Portland General Stock Price, News & Analysis

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.

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.