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 Company (NYSE: POR) announced a public offering of $375,000,000 of its common stock, facilitated by Barclays and J.P. Morgan as underwriters. This offering is part of forward sale agreements with the underwriters, who may also purchase an additional $56,250,000 of shares. The proceeds will be directed towards financing eligible green investments and repaying debt. The Company plans physical settlement of the agreements within 24 months.
Portland General Electric Company (NYSE: POR) reported a net income of $58 million, or $0.65 per diluted share, for Q3 2022, up from $50 million, or $0.56 per share in Q3 2021. The company raises long-term EPS growth guidance to 5%-7% from a 2022 base year. They are collaborating with NextEra Energy to build a 311 MW wind facility in Eastern Montana, investing approximately $415 million. PGE reaffirms 2022 GAAP earnings guidance of $2.60-$2.75 and adjusted earnings guidance of $2.74-$2.89. A quarterly dividend of $0.4525 per share was also approved.
On October 21, 2022, Portland General Electric (NYSE: POR) announced a quarterly common stock dividend of $0.4525 per share, payable by January 17, 2023, to shareholders of record as of December 27, 2022. This dividend reflects the company's financial performance and its long-term target payout ratio of 60-70%. PGE serves about 900,000 customers and aims for an 80% reduction in greenhouse gas emissions by 2030.
Portland General Electric (NYSE: POR) will host an analyst conference call on October 25, 2022, at 11 a.m. ET, to discuss its third quarter 2022 financial results. The earnings summary will be released before markets open on the same day. Key executives, including Maria Pope (President and CEO), will lead the call. Interested parties can access the conference via the investor website, with a replay available starting at 2 p.m. ET the same day. PGE serves about 900,000 customers across Oregon.
Patricia Salas Pineda has been appointed to the board of directors of Portland General Electric (NYSE:POR), effective October 1, 2022. With over 35 years of leadership experience at Toyota Motor North America, Pineda brings expertise in legal, human resources, and communications. She aims to enhance employee experience and strengthen PGE's competitive position in the electric utility industry. Pineda will serve on the Finance and Compensation, Culture, and Talent Committees, bolstering PGE's capabilities in these areas.
Portland General Electric Company (NYSE: POR) revised its 2022 GAAP earnings guidance to between $2.60 and $2.75 per diluted share from a previous $2.50 to $2.65. It also initiated a non-GAAP adjusted earnings guidance of $2.74 to $2.89. The second quarter 2022 net income soared to $64 million ($0.72 per share), doubling from $32 million in Q2 2021. Continued energy delivery growth, especially in technology sectors, and favorable power costs contributed to this success. PGE also approved a quarterly dividend of $0.4525 per share, showcasing solid financial health.
On July 22, 2022, Portland General Electric (NYSE: POR) declared a quarterly dividend of $0.4525 per share. This decision reflects the company’s focus on capital requirements and financial performance, targeting a long-term payout ratio of 60 to 70%. The dividend is payable on or before October 17, 2022, to shareholders of record by September 26, 2022.
PGE serves around 900,000 customers and aims to significantly reduce greenhouse gas emissions by 80% by 2030 and achieve 100% reduction by 2040.
Portland General Electric (NYSE: POR) will hold an analyst conference call on July 28 at 11 a.m. ET to discuss its second quarter 2022 financial results. The earnings summary will be released before markets open on the same day. The call will feature insights from CEO Maria Pope and other executives. Investors can access the webcast through the company's investor website, with a replay available later that day. PGE serves about 900,000 customers in Oregon and is committed to reducing greenhouse gas emissions significantly by 2030 and 2040.
Portland General Electric Company (NYSE: POR) reported Q1 2022 net income of $60 million, or $0.67 per diluted share, down from $96 million, or $1.07 per diluted share, in Q1 2021. The company revised its 2022 earnings guidance from $2.75-$2.90 to $2.50-$2.65 per diluted share, influenced by regulatory deferrals related to wildfires and COVID-19. Total revenues grew due to higher energy deliveries, though expenses increased due to grid maintenance and labor costs. PGE plans to finalize project selections for its renewable energy RFP by the end of 2022.
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