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PGE Corporation Reports Successful 2024 and Sets Positive Outlook for 2025

PGE Corporation continues to demonstrate its financial robustness by releasing solid results for the year 2024 while also providing optimistic guidance for the upcoming fiscal year. In a recent announcement, the company reported GAAP earnings of $0.30 per share for the fourth quarter, although this shows a decline compared to $0.43 per share for the same quarter in 2023. For the full year, the picture looks somewhat brighter, with GAAP earnings reaching $1.15 per share, an increase from $1.05 in 2023.

The company achieved strong non-GAAP core earnings, posting $0.31 per share for the fourth quarter and $1.36 for the full year, up from last year's $0.47 and $1.23, respectively. This increase highlights the efficacy of PGE's operational strategies which have consistently focused on cost-cutting and efficiency improvements.

Financial Stability and Cost Management

In an effort to finance a five-year capital plan worth $63 billion aimed at bolstering their infrastructure, PGE ensured that its equity needs were met during 2024. In light of these developments, the company has reaffirmed its 2025 GAAP EPS guidance to fall between $1.30 and $1.36 per share. Notably, the non-GAAP core EPS guidance was modestly adjusted upward, from $1.47 - $1.51 to $1.48 - $1.52 per share.

By managing its non-fuel operating and maintenance costs, PGE made a remarkable reduction of 4% compared to 2023, significantly surpassing its initial target of 2%. Finding savings exceeding $200 million in non-fuel operating costs for three consecutive years serves as a testament to the company’s commitment to fiscal prudence.

Commitment to Safety and Environment

A focal point of PGE's operations has been the enhancement of physical safety measures and the drive towards sustainable energy solutions. The year 2024 marked an essential milestone for the company as it recorded its second consecutive year without any significant wildfires resulting from its equipment. PGE achieved significant progress through infrastructure hardening, completing 366 miles of improvements, including underground power lines in high-risk fire zones.

In addition to reducing wildfire risks, PGE interconnected nearly 14,000 new electric customers, achieving connections at an average unit cost 50% lower than expected. This also included installing over 3,800 new electric vehicle charging ports, which paves the way for a more sustainable transportation network.

Enhancing Renewable Energy Solutions

PGE is also steadfast in its commitment to renewable energy, with four renewable natural gas (RNG) facilities connected in 2024, ensuring more locally produced RNG is available to consumers. This initiative aims to contribute to reducing greenhouse gas emissions, further solidifying PGE’s dedication to climate resilience.

As highlighted by CEO Patti Poppe, "In 2024, we continued progress in ways that matter to both customers and investors. We delivered energy safely—our system has never been safer, and we are working to make it even safer."

Conclusion

PGE Corporation's solid financial performance and commitment to sustainable and affordable energy solutions underscore its pivotal role in the energy sector and reflect its strategic focus on long-term growth. With promising guidance for 2025, it positions itself not just as a utility provider but also as a forward-thinking company aiming for cleaner, reliable, and more resilient energy solutions. Investors and customers alike will be keen to see how PGE's initiatives unfold in the coming year.