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) reported a 2020 net income of $155 million ($1.72 per diluted share), impacted by $1.03 losses from energy trading. Excluding these losses, non-GAAP net income was $247 million ($2.75 per diluted share), up from $214 million in 2019. For Q4 2020, GAAP income was $52 million ($0.57 per share), down from $61 million in Q4 2019. PGE anticipates 2021 earnings guidance of $2.55 to $2.70 per diluted share, driven by anticipated energy delivery growth. The company aims for net-zero emissions by 2040, and a dividend of 40.75 cents per share has been approved.
Portland General Electric (NYSE: POR) announced a quarterly dividend of 40.75 cents per share, approved by its board on February 17, 2021. This dividend reflects the company’s commitment to maintaining a payout ratio of 60% to 70% over the long term. Shareholders of record as of March 25, 2021, will receive the payment on or before April 15, 2021. Serving approximately 900,000 customers in Oregon, PGE emphasizes affordability and reliability along with a strong focus on renewable energy.
Portland General Electric (NYSE: POR) announced that Intel (NASDAQ: INTC) has joined its Green Future Impact program, securing a 15-year agreement with Avangrid Renewables (NYSE: AGR) for a new 138-megawatt solar facility in Wasco County, Oregon. This facility, dubbed Daybreak Solar, will support Intel's energy needs and create 150-200 jobs during peak construction. The project will produce power for over 32,000 homes and generate about $30 million in economic benefits. Intel's participation fills the program's original 300-megawatt capacity, demonstrating a significant commitment to renewable energy.
Portland General Electric (NYSE: POR) will host an analyst conference call and webcast on February 19 at 11 a.m. ET to discuss its fourth quarter and full-year 2020 financial results. Earnings will be released prior to the market opening on the same day. Key executives, including CEO Maria Pope and CFO Jim Ajello, will be present. The call can be accessed via their investor website, with a replay available from February 19 through February 26. PGE serves approximately 900,000 customers across Oregon, focusing on renewable energy and community engagement.
Portland General Electric (NYSE: POR) announced on Dec. 18, 2020, that its Board's Special Committee completed a review of energy trading activities that caused third-quarter losses. The review identified ill-conceived trades and prompted enhanced oversight and risk management practices. Key actions include recruiting experienced risk management personnel, revising trading policies, and improved risk reporting structures. As a consequence of the losses, certain senior executives will not receive annual incentive compensation for 2020. Importantly, customer pricing remains unaffected.
Portland General Electric Company (NYSE: POR) has commenced commercial power generation at the Wheatridge Renewable Energy Facility in Eastern Oregon. This facility, developed in partnership with NextEra Energy Resources, is pivotal for Oregon's clean energy goals and PGE's ambition of achieving net zero emissions by 2040. The facility features a 300-megawatt wind farm, with solar and battery components expected to complete by the end of 2021. Once fully operational, it will contribute to PGE's wind generation portfolio, serving approximately 340,000 homes.
On December 1, 2020, Portland General Electric (NYSE: POR) and Daimler Trucks North America announced the development of "Electric Island," a cutting-edge charging site for medium- and heavy-duty electric commercial vehicles in Portland, Oregon. Expected to be the first of its kind in the U.S., Electric Island aims to support nine high-capacity charging stations by spring 2021. This project is part of efforts to promote zero-emission vehicles and enhance utility collaborations, paving the way for a sustainable energy future.
Portland General Electric (NYSE: POR) has set a goal of achieving net zero greenhouse gas emissions by 2040. The company will also reduce emissions related to its power supply to customers by 80% by 2030. Key strategies include ending coal operations, increasing renewable energy sources like wind and solar, and electrifying over 60% of its fleet by 2030. PGE aims for zero emissions associated with customer electricity by 2040 through innovative programs. The commitment aims to ensure reliable and affordable electricity while addressing climate change.
Portland General Electric (NYSE: POR) announced the appointment of Michael A. Lewis and James P. Torgerson to its board of directors, effective January 1, 2021. Lewis, currently serving as interim president of PG&E, brings over 35 years of utility industry experience, while Torgerson, former CEO of AVANGRID, has over 30 years of expertise. The board will temporarily increase to 14 members and return to 12 after the 2021 annual shareholders' meeting. This strategic move aims to strengthen leadership in driving a clean energy future for Oregon's customers and enhancing shareholder value.
Portland General Electric (NYSE: POR) reported a third quarter net loss of $17 million, or 19 cents per diluted share. Adjusted non-GAAP net income was $80 million, marking a significant increase from last year's net income of $55 million. Revenue rose by 9%, bolstered by high-tech and industrial demand, despite losses from energy trading of $127 million. The company announced a $100 million capital investment plan aimed at enhancing grid resiliency. PGE reaffirms its 2020 earnings guidance of $1.40 to $1.60 per diluted share, aiming for the upper range.
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