Portland General Stock Price, News & Analysis

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.

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.

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.