Welcome to our dedicated page for Portland General Electric Company news (Ticker: POR), a resource for investors and traders seeking the latest updates and insights on Portland General Electric Company stock.
Portland General Electric Company (NYSE: POR) is a leading regulated electric utility in the United States, serving over 930,000 customers across 51 cities in Oregon. Founded in 1889, PGE generates, transmits, and distributes electricity, covering approximately half of Oregon's residents and two-thirds of the state's business activity. The company owns a diverse portfolio of energy resources including gas, coal, wind, and hydro generation, amounting to 3.5 gigawatts.
PGE is committed to providing reliable, affordable, and increasingly clean energy. It boasts the largest voluntary renewable energy program in the United States, underscoring its customers’ preference for sustainable energy solutions. The company has set ambitious targets to reduce greenhouse gas emissions by 80% by 2030 and achieve net-zero emissions by 2040.
Recent achievements include the successful implementation of the 2023 All-Source Request for Proposal (RFP) aimed at securing non-emitting dispatchable capacity and renewable generation projects. PGE has also initiated groundbreaking projects such as the Clearwater Wind Development, which added 311 MW of wind energy capacity in 2024.
Financially, PGE reported a net income of $228 million for the year ended 2023, with quarterly dividends demonstrating robust stakeholder value. The company remains resilient amidst market volatility, showing strong revenue growth driven by high demand from digital and semiconductor sectors.
On the community front, PGE's employees are dedicated to volunteerism and philanthropy, contributing millions of dollars and thousands of volunteer hours annually. The company's efforts toward diversity and inclusion have been recognized by the Bloomberg Gender-Equality Index for five consecutive years.
PGE continues to innovate and collaborate with regional partners. A recent partnership involves the North Plains Connector, a major transmission project designed to enhance grid reliability and access to new energy resources. The project aims to double transfer capacity between the eastern and western U.S. electric grids.
Looking ahead, PGE is set to participate in the California Independent System Operator's Extended Day-Ahead Market (EDAM) by 2026, which is expected to result in significant energy cost savings and increased resilience.
As the company progresses through 2024, its commitment to sustainability, community engagement, and financial prudence positions it favorably to meet the evolving energy demands of its customers and stakeholders.
Portland General Electric (PGE) received approval from the Oregon Public Utility Commission for its 2025 rate review, with increases ranging from 5.5% to 7.7% effective January 1, 2025. The Commission authorized a $98 million revenue requirement increase, representing 54% of PGE's requested $182 million. The decision approved a 50-50 debt-equity capital structure with a 9.34% return on equity.
Residential customers will see the lowest increase at 5.5%, comprising 1.9% for power costs, 1.1% for Energy Trust of Oregon funding, and 2.5% for capital investments. Commercial rates will increase by 7.5%, while industrial rates will rise by 6.0%. The rate changes support investments in battery storage, transmission infrastructure, and grid modernization to improve reliability and connect to more carbon-free energy resources.
Avangrid (NYSE: AGR) and Portland General Electric (PGE) have announced a Power Purchase Agreement for the Tower Solar project, a 120 MWac solar energy facility under construction in Morrow County, Oregon. The project, developed in collaboration with QTS and Meta, will deliver renewable energy through PGE's Green Future Impact program. The facility will span 900 acres, utilize over 200,000 solar panels, and create more than 200 construction jobs. The project is expected to generate approximately $20 million in combined PILOTs and property taxes. Tower Solar will be Avangrid's sixth solar facility in Oregon, scheduled for completion in 2026.
Portland General Electric (PGE) achieved a significant milestone with its Clearwater Wind Energy Center, generating over one gigawatt of power from wind sources for the first time in company history. The facility, located in Eastern Montana, provides PGE with 311 megawatts of capacity through ownership (208 MW) and a Power Purchase Agreement (103 MW).
The center began commercial operations in January 2024 and has consistently contributed about 34% of PGE's daily wind generation. The company reached its all-time wind generation record of 1,056 megawatts on February 26, 2024. The facility helps reduce dependency on open market energy purchases and benefits from federal Production Tax Credits.
Portland General Electric (NYSE: POR) reported Q3 2024 net income of $94 million ($0.90 per diluted share), up from $47 million ($0.46 per diluted share) in Q3 2023. The company narrowed its 2024 adjusted earnings guidance to $3.08-$3.18 per diluted share. Revenue growth was driven by increased demand from semiconductor and tech customers, while operating expenses rose due to maintenance and wages. The company filed its final shortlist for the 2023 All-source RFP with the Oregon Public Utility Commission, including both renewable and non-emitting capacity projects. PGE's Green Future program ranked first in voluntary renewable energy participation nationwide for the 15th year.
Portland General Electric Company (NYSE: POR) has declared a quarterly common stock dividend of $0.50 per share. The dividend was declared by the board of directors on October 18, 2024. PGE aims for a long-term dividend payout ratio of 60 to 70%, with the dividend being evaluated based on capital requirements and financial performance. The declared dividend will be payable on or before January 15, 2025, to shareholders of record at the close of business on December 24, 2024.
Portland General Electric Company (NYSE: POR) has announced its upcoming third quarter 2024 earnings release and conference call. The company will release its Q3 2024 earnings summary before U.S. financial markets open on October 25, 2024. An analyst conference call and webcast will follow at 11 a.m. ET on the same day.
The conference call will be hosted by Maria Pope (President and CEO), Joe Trpik (Senior VP of Finance and CFO), and Nick White (Manager of Investor Relations). Investors can access the webcast through POR's investor website. A replay of the webcast will be available from 2 p.m. ET on October 25 in the Archived Events section of the website.
Portland General Electric (NYSE: POR) reported Q2 2024 GAAP net income of $72 million ($0.69 per diluted share), up from $39 million ($0.39 per diluted share) in Q2 2023. Total revenues increased due to demand growth from semiconductor and tech customers, while expenses rose from higher system load and maintenance costs. PGE reaffirmed its 2024 adjusted earnings guidance of $2.98 to $3.18 per diluted share.
Key updates include:
- Exhausted $300 million at-the-market offering program and registered new $400 million program
- Signed MOU for North Plains Connector transmission project
- Ranked No. 1 utility for customer experience by Forrester
- Approved $0.50 quarterly dividend payable October 15, 2024
Portland General Electric Company (NYSE: POR) has declared a quarterly common stock dividend of $0.50 per share. The dividend will be payable on or before October 15, 2024, to shareholders of record at the close of business on September 24, 2024. PGE's dividend policy is based on capital requirements and financial performance, with a long-term target payout ratio of 60 to 70%. This announcement demonstrates the company's commitment to providing consistent returns to its shareholders while maintaining financial flexibility.
Portland General Electric (NYSE: POR) announced a conference call and webcast scheduled for July 26, 2024, at 11 a.m. ET to discuss their Q2 2024 financial results. The earnings summary will be released before the U.S. financial markets open on the same day. The call will be led by Maria Pope, President and CEO, Joe Trpik, SVP of Finance and CFO, and Nick White, Manager of Investor Relations. Interested parties can access the live webcast via the company's investor website. A replay will be available starting at 2 p.m. ET on July 26 in the Archived Events section of the website.
Portland General Electric (PGE) has signed a non-binding memorandum of understanding with Grid United and ALLETE for the development of the North Plains Connector, a 415-mile high-voltage direct-current (HVDC) transmission line. This line will connect Bismarck, North Dakota, and Colstrip, Montana, and double the transfer capacity between the eastern and western U.S. electric grids. PGE is expected to hold a 20% ownership share and gain 600 megawatts of transfer capacity. The project aims to provide access to renewable energy, reduce congestion, and enhance wholesale markets. The estimated $3.2 billion investment will create over 600 jobs during construction.
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