Portland General Electric's new wind farm contributes to record-high wind generation for Oregon customers
Rhea-AI Summary
Portland General Electric (PGE) achieved a significant milestone with its Clearwater Wind Energy Center, generating over one gigawatt of power from wind sources for the first time in company history. The facility, located in Eastern Montana, provides PGE with 311 megawatts of capacity through ownership (208 MW) and a Power Purchase Agreement (103 MW).
The center began commercial operations in January 2024 and has consistently contributed about 34% of PGE's daily wind generation. The company reached its all-time wind generation record of 1,056 megawatts on February 26, 2024. The facility helps reduce dependency on open market energy purchases and benefits from federal Production Tax Credits.
Positive
- Achieved record wind generation of 1,056 megawatts
- Clearwater Wind Energy Center contributes 34% of daily wind generation
- Reduces need for costly market energy purchases
- Benefits from federal Production Tax Credits
- Diversifies energy portfolio with consistent winter and summer production
Negative
- None.
News Market Reaction – POR
On the day this news was published, POR declined 1.78%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
The Clearwater Wind Energy Center helped PGE generate more than one gigawatt of power
from wind sources alone for the first time in company history
The Clearwater Wind Energy Center, located in
The portions of the facility serving PGE customers achieved commercial operations by January 2024 and take advantage of consistent winds from the vast plains of the Treasure State. Alongside other renewable energy projects in the Pacific Northwest, the Clearwater Wind Energy Center adds diversity and consistency to PGE's energy portfolio, allowing the company to source power for customers when it's available from a variety of resource types and locations.
With
The Clearwater Wind Energy Center was selected through PGE's 2021 Request for Proposal, a competitive bidding process through which the company solicits proposals for electricity generation facilities that bring value to customers.
"In just a few short years, we were able to take the Clearwater Wind Energy Center from a proposal on paper to the efficient, productive facility it is today," said Maria Pope, PGE President and CEO, at an event in September celebrating the commissioning of the facility. "This plant is an example of how working together, we can act quickly to solve some of the biggest challenges facing the energy industry."
The emissions-free power generated at the facility is delivered to PGE customers through existing transmission lines on Northwestern and Bonneville Power Administration's system, as well as an approximately 100-mile generation-tie line connecting to the
"The Clearwater Wind Energy Center is an important component of the future of the Western clean energy landscape," said Maria Pope. "Sourcing energy from diverse geographies improves reliability at lower costs for customers."
During each phase of construction, the Clearwater Wind Energy Center created up to 350 jobs and continues to employ operations workers onsite, while generating revenue for the local community. Wind power continues to be an important piece of PGE's portfolio as the company works to decarbonize while providing reliable, affordable electricity to customers.
View or download b-roll, photos, and videos of the Clearwater Wind Energy Center.
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 has the largest voluntary renewable energy program in the country and was ranked the No. 1 utility in the 2024 Forrester
Safe Harbor Statement
Statements in this news 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. Forward-looking statements include statements regarding the company's future energy mix; statements concerning the company's integration of smart-grid technologies and renewable energy into the grid; statements regarding acquisition, construction, completion, and operation of generating and battery storage facilities; as well as other statements containing words such as "anticipates," "believes," "intends," "estimates," "promises," "expects," "should," "conditioned upon," "will," "would," "could" and similar expressions. Investors are cautioned that any such forward-looking statements are subject to risks and uncertainties, including construction and operational risks relating to the generation and battery storage facilities, including wind conditions and unscheduled delays or plant outages, which may result in unanticipated operating, maintenance and repair costs, as well as replacement power costs; the costs of compliance with environmental laws and regulations, including changes in weather, hydroelectric and energy markets conditions, which could affect the availability and cost of purchased power and fuel; changes in capital market conditions, which could affect the availability and cost of capital and result in delay or cancellation of capital projects; failure to complete capital projects on schedule or within budget, failure of the counterparty to perform under the agreements, or the abandonment of capital projects, which could result in the company's inability to recover project costs; the outcome of various legal and regulatory proceedings; and general economic and financial market conditions. As a result, actual results may differ materially from those projected in the forward-looking statements. All forward-looking statements included in this news release are based on information available to the company on the date hereof and such statements speak only as of the date hereof. The company assumes no obligation to update any such forward-looking statement. Prospective investors should also review the risks and uncertainties listed in the company's most recent annual report on form 10-K and the company's reports on forms 8-K and 10-Q filed with the United States Securities and Exchange Commission, including management's discussion and analysis of financial condition and results of operations and the risks described therein from time to time.
Contact Info:
PGE Communications, PGECommunications@pgn.com; 503-464-2067
Source: Portland General Company
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SOURCE Portland General Company
FAQ
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