PORTLAND, Ore., Dec. 18, 2020 /PRNewswire/ -- Portland General Electric Company (NYSE: POR) ("PGE" or the "Company") today announced the Special Committee of the Board of Directors concluded its independent review of the energy trading activity that led to the losses incurred in the third quarter.

The Special Committee concluded that the trades were ill-conceived and revealed opportunities for improving the Company's energy trading policies and practices. Additionally, the Board of Directors concluded that the actions the Company began taking in August to enhance oversight of energy trading and associated risk management reporting, policies and practices are consistent with the Special Committee's recommendations and will be monitored by the Board of Directors through enhanced reporting. These actions will strengthen the Company and include:

• Added expertise: PGE brought in additional experienced risk management personnel and replaced the Power Operations general manager with a new interim leader.
• Strengthened trading policies: Power Operations personnel are operating under revised policies designed to prevent positions of the type that led to the losses. The improved policies place controls on the ability of personnel to enter into wholesale energy transactions to the extent that PGE does not have physical or financial delivery capability.
• Enhanced risk reporting: Energy trading activity reporting has been improved to ensure greater visibility into portfolio risk.
• Changed reporting structures: Energy Trading Risk Management now reports through a Risk and Compliance team that reports to the Chief Executive Officer. Effective January 1, 2021, Power Operations will report to the Vice President of Strategy, Regulation and Energy Supply.
• Changed personnel: The individuals who previously were placed on leave are no longer with the Company.

The Compensation and Human Resources Committee of the Board of Directors, in consultation with the other independent directors of the Board, has determined, in light of the third quarter losses, it would be inconsistent with PGE's pay-for-performance philosophy for certain senior leaders to receive annual incentive compensation. Accordingly, the CEO, the CFO and one additional executive officer will not receive any annual incentive compensation for 2020.

"The Special Committee, with the assistance of independent legal advisors, conducted a thorough, top-to-bottom review of the energy trading activity that led to the losses and we are pleased to put this matter behind us," said Jack Davis, Chair of the PGE Board. "The Board is confident that the actions the management team implemented and continues to take will make PGE an even stronger company, better positioned to carry out our mission of powering the communities we serve."

As previously announced, there will be no impact to customer prices, as the Company will not pursue regulatory recovery. Additionally, the losses do not impact PGE's ability to serve customers.

Review of Energy Trading Losses
The energy trading positions resulting in these losses were short in the desert Southwest and California power markets and long in the Pacific Northwest power markets. In August 2020, wholesale electricity prices increased substantially in the desert Southwest and California power markets due to extreme weather conditions, constraints to regional transmission facilities, and changes in power supply in the West. As a result of these market disruptions and the Company's exposure to these positions, the Company's energy portfolio realized significant losses.  

About Portland General Electric Company
Portland General Electric (NYSE: POR) is a fully integrated energy company based in Portland, Oregon, with operations across the state. The company serves approximately 900,000 customers with a service area population of 2 million Oregonians in 51 cities. PGE has 16 generation plants in five Oregon counties, and maintains and operates 14 public parks and recreation areas. For over 130 years, PGE has delivered safe, affordable and reliable energy to Oregonians. Together with its customers, PGE has the No. 1 voluntary renewable energy program in the U.S. PGE and its 3,000 employees are working with customers to build a clean energy future. In 2019, PGE, employees, retirees and the PGE Foundation donated $4.3 million and volunteered 32,900 hours with more than 700 nonprofits across Oregon. For more information visit portlandgeneral.com/news. 

Forward-Looking Statements
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. Forward-looking statements include 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 impact of the recommendations of the Special Committee on the Company and its operations; the time and expense incurred in implementing the recommendations of the Special Committee; any reputational damage to the Company relating to the matters underlying the Special Committee's review; the outcome of various legal and regulatory proceedings; general economic and financial market conditions; severe weather conditions, wildfires, and other natural phenomena and natural disasters that could result in operational disruptions, unanticipated restoration costs, or liability for third party property damage; cyber security breaches of the Company's customer information system or operating systems, which may affect customer bills or other aspects of our operations; and widespread health emergencies or outbreaks of infectious diseases such as the novel coronavirus disease (COVID-19), 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. All forward-looking statements included in this press 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 expressly disclaims any current intention to update publicly any forward-looking statement after the distribution of this release, whether as a result of new information, future events, changes in assumptions or otherwise. Prospective investors should also review the risks, assumptions and uncertainties listed in the Company's most recent annual report on Form 10-K and in other documents that the Company files 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.

Media Contact:
Brianne Hyder, Portland General Electric
Brianne.Hyder@pgn.com; 503-464-8596

Investor Contact:
Jardon Jaramillo, Portland General Electric
Jardon.Jaramillo@pgn.com; 503-464-7051

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SOURCE Portland General Company

PORTLAND, Ore., Dec. 8, 2020 /PRNewswire/ -- Portland General Electric Company (NYSE: POR) today announced the start of commercial power generation at the Wheatridge Renewable Energy Facility in Eastern Oregon. Wheatridge is a joint project of PGE and a subsidiary of NextEra Energy Resources, LLC. This ground-breaking new facility marks a milestone in Oregon's acceleration to a clean energy future and will play an important role in achieving PGE's recently established company wide goal of net zero greenhouse gas emissions by 2040.

"Customers want and expect cleaner, greener energy sources," said Maria Pope, PGE president and CEO. "This is an exciting step toward completion of this important resource and adds to our growing wind generation portfolio. We deeply appreciate the partnerships that make the Wheatridge project possible, with NextEra and with the transmission services teams at the Bonneville Power Administration and Umatilla Electric Cooperative."

Wheatridge will be one of the first large-scale energy facilities in the United States to combine wind, solar and battery storage resources at a single location. The 300-megawatt wind farm is now complete and delivering power to PGE customers. The 50-megawatt solar and 30-megawatt battery facilities will be completed by the end of 2021.

"An important community effort like Wheatridge needs teamwork, and I'm happy to have teamed up over the years with PGE, Umatilla Electric, Morrow County, farmers like Jerry Rietmann and all the local officials to help this exciting Eastern Oregon project get over any hurdles," U.S. Senator Ron Wyden said. "The latest good news about the wind farm part of this innovative renewable energy project will have huge benefits when it comes both to facing the climate crisis and generating good rural jobs."

With the addition of Wheatridge's wind farm, PGE's wind generation portfolio now totals more than 1,000 megawatts (one gigawatt) nameplate capacity, available from five owned or contracted wind farms in the Northwest – typically generating enough power to serve the equivalent of 340,000 homes. When complete, the solar and battery storage facilities will be among the largest in Oregon.

"Projects like Wheatridge Energy Facility provide family-wage jobs, tax revenue for our schools and services and strengthen Morrow County's position in the region's clean energy economy," said Don Russell, Morrow County commissioner. "We're pleased to play a part in providing clean energy to Oregonians."

Project details

Located just northeast of Lexington in Morrow County, Oregon, Wheatridge's wind farm generates power using 120 wind turbines manufactured by GE Renewable Energy, Inc. The facility uses a mix of 2.3-megawatt and 2.5-megawatt machines. Final selection of the specific equipment to be used at the associated solar farm and battery storage facility is still pending.

Up to 300 jobs were created at Wheatridge during construction of the wind farm; up to 175 workers will be employed to build the solar and storage sites. Approximately 10 full-time employees will operate the combined facilities once all three components are fully commissioned for service.

"Our long-term partnership with PGE has created family-wage jobs in our community and brought clean-energy innovations like the Wheatridge Energy Facility," said Ryan Neal, general manager of the Port of Morrow. "This makes our region more attractive, competitive and desirable for residents and business." 

Ownership and construction

The project's early development work as a wind farm was performed by Swaggart Wind Power, LLC, an affiliate of MAP^® Energy. NextEra Energy Resources purchased the development rights and together with PGE expanded the project scope to include solar generation and battery storage.

Power from the project will reach PGE customers in Portland and the north Willamette Valley via a new transmission line, constructed by Umatilla Electric Cooperative, that connects Wheatridge locally with the Bonneville Power Administration's regional high-voltage grid.

PGE now owns 100 megawatts of the wind project. A subsidiary of NextEra Energy Resources owns the balance of the project and will sell its output to PGE under 30-year power purchase agreements. The NextEra Energy Resources' subsidiary is building and will operate the combined facility.

PGE expects to invest approximately $155 million for its owned portion of the project.

About Portland General Electric Company
Portland General Electric (NYSE: POR) is a fully integrated energy company based in Portland, Oregon, with operations across the state. The company serves approximately 900,000 customers with a service area population of 2 million Oregonians in 51 cities. PGE has 16 generation plants in five Oregon counties, and maintains and operates 14 public parks and recreation areas. For over 130 years, PGE has delivered safe, affordable and reliable energy to Oregonians. Together with its customers, PGE has the No. 1 voluntary renewable energy program in the U.S. PGE and its 3,000 employees are working with customers to build a clean energy future. In 2019, PGE, employees, retirees and the PGE Foundation donated $4.3 million and volunteered 32,900 hours with more than 700 nonprofits across Oregon. For more information visit portlandgeneral.com/news.

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 made in this press release include statements regarding the impact of the Wheatridge project on power supply costs, emissions reductions and grid reliability, Portland General Electric's energy strategy for future periods, the implementation and outcome that strategy, and the acquisition of additional resources to meet retail customer demand 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 failure to complete capital projects on schedule or within budget, or the abandonment of capital projects; changes in capital market conditions, which could affect the availability and cost of capital and result in delay or cancellation of capital projects; the outcome of various legal and regulatory proceedings; general economic and financial market conditions; and the cost and availability of services, products and technology. 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 expressly disclaims any current intention to update publicly any forward-looking statement after the distribution of this release, whether as a result of new information, future events, changes in assumptions or otherwise. Prospective investors should also review the risks, assumptions and uncertainties listed in the company's most recent annual report on form 10-K and in other documents that we file 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.  

Source: Portland General Company

CONTACTS:
Steve Corson, Portland General Electric Company
503-464-8444 or Steven.Corson@pgn.com

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SOURCE Portland General Company

PORTLAND, Ore., Dec. 1, 2020 /PRNewswire/ -- Portland General Electric (NYSE: POR) and Daimler Trucks North America (DTNA) today announced the co-development of "Electric Island," a large public charging site for medium- and heavy-duty electric commercial vehicles expected to be the first of its kind in the United States. Electric Island will help accelerate the development, testing and deployment of zero emissions (tank to wheel) commercial vehicles.

The site is under construction now near DTNA headquarters in Portland and is designed to support up to nine vehicle charging stations with charging levels of up to greater than one megawatt by spring of 2021. Electric Island will provide DTNA, PGE and the public the opportunity to charge light-, medium-, and heavy-duty vehicles. Plans for more chargers, on-site energy storage, solar power generation, and a product and technology showcase building are currently being finalized. Electric Island aims to address the intersection of vehicles and the grid, creating new opportunities for future EV drivers and utility customers. Powered by DTNA's enrollment in PGE's Green Future Impact renewable energy program, the site will be greenhouse gas emissions-free, including all vehicle charging.

Roger Nielsen, president and CEO of DTNA, said, "In cooperation with PGE, and with the plan to expand electric vehicle charging right here in Portland to support not only our EV charging needs, but those of other drivers in the area, we are paving the way to a brighter, cleaner CO₂-neutral future. As the largest manufacturer of commercial vehicles, we can accelerate this shift and are excited to address, holistically, the complete EV ecosystem. Daimler Trucks has made Portland our home for the past 73 years and having been born and raised in Oregon, I am incredibly proud to help make Swan Island an Electric Island."

Maria Pope, president and CEO of PGE, said, "Oregon's transportation future is electric, and with global leaders like Daimler Trucks North America right here in Portland, we have the opportunity to accelerate a clean energy transition. We are excited to launch this cutting-edge partnership with DTNA, demonstrating what is possible when utilities and the automotive industry collaborate and innovate."

Electric Island is designed to inform both DTNA's work in commercial electric vehicle development and PGE's work in meeting customer charging needs. The project will inform each company's efforts by studying the future of heavy-duty charging, including:

• Use of vehicle chargers featuring power delivery of up to over one megawatt (over 4 times faster than today's fastest light-duty vehicle chargers), enabling PGE and DTNA to develop best practices for cost-effective future deployments;
• Integration of heavy-duty charging technology into PGE's Smart Grid, such as vehicle-to-grid technologies, second-life use of Daimler's battery packs, and onsite energy generation; and
• Testing information technology opportunities like fleet and energy management by captive solutions and services.

About Portland General Electric Company
Portland General Electric (NYSE: POR) is a fully integrated energy company based in Portland, Oregon, with operations across the state. The company serves approximately 900,000 customers with a service area population of 2 million Oregonians in 51 cities. PGE has 16 generation plants in five Oregon counties, and maintains and operates 14 public parks and recreation areas. For over 130 years, PGE has delivered safe, affordable and reliable energy to Oregonians. Together with its customers, PGE has the No. 1 voluntary renewable energy program in the U.S. PGE and its 3,000 employees are working with customers to build a clean energy future. In 2019, PGE, employees, retirees and the PGE Foundation donated $4.3 million and volunteered 32,900 hours with more than 700 nonprofits across Oregon. For more information visit portlandgeneral.com/news. 

About Daimler Trucks North America
Daimler Trucks North America LLC, headquartered in Portland, Ore., is the leading heavy-duty truck manufacturer in North America. It manufactures, sells, and services commercial vehicles under the Freightliner, Western Star, Detroit, and Thomas Built Buses nameplates. Daimler Trucks North America is a Daimler company.

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 made in this press release include statements regarding the potential benefits of the Electric Island Project and the future implementation of the project, 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 failure to complete capital projects on schedule or within budget, or the abandonment of capital projects; changes in capital market conditions, which could affect the availability and cost of capital and result in delay or cancellation of capital projects; the outcome of various legal and regulatory proceedings; general economic and financial market conditions; and the cost and availability of services, products and technology. 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 expressly disclaims any current intention to update publicly any forward-looking statement after the distribution of this release, whether as a result of new information, future events, changes in assumptions or otherwise. Prospective investors should also review the risks, assumptions and uncertainties listed in the company's most recent annual report on form 10-K and in other documents that we file 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.

POR

Contacts:
Elizabeth Lattanner, Portland General Electric
Elizabeth.lattanner@pgn.com; 503-464-7016

Fred Ligouri, Daimler Trucks North America
Fred.ligouri@daimler.com; 971-990-3024

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SOURCE Portland General Company

PORTLAND, Ore., Nov. 18, 2020 /PRNewswire/ -- Recognizing the urgent need to address climate change, Portland General Electric (NYSE: POR) today announced a new companywide goal of achieving net zero greenhouse gas emissions by 2040. PGE also announced a new goal to meet customer expectations for clean energy, pledging to reduce greenhouse gas emissions associated with the power served to customers by 80% by 2030¹, and setting an aspirational goal for zero greenhouse gas emissions associated with the power served to customers by 2040.

"Our future depends on taking immediate action to address climate change by reducing greenhouse gas emissions," said Maria Pope, President and CEO of Portland General Electric. "Today, we placed a new milestone: aiming to achieve companywide net zero greenhouse gas emissions by 2040. To meet this goal, we will touch every part of our business: from the power we supply to our customers, to the vehicles we drive, to how we operate our buildings. Along the way, we will continue to keep electricity reliable and affordable. We're confident that, working with our customers and communities, we will reduce emissions and continue building Oregon's clean energy future."

To reach the goal of companywide net zero greenhouse gas emissions by 2040, PGE will focus on three areas:

• Reducing emissions associated with the power serving customers: Oregonians want to use clean energy, which is why PGE is setting a new, accelerated goal to reduce greenhouse gas emissions associated with the power supplied to customers by at least 80% by 2030 (from 2010 levels). Ending operations at coal plants, like the one PGE recently closed in Boardman, Oregon, and adding more renewable generating facilities through wind and solar, as well as battery storage, like the new Wheatridge facility, will help reach that goal. PGE is also setting an aspirational goal of zero greenhouse emissions associated with the electricity served to customers by 2040. Reaching that goal will require policy, regulatory and technology advancements to fully eliminate emissions from the power supply.

• Reducing emissions in operations: The companywide net zero greenhouse gas goal means finding ways to reduce emissions in every part of the business. With transportation accounting for 40% of Oregon's greenhouse gas emissions, one way to make progress is through electrifying more than 60% of PGE's fleet by 2030, including 100% of Class 1 vehicles like sedans, SUVs, and small pickups, as well as forklifts, by 2025.

• Reducing emissions through evolving customers' energy choices: PGE customers are already #1 in choosing PGE's current renewable energy programs, but many customers want to move further, faster. PGE will continue to create new, innovative programs, like our Green Future products that offer a variety of choices to customers looking for clean, green energy options to power their homes and businesses.

Follow PGE's work towards these goals at portlandgeneral.com/climate. For more information on PGE's Environmental, Social and Governance commitments and reporting, please visit investors.portlandgeneral.com/esg.

About Portland General Electric Company: Portland General Electric (NYSE: POR) is a fully integrated energy company based in Portland, Oregon, with operations across the state. The company serves approximately 900,000 customers with a service area population of 2 million Oregonians in 51 cities. PGE has 16 generation plants in five Oregon counties, and maintains and operates 14 public parks and recreation areas. For over 130 years, PGE has delivered safe, affordable and reliable energy to Oregonians. Together with its customers, PGE has the No. 1 voluntary renewable energy program in the U.S. PGE and its 3,000 employees are working with customers to build a clean energy future. In 2019, PGE, employees, retirees and the PGE Foundation donated $4.3 million and volunteered 32,900 hours with more than 700 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. Forward-looking statements include statements regarding future reductions in greenhouse gas emissions and impacts on customer prices, 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 technological advancements, policy and regulatory changes, 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 press 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 expressly disclaims any current intention to update publicly any forward-looking statement after the distribution of this release, whether as a result of new information, future events, changes in assumptions or otherwise. Prospective investors should also review the risks, assumptions and uncertainties listed in the Company's most recent annual report on Form 10-K and in other documents that the Company files 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.

POR

Source: Portland General Company

¹ 80% below 2010 levels.

Contact:
Elizabeth Lattanner, Elizabeth.lattanner@pgn.com, 503-464-7016

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SOURCE Portland General Company

PORTLAND, Ore., Oct. 30, 2020 /PRNewswire/ -- Portland General Electric Company (NYSE: POR) today reported a net loss based on generally accepted accounting principles (GAAP) of  $17 million, or 19 cents per diluted share, for the third quarter of 2020, which reflects the $1.09 loss per diluted share from previously disclosed trading losses. After adjusting for the impact of third quarter trading losses, non-GAAP net income was $80 million, or 90 cents per diluted share. This compares with GAAP net income of $55 million, or 61 cents per diluted share, for the third quarter of 2019.

"We continue to deliver strong operating performance, notwithstanding the financial impact of the isolated trading losses and wildfires this quarter," said Maria Pope, PGE president and CEO. "I'm proud that our team acted decisively and demonstrated resilience and unwavering dedication to our customers. Looking ahead, we remain committed to making the right investments to meet the needs of Oregonians and drive value for shareholders."

Third Quarter 2020 Earnings Compared to Third Quarter 2019 Earnings

Total revenues increased as a result of higher residential and industrial demand, which increased 9% on the strength of growth in the high-tech and digital service sectors. These increases were partially offset by lower commercial demand and the effects of the decoupling mechanism.

The cost of purchased power increased and was primarily driven by losses from the Company's energy portfolio.  Other operating expenses declined due to lower outside service expense, reduced plant maintenance expense and lower distribution expense. Administrative expenses declined due to lower employee benefits expense.

Company Updates

Capital investment plan

The Company announced a $100 million increase to its capital plan through 2021. These investments in grid resiliency, system modernization and infrastructure to serve new large customers will enhance the Company's ability to deliver safe, clean, reliable and affordable energy.

Wildfires

In 2020, Oregon experienced one of the most destructive wildfire seasons on record, with over one million acres of land burned. The Company is not aware of any wildfires caused by PGE equipment. On October 20, 2020, the Oregon Public Utilities Commission approved PGE's application to defer costs associated with damage restoration from these wildfires. PGE continues to assess the damage to its infrastructure and expects regulatory recovery of prudently incurred restoration costs.

Energy trading activities

The Company's energy portfolio experienced realized losses of $127 million in the third quarter. The PGE Board of Directors Special Committee review of the energy trading losses and the Company's procedures and controls related to the trading is ongoing.

2020 Earnings Guidance

PGE is reaffirming its 2020 earnings guidance of $1.40 to $1.60 per diluted share and expects to be in the upper half of this range. This guidance reflects the following assumptions:

• Revised increase in annual retail deliveries of 1%, weather adjusted, year over year;
• Average hydro conditions for the year;
• Wind generation based on five years of historical levels or forecast studies when historical data is not available;
• Normal thermal plant operations;
• Operating and maintenance expense between $550 million and $570 million, which assumes deferral of the incremental full-year forecasted bad debt expense in excess of $6 million due to moratoriums on collection activities and customer disconnects; and
• Depreciation and amortization expense between $410 million and $430 million.

Third Quarter 2020 Earnings Call and Webcast — October 30, 2020

PGE will host a conference call with financial analysts and investors on Friday, October 30, 2020, at 11 a.m. ET. The conference call will be webcast live on the PGE website at investors.portlandgeneral.com. A replay of the call will be available beginning at 2 p.m. ET on Friday, October 30, 2020, through 1 p.m. ET on Friday, November 6, 2020.

Maria Pope, president and CEO; Jim Lobdell, senior vice president of Finance, CFO, and treasurer; and Jardon Jaramillo, senior director, Investor Relations, Treasury, and Risk Management, will participate in the call. Management will respond to questions following formal comments.

Non-GAAP Financial Measures

Management believes that excluding the effects of the energy trading losses provides a meaningful representation of the Company's comparative earnings per share. The Company has adjusted this amount to maintain comparability between periods. The effect of the energy trading losses was $1.09 per diluted share. PGE's reconciliations of non-GAAP earnings for the three and nine months ended September 30, 2020 are below.

The attached unaudited condensed consolidated statements of income and comprehensive income, condensed consolidated balance sheets and condensed consolidated statements of cash flows, as well as the supplemental operating statistics, are an integral part of this earnings release.

About Portland General Electric Company

Portland General Electric (NYSE: POR) is a fully integrated energy company based in Portland, Oregon, with operations across the state. The company serves approximately 900,000 customers with a service area population of  2 million Oregonians in 51 cities. PGE has 16 generation plants in five Oregon counties, and maintains and operates 14 public parks and recreation areas. For over 130 years, PGE has delivered safe, affordable and reliable energy to Oregonians. Together with its customers, PGE has the No. 1 voluntary renewable energy program in the U.S. PGE and its 3,000 employees are working with customers to build a clean energy future. In 2019, PGE, employees, retirees and the PGE Foundation donated $4.7 million and volunteered 32,900 hours with more than 700 nonprofits  across Oregon. For more information visit 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. 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 the review being conducted by the Special Committee relating to energy trading losses; the impact of the recommendations of the Special Committee on the Company and its operations; the time and expense incurred in implementing the recommendations of the Special Committee; any reputational damage to the Company relating to the matters underlying the Special Committee's review; 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 facilities, including hydro conditions, wind conditions, disruption of fuel supply, and unscheduled plant outages, which may result in unanticipated operating, maintenance and repair costs, as well as replacement power 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 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; the outcome of various legal and regulatory proceedings; general economic and financial market conditions; severe weather conditions, wildfires, and other natural phenomena and natural disasters that could result in operational disruptions, unanticipated restoration costs, or liability for third party property damage; cyber security breaches of the Company's customer information system or operating systems, which may affect customer bills or other aspects of our operations; and widespread health emergencies or outbreaks of infectious diseases such as the novel coronavirus disease (COVID-19), 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. All forward-looking statements included in this press 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 expressly disclaims any current intention to update publicly any forward-looking statement after the distribution of this release, whether as a result of new information, future events, changes in assumptions or otherwise. Prospective investors should also review the risks, assumptions and uncertainties listed in the Company's most recent annual report on Form 10-K and in other documents that the Company files 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.

POR

Source: Portland General Company

The following table indicates the number of heating and cooling degree-days for the three months ended September 30, 2020 and 2019, along with 15-year averages based on weather data provided by the National Weather Service, as measured at Portland International Airport: 

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SOURCE Portland General Company

PORTLAND, Ore., Oct. 30, 2020 /PRNewswire/ -- Portland General Electric Company (NYSE: POR) ("PGE" or the "Company") today announced the appointment of Michael A. Lewis and James P. (Jim) Torgerson to its board of directors, effective January 1, 2021. Lewis is currently interim president at Pacific Gas and Electric Company (PG&E) and has announced his retirement from PG&E effective December 31, 2020. Torgerson retired as CEO of AVANGRID, Inc. in June 2020.

"We are delighted to welcome Michael and Jim to the PGE board," said Jack Davis, Portland General's Board Chair. "Michael and Jim are highly qualified directors who each bring skills and experience that support our ongoing efforts to ensure a clean energy future for Oregonians while also creating long-term value for PGE shareholders and other stakeholders. Michael and Jim are recognized leaders with a deep understanding of the electric utility industry, and their decision to join our board is a testament to the exciting future ahead for PGE."

In connection with the appointment of Lewis and Torgerson to the PGE board, the size of the board has been increased temporarily to fourteen directors. The PGE board size will return to twelve directors effective as of the 2021 annual shareholders' meeting, at which time John Ballantine and Charles (Chuck) Shivery will retire in accordance with PGE's director retirement age policy. Lewis will serve on the audit and finance committees, and Torgerson will serve on the compensation and human resources and finance committees.

Davis continued, "We are grateful to both John and Chuck for their years of service to PGE. They have contributed meaningfully to our efforts to become the leading energy company in Oregon and wish them the best in their retirement."

Michael Lewis

Lewis comes to PGE with more than 35 years of utility industry experience with Progress Energy, Duke Energy, and most recently, PG&E. Lewis joined PG&E in 2018 as vice president of electric distribution operations, and then served as senior vice president, electric operations. He has been PG&E's interim president since August 2020. Lewis is responsible for overseeing PG&E's electric operations, including wildfire prevention and response efforts, grid resiliency initiatives, vegetation management programs, and emergency preparedness. PG&E's gas, generation and customer service operations also report to him.

Before joining PG&E, Lewis held a number of executive leadership positions at Duke Energy. As Duke Energy's senior vice president and chief distribution officer (2016 to 2018), and senior vice president and chief transmission officer (2015 to 2016), Lewis oversaw electric distribution and transmission operations for the company's six-state service area, helping the company achieve industry-leading safety benchmarks and strengthen its grid resiliency and disaster preparedness. Lewis worked for Progress Energy from 1985 until its merger with Duke Energy in 2012, most recently serving as senior vice president of energy delivery.

Lewis holds a bachelor's degree in electrical engineering from the University of Florida and an MBA from Nova Southeastern University. He attended both the Advanced Management Program at Duke University and an Executive Management Program at the University of Pennsylvania Wharton School. Lewis serves on the California Governor's Earthquake Advisory Commission and is a member of the Association of Edison Illuminating Companies.

Jim Torgerson

Torgerson has more than 30 years of experience as a utility executive, with a track record of shareholder value creation and clean energy development. From 2015 until his retirement in 2020, Torgerson served as CEO and director at AVANGRID, Inc., a sustainable energy company with more than $30 billion in assets and operations in 24 U.S. states. Previously, Torgerson was president and CEO of UIL Holdings Corporation from 2006 until 2015, when it merged with Iberdrola USA to form AVANGRID. During his time at UIL Holdings and AVANGRID, Torgerson oversaw the expansion of the regional electric utility to a diversified energy delivery company and one of the largest generators of wind electricity in the U.S., serving natural gas and electric utility customers across multiple states.

Prior to joining UIL Holdings, Torgerson served as president, CEO and board member of the Midwest Independent Transmission System Operator. He also previously served as chief financial officer for several natural gas and electric utilities in North America, including Puget Sound Energy and Washington Energy Company, where he gained a deep understanding of Northwest energy markets. 

Prior to his retirement, Torgerson served on the board and executive committee of the Edison Electric Institute (EEI) and co-chaired its CEO Policy Committee on Reliability, Security and Business Continuity. He was also a member of the Electricity Subsector Coordinating Council, which serves as the principal liaison between the federal government and the electric power industry on efforts to prepare for, and respond to, national-level disasters or threats to critical infrastructure.

Torgerson received a Bachelor of Business Administration in accounting from Cleveland State University. He is a past Chair of the American Gas Association (2019) and a current trustee of the Yale-New Haven Hospital and the Yale-New Haven Health System.

About Portland General Electric Company

Portland General Electric (NYSE: POR) is a fully integrated energy company based in Portland, Oregon, with operations across the state. The company serves approximately 900,000 customers with a service area population of 2 million Oregonians in 51 cities. PGE has 16 generation plants in five Oregon counties, and maintains and operates 14 public parks and recreation areas. For over 130 years, PGE has delivered safe, affordable and reliable energy to Oregonians. Together with its customers, PGE has the No. 1 voluntary renewable energy program in the U.S. PGE and its 3,000 employees are working with customers to build a clean energy future. In 2019, PGE, employees, retirees and the PGE Foundation donated $4.7 million and volunteered 32,900 hours with more than 700 nonprofits across Oregon. For more information visit portlandgeneral.com/newsroom.

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. 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 the review being conducted by the Special Committee relating to energy trading losses; the impact of the recommendations of the Special Committee on the Company and its operations; the time and expense incurred in implementing the recommendations of the Special Committee; any reputational damage to the Company relating to the matters underlying the Special Committee's review; 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 facilities, including hydro conditions, wind conditions, disruption of fuel supply, and unscheduled plant outages, which may result in unanticipated operating, maintenance and repair costs, as well as replacement power 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 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; the outcome of various legal and regulatory proceedings; general economic and financial market conditions; severe weather conditions, wildfires, and other natural phenomena and natural disasters that could result in operational disruptions, unanticipated restoration costs, or liability for third party property damage; cyber security breaches of the Company's customer information system or operating systems, which may affect customer bills or other aspects of our operations; and widespread health emergencies or outbreaks of infectious diseases such as the novel coronavirus disease (COVID-19), 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. All forward-looking statements included in this press 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 expressly disclaims any current intention to update publicly any forward-looking statement after the distribution of this release, whether as a result of new information, future events, changes in assumptions or otherwise. Prospective investors should also review the risks, assumptions and uncertainties listed in the Company's most recent annual report on Form 10-K and in other documents that the Company files 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.

POR

Source: Portland General Company

CONTACT:
Brianne Hyder
503-464-8596
Brianne.hyder@pgn.com

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SOURCE Portland General Company

PORTLAND, Ore., Oct. 29, 2020 /PRNewswire/ -- Portland General Electric Company (NYSE: POR) ("PGE" or the "Company") today announced that Jim Lobdell, senior vice president of Finance, CFO and treasurer, plans to retire at year end.  Jim Ajello, former executive vice president and CFO of Hawaiian Electric Industries, has been appointed senior advisor as of November 30th, and Chief Financial Officer, effective as of January 1st.  Brett Sims, senior director of Strategy, Commercial and Regulatory Affairs, has been appointed vice president of Strategy, Regulation and Energy Supply, effective October 30th.

"On behalf of the entire Board and leadership team, I would like to thank Jim Lobdell for his dedication and many contributions to PGE throughout his 36-year career," said Maria Pope, PGE president and CEO. "Jim has been instrumental in driving financial improvements and has helped ensure we're delivering safe, reliable and affordable electricity to our customers through his leadership around the Boardman coal plant closure and in laying the foundation for a new generation. In particular, he helped secure more than 1000 MW in renewable energy. Jim's deep industry experience made him a valuable member of the team and we will miss his acumen for complexity and clarity of purpose. We appreciate Jim's commitment to ensuring a seamless transition and wish him well on his much-deserved retirement."

Pope continued, "We are pleased to welcome Jim Ajello to the PGE team, and look forward to benefitting from his broad-based background in energy, infrastructure and financial services. I also want to congratulate Brett Sims, whose collaborative work with our stakeholders and deep technical and regulatory experience and business acumen has resulted in positive outcomes for customers.  We're confident that both Jim and Brett will be excellent members of our executive team as we build upon our strong foundation and continue powering our communities we serve."

"It has been an honor to work with such a talented team, and I'm immensely grateful for their support and camaraderie," said Lobdell. "I believe deeply in the future of PGE and cannot wait to see all that this incredible team accomplishes – for customers, shareholders and Oregonians alike – in the years to come."

"I am thrilled by this opportunity to join an outstanding team during such a pivotal time in PGE's history," said Ajello. "I'm looking forward to working closely with the team to ensure we don't miss a beat in PGE's efforts to reduce costs and realize operational efficiencies as we work toward delivering on a clean energy future."

About James Ajello

James ("Jim") Ajello served as Executive Vice President and Chief Financial Officer of Hawaiian Electric Industries (HEI) from 2009 to 2017. In this role, he managed strategic planning, accounting, tax, investor relations, financial reporting, corporate finance, treasury and capital allocation, pension, corporate development and enterprise risk management across the HEI companies of Hawaiian Electric Company and American Savings Bank. Prior to joining HEI, Ajello served as Senior Vice President, Business Development at Reliant Energy, Inc., now NRG, and spent approximately fifteen years as Managing Director of the Energy and Natural Resources Group of UBS Warburg/UBS Securities LLC, focusing on M&A, corporate finance, capital markets and infrastructure project financing. Ajello currently serves as an Independent Board Member of HEI's Hawaiian Electric Company and is a member of its Audit Committee. He is a former Board member of HEI's American Savings Bank and served on its Risk Committee, as well as Crius Energy Trust, where he served on the Nominating and Governance and Audit committees. Ajello holds a bachelor's degree from the State University of New York and a Master of Public Administration from Syracuse University. He is also a graduate of the Advanced Management Program of the European Institute of Business Administration (INSEAD) in Fontainebleau, France.

About Brett Sims

Brett Sims joined PGE in 2001 and has held several leadership and strategic planning positions within the Company over the last two decades. Most recently, Sims has served as senior director of Strategy, Commercial and Regulatory Affairs at PGE. In this role, he has guided the regulatory team and collaborated with the Oregon Public Utility Commission and stakeholders, and has overseen the Company's Integrated Resource Planning process, RFPs and commercial operations since 2005. Prior to joining PGE, Sims held a number of business development and management roles in the finance and banking sector. Sims holds a bachelor's degree from Linfield College and a Master of Business Administration from George Fox University.

About Portland General Electric Company

Portland General Electric (NYSE: POR) is a fully integrated energy company based in Portland, Oregon, with operations across the state. The company serves approximately 900,000 customers with a service area population of 2 million Oregonians in 51 cities. PGE has 16 generation plants in five Oregon counties, and maintains and operates 14 public parks and recreation areas. For over 130 years, PGE has delivered safe, affordable and reliable energy to Oregonians. Together with its customers, PGE has the No. 1 voluntary renewable energy program in the U.S. PGE and its 3,000 employees are working with customers to build a clean energy future. In 2019, PGE, employees, retirees and the PGE Foundation donated $4.7 million and volunteered 32,900 hours with more than 700 nonprofits across Oregon. For more information visit portlandgeneral.com/newsroom.

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. 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 the review being conducted by the Special Committee relating to energy trading losses; the impact of the recommendations of the Special Committee on the Company and its operations; the time and expense incurred in implementing the recommendations of the Special Committee; any reputational damage to the Company relating to the matters underlying the Special Committee's review; 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 facilities, including hydro conditions, wind conditions, disruption of fuel supply, and unscheduled plant outages, which may result in unanticipated operating, maintenance and repair costs, as well as replacement power 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 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; the outcome of various legal and regulatory proceedings; general economic and financial market conditions; severe weather conditions, wildfires, and other natural phenomena and natural disasters that could result in operational disruptions, unanticipated restoration costs, or liability for third party property damage; cyber security breaches of the Company's customer information system or operating systems, which may affect customer bills or other aspects of our operations; and widespread health emergencies or outbreaks of infectious diseases such as the novel coronavirus disease (COVID-19), 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. All forward-looking statements included in this press 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 expressly disclaims any current intention to update publicly any forward-looking statement after the distribution of this release, whether as a result of new information, future events, changes in assumptions or otherwise. Prospective investors should also review the risks, assumptions and uncertainties listed in the Company's most recent annual report on Form 10-K and in other documents that the Company files 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.

POR

Source: Portland General Company

Media Contact:
Brianne Hyder
503-464-8596
PGE

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

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SOURCE Portland General Company

NEW YORK, Oct. 28, 2020 /PRNewswire/ -- Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of Portland General Electric Company (NYSE: POR) between February 13, 2020 and August 24, 2020, inclusive (the "Class Period"), of the important November 2, 2020 lead plaintiff deadline in the securities class action. The lawsuit seeks to recover damages for PGE investors under the federal securities laws.

To join the PGE class action, go to http://www.rosenlegal.com/cases-register-1938.html or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.

According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) PGE lacked effective internal controls over its trading practices in the wholesale energy markets; (2) PGE personnel entered energy trades during 2020, with increasing volume accumulating late in the second quarter and into the third quarter, that created significant negative financial exposure for PGE; and (3) as a result, PGE was reasonably likely to incur significant losses and had issued materially misleading statements or statements which lacked a reasonable basis regarding PGE's business, operations, and prospects. When the true details entered the market, the lawsuit claims that investors suffered damages.

A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than November 2, 2020. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, go to http://www.rosenlegal.com/cases-register-1938.html or to discuss your rights or interests regarding this class action, please contact Phillip Kim, Esq. of Rosen Law Firm toll free at 866-767-3653 or via e-mail at pkim@rosenlegal.com or cases@rosenlegal.com.

NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY RETAIN COUNSEL OF YOUR CHOICE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. AN INVESTOR'S ABILITY TO SHARE IN ANY POTENTIAL FUTURE RECOVERY IS NOT DEPENDENT UPON SERVING AS LEAD PLAINTIFF.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm or on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm.

Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 3 each year since 2013. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm's attorneys are ranked and recognized by numerous independent and respected sources. Rosen Law Firm has secured hundreds of millions of dollars for investors.

Contact Information:

Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY  10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
lrosen@rosenlegal.com
pkim@rosenlegal.com  
cases@rosenlegal.com  
www.rosenlegal.com

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SOURCE Rosen Law Firm, P.A.

PORTLAND, Ore., Oct. 28, 2020 /PRNewswire/ -- On October 28, 2020, the board of directors of Portland General Electric Company (NYSE: POR) approved a quarterly common stock dividend of 40.75 cents 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 January 15, 2021 to shareholders of record at the close of business on December 28, 2020. 

About Portland General Electric Company

Portland General Electric (NYSE: POR) is a fully integrated energy company based in Portland, Oregon, with operations across the state. The company serves approximately 900,000 customers with a service area population of 2 million Oregonians in 51 cities. PGE has 16 generation plants in five Oregon counties, and maintains and operates 14 public parks and recreation areas. For over 130 years, PGE has delivered safe, affordable and reliable energy to Oregonians. Together with its customers, PGE has the No. 1 voluntary renewable energy program in the U.S. PGE and its 3,000 employees are working with customers to build a clean energy future. In 2019, PGE, employees, retirees and the PGE Foundation donated $4.7 million and volunteered 32,900 hours with more than 700 nonprofits  across Oregon. For more information visit portlandgeneral.com/newsroom.

Media Contact:
Brianne Hyder
Corporate Communications
Phone: 503-464-8596

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

Source: Portland General Company (POR)

View original content:http://www.prnewswire.com/news-releases/portland-general-electric-declares-dividend-301162260.html

SOURCE Portland General Company

PORTLAND, Ore., Sept. 30, 2020 /PRNewswire/ -- Portland General Electric Company (NYSE: POR) announced today that it will host an analyst conference call and webcast at 11 a.m. ET on Friday, October 30 to review its third quarter 2020 financial results.

Portland General Electric's third quarter 2020 earnings summary will be released before financial markets open in the United States on October 30. 

The conference call will be hosted by Maria Pope, president and CEO; Jim Lobdell, senior vice president, finance, CFO and treasurer; and Jardon Jaramillo, senior director of investor relations, treasury and risk management.

To hear the conference call by webcast, log on to Portland General Electric's investor website at investors.portlandgeneral.com, select Events & Presentations from the menu, and the webcast will be listed under Upcoming Events. A replay of the call will be available beginning at 2 p.m. ET on October 30 through November 6 at 1 p.m. ET. To access the recording, call 855-859-2056 (toll-free US/Canada) or 404-537-3406 (international toll call) and enter access code 3372369.

About Portland General Electric Company: Portland General Electric (NYSE: POR) is a fully integrated energy company based in Portland, Oregon, with operations across the state. The company serves 901,000 customers with a service area population of 1.9 million Oregonians in 51 cities. PGE has 16 generation plants in five Oregon counties, and maintains and operates 14 public parks and recreation areas. For over 130 years, PGE has delivered safe, affordable and reliable energy to Oregonians. Together with its customers, PGE has the No. 1 voluntary renewable energy program in the U.S. PGE and its 3,000 employees are working with customers to build a clean energy future. In 2019, PGE, employees, retirees and the PGE Foundation donated $4.7 million and volunteered 32,900 hours with more than 700 nonprofits across Oregon. For more information visit https://portlandgeneral.com/our-company/news-room.

SOURCE: Portland General Company

For more information please contact:
Brianne Hyder, PGE, 503-464-8596

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SOURCE Portland General Company

LOS ANGELES, Sept. 22, 2020 /PRNewswire/ -- The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Portland General Electric Company ("PGE" or the "Company") (NYSE: POR) securities between April 24, 2020 and August 24, 2020, inclusive (the "Class Period"). PGE investors have until November 2, 2020 to file a lead plaintiff motion.

If you are a shareholder who suffered a loss, click here to participate.

On August 24, 2020, after the market closed, PGE announced that it had incurred losses of $127 million as of August 24, 2020. PGE further stated that "personnel entered into a number of energy trades during 2020, with increasing volume accumulating late in the second quarter and into the third quarter, resulting in significant exposure to the Company." In addition, the Company announced that it had formed a Special Committee "to review the energy trading that led to the losses and the Company's procedures and controls related to the trading."

On this news, the Company's share price fell $3.51, or nearly 8%, to close at $38.45 per share on August 24, 2020, thereby injuring investors.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that PGE lacked effective internal controls over its energy trading practices; (2) that PGE personnel had entered energy trades during 2020, with increasing volume accumulating late in the second quarter and into the third quarter, that created significant negative financial exposure for PGE; (3) that, as a result, the Company was reasonably likely to incur significant losses; and (4) that, as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

Follow us for updates on Twitter: twitter.com/FRC_LAW.

If you purchased PGE securities during the Class Period, you may move the Court no later than November 2, 2020 to ask the Court to appoint you as lead plaintiff.  To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class.  If you purchased PGE securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com.  If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

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SOURCE The Law Offices of Frank R. Cruz, Los Angeles

PORTLAND, Ore., Sept. 2, 2020 /PRNewswire/ -- Portland General Electric Company (NYSE: POR) ("PGE" or the "Company") today announced that it no longer has net market exposure from the energy trading positions that led to previously announced losses, and that total third quarter 2020 losses on these positions are $128 million. As previously disclosed, this amount had been estimated to be up to $155 million, subject to market conditions.

The increase in net variable power costs due to this trading activity will be recognized in PGE's results of operations in the third quarter 2020. The Company reiterates that there will be no impact to customer prices, as the Company will not pursue regulatory recovery in connection with the losses. The losses do not impact PGE's ability to serve customers.

The Company continues to have a strong balance sheet and ample liquidity, and does not plan to issue additional equity in 2020.

In light of no longer having net market exposure from these energy trading positions, PGE is updating its previously revised full-year 2020 guidance to $1.40 to $1.60 per diluted share. This guidance reflects the impact of the $128 million third quarter 2020 losses on these positions and is based on the following assumptions:

• Annual retail deliveries flat, weather adjusted, year over year;
• Average hydro conditions for the year;
• Wind generation based on five years of historical levels or forecast studies when historical data is not available;
• Normal thermal plant operations;
• Operating and maintenance expense between $550 million and $570 million, which includes a full-year forecasted bad debt expense of $15 million due to moratoriums on collection activities and customer disconnects; and
• Depreciation and amortization expense between $410 million and $430 million.

The review being undertaken by the Special Committee of the Board of Directors is ongoing.

About Portland General Electric Company
Portland General Electric (NYSE: POR) is a fully integrated energy company based in Portland, Oregon, with operations across the state. The company serves approximately 900,000 customers with a service area population of 2 million Oregonians in 51 cities. PGE has 16 generation plants in five Oregon counties, and maintains and operates 13 public parks and recreation areas. For over 130 years, PGE has delivered safe, affordable and reliable energy to Oregonians. Together with its customers, PGE has the No. 1 voluntary renewable energy program in the U.S. PGE and its 3,000 employees are working with customers to build a clean energy future. In 2019, PGE, employees, retirees and the PGE Foundation donated $4.7 million and volunteered 32,900 hours with more than 700 nonprofits across Oregon. For more information visit 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. 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 the review being conducted by the Special Committee; the impact of the recommendations of the Special Committee on the Company and its operations; the time and expense incurred in implementing the recommendations of the Special Committee; any reputational damage to the Company relating to the matters underlying the Special Committee's review; 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 facilities, including hydro conditions, wind conditions, disruption of fuel supply, and unscheduled plant outages, which may result in unanticipated operating, maintenance and repair costs, as well as replacement power 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 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; the outcome of various legal and regulatory proceedings; general economic and financial market conditions; severe weather conditions, wildfires, and other natural phenomena and natural disasters that could result in operational disruptions, unanticipated restoration costs, or liability for third party property damage; and cyber security breaches of the Company's customer information system or operating systems, which may affect customer bills or other aspects of our operations; and widespread health emergencies or outbreaks of infectious diseases such as the novel coronavirus disease (COVID-19), 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. All forward-looking statements included in this press 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 expressly disclaims any current intention to update publicly any forward-looking statement after the distribution of this release, whether as a result of new information, future events, changes in assumptions or otherwise. Prospective investors should also review the risks, assumptions and uncertainties listed in the Company's most recent annual report on Form 10-K and in other documents that the Company files 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.

Media Contacts:
Brianne Hyder
503-464-8596
PGE

Dan Katcher / Jamie Moser / Arielle Rothstein
212-355-4449
Joele Frank, Wilkinson Brimmer Katcher

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

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SOURCE Portland General Company

PORTLAND, Ore., Aug. 24, 2020 /PRNewswire/ -- Portland General Electric Company (NYSE: POR) ("PGE" or the "Company") today provided a business update in connection with energy trading activity in certain wholesale electricity markets that has resulted in realized and unrealized losses of $127 million as of August 24, 2020.

Background and Formation of Special Committee

PGE personnel entered into a number of energy trades during 2020, with increasing volume accumulating late in the second quarter and into the third quarter, resulting in significant exposure to the Company.

In August 2020, this portion of PGE's energy portfolio experienced significant losses as wholesale electricity prices increased substantially at various market hubs due to extreme weather conditions, constraints to regional transmission facilities, and changes in power supply in the West. During this time period, the California Independent System Operator (CAISO) declared a Stage 3 Electrical Emergency and ordered the first rolling blackouts in the state of California since 2001.

As a result of the convergence of these conditions, the Company's energy portfolio, as of August 24, 2020, has experienced realized losses of $104 million and unrealized, mark-to-market losses of $23 million. Total third quarter losses in the portfolio are estimated to be up to $155 million subject to market conditions – although the ultimate amount of losses could exceed that amount.  

The increase in net variable power costs due to this trading activity will be recognized in PGE's results of operations. There will be no impact to customer prices, as the Company will not pursue regulatory recovery. The Company noted that the loss does not impact PGE's ability to serve customers.

Promptly upon learning of the issue, the PGE Board of Directors formed a Special Committee comprising five independent Board members (John Ballantine, Jack Davis (Chair), Kathryn Jackson, Neil Nelson and Charles Shivery) to review the energy trading that led to the losses and the Company's procedures and controls related to the trading, and to make recommendations to the Board for appropriate action. The Special Committee has retained Simpson Thacher & Bartlett LLP as its independent legal advisor, which expects to engage additional advisors on behalf of the Special Committee during the course of this review.

Skadden, Arps, Slate, Meagher & Flom LLP is serving as the Company's legal advisor, and J.P. Morgan Securities LLC is serving as its financial advisor. PGE has engaged and is actively working with an external consultant to perform a full operational review of the Company's energy supply risk management policies, procedures and personnel. In addition, PGE has placed two individuals on administrative leave, pending review, and enhanced oversight including implementing immediate supervisory and reporting changes in advance of the conclusion of a broader evaluation.

Annual Earnings Guidance

PGE is revising its full-year 2020 guidance from $2.20 to $2.50 per diluted share to $1.30 to $1.60 per diluted share due to the impacts of higher net variable power costs. This guidance is based on the following assumptions:

• Higher third quarter net variable power costs of up to $155 million;
• Annual retail deliveries flat, weather adjusted, year over year;
• Average hydro conditions for the year;
• Wind generation based on five years of historical levels or forecast studies when historical data is not available;
• Normal thermal plant operations;
• Operating and maintenance expense between $550 million and $570 million, which includes a full-year forecasted bad debt expense of $15 million due to moratoriums on collection activities and customer disconnects; and
• Depreciation and amortization expense between $410 million and $430 million.

The Company believes the impact of this event is isolated to 2020, and reaffirms 4% to 6% long-term diluted earnings per share growth based on previous guidance. The Company does not expect any change to its dividend guidance.

Financing and Liquidity

PGE continues to have a strong balance sheet and ample liquidity.

As of August 24, 2020, the Company maintains short-term liquidity of $155 million cash, a $500 million revolving credit facility, which has a maturity date of November 2023, and a $220 million letter of credit facility, of which $172 million remains available. The Company has $75 million of commercial paper outstanding.

PGE expects to fund estimated capital requirements with cash from operations, issuances of long-term debt securities of up to $325 million, and the issuance of commercial paper, as needed.

PGE believes that the issuance of secured long-term debt, as well as other sources of liquidity, such as borrowings under its revolving credit facility, the expected ability to issue short-term debt, such as commercial paper, and unsecured long-term debt, and cash expected to be generated from operations provide ample liquidity to meet the Company's anticipated capital and operating requirements.

About Portland General Electric Company
Portland General Electric (NYSE: POR) is a fully integrated energy company based in Portland, Oregon, with operations across the state. The company serves approximately 900,000 customers with a service area population of 2 million Oregonians in 51 cities. PGE has 16 generation plants in five Oregon counties, and maintains and operates 13 public parks and recreation areas. For over 130 years, PGE has delivered safe, affordable and reliable energy to Oregonians. Together with its customers, PGE has the No. 1 voluntary renewable energy program in the U.S. PGE and its 3,000 employees are working with customers to build a clean energy future. In 2019, PGE, employees, retirees and the PGE Foundation donated $4.7 million and volunteered 32,900 hours with more than 700 nonprofits across Oregon. For more information visit 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. Forward-looking statements include statements regarding the estimated total third quarter loss due to energy trading activities; the Company's full-year earnings guidance (including expectations regarding the impacts of higher net variable power costs, annual retail deliveries, average hydro conditions, wind generation, normal thermal plant operations, operating and maintenance expense and depreciation and amortization expense); the Company's long-term diluted earnings per share growth; the Company's future dividend guidance; the Company's ability to fund estimated capital requirements with cash from operations, issuances of long-term debt and the issuance of commercial paper; 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 the review being conducted by the Special Committee; the impact of the recommendations of the Special Committee on the Company and its operations; the time and expense incurred in implementing the recommendations of the Special Committee; any reputational damage to the Company relating to the matters underlying the Special Committee's review; 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 facilities, including hydro conditions, wind conditions, disruption of fuel supply, and unscheduled plant outages, which may result in unanticipated operating, maintenance and repair costs, as well as replacement power 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 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; the outcome of various legal and regulatory proceedings; general economic and financial market conditions; severe weather conditions, wildfires, and other natural phenomena and natural disasters that could result in operational disruptions, unanticipated restoration costs, or liability for third party property damage; and cyber security breaches of the Company's customer information system or operating systems, which may affect customer bills or other aspects of our operations; and widespread health emergencies or outbreaks of infectious diseases such as the novel coronavirus disease (COVID-19), 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. All forward-looking statements included in this press 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 expressly disclaims any current intention to update publicly any forward-looking statement after the distribution of this release, whether as a result of new information, future events, changes in assumptions or otherwise. Prospective investors should also review the risks, assumptions and uncertainties listed in the Company's most recent annual report on form 10-K and in other documents that we file 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.

Media Contact:

Brianne Hyder
503-464-8596

Dan Katcher / Jamie Moser / Arielle Rothstein
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449

Investor Contact:

Jardon Jaramillo
Investor Relations
503-464-7051

View original content:http://www.prnewswire.com/news-releases/portland-general-electric-provides-business-update-301117308.html

SOURCE Portland General Electric

PORTLAND, Ore., July 31, 2020 /PRNewswire/ -- Portland General Electric Company (NYSE: POR) today reported net income of $39 million, or 43 cents per diluted share, for the second quarter of 2020. This compares with net income of $25 million, or 28 cents per diluted share, for the second quarter of 2019.

"We achieved solid second quarter financial results, driven by a combination of favorable hydro and wind conditions and lower operating expenses," said Maria Pope, PGE president and CEO. "As an essential service provider, we will continue working to keep costs low to support economic recovery and the communities we serve in this unprecedented time."

Second quarter 2020 earnings compared to second quarter 2019 earnings

Total revenues increased as a result of higher residential, industrial and wholesale demand, which was partially offset by lower commercial demand. Power costs increased due to higher overall system deliveries, which more than offset a decline in the average cost per MWh due to lower gas prices and surplus hydro in the region. Operating expense declined due to continuous efforts to reduce the company's overall cost structure as well as lower plant maintenance expense. Tax expense was favorable due to higher Production Tax Credit generation at PGE's wind facilities.

Company Update

Major Capital Projects

PGE's Integrated Operations Center and the Wheatridge Renewable Energy Facility remain on schedule and on budget. There have been no significant supply chain or operational disruptions as a result of COVID-19.

Integrated Resource Plan (IRP)

The Public Utility Commission of Oregon acknowledged the Action Plan in PGE's 2019 IRP in a written Order on May 6, 2020. PGE plans to begin procurement activities for renewables and capacity later this year and will  consider the potential impacts of economic conditions on resource needs.

2020 Earnings Guidance

PGE is reaffirming its 2020 earnings guidance of $2.20 to $2.50 per diluted share. This guidance is based on the following assumptions:

• Revised annual retail deliveries from a decrease of 1% to 2%, weather adjusted, to flat energy deliveries, weather adjusted, year over year. This upward revision reflects stronger residential and industrial demand offset by a decline in commercial deliveries;
• Net variable power costs for the year ending December 31, 2020 to be below the power cost adjustment mechanism baseline, but within the established deadband range;
• Average hydro conditions for the year;
• Wind generation based on five years of historical levels or forecast studies when historical data is not available;
• Normal thermal plant operations;
• Operating and maintenance expense between $570 million and $590 million, which includes a full-year forecasted bad debt expense of $15 million due to moratoriums on collection activities and customer disconnects; and
• Depreciation and amortization expense between $410 million and $430 million.

Second Quarter 2020 earnings call and webcast — July 31, 2020

PGE will host a conference call with financial analysts and investors on Friday, July 31, 2020, at 11 a.m. ET. The conference call will be webcast live on the PGE website at investors.portlandgeneral.com. A replay of the call will be available beginning at 2 p.m. ET on Friday, July 31, 2020, through 1 p.m. ET on Friday, August 7, 2020.

Maria Pope, president and CEO; Jim Lobdell, senior vice president of Finance, CFO, and treasurer; and Jardon Jaramillo, senior director, Investor Relations, Treasury, and Finance Operations, will participate in the call. Management will respond to questions following formal comments.

The attached unaudited condensed consolidated statements of income and comprehensive income, condensed consolidated balance sheets and condensed consolidated statements of cash flows, as well as the supplemental operating statistics, are an integral part of this earnings release.

About Portland General Electric Company

Portland General Electric (NYSE: POR) is a fully integrated energy company based in Portland, Oregon, with operations across the state. The company serves 901,000 customers with a service area population of 1.9 million Oregonians in 51 cities. PGE has 16 generation plants in five Oregon counties, and maintains and operates 13 public parks and recreation areas. For over 130 years, PGE has delivered safe, affordable and reliable energy to Oregonians. Together with its customers, PGE has the No. 1 voluntary renewable energy program in the U.S. PGE and its 3,000 employees are working with customers to build a clean energy future. In 2019, PGE, employees, retirees and the PGE Foundation donated $4.7 million and volunteered 32,900 hours with more than 700 nonprofits  across Oregon. For more information visit portlandgeneral.com/news.

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 earnings guidance; statements regarding future load, hydro conditions and operating and maintenance costs; statements concerning implementation of the company's integrated resource plan; statements concerning future compliance with regulations limiting emissions from generation facilities and the costs to achieve such compliance; 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 reductions in 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 facilities, including hydro conditions, wind conditions, disruption of fuel supply, and unscheduled plant outages, which may result in unanticipated operating, maintenance and repair costs, as well as replacement power 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 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; the outcome of various legal and regulatory proceedings; general economic and financial market conditions; severe weather conditions, wildfires, and other natural phenomena and natural disasters that could result in operational disruptions, unanticipated restoration costs, or liability for third party property damage; and cyber security breaches of the company's customer information system or operating systems, which may affect customer bills or other aspects of our operations; and widespread health emergencies or outbreaks of infectious diseases such as the novel coronavirus disease (COVID-19), 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. 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 expressly disclaims any current intention to update publicly any forward-looking statement after the distribution of this release, whether as a result of new information, future events, changes in assumptions or otherwise. Prospective investors should also review the risks, assumptions and uncertainties listed in the company's most recent annual report on form 10-K and in other documents that we file 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.

POR

Source: Portland General Company