Portland General Electric Surpasses Expectations in 2024, Sets Ambitious Course for Future Growth
PGE's strong fourth-quarter results and 2025 earnings guidance have set the stage for continued growth and expansion in the years ahead. In a conference call on February 14th, Maria Pope, President and CEO, reported that the company had achieved solid financial performance and made significant investments in clean energy resources and battery storage.
On a full-year basis, PGE delivered GAAP net income of $313 million or $3.01 per diluted share and non-GAAP net income of $327 million or $3.14 per share for 2024. This represents a notable improvement over the previous year's results, which saw GAAP net income of $228 million or $2.33 per share and non-GAAP net income of $233 million or $2.38 per share.
The company also reported a strong fourth quarter, with GAAP net income of $39 million or $0.36 per share, compared to the previous year's fourth quarter net income of $68 million or $0.67 per share. PGE's growth was driven by increased energy usage among semiconductor manufacturing and data center customers, which rose 3% over the prior year, and 11% year-over-year industrial growth.
PGE is increasing its long-term customer usage growth expectations from 2% to 3%, weather-adjusted through 2029. This represents a significant increase in the company's forecast for future growth and reflects the growing demand for PGE's services among high-tech and digital customers. As a result, the company has issued 2025 earnings guidance of $3.13 to $3.33 per diluted share.
In addition to its financial performance, PGE also made significant investments in clean energy resources and battery storage throughout 2024. The company reports that it deployed over $1.2 billion in capital projects, targeting customer growth, grid resiliency, and decarbonization. This investment is expected to pay dividends for years to come as the company continues to drive innovation and sustainability.
PGE's commitment to enabling tech growth, strong industrial growth, and in-migration has made it a key player in Oregon's economic development. The company prioritizes customer values, sustainability, clean energy, customer affordability, risk reduction, and creating an investable energy future for the state of Oregon.
The conference call provided insight into PGE's strategic priorities for 2025 and beyond. With a strong financial performance and ambitious growth targets, Portland General Electric is poised to continue its upward trajectory in the years ahead.
