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.
On April 21, 2023, Portland General Electric Company (NYSE: POR) announced a 5.0% increase in its annual dividend, translating to an additional $0.09 per share. The quarterly dividend is now set at $0.475 per share, payable by July 17, 2023, to shareholders recorded by June 26, 2023. The company maintains a dividend payout ratio target of 60-70%. Portland General Electric serves over 900,000 customers in Oregon and has integrated objectives for reducing greenhouse gas emissions, aiming for an 80% reduction by 2030 and 100% by 2040. The company has been recognized for its commitment to gender equality and community support, contributing nearly $5.5 million in donations in 2022.
Portland General Electric (PGE) has filed its combined Integrated Resource Plan and inaugural Clean Energy Plan, outlining a roadmap to meet Oregon's greenhouse gas emissions targets by 2030. The plan emphasizes reliance on available commercial tools, including renewable energy projects, non-emitting capacity like batteries, and regional collaboration. Notably, PGE achieved a 25% reduction in emissions in 2022. The company's commitment extends to an 80% reduction in greenhouse gas emissions by 2030 and 100% by 2040. PGE aims to maintain reliability and affordability while transitioning to cleaner energy solutions.
Portland General Electric (NYSE: POR) announced an analyst conference call on April 28, 2023, at 11 a.m. ET, to discuss its Q1 2023 financial results. The earnings summary will be released before market open on the same day. Key executives involved in the call include President and CEO Maria Pope and CFO Jim Ajello. Stakeholders can access the live webcast through Portland General Electric's investor website, with a replay available later that day. The company serves over 900,000 customers across Oregon, focusing on clean energy initiatives, aiming for an 80% reduction in greenhouse gas emissions by 2030.
Portland General Electric (PGE) has appointed Benjamin Felton as the new Chief Operating Officer, effective April 3, 2023. Felton, who brings over 30 years of energy industry experience, will oversee utility operations, focusing on generation, distribution, engineering, and safety. He previously served as senior vice president at DTE and held leadership roles at NiSource and Consumers Energy. PGE aims for an 80% reduction in greenhouse gas emissions from its power supply by 2030 and aims for 100% reduction by 2040. The company operates in Oregon and serves over 900,000 customers.
Portland General Electric Company (NYSE: POR) reported a GAAP net income of $233 million or $2.60 per diluted share for 2022. Non-GAAP results showed an adjusted income of $245 million or $2.74 per diluted share, slightly up from 2021's figures. The company initiated 2023 adjusted earnings guidance between $2.60 and $2.75 per diluted share, with an anticipated increase in energy deliveries. Key investments included $811 million in capital assets and a $499 million equity forward sale agreement. A 14% average price increase is requested for the 2024 general rate case. A quarterly dividend of $0.4525 per share was also approved.
On February 10, 2023, the board of directors of Portland General Electric (NYSE: POR) announced a quarterly dividend of $0.4525 per share, payable by April 17, 2023, to shareholders of record by March 27, 2023. The company targets a long-term dividend payout ratio of 60% to 70%, indicating a commitment to returning value to shareholders. Over its 130-year history, PGE has focused on delivering reliable and clean energy to over 900,000 customers in Oregon while aiming for at least an 80% reduction in greenhouse gas emissions by 2030. The company's focus on sustainability is bolstered by its recognition in the Bloomberg Gender-Equality Index.
Portland General Electric Company (NYSE: POR) will hold an analyst conference call and webcast on February 16 at 11 a.m. ET to discuss its fourth quarter and full-year 2022 financial results. The earnings summary will be released prior to market opening on the same day. The call will feature executives including President and CEO Maria Pope and CFO Jim Ajello. Interested parties can access the call via the investor website and a replay will be available after 2 p.m. ET on the same day. Portland General Electric serves approximately 900,000 customers in Oregon.
Portland General Electric Company (NYSE: POR) has announced a public offering of 10,100,000 shares of its common stock, priced at $43.00 per share, set to close on October 28, 2022. The offering includes a 30-day option for underwriters to purchase up to 1,515,000 additional shares. Proceeds will primarily fund green investments as defined in its financing framework, and a portion will be used to repay debt. The company currently serves approximately 900,000 customers in Oregon and operates 16 generation plants.
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