PORTLAND, Ore., -- Portland General Electric Company (NYSE: POR) today reported net income based on generally accepted accounting principles (GAAP) of $74 million, or $0.80 per diluted share, for the first quarter of 2023. This compares with GAAP net income of $60 million, or $0.67 per diluted share, for the first quarter of 2022, which included the $0.14 per diluted share deferral reversal charge related to the 2022 General Rate Case Final order. After adjusting for the impact of the deferral reversal charge, first quarter 2022 non-GAAP net income was $72 million, or $0.81 per diluted share.
"This quarter we advanced Oregon's clean energy transition, strengthened our organization, and tackled challenging energy markets," said Maria Pope, PGE President and CEO. "We are excited to announce new battery storage projects that will be critical to serving customers and the integration of renewable resources."