PGE outlines progress and purpose in 2023 Environmental, Social and Governance report

Rhea-AI Summary

Portland General Electric (PGE) released its 2023 Environmental, Social and Governance Report, highlighting progress in delivering reliable energy services and transitioning to clean energy. Key achievements include adding 475MW of battery storage, securing federal grants for transmission networks, and protecting conservation lands.

Energy Sector Analyst

The recent Environmental, Social and Governance (ESG) Report released by Portland General Electric (PGE) highlights the company's strategic efforts in enhancing energy reliability, affordability and sustainability, which are critical factors influencing investor confidence in the utility sector. The addition of 475 megawatts of battery storage is particularly noteworthy, as it signifies PGE's investment in energy storage solutions that can smooth out the intermittency of renewable energy sources and bolster grid reliability. This is a strategic move, given the increasing demand for clean energy and the need for utilities to adapt to a changing energy landscape.

Furthermore, PGE's success in securing $250 million in federal grants for transmission network investments is a strong indicator of the company's ability to leverage government resources to improve infrastructure. This not only enhances customer reliability but also positions PGE favorably in the market for future federal infrastructure initiatives. The financial implications of these grants can lead to improved long-term profitability by reducing the capital expenditure burden on PGE and its shareholders.

Sustainability Consultant

PGE's commitment to social responsibility and environmental stewardship is evident through its actions detailed in the ESG report. The protection of over 11,000 acres of conservation lands and the record fish returns at the North Fork Dam underscore the company's dedication to biodiversity and ecosystem health. Such initiatives can enhance PGE's reputation among consumers and investors who prioritize corporate environmental responsibility, potentially leading to increased customer loyalty and investor interest.

The establishment of the Community Benefits and Impacts Advisory Group shows a proactive approach to stakeholder engagement, particularly with low-income and historically underserved communities. This level of engagement is essential for maintaining social license to operate and can mitigate reputational risks associated with energy projects. It also aligns with broader ESG investment criteria, which are becoming increasingly important for attracting capital from socially conscious investors.

Corporate Governance Expert

The filing of PGE's Inaugural Clean Energy Plan as part of their Integrated Resource Plan is a significant step towards transparent and ethical governance. By setting a comprehensive roadmap to meet 2030 goals, PGE is not only aligning with regulatory expectations but also providing shareholders and potential investors with a clear vision of the company's strategic direction. This level of transparency is crucial for investor trust and can influence investment decisions, particularly in a market that is increasingly valuing long-term sustainability over short-term gains.

PGE's ESG report also reflects a commitment to ethical governance and community engagement, which can be a differentiator in a competitive market. By demonstrating that decision-making processes consider the broader impacts on society and the environment, PGE is likely to foster stronger relationships with regulators, customers and the communities it serves, which can be beneficial for long-term business resilience and growth.

Report shares PGE's progress in delivering reliable, affordable, accessible energy services while leading the transition to a clean energy future.

PORTLAND, Ore., March 6, 2024 /PRNewswire/ -- Portland General Electric (PGE) released its 2023 Environmental, Social and Governance Report, the annual report that showcases PGE's progress to support resilient energy ecosystems, thriving communities and teams and ethical governance.

PGE is committed to a future in which everyone can thrive. This year's report outlines the company's ongoing and meaningful engagement with communities and stakeholders to find equitable solutions to a clean energy future and investments in the workforce of the future. It details the variety of ways PGE is fostering the safety and success of employees, who in turn give back to their communities.

"We consider the impacts of our decisions in everything we do - how we manage our business, maintain our parks, restore wildlife and engage with our customers," said Kristen Sheeran, PGE's Senior Director of Policy, Planning and Sustainability. "We remain committed to the needs of our diverse customers and communities as we lead the clean energy transition in Oregon."

Among the many focus areas the report covers, highlights include:

• The addition of 475 megawatts of battery storage which, combined with hydropower, enhances reliability for customers.
• Secured several federal grants to invest in transmission networks and benefit customer reliability, including $250 million the Confederated Tribes of Warm Springs and PGE were awarded to upgrade the Bethel Round Butte transmission line.
• Filed an Inaugural Clean Energy Plan with the Integrated Resource Plan, setting a comprehensive roadmap of PGE's path to meeting our 2030 goals.
• The ongoing protection of more than 11,000 acres of conservation lands.
• Record fish returns, including more than 25,000 adult salmon and steelhead returning to the North Fork Dam on the Clackamas River, the third consecutive year of record coho salmon returns.
• Creation of the Community Benefits and Impacts Advisory Group to consult on decision making that impacts people in PGE's service area, including low-income and historically underserved communities.
• Employees and retirees completed over 23,000 volunteer hours. Total charitable giving from the Company, employees, retirees and the PGE Foundation exceeded $4.6 million.

To view the full ESG Report visit portlandgeneral.com/sustainability. Additional 2023 information can be found in PGE's Proxy and Annual Report.

About Portland General Electric Company: 

Portland General Electric (NYSE: POR) is an integrated energy company that generates, transmits and distributes electricity to over 930,000 customers serving an area of 1.9 million Oregonians. For more than 130 years, Portland General Electric (PGE) has powered social progress, delivering safe, affordable, reliable and increasingly clean electricity while working to transform energy systems to meet evolving customer needs. PGE customers have set the standard for prioritizing clean energy with the No. 1 voluntary renewable energy program in the country. PGE is committed to reducing emissions from its retail power supply by 80% by 2030 and 100% by 2040. PGE is recognized by the Bloomberg Gender-Equality Index for the company's commitment to creating a more equal, inclusive workplace. In 2023, PGE employees, retirees and the PGE Foundation donated nearly $4.6 million and volunteered over 23,000 volunteer hours to more than 400 nonprofit organizations.

For information: portlandgeneral.com/news. 

CONTACT:
PGEcommunications@pgn.com

Source: Portland General Company

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SOURCE Portland General Electric

What does the 2023 ESG Report by PGE focus on?

The 2023 ESG Report by PGE highlights progress in delivering reliable energy services, transitioning to clean energy, and engaging with communities.

What are some key achievements mentioned in the report?

Key achievements in the report include adding 475MW of battery storage, securing federal grants for transmission networks, and protecting conservation lands.

How much charitable giving exceeded by PGE and its entities?

Total charitable giving from the Company, employees, retirees, and the PGE Foundation exceeded $4.6 million.

What is the purpose of the Community Benefits and Impacts Advisory Group created by PGE?

The Community Benefits and Impacts Advisory Group consults on decision making that impacts people in PGE's service area, including low-income and historically underserved communities.

How many volunteer hours were completed by PGE employees and retirees?

Employees and retirees completed over 23,000 volunteer hours.