Portland General Electric declares dividend

Rhea-AI Summary

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.

Positive

• Quarterly dividend of $0.43 per share enhances shareholder returns.
• Target dividend payout ratio of 60% to 70% indicates financial stability.
• Commitment to reduce greenhouse gas emissions reflects long-term sustainability.

Negative

• None.

PORTLAND, Ore., Feb. 11, 2022 /PRNewswire/ -- On February 11, 2022, the board of directors of Portland General Electric Company (NYSE: POR) declared a quarterly common stock dividend of $0.43 per share.

The company's dividend is evaluated based on capital requirements and financial performance. PGE targets a dividend payout ratio of 60 to 70% over the long term.

The quarterly dividend is payable on or before April 18, 2022, to shareholders of record at the close of business on March 25, 2022. 

About Portland General Electric Company

Portland General Electric (NYSE: POR) is a fully integrated energy company based in Portland, Oregon. The company serves approximately 900,000 customers with a service area population of 2 million Oregonians in 51 cities. PGE owns 16 generation plants across Oregon and other Northwestern states and maintains and operates 14 public parks and recreation areas. For more than 130 years, PGE has powered the advancement of society, delivering safe, affordable, and reliable energy to Oregonians. PGE and its approximately 3,000 employees are working with customers to build a clean energy future. Together with its customers, PGE has the No. 1 voluntary renewable energy program in the U.S. PGE is committed to achieving at least an 80% reduction in greenhouse gas emissions from power served to customers by 2030 and 100% reduction by 2040. In 2021, PGE became the first U.S. utility to join The Climate Pledge. For the eighth year in a row PGE achieved a perfect score on the 2021 Human Rights Campaign Foundation's Corporate Equality Index, a national benchmarking survey and report on corporate policies and practices related to LGBTQ workplace equality. In 2021, PGE, employees, retirees, and the PGE Foundation donated $4.8 million and volunteered 15,760 hours with more than 300 nonprofits across Oregon. For more information visit www.PortlandGeneral.com/news.

Safe Harbor Statement

Statements in this press release that relate to future plans, objectives, expectations, performance, events and the like may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements represent our estimates and assumptions as of the date of this report. The Company assumes no obligation to update or revise any forward-looking statement as a result of new information, future events or other factors.

Forward-looking statements include statements regarding the Company's full-year earnings guidance (including expectations regarding annual retail deliveries, average hydro conditions, wind generation, normal thermal plant operations, operating and maintenance expense and depreciation and amortization expense) as well as other statements containing words such as "anticipates," "believes," "intends," "estimates," "promises," "expects," "should," "conditioned upon," and similar expressions.

Investors are cautioned that any such forward-looking statements are subject to risks and uncertainties, including, without limitation:  the outcome of various legal and regulatory actions; demand for electricity; the sale of excess energy during periods of low demand or low wholesale market prices; operational risks relating to the Company's generation and battery storage facilities, including hydro conditions, wind conditions, disruption of transmission and distribution, disruption of fuel supply, and unscheduled plant outages, which may result in unanticipated operating, maintenance and repair costs, as well as replacement power costs; delays in the supply chain and increased supply costs, failure to complete capital projects on schedule or within budget, or the abandonment of capital projects, which could result in the Company's inability to recover project costs; the costs of compliance with environmental laws and regulations, including those that govern emissions from thermal power plants; changes in weather, hydroelectric and energy market conditions, which could affect the availability and cost of purchased power and fuel; the development of alternative technologies; changes in capital and credit market conditions, including interest rates, which could affect the access to and availability of cost of capital and result in delay or cancellation of capital projects or execution of the Company's strategic plan as currently envisioned; general economic and financial market conditions, including inflation; severe weather conditions, wildfires, and other natural phenomena and natural disasters that could result in operational disruptions, unanticipated restoration costs, or third party liability; cyber security breaches of the Company's customer information system or operating systems, data security breaches, or acts of terrorism, which could disrupt operations, require significant expenditures, or result in claims against the Company; PGE business activities are concentrated in one region and future performance may be affected by events and factors unique to Oregon; and widespread health emergencies or outbreaks of infectious diseases such as the novel coronavirus disease (COVID-19), including potential vaccination mandates, which may affect our financial position, results of operations and cash flows. As a result, actual results may differ materially from those projected in the forward-looking statements.

These risks and uncertainties are further discussed in the reports that the Company has filed with the United States Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov and on the Company's website, investors.portlandgeneral.com. Investors should not rely unduly on any forward-looking statements.

Source: Portland General Company (POR)

Media Contact: 
Mike Houlihan 
Corporate Communications 
Phone: 503-504-9706

Investor Contact:  
Jardon Jaramillo 
Investor Relations 
Phone: 503-464-7051

View original content:https://www.prnewswire.com/news-releases/portland-general-electric-declares-dividend-301480698.html

SOURCE Portland General Company

FAQ

What is the dividend amount for POR in 2022?

Portland General Electric declared a quarterly dividend of $0.43 per share in 2022.

When is the POR dividend payment date?

The dividend for POR is payable on or before April 18, 2022.

What is the record date for the POR dividend?

The record date for the POR dividend is March 25, 2022.

What is Portland General Electric's dividend payout ratio target?

PGE targets a long-term dividend payout ratio of 60% to 70%.

How many customers does Portland General Electric serve?

Portland General Electric serves approximately 900,000 customers in Oregon.