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 (NYSE: POR) will host an analyst conference call on April 28 at 11 a.m. ET to discuss its first quarter 2022 financial results, with earnings summary released before market open. The call will be led by CEO Maria Pope and other executives, providing stakeholders an opportunity to gain insights into the company's performance. A replay will be available for a week following the call. PGE serves approximately 900,000 customers and is committed to significant reductions in greenhouse gas emissions by 2030 and 2040.
Portland General Electric Company (NYSE: POR) reported a net income of $244 million or $2.72 per diluted share for 2021, a significant increase from $155 million or $1.72 per diluted share in 2020. Fourth-quarter net income was $66 million ($0.73 per share), up from $52 million ($0.57) year-over-year. Revenue growth is attributed to higher energy demand. For 2022, PGE expects earnings between $2.75 and $2.90 per share, with a focus on renewable resources and grid modernization.
On February 11, 2022, Portland General Electric (NYSE: POR) declared a quarterly dividend of $0.43 per share, payable on or before April 18, 2022. Shareholders on record as of March 25, 2022 will receive this dividend. The company aims for a long-term payout ratio of 60% to 70%, reflecting its commitment to shareholder returns amid a focus on capital requirements and financial performance. PGE serves approximately 900,000 customers and is dedicated to significant greenhouse gas emission reduction goals by 2030 and 2040.
Portland General Electric Company (NYSE: POR) will host an analyst conference call on February 17, 2022, at 11 a.m. ET to discuss its fourth quarter and full-year 2021 financial results. The earnings summary will be released before the market opens on the same day. The call will be led by CEO Maria Pope, CFO Jim Ajello, and investor relations director Jardon Jaramillo. Investors can access the webcast via the company's investor website. A replay of the call will be available from 2 p.m. ET on February 17 to February 24, 2022.
ESS Tech, Inc. (NYSE: GWH) has partnered with Portland General Electric (NYSE: POR) to test the ESS Energy Center™ platform in Wilsonville, Oregon. This 3 MWh Energy Center, set to launch in mid-2022, aims to demonstrate various use cases for energy storage, including frequency response and demand response. The platform, designed for utility-scale applications, distinguishes power from storage capacity, allowing for flexible energy solutions that can operate for up to 12 hours. This collaboration highlights the growing demand for long-duration energy storage technology.
Portland General Electric (NYSE: POR) reported a net income of $50 million, or 56 cents per diluted share, for Q3 2021, turning around from a $17 million loss in Q3 2020. Increased revenues stem from higher retail energy deliveries, strong residential demand, and high-tech manufacturing growth, despite challenges from weather and market volatility. PGE plans to initiate a renewable RFP in December, aiming for significant clean energy capacity by 2030. The company also reaffirmed its 2021 earnings guidance of $2.70 to $2.85 per share.
Dawn L. Farrell has been appointed to the Portland General Electric (NYSE:POR) board of directors, effective January 1, 2022. With over 35 years in the energy sector, including her recent role as President and CEO of TransAlta Corporation, Farrell brings valuable experience during a time of regulatory changes and technological advancements. She will serve on the Nominating, Governance and Sustainability Committee and the Finance Committee. PGE, serving 900,000 customers in Oregon, is focused on achieving significant greenhouse gas emissions reductions and enhancing its renewable energy programs.
On October 26, 2021, Portland General Electric Company (NYSE: POR) announced a quarterly common stock dividend of 43 cents per share. This dividend will be distributed to shareholders on or before January 18, 2022, to those on record by December 27, 2021. The company aims for a dividend payout ratio of 60% to 70% based on capital requirements and financial performance. Portland General Electric serves approximately 900,000 customers across Oregon and is focused on achieving sustainable energy goals, including a 100% reduction in GHG emissions by 2040.
Portland General Electric (PGE) announced plans to significantly increase clean energy supply, aiming for an 80% reduction in GHG emissions by 2030, 90% by 2035, and zero emissions by 2040. The company initiated a public RFP process requesting around 1,000 MW of renewable resources, targeting 375-500 MW from renewables and 375 MW of non-emitting power. PGE also filed a Distribution System Plan to support this transition, aiming for 25% of peak power from customer resources by 2030. The goal includes an acceleration of coal phase-out by 2025 while enhancing grid reliability.
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