Portland General Electric Company (PGE) reported a significant increase in its financial performance for the fiscal year ending December 31, 2024, with total revenues reaching $3.44 billion, an 18% increase from $2.92 billion in 2023. The company's net income also rose by 37% to $313 million, compared to $228 million in the previous year. This growth was primarily driven by higher retail revenues, which increased by 15% to $2.81 billion, and a notable 33% rise in wholesale revenues, totaling $558 million. The increase in retail revenues was attributed to a combination of higher customer prices and increased energy deliveries, despite a slight decline in average usage per residential customer.
PGE's operational metrics reflected a positive trend, with the company serving approximately 950,000 retail customers as of December 31, 2024, an increase of 16,000 customers from the previous year. The total retail energy deliveries rose by 1.3% to 21.7 million megawatt-hours (MWh), driven by a 10.3% increase in industrial energy deliveries, which was bolstered by growth in the high-tech manufacturing sector. However, residential and commercial energy deliveries saw slight declines, influenced by milder weather conditions compared to the previous year.
Strategically, PGE has made significant investments in renewable energy and energy storage projects. The company completed the Clearwater Wind Development, adding 208 megawatts (MW) of capacity, and initiated several battery energy storage projects, including the Constable and Coffee Creek facilities, which were placed in service in late 2024. PGE's commitment to clean energy is further underscored by its participation in the Green Future Program, which has over 230,000 participants, and its goal to achieve net-zero carbon emissions by 2040.
Looking ahead, PGE anticipates continued growth in customer demand and energy deliveries, projecting a 2.5% to 3.5% increase in retail energy deliveries for 2025. The company is also focused on enhancing its infrastructure to support this growth, including plans for significant capital expenditures estimated at $1.3 billion in 2025. PGE's financial outlook remains positive, supported by its strategic initiatives in renewable energy and infrastructure development, although it acknowledges potential regulatory and market risks that could impact its operations.
About PORTLAND GENERAL ELECTRIC CO /OR/
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