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) announced the retirement of CFO Jim Lobdell at the end of the year. Jim Ajello, former CFO of Hawaiian Electric Industries, will succeed him starting January 1. Brett Sims has been promoted to vice president of Strategy, Regulation, and Energy Supply. Lobdell has played a key role in financial improvements and renewable energy initiatives. Ajello's experience in energy and financial services is expected to enhance PGE's operational efficiencies as the company focuses on delivering a clean energy future.
Portland General Electric Company (NYSE: POR) announced a quarterly dividend of 40.75 cents per share, approved on October 28, 2020. The dividend is set to be paid on or before January 15, 2021 to shareholders who are on record by December 28, 2020. PGE targets a long-term dividend payout ratio of 60 to 70% based on capital needs and financial performance.
The City of Hillsboro, Oregon, along with Energy Trust of Oregon, Portland General Electric (PGE), and InPipe Energy, has successfully completed the Hillsboro In-Pipe Hydroelectric Project. This innovative renewable energy initiative utilizes the In-PRV system, which transforms excess pressure from city water pipelines into electricity, generating between 185,000 to 200,000 kWh annually. This project will serve local facilities while reducing carbon emissions by over 162,000 pounds per year. Hillsboro aims to enhance its sustainability efforts through this cutting-edge technology.
Portland General Electric (NYSE: POR) is set to release its third-quarter earnings on October 30, 2020, before the market opens. A conference call to review these financial results will take place at 11 a.m. ET on the same day. The call will feature CEO Maria Pope and CFO Jim Lobdell.
The earnings summary and details on accessing the webcast will be available on PGE's investor website, with a replay accessible from 2 p.m. ET on October 30 until November 6.
Portland General Electric (NYSE: POR) announced it has eliminated net market exposure from energy trading positions, reporting third-quarter 2020 losses of $128 million, lower than the previous estimate of $155 million. The company confirmed that these losses will not affect customer prices and will be recognized in its operational results. Despite the losses, PGE maintains a strong balance sheet and ample liquidity, and has updated its full-year 2020 earnings guidance to $1.40 to $1.60 per diluted share based on various operational assumptions.
Rosen Law Firm is investigating potential securities claims on behalf of Portland General Electric Company (POR) shareholders following allegations of misleading information regarding business operations. On August 24, 2020, the company reported losses of $127 million due to energy trades, which led to an 11% decline in share price to $37.16 by August 26, 2020. A Special Committee has been formed to review these trading activities. The firm is preparing a class action lawsuit to recover losses for investors.
Portland General Electric Company (NYSE: POR) reported significant financial losses of $127 million related to energy trading activities as of August 24, 2020. Realized losses amount to $104 million while unrealized losses are $23 million. The company has revised its full-year earnings guidance to between $1.30 and $1.60 per diluted share, down from $2.20 to $2.50, due to increased net variable power costs. A Special Committee has been formed to review the circumstances leading to these losses. PGE maintains strong liquidity with $155 million in cash and significant credit facilities.
Portland General Electric Company (NYSE: POR) reported a net income of $39 million, or 43 cents per diluted share, for Q2 2020, up from $25 million, or 28 cents, in Q2 2019. This growth was driven by favorable hydro and wind conditions alongside reduced operating expenses. Total revenues rose due to increased demand across residential, industrial, and wholesale sectors, notwithstanding a decline in commercial demand. PGE reaffirms its 2020 earnings guidance of $2.20 to $2.50 per diluted share, citing stronger residential and industrial demand.
On July 29, 2020, Portland General Electric Company (NYSE: POR) announced a 5.8% increase in its annual dividend, raising it by 9 cents per share to 40.75 cents per share quarterly. The dividend is payable by October 15, 2020 to shareholders on record as of September 25, 2020. This decision reflects the company's commitment to maintaining shareholder returns despite uncertainties from the COVID-19 pandemic.
Portland General Electric Company (NYSE: POR) will host an analyst conference call at 11 a.m. ET on July 31, 2020, to discuss its second quarter 2020 financial results.
The earnings summary will be released before the market opens. The call will feature CEO Maria Pope, CFO Jim Lobdell, and Jardon Jaramillo from investor relations. A replay will be available from 2 p.m. ET on the same day until August 7. PGE serves 899,000 customers across Oregon and is committed to a clean energy future.
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