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PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
AND COMPREHENSIVE INCOME
(Dollars in millions, except per share amounts)
(Unaudited)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||
| Revenues, net | $ | 942 | $ | 801 | $ | 2,643 | $ | 2,192 | |||||||||||||||
| Alternative revenue programs, net of amortization | (13) | 1 | (27) | 6 | |||||||||||||||||||
| Total revenues | 929 | 802 | 2,616 | 2,198 | |||||||||||||||||||
| Operating expenses: | |||||||||||||||||||||||
| Purchased power and fuel | 380 | 386 | 1,060 | 910 | |||||||||||||||||||
| Generation, transmission and distribution | 131 | 85 | 337 | 279 | |||||||||||||||||||
| Administrative and other | 102 | 89 | 294 | 262 | |||||||||||||||||||
| Depreciation and amortization | 126 | 116 | 369 | 340 | |||||||||||||||||||
| Taxes other than income taxes | 44 | 41 | 132 | 124 | |||||||||||||||||||
| Total operating expenses | 783 | 717 | 2,192 | 1,915 | |||||||||||||||||||
| Income from operations | 146 | 85 | 424 | 283 | |||||||||||||||||||
| Interest expense, net | 53 | 42 | 156 | 127 | |||||||||||||||||||
| Other income: | |||||||||||||||||||||||
| Allowance for equity funds used during construction | 6 | 5 | 17 | 12 | |||||||||||||||||||
| Miscellaneous income, net | 6 | 5 | 21 | 22 | |||||||||||||||||||
| Other income, net | 12 | 10 | 38 | 34 | |||||||||||||||||||
| Income before income tax expense | 105 | 53 | 306 | 190 | |||||||||||||||||||
| Income tax expense | 11 | 6 | 31 | 30 | |||||||||||||||||||
| Net income | 94 | 47 | 275 | 160 | |||||||||||||||||||
| Other comprehensive income | (1) | — | — | 1 | |||||||||||||||||||
| Net income and Comprehensive income | $ | 93 | $ | 47 | $ | 275 | $ | 161 | |||||||||||||||
Weighted-average common shares outstanding (in thousands): | |||||||||||||||||||||||
| Basic | 103,845 | 100,849 | 102,730 | 96,625 | |||||||||||||||||||
| Diluted | 104,338 | 101,103 | 102,958 | 96,830 | |||||||||||||||||||
| Earnings per share: | |||||||||||||||||||||||
| Basic | $ | 0.91 | $ | 0.47 | $ | 2.68 | $ | 1.65 | |||||||||||||||
| Diluted | $ | 0.90 | $ | 0.46 | $ | 2.67 | $ | 1.65 | |||||||||||||||
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PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in millions)
(Unaudited)
| September 30, 2024 | December 31, 2023 | ||||||||||
| ASSETS | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 35 | $ | 5 | |||||||
| Accounts receivable, net | 459 | 414 | |||||||||
| Inventories | 115 | 113 | |||||||||
| Regulatory assets—current | 185 | 221 | |||||||||
| Other current assets | 156 | 182 | |||||||||
| Total current assets | 950 | 935 | |||||||||
| Electric utility plant, net | 10,075 | 9,546 | |||||||||
| Regulatory assets—noncurrent | 619 | 492 | |||||||||
| Nuclear decommissioning trust | 35 | 31 | |||||||||
| Non-qualified benefit plan trust | 36 | 35 | |||||||||
| Other noncurrent assets | 166 | 169 | |||||||||
| Total assets | $ | 11,881 | $ | 11,208 | |||||||
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PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS, continued
(Dollars in millions)
(Unaudited)
| September 30, 2024 | December 31, 2023 | ||||||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ | 351 | $ | 347 | |||||||
| Liabilities from price risk management activities—current | 114 | 164 | |||||||||
| Short-term debt | — | 146 | |||||||||
| Current portion of long-term debt | 80 | 80 | |||||||||
| Current portion of finance lease obligation | 26 | 20 | |||||||||
| Accrued expenses and other current liabilities | 401 | 355 | |||||||||
| Total current liabilities | 972 | 1,112 | |||||||||
| Long-term debt, net of current portion | 4,354 | 3,905 | |||||||||
| Regulatory liabilities—noncurrent | 1,413 | 1,398 | |||||||||
| Deferred income taxes | 552 | 488 | |||||||||
| Unfunded status of pension and postretirement plans | 161 | 172 | |||||||||
| Liabilities from price risk management activities—noncurrent | 74 | 75 | |||||||||
| Asset retirement obligations | 273 | 272 | |||||||||
| Non-qualified benefit plan liabilities | 76 | 79 | |||||||||
| Finance lease obligations, net of current portion | 279 | 289 | |||||||||
| Other noncurrent liabilities | 97 | 99 | |||||||||
| Total liabilities | 8,251 | 7,889 | |||||||||
| Commitments and contingencies | |||||||||||
| Shareholders’ Equity: | |||||||||||
| Preferred stock, no par value, 30,000,000 shares authorized; none issued and outstanding as of September 30, 2024 and December 31, 2023 | — | — | |||||||||
| Common stock, no par value, 160,000,000 shares authorized; 105,455,590 and 101,159,609 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively | 1,938 | 1,750 | |||||||||
| Accumulated other comprehensive loss | (5) | (5) | |||||||||
| Retained earnings | 1,697 | 1,574 | |||||||||
| Total shareholders’ equity | 3,630 | 3,319 | |||||||||
| Total liabilities and shareholders’ equity | $ | 11,881 | $ | 11,208 | |||||||
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PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
| Nine Months Ended September 30, | |||||||||||
| 2024 | 2023 | ||||||||||
| Cash flows from operating activities: | |||||||||||
| Net income | $ | 275 | $ | 160 | |||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
| Depreciation and amortization | 369 | 340 | |||||||||
| Deferred income taxes | 18 | (3) | |||||||||
| Pension and other postretirement benefits | 4 | 4 | |||||||||
| Allowance for equity funds used during construction | (17) | (12) | |||||||||
Alternative revenue programs | 27 | (6) | |||||||||
| Regulatory assets | (130) | 10 | |||||||||
| Regulatory liabilities | (16) | 17 | |||||||||
Tax credit sales | 31 | — | |||||||||
| Other non-cash income and expenses, net | 59 | 46 | |||||||||
| Changes in working capital: | |||||||||||
| Accounts receivable, net | (64) | 23 | |||||||||
| Inventories | (2) | (14) | |||||||||
| Margin deposits | 1 | 87 | |||||||||
| Accounts payable and accrued liabilities | 67 | (181) | |||||||||
| Margin deposits from wholesale counterparties | 2 | (133) | |||||||||
| Other working capital items, net | 28 | 20 | |||||||||
| Other, net | (44) | (27) | |||||||||
Net cash provided by operating activities | 608 | 331 | |||||||||
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PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS, continued
(In millions)
(Unaudited)
| Nine Months Ended September 30, | |||||||||||
| 2024 | 2023 | ||||||||||
| Cash flows from investing activities: | |||||||||||
| Capital expenditures | $ | (876) | $ | (931) | |||||||
| Sales of Nuclear decommissioning trust securities | — | 1 | |||||||||
| Purchases of Nuclear decommissioning trust securities | (4) | (1) | |||||||||
| Proceeds from sale of properties | — | 2 | |||||||||
| Other, net | (20) | (3) | |||||||||
| Net cash used in investing activities | (900) | (932) | |||||||||
| Cash flows from financing activities: | |||||||||||
| Proceeds from issuance of common stock | 178 | 485 | |||||||||
| Proceeds from issuance of long-term debt | 450 | 400 | |||||||||
| Payments on long-term debt | — | (260) | |||||||||
Issuance (maturities) of commercial paper, net | (146) | — | |||||||||
| Dividends paid | (148) | (131) | |||||||||
| Other | (12) | (11) | |||||||||
Net cash provided by financing activities | 322 | 483 | |||||||||
Change in cash and cash equivalents | 30 | (118) | |||||||||
| Cash and cash equivalents, beginning of period | 5 | 165 | |||||||||
| Cash and cash equivalents, end of period | $ | 35 | $ | 47 | |||||||
| Supplemental cash flow information is as follows: | |||||||||||
| Cash paid for interest, net of amounts capitalized | $ | 121 | $ | 91 | |||||||
| Cash paid (received) for income taxes, net | (14) | 25 | |||||||||
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PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES
SUPPLEMENTAL OPERATING STATISTICS
(Unaudited)
| Nine Months Ended September 30, | |||||||||||||||||||||||
| 2024 | 2023 | ||||||||||||||||||||||
| Revenues (dollars in millions): | |||||||||||||||||||||||
| Retail: | |||||||||||||||||||||||
| Residential | $ | 1,078 | 41 | % | $ | 942 | 43 | % | |||||||||||||||
| Commercial | 690 | 27 | 606 | 27 | |||||||||||||||||||
| Industrial | 321 | 12 | 258 | 12 | |||||||||||||||||||
| Direct Access | 22 | 1 | 20 | 1 | |||||||||||||||||||
| Subtotal Retail | 2,111 | 81 | 1,826 | 83 | |||||||||||||||||||
| Alternative revenue programs, net of amortization | (27) | (1) | 6 | — | |||||||||||||||||||
| Other accrued revenues, net | 10 | — | (2) | — | |||||||||||||||||||
| Total retail revenues | 2,094 | 80 | 1,830 | 83 | |||||||||||||||||||
| Wholesale revenues | 467 | 18 | 323 | 15 | |||||||||||||||||||
| Other operating revenues | 55 | 2 | 45 | 2 | |||||||||||||||||||
| Total revenues | $ | 2,616 | 100 | % | $ | 2,198 | 100 | % | |||||||||||||||
| Energy deliveries (MWhs in thousands): | |||||||||||||||||||||||
| Retail: | |||||||||||||||||||||||
| Residential | 5,720 | 24 | % | 5,949 | 28 | % | |||||||||||||||||
| Commercial | 4,917 | 20 | 4,995 | 23 | |||||||||||||||||||
| Industrial | 3,715 | 16 | 3,380 | 16 | |||||||||||||||||||
| Subtotal | 14,352 | 60 | 14,324 | 67 | |||||||||||||||||||
| Direct access: | |||||||||||||||||||||||
| Commercial | 390 | 2 | 442 | 2 | |||||||||||||||||||
| Industrial | 1,385 | 6 | 1,307 | 6 | |||||||||||||||||||
| Subtotal | 1,775 | 8 | 1,749 | 8 | |||||||||||||||||||
| Total retail energy deliveries | 16,127 | 68 | 16,073 | 75 | |||||||||||||||||||
| Wholesale energy deliveries | 7,652 | 32 | 5,295 | 25 | |||||||||||||||||||
| Total energy deliveries | 23,779 | 100 | % | 21,368 | 100 | % | |||||||||||||||||
| Average number of retail customers: | |||||||||||||||||||||||
| Residential | 828,067 | 88 | % | 814,773 | 88 | % | |||||||||||||||||
| Commercial | 113,330 | 12 | 112,210 | 12 | |||||||||||||||||||
| Industrial | 206 | — | 195 | — | |||||||||||||||||||
| Direct access | 500 | — | 538 | — | |||||||||||||||||||
| Total | 942,103 | 100 | % | 927,716 | 100 | % | |||||||||||||||||
10
PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES
SUPPLEMENTAL OPERATING STATISTICS, continued
(Unaudited)
| Nine Months Ended September 30, | |||||||||||||||||||||||
| 2024 | 2023 | ||||||||||||||||||||||
| Sources of energy (MWhs in thousands): | |||||||||||||||||||||||
| Generation: | |||||||||||||||||||||||
| Thermal: | |||||||||||||||||||||||
| Natural gas | 7,989 | 35 | % | 7,746 | 38 | % | |||||||||||||||||
| Coal | 1,331 | 6 | 1,629 | 8 | |||||||||||||||||||
| Total thermal | 9,320 | 41 | 9,375 | 46 | |||||||||||||||||||
| Hydro | 956 | 4 | 865 | 4 | |||||||||||||||||||
| Wind | 2,315 | 10 | 1,644 | 8 | |||||||||||||||||||
| Total generation | 12,591 | 55 | 11,884 | 58 | |||||||||||||||||||
| Purchased power: | |||||||||||||||||||||||
| Hydro | 5,088 | 22 | 3,622 | 18 | |||||||||||||||||||
| Wind | 1,072 | 5 | 699 | 3 | |||||||||||||||||||
| Solar | 932 | 4 | 935 | 4 | |||||||||||||||||||
| Natural Gas | 94 | — | 145 | 1 | |||||||||||||||||||
| Waste, Wood, and Landfill Gas | 132 | 1 | 116 | 1 | |||||||||||||||||||
| Source not specified | 3,083 | 13 | 3,056 | 15 | |||||||||||||||||||
| Total purchased power | 10,401 | 45 | 8,573 | 42 | |||||||||||||||||||
| Total system load | 22,992 | 100 | % | 20,457 | 100 | % | |||||||||||||||||
| Less: wholesale sales | (7,652) | (5,295) | |||||||||||||||||||||
| Retail load requirement | 15,340 | 15,162 | |||||||||||||||||||||
The following table indicates the number of heating degree-days for the three and nine months ended September 30, 2024 and 2023, along with 15-year averages based on weather data provided by the National Weather Service, as measured at Portland International Airport:
| Heating Degree-days | Cooling Degree-days | ||||||||||||||||||||||||||||||||||
| 2024 | 2023 | Avg. | 2024 | 2023 | Avg. | ||||||||||||||||||||||||||||||
| First Quarter | 1,755 | 1,927 | 1,838 | — | — | — | |||||||||||||||||||||||||||||
| Second Quarter | 547 | 554 | 608 | 108 | 195 | 108 | |||||||||||||||||||||||||||||
| July | — | — | 6 | 300 | 269 | 201 | |||||||||||||||||||||||||||||
| August | 4 | 1 | 4 | 224 | 327 | 227 | |||||||||||||||||||||||||||||
| September | 32 | 44 | 52 | 119 | 91 | 86 | |||||||||||||||||||||||||||||
| Third Quarter | 36 | 45 | 62 | 643 | 687 | 514 | |||||||||||||||||||||||||||||
| Year-to-date | 2,338 | 2,526 | 2,508 | 751 | 882 | 622 | |||||||||||||||||||||||||||||
(Decrease) increase from the 15-year average | (7) | % | 1 | % | 21 | % | 42 | % | |||||||||||||||||||||||||||
11